JPMorgan Chinese Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Chinese Investment Trust plc
(GB0003435012)

JPMORGAN CHINESE INVESTMENT TRUST PLC

Strategic thinking for Chinese markets

JPMorgan Chinese Investment Trust plc invests in Chinese companies listed on domestic exchanges and companies in Greater China by focusing on the growth of “New China” – companies and sectors that are capitalising on the transition of the country to a more consumer-driven economy.

   Morningstar 4 star       *

 

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About this trust

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Manager Commentary

Fund Managers

Month in review

  • The Chinese Investment Trust outperformed the benchmark, thanks to positive stock selection and sector allocation.
  • Stock selection within online operators was strong. Within e-commerce, owning Pinduoduo at the expense of weaker competitors such as JD.com paid off in November. Pinduoduo rose on strong user trend and volume growth, and we remain positive on the growth outlook for the company.
  • Outside e-commerce, a position in Bilibili, along with a zero weight in Ctrip.com, also added value. Bilibili posted strong Generation Z user growth and is exploring more monetisation opportunities with strategic partners. We continue to increase our exposure to the online operators given compelling long-term structural tailwinds in various consumption profiles.
  • Additionally, oil prices plunged during the month as concerns of oversupply resurfaced together with lower demand forecasts and concessional waivers to importers of Iranian oil by the U.S.. As a result, not owning energy names CNOOC and PetroChina helped performance.
  • Meanwhile, zero weights in highly levered Chinese real estate developers detracted from returns as the sector rose on increased expectations of a gradual relaxation of government policies. In particular, not owning Evergrande Group was a headwind to performance. Our preference remains in China Overseas Land & Investment, which is better-positioned to gain market share on the back of industry consolidation.
  • Looking ahead

  • Post the Trump-Xi meeting at the G20, China and the U.S. agreed to keep the trade war from escalating with a promise to temporarily halt the imposition of new tariffs and start negotiations on structural issues, including forced technology transfer and intellectual property protection. At the same time, we expect the Chinese government to moderate the pace of financial deleveraging and improve the monetary transmission mechanism to direct liquidity to the real economy, while continuing to launch supportive fiscal policies to cushion for growth. We believe these policies provide a positive backdrop for Greater China equities.
  • Positioning-wise, our structural overweights in consumer, healthcare, and technology remain unchanged. We continue to take the market selloff opportunity to add to quality structural growth names with high expected returns, including Chinese internet and software and selected healthcare names.
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    Important information

    This is a marketing communication and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. 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. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.

    Investment is subject to documentation. The Investor Disclosure Document, and Key Features / Terms & Conditions can be obtained free of charge from JPMorgan Asset Management (UK) Limited, and the Key Information Document can be obtained from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

    *Morningstar Analyst rating, FE Crown rating as at 01 December 2018.

    Source: Morningstar (www.morningstar.co.uk)

    Morningstar Ratings™: © 2018 Morningstar. All rights reserved.

    FE Crown Fund Ratings © 2018 FE. All rights reserved.

    Moneyfacts award as at: 17 November 2017. ©2017 Moneyfacts Group plc. All Rights Reserved.

    Moneywise Investment Trust awards as at: 28 March 2018. Moneywise Publishing Ltd ©2018. All Rights Reserved.

    Past performance is not a reliable indicator of current and future results.