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JPMorgan Emerging Markets Equity Fund
(JMIEX)
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JPMORGAN EMERGING MARKETS EQUITY FUND

Your guide to the world’s most dynamic economies.

Seek out strong companies in the world’s fastest-growing markets through the risk-managed Emerging Markets Equity Fund powered by local insight.

Fund Story   Commentary  

HIGHLIGHTS

EMERGING MARKET AND DEVELOPED MARKET REAL GDP GROWTH

Year-over-year % chg. — forecasts from JPMSI

Source: J.P. Morgan Global Economic Research, J.P. Morgan Asset Management. Forecast and aggregate data come from J.P. Morgan Global Economic Research. Historical growth data collected from FactSet Economics. 4Q15 Emerging Markets growth is a JPMSI Forecast. Guide to the Markets — U.S. Data as of 12/31/15.

Key points

  • Invests in some of the world’s fastest growing economies, providing diverse opportunities for active investors to exploit.
  • Leverages a team of nearly 100 dedicated portfolio managers and analysts across eight countries.
  • Bottom-up stock selection targets well-managed businesses with sustainable growth potential.
  • Strong long-term performance record, outperforming Lipper Index over 10 years.

Diverse markets require specialist expertise

The Emerging Markets Equity Fund is powered by the insight of a large, stable and highly experienced team of locally-based investment specialists.

This on-the-ground expertise is crucial to generating ideas and managing risk in emerging markets, where opportunities across individual markets can vary widely, and where local knowledge can be key to determining the success of an investment.

MSCI EMERGING MARKETS INDEX BY SECTOR

Source: FactSet, MSCI, J.P. Morgan Asset Management. *Mexico Telecom. sector accounts for 17% of the country’s market capitalization. **“Other” is comprised of Health Care, Industrials, Telecom and Utilities sectors. Values may not sum to 100% due to rounding. Guide to the Markets – U.S. Data as of 12/31/15.

Uncovering investment opportunities within emerging markets

Not all emerging markets are created equal. Global market strategist Gabriela Santos discusses the headwinds and tailwinds within the asset class.

Performance

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Fees

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Portfolio

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Management

Fund Managers

For more information about this fund, please see the commentary posted below. 
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Disclaimer

Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.

The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index.

The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

Ā©2016, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.
International investing involves a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can affect returns.The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. As mentioned above, the normal risks of investing in foreign countries are heightened when investing in emerging markets. In addition, the small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Also, emerging markets may not provide adequate legal protection for private or foreign investment or private property.
Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.

P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value.

P/B ratio: the relationship between a stock's price and the book value of that stock.

Beta measures a fund's volatility in comparison to the market as a whole. A beta of 1.00 indicates a fund has been exactly as volatile as the market.

Sharpe ratio measures the fund's excess return compared to a risk-free investment. The higher the Sharpe ratio, the better the returns relative to the risk taken.

Tracking Error: The active risk of the portfolio, which determines the annualized standard deviation of the excess returns between the portfolio and the benchmark.

Alpha: The relationship between the performance of the Fund and its beta over a three-year period of time.

Standard deviation/Volatility: A statistical measure of the degree to which the Fund's returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund's monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

R2: The percentage of a Fund's movements that result from movements in the index ranging from 0 to 100. A Fund with an R2 of 100 means that 100 percent of the Fund's movement can completely be explained by movements in the Fund's external index benchmark.

EPS: Total earnings divided by the number of shares outstanding.

Risk measures are calculated based upon the Funds' broad-based index as stated in the prospectus.