FUND FACTSDecember, 2014
Equity and Debt review
Equity review
It was a volatile month for the markets on concerns of Russian currency
depreciation, full implications of the steep fall in oil prices and uncertainty on
Fed decision over interest rates. At the end of it all, Nifty posted its first down
month since April with a correction of ~ 3.6% even as the smaller companies
index outperformed by rising ~ 1.6%. Capital market activity rebounded with 12
deals totaling US$1.8bn led by 2.8% stake sale by founder families of Infosys and
5% government divestment in SAIL. FII activity was very tepid in December and
we saw net selling of US$129mn despite the $805mn of inflows on the day of
Infosys block. FIIs finished the year with net buying of US$16.1bn. DIIs
meanwhile turned net buyers once again – buying US$855mn of equities in the
month which reduced their net sell tally for the year to US$5.1bn. Among the
DIIs, mutual funds took their annual tally to an impressive US$3.8bn buying.
October IIP surprised negatively coming in at -4.2% vs 2.8% in the previous
month, led by a 7.6% contraction in manufacturing while on a use-based
classification, both consumer and capital goods were in the red at -18.6% and -
2.3% respectively. CPI eased further to 4.4% in November vs 5.5% last month, in
line with expectations. In addition to the base effect and continued supply side
measures, the decelerating trend in core CPI reflects subdued demand side
pressure and commodity tailwinds kicking in. Inspite of lower inflation, the RBI
left all key policy rates unchanged. While acknowledging the deceleration in
inflation, it highlighted that a change in monetary policy stance could be
premature. However, its guidance came across as dovish wherein it mentioned
that a change in stance is likely early next year.
While the government had a slew of key bills like Insurance, Coal, GST and Land
Acquisition lined up for the winter session of the parliament, the impressive
agenda failed to take off as the opposition stalled proceedings in the Upper
House. Given the deadlock, the government announced the adoption of
ordinance route to press ahead with the reforms – consequently, ordinances
were passed on land acquisition, insurance and coal although these need to be
ratified by the parliament else they would cease to exist six weeks from the end
of the next sitting of the parliament. BJP continued its strong showing having
won a majority in Jharkhand and a strong performance in J&K.
Lack of activity and global risks led to market volatility in the last month. We
however, continue to believe in the structural improvements amidst the cyclical
recovery in India as the government has shown intent towards reforms through
issuance of ordinance. We believe that with lower inflation and government
actions, the stars are aligned for a strong economic recovery in India. We
continue with our overweight stance on banks, industrials, autos and cement.
Source: JPMorgan Research, Citigroup Research
Debt review
The month of December was yet another month of easing headline inflation and
moving below the RBI's inflation fan-chart. Government bonds continued to
rally massively from ~8.00% to ~7.85 in a matter of 30 days on the back of easing
inflation and RBI's dovish monetary policy indicating easing policy rates easing
in near term. Liquidity conditions continued to ease in Q3 of 2014-15 due to
structural and frictional factors, as well as the fine tuning of the liquidity
adjustment framework. Upside risk remains from Fiscal point of view with Fiscal
Deficit reaching close to 98% of its budgeted target of 4.1% in the month of
November itself.
Economic releases during the month were as follows:
Fifth Bi-Monthly Monetary Policy:
RBI kept all policy rates unchanged (Repo: 8%; CRR: 4%). Acknowledging the
deceleration in inflation, RBI highlighted that “a change in the monetary policy
stance at the current juncture is premature” given uncertainties regarding;
strength and durability of ongoing disinflation impulses; trends in inflationary
expectations and challenges on the fiscal front. However, RBI sees the medium-
term risks around inflation as evenly balanced, rather than to the upside at the
last policy meeting. The forward guidance is dovish, with the RBI saying a
change in the monetary policy stance now would be premature. However, the
statement said that “if the current inflation momentum and changes in
inflationary expectations continue, and fiscal developments are encouraging, a
change in the monetary policy stance is likely early next year, including outside
the policy review cycle.”
We think RBI would see the continuity of Headline CPI's downward trajectory
further down the line along with Fiscal situation.
Inflation November 2014:
CPI continued to ease to 4.4% in Nov vs 5.5% last month, in line with
expectations. While base effect and continued supply side measures helped
food inflation ease to 3.5%, the decelerating trend in core CPI (5.5% vs 5.9%)
reflects subdued demand side pressure and commodity tailwinds kicking in.
WPI also dipped to 0% in Nov, sharply lower than expectations and close to
historical lows led by a broad based decline. Lower crude prices along with
subdued commodity prices bodes well for Inflation as we enter the next year.
India's industrial production (IIP) October 2014:
Oct IIP surprised negatively coming in at -4.2% vs 2.8% in the previous month.
On a sectoral basis, manufacturing contracted 7.6% while on a use-based
classification, both consumer and capital goods were in the red at -18.6% and -
2.3% respectively. Production issues at the Chennai-based plant continued
dragging “Radio, TV communication” down (-70%), excluding which, the IP
could have printed at -0.2%.
Incrementally fundamentals are getting better with inflation trajectory
trending downward and lower fiscal deficit target of 4.1%, however; we need to
see Fiscal deficit target for FY14 which has reached 98% of its fiscal target in
November itself but, government has cushion in terms of surplus cash balance
with RBI and deferral of plan and non-plan expenditures to next fiscal. RBI is
currently monitoring the sustainability of downward inflation trajectory and
would like to see positive real deposit rates in the economy for investment
revival.
Source: RBI, JPMorgan, CITI
Regular Plan~ 2.57%
Direct Plan~ 1.46%
Total expense ratio(year-to-date ratio to average AUM)
Total stocks in portfolio 48Top 15 stocks 22.0%Total portfolio 48.5%
Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg.
Quantitative indicators
Standard Deviation (%) 7.16Beta 0.88Sharpe Ratio 1.33Portfolio Turnover Ratio* 0.87(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity) 0.87
@Risk free rate of return (repo) 8.00%
JPMorgan India Equity Fund
Name of the scheme
JPMorgan India Equity Fund
Allotment date
Regular Plan - 14 June 2007
Direct Plan - 1 January 2013
Scheme structure
An open-ended equity growth scheme
Investment objective
The investment objective of the Scheme is to
generate income and long-term capital growth
from a diversified portfolio of predominantly
equity and equity-related securities including
equity derivatives. However, there can be no
assurance that the investment objective of the
Scheme will be realised.
Fund managers: Equity
Harshad Patwardhan & Amit Gadgil
Total experience (years)
Harshad Patwardhan 17
Amit Gadgil 11
Experience managing the scheme
Harshad Patwardhan 7 years, 5 months
Amit Gadgil 7 years, 5 months
For all PlansMinimum investment amount
Rs.5,000 per application plus in multiples of Re.1/-
thereof
Additional investment amount
Rs.1,000 per application plus in multiples of Re.1/-
thereof
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of
allotment in respect of purchase made other than
through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of
allotment of units of each installment of SIP
purchase - Nil
Benchmark
S&P BSE-200 Index#
NAV (as at 31 December 2014, in Rs.)
Regular Plan - Growth Option 21.6060
Regular Plan - Dividend Option 19.0660
Direct Plan - Growth Option 22.1360
Direct Plan - Dividend Option 19.4430
Past performance may or may not be sustained
in future.
Average AUM (December 2014)
Rs. 229.51 Crore
Holdings as on 31 December 2014 (in %)
Record date Rate CUM (Re/unit) dividend NAVRegular Plan Dividend Option
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Dividend history
Liquidity measures
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%<1 1-2 2-3
Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.
No. of days
% o
f to
tal p
ort
foli
o 87.3%
4.5%
Portfolio analysis: Market cap-wise
>`90k Crs56%
`18k Crs - `90k Crs24%
`6k Crs - `18k Crs12% <`6k Crs
8%
Equity HoldingsICICI Bank Ltd. 7.32HDFC Bank Ltd. 6.62Infosys Ltd. 5.01Larsen & Toubro Ltd. 4.21State Bank of India 3.94Axis Bank Ltd. 3.91Tata Consultancy Services Ltd. 3.82Maruti Suzuki India Ltd. 3.60Tata Motors Ltd. 3.25Ultratech Cement Ltd. 2.80Eicher Motors Ltd. 2.73IndusInd Bank Ltd. 2.65Kotak Mahindra Bank Ltd. 2.64Sun Pharmaceuticals Industries Ltd. 2.59Shriram Transport Finance Company Ltd. 2.57Motherson Sumi Systems Ltd. 2.16ITC Ltd. 2.06Lupin Ltd. 2.01Kansai Nerolac Paints Ltd. 1.99Blue Dart Express Ltd. 1.87Bharat Forge Ltd. 1.78Divi's Laboratories Ltd. 1.64Dalmia Bharat Ltd. 1.53Fag Bearings India Ltd. 1.47Oil & Natural Gas Corporation Ltd. 1.47Ashok Leyland Ltd. 1.45Sadbhav Engineering Ltd. 1.43Cummins India Ltd. 1.25Reliance Industries Ltd. 1.25Havells India Ltd. 1.12Tech Mahindra Ltd. 1.10HDFC Ltd. 1.08HCL Technologies Ltd. 1.07Solar Industries India Ltd. 1.06JK Cement Ltd. 1.03GlaxoSmithKline Consumer Healthcare Ltd. 0.97Alstom T&D India Ltd. 0.96Bank of Baroda 0.94Thermax Ltd. 0.94Voltas Ltd. 0.90Info Edge (India) Ltd. 0.89Astra Microwave Products Ltd. 0.73VA Tech Wabag Ltd. 0.64Persistent Systems Ltd. 0.60Punjab National Bank 0.56CRISIL Ltd. 0.54IDFC Ltd. 0.54Gujarat Pipavav Port Ltd. 0.31Equity Holdings Total 97.00Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04Non-Convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other Receivables CBLO / Repo 0.87Net Receivables/(Payables) 2.09Cash & Other Receivables Total 2.96Grand Total 100.00
*Last 12 months@As on December 31, 2014
>3
*Includes industrial capital goods / diversified / construction / industrial products.^Includes chemicals, fertilisers and transportation.
Telecom
Oil & Gas
^Others
Cement
Consumer
Pharma
Technology
Auto
*Industrials/Infra
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 10% 20%
~Does not include Service Tax on Investment Management fees.
5% 15%
6.2%1.9%
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments premdominantly in equity and equity related securities.• High Risk. (BROWN)
22-Aug-14 0.90 18.462Regular Plan Dividend Option20-Dec-07 1.00 14.06022-Aug-14 0.90 18.180
35%25% 30%
13.6%
12.5%
6.2%
6.1%
5.4%
2.7%
0.7%
3.2%
13.2%
33.3%
Name of the schemeJPMorgan India Mid and Small Cap FundAllotment dateRegular Plan - 26 December 2007Direct Plan - 1 January 2013Scheme structureAn open ended equity growth schemeInvestment objectiveThe investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised.Fund managers: EquityHarshad Patwardhan & Amit GadgilTotal experience (years)Harshad Patwardhan 17Amit Gadgil 11Experience managing the schemeHarshad Patwardhan 6 years, 11 monthsAmit Gadgil 6 years, 11 months
For all PlansMinimum investment amountRs 5,000 per application plus in multiples of Re. 1/- thereafterAdditional investment amountRs 1,000 per application plus in multiples of Re. 1/- thereafterEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP)If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmarkCNX – Mid Cap Index###NAV (as at 31 December 2014, in Rs.)Regular Plan - Growth Option 17.808
Regular Plan - Dividend Option 17.807
Direct Plan - Growth Option 18.196
Direct Plan - Dividend Option 17.964Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 298.70 crore
Holdings as on 31 December 2014 (in %)
JPMorgan India Mid and Small Cap Fund
Total stocks in portfolio 64Top 15 stocks 21.5%Total portfolio 71.8%
&Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg.&Active bets are estimated.
Regular Plan~ 2.58%
Direct Plan~ 1.22%
Total expense ratio(year-to-date ratio to average AUM)
Quantitative indicators
Standard Deviation (%) 8.70Beta 0.93Sharpe Ratio 0.86Portfolio Turnover Ratio* 0.81(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity)* 0.81
@Risk free rate of return (repo) 8.00%
*Includes industrial capital goods / diversified / construction / industrial products.^Includes chemicals, fertilisers and transportation.
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 5% 10%
Utilities
Telecom
Technology
^Others
Cement
Pharma
Consumer
Auto
Financials
*Industrials / Infra
23.0%
1.0%
0.8%
8.4%
6.2%
4.4%
Portfolio analysis: Market cap-wise
Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.
Liquidity measures
80
70
60
50
40
30
20
10
0<1 1-2 2-5 >5
No. of days
% o
f to
tal p
ort
foli
o
47.1%
11.2%
29.2%
12.5%
*Last 12 months@As on December 31, 2014
Equity HoldingsMotherson Sumi Systems Ltd. 3.05IndusInd Bank Ltd. 3.04Kansai Nerolac Paints Ltd. 2.97Eicher Motors Ltd. 2.82ING Vysya Bank Ltd. 2.72Ashok Leyland Ltd. 2.70Bharat Forge Ltd. 2.70Amara Raja Batteries Ltd. 2.57Torrent Pharmaceuticals Ltd. 2.56Divi's Laboratories Ltd. 2.47Fag Bearings India Ltd. 2.37Shree Cements Ltd. 2.33Yes Bank Ltd. 2.14Allahabad Bank 1.98WABCO India Ltd. 1.96Havells India Ltd. 1.96Solar Industries India Ltd. 1.84Shriram Transport Finance Company Ltd. 1.84Union Bank of India 1.82Texmaco Rail & Engineering Ltd 1.80Blue Dart Express Ltd. 1.80Bajaj Finance Ltd. 1.72Cadila Healthcare Ltd. 1.72GlaxoSmithKline Consumer Healthcare Ltd. 1.67MindTree Ltd. 1.66Persistent Systems Ltd. 1.66The Federal Bank Ltd. 1.63City Union Bank Ltd. 1.58Ashoka Buildcon Ltd. 1.54JK Cement Ltd. 1.53Lakshmi Machine Works Ltd. 1.52Alstom T&D India Ltd. 1.51Indian Bank 1.47CRISIL Ltd. 1.43Simplex Infrastructures Ltd. 1.38Sadbhav Engineering Ltd. 1.34Max India Ltd. 1.34Kajaria Ceramics Ltd. 1.24Voltas Ltd. 1.23Dalmia Bharat Ltd. 1.22Greaves Cotton Ltd. 1.18Tube Investments Of India Ltd. 1.16JK Lakshmi Cement Ltd. 1.12J. Kumar Infraprojects Ltd. 1.12Thermax Ltd. 1.08Info Edge (India) Ltd. 1.08Gayatri Projects Ltd. 1.05Sintex Industries Ltd. 1.05Astra Microwave Products Ltd. 1.05EIH Ltd. 1.03NCC Ltd. 1.01Cummins India Ltd. 0.97Action Construction Equipment Ltd. 0.93MBL Infrastructures Ltd. 0.91Grindwell Norton Ltd 0.90Supreme Industries Ltd. 0.82Torrent Power Ltd. 0.82Whirlpool of India Ltd. 0.65TIL Ltd. 0.61Jain Irrigation Systems Ltd. 0.61VA Tech Wabag Ltd. 0.52KEC International Ltd. 0.44Gruh Finance Ltd. 0.30Gujarat Pipavav Port Ltd. 0.30Equity Holdings Total 98.54Non-Convertible DebenturesBlue Dart Express Ltd. ICRA AA 0.04Non-Convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other ReceivablesCBLO / Repo 0.64Net Receivables/(Payables) 0.78Cash & Other Receivables Total 1.42Grand Total 100.00
~Does not include Service Tax on Investment Management fees.This product is suitable for investors who are seeking*• Long term capital growth• Investments premdominantly in equity and equity related securities focused on smaller companies
(generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)^
• High Risk. (BROWN)
15% 20% 25%
*Investores should consult their financial advisers if in doubt about whether the product is suitable for them.^The Fund Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction.
5.0%
`6k Crs - `18k Crs42.0%
`3k Crs - `6k Crs19.0%
<`3k Crs11.0%
>`18k Crs28.0%
13.1%
6.8%
30%
29.8%
Name of the scheme
JPMorgan India Tax Advantage Fund
Allotment date
Regular Plan - 27 January 09
Direct Plan - 1 January 2013
Scheme structure
An open ended equity linked savings scheme
Investment objective
The investment objective of the Scheme is to
generate income and long-term capi ta l
appreciation from a diversified portfolio of
predominantly equity and equity-related
Securities. However, there can be no assurance
that the investment objective of the Scheme will be
realized, as actual market movements may be at
variance with anticipated trends.
Fund managers: Equity
Harshad Patwardhan & Karan Sikka
Total experience (years)
Harshad Patwardhan 17
Karan Sikka 7
Experience managing the scheme
Harshad Patwardhan 5 years, 10 months
Karan Sikka 3 years, 2 months
For all PlansMinimum investment amount
Rs 500 per application and in multiples of Rs 500
thereafter
Additional investment amount
Rs 500 per application and in multiples of Rs 500
thereafter
Entry load - Nil
Exit load - Nil
Exit load (SIP) - Nil
Benchmark
S&P BSE-200 Index#
NAV (as at 31 December 2014, in Rs.)
Regular Plan - Growth Option 29.619
Regular Plan - Dividend Option 22.329
Direct Plan - Growth Option 30.147
Direct Plan - Dividend Option 22.763
Past performance may or may not be sustained
in future.
Average AUM (December 2014)
Rs. 8.99 crore
Holdings as on 31 December 2014 (in %)
JPMorgan India Tax Advantage Fund
Total stocks in portfolio 49Top 15 stocks 21.2%Total portfolio 47.9%
Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg.
Standard deviation (%) 5.20Beta 0.71Sharpe ratio 3.75Portfolio turnover ratio* 0.94(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Portfolio turnover ratio (Equity)* 0.94@Risk free rate of return (repo) 8.00%
Quantitative indicators
Record date Rate CUM (Re/unit) dividend NAVDirect Plan Dividend Option
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Dividend History
*Last 12 months@As on December 31, 2014
Portfolio analysis: Market cap-wise
>`90k Crs55.0%
<`6k Crs8.0%
`6k Crs - `18k Crs14.0%
*Includes industrial capital goods / diversified / construction / industrial products.^Includes transportation.
Telecom
Oil & Gas
^Others
Cement
Pharma
Consumer
Technology
*Industrials/Infra
Auto
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 10%
0.7%
3.1%
13.6%
20%
7.0%
6.1%
13.5%
Regular Plan~ 2.70%Direct Plan~ 1.74%
Total expense ratio (year-to-date ratio to average AUM)
~Does not include Service Tax on Investment Management fees.
5% 15%
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments premdominantly in equity and equity related securities.• High Risk. (BROWN)
12.4%
01-Jul-13 0.50 15.22218-Nov-13 0.30 15.59124-Mar-14 0.30 16.604Regular Plan Dividend Option15-Dec-09 1.50 15.41625-Jan-10 1.40 14.02501-Jul-13 0.50 15.15318-Nov-13 0.30 15.46124-Mar-14 0.30 16.415
2.5%
35%25%
Equity HoldingsICICI Bank Ltd. 7.03HDFC Bank Ltd. 6.56Infosys Ltd. 4.98Larsen & Toubro Ltd. 4.19Axis Bank Ltd. 4.00Tata Consultancy Services Ltd. 3.76Maruti Suzuki India Ltd. 3.75State Bank of India 3.63Tata Motors Ltd. 3.25Eicher Motors Ltd. 2.88Ultratech Cement Ltd. 2.68Sun Pharmaceuticals Industries Ltd. 2.57IndusInd Bank Ltd. 2.55Kotak Mahindra Bank Ltd. 2.54Shriram Transport Finance Company Ltd. 2.47Motherson Sumi Systems Ltd. 2.20Lupin Ltd. 2.00Kansai Nerolac Paints Ltd. 1.98Blue Dart Express Ltd. 1.87ITC Ltd. 1.84Bharat Forge Ltd. 1.77Divi's Laboratories Ltd. 1.57Dalmia Bharat Ltd. 1.50Ashok Leyland Ltd. 1.48Fag Bearings India Ltd. 1.45Oil & Natural Gas Corporation Ltd. 1.42Sadbhav Engineering Ltd. 1.26Cummins India Ltd. 1.24Havells India Ltd. 1.23Voltas Ltd. 1.16Tech Mahindra Ltd. 1.10HCL Technologies Ltd. 1.07Whirlpool of India Ltd. 1.06Reliance Industries Ltd. 1.05JK Cement Ltd. 0.98Solar Industries India Ltd. 0.98HDFC Ltd. 0.96Alstom T&D India Ltd. 0.95Thermax Ltd. 0.94Info Edge (India) Ltd. 0.89GlaxoSmithKline Consumer Healthcare Ltd. 0.87Astra Microwave Products Ltd. 0.66Persistent Systems Ltd. 0.62VA Tech Wabag Ltd. 0.57CRISIL Ltd. 0.54IDFC Ltd. 0.50Bank of Baroda 0.49Punjab National Bank 0.47Gujarat Pipavav Port Ltd. 0.30Equity Holdings Total 95.81Non-Convertible DebenturesBlue Dart Express Ltd. ICRA AA 0.04Non-Convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other ReceivablesCBLO / Repo 2.17Net Receivables/(Payables) 1.98Cash & Other Receivables Total 4.15Grand Total 100.00
`18k Crs - `90k Crs24.0%
5.1%
31.7%
30%
Name of the schemeJPMorgan India Top 100 FundAllotment date23 June 2014Scheme structureAn open-ended equity growth schemeInvestment objectiveThe primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the top 100 companies, by market capitalisation, listed in India.Fund managers: EquityHarshad Patwardhan & Amit GadgilTotal experience (years)Harshad Patwardhan 17Amit Gadgil 11Experience managing the schemeHarshad Patwardhan 7 monthsAmit Gadgil 7 months
For all PlansMinimum investment amountRs 5,000 per application plus in multiples of Re. 1/- thereafterAdditional investment amountRs 1,000 per application plus in multiples of Re. 1/- thereafterEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP)If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmarkS&P BSE 100 Index##NAV (as at 31 December 2014, in Rs.)Regular Plan - Growth Option 11.399
Regular Plan - Dividend Option 11.399
Direct Plan - Growth Option 11.479
Direct Plan - Dividend Option 11.458Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 169.60 crore
Holdings as on 31 December 2014 (in %)
JPMorgan India Top 100 Fund
Total stocks in portfolio 34Top 15 stocks 22.8%Total portfolio 39.6%
&Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 100 Index). Source: BSE, Bloomberg.&Active bets are estimated.
Regular Plan~ 2.61%
Direct Plan~ 1.32%
Total expense ratio(year-to-date ratio to average AUM)
*Includes industrial capital goods / diversified / construction / industrial products.
^Includes transportation.
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 5% 10%
^Others
Oil & Gas
Cement
Pharma
Consumer
*Industrials/Infra
Auto
Technology
Financials
13.9%
13.8%
0.7%
10.2%
6.3%
5.4%
Portfolio analysis: Market cap-wise
Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.
Liquidity measures
100
90
80
70
60
50
40
30
20
10
0<1 1-2
No. of days
% o
f to
tal p
ort
foli
o
96.7%
3.3%
Equity HoldingsHDFC Bank Ltd. 8.50ICICI Bank Ltd. 8.23Infosys Ltd. 6.62Axis Bank Ltd. 5.18Larsen & Toubro Ltd. 5.10State Bank of India 4.85Tata Consultancy Services Ltd. 4.02Maruti Suzuki India Ltd. 3.98Tata Motors Ltd. 3.90HDFC Ltd. 3.23Kotak Mahindra Bank Ltd. 3.17Shree Cements Ltd. 3.16Sun Pharmaceuticals Industries Ltd. 2.94ITC Ltd. 2.55Ultratech Cement Ltd. 2.28Bharat Forge Ltd. 2.17Cummins India Ltd. 2.12Shriram Transport Finance Company Ltd. 2.11Eicher Motors Ltd. 2.09Bosch Ltd. 2.02Tech Mahindra Ltd. 2.02Lupin Ltd. 1.89Asian Paints Ltd. 1.82Motherson Sumi Systems Ltd. 1.80Oil & Natural Gas Corporation Ltd. 1.71Reliance Industries Ltd. 1.34HCL Technologies Ltd. 1.22Divi's Laboratories Ltd. 1.11Titan Company Ltd. 0.99GlaxoSmithKline Consumer Healthcare Ltd. 0.93Bank of Baroda 0.87IDFC Ltd. 0.80ABB India Ltd. 0.76Adani Ports & Special Economic Zone Ltd. 0.71Equity Holdings Total 96.19Cash & Other ReceivablesCBLO / Repo 1.17Net Receivables/(Payables) 2.64Cash & Other Receivables Total 3.81Grand Total 100.00
>`150k Crs46.0%
`60k Crs - `150k Crs30.0%
<`60k Crs24.0%
~Does not include Service Tax on Investment Management fees.
This product is suitable for investors who are seeking*• Long term capital growth• Investment in equity and equity-related securities of the top 100 largest companies,
by market capitalization, listed in india.• High Risk. (BROWN)
15% 20% 25%
*Investores should consult their financial advisers if in doubt about whether the product is suitable for them.
5.9%
40%
36.9%
3.1%
Standard deviation (%) 2.53Beta 0.84Sharpe ratio 10.44Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Portfolio turnover ratio (Equity)^ -@Risk free rate of return (repo) 8.00%
Quantitative indicators
^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on December 31, 2014
30% 35%
Regular Plan~ 1.50%
Direct Plan~ 0.84%
Total expense ratio(year-to-date ratio to average AUM)
**JPMorgan India Equity Income Fund
Name of the scheme#JPMorgan India Equity Income Fund
Allotment date13 October 2014Scheme structureAn open-ended equity schemeInvestment objectiveThe investment objective of the scheme is to provide capital appreciaton and income distrubution to the investors by using equity and e q u i t y r e l a t e d i n s t r u m e n t s , a r b i t r a g e opportunities, and investments in debt and money market instruments.However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns.Fund managers: EquityAmit Gadgil & Karan SikkaTotal experience (years)Amit Gadgil 11Karan Sikka 7Experience managing the schemeAmit Gadgil 3 monthsKaran Sikka 3 monthsFund managers: DebtNamdev Chougule & Ravi RatanpalTotal experience (years)Namdev Chougule 13Ravi Ratanpal 10Experience managing the schemeNamdev Chougule 3 monthsRavi Ratanpal 3 monthsFor all PlansMinimum investment amountRs.5,000 per application plus in multiples of Re.1/- thereofAdditional investment amountRs.1,000 per application plus in multiples of Re.1/- thereofEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP) If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmark70% of CRISIL Liquid Fund Index and 30% in CNX NiftyNAV (as at 31 December 2014, in Rs.)Regular Plan - Growth Option 10.3027
Regular Plan - Dividend Option 10.3027
Regular Plan - Bonus Option 10.3033
Direct Plan - Growth Option 10.3176
Direct Plan - Dividend Option 10.3156
Direct Plan - Bonus Option 10.3169Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 287.02 Crore
Holdings as on 31 December 2014 (in %)
Equity Holdings % to % to NAV NAV Deriv- atives UnHedge PositionsICICI Bank Ltd. 2.81Infosys Ltd. 1.97 Axis Bank Ltd. 1.85 ITC Ltd. 1.72 State Bank of India 1.70 Maruti Suzuki India Ltd. 1.65 HDFC Bank Ltd. 1.47 HDFC Ltd. 1.34 Tata Consultancy Services Ltd. 1.28 Tata Motors Ltd. 1.22 Reliance Industries Ltd. 1.06 Asian Paints Ltd. 1.02 Shree Cements Ltd. 0.89 IndusInd Bank Ltd. 0.88 Kotak Mahindra Bank Ltd. 0.85 Larsen & Toubro Ltd. 0.82 Sun Pharmaceuticals Industries Ltd. 0.72 Ultratech Cement Ltd. 0.68 Shriram Transport Finance Co. Ltd. 0.53 Oil & Natural Gas Corporation Ltd. 0.50 HCL Technologies Ltd. 0.50 Lupin Ltd. 0.49 Tech Mahindra Ltd. 0.49 Cummins India Ltd. 0.39 Bosch Ltd. 0.34 Eicher Motors Ltd. 0.28 Bharat Forge Ltd. 0.26 Motherson Sumi Systems Ltd. 0.25 Titan Company Ltd. 0.25 Divi's Laboratories Ltd. 0.24 ABB India Ltd. 0.20 GSK Consumer Healthcare Ltd. 0.19 IDFC Ltd. 0.19 UnHedge Positions Total 29.03 Hedge Positions Lupin Ltd. 4.16 Lupin Ltd - Futures. (4.21)Reliance Industries Ltd. 3.92 Reliance Industries Ltd - Futures. (3.94)HDFC Bank Ltd. 3.76 HDFC Bank Ltd - Futures. (3.80)Aurobindo Pharma Ltd. 2.62 Aurobindo Pharma Ltd - Futures. (2.64)HPCL 2.38 HPCL - Futures (2.40)IndusInd Bank Ltd. 2.09 IndusInd Bank Ltd.-Futures (2.11)JSW Steel Ltd. 2.02 JSW Steel Ltd - Futures. (2.04)HDFC Ltd. 2.01HDFC Ltd. - Futures (2.03)ITC Ltd. 1.91 ITC Ltd. - Futures. (1.92)Tata Steel Ltd. 1.89 Tata Steel Ltd - Futures. (1.91)Asian Paints Ltd. 1.84 Asian Paints Ltd - Futures. (1.86)ICICI Bank Ltd. 1.79ICICI Bank Ltd - Futures. (1.80) Axis Bank Ltd. 1.77Axis Bank Ltd. - Futures (1.78) ONGC Ltd. 1.69ONGC Ltd. - Futures. (1.70) Grasim Industries Ltd. 1.43Grasim Industries Ltd. - Futures (1.44) Maruti Suzuki India Ltd. 1.19Maruti Suzuki India Ltd. - Futures (1.20) Indian Oil Corporation Ltd. 0.54 Indian Oil Corporation Ltd.-Futures (0.54)Hedge Positions Total 37.01 (37.32)Equity Holdings Total 66.04 (37.32)Margin Deposits Canara Bank 4.25 Corporation Bank 2.29 Margin Deposits Total 6.54Non-Convertible Debentures Welspun Corp Ltd. CARE AA- 12.05 Sintex Industries Ltd. CARE AA 11.73 Tata Power Company Ltd. CARE AA 0.50 Non-Convertible Debentures Total 24.28 Debt Holdings Total 24.28%Cash & Other Receivables CBLO / Repo 1.99 Net Receivables/(Payables) 1.15 Cash & Other Receivables Total 3.14 Grand Total 100.00
^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on December 31, 2014
~Does not include Service Tax on Investment Management fees.
This product is suitable for investors who are seeking*• Income distribution by investing in debt and money market instrument and arbitrage opportunities.• Long term capital appreciation by using equity and equity related instruments.• Medium Risk (YELLOW)
**Please note that the name of JPMorgan India Equity Savings Fund has been changed to JPMorgan India Equity Income Fund with effect from 14th November 2014.
*Includes industrial capital goods / diversified / construction / industrial products.The above chart represents the unhedged equity positions only.
Pharma
Oil & Gas
Cement
*Industrials/Infra
Consumer
Auto
Technology
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 8%
1.4%
4%
1.6%
12%
1.6%
1.7%
3.2%
3.7%
4.2%
Standard deviation (%) 0.75Beta 0.31Sharpe ratio 10.32Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Portfolio turnover ratio (Equity)^ -@Risk free rate of return (repo) 8.00%
Quantitative indicators
Total stocks in portfolio 33
&Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg.&Active bets are estimated.
Portfolio analysis: Market cap-wise
>`90k Crs74.0%
`18k Crs - `90k Crs26.0%
11.6%
Liquidity measures
100
90
80
70
60
50
40
30
20
10
0<1 1-2
No. of days
% o
f to
tal p
ort
foli
o
100%
0.0%
Name of the scheme
JPMorgan Greater China Equity Off-shore Fund
Allotment date
Regular Plan - 26 August 2009
Direct Plan - 1 January 2013
Scheme structure
An open ended fund of funds scheme
Investment objective
The primary investment objective of the Scheme is
to provide long term capital appreciation by
investing in JPMorgan Funds - Greater China Equity
Fund, an equity fund which invests primarily in a
diversified portfolio of companies incorporated or
which have their registered office located in, or
derive the predominant part of their economic
activity from, a country in the Greater China region.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 5 yrs, 3 mnths.
For all PlansMinimum investment amount
Rs 10,000 per application plus in multiples of Re.
1/- thereafter
Additional investment amount
Rs 1,000 per application plus in multiples of Re. 1/-
thereafter
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of
allotment in respect of purchase made other than
through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of
allotment of units of each installment of SIP
purchase - Nil
Benchmark of the underlying fund
MSCI Golden Dragon Index
NAV (as at 30 December 2014, in Rs.)
Regular Plan - Growth Option 19.156
Direct Plan - Growth Option 19.574
Past performance may or may not be sustained
in future.
Average AUM (December 2014)
Rs. 119.55 crore
International Mutual Fund Units
JPMorgan Funds - Greater China Fund 100.48%
International Mutual Fund Units Total 100.48%
Cash & Other Receivables
CBLO / Repo 0.50%
Net Receivables (Payable) (0.98%)
Cash & Other Receivables Total (0.48%)
Grand Total 100.00
Holding as on 31 December 2014
JPMorgan Greater China Equity Off-shore Fund
Details of JPMorgan Greater China Equity Off-shore Fund
JPMorgan Greater China Equity JPMorgan Funds - Greater China
Offshore Fund Fund (underlying fund)
Regular Plan~ 1.70% 1.00%
Direct Plan~ 0.70% 1.00%
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - Greater China Fund (underlying fund)
Equity holding Weight (%)
Taiwan Semiconductor (Information Technology) 8.0
Tencent Holdings (Information Technology) 6.8
AIA Group (Financials) 5.0
China Construction Bank (Financials) 4.8
Cheung Kong (Financials) 3.4
China Telecom (Telecommunication Services) 2.7
China Minsheng Bank (Financials) 2.4
Agricultural Bank of China (Financials) 2.2
Alibaba (Information Technology) 2.1
Bank of China (Financials) 2.0
Total 39.4
Statistical analysis as on 30 November 2014
3 years 5 years
Correlation 0.96 0.98
Alpha 1.39 1.55
Beta 0.99 1.05
10 largest holdings as on 30 November 2014
Sector breakdown as on 30 November 2014
Sector Fund
Financials 38.7%
Information Technology 30.3%
Industrials 6.0%
Health Care 5.7%
Consumer Discretionary 4.7%
Telecommunication Services 4.3%
Energy 2.9%
Utilities 2.8%
Consumer Staples 2.8%
Materials 1.3%
Cash 0.5%
Total 100.0%
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
Geographical breakdown as on 30 November 2014
Country FundChina 55.3%Taiwan 25.4%Hong Kong 18.8%Cash 0.5%Total 100.0%
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investment in JPMorgan Funds Greater China Fund, an equity fund which invests primarily in a diversified portfolio of
companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region
• High Risk. (BROWN)
Quarterly Outlook: We have reduced exposure to Chinese financial and energy stocks given softening mainland economic fundamentals and have increased exposure to Greater China technology and healthcare.
Name of the scheme
JPMorgan ASEAN Equity Off-shore Fund
Allotment date
Regular Plan - 1 July 2011
Direct Plan - 1 January 2013
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
The primary investment objective of the Scheme is to
provide long term capital growth by investing
predominantly in JPMorgan Funds – ASEAN Equity
Fund, an equity fund which invests primarily in
companies of countries which are members of the
Association of South East Asian Nations (ASEAN).
However, there can be no assurance that the
investment objective of the Scheme will be realized.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 3 years, 5 months
For all PlansMinimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
Morgan Stanley Capital International (MSCI) South
East Asia Index
NAV (as at 30 December 2014, in Rs.)
Regular Plan - Growth Option 16.619
Direct Plan - Growth Option 16.969
Past performance may or may not be sustained in
future.
Average AUM (December 2014)
Rs. 181.31 crore
International Mutual Fund Units
JPMorgan Funds - ASEAN Equity Fund 100.19%
International Mutual Fund Units Total 100.19%
Cash & Other Receivables
CBLO / Repo 0.67%
Net Receivables / (Payables) (0.86%)
Cash & Other Receivables Total (0.19%)
Grand Total 100.00
Holding as on 31 December 2014
JPMorgan ASEAN Equity Off-shore Fund
Details of JPMorgan ASEAN Equity Off-shore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - ASEAN Equity Fund (underlying fund)
Equity holding Weight (%)DBS (Financials) 5.5%Singapore Telecommunications (Telecommunication Services) 3.9%United Overseas Bank (Financials) 3.9%Oversea-Chinese Banking (Financials) 3.2%Bank Central Asia (Financials) 3.1%Kasikornbank (Financials) 3.1%Malayan Bankaing (Financials) 2.7%PTT (Energy) 2.6%Tenaga Nasional (Utilities) 2.6%Telekomunikasi Indonesia (Telecommunication Services) 2.3%Total 32.9%
10 largest holdings as on 30 November 2014
Geographical breakdown as on 30 November 2014
Country FundSingapore 27.8%Thailand 22.8% Indonesia 17.1%Malaysia 16.9%Philippines 8.1%Hong Kong 0.7%Vietnam 0.7%Cash 5.9%Total 100.0%
Sector breakdown as on 30 November 2014
Sector Fund
Financials 41.5%
Industrials 13.0%
Telecommunication Services 10.5%
Consumer Discretionary 7.4%
Consumer Staples 6.8%
Energy 5.3%
Utilities 5.1%
Health Care 2.0%
Materials 1.6%
Information Technology 0.9%
Cash 5.9%
Total 100.0%
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan ASEAN Equity Off-shore Fund ASEAN Equity Fund
(underlying fund)
Regular Plan~ 1.75% 0.95%
Direct Plan~ 0.69% 0.95%
Statistical analysis as on 30 November 2014
3 years 5 years Correlation 0.96 -Alpha 2.06 -Beta 1.01 -
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments predominantly in JPMorgan Funds ASEAN Equity Fund, an equity fund which invests primarily in companies of countries which are
members of the Association of South East Asian Nations• High Risk. (BROWN)
Quarterly Outlook: External risks arising from the higher US 10year yield may cause shortterm volatility, but given that many ASEAN interest rates and exchange rates have adjusted in the last 18 months, the impact from a gradual rise in US interest rates should not be severe.
Name of the scheme
JPMorgan US Value Equity Off-shore Fund
Allotment date
7 August, 2013
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
To provide longterm capital growth by investing
primarily in a value style biased portfolio of US
companies.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 1 yr, 4 months
For all Plans
Minimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
Russell 1000 Value Index
NAV (as at 30 December 2014, in Rs.)
Regular Plan - Growth Option 12.4420
Direct Plan - Growth Option 12.6218
Past performance may or may not be sustained
in future.
Average AUM (December 2014)
Rs. 196 crore
International Mutual Fund Units
JPMorgan Funds - US Value Fund 100.45%
International Mutual Fund Units Total 100.45%
Cash & Other Receivables
CBLO / Repo 0.56%
Net Receivables / (Payables) (1.01%)
Cash & Other Receivables Total (0.45%)
Grand Total 100.00
Holding as on 31 December 2014
JPMorgan US Value Equity Off-shore Fund
Details of JPMorgan US Value Equity Off-shore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - US Value Equity Fund (underlying fund)
Equity holding Weight (%)
Wells Fargo (Financials) 4.1%
Exxon Mobil (Energy) 3.8%
Johnson & Johnson (Health Care) 2.8%
Pfizer (Health Care) 2.5%
Bank of America (Financials) 2.2%
Capital One (Financials) 2.1%
Chevron (Energy) 2.1%
Procter & Gamble (Consumer Staples) 2.1%
Merck & Co. (Health Care) 2.0%
DISH Network (Consumer Discretionary) 1.9%
Total 25.6%
10 largest holdings as on 30 November 2014
Sector breakdown as on 30 November 2014
Sector Fund
Financials 33.6%
Consumer Discretionary 15.6%
Health Care 10.6%
Energy 10.0%
Information Technology 7.1%
Industrials 6.6%
Consumer Staples 5.9%
Utilities 5.1%
Materials 4.1%
Telecommunication Services 1.4%
Total 100.0%
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan US Value Equity Off-shore Fund US Value Equity Fund
(underlying fund)
Regular Plan~ 1.85% 0.85%
Direct Plan~ 0.87% 0.85%
Statistical analysis as on 30 November 2014
3 years 5 years Correlation 0.95 0.96Alpha 0.08 0.78Beta 0.95 0.89
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments in equity and equity-related securities of US companies• High Risk. (BROWN)
Quarterly Outlook: While the timing of a rise in interest rates continues to drive investor sentiment in the short term, we believe markets will welcome rising rates as they should confirm that the US economy is on stable ground. Given an increase in the number of Americans working, a robust manufacturing sector, and signs pointing to increased levels of capital investment, we believe that US corporate profits will increase and US equity markets will continue to advance.
Name of the scheme
JPMorgan Europe Dynamic Equity Offshore Fund
Allotment date
7 February, 2014
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
To provide long term capital growth by investing
predominantly in the JPMorgan Funds - Europe
Dynamic Fund, an equity fund which invests
primarily in an aggressively managed portfolio of
European companies.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 11 months
For all Plans
Minimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
MSCI Europe Index
NAV (as at 30 December 2014, in Rs.)
Regular Plan - Growth Option 9.6993
Direct Plan - Growth Option 9.7791
Past performance may or may not be sustained
in future.
Average AUM (December 2014)
Rs. 204.58 crore
International Mutual Fund Units
JPMorgan Europe Dynamic Equity Offshore Fund 100.32%
International Mutual Fund Units Total 100.32%
Cash & Other Receivables
CBLO / Repo 1.08%
Net Receivables / (Payables) (1.40%)
Cash & Other Receivables Total (0.32%)
Grand Total 100.00
Holding as on 31 December 2014
JPMorgan Europe Dynamic Equity Off-shore Fund
Details of JPMorgan Europe Dynamic Equity Offshore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Europe Dynamic Equity Offshore Fund
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan Europe Dynamic Equity Offshore Fund Europe Dynamic Equity Fund
(underlying fund)
Regular Plan~ 1.63% 1.00%
Direct Plan~ 0.67% 1.00%
This product is suitable for investors who are seeking*• Long-term Capital Growth• Investments in equity and equity-related securities of European companies• High Risk. (BROWN)
Outlook: European equity valuations are once again attractive, and the fact that earnings revisions have turned positive suggests that a lot of bad economic news has already been discounted.
Equity holding Weight (%)Royal Dutsh Shell (Energy) 2.9%Novartis (Health Care) 2.9%Orange (Telecommunication Services) 2.4%Allianz (Financials) 2.3%Roche (Health Care) 2.3%Pandora (Consumer Discretionary) 2.0%Shire (Health Care) 1.9%ING (Financials) 1.9%Lloyds Banking (Financials) 1.8%Cap Gemini (Information Technology) 1.8%Total 22.2%
10 largest holdings as on 30 November 2014
Geographical breakdown as on 30 November 2014
Country FundUnited Kingdom 28.1%Germany 14.0%France 9.4%Switzerland 8.9%Netherlands 8.7%Denmark 6.5%Spain 6.4%Sweden 4.0%Ireland 2.6%Others 7.4%Cash 4.0%Total 100.0%
Sector breakdown as on 30 November 2014
Sector Fund
Financials 25.4%
Consumer Discretionary 10.4%
Health Care 10.0%
Telecommunication Services 9.6%
Consumer Staples 8.4%
Materials 8.4%
Industrials 8.1%
Information Technology 6.9%
Energy 5.2%
Utilities 3.6%
Cash 4.0%
Total 100.0%Statistical analysis as on 30 November 2014
3 years 5 years Correlation 0.92 0.93Alpha 5.26 3.49Beta 1.12 1.14
Name of the scheme
JPMorgan Emerging Markets Opportunities
Equity Off-shore Fund
Allotment date
7 July, 2014
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
The primary investment objective of the Scheme is
to seek to provide long term capital growth by
investing predominantly in the JPMorgan Funds -
Emerging Markets Opportunities Fund, an equity
fund which invests primarily in an aggressively
managed portfolio of emerging market companies.
However, there can be no assurance that the
investment objective of the Scheme will be
realised.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 6 months
For all Plans
Minimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 12 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 12 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 12 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
MSCI Emerging Market Index
NAV (as at 30 December 2014, in Rs.)
Regular Plan - Growth Option 9.9609
Direct Plan - Growth Option 9.9918
Past performance may or may not be sustained
in future.
Average AUM (December 2014)
Rs. 8.15 crore
International Mutual Fund Units
JPMorgan Emerging Markets Opportunities Equity Offshore Fund 69.66%
International Mutual Fund Units Total 69.66%
Cash & Other Receivables
CBLO / Repo 1.33%
Net Receivables / (Payables) 29.01%
Cash & Other Receivables Total 30.34%
Grand Total 100.00
Holding as on 31 December 2014
Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities
Equity Off-shore Fund Equity Off-shore Fund (underlying fund)
Regular Plan~ 1.60% 1.10%
Direct Plan~ 0.96% 1.10%
This product is suitable for investors who are seeking*• Long-term Capital Growth• Investments predominantly in JPMorgan Funds - Emerging Markets Opportunities Funds, an
equity oriented fund which invest primarily in an aggressively managed portfolio of emerging market companies.
• High Risk. (BROWN)
Outlook: The recent negative headlines and their effect on markets remind us why valuation discipline and patience are so important when investing in a cyclical asset class such as emerging markets. The recent correction has taken emerging market valuations back below 1.5x book value. We believe this reflects a healthy dose of scepticism and is the area around which longterm investors may wish to add exposure.
Equity holding Weight (%)Infosys Technologies (Information Technology) 3.4%Taiwan Semiconductor (Information Technology) 2.8%Great Wall Motor (Consumer Discretionary) 2.6%Tencent (Information Technology) 2.4%Samsung Fire & Marine Insurance (Financials) 2.3%Samsung Electronics (Information Technology) 2.2%Kasikornbank (Financials) 2.2%Lukoil (Energy) 2.1%MediaTek (Information Technology) 2.1%Hon Hai Precision Industry (Information Technology) 2.1%Total 24.2%
10 largest holdings as on 30 November 2014
Geographical breakdown as on 30 November 2014
Country FundChina 26.2%South Korea 15.0%Taiwan 12.6%Brazil 10.5%India 8.4%South Africa 5.1%Russia 4.8%Turkey 4.8%Thailand 4.1%Others 8.2%Cash 0.3%Total 100.0%
Sector breakdown as on 30 November 2014
Sector Fund
Information Technology 24.8%
Consumer Discretionary 24.7%
Financials 22.4%
Materials 5.8%
Consumer Staples 5.4%
Energy 5.2%
Industrials 4.6%
Telecommunication Services 4.5%
Utilities 2.1%
Health Care 0.2%
Cash 0.3%
Total 100.0%Statistical analysis as on 30 November 2014
3 years 5 years Correlation 0.96 0.97Alpha 1.68 3.82Beta 1.03 0.97
JPMorgan Emerging Markets OpportunitiesEquity Off-shore Fund
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.08 30 8.41% 0.32%~ 0.52%~ 0.17%~
*The assigned rating AAAmfs is valid only for "JPMorgan India Liquid Fund". The rating of CRISIL is not an opinion of the
Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion
on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield.
~Does not include Service Tax on Investment Management fees.
Rating % to NAV
Name of the scheme
JPMorgan India Liquid Fund
Allotment date
Super Institutional - 21 September 2007
Retail - 16 September 2008
Direct Plan - 1 January 2013
Scheme structure
An open ended Liquid Scheme
Investment objective
The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized.
Fund managers
Namdev Chougule & Ravi Ratanpal
Total experience (in years)
Namdev Chougule 13
Ravi Ratanpal 10
Experience in managing this scheme
Namdev Chougule 6 years, 6 months
Ravi Ratanpal 3 years, 3 months
For all PlansMinimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 thereafter.
Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.
Entry Load - Nil
Entry Load (SIP) Nil
Exit Load Nil
Exit Load (SIP) Nil
Benchmark
CRISIL Liquid Fund Index
NAV (as at 31 December 2014, in Rs.)
Retail Plan - Growth Option 16.1586
Retail Plan - Daily Dividend Option 10.0190
Retail Plan - Weekly Dividend Option 10.0223
Retail Plan - Monthly Dividend Option 10.0359
Super Institutional Plan - Growth Option 17.7359
Super Institutional Plan - 10.0279
Daily Dividend Option
Super Institutional Plan - 10.1829
Weekly Dividend Option
Super Institutional Plan - 10.1854
Fortnightly Dividend Option
Super Institutional Plan - 10.0462
Monthly Dividend Option
Super Institutional Plan - Bonus Option 17.7362
Super Institutional Plan - 12.2712
Annual Dividend Option
Direct Plan - Growth Option 17.7818
Direct Plan - Daily Dividend Option 10.0101
Direct Plan - Weekly Dividend Option 10.1355
Direct Plan - Bonus Option 17.7595
Past performance may or may not be sustained in future.
Average AUM (December 2014)Rs. 6836.91 crore
JPMorgan India Liquid Fund
Holdings as on 31 December 2014 (in %)
Name of the instrumentMoney Market Instruments
Certificate of Deposit
Canara Bank CRISIL A1+ 16.39
IDBI Bank Ltd. CRISIL A1+ 11.23
Bank of Maharashtra CRISIL A1+ 11.21
Kotak Mahindra Bank Ltd. ICRA A1+ 4.82
Punjab & Sind Bank CRISIL A1+ 3.19
Corporation Bank CRISIL A1+ 2.95
Union Bank of India CRISIL A1+ 0.80
Indian Overseas Bank ICRA A1+ 0.80
State Bank of Patiala CRISIL A1+ 0.45
Certificate of Deposit Total 51.84
Commercial Paper
Edelweiss Financial Services Ltd. CRISIL A1+ 8.75
Welspun Corp Ltd. CARE A1+ 3.20
ECL Finance Ltd. CRISIL A1+ 3.18
Nirma Ltd. CRISIL A1+ 2.40
Commercial Paper Total 17.53
Money Market Instruments Total 69.37
Fixed Deposit
IDBI Bank Ltd. UNRATED 4.84
Fixed Deposit Total 4.84
Cash & Other Receivables
CBLO / Repo 25.48
Net Receivables/(Payables) 0.31
Cash & Other Receivables Total 25.79
Grand Total 100.00
ICRA A1+, CRISIL A1+, CARE A1+
Rating profile
69.37%
4.84%
Dividend details (Re / Unit)
Super Institutional Plan - Monthly Dividend Option
27-Oct-14 0.07610216 10.1087
25-Nov-14 0.06671325 10.0993
26-Dec-14 0.07171824 10.1043
Retail Plan - Monthly Dividend Option
27-Oct-14 0.07427137 10.0982
25-Nov-14 0.06505662 10.0890
26-Dec-14 0.06993341 10.0938
Direct Plan - Monthly Dividend Option
25-Aug-14 0.07339785 10.1060
25-Sep-14 0.07413135 10.1067
27-Oct-14 0.07738489 10.1100
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Asset allocation (% of total)
60
50
40
30
20
10
0Certificate of
Deposit
51.84%
CommercialPaper
17.53%
Fixed Deposit
4.84%
Unrated
This product is suitable for investors who are seeking*• Income Over Short Term• Investments in money market and debt securities• Low Risk. (BLUE)
Record Date Gross Dividend CUM Dividend NAV
Cash andOther Receivables
25.79%
25.79%
Cash & Other Receivables
Dividend details (Re / Unit) Name of the schemeJPMorgan India Treasury FundAllotment dateSuper Institutional - 21 September 2007Retail - 16 September 2008Direct Plan - 1 January 2013Scheme structureAn open ended income schemeInvestment objectiveThe investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 6 years, 6 monthsRavi Ratanpal 3 years, 3 months
For all PlansMinimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 thereafter.Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.Entry Load - NilEntry Load (SIP) NilExit Load NilExit Load (SIP) NilBenchmarkCRISIL Liquid Fund IndexNAV (as at 31 December 2014, in Rs.)Retail Plan - Growth Option 16.1234
Retail Plan - Daily Dividend Option 10.0353
Retail Plan - Weekly Dividend Option 10.0745
Retail Plan - Monthly Dividend Option 10.0429
Super Institutional Plan - Growth Option 17.9645
Super Institutional Plan - Dividend Option 12.1488
Super Institutional Plan - 10.0089
Daily Dividend Option
Super Institutional Plan - 10.0672
Weekly Dividend Option
Super Institutional Plan - 10.0693
Fortnightly Dividend Option
Super Institutional Plan - 10.0538
Monthly Dividend Option
Super Institutional Plan - Bonus Option 11.9770
Direct Plan - Growth Option 18.0175
Direct Plan - Bonus Option 12.0128
Direct Plan - Daily Dividend Option 10.0738
Direct Plan - Monthly Dividend Option 10.4062
Direct Plan - Fortnightly Dividend Option 10.0694
Direct Plan - Annual Dividend Option 10.7665Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 1593.51 crore
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
JPMorgan India Treasury Fund
Name of the instrument Rating % to NAV
Holdings as on 31 December 2014 (in%)
**The assigned rating AAAmfs is valid only for "JPMorgan India Treasury Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield.
Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus Fund has been changed to JPMorgan India Treasury Fund. ~Does not include Service Tax on Investment Management fees.
Super Institutional Plan - Monthly Dividend Option
27-Oct-14 0.07692115 10.1052
25-Nov-14 0.06037594 10.1020
26-Dec-14 0.06536471 10.1071
Retail Plan - Monthly Dividend Option
27-Oct-14 0.07695434 10.1087
25-Nov-14 0.06897140 10.1007
26-Dec-14 0.06019324 10.0919
Direct Plan - Monthly Dividend Option
27-Oct-14 0.08659381 10.4801
25-Nov-14 0.07769196 10.4712
26-Dec-14 0.06903835 10.4625
CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA+, ICRA A1+, CRISIL A1+, CARE AA
Rating profile
90.27%
6.56%
Corporate Debt
Non-Convertible Debentures
Bharat Aluminium Company Ltd. CRISIL AA- 3.65
SREI Equipment Finance Ltd. CARE AA 2.96
Fullerton India Credit Company Ltd. ICRA AA+ 1.41
Power Finance Corporation Ltd. CRISIL AAA 0.13
Non-Convertible Debentures Total 8.15
Corporate Debt Total 8.15
Money Market Instruments
Certificate of Deposit
Kotak Mahindra Bank Ltd. ICRA A1+ 16.20
Canara Bank ICRA A1+ 7.69
Oriental Bank of Commerce CRISIL A1+ 6.56
Bank of Baroda ICRA A1+ 6.53
Bank of Baroda CRISIL A1+ 4.05
Canara Bank CRISIL A1+ 3.92
State Bank of Patiala CRISIL A1+ 2.07
Certificate of Deposit Total 47.02
Commercial Paper
Dewan Housing Finance Corp. Ltd. CRISIL A1+ 26.09
Commercial Paper Total 26.09
Money Market Bonds
Indiabulls Housing Finance Ltd. CRISIL AA+ 3.47
Bajaj Finance Ltd. CRISIL AA+ 2.12
Shriram Transport Fin. Co. Ltd. CRISIL AA 1.64
HDFC Ltd. CRISIL AAA 1.31
LIC Housing Finance Ltd. CRISIL AAA 0.44
Fullerton India Credit Company Ltd. ICRA AA+ 0.03
Money Market Bonds Total 9.01
Money Market Instruments Total 82.12
Fixed Deposit
Syndicate Bank UNRATED 6.56
Fixed Deposit Total 6.56
Cash & Other Receivables
CBLO / Repo 1.65
Net Receivables/(Payables) 1.52
Cash & Other Receivables Total 3.17
Grand Total 100.00
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.20 84 8.48% 0.49%~ 1.09%~ 0.34%~
CommercialPaper
Cash andOther
Receivables
80
70
60
50
40
30
20
10
0
47.02%
Asset allocation (% of total)
Certificateof deposit
3.17%
26.09%
CorporateDebt
8.15%
Cash & Other Receivables
This product is suitable for investors who are seeking*• Optimal Returns Over Short Term• Investments primarily in a mix of short term debt and money market instruments• Low Risk. (BLUE)
Record Date Gross Dividend CUM Dividend NAV
Money MarketBond
9.01%
3.17%
Unrated
JPMorgan India Active Bond Fund
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Retail Plan - Dividend Option 07-Oct-08 0.20000000 10.251322-Jan-09 0.42500000 10.5850Institutional Plan - Dividend Option 07-Oct-08 0.20000000 10.274722-Jan-09 0.30000000 10.6346
Dividend details (Re / Unit)
Name of the scheme
JPMorgan India Active Bond Fund
Allotment date
Retail Plan - 27 June 2008
Institutional Plan - 27 June 2008
Direct Plan - 1 January 2013
Scheme structure
An open ended income scheme
Investment objective
To generate optimal returns while maintaining
liquidity through active management of the
portfolio by investing in debt and money market
instruments. However, there can be no assurance
that the investment objective of the Scheme
will be realized.
For all PlansMinimum investment amount
Rs. 5,000 per application and in multiples of Re 1
thereafter.
Additional investment amount
Re 1 per application and in multiples of Re 1
thereafter.
Fund managers
Namdev Chougule & Ravi Ratanpal
Total experience (in years)
Namdev Chougule 13
Ravi Ratanpal 10
Experience in managing this scheme
Namdev Chougule 6 years, 5 months
Ravi Ratanpal 2 years, 11 months
Entry load - Nil
Exit load - (w.e.f. July 2, 2013)
Within 12 months from the date of allotment in
respect of Lumpsum & Within 12 months from the
date of allotment in respect of each purchase made
through SIP : 1.00%
After 12 months from the date of allotment in
respect of Lumpsum & After 12 months from the
date of allotment in respect of each purchase made
through SIP : Nil
Benchmark
CRISIL Composite Bond Fund Index
NAV (as at 31 December 2014, in Rs.)
Direct Plan - Annual Dividend Option 14.0524
Direct Plan - Dividend Option 14.0463
Direct Plan - Growth Option 15.0704
Retail Plan - Growth Option 14.7929
Retail Plan - Dividend Option 13.9134
Institutional Plan - Growth Option 12.3380
Institutional Plan - Dividend Option 12.3166
Past performance may or may not be sustained in future.
Average AUM (December 2014)Rs. 1364.07 crore#The assigned rating AAAmfs is valid only for "JPMorgan India Active Bond Fund". The rating of CRISIL is not
an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 December 2014 (in%)
Name of the instrument % to NAV
Rating profile
Cash & Other Receivables
88.55%
11.45%
CARE AAA, CRISIL AAA, FITCH AAA, ICRA AAA, ICRA A1+
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan 4.27 2327 8.57% 0.90%~ 1.99%~ 0.87%~
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
Cash & OtherReceivables
11.45%
CorporateDebt
86.71%
Certificate ofDeposit
1.84%
This product is suitable for investors who are seeking*• Optimal Returns Over Medium To Long Term• Investments in debt and money market instruments with an active management of the
portfolio• Medium Risk. (YELLOW)
Record Date Gross Dividend CUM Dividend NAV
Corporate Debt Non-Convertible Debentures Export Import Bank of India CRISIL AAA 18.73Power Finance Corporation Ltd. CRISIL AAA 17.82LIC Housing Finance Ltd. CRISIL AAA 16.04Rural Electrification Corporation Ltd. CRISIL AAA 13.03Tata Sons Ltd. CRISIL AAA 7.24Power Grid Corporation of India Ltd. CRISIL AAA 4.26Housing Development Finance Corporation Ltd. CRISIL AAA 2.72Housing Development Finance Corporation Ltd. ICRA AAA 2.25Power Grid Corporation of India Ltd. ICRA AAA 1.57Rural Electrification Corporation Ltd. CARE AAA 1.13GAIL (India) Ltd. CARE AAA 0.94Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.38Infrastructure Development Finance Company Ltd. ICRA AAA 0.37HDB Financial Services Ltd. CARE AAA 0.15National Bank for Agriculture & Rural Development CRISIL AAA 0.08Non-Convertible Debentures Total 86.71Corporate Debt Total 86.71Money Market InstrumentsCertificate of DepositCanara Bank ICRA A1+ 1.84Certificate of Deposit Total 1.84Money Market Instruments Total 1.84CBLO / Repo 7.57Net Receivables/(Payables) 3.88Cash & Other Receivables Total 11.45Grand Total 100.00
#The assigned rating AAAmfs is valid only for "JPMorgan India Short Term Income Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees.
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan 1.03 563 8.73% 1.05%~ 0.60%~
JPMorgan India Short Term Income Fund
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Regular Plan - Monthly Dividend Option
27-Oct-14 0.09955078 10.2496
25-Nov-14 0.11014383 10.2601
26-Dec-14 0.08818547 10.2382
Regular Dividend - Adhoc
21-Jan-13 0.13000000 10.2992
Direct Plan - Monthly Dividend Option
27-Oct-14 0.18906658 10.3306
25-Nov-14 0.11376872 10.2553
26-Dec-14 0.09208805 10.2336
Dividend details (Re / Unit)
Name of the scheme
JPMorgan India Short Term Income Fund
Allotment date
Regular Plan - 25 March 2010
Direct Plan - 1 January 2013
Scheme structure
An open ended income scheme
Investment objective
The investment objective is to generate income by
investing primarily in money market and short
term debt instruments. However, there can be no
assurance that income can be generated, regular
or otherwise or that the investment objective of the
Scheme will be realised.
For all PlansMinimum investment amount
Rs 5,000 per application and in multiples of Re 1
thereafter.
Additional investment amount
Rs 1,000 per application and in multiples of Re 1
thereafter.
Fund managers
Namdev Chougule & Ravi Ratanpal
Total experience (in years)
Namdev Chougule 13
Ravi Ratanpal 10
Experience in managing this scheme
Namdev Chougule 4 years, 8 months
Ravi Ratanpal 2 years, 11 months
Entry load - Nil
Exit load - Within six months from the date of
allotment in respect of purchase made other than
through SIP : 0.50%
Within six months from the date of allotment in
respect of purchase made through SIP : 0.50%
After six months from the date of allotment in
respect of purchases made other than through SIP
and After six months from the date of allotment in
respect of each purchase made through SIP: nil
Benchmark
CRISIL Short-Term Bond Fund Index
NAV (as at 31 December 2014, in Rs.)
Regular Plan - Growth Option 14.9766
Regular Plan - Dividend Option 12.0651
Regular Plan - Weekly Dividend Option 10.1576
Regular Plan - Fortnightly Dividend Option 10.2010
Regular Plan - Monthly Dividend Option 10.1636
Direct Plan - Monthly Dividend Option 10.1557
Direct Plan - Growth Option 15.1212
Direct Plan - Dividend Option 12.0886
Direct Plan - Weekly Dividend Option 10.0412
Past performance may or may not be sustained in future.
Average AUM (December 2014)Rs. 483.13 crore
Holdings as on 31 December 2014 (in%)
Name of the instrument Rating % to NAV
Rating profile
84.35%
2.86%
Cash & Other Receivables
60
50
40
30
20
10
0
Asset allocation (% of total)
CorporateDebt
18.24%
2.86%
55.02%
Certificateof
Deposit
Cash &Other
Receivables
12.79%
CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA, ICRA AA-, ICRA AA+, ICRA AAA, ICRA A1+, CRISIL A1+, CARE AA
This product is suitable for investors who are seeking*• Income Over Short to Medium Term• Investments primarily in money market and short term debt instruments.• Low Risk. (BLUE)
Record Date Gross Dividend CUM
Dividend NAV
11.09%
MoneyMarketBond
GovernmentBond
12.79%
SOVEREIGN
Corporate Debt Non-Convertible Debentures Sintex Industries Ltd. CARE AA 5.72HPCL Mittal Energy Ltd. ICRA AA- 4.01Fullerton India Credit Company Ltd. ICRA AA+ 2.16Power Finance Corporation Ltd. ICRA AAA 2.11HPCL Mittal Pipelines Ltd. ICRA AA- 1.41ECL Finance Ltd. CRISIL AA- 1.07Sesa Sterlite Ltd. CRISIL AA+ 1.05Nirma Ltd. CRISIL AA 0.37Power Grid Corp. of India Ltd. CRISIL AAA 0.21The Indian Hotels Company Ltd. ICRA AA 0.13Non-Convertible Debentures Total 18.24Corporate Debt Total 18.24Money Market InstrumentsCertificate of DepositIDBI Bank Ltd. CRISIL A1+ 31.03Canara Bank ICRA A1+ 12.47State Bank of Patiala CRISIL A1+ 10.48Canara Bank CRISIL A1+ 1.04Certificate of Deposit Total 55.02Money Market BondsIndiabulls Housing Finance Ltd. CRISIL AA+ 11.05LIC Housing Finance Ltd. CRISIL AAA 0.02Indian Oil Corporation Ltd. ICRA AAA 0.02Money Market Bonds Total 11.09Money Market Instruments Total 66.11Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 2.86Government Bond Total 2.86Government Bond And Treasury Bill Total 2.86Cash & Other Receivables CBLO / Repo 12.35Net Receivables/(Payables) 0.44Cash & Other Receivables Total 12.79Grand Total 100.00
JPMorgan India Banking and PSU Debt Fund
Name of the schemeJPMorgan India Banking and PSU Debt FundAllotment date13 September 2013Scheme structureAn open ended income schemeInvestment objectiveThe investment objective of the Scheme is to seek to generate income by investing predominantly in a portfolio of Debt Securities and Money Market Instruments issued by banks and PSUs. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated.For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 1 year, 4 monthsRavi Ratanpal 1 year, 4 monthsEntry load - NilExit loadWithin one year from the date of allotment in respect of Purchase made other than through SIP; if redeemed within one year from the date of allotment in respect of each Purchase made through SIP : 1.50%
After one year but within two years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after one year but within two years from the date of allotment in respect of each Purchase made through SIP: 1.00%
After two years but within three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after two years but within three years from the date of allotment in respect of each Purchase made through SIP: 0.50%
After three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after three years from the date of allotment in respect of each Purchase made through SIP: NilBenchmarkCRISIL Short Term Bond Fund IndexNAV (as at 31 December 2014, in Rs.)Direct Plan - Growth Option 11.4310
Direct Plan - Dividend Option 11.4057
Direct Plan - Monthly Dividend Option 10.2901
Direct Plan - Weekly Dividend Option 10.4284
Regular Plan - Dividend Option 11.3878
Regular Plan - Fortnightly Dividend Option 10.4212
Regular Plan - Growth Option 11.3879
Regular Plan - Monthly Dividend Option 10.2824Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 384.76 crore
#Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 December 2014 (in%)
Name of the instrument Rating % to NAV
Rating profile
93.18%
6.82%
Cash & Other Receivables
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
CorporateDebt
87.66%
Cash & OtherReceivables
6.82%
CRISIL AA+, CRISIL AAA, ICRA AAA, CRISIL A1+
This product is suitable for investors who are seeking*• Income Over Short to Medium Term• Investments in debt securities and money market instruments issued by Banks and PSUs.• Medium Risk (YELLOW)
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Direct Plan - Monthly Dividend Option
27-Oct-14 0.10469527 10.3275
25-Nov-14 0.06744142 10.3337
26-Dec-14 0.05045429 10.3168
Regular Plan - Monthly Dividend Option
27-Oct-14 0.06436360 10.2798
25-Nov-14 0.06472636 10.3237
26-Dec-14 0.04781619 10.3068
Dividend details (Re / Unit)
Record Date Gross Dividend CUM
Dividend NAV
Corporate Debt
Non-convertible Debentures
Power Finance Corporation Ltd. CRISIL AAA 17.00
Kotak Mahindra Prime Ltd. CRISIL AAA 12.47
Power Grid Corp. of India Ltd. CRISIL AAA 11.44
IDBI Bank Ltd. CRISIL AA+ 8.94
Rural Electrification Corp. Ltd. CRISIL AAA 7.96
Export Import Bank of India CRISIL AAA 7.80
HPC Ltd. CRISIL AAA 6.47
NABARD CRISIL AAA 5.23
Power Grid Corp. of India Ltd. ICRA AAA 1.31
HDB Financial Services Ltd. CRISIL AAA 1.31
Airports Authority of India Ltd. ICRA AAA 1.30
Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.30
Power Finance Corporation Ltd. ICRA AAA 1.29
Bank of Baroda CRISIL AAA 1.29
NHPC Ltd. ICRA AAA 1.29
Housing & Urban Dev. Corp. Ltd. CRISIL AA+ 1.26
Non-convertible Debentures Total 87.66
Corporate Debt Total 87.66
Money Market Instruments
Certificate of Deposit
State Bank of Patiala CRISIL A1+ 5.52
Certificate of Deposit Total 5.52
Money Market Instruments Total 5.52
Cash & Other Receivables
CBLO / Repo 1.41
Net Receivables / (Payables) 5.41
Cash & Other Receivables Total 6.82
Grand Total 100.00
In days Regular Plan Direct Plan 1.92 852 8.55% 0.55%~ 0.25%~
MoneyMarket
5.52%
JPMorgan India Government Securities Fund
Name of the schemeJPMorgan India Government Securities FundAllotment date13 February 2014Scheme structureAn open ended gilt schemeInvestment objectiveThe investment objective of the Scheme is to generate income through investment in Securities of various maturities issued and/or created by the Central Government and State Governments of India. However, there can be no assurance that the investment objectives of the Scheme will be realized.
For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 11 monthsRavi Ratanpal 11 monthsEntry load - NilExit load - If redeemed within 12 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed within 12 months from the date of allotment in respect of each Purchase made through SIP; 2.00%If redeemed after 12 month but within 24 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 12 months but within 24 months from the date of allotment in respect of each Purchase made through SIP; 1.50%If redeemed after 24 month but within 36 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 24 months but within 36 months from the date of allotment in respect of each Purchase made through SIP; 1.00%If redeemed after 36 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 36 months from the date of allotment in respect of each Purchase made through SIP; NilBenchmarkI-Sec Mi-BEXNAV (as at 31 December 2014, in Rs.)Direct Plan - Growth Option 11.4585
Direct Plan - Weekly Dividend Option 10.3629
Regular Plan - Dividend Option 11.4318
Regular Plan - Growth Option 11.4243
Regular Plan - Monthly Dividend Option 10.3579
Regular Plan - Weekly Dividend Option 10.2650
Regular Plan - Annual Dividend Option 11.4277Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 588.04 crore
#Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 December 2014 (in%)
Name of the instrument % to NAV
Government Bond And Treasury Bill
Government Bond
Government of India SOVEREIGN 98.43
Government Bond Total 98.43
Government Bond & Treasury Bill Total 98.43
Cash & Other Receivables
CBLO / Repo 4.32
Net Receivables / (Payables) (2.75)
Cash & Other Receivables Total 1.57
Grand Total 100.00
Rating profile
98.43%
Cash & Other Receivables
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
Cash & OtherReceivables
1.57%
This product is suitable for investors who are seeking*• Credit risk free returns over Medium to Long Term• Investment in Government Securities• Low Risk. (BLUE)
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Regular Plan - Monthly Dividend Option
25-Sep-14 0.04861500 10.0986
27-Oct-14 0.04566627 10.0957
25-Nov-14 0.60245043 10.6525
Dividend details (Re / Unit)
Record Date Gross Dividend CUM
Dividend NAV
In days Regular Plan Direct Plan 8.44 5833 7.95% 1.25%~ 0.67%~
1.57%
SOVEREIGN
GovernmentBond
98.43%
JPMorgan India Corporate Debt Opportunities Fund
Name of the schemeJPMorgan India Corporate Debt Opportunities FundAllotment date22 September 2014Scheme structureAn open income schemeInvestment objectiveThe investment objective is to generate regular income and opportunities for capital appreciation while maintaining liquidity through active management of a diversified portfolio comprising of corporate bonds and securities across the investment grade credit rating and maturity spectrum. However, there can be no assurance that the investment objectives of the Scheme will be realized.
For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 4 monthsRavi Ratanpal 4 monthsEntry load - NilExit load - If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed within 18 months from the date of allotment of units of each installment of SIP purchase: 1.5%.If redeemed after 18 months but within 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 18 months but within 36 months from the date of allotment of units of each installment of SIP purchase: 0.50%.If redeemed after 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 36 months from the date of allotment of units of each installment of SIP purchase: Nil.BenchmarkCRISIL Short Term Bond Fund IndexNAV (as at 31 December 2014, in Rs.)Direct Plan - Annual Dividend Option 10.4353
Direct Plan - Growth Option 10.4358
Direct Plan - Bonus Option 10.4371
Direct Plan - Dividend Option 10.4357
Regular Plan - Growth Option 10.4253
Regular Plan - Dividend Option 10.4253
Regular Plan - Fortnightly Dividend Option 10.4253
Regular Plan - Monthly Dividend Option 10.4253
Regular Plan - Weekly Dividend Option 10.4249
Regular Plan - Annual Dividend Option 10.4253Past performance may or may not be sustained in future.Average AUM (December 2014)Rs. 86.73 crore
#Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 December 2014 (in%)
Name of the instrument % to NAV
Corporate Debt
Non-Convertible Debentures
Sintex Industries Ltd. CARE AA 14.89
Welspun Corp Ltd. CARE AA- 14.75
Nirma Ltd. CRISIL AA 14.62
HPCL Mittal Pipelines Ltd. ICRA AA- 13.06
HPCL Mittal Energy Ltd. ICRA AA- 12.96
The Indian Hotels Company Ltd. ICRA AA 8.56
Shriram Transport Fin. Co. Ltd. CRISIL AA 5.87
Cholamandalam Inv.&Fin.Co.Ltd. ICRA AA 5.62
Tata Power Company Ltd. CARE AA 3.94
Non-Convertible Debentures Total 94.27
Corporate Debt Total 94.27
Cash & Other Receivables
CBLO / Repo 2.84
Net Receivables / (Payables) 2.89
Cash & Other Receivables Total 5.73
Grand Total 100.00
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
Cash & OtherReceivables
5.73%
This product is suitable for investors who are seeking*• Regular income & capital appreciation through active management across time frames.• Investment in corporate bonds and securities across the investment grade credit rating
and maturity spectrum.• Medium Risk (YELLOW)
In days Regular Plan Direct Plan 3.68 1807 9.83% 0.75%~ 0.38%~
Rating profile
94.27%
5.73%
Cash & Other Receivables
CRISIL AA, ICRA AA, ICRA AA-, CARE AA, CARE AA-
Corporate DebtTotal
94.27%
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 9.805 85.58 55.91 29.89
Scheme ReturnsJPMorgan India Equity Fund - Regular Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 10.73 9.48 9.1431-12-2013 To 31-12-2014 (Absolute) 14.930 44.72 35.47 29.8931-12-2012 To 31-12-2013 (Absolute) 14.179 5.30 4.38 8.9830-12-2011 To 31-12-2012 (Absolute) 11.187 26.75 30.98 25.70
NAV as on December 31, 2014 Rs. 21.606
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 21,606 19,821 19,361
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
JPMorgan India Equity Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 15.071 46.88 35.47 29.89
NAV as on December 31, 2014 Rs. 22.136
JPMorgan India Mid and Small Cap Fund - Regular Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 8.57 5.08 4.5031-12-2013 To 31-12-2014 (Absolute) 9.712 83.36 55.91 29.8931-12-2012 To 31-12-2013 (Absolute) 9.093 6.81 -5.10 8.9830-12-2011 To 31-12-2012 (Absolute) 6.286 44.65 39.16 25.70
NAV as on December 31, 2014 Rs. 17.808
Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 17,808 14,158 13,619
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan India Mid and Small Cap Fund - Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 18.196
JPMorgan India Tax Advantage Fund - Regular Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 20.09 21.85 20.7131-12-2013 To 31-12-2014 (Absolute) 20.304 45.88 35.47 29.8931-12-2012 To 31-12-2013 (Absolute) 19.531 3.96 4.38 8.9830-12-2011 To 31-12-2012 (Absolute) 15.512 25.91 30.98 25.70
NAV as on December 31, 2014 Rs. 29.619
Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 29,619 32,291 30,541
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan India Tax Advantage Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 20.490 47.13 35.47 29.89
NAV as on December 31, 2014 Rs. 30.147
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme (Rs) Benchmark (Rs) # 19,156 19,031
JPMorgan Greater China Equity OffShore Fund - Regular Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 19.156Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 12.92 12.7830-12-2013 To 30-12-2014 (Absolute) 17.638 8.61 10.4028-12-2012 To 30-12-2013 (Absolute) 13.950 26.44 20.7130-12-2011 To 28-12-2012 (Absolute) 10.903 27.95 25.95
#MSCI Golden Dragon Index
JPMorgan Greater China Equity OffShore Fund - Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 19.574Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 17.836 9.74 10.40
#MSCI Golden Dragon Index^ Past performance may or may not be sustained in the future
#S&P BSE 200 ##S&P BSE SENSEX
#S&P BSE 200 ##S&P BSE SENSEX
#CNX MIDCAP ##S&P BSE SENSEX
#CNX MIDCAP ##S&P BSE SENSEX
#S&P BSE 200 ##S&P BSE SENSEX
#S&P BSE 200 ##S&P BSE SENSEX
^Past performance may or may not be sustained in the future
Scheme ReturnsJPMorgan ASEAN Equity Off-shore Fund - Regular Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 16.619Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 15.60 13.7330-12-2013 To 30-12-2014 (Absolute) 15.329 8.42 9.8228-12-2012 To 30-12-2013 (Absolute) 13.925 10.08 7.4230-12-2011 To 28-12-2012 (Absolute) 10.614 31.19 26.42
#Morgan Stanley Capital International (MSCI) South East Asia Index
JPMorgan ASEAN Equity Off-shore Fund - Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 16.969Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 15.484 9.59 9.82
#Morgan Stanley Capital International (MSCI) South East Asia Index
Scheme (Rs) Benchmark (Rs)# 16,619 15,695
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan US Value Equity Offshore Fund-Regular Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 12.4420Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 10.6907 16.38 17.57
#Russell 1000 Value Index
JPMorgan US Value Equity Offshore Fund-Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 12.6218Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 10.7352 17.57 17.57
#Russell 1000 Value Index
JPMorgan India Liquid Fund - Retail Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 7.92 7.60 6.347 days 16.1321 8.57 8.92 11.4015 days 16.1028 8.43 8.30 8.4930 days 16.0383 8.30 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 14.8426 8.87 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 13.6201 8.98 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 12.4356 9.53 8.54 8.11
NAV as on December 31, 2014 Rs. 16.1586
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,159 15,855 14,726
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.JPMorgan India Liquid Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##7 days 17.7515 8.90 8.92 11.4015 days 17.7179 8.78 8.30 8.4930 days 17.6438 8.65 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 16.2774 9.24 9.21 8.56
NAV as on December 31, 2014 Rs. 17.7818
JPMorgan India Liquid Fund - Super Institutional Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.18 7.57 6.127 days 17.7062 8.75 8.92 11.4015 days 17.6732 8.63 8.30 8.4930 days 17.6007 8.50 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 16.2590 9.08 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 14.8903 9.19 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 13.5687 9.74 8.54 8.11
NAV as on December 31, 2014 Rs. 17.7359
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,736 17,012 15,412
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
Scheme Returns
^ Past performance may or may not be sustained in the future
JPMorgan India Treasury Fund - Super Institutional Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.37 7.57 6.1231-12-2013 To 31-12-2014 (Absolute) 16.4153 9.44 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 15.0571 9.02 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 13.7074 9.85 8.54 8.11
NAV as on December 31, 2014 Rs. 17.9645
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,964 17,012 15,412
JPMorgan India Treasury Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 16.4390 9.60 9.21 8.56
NAV as on December 31, 2014 Rs. 18.0175
JPMorgan India Treasury Fund - Retail Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 7.88 7.60 6.3431-12-2013 To 31-12-2014 (Absolute) 14.8210 8.79 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 13.6764 8.37 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 12.5022 9.39 8.54 8.11
NAV as on December 31, 2014 Rs. 16.1234
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 16,123 15,855 14,726
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
JPMorgan India Short Term Income Fund - Regular Plan Growth Option
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.83 8.21 6.5131-12-2013 To 31-12-2014 (Absolute) 13.5775 10.30 10.47 8.5631-12-2012 To 31-12-2013 (Absolute) 12.5390 8.28 8.27 5.8630-12-2011 To 31-12-2012 (Absolute) 11.4407 9.60 9.15 8.11
Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 14.9766
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 14,977 14,579 13,517
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
JPMorgan India Active Bond Fund - Retail Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 6.19 7.93 7.0231-12-2013 To 31-12-2014 (Absolute) 13.1421 12.56 14.31 14.1431-12-2012 To 31-12-2013 (Absolute) 12.6268 4.08 3.79 -0.6830-12-2011 To 31-12-2012 (Absolute) 11.6642 8.25 9.38 10.67
NAV as on December 31, 2014 Rs. 14.7929
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 14,793 16,445 15,558
JPMorgan India Short Term Income Fund - Direct Plan Growth Option
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 13.6448 10.82 10.47 8.56
Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 15.1212
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index
Scheme Returns
^ Past performance may or may not be sustained in the future
JPMorgan India Active Bond Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 13.2463 13.77 14.31 14.14
NAV as on December 31, 2014 Rs. 15.0704
JPMorgan India Active Bond Fund - Institutional Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 12.3380Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.8476 13.74 14.31 14.1431-12-2012 To 31-12-2013 (Absolute) 10.3539 4.77 3.79 -0.68
#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index
#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index
JPMorgan India Banking and PSU Debt Fund-Regular Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.2823 10.75 10.47 8.56
NAV as on December 31, 2014 Rs. 11.3879
JPMorgan India Banking and PSU Debt Fund-Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.2901 11.09 10.47 8.56
NAV as on December 31, 2014 Rs. 11.4310
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
#S&P BSE 200 - “The S&P BSE 200 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and
BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor’s and S&P are registered
trademarks of Standard & Poor’s Financial Services LLC(“S&P”); BSE is a registered trademark of BSE Limited (“BSE”); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and
sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited 2014. All rights
reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For
more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, Dow Jones Trademark Holdings LLC,
their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to
accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow
Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any
index or the data included therein.”
##S&P BSE 100 - “The S&P BSE 100 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and
BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor’s and S&P are registered
trademarks of Standard & Poor’s Financial Services LLC(“S&P”); BSE is a registered trademark of BSE Limited (“BSE”); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and
sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited 2014. All rights
reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For
more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, Dow Jones Trademark Holdings LLC,
their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to
accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow
Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any
index or the data included therein.”
###“The JPMorgan India Mid and Small Cap Fund (“Product”) is not sponsored, endorsed, sold or promoted by India Index Services &
Products Limited (IISL). IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the
public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the CNX Midcap Index to
track general stock market performance in India. The relationship of IISL to the JPMorgan Asset Management India Pvt. Ltd. is in respect
of the using of the trade name and the trade name of CNX Midcap Index for benchmarking purposes, which is determined, composed and
calculated by IISL without regard to the JPMorgan Asset Management India Pvt. Ltd or the Product. IISL has no obligation to take the
needs of JPMorgan Asset Management India Pvt. Ltd. or the owners of the Product into consideration in determining, composing or
calculating the CNX Midcap Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or
quantities of the Product to be issued or in determination or calculation of the equation by which the product is to be converted into cash.
IISL has no obligation or liability in connection with the administration, marketing or trading of the Product.” “IISL does not guarantee the
accuracy and/or the completeness of the CNX Midcap Index or any data included therein and they shall have no liability for any errors,
omissions, or interruptions therein. IISL makes no warranty, express or implied, as to the results to be obtained by the Principal JPMorgan
Asset Management India Pvt. Ltd., owners of the Product, or any other persons or entities from the use of the CNX Midcap Index or any
data included therein. IISL makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for
a particular purpose or use with respect to the CNX Midcap Index or any data included therein. Without limiting any of the foregoing, in no
event shall IISL have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the
possibility of such damages”. The calculation of returns assume that all payouts during the period have been reinvested in the units
of the scheme at the then prevailing NAV. Distribution taxes are not considered.
Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market
trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its
accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The
views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and
is not intended to provide, and should not be relied on for accounting, legal or tax advice. References to future returns are not promises or
even estimates of actual returns a client portfolio may achieve.
The views expressed are those of J.P. Morgan Asset Management. They are subject to change at any time. These views do not necessarily
reflect the opinions of any other firm. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase
& Co. and its affiliates worldwide. Past performance may or may not be sustained in future. JPMorgan Asset Management India Pvt. Ltd.
offers only the units of the schemes under JPMorgan Mutual Fund, a mutual fund registered with SEBI.