JPMorgan Brazil Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management

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Manager Commentary

Fund Managers

In their words (as of 31 Aug 2016)

The Company's share price and net asset value underperformed the benchmark in August. The portfolio's exposure to the consumer—and Raia Drogasil (staples) specifically—weighed on performance. Raia, which is Brazil's largest drugstore chain and a core holding in the portfolio, sold-off as investors took profits and rotated towards more cyclical names. Despite the recent weakness, we will continue to hold Raia, as the company has a long runway for growth in a highly fragmented market and is run by a knowledgeable and experienced management team. Stock selection was strongest in healthcare, where the portfolio is overweight, driven by our exposure to Fleury, a clinical and image testing company. Fleury announced strong revenue growth and improving customer satisfaction results. The healthcare sector, while small, continues to be an area where we look for stocks that offer compelling investments from both an economics and duration perspective.


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AGM information

Annual General Meeting: 08 September 2017 2.00pm, 60 Victoria Embankment, London, EC4Y 0JP

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Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
Source:Morningstar (
3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.