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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Fees

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Portfolio

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Manager Commentary

Fund Managers

Month in review

  • The trust performed in line with its benchmark during October.
  • The portfolio’s lack exposure to Transneft, the largest pipeline company in the world, detracted from returns. The stock was boosted by the announcement from the board of directors that it plans to boost the market capitalisation of the company and include a share buyback programme, as well as adopting 50% of its net profit as dividend payout.
  • The portfolio’s exposure to EPAM, a global provider of software engineering and IT consulting services, also weighed on relative returns. Despite delivering operationally, the company derated with the rest of the technology sector on the back of slowing growth concerns.
  • The portfolio’s overweight exposure to Alrosa, a Russian group of companies that specialise in diamond exploration, mining, manufacture and sale, added to relative returns. The stock rose on the back of the company reporting an increase in rough diamond production and has benefited from significant diamond price strength.
  • 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.
  • In Europe, the Middle East and Africa (EMEA), we are maintaining our preference for Russia, despite our view that U.S. sanctions are here to stay. We see solid fundamental support at the country and company level, with high oil prices, gradually 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 November 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.