# Product Snapshot - JPMorgan Investment Funds - Global Macro Opportunities Fund > Audience: country=gb, language=en, role=adv. > Generated: 2026-11-15T20:59:34.057974938Z. ## Identity - **Fund Name**: JPMorgan Investment Funds - Global Macro Opportunities Fund - **Share Class Name**: JPM Global Macro Opportunities A (acc) - USD (hedged) - **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpm-global-macro-opportunities-a-acc-usd-hedged-lu1181866309) - **ISIN**: LU1181866309 - **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**: 21/12/2018 - **Belgium**: 15/12/2015 - **Czech Republic**: 18/08/2016 - **Denmark**: 18/11/2015 - **Germany**: 17/12/2015 - **Hungary**: 06/10/2015 - **Ireland**: 12/07/2019 - **Italy**: 01/02/2016 - **Jersey**: - - **Korea**: 06/11/2015 - **Luxembourg**: 17/02/2015 - **Poland**: 06/10/2015 - **Portugal**: 21/04/2016 - **Singapore**: 18/01/2016 - **Slovakia**: 18/08/2016 - **Spain**: 04/03/2015 - **Switzerland**: 17/02/2015 - **Taiwan**: 18/12/2015 - **United Kingdom**: 19/02/2015 [Disclosure 1] ## Fund facts - **Bloomberg**: JPCAAUH LX - **Reuters**: LU1181866309.LUF - **ISIN**: LU1181866309 - **SEDOL**: BVTVZK5 - **Asset class**: Balanced - **Region**: Global - **Fund inception date**: 23/10/1998 - **Share class inception**: 05/02/2015 - **Fund currency**: EUR - **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 155.33 [Disclosure 4] - **NAV change As of 13/11/2026**: USD -0.08 - **NAV change (%) As of 13/11/2026**: -0.05% - **12 Month NAV high As of 06/10/2026**: USD 164.28 - **12 Month NAV low As of 30/03/2026**: USD 150.43 - **Fund size As of 13/11/2026**: EUR 1.05 Bn ## Fees ### 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) - USD (hedged) | -9.60% | 1.07% | 1.53% | 2.96% | 3.93% | | Benchmark | 1.06% | 4.98% | 5.65% | 4.61% | 3.89% | | Excess return (geometric) | -10.55% | -3.72% | -3.90% | -1.58% | 0.04% | ### Calendar year _As of 31/10/2026_ | Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | JPM A (acc) - USD (hedged) | -4.23% | 16.34% | -0.48% | 2.65% | 12.91% | 4.66% | -11.09% | 0.14% | 7.95% | 0.46% | -1.93% | | Benchmark | 1.01% | 1.54% | 2.40% | 2.56% | 0.73% | 0.27% | 1.98% | 5.38% | 5.42% | 4.43% | 3.16% | | Excess return (geometric) | -5.19% | 14.57% | -2.81% | 0.09% | 12.10% | 4.38% | -12.82% | -4.98% | 2.40% | -3.81% | -4.94% | ### Cumulative _As of 31/10/2026_ | Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | JPM A (acc) - USD (hedged) | -4.16% | -2.08% | -2.77% | 0.89% | -5.98% | 30.78% | | Benchmark | 0.33% | 0.95% | 3.86% | 14.66% | 22.19% | 31.79% | | Excess return (geometric) | -4.48% | -3.00% | -6.38% | -12.01% | -23.05% | -0.76% | ### Annualised _As of 31/10/2026_ | Return | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | | JPM A (acc) - USD (hedged) | 0.29% | -1.22% | 2.72% | | Benchmark | 4.66% | 4.09% | 2.80% | | Excess return (geometric) | -4.17% | -5.11% | -0.08% | [Disclosure 5] ## Portfolio ### Current positioning _As of 31/10/2026_ | Positioning | Current positioning | | --- | ---: | | Physical | | Fixed Income | 45.1% | | Equity | 30.8% | | Cash/cash for margin | 18.8% | | Gold | 5.1% | | Derivatives | | Equity futures | 7.6% | | Equity options | -6.7% | | Bond futures | -83.4% | | Interest rate swap | 44.3% | | Commodity futures | 22.4% | [Disclosure 6] ### Risk breakdown - Theme risk _As of 31/10/2026_ | Theme risk | Risk breakdown - Theme risk | | --- | ---: | | Widespread technology adoption | 23.7% | | Quant | 18.0% | | US | 16.5% | | Europe | 11.4% | | China | 10.5% | | Asia Pac ex China | 8.1% | | EM opportunistic | 4.0% | | 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 | 27.6% | | UK | 23.2% | | Europe ex-UK | 15.8% | | Asia Pac ex-Japan | 14.9% | | Japan | 12.7% | | Emerging Markets | 5.8% | | Total | 100.0% | [Disclosure 7] ### Risk breakdown - Asset class risk _As of 31/10/2026_ | Asset class | Risk breakdown - Asset class risk | | --- | ---: | | Equity | 58.0% | | Commodities | 16.1% | | Fixed income | 14.9% | | Currency | 8.0% | | Advanced derivatives | 3.0% | | Total | 100.0% | [Disclosure 7] ### Portfolio characteristics _As of 31/10/2026_ | Portfolio characteristics | Portfolio characteristics | | --- | ---: | | Fund volatility | 8.8% | | Net equity exposure | 31.6% | | Duration | -3.7 years | ## COMMENTARY **As of **: 31/10/2026 ### Month in review October saw sharp cross-asset rotations, particularly volatile government bond markets and a rotation in equities away from technology to defensive sectors. Economic activity remained resilient, and the broader monetary-policy trajectory stayed on track. The MSCI World Index fell -0.9% and JPM GBI Global Index rose 1.8% (hedged to euro). Technology and AI-related names led declines in equity as investors further questioned the scale of AI capex and associated financing risks. AI infrastructure and global semiconductor holdings detracted, but we maintained exposure based on longer-term conviction. Quarterly earnings updates showed strong demand, accelerating cloud growth and progress on monetisation. We topped up favoured names and removed one where we had lost conviction in its transition from its traditional business. In systematic macro, relative-value regional equity and US sector models suffered during the sharp sector rotation. Global government bonds benefited from increased safe-haven demand as risk sentiment worsened, reversing the upwards impact that higher oil prices and European risks had on yields early in the month. Ultimately, lower yields weighed on short duration exposure, unwinding some of its strong contribution to returns seen in Q3. Our short US duration position detracted as Treasury yields fell from the multi-year highs reached earlier in the month. Lower yields drove negative performance from the short Japanese duration strategy and directional fixed income models within systematic macro strategies. Gold also delivered negative returns amid concerns about higher inflation and policy rates driven by deteriorating geopolitics. We had reduced our exposure in September given near term-headwinds, maintaining a smaller weight to reflect positive longer-term structural views. Europe continued to exhibit relatively softer growth prospects, while heightened fiscal and political uncertainty in France weighed on regional sentiment. This helped our short euro exposure, held against long Chinese yuan, which benefited from resilient Chinese manufacturing and export activity. Long Norwegian krone versus short US dollar and short euro exposures also added value, supported by higher oil prices and elevated Norwegian interest rates. Long Italian duration was flat as lower developed-market yields offset its earlier sensitivity to European sovereign risks. ### Looking ahead We retain a positive outlook, underpinned by expectations for global growth to remain around trend. We remain constructive on equities despite elevated near-term volatility, with earnings fundamentals remaining supportive, particularly around AI-related demand, while the recent correction has improved valuations. We continue to monitor risks from persistent inflation, further monetary tightening, geopolitical uncertainty and a potential slowdown in AI-related investment. We remain long equity and short developed market duration, but have reduced risk at the margins following the recent increase in market volatility. This reduction was achieved by trimming some short duration and buying equity put options. ## Documents - [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=12033&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=LU1181866309&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.