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

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Manager Commentary

Fund Managers

In their words (as of 31 Oct 2016)

The Company's net asset value outperformed the benchmark, while the share price underperformed. Positive performance was driven by stock selection, the ongoing underweight to China, the structural underweight to Korea and exposure to South Africa. Following a couple of months of negative impact, China contributed positively, through both the underweight - hich has increased in recent months - and stock selection. Korea contributed positively, primarily through our longstanding underweight, as the market lagged. Detractors from performance centered on Latin America, with Brazil and Mexico both impacting negatively, mainly due to stock selection. The small overweight in Brazil - which was trimmed this year as the market rose and dividend yields came down - detracted in October, as the market moved up significantly. The portfolio's performance was also negatively impacted by not holding Brazilian stocks Petrobras and Vale, which both rose by close to 40%. From a positioning standpoint, our overall weighting in Taiwan was trimmed, although it remains the largest overweight market.


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AGM information

Annual General Meeting: 24 November 2016 2.00 p.m., 60 Victoria Embankment, London EC4 OJP

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*Morningstar Analyst rating as at 01 August 2016.

Morningstar rating based on ordinary shares, as at August 2016.

Morningstar RatingsTM: © 2016 Morningstar. All rights reserved.

The methodology and calculations used by the companies or organisations that provide the fund or fund manager awards and ratings are not verified by J.P. Morgan Asset Management and therefore we are unable to accept responsibility for their accuracy.  Ratings and awards should not be relied upon for making an investment decision.  Past performance is no guarantee of future results. The value of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. Investment is subject to documentation (Prospectus, Key Investor Information Document (KIID) and Key Features and Terms and Conditions). Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP.