JPMorgan Global Convertibles Income Fund ltd - ordinary shares - J.P. Morgan Asset Management
JPMorgan Global Convertibles Income Fund Limited

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Manager Commentary

Fund Managers

In their words (as of 31 Aug 2016)

The Company delivered a positive share price and net asset value return in August. Within the portfolio, Europe was the strongest-performing region as global equity and convertible markets delivered a positive month. Performance in Europe was largely driven by holdings in the consumer cyclical and industrials sectors, as the UK economy continues to weather the referendum shock better than many expected. Our holdings in financials and communications were among the best performers on an absolute basis. We note better yield opportunities in the US but remain cautious on long-dated issuance, while continuing to take profit on names that have moved higher in price. In a rising rate environment, the ability to capture equity upside while having typically lower duration characteristics make convertibles an attractive investment relative to fixed income.


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Reference Index 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 ifnotified 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.