Guide to the Markets Regional Series...Forward P/E ratio is the price to 12-months forward ratio, as...

FOR PROFESSIONAL INVESTORS I QUALIFIED INVESTORS ONLY ndash NOT FOR RETAIL USE OR DISTRIBUTION

Title slide with imageGuide to the Markets Regional Series

Q4 2020

2

Rob Maltby

Client Adviser

Charlotte Cass

Internal Client Adviser

Your Regional Sales Team

Takumi Mead

Sales Support

Guide to the MarketsUK |

MARKET INSIGHTS

Hugh Gimber Global Market Strategist

November 2020

4

Learning Objectives

bull Consider scenarios for the shape of the economic recovery ahead

bull Assess the outlook for monetary and fiscal policy

bull Understand the implications of the US election and Brexit for

investors

bull Evaluate the likelihood of a change in equity market leadership

5

Agenda

Vaccine versus a difficult winter

US election implications

Brexit are we nearly there yet

6

GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure

US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate

Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran

benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31

October 2020

0

2

4

6

8

10

12

14

16

18

Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20

Stimulus cheques

Unemployment insurance

- $600 per week boost


0

10

20

30

40

50

60

09 19 29 39 49 59 69 79 89 99 09 19

Trump tax cuts

Biden tax hike

proposals

27

26

Glo

ba

l e

co

no

my

7

GTM ndash UK |Activity waning in developed markets as winter waves take hold

Travel and navigation app usage Travel and navigation app usage change year on year change year on year

Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google

Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020

-100

-80

-60

-40

-20

0

20

40

Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20

-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130


But progress towards a vaccine has changed the narrative

Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year

Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China

eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current

and future results Guide to the Markets ndash UK Data as of 11 November 2020

Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9

GTM ndash UK |Where still offers value

Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple

Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data

availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset

Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future

results Guide to the Markets - UK Data as of 31 October 2020

Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |

Share of global real GDP

Chinarsquos economy looks most resilient

Real GDP levelsIndex level rebased to 100 at 1Q 2006

Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP

Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future


40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20

Time is getting tight for the Brexit negotiations but deal remains base case

UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)

Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data

is latest available as of 11 November 2020

0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU

UK exports toWorld ex-EU

EU exportsto UK

World ex-EUexports to UK

GBPUSD

FTSE 250 FTSE 100Sterling depreciating

42

Glo

ba

l e

co

no

my

12

Where to find our content

jpmorganamhugh

On the Minds of Investors

Guide to the Markets pack

US election bulletin

Market Watch for Covid bulletin

JP Morgan Asset Management Risks and disclosures

The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets

and support investment decision-making the program explores the implications of current economic data and changing market conditions

For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to

investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with

legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research

This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific

investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the

transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision

and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax

credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should

ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes

only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of

production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the

income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not

reliable indicators of current and future results

JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide

To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal

data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy

This communication is issued by the following entities

In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America

for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered

Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec

and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European

jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated

JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and

Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary

Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan

Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number

ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by

JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only

Copyright 2020 JPMorgan Chase amp Co All rights reserved

Unless otherwise stated all data as of 12 November 2020 or most recently available

All illustrations are property of JPMorgan Chase amp Co unless otherwise stated

0903c02a82a74621

For Professional ClientsQualified Investors only - Not for Retail use or Distribution

Image source Adobe stock

US Equities Where do we go from here

Fiona Harris Managing Director

US Equity Investment Specialist

fionamharrisjpmorgancom

November 2020

15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution

There is a lot more opportunity left in the stock market than many realize

Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and

future results

Over half of the SampP 500 companies are still in negative territory year-to-date

-80

-60

-40

-20

0

20

40

60

80

100

120

Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020

SampP 500 Index ndash Constituent Returns ()

82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market


Expect a strong recovery in earnings growth in 2021 led by cyclicals

GTM ndash US | Page 7

Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are

based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020

SampP 500 earnings per shareIndex annual operating earnings

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21

Consensus analyst estimates

Earnings recessions

Market


Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns

Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved

Past performance is not a reliable indicator of current and future results

88

56

24

Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)

Large Cap Blend Returns

-36

-116-110

Leading Funds Russell 1000Value Index

Morningstar LargeCap Value(median)

Large Cap Value Returns

387

243

209

Leading Funds Russell 1000Growth Index

Morningstar LargeCap Growth

(median)

Large Cap Growth Returns

While active management is cyclical ldquoleadingrdquo funds have performed well

Leading funds are outperforming YTD

Market


Why active management in US equities

WHY JP MORGAN

Extensive breath and deep

commitment to research - local

expertise with global insights

We focus on the medium to long

term outlook for companies in an

increasingly ldquodisruptedrdquo world

JPM US Select Equity Fund

Fundamental high conviction

portfolio utilizing a bottom-up

process focusing on stock selection

and risk management

Our core style agnostic ldquoall-

weatherrdquo portfolio has been able to

outperform in a variety of market

environments

Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results

OPPORTUNITY

With higher volatility and lower

expected market returns manager

selection is key

Active management may help

investors improve risk-adjusted

returns

Wide valuation spreads signal

ample opportunity for stock pickers

and alpha generation

JP Morgan


Our research teamrsquos measure of opportunity continues to be elevated

Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to

the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM

equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average

DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only


10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median

rsquo87 CrashSampL Crisis

Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity


IndustrialsEaton ndash Brands designed to meet power management challenges

Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes

only Their inclusion should not be interpreted as a recommendation to buy or sell Opinions estimates forecasts projections and statements of financial market trends are based on market

conditions at the date of the publication constitute our judgment and are subject to change without notice There can be no guarantee they will be met

Eaton Corporation (ETN)

Harnessing a centuryrsquos experience to deliver breakthrough

technologies for the next hundred years

Eaton provides power management products and services to commercial

as well as residential markets

Today Eaton is focused on its higher margin as well as higher moat

electrical businesses

― Data centres represent a key long term growth driver

― Vehicle electrification (EV) business is a key future growth area

Eaton is uniquely positioned in the EV market given its ability to leverage

its electrical knowledge and production capacity

― eMobility combines parts of its Electrical and Vehicle businesses to

deliver electric vehicle solutions

A key company focus is on sustainability as well as energy efficient

solutions and renewables

Opportunity


Top quartile performance over all time periods

Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual

ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in

the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results

JPMorgan Investment Funds - US Select Equity Fund

As of 31 October 2020

3 year performance ndash 10th percentile

156

91

24

JPM US Select Equity - C(acc) USD

SampP 500 Index(Net)

Morningstar Large CapBlend (median)

114

98

90




116110

84




126 123

95





10 year performance ndash 8th percentile5 year performance ndash 11th percentile

US Select Equity


Executive summary

Opportunity

Despite heightened volatility US equities continue to outperform and

there are a lot of great stock selection opportunities

Expertise

JP Morgan has the expertise resources and a time tested approach for

successful active management

Portfolio

The current market environment is providing us with a wide opportunity

set for stock selection

Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future

results

Results

US Select Equity Fund has delivered top quartile returns over both the long

and short term


Investment objective and main risks


MAIN RISKS

INVESTMENT OBJECTIVE

To achieve a return in excess of the US equity market by investing primarily in US

companies

The Sub-Fund is subject to Investment risks and Other associated risks from the

techniques and securities it uses to seek to achieve its objective

The table on the right explains how these risks relate to each other and the

Outcomes to the Shareholder that could affect an investment in the Sub-Fund

Investors should also read Risk Descriptions in the Prospectus for a full description

of each risk

Investment Risks Risks from the Sub-Fundrsquos techniques and securities

Techniques Securities

Hedging Equities

Other associated risks Further risks the Sub-Fund is exposed to from its use of

the techniques and securities above

Market

Outcomes to the Shareholder Potential impact of the risks above

Loss Shareholders

could lose some or all

of their money

Volatility Shares of the Sub-

Fund will fluctuate in value

Failure to meet the Sub-

Fundrsquos objective


Appendix


Active and absolute sector positions

Sector positions

Source Wilshire The portfolio is actively managed Holdings sector weights allocations and leverage as applicable are subject to change at the discretion of the

investment manager without notice


As of 30 September 2020

23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95

Relative to benchmark ()

Benchmark SampP 500 Index


Performance

Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing

charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis

became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of

current and future results



Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years

JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322

SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304

Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m

Annualised performance ()

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203

SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070

Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133

Calendar year performance ()


Fees and expenses

Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to

accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and

collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the

prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge

JPM US Select Equity A 35000 500 150 Nil 030 Max 050

JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil

JPM US Select Equity D 5000 500 150 050 030 Max 050

JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil

JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil

JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil


JP Morgan Asset Management

0903c02a824b0a96

For Professional Clients Qualified Investors only ndash not for Retail use or distribution

This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest

thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset

Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any

forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of

this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or

notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get

back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are

not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the

investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and

its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal

policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product

may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant

jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not

be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable

local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon

request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management

regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la

Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from

Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the

management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset

Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of

Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated

by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP

29 | For Professional Clients only - Not for Retail use or Distribution


For Professional Clients only - Not for Retail use or Distribution











policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any

application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is

comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together

with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan

Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary

Wharf London E14 5JP

0903c02a82a7b8b6

2

Rob Maltby

Client Adviser

Charlotte Cass

Internal Client Adviser

Your Regional Sales Team

Takumi Mead

Sales Support


MARKET INSIGHTS


November 2020

4

Learning Objectives




investors


5

Agenda




6





October 2020

0

2

4

6

8

10

12

14

16

18


Stimulus cheques




0

10

20

30

40

50

60

09 19 29 39 49 59 69 79 89 99 09 19

Trump tax cuts

Biden tax hike

proposals

27

26

Glo

ba

l e

co

no

my

7





-100

-80

-60

-40

-20

0

20

40


-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6


MARKET INSIGHTS


November 2020

4

Learning Objectives




investors


5

Agenda




6





October 2020

0

2

4

6

8

10

12

14

16

18


Stimulus cheques




0

10

20

30

40

50

60

09 19 29 39 49 59 69 79 89 99 09 19

Trump tax cuts

Biden tax hike

proposals

27

26

Glo

ba

l e

co

no

my

7





-100

-80

-60

-40

-20

0

20

40


-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

4

Learning Objectives




investors


5

Agenda




6





October 2020

0

2

4

6

8

10

12

14

16

18


Stimulus cheques




0

10

20

30

40

50

60

09 19 29 39 49 59 69 79 89 99 09 19

Trump tax cuts

Biden tax hike

proposals

27

26

Glo

ba

l e

co

no

my

7





-100

-80

-60

-40

-20

0

20

40


-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

5

Agenda




6





October 2020

0

2

4

6

8

10

12

14

16

18


Stimulus cheques




0

10

20

30

40

50

60

09 19 29 39 49 59 69 79 89 99 09 19

Trump tax cuts

Biden tax hike

proposals

27

26

Glo

ba

l e

co

no

my

7





-100

-80

-60

-40

-20

0

20

40


-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

6





October 2020

0

2

4

6

8

10

12

14

16

18


Stimulus cheques




0

10

20

30

40

50

60

09 19 29 39 49 59 69 79 89 99 09 19

Trump tax cuts

Biden tax hike

proposals

27

26

Glo

ba

l e

co

no

my

7





-100

-80

-60

-40

-20

0

20

40


-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

7





-100

-80

-60

-40

-20

0

20

40


-100

-80

-60

-40

-20

0

20

40


Russia

South Korea

China

India

South Africa

Brazil

Spain

US

Germany

Italy

UK

France

14

Glo

ba

l e

co

no

my

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market



GTM ndash US |




$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

8

GTM ndash UK |

60

70

80

90

100

110

120

130


60

70

80

90

100

110

120

130







Eq

uitie

s

US growth

Japan

EurozoneUS value

UK

US

growth

Japan

Eurozone

US value

UK

China

China

70

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

9







Eq

uitie

s

50

57

8

12

16

20

24

28

32

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Value

Growth

220

182

145

181

148

0x

5x

10x

15x

20x

25x

30x

35x

40x

Range since 1990

Average since 1990

Current

80x77x

US UKEurope

ex-UKJapan EM

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

10

GTM ndash UK |







40

100

160

220

280

340

400

90

100

110

120

130

140

150

06 08 10 12 14 16 18 20 22

China

Forecast

Eurozone

US

UK

Glo

ba

l e

co

no

my

48

49

0

5

10

15

20

25

30

70 75 80 85 90 95 00 05 10 15 20

US

Eurozone

China

Japan

India

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

11

GTM ndash UK |

105

115

125

135

145

155

80

85

90

95

100

105

16 17 18 19 20





0

2

4

6

8

10

12

14

16

18

20

UK exportsto EU


EU exportsto UK


GBPUSD


42

Glo

ba

l e

co

no

my

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6

12


jpmorganamhugh







































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6



































0903c02a82a74621







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6







November 2020




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6




future results


-80

-60

-40

-20

0

20

40

60

80

100

120



82 companies are up

20 or more

141 companies are

down 20 or more

0903c02a82a66b6a

Market







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6







$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

88 91 94 97 00 03 06 09 12 15 18 21


Earnings recessions

Market





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6





88

56

24



-36

-116-110




387

243

209



(median)




Market



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6



WHY JP MORGAN











and risk management




environments


OPPORTUNITY



selection is key



returns




JP Morgan








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6








10

15

20

25

30

35

86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

LT median


Internet Bubble

Accounting

Scandals

Credit Crisis

I Lehman

Credit Crisis

II Europe

Valuation Spread

Recession fears

94th percentile

(100216)

Brexit 86th

percentile

(300616)

95th percentile

(300620)

Opportunity





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6





















Opportunity









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6









156

91

24




114

98

90




116110

84




126 123

95






US Select Equity


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6


Executive summary

Opportunity



Expertise



Portfolio




results

Results


and short term




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6




MAIN RISKS



companies






of each risk



Hedging Equities



Market


Loss Shareholders


of their money






Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6


Appendix



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6



Sector positions





23

1512 10 10 09 09 09

0603

01

-04 -05

-13 -14-17 -17 -18 -19

-30

-20

-10

00

10

20

30

Utilit

ies

Me

dia

Au

to amp

Tra

nsport

atio

n

Insura

nce

Health S

erv

ice

s amp

Syste

m

Regio

nals

RE

ITs

Se

mi amp

Hard

ware

Industr

ial C

yclic

al

Ba

sic

Mate

ria

ls

Big

Ban

ks amp

Bro

kers

Reta

il

Fin

ancia

l S

erv

ices

Consum

er

Sta

ble

En

erg

y

So

ftw

are

amp S

erv

ices

Consum

er

Cyclic

al

Te

lecom

munic

atio

ns

Ph

arm

Me

dT

ech

Portfolio

weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95




Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6


Performance







Three

MonthsYTD

One

Year

Three

Years

Five

Years

Ten

Years



Excess Return 197 512 793 190 089 018

Market value

Fund USD 3233m


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133



Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6


Fees and expenses




prospectus



Share ClassMinimum

Subscription

Initial

Charge

Annual

Management and

Advisory Fee

Distribution

Fee

Operating and

Administrative

Expenses

Redemption

Charge









0903c02a824b0a96












































0903c02a82a7b8b6



0903c02a824b0a96












































0903c02a82a7b8b6




















0903c02a82a7b8b6

Guide to the Markets Regional Series...Forward P/E ratio is the price to 12-months forward ratio, as...

Documents

Transcript of Guide to the Markets Regional Series...Forward P/E ratio is the price to 12-months forward ratio, as...