JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting 29th January 2016
JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting 29th January 2016
1
Inception date: 12 Sep 1997 * Prior to 1 Jan 2001, MSCI AC Asia ex Japan (GDR). ** Arithmetic excess return presented. Figures may not add up due to rounding. ^ Figures to 31 Dec 2015 Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment.
Performance (GBP)
Trailing Returns (%)
Rolling 12 Months at Year Ends (%)
To end September 2015
4Q 2015^
FY to 30 Sep 15 1 Year 3 Years
(Cumulative) 5 Years
(Cumulative) Since Inception
(Cumulative)
JPMorgan Asian Investment Trust plc (NAV) +7.9 -2.9 -2.9 +9.5 -2.2 +166.0
JPMorgan Asian Investment Trust plc (Share Price) +7.9 -3.2 -3.2 +9.3 -4.4 +191.9
MSCI AC Asia ex Japan (NDR)* +6.7 -6.3 -6.3 +6.5 +6.1 +137.2
NAV Excess Return** +1.2 +3.4 +3.4 +3.0 -8.3 +28.8
2011 2012 2013 2014 2015
JPMorgan Asian Investment Trust plc (NAV) -23.5 +13.6 +2.9 +11.3 -2.0
JPMorgan Asian Investment Trust plc (Share Price) -23.5 +11.6 +3.9 +9.7 -2.6
MSCI AC Asia ex Japan (NDR)* -16.7 +17.0 +1.2 +11.3 -3.9
Net Asset Value JPMorgan Asian Investment Trust GBP 218.5m (As of 30 Sep 2015)
2
Performance (GBP)
Inception date = 12 Sep 1997 * Prior to 1/1/01, MSCI AC Asia ex Japan (GDR). Source: J.P. Morgan Asset Management, as at 30 Sep 2015. Data is re based as at inception date on a log basis. Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment.
JPMorgan Asian Investment Trust since inception to 30 Sep 2015
266.0 237.2
291.9
25
50
100
200
400
9/97 3/99 9/00 3/02 9/03 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15
JPM Asian Investment TrustMSCI AC Asia ex Japan (NDR)Share Price
3
Performance attribution
Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP to 30 Sep 2015. Figures may not add up due to rounding. Data for Total Attribution shown (stock selection plus country allocation). Attribution may not match official returns due to differences in systems, rounding. Past performance is not an indication of future performance. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice.
JPMorgan Asian Investment Trust 1 Year to 30 Sep 2015
0.5
0.0
0.2
0.1
-0.1
0.2
0.4
-0.2
0.3
-0.3
-0.1
0.0
3.6
2.4
1.0
0.7
0.8
0.2
-0.2
0.2
-0.5
-0.0
-1.1
-2.0 0.0 2.0 4.0 6.0
Total
Financials
Information Technology
Industrials
Materials
Utilities
Health Care
Consumer Staples
Energy
Telecommunication Services
Consumer Discretionary
Cash
Asset Allocation Stock Selection
0.8
0.0
0.4
1.0
-0.3
-0.0
0.3
-0.0
0.0
-0.0
-0.1
-0.4
0.0
3.3
1.8
0.9
-0.3
0.7
0.3
-0.1
0.2
-0.0
-0.1
-0.0
-1.0 0.0 1.0 2.0 3.0 4.0 5.0
Total
China
India
Malaysia
Korea
Philippines
Singapore
Indonesia
Australia
Taiwan
Hong Kong
Thailand
Cash
Asset Allocation Stock Selection
By Country (%) By Sector (%)
% %
4
Top 10 contributors/detractors to active returns
Source: Jaffa, FactSet, J.P. Morgan Asset Management. As at 30 Sep 2015. Past performance is not indicative of future performance. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future. Subject to change at the discretion of the Investment Manager without notice.
JPMorgan Asian Investment Trust 1 Year to 30 Sep 2015
Top 10 Contributors Country Sector
Contributions To Active Return %
HDFC Bank Limited India Financials 1.40 Lotte Chemical Corp. Korea Materials 0.88 BGF Retail Co., Ltd. Korea Consumer Staples 0.61 China Minsheng Banking Corp., Ltd. China Financials 0.57 China Vanke Co., Ltd China Financials 0.48 ING Vysya Bank Limited India Financials 0.43 China Pacific Insurance (Group) Co., Ltd. China Financials 0.42 Cheung Kong Property Holdings Limited Hong Kong Financials 0.39 Tencent Holdings Ltd. China Information Technology 0.36 AAC Technologies Holdings Inc. China Information Technology 0.34
Top 10 Detractors Country Sector
Contributions To Active Return %
Hyundai Wia Corporation Korea Consumer Discretionary -0.66 Tata Motors Limited India Consumer Discretionary -0.55 MGM China Holdings Limited Hong Kong Consumer Discretionary -0.54 China Mobile Limited China Telecommunication Services -0.42 PTT Public Co., Ltd. Thailand Energy -0.33 Ping An Insurance (Group) Company of China, Ltd. China Financials -0.33 SapuraKencana Petroleum Bhd. Malaysia Energy -0.31 China Life Insurance Co. Ltd. (China) China Financials -0.29 Chailease Holding Co. Ltd. Taiwan Financials -0.28 China Oilfield Services Limited China Energy -0.28
Benchmark MSCI AC Asia ex Japan (NDR)
6
Greater China – fund remains overweight China and Taiwan and underweight Hong Kong
India – fund exposure has been decreased but remains ahead of the benchmark weight
ASEAN – we are underweight the ASEAN markets as a whole, but remain overweight in Thailand and have initiated an exposure to Vietnam
Changes in country weightings As of 31 December 2015
Country Weightings (%)
* MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.
32.2
16.5 13.9 15.0
11.6
4.4 2.7 1.9 0.0 1.8 0.0 0.1
36.3
17.4 14.3
11.8 11.6
4.5 3.1 2.5 2.0 1.1 0.0
-4.6
30.3
17.7 13.8
9.9 12.6
2.3 5.1
2.9 0.0 1.6
3.7 0.0
China Korea Taiwan India Hong Kong Thailand Singapore Indonesia Vietnam Philippines Malaysia Cash
As of 30/9/2015As of 31/12/2015Benchmark* as of 31/12/2015
7
Within financials we have raised weightings in insurance and reduced banks. We also remain overweight information technology.
Healthcare weighting has been further increased
We have increased over overweight in Consumer Discretionary
Energy, Material and Teleco’s were also reduced throughout the quarter.
Changes in sector weightings As of 31 December 2015
Financials
Sector Breakdown (%)
22.7
11.2
6.9 3.9
19.8
13.1
8.0
3.1
15.7
6.4 6.8
3.2
Banks Insurance Real Estate DiversifiedFinancials
* MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.
44.7
25.6
8.1 5.2 4.5 3.6
0.0 1.7 3.2 2.3 1.0 0.1
44.0
28.9
8.3 6.4 4.9 4.6
2.0 1.9 1.4 1.3 0.9
-4.6
32.1
23.5
8.7
2.7 4.1
8.8
0.0
5.6 4.2 4.0 6.3
0.0
Financials InformationTechnology
Industrials Health Care Utilities ConsumerDiscretionary
ManagedFunds
ConsumerStaples
Materials Energy TelecomServices
Cash
As of 30/9/2015
As of 31/12/2015
Benchmark* as of 31/12/2015
8
Top 10 holdings
* MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management, as at 31 Dec 2015 The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The holdings represent the current holdings of the fund. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future.
Stock Name Country Sector
Portfolio 30/9/15
%
Portfolio 31/12/15
%
Benchmark* 31/12/15
% Active
%
1 Tencent Holdings China Information Technology 5.0 6.4 3.4 3.0
2 Samsung Electronics Korea Information Technology 4.9 6.4 4.6 1.8
3 Taiwan Semiconductor Manufacturing Taiwan Information Technology 5.6 6.2 3.5 2.6
4 AIA Group Hong Kong Financials 4.2 4.8 2.4 2.4
5 China Construction Bank China Financials 4.2 3.9 1.9 2.0
6 Ping An Insurance China Financials 2.2 3.7 1.0 2.7
7 HDFC Bank India Financials 4.4 3.7 - 3.7
8 CK Hutchison Holdings Hong Kong Industrials 2.7 2.4 1.2 1.2
9 China Merchants Bank China Financials 2.3 2.3 0.4 1.9
10 China Vanke China Financials 1.5 2.2 0.1 2.1
36.9 42.0 18.4 23.6
Number of Stocks:
Portfolio 61 Top 20 Holdings 59.9%
Benchmark 625 Top 30 Holdings 73.8%
10
Calendar Year 2015 Calendar Year 2014
Performance of Asian markets in 2014 and 2015 MSCI Indices Total Return
Source: Factset. As at 31 Dec 2015. Indices performance calculated gross of tax with dividends reinvested into the index in GBP. Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance.
-5.1
-5.1
9.5
11.6
11.7
15.0
16.9
24.1
31.6
34.3
35.1
-20 0 20 40
MSCI Korea
MSCI Malaysia
MSCI Singapore
MSCI Hong Kong
MSCI AC Asia ex Japan
MSCI China
MSCI Taiwan
MSCI Thailand
MSCI India
MSCI Philippines
MSCI Indonesia
-18.9
-15.4
-14.4
-12.9
-5.8
-3.6
-2.3
-0.9
-0.8
-0.7
5.2
-25 -15 -5 5 15
MSCI Thailand
MSCI Malaysia
MSCI Indonesia
MSCI Singapore
MSCI Taiwan
MSCI AC Asia ex Japan
MSCI China
MSCI Korea
MSCI Philippines
MSCI India
MSCI Hong Kong
% %
11
Volatility is inherent in Asian Equities
Source: FactSet, MSCI, J.P. Morgan Asset Management. Returns are price returns based on MSCI AC Asia ex Japan Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year. Data reflect most recently available as of 31 Dec 2015.
MSCI AC Asia ex Japan intra-year declines vs. calendar year returns
Despite average intra-year drops of -23% (median: -19%), annual returns are positive in 17 of 28 years
26 28
-10
27 18
99
-18
2 8
-42
-10
62
-36
-6 -10
43
14 19
30 37
-54
68
17
-19
19
1 2
-11 -11 -20
-29
-11 -12 -5
-25
-14 -11
-46 -46
-15
-40 -38 -30
-15 -21
-9
-21 -18
-63
-20 -16
-30
-16 -15 -9
-27
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
'88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15
12
Asia ex Japan: Valuations and returns
Source: MSCI, FactSet, J.P. Morgan Asset Management. * Dots represent monthly data points between January 1997 and December 2015. Data reflect most recently available as of 31 Dec 2015.
MSCI AC Asia ex Japan: Price to Book and Returns
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
0.80x 1.20x 1.60x 2.00x 2.40x 2.80x
Current Level
Price to book ratio and next 12 months' price return in USD*
13
MY
CN
TW
ID
TH KR
IN
PH
AU NZ
HK SG JP 0
2
4
6
8
-30 -20 -10 0 10 20 30
Polic
y R
ate
less
US
REER Relative to Fair Value CHEAP EXPENSIVE
LOW
CAR
RY
HIG
H CA
RRY
Currency valuation and support
Currency adjustment: EM FX now at Asia crisis lows in fundamental terms
REER vs CARRY
Source: J.P. Morgan Asset Management estimates. Data as of end 30th September 2015 REER (real effective exchange rate) relative to fair value (export-adjusted 10 year average REER) on the x axis and policy rate on the y axis. CARRY (a currency with a high IR) Countries over the line of best fit provide good carry for their currency valuation Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.
14
2016: Where will growth come from in Asia?
Source: I/B/E/S, MSCI, J.P. Morgan estimates. As of 8 Jan 2016. * Market forecast numbers are derived from bottom-up calculations of each individual MSCI constituents using I/B/E/S estimates. US trailing PE is calculated as per reported earnings. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.
1.6 2.9
19.9
11.0
-10.5
1.0
-7.9
0.6
-10.3
10.2
-3.3
5.7 4.1
6.4 8.5
7.4
17.7
4.0
1.4
6.9
-2.5
4.5 6.1
-8.3
11.4
14.8
-15
-10
-5
0
5
10
15
20
APxJ China Korea India Hong Kong Taiwan Australia Singapore Indonesia Thailand Malaysia Philippines Japan*
2015E 2016E
Earnings per share growth forecasts (%)
15
3/14 6/14 9/14 12/14 3/15 6/15 9/15 10/15 Consumption Activities Passenger vehicle regist. 20.5 23.4 20.3 14.0 11.6 5.2 -1.4 12.0 Retail Sales (value) 12.2 12.4 11.6 11.9 10.2 10.6 10.9 11.0 Garment/footwear 8.6 11.7 11.1 10.6 13.9 9.4 8.5 9.8 Cosmetics 9.2 12.9 12.0 7.2 10.4 8.1 8.7 10.6 Daily-use items 8.5 12.5 12.5 12.2 15.6 8.9 8.8 10.1 Air passenger traffic 5.1 6.8 8.8 14.3 21.3 11.2 10.8 10.5 Freight volume 5.3 9.4 9.0 12.5 -2.5 3.5 3.8 4.6 Caixin services PMI 51.9 53.1 53.5 53.4 52.3 51.8 50.5 52.0 Industrial Activities Railway Freight volume -4.1 -0.7 -5.5 -10.7 -10.1 -11.7 -15.6 -16.3 NBS Steel production 2.6 4.8 0.1 -8.2 -2.1 0.2 -3.7 -3.1 Cement Production 5.5 1.2 -2.5 0.7 -20.2 -6.1 -2.6 -3.8 Residential Starts -23.8 -13.8 -6.2 -26.8 -22.5 -16.2 16.7 -24.4 Residential Sales -10.2 -3.5 -12.1 -4.1 -0.9 18.2 8.8 5.9 Industrial Production 8.8 9.2 8.0 7.9 5.6 6.8 5.7 5.6 Heavy Industry Demand 6.0 5.2 5.3 4.0 -2.4 0.3 -2.2 -1.5 Total China Power generation 6.2 5.7 4.1 1.3 -3.7 0.5 -3.1 -3.2 NBS manufacturing PMI 50.3 51.0 51.1 50.1 50.1 50.2 49.8 49.8
China – finding pockets of growth in a sea of red
Source: CEIC and J.P. Morgan. As of October 2015. Note: recovery slowdown contraction The opinions and views expressed here are those held by the author at the time of publication, which are subject to change and are not to be taken as or construed as investment advice.
China economy: bulls versus bears
16
China – Wide divergence in earnings forecasts
Source: IBES, as of 31 Dec 2015.
MSCI China 12-Mth Forward EPS Trend (Rebased Dec 2012 = 100)
Energy: - Above market PE - Earnings downgrades - Poor execution
Telecoms: - Above market PE - 2-3% yield - Seeing downgrades
Internet: - Visible earnings
growing above market - Constant upgrades
40
60
80
100
120
140
160
180
200
220
12/12 6/13 12/13 6/14 12/14 6/15 12/15
MSCI China Energy FinancialsHealth Care Industrials Information TechnologyTelecommunication Services
17
China valuations
PE = Price to Earnings Ratio PB = Price to Book Ratio Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance.
MSCI China Trailing PB MSCI China 12-Month Forward PE
Source: Thomson Reuters Datastream, FactSet, as of 31 Dec 2015 Source: Thomson Reuters Datastream, FactSet, as of 31 Dec 2015
x x
10.7
Avg 11.4
+1sd 14.4
-1sd 8.5
5
7
9
11
13
15
17
19
21
23
25
04 05 06 07 08 09 10 11 12 13 14 15
Avg 2.2
+1sd 2.9
-1sd 1.4 1.4
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
04 05 06 07 08 09 10 11 12 13 14 15
18
India – Benefitting from lower commodity prices, especially oil
Source: CEIC, Morgan Stanley Research, as of 6 Jan 2016 E-Morgan Stanley Research Estimate Note - MS estimate is at USD 55/bbl for F2016
Big improvement in the external account Inflation pain point easing dramatically
Source: CEIC, Morgan Stanley Research, latest data available as of 6 Jan 2016 Note - CPI (with base 2012) from Jan-14
-0.8%
0.2%
-1.3%
53
40
60
0
20
40
60
80
100
120
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
F2000 F2002 F2004 F2006 F2008 F2010 F2012 F2014 F2016E
CAD % of GDP, LSOil Price (US$/bbl), RS Scenario
Analysis (F2016E)
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
13%
05 06 07 08 09 10 11 12 13 14 15
WPI
CPI - New Index
YoY%
19
Source: CMIE, Morgan Stanley Research, as of 31 Dec 2015 Source: CMIE, Morgan Stanley Research, as of 31 Dec 2015
India – Leading indicators suggest investment cycle may have bottomed
New Investment Projects (Rs bn (4Q trailing sum)) Projects Under Implementation
-10%
0%
10%
20%
30%
-10%
0%
10%
20%
30%
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Public Private Total
Sustained improvement
0
5,000
10,000
15,000
20,000
25,000
Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15
Total Government Private Sector
20
We believe the headwinds facing Asia are cyclical, not structural
Shorter-term: Valuations have recently reached levels that suggest strong performance for long-term investors
Longer-term: To be confident in a new bull market for Asian equities, we are looking for three potential catalysts:
– Improving relative growth
– Stabilising currencies
– Earnings upgrades
Primary risks remain the strong dollar and China
Outlook for 2016
Source: J.P. Morgan Asset Management as at 30 Sep 2015 The opinions and views expressed here are as at the date of this document, which are subject to change and are not to be taken as or construed as investment advice.
22
Deeply resourced, research-driven global manager
Source: J.P. Morgan Asset Management. All data as of end September 2015 Note: J.P. Morgan Asset Management’s equity professionals includes portfolio managers, research, client portfolio managers, traders and investment directors Past performance is not an indication of future performance.
Investing with J.P. Morgan Asset Management’s Equity Team Strong belief and commitment to active management
430 Extensive, well-resourced research Over USD150 million annual
research budget
Local focus with collaboration across a global network
Investment performance culture Investment teams invest alongside
clients in their portfolios
Equity professionals
Office locations of the equity professionals
Experience and stability Portfolio Managers and Research average
tenure: 17 years industry / 11 years J.P. Morgan
Client-centric, fiduciary heritage
23
Emerging Markets & Asia Pacific (EMAP) Equities Team Structure
Source: J.P. Morgan Asset Management Joiners and Leavers as of 31st December 2015. Number of years with the firm/industry experience as of 31st December 2015. ^ Country Specialists who also manage portfolios. (number of years with the firm, number of years industry experience). There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such
professional’s future performance or success.
Richard Titherington (30,32)
Chief Investment Officer
Oleg Biryulyov (22,22)
Sonal Tanna (16,16)
Luis Carrillo (17,23)
EMEA
Country Specialists
Latin America India Greater China Korea ASEAN Japan Australia Raj Nair
(17,19)
Rukhshad Shroff (22,24)
Harshad Patwardhan
(14,22)
Karan Sikka
(11,12)
Amit Gadgil (10,18)
Praveen Kotian (12,19)
Emerson Yip
(10,22)
Howard Wang (11,21)
Lilian Leung (6,21)
Song Shen (6,15)
John Cho
(9,16)
David Choi
(26,30)
Jacob Kim
(14,19)
Joseph Kwon (4,4)
Alex Lee
(8,15)
Sarinee Sernsukskul
(8,19)
Pauline Ng
(11,15)
Stacey Neo
(4,13)
Chang-qi Ong (4,7)
Isaac Thong (3,7)
Tim Wood (2,13)
Sophie Bosch de Hood
(16,16)
Daisuke Nakayama
(11,23)
Shoichi Mizusawa
(19,23)
Koji Namiki (11,18)
Nicholas Weindling
(9,13)
Eiji Saito
(11,19)
Miyako Urabe (2,7)
Naohiro Ozawa (9,9)
James Yeh
(14,20)
William Tong (8,22)
Renee Lin
(4,19)
Andy Kung (3,15)
Global Emerging Market & Asia Pacific Portfolio Managers
GEM Fundamental GEM Core Asia Pacific Income Asia Pacific Core Asia Pacific Dynamic George Iwanicki (24,28)
Anuj Arora
(10,13)
Austin Forey
(28,28)
Amit Mehta (4,14)
Omar Negyal (3,16)
Leon Eidelman (13,13)
Jeffrey Roskell (19,24)
Julie Ho
(10,10)
Sonia Yu
(3,13)
Oliver Cox ̂(8,11)
Mark Davids (19,19)
Geoff Hoare (15,8)
Desmond Loh
(4,12)
Joanna Kwok
(14,18)
Aisa Ogoshi ̂(18,18)
Goro Fukami (5,29)
Robert Lloyd ̂(10,15)
James Ewinger ̂
(8,16)
Michiko Sakai (2,6)
Ayaz Ebrahim (<1,26)
Ruben Lienhard
(2,7)
24
Emerging Markets and Asia Pacific (EMAP) Equities Research Platform
Source: J.P. Morgan Asset Management. Joiners and Leavers as of 31st December 2015. Number of years with the firm/industry experience as of 31st December 2015. *Internal transfer from J.P. Morgan Securities in October 2015 There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such
professional's future performance or success.
Consumer
Financials
Natural Resources
Industrials
Product Analysts
Greater China
Mark Ferguson Head of Sector Research Industry: 16 yrs Firm: 16 yrs
Chris Birney Industry: 15 yrs Firm: 6 yrs
Li Tan Industry: 5 yrs Firm: 5 yrs
Elizabeth Pang Industry: 11 yrs Firm: 11 yrs
Giovanni Carriere Industry: 18 yrs Firm: 2 yrs
Maciej Wasilewicz Industry: 8 yrs Firm: 1 yr
Felipe Teixeira Industry: 9 yrs Firm: 5 yrs
John Citron Industry: 6 yrs Firm: 6 yrs
Paul Chan Industry: 22 yrs Firm: 16 yrs
Gokhan Ates Industry: 12 yrs Firm: 5 yrs
Simmy Qi Industry: 5 yrs Firm: 5 yrs
Tucker Grinnan Industry: 15 yrs Firm: 1 yr
Veronika Lysogorskaya Industry: 10 yrs Firm: 5 yrs
Amy Thavornsuk (EMEA) Industry: 9 yrs Firm: 5 yrs
Sandro Apostolico Industry: 19 yrs Firm: 19 yrs
Andrew Tan Industry: 21 yrs Firm: 8 yrs
Aline Gaspar Industry: 12 yrs Firm: 12 yrs
Catherine Moong Industry: 15 yrs Firm: 10 yrs
Yatian (Atena) Liu Industry: 2 yrs Firm: 2 yrs
Andres Garcia- Amaya (Macro) Industry: 12 yrs Firm: 5 yrs
Joyce Weng (GEM Core) Industry: 8 yrs Firm: 6 yrs
Lina Nassar (GEM Core) Industry: 4 yrs Firm: 4 yrs
Harold Yu (GEM Core) Industry: 2 yrs Firm: 2 yrs
Mark Perrin (Small Cap) Industry: 11 yrs Firm: 2 yrs
Weiying Dong (Small Cap) Industry: 10yrs Firm: 1 yr
Pandora Omaset (Africa) Industry: 20 yrs Firm: 16 yrs
Habib Saikaly (Middle East) Industry: 9 yrs Firm: 4 yrs
Piotr Drozd Industry: 8 yrs Firm: 1 yr
Rachel Rodrigues (LATAM) Industry: 7 yrs Firm: 1 yr
Alice Wong (Asia Dynamic) Industry: 10 yrs Firm: 2 yrs
Shumin Huang Head of Greater China Research Industry: 24 yrs Firm: 10 yrs
Vincent Yen Industry: 18 yrs Firm: 7 yrs
Vincent Yu Industry: 8 yrs Firm: 3 yrs
Connie Shen Industry: 5 yrs Firm: 2 yrs
Yvonne Lee Industry: 5 yrs Firm: 2 yrs
Jodie Zhu Industry: 7 yrs Firm: 1 yr
Penny Tu Industry: 10 yrs Firm: 2 yrs
Bonnie Chang Industry: 16 yrs Firm: 1 yr
Tommy Che (Asia Dynamic) Industry: 2 yrs Firm: 2 yrs
William Chen* Industry: 9 yrs Firm: 6 yrs
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J.P. Morgan Asset Management
This is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website http://www.jpmorgan.com/pages/privacy. Investment is subject to documentation (Investment Trust Profiles, Key Features and Terms and Conditions), copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP. Approval code: 4d03c02a80030969