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.

Morningstar 5 star

 

 

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Portfolio Manager Update

Austin Forey, Portfolio Manager of the JPMorgan Emerging Markets Investment Trust plc, provides an overview of his three core areas of focus.

  • How investor perception of the emerging markets is changing
  • How to make the right emerging markets stock selections
  • Why UK investors should consider the emerging markets
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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 performed in line with the benchmark in October, with stock selection detracting while country allocation contributed to returns.
  • Stock section in the consumer discretionary sector aided performance, driven by holdings in Brazil. Lojas Renner, the largest department store operator in Brazil, released encouraging third-quarter 2018 results, including a 13.1% year-over-year increase in net sales and 6.9% growth in same-store sales.
  • Stock selection in China was a headwind in October, with Tencent among the leading detractors. The company underperformed in the month as Chinese regulators ended the issuance of online game licences through a temporary programme, which was one of the last remaining avenues for developers to monetise new games.
  • Overweight exposure to Brazil, the result of stock selection, aided performance. The strong result was driven by evidence early in the month that Jair Bolsonaro, a market-friendly candidate, would likely win the presidential election. Subsequently, on October 28th he was announced as the winner after garnering over 50% of the popular vote. This was partially offset by underweight exposure to the energy sector, also the result of stock selection, which was a headwind to performance again in October. Brazilian state-owned energy giant Petrobras, which we do not own in the portfolio, was the primary driver as Bolsonaro’s election relieved concerns of policy risk that had been priced into the stock.
  • Looking ahead

  • The selloff in emerging market stocks this year has led to valuations that are quite attractive relative to history, particularly considering the double-digit earnings growth the consensus expects for the next 12 months.
  • The near-term path of markets will likely depend on whether the dollar continues to rally and the market’s views on the likelihood of agreement between the U.S. and China on trade.
  • We continue to believe that U.S. economic fundamentals do not support further dollar strength, and that some compromise on trade is more likely than the market may expect, though the timing is difficult to predict.
  • Given the degree of pessimism in the market today, we believe the risk of a positive surprise is considerable, leaving room for a meaningful bounce in emerging market stocks, particularly in China.
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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.

    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.