1. Source: US Bureau of Economic Analysis, Conference Board US, FactSet, US Census Bureau, US Department of Labor, Wards Intelligence, J.P. Morgan Asset Management. Indicators are: Business Confidence – Monthly survey of Chief Executive Officers about their outlook for the economy; Investment Growth – Monthly new orders of non-defense capital goods (excluding aircraft). Data reflect most recently available as of 30.09.2019.
2. Estimates and forecasts may or may not come to pass. Provided for information only. These represent GFICC team’s views under normal market conditions subject to change from time to time.
3. Source: GFICC Investment Quarterly. As of 11.09.2019. Opinions, estimates, forecasts, projections and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. IQ: Investment Quarterly. Above-trend: Global gross domestic product (GDP) growth >3.5%, inflation >2%; Sub-trend: Global GDP growth 2-3.5%, inflation 0-2%; Recession: Global GDP growth <2%, inflation <0%; Crisis: A disorderly movement in markets causes systemic impact and tail risk. Provided for information only and not to be construed as investment recommendation or advice.
4. Source: Bloomberg, developed and emerging market central banks. As at 31.08.2019, except number of hikes from developed markets which is as at 31.07.2019.
5. For illustrative purposes only based on current market conditions, subject to change from time to time. Not all investments are suitable for all investors. Exact allocation of portfolio depends on each individual’s circumstance and market conditions.
6. Securitisation is the process in which certain type of assets, such as mortgages or other types of loans, are pooled so that they can be repackaged into interest-bearing securities. Examples of securitised debt include mortgage-backed securities which are debt securities backed by mortgage-related financial assets. These assets include residential and commercial mortgage loans.
7. Source: J.P. Morgan, Bloomberg. As at 09.09.2019. Yield is not guaranteed. Positive yield does not imply positive return. Past performance is not a reliable indicator of current and future results.
8. HY credit refers to corporate bonds which are given ratings below investment grade and are deemed to have a higher risk of default. Source: J.P. Morgan Asset Management, Bloomberg, Lipper FMI. Data from 01.01.2009 to 30.09.2019. Not all investment ideas are suitable for all investors.
9. Source: J.P. Morgan. As at 31.08.2019. Net supply includes coupon payments, maturities and tenders. Data is estimated off of the USD portion of the Bloomberg Barclays Global Aggregate Corporate Index.
This content represents our GFICC team’s current view and overall strategy provided for information only based on current market conditions not taking into consideration any specific investor’s investment objective and risk appetite. Not to be construed as investment recommendation or advice.
Investment involves risk. Not all investments are suitable for all investors. Investors should consult professional advice before investing. Investments are not similar to or comparable with fixed deposits. The opinions and views expressed here are as of the date of this publication, which are subject to change and are not to be taken as or construed as investment advice. Estimates, assumptions and projections are provided for information only and may or may not come to pass. This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.