# Product Snapshot - JPMorgan Investment Funds - Global Macro Fund

> Audience: country=gb, language=en, role=adv.
> Generated: 2026-11-15T20:40:50.467624527Z.

## Identity

- **Fund Name**: JPMorgan Investment Funds - Global Macro Fund
- **Share Class Name**: JPM Global Macro C (acc) - USD
- **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpm-global-macro-c-acc-usd-lu0235842985)
- **ISIN**: LU0235842985
- **Fund Type**: SICAV
- **Asset Class**: Balanced

## OVERVIEW

### Investment objective

To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).



### Registered countries

- **Austria**: 19/06/2015
- **Belgium**: 04/12/2017
- **Chile**: 06/07/2018
- **Cyprus**: 05/01/2026
- **France**: 11/06/2015
- **Germany**: 11/06/2015
- **Greece**: 11/06/2015
- **Hungary**: 13/12/2017
- **Ireland**: 26/05/2015
- **Italy**: 02/09/2022
- **Jersey**: -
- **Liechtenstein**: 02/09/2020
- **Luxembourg**: 11/12/2012
- **Portugal**: 29/03/2021
- **Spain**: 19/06/2015
- **Switzerland**: 11/12/2012
- **United Kingdom**: 11/12/2012
 [Disclosure 1]

## Fund facts

- **Bloomberg**: JPMGCPC LX
- **Reuters**: LU0235842985.LUF
- **ISIN**: LU0235842985
- **SEDOL**: B1FL3L6
- **Asset class**: Balanced
- **Region**: Global
- **Fund inception date**: 28/11/2005
- **Share class inception**: 05/01/2006
- **Fund currency**: USD
- **Share class currency**: USD
- **ESG Approach**: ESG Promote [Disclosure 2]
- **SFDR Classification**: Article 8 [Disclosure 3]

## Fund stats

- **NAV  As of 13/11/2026**: USD 132.95 [Disclosure 4]
- **NAV change As of 13/11/2026**: USD -0.04
- **NAV change (%) As of 13/11/2026**: -0.03%
- **12 Month NAV high As of 06/10/2026**: USD 137.33
- **12 Month NAV low As of 30/03/2026**: USD 129.11
- **Fund size As of 13/11/2026**: USD 145.49 Mn

## Fees

### Fees

- **Initial charge**: 0.00%
- **Redemption charge**: 0.00%
- **Ongoing charge**: 0.76%
  - **Annual management fee (included in ongoing charge)**: 0.60%
  - **Operating & administrative expenses (included in ongoing charge)**: 0.15%


## Portfolio managers

### Josh Berelowitz

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/josh-berelowitz/)
- **In the industry**: 15 YEARS
- **With J.P. Morgan**: 15 YEARS
- **Managing this fund**: 6 YEARS

### Jonathan Cummings

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/jonathan-cummings/)
- **In the industry**: 21 YEARS
- **With J.P. Morgan**: 21 YEARS
- **Managing this fund**: 1 YEAR

### Yazann Romahi

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/yazann-romahi/)
- **In the industry**: 27 YEARS
- **With J.P. Morgan**: 23 YEARS
- **Managing this fund**: 1 YEAR

### Michal Plotkowiak

- **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/michal-plotkowiak/)
- **In the industry**: 16 YEARS
- **With J.P. Morgan**: 4 YEARS
- **Managing this fund**: 2 YEARS

## Performance

### Quarterly rolling 12 months

_As of  30/09/2026_

| Return | 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JPM C (acc) - USD | -5.50% | 2.87% | 3.19% | 3.97% | 4.07% |
| Benchmark | 0.74% | 4.74% | 5.55% | 4.58% | 3.86% |
| Excess return (geometric) | -6.20% | -1.78% | -2.23% | -0.59% | 0.20% |

### Calendar year

_As of  31/10/2026_

| Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM C (acc) - USD | -2.52% | 11.27% | 1.01% | 2.76% | 8.46% | 3.03% | -6.15% | 2.51% | 7.11% | 2.34% | 0.11% |
| Benchmark | 0.50% | 1.13% | 2.08% | 2.28% | 0.53% | 0.08% | 1.66% | 5.20% | 5.37% | 4.40% | 3.15% |
| Excess return (geometric) | -3.01% | 10.03% | -1.05% | 0.47% | 7.90% | 2.95% | -7.69% | -2.56% | 1.64% | -1.97% | -2.95% |

### Cumulative

_As of  31/10/2026_

| Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| JPM C (acc) - USD | -2.43% | -0.91% | -0.09% | 6.69% | 5.14% | 34.76% |
| Benchmark | 0.34% | 0.96% | 3.83% | 14.50% | 21.36% | 29.04% |
| Excess return (geometric) | -2.75% | -1.86% | -3.78% | -6.82% | -13.37% | 4.43% |

### Annualised

_As of  31/10/2026_

| Return | 3 YEARS | 5 YEARS | 10 YEARS |
| --- | ---: | ---: | ---: |
| JPM C (acc) - USD | 2.18% | 1.01% | 3.03% |
| Benchmark | 4.62% | 3.95% | 2.58% |
| Excess return (geometric) | -2.33% | -2.83% | 0.43% |

 [Disclosure 5]

## Portfolio

### Current positioning

_As of 31/10/2026_

| Positioning | Current positioning |
| --- | ---: |
| Physical |
| Fixed Income | 60.9% |
| Equity | 18.3% |
| Cash/cash for margin | 17.9% |
| Gold | 2.9% |
| Derivatives |
| Equity futures | 4.3% |
| Equity options | -4.1% |
| Bond futures | -49.8% |
| Interest rate swap | 26.4% |
| Commodity futures | 13.0% |
 [Disclosure 6]

### Risk breakdown - Theme risk

_As of 31/10/2026_

| Theme risk | Risk breakdown - Theme risk |
| --- | ---: |
| Widespread technology adoption | 23.9% |
| Quant | 20.2% |
| US | 16.7% |
| Europe | 11.6% |
| Asia Pac ex China | 8.2% |
| China | 7.5% |
| EM opportunistic | 4.1% |
| Climate change response | 3.6% |
| Healthcare innovation | 2.4% |
| EM consumer demand | 1.8% |
| Total | 100.0% |
 [Disclosure 7]

### Risk breakdown - Regional risk

_As of 31/10/2026_

| Region | Risk breakdown - Regional risk |
| --- | ---: |
| North America | 27.3% |
| UK | 23.5% |
| Europe ex-UK | 15.6% |
| Asia Pac ex-Japan | 15.0% |
| Japan | 12.7% |
| Emerging markets | 5.9% |
| Total | 100.0% |
 [Disclosure 7]

### Risk breakdown - Asset class risk

_As of 31/10/2026_

| Asset class | Risk breakdown - Asset class risk |
| --- | ---: |
| Equity | 57.3% |
| Commodities | 16.5% |
| Fixed income | 14.8% |
| Currency | 8.3% |
| Advanced derivatives | 3.1% |
| Total | 100.0% |
 [Disclosure 7]

### Portfolio characteristics

_As of 31/10/2026_

| Portfolio characteristics | Portfolio characteristics |
| --- | ---: |
| Fund volatility | 5.2% |
| Net equity exposure | 18.3% |
| Duration | -2.2 years |


## Documents

- [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=6514&country=GB&lang=EN&paramMIFID=YES)
- [JPMorgan Investment Funds - Global Macro Fund - Commentary (A Acc share class)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/literature/commentary/jpm-global-macro-fund-commentary-ce-en.pdf)
- [Key Investor Information Document](https://wl.fundsquare.net/serv/down-doc/request?cdClient=jpmorgan&isin=LU0235842985&docTypeCode=KIID&docLang=EN&docCountry=GB)
- [JPMorgan Investment Funds - Prospectus](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/prospectus/jpmorgan-investment-funds-prospectus-ce-en.pdf)
- [JPMorgan Investment Funds - Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/annual-report/jpmorgan-investment-funds-annual-report-ce-en.pdf)
- [JPMorgan Investment Funds - Semi-Annual Report ](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/semi-annual-report/jpmorgan-investment-funds-semi-annual-report-ce-en.pdf)

## Disclosures

1. "-" = Registered, but date of registration not known

2. Promotes environmental and / or social characteristics.

3. "Article 8” strategies promote social and/or environmental characteristics, but do not have sustainable investing as a core objective. “Article 9” strategies have a sustainable investment objective.

4. Net Asset Value of a fund’s assets less its liabilities per Share.

5. Past performance is not a guide to current and future performance. The value of your investments and any income from them may fall as well as rise and you may not get back the full amount you invested. Source: J.P. Morgan Asset Management. Share class performance is shown based on the NAV (net asset value) of the share class with income (gross) reinvested including actual ongoing charges excluding any entry and exit fees. For reactivated share classes the performance is shown from the date of reactivation and not the share class launch date. The return of your investment may change as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Indices do not include fees or operating expenses and you cannot invest in them. The benchmark is for comparative purposes only unless specifically referenced in the Sub-Funds' Investment Objective and Policy.

6. Figures shown may not add up to 100 due to rounding.

7. Risk is the ex-ante standard deviation shown as a proportion of the total grouping ie: theme, region and asset class. Figures shown may not add up to 100 due to rounding.