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

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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2016)

The Company's share price and net asset value underperformed the benchmark in September. Weak stock selection detracted from returns, while asset allocation helped to offset some of the losses. Our underweights in "old China" stocks, such as China Mobile and ICBC, contributed positively to performance. Macau gaming shares outperformed significantly as September's gaming revenue exceeded expectations, and our overweight in Wynn Macau helped returns. In addition, sports apparel manufacturers Taiwan Paiho and Regina Miracle added value. Meanwhile, stock selection in technology detracted. AAC Technologies pulled back on profit-taking following the iPhone announcement, Himax fell after Microsoft, a key customer, cut orders, and a lack of exposure to Netease detracted as its mobile game launches continued to strengthen. Consumer discretionary stocks IMAX and Nexteer Automotive also hurt returns.

We continue to anticipate a normalisation in stimulus policies, with technology demand and Chinese consumer spending generally remaining strong. We remain focused on secular growth equities across the Greater China region.


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AGM information

Annual General Meeting: 31 January 2017 11.30am at 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.