Fund Report

December 2018 Buy Now

JPMorgan Funds - Income Fund

SICAV Range
The Asset Triple A Awards Asset Management Company of the Year, Asia - Overall5)
  • The Fund invests primarily in a portfolio of debt securities.
  • The Fund is therefore exposed to emerging markets, investment grade bonds, credit, sovereign, interest rate risks which may affect the price of bonds, concentration, convertibles, equity, currency, liquidity, derivative and distribution (no assurance on distribution or the frequency of distribution or distribution rate or dividend yield) risks. Pertaining to investments in below investment grade or unrated debt securities, these securities may be subject to higher liquidity risks and credit risks comparing with investment grade bonds, with an increased risk of loss of investment. Investments in asset backed securities and mortgage backed securities may be subject to greater credit, liquidity and interest rate risks compared to other debt securities such as government issued bonds and are often exposed to extension and prepayment risks.
  • The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund’s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share.
  • Investors may be subject to substantial losses.
  • Investors should not solely rely on this document to make any investment decision.

Investment objective

To provide income by investing primarily in a portfolio of debt securities.
Daily prices - NAV (US$) (A (acc) - USD)
23.01.19
116.36
22.01.19
115.86
18.01.19
115.78
17.01.19
115.64
16.01.19
115.62

Fund manager Andrew Norelli/Andrew Headley, USA
Total fund size (m) USD 186.0
Denominated currency and NAV per unit:
A (acc) - USD
A (mth) - HKD
A (mth) - USD

USD 113.60
HKD 9.16
USD 9.06
12 month NAV: High
Low
USD 114.40 (02.10.18)
USD 112.32 (05.07.18)
Current charge: Initial
Redemption
Management fee
3.0% of NAV
0%
1.0% p.a.
Last distribution (xd date)
A (mth) - HKD
A (mth) - USD


HKD 0.047 (01.11.18)
USD 0.05 (01.11.18)
Distribution frequency (mth) Class
Expected monthly
SEDOL code BKRTPM6
ISIN code LU1041599405
Bloomberg code JPINCAA LX
Bond quality AAA: 10.0% / AA: 2.2% / A: 5.5% / BBB: 19.9% / <BBB: 60.2%
Average: duration/maturity 5.4 years / 6.8 years
Yield to maturity 6.44%
3 years 5 years Since launch4)
Correlation 0.53 - 0.46
Alpha % 0.29 - 0.17
Beta 0.53 - 0.49
Annualised volatility % 2.70 - 2.90
Sharpe ratio 1.13 - 0.70
Annualised tracking error % 2.63 - 2.92
Average annual return % 4.23 - 2.88
Fund Category

Contact Us
For more information, please contact your bank, investment adviser or call us directly. Tel: (852) 2265 1188

Unless stated otherwise, all information as at the last valuation date of the previous month. Source: J.P. Morgan Asset Management/Bloomberg (NAV to NAV in denominated currency with income reinvested). Source of star rating: Morningstar, Inc., awarded to A (acc) - USD Class, A (mth) - HKD Class and A (mth) - USD Class. Source of bond rating: Moody's, S&P and Fitch. Risk ratings (if any) are based on J.P. Morgan Asset Management's assessment of relative risk by asset class and historical volatility of the fund where applicable. The risk ratings are reviewed annually or as appropriate and for reference only. Any overweight in any investment holding exceeding the limit set out in the Investment Restrictionsm was due to market movements and will be rectified shortly. Top ten holdings is available upon request. *Since launch to end of year for fund classes incepted in that year. It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary. For details please refer to the respective offering document(s). 1)Formerly known as Barclays US Aggregate Bond Total Index. 2)Available for purchase in Hong Kong on 19.12.14. 3)Annualised yield = [(1+distribution per unit/ex-dividend NAV)^distribution frequency]-1. The annualised dividend yield is calculated based on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive return. 4)With the exception of the "Average annual return" figure, all data are calculated from the month end after inception. 5)Issued by The Asset, 2018 award, reflecting performance of previous calendar year.

For funds offering classes with a distribution feature, such classes aim at monthly, quarterly, semi-annual or annual distribution as the case may be. Dividend rate is not guaranteed. Distributions may be paid from capital. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) for details, including the risk factors. This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.

For funds with different share classes, please refer to "Daily Fund Prices" or "Historical Prices" page for information on other share classes.


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