JPMorgan Global Convertibles Income Fund ltd - ordinary shares - J.P. Morgan Asset Management
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JPMorgan Global Convertibles Income Fund Limited
(GG00B96SW597)
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Manager Commentary

Fund Managers

In their words (as of )

The Company delivered a positive share price return and negative net asset value return in October. Within the portfolio, Europe was the strongest-performing region, while North America struggled on the back of a difficult month for US companies with a growth focus. In particular, names in the pharmaceuticals and biotech sectors underperformed ahead of the US election. We maintain our view that convertibles should outperform bonds, as global yields remain depressed and the gradual recovery in nominal growth favours equity markets. While we remain positive on risk assets and believe they continue to have the support of strong economic data, we do consider vulnerability to downside events to be increasing. To this effect, we continue to hold positions that offer stronger downside protection through a higher credit quality or shorter maturity.

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Disclaimer

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 (www.morningstar.co.uk)
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.