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

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Manager Commentary

Fund Managers

In their words (as of 31 Oct 2016)

The Company's share price and net asset value underperformed the benchmark, driven by weak stock selection and country allocation. The top detractors were mixed across growth sectors. Regina Miracle, the textile maker, continued to correct after confirming further plans to ramp-up capacity in Vietnam, while going through a short-term inventory correction. The manufacturer of Solid State Drives, Silicon Motion, retreated on disappointing fourth-quarter guidance. Wangsu Science & Technology, the content network provider, also tumbled after reporting weaker margins for online video streaming services due to niche competition. Phoenix Healthcare, a hospital operator, corrected although we still like its longer-term economics and scalability. Meanwhile, our underweight in China Mobile and overweight in China Telecom added value as the former declined on slower mobile service revenue growth and the latter reported results that outshone its peers. Select structural growth names also helped returns. The overweight in life insurer Ping An Insurance contributed positively as it delivered record profits. Luxshare Precision rallied on solid third-quarter net profits, while Jiangsu Hengrui benefited from continued gross margin expansion, supported by overseas sales.


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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.