JPM_logo_Eng
  • Funds

    Fund Listing

    • Fund Explorer
    • Fund Managers
    • Fund Documents

    Featured Funds

    • Multi Income Fund
    • Asian Total Return Bond Fund
    • China Bond Opportunities Fund
    • Income Fund
  • Insights

    Market Insights

    • Market Insights Overview
    • Guide to the Markets
    • Weekly Market Recap
    • On the Minds of Investors
    • Multimedia

    Retirement Insights

    • Retirement Insights Overview
    • Principles for a Successful Retirement
    • Building Better Retirement Portfolios
    • Are you letting volatility derail your retirement plan?
  • Investment Ideas
    • Managing Volatility
    • Growth Strategy
    • Income Strategy
    • Retirement and long-term investing
  • Personal Investing

    Knowing the Basics

    • Retirement Planning
    • Investing for Your Children’s Future
    • Ways to Diversify Your Portfolio
    • Mutual Funds 101

    Getting Started

    • Start Investing
    • Investment Ideas
    • Regular Savings Plan
    • eTrading Privileges
    • Open an Account Online with Ease
  • Retirement Services
    • ORSO Services
    • MPF Services
    • Retirement Fund Centre
  • Resources
    • About Us
    • Awards
    • Contact Us
    • Announcements
    • Forms & Literature
    • Investment Return Calculator
  • Library
Skip to main content
  • Language
    • English
    • 中文/ Chinese
  • Role
  • Country
  • eTrading Login
Search
Menu
CLOSE
Search
  1. Home
  2. Funds
  3. JPMorgan Multi Income Fund

  • Actions

Important Information
  1. The Fund invests in a diversified portfolio of income-producing equities, bonds and other securities. The Fund will primarily invest (at least 70%) in debt and equity securities. The Fund will have limited RMB denominated underlying investments.
  2. The Fund is therefore exposed to a range of investment related risks which includes risk related to dynamic asset allocation strategy, debt securities (including investment grade bond risks, below investment grade/ unrated invest risk, credit risk, interest rate risk, sovereign debt risk and valuation risk), asset backed securities, mortgage backed securities, collateralised loan obligations and asset backed commercial papers, equity, real estate market (associated with the risk of investing in REITs and other property related securities; direct investment in real estate is not permitted), emerging markets, concentration, currency, derivatives, liquidity, hedging, class currency, currency hedged classes and Eurozone sovereign debt crisis. For RMB hedged class, risks associated with the RMB currency and currency hedged classes risks. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. There can be no assurance that RMB will not be subject to devaluation at some point. The Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee, pay redemption monies and/or distributions in USD.
  3. Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may at its discretion determine such distributions may be paid from capital including realised and unrealised capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to that original investment. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit.
  4. Investors may be subject to substantial losses.
  5. Investors should not solely rely on this document to make any investment decision.

MAXIMISING INCOME POTENTIAL THROUGH A DECADE

Fund Placemat
Fund Details
Curious about income investing? We share 4 FAQs

200269 MIF_AEM(1200x676)

Which is why the JPMorgan Multi Income Fund invests dynamically across asset classes globally, striving for attractive income and capital growth potential in changing markets through an impressive decade.

What are on the cards investing in 2021?

CHALLENGE

A prolonged period of ultra-low rates
Accommodative monetary policy has provided support to the economy, but a growing number of negative-yielding government bonds in developed markets and relatively high equity prices may not provide significant upside potential. In this environment, it may be tougher for investors to find attractive income from traditional sources.

OPPORTUNITY

Broaden sources for consistent income
Opportunities for consistent income can be found by moving across regions, asset classes and the full capital structure, identifying income sources beyond traditional assets to explore the diverse income universe.

 

Yield of different asset classes


EM: emerging market. HY: high yield. IG: investment grade. Source: Bloomberg, J.P. Morgan Asset Management, as of 30.09.2020. Yield = book yield. Data used: MSCI World Index (Global Equities), MSCI World High Dividend Index (Global Equities (High Div)), Bloomberg Barclays US Corporate High Yield 2% Constrained Index (US HY), J.P. Morgan EMBI Global Diversified Index (EM Debt), Bloomberg Barclays US IG Credit Index (US IG Credit), Bloomberg Barclays US Aggregate Index (US Aggregate Bonds), US 10-year Treasury (US 10-Year), German 10-year Treasury Index (German 10-Year), Average annual percentage rate on money market account of Bankrate.com (USD Cash). Yield is not guaranteed. Positive yield does not imply positive return.

Fund Placemat
Fund Details
Curious about income investing?

CHALLENGE

Volatility may heighten amid uncertainties
2021 seems to see more clarity after a year characterised by politico-economic changes and pandemic. The direction and magnitude of future economic growth will largely depend on how the pandemic could play out. It is still unknown when a vaccine could be launched and become widely available, or whether there could be an exponential rise in infections, adding to volatility in the markets. Still, investors may risk missing out on investment opportunities should they choose to stay on the sidelines in uncertain markets.

OPPORTUNITY

Seek a balanced risk and return profile
Different assets perform differently under various market conditions. In order to generate returns in volatile markets, it is crucial that investors adopt a diversified approach, depending on their risk appetite, capturing opportunities from different asset classes to help achieve a balanced risk and return profile.

 

Returns and volatility of different asset classes


AxJ: Asia ex-Japan. APxJ: Asia Pacific ex-Japan. DM: developed market. HD: high dividend. REITs: real estate investment trusts. Source: Bloomberg Finance L.P., Dow Jones, FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. Calculated using monthly total return in USD between 30.09.2005 and 30.09.2020, based on MSCI Total Return, Bloomberg Barclays and J.P. Morgan indices. Past performance is not indicative of future performance.

Fund Placemat
Fund Details
Curious about income investing?

JPMORGAN MULTI INCOME FUND: OPTIMISING A MULTI-ASSET STRATEGY


Proven results: return and income

The Fund has delivered proven results entering the first decade since its inception:

USD (mth) Class* has achieved since launch

Cumulative return of 75.1%

Annualised yield of 4.3%
or above

*Aim at monthly distribution. Dividend rate is not guaranteed. Distributions maybe paid from capital. Refer to important information 3

Source: J.P. Morgan Asset Management, from launch on 09.09.2011 to 31.12.2020, NAV to NAV in USD with income reinvested. Calendar year return: 2016 +7.4%; 2017 +10.6%; 2018 -5.0%; 2019 +14.8%; 2020 +4.7%. Past performance is not indicative of future performance. 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.

Award-winning fund manager

Leon Goldfeld, who co-manages the Fund, was named Fund Manager of the Year – Mixed Asset at The Asset Triple A Asset Servicing, Institutional Investor and Insurance Awards 2019 for his outstanding management of various funds.

Issued by The Asset, 2019 award, reflecting performance of previous calendar year.
There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management (JPMAM) will continue to be employed by JPMAM or that the past performance or success of any such professional serves as an indicator of such professional's future performance or success.

Dynamic asset allocation

The ability to dynamically respond to changing market conditions is key to delivering capital growth. Our fund managers have the flexibility to dynamically allocate their highest conviction ideas across geographies, asset classes and capital structure into the Fund’s portfolio.

Diversified income sources

With an aim to maximise income return through a diversified portfolio, the Fund is designed to capture income potential from a broad range of asset classes. Its monthly distribution share classes* provide investors with attractive income opportunities.
*Aim at monthly distribution. Dividend rate is not guaranteed. Distributions maybe paid from capital. Refer to important information 3

Asset allocation since launch


Source: J.P. Morgan Asset Management as of 31 December 2020. The fund is an actively managed portfolio. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.

Fund Placemat
Fund Details
Curious about income investing?

Latest Strategy Highlights


Equities

• High dividend equities

  • Compelling valuations vs. traditional growth stocks
  • Corporate earnings improved globally

Emerging market (EM) equities

  • Constructive backdrop from the weakening USD
  • Attractive growth potential as EM Asia leads the global recovery
 
 
 



Fixed Income

High yield bonds

  • Appealing return potential with credit spread still above pre-pandemic levels
  • A potentially lower-beta alternative to additional equity exposure with attractive yield opportunities

Securitised

  • Potential diversifier to other credit allocations
  • Greater resilience during periods of equity drawdowns
 


Hybrid

Preferred equities

  • Generally higher in the capital structure compared with common stocks
  • Supported by the higher cash reserves and healthier balance sheets of US and European banks, which make the majority of preferred equities
 
 
 
 
 
 
 
 

Source: J.P. Morgan Asset Management, as of end-November 2020.

 

Multi-asset income experts: J.P. Morgan Asset Management’s Multi-Asset Solutions Team


Source: J.P. Morgan Asset Management, as of end-September 2020. Includes portfolio managers, research analysts, traders and investment specialists with VP title and above.
 
More On Fund Details
More On Other Income Offerings
LOGIN TO ETRADING / ESCHEDULER

RELATED ARTICLES

Dividend stocks are back on multi-income investors’ radar

Dividend stocks have largely been on the sidelines in 2020 but relatively attractive opportunities are emerging in 2021.

Read more

A multi-income journey into the emerging high-yield potential

Income investors like us have stayed the course as we ride through the four seasons. Where do we see income opportunities?

Read more

Curious about income investing? We share 4 FAQs

How much do you know about income investing amid an evolving market environment?

Read more

Outlook 2021: portfolio positioning with ‘G.P.S.’

Uneven recoveries in 2021 would imply the need for more active management.

Read more

Year ahead 2021: seeking clarity amid macro uncertainty

As market volatility could persist in 2021, how can investors cut through the fog of uncertainty?

Read more

Outlook 2021: investment themes in a ‘new normal’

How a ‘new normal’ could shape investing in equities, fixed income and multi-asset solutions.

Read more

Keeping a longer investment horizon as events unfold in China and the US

What are the investment implications of China’s new economic blueprint and the US elections?

Read more

What’s ahead for investing as Election Day approaches

With less than a month to go before the US elections, we look at the investment implications for 5 major economic sectors.

Read more

Securitisation 101: making optimal use of securitised debt

Let's explore the role securitised debt could play in an investment portfolio.

Read more

Scenarios of an expected global economic recovery

We describe three case scenarios for economic recovery after the pandemic subsides.

Read more

Positioning for yield in time for a global restart

As liquidity conditions improved, our portfolio manager shares how we are positioned for income opportunities across asset classes.

Read more

Multi-asset income strategies in unique times

As the search for quality income gets challenging, a diversified multi-asset income solution could be considered to broaden income potential.

Read more

Taking steps to stay on top of volatility

A diversified portfolio with a defensive bias could help build portfolio resilience while seeking yield opportunities.

Read more

Adding a fitting pace to your income portfolio

Diversify your income sources to help navigate uncertain markets.

Read more

Repositioning for income potential in uncertain times

Our multi-asset fund manager shares how he repositions for income in uncertain times.

Read more

Some investing dos and don’ts when markets are volatile

Some investing ‘dos & don’ts’ as you navigate market volatility in uncertain times.

Read more

Investing during the COVID-19 outbreak: 4 topmost concerns

As COVID-19 continues to evolve, our strategists share 4 topmost concerns among Asia’s investors.

Read more

Retiring in Hong Kong: mind the expectation gap

For younger workers in Hong Kong, there appears to be a gap in expectations and reality on their funding needs for retirement.

Read more

The little red envelope savings guide

As you welcome the Year of the Rat, plan to make your “lucky money” work harder for you.

Read more

Investing in a world of ultra-low rates

Lower returns from bonds could pose a challenge to long-term investors.

Read more

Q&A: Don’t let your money retire before you

Make your money continue to work for you in retirement until you don’t need it any more.

Read more

Aim for an A+ in your retirement planning

Take action now, start saving and investing for your retirement.

Read more

3 retirement ‘life hacks’ you need to know

Novelty methods that can help you plan for retirement.

Read more

What is key in a tailor-made retirement plan?

You shouldn't miss out these 3 factors when planning for retirement.

Read more

The secret to effective diversification

Diversification sounds easy, but how to do it effectively?

Read more

Diversification does not guarantee investment returns and does not eliminate the risk of loss. Indices do not include fees or operating expenses and are not available for actual investment. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecast, projections or other forward statements, actual events, results or performance may differ materially from those reflected or contemplated. 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 circumstances and market conditions.

J.P. Morgan Asset Management

  • Terms of Use
  • Privacy Statement
  • Cookies Policy
  • Investment Stewardship
  • Fund Notes
  • Offering Document(s)
  • Forms & Literature
  • Guide to Using This Website
  • Sitemap
J.P. Morgan

  • J.P. Morgan
  • JPMorgan Chase
  • Chase

The information contained herein is intended only for use by Hong Kong residents. By using this information, you are representing and warranting that you are either residing in Hong Kong or the applicable laws and regulations of your jurisdiction allow you to access the information, and you confirm that you accept the Terms of Use as set out in https://am.jpmorgan.com/hk/. Investment involves risk. Past performance is not indicative of future performance. In particular, funds which are invested in emerging markets and smaller companies may involve a higher degree of risk and are usually more sensitive to price movements. Investors should carefully read and consider the fund offering document(s), which contain details on investment objectives, risk factors, charges and expenses of the fund, before making any investment decisions. Investors should read carefully the fund notes before making any investment decisions. Information in this website does not constitute investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service, nor a distribution of information for any such purpose. Opinions and statements of financial market trends set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. Investors should conduct their own verification. The views and strategies described may not be suitable for all investors. This website and the advertisements contained herein are issued by JPMorgan Funds (Asia) Limited. This website has not been reviewed by the Securities and Futures Commission of Hong Kong ("SFC"), with the exception of material relating to the JPMorgan Provident Plan that the SFC has pre-approved (however such pre-approval does not imply official recommendation by the SFC).

Copyright 2021 JPMorgan Funds (Asia) Limited. All rights reserved.