Investment Directors’ Bulletin (December 2015) - J.P. Morgan Asset Management

Investment Directors’ Bulletin (December 2015)

Contributors Edmund Brandt, Edward Walker

Edmund Brandt and Ed Walker write in their capacity as investment directors. Their asset allocation views are based on a 12-month time horizon and reflect the input from various investment teams within J.P. Morgan Asset Management. The discussions are considered with Edmund and Ed ultimately producing their views on the regions in terms of underweight, neutral or overweight.

Equity markets consolidate fourth-quarter gains in November

The MSCI World Index finished November up a modest 0.6% in local currency terms. However, the continuation of the fourth-quarter equity rally was important. So far in the quarter, global equities have risen by an eye-catching 8.6% and on a year-to-date basis have gained 4.3% in local currency terms. In November, Europe outperformed other regions of the world, rising 1.9%. Led by stronger macro and corporate survey data, the best performing markets were Belgium, Denmark, Ireland, Austria, Germany and Finland, all up by over 4.5%. By contrast, the UK, Switzerland, Italy, France and Spain lagged, rising by 1.5% or less. Japan rose a respectable 1.1% in the month, while the US and Canada were essentially flat. Conversely, the MSCI Emerging Markets Index finished November down 2.7% in local currency terms, as investors continued to worry over the 2016 growth outlook. China was down 3.3% and India was 2.9% lower. The best performing emerging markets in November were Hungary (up 12.0%) and Russia (up 3.4%).

Download the full Bulletin:
Investment Directors’ Bulletin (December 2015)

Related products

JPM Global Macro Opportunities Fund
Leveraging global macro themes to generate performance. This fund targets positive returns in various market conditions by capitalising on the opportunities created by economic trends within a risk-controlled framework.
JPM Multi-Asset Income Fund
Using a flexible approach that seeks only the best income opportunities from around the globe, our Multi-Asset Income Fund aims to provide investors with a consistent and attractive income stream and the opportunity for capital growth.
JPMorgan Global Growth & Income plc

The JPMorgan Global Growth & Income plc (formerly JPMorgan Overseas Investment Trust plc) seeks out strong long-term returns by investing in a best ideas, high-conviction portfolio from across the world's stock market.

Important information

Please be aware that this material is for information purposes only. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are, unless otherwise stated, J.P. Morgan Asset Management’s 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. JPMorgan Asset Management Marketing Limited accepts no legal responsibility or liability for any matter or opinion expressed in this material.

The value of investments and the income from them can fall as well as rise and investors may not get back the full amount invested. Past performance is not a guide to the future.