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

  • The trust outperformed the weak market environment during October. The income tailwind we have seen through 2018 continued and the ‘value with quality’ characteristics of the portfolio proved supportive.
  • Korean stock selection was boosted by KT&G and Samsung Fire & Marine, both of which proved relatively defensive versus the broader market and Korea itself. During the month we met Samsung F&M management again, who were reassuring in terms of outlook despite concerns on government interference in parts of the industry.
  • Elsewhere in Asia, stock selection in China was also positive over the month, helped by CR Power and the e-commerce stocks correcting, which added to relative performance – but there were also some positions that saw major declines, particularly amongst our A-share holdings such as Huayu and Yanghe. We have continued to add to China and see this as the most “actionable” area in terms of yield opportunities.
  • Saudi Arabia was a relatively positive contributor despite all the political noise around the Khashoggi incident. We reduced our sole holding, Al Rajhi, due to these concerns, but the stock held up remarkably well considering the impact on sentiment. We have met the company again, and in general fundamentals (and dividends) still look solid.
  • Stock selection and an overweight to Mexico detracted. Andrés Manuel López Obrador’s referendum on the Mexico City airport, resulting in a vote to cancel the project, damaged market confidence about the new president’s pragmatism.
  • 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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    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.