# Product Snapshot - JPMorgan Investment Funds - Global Macro Opportunities Fund > Audience: country=gb, language=en, role=adv. > Generated: 2026-11-11T19:32:55.269450529Z. ## Identity - **Fund Name**: JPMorgan Investment Funds - Global Macro Opportunities Fund - **Share Class Name**: JPM Global Macro Opportunities A (acc) - EUR - **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpm-global-macro-opportunities-a-acc-eur-lu0095938881) - **ISIN**: LU0095938881 - **Fund Type**: SICAV - **Asset Class**: Balanced ## Overview ### Investment objective To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using derivatives where appropriate. ### Registered countries - **Austria**: 07/02/2000 - **Belgium**: 01/03/1999 - **Cyprus**: 23/10/2019 - **Czech Republic**: 09/11/2015 - **Denmark**: 18/11/2015 - **Finland**: 03/09/2015 - **France**: 05/03/1999 - **Germany**: 01/06/1999 - **Greece**: 11/08/2006 - **Hungary**: 13/10/2011 - **Iceland**: 21/03/2017 - **Ireland**: 25/02/2000 - **Italy**: - - **Jersey**: - - **Korea**: 06/11/2015 - **Liechtenstein**: 27/07/2015 - **Luxembourg**: - - **Netherlands**: 26/03/1999 - **Norway**: 18/06/2015 - **Poland**: 25/02/2015 - **Portugal**: 21/04/2016 - **Singapore**: 18/01/2016 - **Slovakia**: 12/11/2015 - **Spain**: 21/05/1999 - **Sweden**: 23/07/2013 - **Switzerland**: 22/03/2000 - **Taiwan**: 18/12/2015 - **United Kingdom**: 23/03/1999 [Disclosure 1] ## Fund facts - **Bloomberg**: JPMECAA LX - **Reuters**: LU0095938881.LUF - **ISIN**: LU0095938881 - **SEDOL**: 5671304 - **Asset class**: Balanced - **Region**: Global - **Fund inception date**: 23/10/1998 - **Share class inception**: 23/10/1998 - **Fund currency**: EUR - **Share class currency**: EUR - **ESG Approach**: ESG Promote [Disclosure 2] - **SFDR Classification**: Article 8 [Disclosure 3] ## Fund stats - **NAV As of 10/11/2026**: EUR 184.48 [Disclosure 4] - **NAV change As of 10/11/2026**: EUR 1.21 - **NAV change (%) As of 10/11/2026**: 0.66% - **12 Month NAV high As of 28/01/2026**: EUR 197.44 - **12 Month NAV low As of 30/03/2026**: EUR 180.42 - **Fund size As of 10/11/2026**: EUR 1.05 Bn ## Fees & Charges ### Fees - **Initial charge**: 5.00% - **Redemption charge**: 0.00% - **Ongoing charge**: 1.46% - **Annual management fee (included in ongoing charge)**: 1.25% - **Operating & administrative expenses (included in ongoing charge)**: 0.20% ## 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 A (acc) - EUR | -11.10% | -1.36% | 0.11% | 1.10% | 1.97% | | Benchmark | -0.47% | 2.58% | 3.97% | 2.57% | 2.06% | | Excess return (geometric) | -10.68% | -3.84% | -3.71% | -1.43% | -0.09% | ### Calendar year _As of 31/10/2026_ | Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | JPM A (acc) - EUR | -5.47% | 14.39% | -3.30% | -0.25% | 11.61% | 3.87% | -13.10% | -1.77% | 6.45% | -1.60% | -3.34% | | Benchmark | -0.34% | -0.40% | -0.41% | -0.46% | -0.52% | -0.58% | -0.02% | 3.29% | 3.78% | 2.24% | 1.77% | | Excess return (geometric) | -5.15% | 14.85% | -2.90% | 0.20% | 12.20% | 4.47% | -13.08% | -4.90% | 2.58% | -3.76% | -5.03% | ### Cumulative _As of 31/10/2026_ | Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | JPM A (acc) - EUR | -4.30% | -2.45% | -4.52% | -4.14% | -14.34% | 8.42% | | Benchmark | 0.21% | 0.59% | 2.11% | 8.70% | 11.41% | 8.83% | | Excess return (geometric) | -4.50% | -3.03% | -6.49% | -11.82% | -23.11% | -0.38% | ### Annualised _As of 31/10/2026_ | Return | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | | JPM A (acc) - EUR | -1.40% | -3.05% | 0.81% | | Benchmark | 2.82% | 2.18% | 0.85% | | Excess return (geometric) | -4.11% | -5.12% | -0.04% | [Disclosure 5] ## Portfolio ### Current positioning _As of 30/09/2026_ | Positioning | Current positioning | | --- | ---: | | Physical | | Fixed Income | 42.8% | | Equity | 30.4% | | Cash/cash for margin | 21.9% | | Gold | 4.9% | | Derivatives | | Equity futures | 11.8% | | Equity options | 0.0% | | Bond futures | -87.6% | | Interest rate swap | 39.9% | | Commodity futures | 20.0% | [Disclosure 6] ### Risk breakdown - Theme risk _As of 30/09/2026_ | Theme risk | Risk breakdown - Theme risk | | --- | ---: | | Widespread technology adoption | 25.5% | | Quant | 23.0% | | US | 16.9% | | Europe | 10.0% | | Asia Pac ex China | 7.8% | | China | 7.7% | | EM opportunistic | 4.0% | | Healthcare innovation | 2.1% | | EM consumer demand | 1.6% | | Climate change response | 1.4% | | Total | 100.0% | [Disclosure 7] ### Risk breakdown - Regional risk _As of 30/09/2026_ | Region | Risk breakdown - Regional risk | | --- | ---: | | North America | 37.2% | | UK | 19.1% | | Asia Pac ex-Japan | 16.1% | | Europe ex-UK | 12.5% | | Japan | 9.9% | | Emerging Markets | 5.2% | | Total | 100.0% | [Disclosure 7] ### Risk breakdown - Asset class risk _As of 30/09/2026_ | Asset class | Risk breakdown - Asset class risk | | --- | ---: | | Equity | 62.4% | | Commodities | 15.2% | | Fixed income | 14.2% | | Currency | 8.2% | | Advanced derivatives | 0.0% | | Total | 100.0% | [Disclosure 7] ### Portfolio characteristics _As of 30/09/2026_ | Portfolio characteristics | Portfolio characteristics | | --- | ---: | | Fund volatility | 9.6% | | Net equity exposure | 42.3% | | Duration | -4.1 years | ## Commentary **As of **: 30/09/2026 ### Month in review Global markets faced a challenging backdrop in September, with government bonds and equities declining amid a sharp rise in yields. Despite resilient economic activity, persistent inflation concerns and a more restrictive policy backdrop weighed on market sentiment. The MSCI World Index and JPM Global GBI fell by 0.9% and 1.9%, respectively (hedged to euro). The fund delivered positive returns. Fixed income markets saw higher volatility and a sharp rise in yields, driven by persistent upside risks to global inflation amid solid growth. Renewed tensions in the Middle East pushed oil prices higher, while Purchasing Managers’ Indices continued to point to solid activity and robust labour-market conditions. This backdrop prompted the US Federal Reserve, European Central Bank (ECB), Bank of Japan and Norges Bank to raise rates during the month, while the Bank of England signalled increased concern around upside inflation risks, and investors priced a tighter path for future monetary policy globally. The fund’s short duration positioning across fundamental and systematic macro benefitted, with fundamental short US and Japan and long UK versus US strategies contributing positively. Higher yields and shifting policy dynamics drove targeted adjustments across the portfolio. Within fixed income, we maintained an overall short duration stance, while trimming our long Italian duration position as the risk of more forceful ECB tightening increased. Meanwhile, we continue to favour UK duration, where we expect the weaker fundamental growth backdrop to restrict policy tightening. In Japan, we reduced our fundamental short yen exposure, reflecting the ongoing normalisation in policy along with stronger intervention from authorities against currency weakness. Gold detracted amid rising real yields and tighter monetary policy, and we reduced our exposure as the backdrop became less supportive. Equity markets declined overall, with pronounced dispersion beneath the headline index. Our exposure to AI infrastructure and global semiconductors contributed positively, supported by continued investment in AI and growing focus on the next phase of development, including agentic AI. We continue to broaden our exposure across the AI value chain, including hyperscalers and other beneficiaries of sustained AI investment. Our systematic US sector relative-value strategy also added value. Meanwhile, our long consumer discretionary and industrial exposures detracted. ### Looking ahead We maintain a pro-risk stance, supported by resilient global growth and continued strength in the AI investment cycle. We remain comfortable maintaining relatively high net equity exposure as we view market pricing of monetary policy as too hawkish and continue to expect solid company earnings. We remain mindful of persistent inflation and the risk of a further rise in yields. Positive stock-bond correlations reinforce our preference for maintaining an overall short duration stance, while we continue to monitor the impact of tighter financial conditions across asset classes. ## Documents - [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=192&country=GB&lang=EN¶mMIFID=YES) - [JPMorgan Investment Funds - Global Macro Opportunities Fund - Commentary (A Acc share class)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/literature/commentary/jpm-global-macro-opportunities-fund-commentary-ce-en.pdf) - [Key Investor Information Document](https://wl.fundsquare.net/serv/down-doc/request?cdClient=jpmorgan&isin=LU0095938881&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. 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.