JPMorgan Global Income Fund delivers our high conviction ideas across different income-generating asset classes in a truly diversified° portfolio. Drawing on over 45 years of experience in multi-asset investing as a team, we dynamically allocate assets across different geographies, asset classes, market capitalisation and capital structures, striving to generate a stable, risk-adjusted income.
Scouring the world for yield
JPMorgan Global Income Fund*^ is designed to help investors maintain the income they need while managing risks. Today, the Fund is one of the largest multi-asset income funds, with a decade of results.
Reasons to invest for the next 10 years
Conviction
Invests only in those income opportunities which portfolio managers believe have an attractive risk-return profile, but never to overstretch for yield
Multi-asset
Has the flexibility to invest in a wide range of asset classes in search of attractive income opportunities
Skill
Experienced income portfolio managers supported by the rigorous analysis of our regional asset class specialists
Diversification°
Invests flexibly across more than 50 countries globally, in any sector and across the capital structure
Explore our timeline to see how the Fund’s flexible, diversified multi-asset approach has worked to deliver an attractive, risk-adjusted income since December 2008*.
Non-agency mortgage-backed securities (2008)
The Fund capitalised on distressed valuations in the wake of the subprime crisis. Our ability to conduct thorough research into the makeup of individual mortgage securities allowed us to identify undervalued opportunities when other investors were avoiding the mortgage market altogether.
Spreads were attractive but stress in the energy sector meant that investors had to be careful. Our active approach and focus on high-quality issuers allowed us to take advantage of attractive valuations and avoid the energy sell-off – illustrating the Fund's remit to focus on high quality, not the highest yielders.
Preferred equity (2012)
We first allocated to preferreds in 2012. Financial institutions are the main issuers of these securities, and we felt bank balance sheets had improved very significantly from the financial crisis. On this basis, preferred equities looked to offer an attractive yield with a much-improved risk/reward profile, illustrating how the Fund can capitalise on opportunities right across the capital structure.
European peripheral debt (2013)
European debt assets were trading at very attractive valuations, despite the European Central Bank's commitment to do whatever it takes to preserve the euro. As yields on these bonds subsequently normalised, we let the allocation run off over the coming years and instead added a dedicated allocation to European income equities.
The Fund had a large allocation at the beginning, with spreads widening to over 1,000 basis points in the financial crisis. Our research suggested such wide spreads were not justified given expectations for default rates and we took advantage of the attractive valuations.
Emerging market equity (2015)
Volatility in emerging markets can create specific valuation opportunities. Weakness in Brazil and South Africa meant we were able to take advantage of a lot of attractive high dividend stocks in both markets.
Agency mortgage-backed securities (2018)
The Fund built a position in early 2018, attracted by the higher yields on offer compared to Treasuries and the lower interest rate sensitivity compared to investment grade corporate bonds – providing a more defensive, liquid allocation as we moved into the later stages of the economic cycle.
Europe high yield (2018)
The Fund allocated to Europe high yield for the first time to take advantage of the asset class's attractive valuations, higher credit quality and lower duration compared to US high yield at a time of rising US interest rates.
* Past performance is not indicative of future results. For illustrative purposes only.
^ The investment objective of the Fund is to provide regular income by investing primarily in a portfolio of income-generating securities globally, and through the use of derivative instruments. Dividend distributions, if any, are not guaranteed and are made at the manager’s discretion. The Fund seeks to achieve its investment objectives stated in the offering documents, there can be no guarantee the objectives will be met. Investors should review the fund offering document(s) before investing.
° Diversification does not guarantee positive returns and does not eliminate risk of loss.
We scour the world for yield, striving to maintain income and manage risks.
Co-portfolio managers
of JPMorgan Global Income Fund
Seeking only the best income opportunities from around the globe, the Fund aims to provide investors with a consistent and potentially attractive income with a traditional balanced risk profile.
^The investment objective of the Fund is to provide regular income by investing primarily in a portfolio of income-generating securities globally, and through the use of derivative instruments. Past performance is not indicative of future results. Dividend distributions, if any, are not guaranteed and are made at the manager’s discretion. The Fund seeks to achieve its investment objectives stated in the offering documents, there can be no guarantee the objectives will be met. Investors should review the fund offering document(s) before investing.
Dynamically adjust your portfolio to ride through changing dynamics of the market.
Co-portfolio managers
of JPMorgan Global Income Fund
Delivering our highest conviction ideas into a single portfolio, the Fund draws on J.P. Morgan Asset Management’s global platform to invest flexibly in income-producing securities across regions, asset classes and capital structures.
Investments involve risk. Not all investments are suitable for all investors. Please seek financial advice before investing. Securities rated below investment grade are considered high-yield/ below investment-grade. Although they might provide higher yields than higher-rated securities, they could carry risk.
We tap into potential income opportunities across regions, asset classes and the entire capital structure.
Co-portfolio managers
of JPMorgan Global Income Fund
It is important to understand that with the ever-changing market environment, there is not one single asset class that can consistently outperform every year. But investing in a diversified° portfolio over the longer term can help generate a more stable risk and return profile compared to holding only one asset class.
The Fund uses a global unconstrained approach and invests in more than 2,500 securities1 around the world in a highly-diversified portfolio. This allows our portfolio managers and asset class specialists to seek best sources of income while diversifying° risks.
Asset class returns
Source: J.P. Morgan Asset Management. 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. As at 28.02.2021.
Investments involve risk. Not all investments are suitable for all investors. Please seek financial advice before investing. Securities rated below investment grade are considered high-yield / below investment-grade. Although they might provide higher yields than higher-rated securities, they could carry risk.
° Diversification does not guarantee positive returns and does not eliminate risk of loss.
1. Indicative range, subject to change from time to time.
JPMorgan Global Income Fund is available at the following distributors:
ALL YOU NEED TO KNOW ABOUT JPMORGAN GLOBAL INCOME FUND
BACK TO BASICS
Understand basic investing principles and fixed income sectors relevant to JPMorgan Global Income Fund.
TIMELY VIEWS
Find out our latest thinking on the fixed income market and how that will change our positioning.
LONG-TERM PROPOSITIONS
Deep-dive into longer-term macro trends and how that could impact JPMorgan Global Income Fund.
For Fund or Institutional enquiries, please call or email us. You can also contact your financial advisor or your J.P.Morgan Representative.