The sweet spots in bond investing this quarter
Navigating fixed income as the global economy glides towards a soft landing.
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WHY GLOBAL FIXED INCOME WITH A FLEXIBLE APPROACH?
Non-traditional fixed income may offer attractive potential
Non-traditional fixed income sectors such as asset-backed securities (ABS) provide additional sources of income. From auto loans to residential mortgages, ABS are expected to continue benefitting from robust US consumer confidence.
Source: J.P. Morgan Asset Management, Bloomberg, Conference Board, as of 31/08/2018.
Fundamentals of US high yield bonds remain strong
US high yield bonds demonstrated resilience last year, despite a backdrop of rising rates and emerging market turmoil. This may partly be due to improving credit fundamentals. US companies are still expected to deliver double-digit earnings growth, and default rates are expected to remain low.
Source: J.P. Morgan Chase & Co, Moody’s Investor Services, as of end-November 2018. Default rates are par-weighted.
FIXED INCOME CAPABILITIES
■Includes portfolio managers, research analysts, traders and investment specialists with VP title and above.
^Includes assets managed on behalf of other J.P. Morgan Asset Management investment teams.
Source: J.P. Morgan Asset Management, as of 31/12/2018.
Our research encompasses fundamental, quantitative and technical analysis
FUNDAMENTAL
- Macroeconomic data
- Corporate health figures
QUANTITATIVE (valuations)
Rich or cheap valuation on:
- Absolute basis
- Relative basis (historical and cross-sector)
TECHNICALS
- Supply and demand dynamics
- Investor positioning and momentum
OUR RISK MANAGEMENT DISCIPLINE IS ESSENTIAL TO OUR INVESTMENT PROCESS
WHY INVEST IN THE JPMORGAN FUNDS – INCOME FUND?
Flexible approach
Investing opportunistically across the bond universe without benchmark constraints, the fund managers can take advantage of the flexibility in managing the portfolio.
Multiple debt markets and sectors
The Fund invests in a wide range of fixed income securities, covering not only traditional but also non-traditional fixed income, allowing for a wider source of income.
Focusing on income
The fund managers manage the income of the Fund to help minimise fluctuations in dividend payments of its monthly distribution share classes*.
*Aim at monthly distribution. Dividend rate is not guaranteed. Distributions may be paid from capital. Refer to important information 3.
Historical distributions
| Ex-dividend date | Annualised yield*□ | |
|---|---|---|
| (dd/mm/yyyy) | USD (mth) Class |
HKD (mth) Class |
| 02/01/2019 | 6.03% | 6.10% |
| 01/02/2019 | 5.89% | 5.94% |
| 01/03/2019 | 5.86% | 5.91% |
Source: J.P. Morgan Asset Management, as of 31/03/2019.
□Positive distribution yield does not imply positive return. Annualised yield = [(1+distribution per unit/ex-dividend NAV)^12]-1. The annualised dividend yield is calculated based on the monthly dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield.
Click here to see the fund price and details about the JPMorgan Funds - Income Fund.
Click here to learn more about our other fixed income offerings.
For more information, please call or email us. You can also contact your J.P. Morgan representative.