JPMorgan Russian Securities plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Russian Securities plc
(GB0032164732)

JPMORGAN RUSSIAN SECURITIES PLC

Uncover the value in Russian equities

JPMorgan Russian Securities plc is the only investment trust providing pure exposure to the ongoing transformation of the Russian economy*. The trust is managed by a dedicated team with first-hand knowledge of this complex, under researched market

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Latest announcement on the impact of recent economic sanctions against Russia   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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Portfolio

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Manager Commentary

Fund Managers

Month in review

  • The trust underperformed its benchmark in November.
  • The portfolio’s lack of exposure to X5 Retail, a leading Russian food retailer, weighed on relative performance. The stock rose 5.3% (in sterling terms) on the back of a pickup in supermarket performance in the third quarter. We continue to avoid this stock, as we have concerns about the challenging competitive landscape amidst a deflationary retail environment. However, we understand its defensiveness in market weakness led by energy stocks.
  • The portfolio’s off-benchmark exposure to Ros Agro, one of Russia’s largest agricultural companies, and a major producer of pork, fats and sugars, was one of the leading contributors to returns during the period. At the company’s recent Analyst Day, investors were encouraged by the outlook for fourth-quarter and 2019 earnings. The company is expected to benefit from higher grain, sugar and pork prices, while margins in the oil and fats business are expected to close at record levels.
  • Looking ahead

  • The recent recovery in emerging market (EM) stocks reflects more equity-friendly assumptions about the path of Federal Reserve rate hikes and the prospects for productive trade negotiations between the U.S. and China. We believe these developments are fundamentally bullish and may support a continued rebound in EM stocks in the near-term.
  • This year’s market volatility is a reminder that sentiment can change quickly and that timing the significant swings that can result is quite difficult.
  • We continue to advocate taking a long-term view on the growth opportunity and use periods of weakness to build exposure, particularly for clients underweight relative to an all-country world index.
  • In Russia, despite the sharp recent decline in oil prices and our view that U.S. sanctions are here to stay, at least for the time being. Should energy prices stabilise, as we expect, we will continue to see solid fundamentals relative to expectations, with healthy fiscal balances, falling interest rates and increasing dividends.
  • Documents

    Research

    This Investment Trust has been reviewed by a third party agency. Contents of the external links have been prepared by third parties and do not necessarily represent the views of J.P. Morgan Asset Management. These third parties may receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan Asset Management does not endorse or attest to completeness and accuracy of these contents. Reliance upon these contents is at the sole discretion of the reader.

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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.

    *FE Crown Rating as at  01 December 2018.

    Moneyfacts award as at: 17 November 2017. ©2017 Moneyfacts Group plc. All Rights Reserved.

    Moneywise Investment Trust awards as at: 28 March 2018. Moneywise Publishing Ltd ©2018. All Rights Reserved.

    *Source: Association of Investment Companies, April 2018

    Past performance is not a reliable indicator of current and future results.