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 underperformed the benchmark in October.
  • Negative stock selection, particularly in the consumer and technology sectors, and sector allocation detracted from returns.
  • In the consumer space, several online operators struggled in October, including e-commerce platform Pinduoduo, online video operator iQiyi and online food delivery and services giant Meituan-Dianping. Our views on the structural growth opportunity in these businesses remain intact. Among staples, overweights in premium liquor brand Kweichow Moutai and yeast producer Angel Yeast detracted, the former on a revenue miss and the latter on margin disappointment.
  • Within technology, software company Kingdee International fell on concerns over slowing corporate IT spending. Focus Media sold off on its latest results and weaker-than-expected guidance. Han’s Laser declined on soft earnings and further downward revisions in order expectations for Apple for 2019. Overweights in these names detracted as a result.
  • Meanwhile, stock selection in the financials and real estate sectors contributed positively to performance, thanks to holdings reporting good company results. Within financials, overweights in mid-sized China Merchants Bank and life insurer Ping An added value and they continue to be core positions for the fund. Within real estate, a position in China Overseas Land & Investment (COLI) helped performance. We believe COLI is well-positioned to gain market share on the back of industry consolidation.
  • Looking ahead

  • While the U.S.-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.
  • Despite the negative newsflow, volatility and U.S. dollar strength in the near-term – the latter of which we still believe to be a counter-trend bounce – we maintain a long-term view and remain focused on structural opportunities in the consumer, technology, and healthcare sectors.
  • However, the recent underperformance of the market has opened up certain opportunities. We have initiated and added to companies with high expected returns post the market panics and the ones continue to execute and whose normalised earnings are unlikely to see any change.
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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 November 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.