Jf Multi Income

8/11/2019 Jf Multi Income

http://slidepdf.com/reader/full/jf-multi-income 1/4

Asset Management Company of the

Year – Fundamental Strategies, Asia5)

June 2014

Unless stated otherwise, all information as at the last valuation date of the previous month. Source: J.P. Morgan Asset Management/Thomson Reuters Datastream/MSCI/Barclays (NAV to NAV in denominated currency with income reinvested). Due to SFC regulations, no performance data will be published for funds which are less than sixmonths old. Source of star rating: Morningstar, Inc. Source of bond rating: Moody’s, S&P and Fitch. Risk ratings (if any) are based on J.P. Morgan Asset Management’sassessment of relative risk by asset class and historical volatility of the fund where applicable. The risk ratings are reviewed annually or as appropriate and for reference only.Investors are advised to consult our Investment Advisers before investing. Any overweight in any investment holding exceeding the limit set out in the Investment Restrictionswas due to market movements and will be rectified shortly. Top ten holdings is available upon request. *Since launch to end of year for fund classes incepted in that year. Itshould be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) mayvary. For details please refer to the respective offering document(s). The AUD/CAD/EUR/GBP/NZD/RMB/SGD Hedged Classes are not recommended for investors whose basecurrency of investment is not in the aforesaid currencies. 1)The benchmark is customised by J.P. Morgan Asset Management and comprises 25% MSCI World Net - USD Hedged(dividends reinvested after deduction of withholding tax), 15% MSCI Emerging Markets Net, 40% Barclays US Corporate High Yield 2% Issuer Capped Bond Total and 20% J.P.

Morgan Emerging Markets Bond Index Global Total. Index weights are rebalanced monthly. The Fund is not managed with reference to the index. The index is provided forcomparison purposes only. For this reason, it is not appropriate to show correlation, alpha, beta and tracking error as the methodology uses benchmark data. 2)Annualisedyield = [(1+distribution per unit/ex-dividend NAV)^distribution frequency]-1. The annualised dividend yield is calculated based on the latest dividend distribution with dividendreinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive return. 3)With the exception of the “Averageannual return” figure, all data are calculated from the month end after inception. 4)This share class is not available in the J.P. Morgan Asset Management Investment Centre. 5)Issued by the Asset Triple A Investor and Fund Management Awards 2014, reflecting performance of previous calendar year.

For funds offering classes with a distribution feature, such classes aim at monthly, quarterly, semi-annual or annualdistribution as the case may be. Dividend rate is not guaranteed. Distributions may be paid from capital. Theinvestment returns are calculated in denominated currency. For funds/classes denominated in foreign currencies,US/HK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate. Investmentinvolves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) fordetails, including the risk factors.This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.

Unit Trust Range

JPMorgan Multi Income Fund

Fund manager Michael Schoenhaut, New York/

Jonathan Lowe, Hong Kong

Total fund size (m) USD 3,935.1

Denominated currency and NAV per unit:

(mth) - USD Class USD 11.66

(mth) - HKD Class HKD 11.59

(mth) - AUD (hedged) Class AUD 10.97

(mth) - CAD (hedged) Class

CAD 11.04

(mth) - NZD (hedged) Class NZD 10.95

(mth) - EUR (hedged) Class

EUR 10.59

(mth) - GBP (hedged) Class GBP 10.64

(mth) - SGD (hedged) Class SGD 10.63 (acc) - RMB (hedged) Class CNY 10.29 (mth) - RMB (hedged) Class CNY 10.23

12 month High USD 11.69 (29.05.14)

NAV: Low USD 10.75 (24.06.13)

Current Initial 5.0% of NAV charge: Redemption Nil

Management fee 1.25% p.a.

Last distribution (xd date)/Annualised yield2):

(mth) - USD Class USD 0.043 (30.05.14)/4.52% (mth) - HKD Class HKD 0.043 (30.05.14)/4.54% (mth) - AUD (hedged) Class AUD 0.0645 (30.05.14)/7.29% (mth) - CAD (hedged) Class CAD 0.0489 (30.05.14)/5.45% (mth) - NZD (hedged) Class NZD 0.0694 (30.05.14)/7.88% (mth) - EUR (hedged) Class EUR 0.04 (30.05.14)/4.63% (mth) - GBP (hedged) Class GBP 0.0418 (30.05.14)/4.82% (mth) - SGD (hedged) Class SGD 0.0393 (30.05.14)/4.53%

(mth) - RMB (hedged) Class CNY 0.0519 (30.05.14)/6.26%

Distribution (mth) Class Expected monthlyfrequency

SEDOL/ISIN code B4ZHMT6/HK0000084514

Bloomberg code JPMIUSD HK

Investment objectiveTo maximize the income return primarily through investing

in a diversified portfolio of income producing equities,

bonds and other securities. In addition, the Fund aims to

provide medium to long term moderate capital growth. The

Manager will seek to achieve these objectives by active

asset allocation to, and within, different asset classes and

geographies. The asset classes include but are not limited

to investment grade bonds, below investment grade bonds,

high yield bonds, emerging market bonds, convertible

bonds, real estate investment trusts (“REITs”) and equities.

• The Fund invests in a diversified portfolio of income-producing equities, bonds and other securities. The Fund will have limited RMB denominated underlying investments.

• The Fund is therefore exposed to a range of investment related risks which includes equity market related risks, credit market related risks, investment grade bond risk, interestrate risk which may affect the price of bonds and real estate market related risks (associated with the risk of investing in REITs and other property related securities; directinvestment in real estate is not permitted), liquidity, distribution (no assurance on distribution, distribution rate or dividend yield)and Eurozone sovereign debt crisis risks.Pertaining to investments in below investment grade or unrated debt securities, these securities may be subject to higher liquidity risks and credit risks comparing with investmentgrade bonds, with an increased risk of loss of investment. For currency hedged classes, risks associated with the hedging and class currency. For RMB hedged class, risksassociated with the RMB currency and currency hedged classes risks. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB(CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. There can be no assurance that RMB willnot be subject to devaluation at some point. The Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval ofthe Trustee, pay redemption monies and/or distributions in USD.

• Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may at its discretion determine such distributions may be paid fromcapital including realised and unrealised capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of theamount they originally invested or from any capital gains attributable to that original investment. Any payments of distributions by the Fund may result in an immediate decreasein the net asset value per unit.

• Investors may be subject to substantial losses.

• Investors should not solely rely on this document to make any investment decision.

Portfolio information ((mth) - USD Class)

Calendar year performance % (in denominated currency)

2009 2010 2011* 2012* 2013 2014YTD

(mth) - USD Class - - +3.1 +15.0 +6.0 +4.8

Benchmark (in USD)1) - - +1.9 +16.9 +7.8 +5.1

(mth) - HKD Class - - +2.7 +14.9 +6.0 +4.7

(mth) - AUD (hedged) Class - - - +10.8 +8.2 +5.7

(mth) - CAD (hedged) Class - - - +9.5 +6.6 +5.2

(mth) - NZD (hedged) Class - - - +10.4 +7.7 +5.9(mth) - EUR (hedged) Class - - - +3.4 +5.6 +4.8

(mth) - GBP (hedged) Class - - - +3.7 +6.1 +4.9

(mth) - SGD (hedged) Class - - - +3.8 +5.7 +4.7

(acc) - RMB (hedged) Class - - - - - -

(mth) - RMB (hedged) Class4) - - - - - -

Cumulative performance % (in denominated currency)

1 month 1 year 3 years 5 years Since launch Launch date

(mth) - USD Class +1.8 +6.6 - - +31.6 09.09.11

Benchmark (in USD)1) +2.1 +9.0 - - +34.9

(mth) - HKD Class +1.7 +6.4 - - +30.9 09.09.11

(mth) - AUD (hedged) Class +1.9 +8.7 - - +26.6 28.06.12(mth) - CAD (hedged) Class +1.7 +7.4 - - +22.8 28.06.12

(mth) - NZD (hedged) Class +2.0 +8.8 - - +26.0 28.06.12

(mth) - EUR (hedged) Class +1.7 +6.5 - - +14.4 10.09.12

(mth) - GBP (hedged) Class +1.7 +6.8 - - +15.4 10.09.12

(mth) - SGD (hedged) Class +1.6 +6.3 - - +14.8 10.09.12

(acc) - RMB (hedged) Class - - - - - 07.04.14

(mth) - RMB (hedged) Class4) - - - - - 07.04.14

Performance from 09.09.11 to 30.05.14 (in denominated currency)

140 40

130 30

120 20

110 10

100 0

90 -10

R E B A S E D

% C H A N G E

11 12 13 14

JPMorgan MultiIncome(mth)- USD

Customisedbenchmark1)

For more information, please contact

your bank, financial adviser or visit

www.jpmorganam.com.hk



Unless stated otherwise, all information as at the last valuation date of the previous month. Source: J.P. Morgan Asset Management/Thomson Reuters Datastream/MSCI/Barclays (NAV to NAV in denominated currency with income reinvested). Due to SFC regulations, no performance data will be published for funds which are less than sixmonths old. Source of star rating: Morningstar, Inc. Source of bond rating: Moody’s, S&P and Fitch. Risk ratings (if any) are based on J.P. Morgan Asset Management’sassessment of relative risk by asset class and historical volatility of the fund where applicable. The risk ratings are reviewed annually or as appropriate and for reference only.Investors are advised to consult our Investment Advisers before investing. Any overweight in any investment holding exceeding the limit set out in the Investment Restrictionswas due to market movements and will be rectified shortly. Top ten holdings is available upon request. *Since launch to end of year for fund classes incepted in that year. Itshould be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) mayvary. For details please refer to the respective offering document(s). The AUD/CAD/EUR/GBP/NZD/RMB/SGD Hedged Classes are not recommended for investors whose basecurrency of investment is not in the aforesaid currencies. 1)The benchmark is customised by J.P. Morgan Asset Management and comprises 25% MSCI World Net - USD Hedged(dividends reinvested after deduction of withholding tax), 15% MSCI Emerging Markets Net, 40% Barclays US Corporate High Yield 2% Issuer Capped Bond Total and 20% J.P.

Morgan Emerging Markets Bond Index Global Total. Index weights are rebalanced monthly. The Fund is not managed with reference to the index. The index is provided forcomparison purposes only. For this reason, it is not appropriate to show correlation, alpha, beta and tracking error as the methodology uses benchmark data. 2)Annualisedyield = [(1+distribution per unit/ex-dividend NAV)^distribution frequency]-1. The annualised dividend yield is calculated based on the latest dividend distribution with dividendreinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive return. 3)With the exception of the “Averageannual return” figure, all data are calculated from the month end after inception. 4)This share class is not available in the J.P. Morgan Asset Management Investment Centre. 5)Issued by the Asset Triple A Investor and Fund Management Awards 2014, reflecting performance of previous calendar year.

For funds offering classes with a distribution feature, such classes aim at monthly, quarterly, semi-annual or annualdistribution as the case may be. Dividend rate is not guaranteed. Distributions may be paid from capital. Theinvestment returns are calculated in denominated currency. For funds/classes denominated in foreign currencies,US/HK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate. Investmentinvolves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) fordetails, including the risk factors.This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.

Bond quality AAA: 0.1% / A: 0.2% / BBB: 8.1% /

<BBB: 36.6% / Unrated: 0.6%

Average: duration/maturity 4.5 years/6.2 years

Yield to maturity 5.38%

Equity dividend yield 3.82%

Statistical analysis ((mth) - USD Class)

Portfolio characteristics

Since 3 years 5 years launch3)

Correlation - - -

Alpha % - - -

Beta - - -

Annual volatility % - - 7.13

Sharpe ratio - - 1.46

Annual tracking error % - - -

Average annual return % - - 10.61

High Yield Emerging Convertible Global Emerging Market REITs Preferreds/Bonds % Market Debt % Bonds % Equities % Equities % % Perpetuals %

North America 27.7 0.1 1.8 11.8 - 3.0 5.1

Developed Europe 2.8 0.5 0.9 11.9 - 1.7 0.2

Developed Asia Pacific 0.3 - 0.2 4.0 1.1 1.4 -

Emerging Markets 0.2 7.3 0.4 - 9.0 - -

Grand Total 31.0 7.9 3.3 27.7 10.0 6.2 5.3

Other Assets 3.3% Net Liquidity 5.4%

Top five holdings (as at end April 2014)

Portfolio analysis

Holding Sector Country/region %

Royal Dutch Shell Plc Energy United Kingdom 0.9

Microsoft Corporation Information Technology United States 0.8

ConocoPhillips Energy United States 0.8

Wells Fargo & Company Financials United States 0.7

Unibail-Rodamco SE Financials France 0.7

JPMorgan Multi Income Fund

For more information, please contact

your bank, financial adviser or visit




- 5)

20146

所有資料截至上一個月之最後計值日（特別列明除外）。資料來源：摩根資產管理/Thomson Reuters Datastream /摩根士丹利/巴克萊（以報價貨幣資產淨值計，收益再撥作投資。）因證監會條例所限，不足六個月之基金表現將不會刊登。基金評級來源：Morningstar, Inc.。債券評級來源：穆迪、標準普爾及惠譽。風險評級（如有）乃基於摩根資產管理就各類資產之相對風險及基金過去波幅評估而定，並每年（或適當時候）作檢討，僅供參考。投資者務請在投資前向我們的投資顧問查詢。本基金於任何項目之投資比重如有超越投資限制所指定之限額，乃基於市場變動所致，並會在短期內修正。如有需要可提供十大投資項目詳情。*該年起始的基金類別以成立日起至年底計。由於基金註冊地之差別，單位信託系列與 SICAV系列基金用作計算公平估值（如適用）之估值點可能有所不同。詳情請參閱有關銷售文件。澳元 / 加元 / 歐元 / 英鎊 / 紐元 / 人民幣 / 新加坡元對沖類別

並不適合基本貨幣並非前述貨幣的投資者。1)此項指數由摩根資產管理編訂，成分包括25%摩根士丹利世界淨回報（美元對沖）（再撥作投資之收益已減除預扣稅）、15%摩根士丹利新興市場淨回報、40%巴克萊美國企業高收益債券總回報（2%發行商上限）及20%摩根新興市場債券環球總回報指數。指數比重每月再調整。本基金之管理並不以指數作參考。有關指數數據僅供比較之用。由於相關系數、Alpha系數及追蹤誤差均採用基準指數之數據作計算，故此亦不適用於本基金。 2)年化派息率= [（1+每單位派息 / 除息日資產淨值）̂每年派息次數]-1。年化派息率乃基於最近一次派息計算及假設收益再撥作投資，可能高於或低過實際全年派息率。正數派息率並不代表正數回報。3)除「平均每年回報」外，所有數據均以成立後第一個月底開始計算。4)摩根資產管理投資理財中心並不提供此股份類別。 5)頒發機構：財資Triple A 2014年度投資者和基金管理獎，反映上年度表現。

/ / / //本文件未經證監會審閱，由摩根基金（亞洲）有限公司刊發。

單位信託系列

• 本基金投資於可產生收益的股票、債券及其他證券的多元化組合。本基金將有限度投資於以人民幣計價的投資項目。

• 本基金因而須承受多種投資相關風險，包括股票市場相關風險、信貸市場相關風險、投資級別債券風險、可能影響債券價格之利率風險、房地產市場相關風險（包括房地產投資信託及其他地產相關證券；不允許直接投資地產）、流通性、分派（分派、分派率或收益率並不受保證）及歐元區主權債務危

機風險。低於投資級別或未獲評級債務證券之投資，可能須承受相比投資級別債券較高之流通性風險及信貸風險，並增加投資損失之風險。貨幣對沖

類別的對沖及類別貨幣相關風險。人民幣對沖類別的人民幣貨幣及貨幣對沖類別風險。人民幣現時不可自由兌換。將境外人民幣(CNH)兌換為境內人民

幣(CNY)是一項貨幣管理程序，須遵守由中國政府實施的外匯管制政策及限制。概無保證人民幣不會在某個時間貶值。在極端市況下市場未能提供足夠

人民幣作兌換時及獲信託管理人批准後，經理人可以美元支付贖回所得款項及╱或分派。

• 當基金所得之收入並不足夠支付基金宣佈之分派時，經理人有權可酌情決定該分派可能由資本（包括實現與未實現資本收益）撥款支付。投資者應注

意，從資本撥款支付分派即代表從投資者原先投資基金之款額或該項原先投資應佔的任何資本增值退回或提取部分金額。基金作出任何分派均可能導

致每單位資產淨值即時下跌。

• 投資者可能須承受重大損失。

• 投資者不應單憑本文件作出投資決定。

摩根全方位入息基金

投資目標

透過主要投資於一項由可產生收益的股票、債券及其他證券組成的多元化投資組合，以期盡量提高收益回報。

此外，基金亦致力提供中期至長期之溫和資本增值。經

理人將會透過於不同資產類別及地域作出積極資產配

置，以期達致該等目標。該等資產類別包括但不限於投

資級別債券、低於投資級別債券、高收益債券、新興市

場債券、可換股債券、房地產投資信託及股票。

基金經理 Michael Schoenhaut（紐約）/ Jonathan Lowe（香港）

總資產值 3,935.1百萬美元

報價貨幣及每單位資產淨值：

（每月派息）美元類別 11.66美元

（每月派息）港元類別 11.59港元

（每月派息）澳元對沖類別 10.97澳元

（每月派息）加元對沖類別 11.04加元

（每月派息）紐元對沖類別 10.95紐元

（每月派息）歐元對沖類別 10.59歐元

（每月派息）英鎊對沖類別 10.64英鎊

（每月派息）新加坡元對沖類別 10.63新加坡元（累計）人民幣對沖類別 10.29人民幣（每月派息）人民幣對沖類別 10.23人民幣

12個月之最高 11.69美元 (29.05.14) 資產淨值：最低 10.75美元 (24.06.13)

現時費用：認購費 5.0% (以資產淨值計) 贖回費無

管理費每年1.25%

上次分派及除息日/年化派息率2)：（每月派息）美元類別

0.043美元(30.05.14)/4.52%

（每月派息）港元類別 0.043港元(30.05.14)/4.54%

（每月派息）澳元對沖類別 0.0645澳元(30.05.14)/7.29%

（每月派息）加元對沖類別 0.0489加元(30.05.14)/5.45%

（每月派息）紐元對沖類別 0.0694紐元(30.05.14)/7.88%

（每月派息）歐元對沖類別 0.04歐元(30.05.14)/4.63%

（每月派息）英鎊對沖類別 0.0418英鎊(30.05.14)/4.82%

（每月派息）新加坡元對沖類別 0.0393新加坡元(30.05.14)/4.53%

（每月派息）人民幣對沖類別 0.0519人民幣 (30.05.14)/ 6.26%

分派頻率（每月派息）類別預期每月分派

SEDOL 編號/ISIN 編號 B4ZHMT6/HK0000084514

Bloomberg 編號 JPMIUSD HK

基金資料（（每月派息）美元類別）累積表現（%）（以報價貨幣計）

一個月一年三年五年自成立至今成立日期

（每月派息）美元類別 +1.8 +6.6 - - +31.6 09.09.11

基準指數（以美元計）1) +2.1 +9.0 - - +34.9

（每月派息）港元類別 +1.7 +6.4 - - +30.9 09.09.11

（每月派息）澳元對沖類別 +1.9 +8.7 - - +26.6 28.06.12（每月派息）加元對沖類別 +1.7 +7.4 - - +22.8 28.06.12

（每月派息）紐元對沖類別 +2.0 +8.8 - - +26.0 28.06.12

（每月派息）歐元對沖類別 +1.7 +6.5 - - +14.4 10.09.12

（每月派息）英鎊對沖類別 +1.7 +6.8 - - +15.4 10.09.12

（每月派息）新加坡元對沖類別 +1.6 +6.3 - - +14.8 10.09.12

（累計）人民幣對沖類別 - - - - - 07.04.14

（每月派息）人民幣對沖類別4) - - - - - 07.04.14

年度表現（%）（以報價貨幣計）

2009 2010 2011* 2012* 2013 年初至今

（每月派息）美元類別 - - +3.1 +15.0 +6.0 +4.8

基準指數（以美元計）1) - - +1.9 +16.9 +7.8 +5.1

（每月派息）港元類別 - - +2.7 +14.9 +6.0 +4.7

（每月派息）澳元對沖類別 - - - +10.8 +8.2 +5.7（每月派息）加元對沖類別 - - - +9.5 +6.6 +5.2

（每月派息）紐元對沖類別 - - - +10.4 +7.7 +5.9

（每月派息）歐元對沖類別 - - - +3.4 +5.6 +4.8

（每月派息）英鎊對沖類別 - - - +3.7 +6.1 +4.9

（每月派息）新加坡元對沖類別 - - - +3.8 +5.7 +4.7

（累計）人民幣對沖類別 - - - - - -

（每月派息）人民幣對沖類別4) - - - - - -

查詢請聯絡閣下之

銀行、財務顧問或瀏覽


09.09.11至30.05.14表現（以報價貨幣計）

140 40

130 30

120 20

110 10

100 0

90 -10

走勢比較

變動幅度 (

% )

11 12 13 14

摩根全方位入息（美元）（每月派息）

自行編訂指數1)



/Thomson Reuters Datastream //Morningstar, Inc.* SICAV / / / / / /

1)25%15%40%2%20%Alpha 2)= [1+ / ̂]-13)4) 5)Triple A 2014

/ / / //

債券質素 AAA: 0.1% / A: 0.2% / BBB: 8.1% /<BBB: 36.6% /未評級: 0.6%

平均年期／平均屆滿期 4.5年/6.2年

期滿收益率 5.38%

股息率 3.82%

統計分析（（每月派息）美元類別）

投資組合特點

自成立三年五年至今3)

相關系數 - - -

Alpha系數（%） - - -

Beta系數 - - -

每年波幅（%） - - 7.13

Sharpe比率 - - 1.46

每年追蹤誤差（%） - - -

平均每年回報（%） - - 10.61

高收益新興市場可換股環球新興市場房地產優先股/ 債券% 債券% 債券% 股票% 股票% 投資信託% 永續債%

北美 27.7 0.1 1.8 11.8 - 3.0 5.1

成熟歐洲 2.8 0.5 0.9 11.9 - 1.7 0.2

成熟亞太區 0.3 - 0.2 4.0 1.1 1.4 -

新興市場 0.2 7.3 0.4 - 9.0 - -

總計 31.0 7.9 3.3 27.7 10.0 6.2 5.3

其他資產 3.3% 流動資金 5.4%

投資組合分析

五大投資項目（截至2014年4月底）

項目類別地區百分比

Royal Dutch Shell Plc 能源英國 0.9

Microsoft Corporation 資訊科技美國 0.8

ConocoPhillips 能源美國 0.8

Wells Fargo & Company 金融美國 0.7

Unibail-Rodamco SE 金融法國 0.7

摩根全方位入息基金

查詢請聯絡閣下之

銀行、財務顧問或瀏覽


Jf Multi Income

Documents

Transcript of Jf Multi Income