JPMorgan Global Emerging Markets Income Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Global Emerging Markets Income Trust plc
(GB00B5ZZY915)

JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC

Take a closer look at emerging markets

JPMorgan Global Emerging Markets Income Investment Trust plc provides a diversified income-oriented way to tap into the growth potential of global emerging markets.

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Monthly Factsheet   Other trust documents   How to buy this trust  

Why invest in Emerging Markets?

Emily Whiting, Client Portfolio Manager, discusses the opportunities and challenges of investing in Emerging Markets.

Some of the themes discussed include:

  • How the rise of technology, frontier markets and consumerism is changing the emerging markets
  • Finding the right emerging market opportunities
  • What happens when an emerging market emerges
Monthly Factsheet   Annual Report    Learn more about investing in Emerging Markets   

About this trust

Risks

Performance

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Fees

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Portfolio

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Manager Commentary

Fund Managers

Month in review

September was a strong month for the trust, helped by a return of the “income tailwind” – a sharp contrast to conditions a year ago. Although markets were not down a significant amount in September, the general weakness over 2018 has been more beneficial to the dividend style in general, with the “value with quality” characteristics of the portfolio helping.• Stock selection in China was a key contributor over the month, helped by a bounceback in some of our A-shares (SAIC, Huayu Automotive, Jiangsu Yanghe Brewery); relative performance benefited from some weakness in Chinese internet stocks.• India was a positive contributor as a result of the portfolio's underweight position in the country and exposure to select IT names, such as Tata Consultancy Services.• After some challenging months, Russia contributed: Sberbank saw some recovery in its share price after a weak period (with investors generally concerned about geopolitics/sanctions risk) but there was no fundamental news on the stock in the month.• Brazil was the key detractor over a month when the market rallied ahead of elections. Performance was negative as a result of not holding Vale or Petrobras. The trust owns domestic-orientated names such as Itaú Unibanco, and we have added to these holdings this year; with the market nervous around the upcoming presidential elections, domestic stocks generally suffered more.

Looking ahead

We believe the dollar’s bounce is unlikely to last, as it is currently overvalued in real terms, and widening twin deficits should lead to dollar weakness down the road.• Given our positive view on local earnings in emerging markets (EM), we could see a strong bounce in EM earnings next year in dollar terms.• Recent developments outside the US hint at outcomes that are more market-friendly than originally feared.Current EM valuations represent a discount to the historical average, and we believe this may prove to be a good entry point for long-term investors, should our expectation of a quieter dollar and a bounce in EM earnings prove correct.

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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.

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

Morningstar Ratings™: © 2018 Morningstar. All rights reserved.

Moneyfacts award as at: 17 October 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.