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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Manager Commentary

Fund Managers

Board of Directors

  • Alexandra Mackesy

Month in review

The Chinese Investment Trust underperformed the benchmark in August, attributable to weak stock selection and sector allocation. Stock selection in the consumer discretionary sector detracted most, primarily driven by our holding in Wisdom Education: the stock fell nearly 40% on the back of new government regulations on private education companies. E-commerce platform Pinduoduo fell further on tighter regulatory scrutiny on counterfeit goods, which we perceive to be a broader industry issue rather than a company-specific concern. Stock selection in technology was also weak. A position in Sunny Optical hurt returns as the company reported weaker-than-expected first-half 2018 results. Our holding in Focus Media Information also struggled on disappointing numbers. Meanwhile, our stock picks in the textile and sportswear sector paid off in August as both Shenzhou International and ANTA Sports reported solid results and reassuring quality of growth. We like these names given their earnings visibility and sustainable growth momentum.

Looking ahead

Our base case remains a controlled Chinese growth moderation as targeted policy easing offsets growth headwinds resulting from the previous financial deleveraging efforts and the ongoing trade war. We note that the government has taken a more proactive stance in its fiscal policies, including an acceleration in infrastructure approval and local government bond issuance, as well as more discussions around tax reform. 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 September 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.