JPMorgan Emerging Markets Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Emerging Markets Investment Trust plc
(GB0003418950)

JPMORGAN EMERGING MARKETS INVESTMENT TRUST PLC

We see the opportunities others may miss

JPMorgan Emerging Markets Investment Trust plc seeks to uncover quality stocks from across emerging markets that are also attractively valued, benefiting from an extensive network of country and sector specialists from one of the longest established emerging market teams in the industry.

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AGM November 2018 - Highlights

Austin Forey, Fund Manager of the JPMorgan Emerging Markets Investment Trust plc, gives his reflections on 2018 and his views on the trust that he has managed for over 20 years.

Annual Report  

Portfolio Manager Update

Austin Forey provides an overview of his three core areas of focus.

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About this trust

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Performance

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Manager Commentary

Fund Managers

Month in review

  • The trust outperformed the benchmark in November, with stock selection and country allocation contributing to returns.
  • Stock section in India, as well as overweight exposure driven by security level conviction, was the leading contributor to performance in November. Holdings in the financial services sector, including Housing Development Finance Corporation, outperformed as they recovered from concerns over non-bank financial defaults in the past few months.
  • In China, stock selection aided performance. Performance was led by positions in Alibaba and Tencent, which re-rated on better-than-expected results. Tencent, where the uncertainty over gaming regulations still lingers, was bolstered by advertising monetisation, offsetting the weak gaming data. Additionally, pan-Asian insurer AIA Group outperformed after reporting strong results that included double-digit growth in new business value in both China and Hong Kong during the third quarter.
  • Stock selection in Taiwan was a headwind in November, with TSMC a leading detractor. Performance for the semiconductor manufacturer pulled back as the IT hardware sector faces a cyclical downturn, driven by expectations of weaker demand in 2019 from Apple and other large clients.
  • Overweight exposure to Peru, the result of stock selection, hindered performance. Performance was driven by exposure to diversified financial services provider Credicorp, which lagged broader markets in the month but has performed well this year.
  • Looking ahead

  • The recent recovery in emerging market (EM) and Asian stocks reflects more equity-friendly assumptions about the path of Federal Reserve rate hikes and the prospects for productive trade negotiations between the U.S. and China. We believe these developments are fundamentally bullish and may support a continued rebound in EM stocks in the near-term.
  • This year’s market volatility is a reminder that sentiment can change quickly and that timing the significant swings that can result is quite difficult.
  • We continue to advocate taking a long-term view on the growth opportunity and use periods of weakness to build exposure, particularly for clients underweight relative to an all-country world index.
  • Documents

    Research

    This Investment Trust has been reviewed by a third party agency. Contents of the external links have been prepared by third parties and do not necessarily represent the views of J.P. Morgan Asset Management. These third parties may receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan Asset Management does not endorse or attest to completeness and accuracy of these contents. Reliance upon these contents is at the sole discretion of the reader.

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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 December 2018.

    Source: Morningstar (www.morningstar.co.uk)

    Morningstar Ratings™: © 2018 Morningstar. 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.