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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Performance

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Manager Commentary

Fund Managers

Month in review

The Chinese Investment Trust underperformed the benchmark. Stock selection added value, but sector allocation was weak, primarily driven by an underweight in the energy sector and an overweight to the healthcare sector.• A zero weight in CNOOC was among the biggest detractors at the portfolio level as shares rallied nearly 15% on oil price strength.• Technology stocks were also among the top detractors. Smartphone supply chain names sold off on the back of concerns about weak sales for the latest generation iPhone XS, and our overweights in Luxshare Precision detracted. We continue to believe it is well-positioned for market share gains, dollar content growth, and new product cycles. Hangzhou Hikvision corrected on potential US sanctions, although its fundamentals, in our view, remain intact.• Holdings in the healthcare sector were also a drag on performance. Pharmaceutical stocks fell given the proposal of a centralised procurement policy and potentially worse-than-expected pricing pressure. Overweights in Sino Biopharm and CSPC Pharmaceutical were negatively impacted as investors worried about a spillover effect on the whole sector, with Sino Biopharm falling most, nearly 26%, given its exposure to generics.• Meanwhile, stock selection in financials contributed positively. The overweight in China Merchants Bank added value, as the mid-sized bank rerated on some market relief after the release of the final regulations for wealth management products. Ping An Insurance continued to execute and we added to the position given its competitive strength and attractive valuations.• Consumer stocks also helped performance, recovering from the broad selloff last month, including e-commerce platform Pinduoduo, a recent purchase in the portfolio, and premium liquor brand Kweichow Moutai.

Looking ahead

Our base case remains controlled China growth moderation as targeted policy easing offsets growth headwinds resulting from the previous financial deleveraging efforts and the ongoing trade war.• While the US-China trade disputes are likely to drag on and possibly escalate in the near-term, we are encouraged by the Chinese government’s more co-ordinated policy responses and continued effort on reforms to offset the external challenges.• We maintain our positive positioning in secular growth sectors, namely consumer, technology, and healthcare.

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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 October 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.