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Which is why JPMorgan China Income Fund invests across onshore and offshore equities and bonds to capture income opportunities and provide long-term capital growth potential.
China’s urban population is expected to grow by 276 million between 2011 and 2030. In the process, China’s cities are expected to more than double their demand for energy during the same period, accounting for around 20% of global energy consumption.
Source: United Nations, National Intelligence Council “Global Trends 2030: Alternative Worlds”, December 2012.
Implications
Besides energy, water, sanitation and other transport infrastructures are all expected to see huge development and upgrade demand from cities all over China. The urbanisation and modernisation trends will likely create enormous opportunities for related sectors.
In 2016, China accounted for more than 40% of global e-commerce transactions (estimated to be larger than France, Germany, Japan, the UK and the US combined). Meanwhile, China had roughly 731 million internet users, which only accounted for 53% of the country’s population.
Source: McKinsey Global Institute “China’s digital economy: A leading global force” (August 2017); China Internet Network Information Center, as of end-2016.
Implications
The Chinese online market is massive and still maturing. Combined with the support from the government, the growing scale of China’s internet user base allows for rapid commercialisation and continuous experimentation of digital technologies. While China is already a global leader in e-commerce and other areas in the digital economy, there is still vast growth potential in the consumer sectors.
China has seen its onshore bond (CNY) market size reaching US$9.3 trillion, becoming one of the world’s largest bond markets.
Source: WIND, J.P. Morgan Asset Management, as of February 2017.
Implications
By contrast, the China offshore CNH bond and offshore USD bond markets are relatively small^. With bond index inclusion and Bond Connect, it is hopeful that foreign ownership of onshore bonds will increase – with an estimated US$200 billion of potential inflows #.
^ China’s offshore CNH bond market as represented by the Citi Dim Sum Bond Index was US$18.6 billion, while China’s offshore USD bond market as represented by the JACI China was US$394.2 billion. Source: Citigroup, J.P. Morgan, J.P. Morgan Asset Management, as of 29.09.2017.
# Source: Bloomberg, J.P. Morgan, Citigroup, Standard Chartered Global Research, J.P. Morgan Asset Management, as of 29.06.2017.
Combining the expertise of J.P. Morgan’s equity and fixed income teams
^ Includes equities managed in multi-asset products but excludes joint ventures.
* Includes assets managed on behalf of other J.P. Morgan Asset Management investment teams.
Source: J.P. Morgan Asset Management, as of end-September 2017. Includes portfolio managers, research analysts, traders and client portfolio managers with VP title and above.
The Fund is designed to capture the wide income opportunity set in the China space by investing in onshore equities (CNY), offshore equities (HKD), onshore bonds (CNY), offshore CNH bonds and offshore USD bonds.
Given the flexibility of the Fund in its equity and bond exposure, asset allocation of the Fund is mutually determined by our equity and fixed income teams. With a view to accessing competitive yield investments in various markets, the fund managers intend to invest 40-80% in equities* and 20-60% in bonds.
The percentage above refers to percentage of the non-cash asset of the Fund.
Source: J.P. Morgan Asset Management, as of end-November 2017.
* The Fund may invest up to 100% of its non-cash assets in certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect and/or other similar programs as approved by the relevant regulators from time to time.
Being able to invest in the China onshore and offshore stock markets means a wider catchment in the dividend universe, where the yield dynamics varies from one sector to another. In the fixed income space, the onshore and offshore markets present a diverse range of opportunities for income investing.
Access to China's onshore and offshore equity and bond markets
Active management to achieve dynamic asset allocation
Participation in the potential benefits of a new vision for China income investing
Investors should seek professional advice regarding the suitability of any investment products.
For more information, please call or email us. You can also contact your J.P. Morgan representative.
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