JPMorgan Global Bond Opportunities Fund - I - J.P. Morgan Asset Management


Broaden the borders of your bond portfolio.

The Global Bond Opportunities Fund provides flexible, high-conviction exposure across more than 15 fixed income sectors and 50 countries.

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Key Points

  • Highly experienced unconstrained portfolio managers Bob Michele, Nick Gartside and Iain Stealey leverage the proprietary research of a globally integrated team of over 280 investment professionals.
  • Expands investment horizons beyond traditional fixed income sectors, dynamically adjusting asset allocation and duration as market conditions evolve.
  • The Fund has provided top-decile performance and risk-adjusted returns for the 5-year period.1

Chart source: Morningstar as of 9/30/17. Shown for illustrative purposes only. Past performance is no guarantee of future results.

1Source: Morningstar as of 9/30/17. Multisector Bond Category, I Shares. Ranked: 1-yr. (109/325), 3-yrs. (56/246), 5-yrs. (28/197) and 10-yrs. n/a. Sharpe Ratio measures a manager’s excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation; the Fund (I Shares) was ranked as follows: 1 yr. (111/343), 3-yrs. (71/285), 5-yrs. (18/235) and 10-yrs. n/a. Inception date 9/4/12. Ratings reflect risk-adjusted performance. Different share classes may have different ranking.


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As of September 30, 2017

Quarter in review
  • The JPMorgan Global Bond Opportunities Fund (I Class Shares) returned 1.88% which is in line with the Bloomberg Barclays Multiverse Index for the quarter ended September 30, 2017.
  • Exposure to high-yield and investment-grade credit contributed to performance due to a strong earnings season, continued low default rates, supportive technicals and a rebound in commodities prices.
  • Emerging markets debt also contributed due to attractive carry of select local currency bonds and hard currency sovereigns.
  • Government rates detracted overall as our core view of higher yields in developed markets was challenged in the first two months of the quarter.
Looking ahead
  • We maintain our expectation that global growth momentum will continue and central bank accommodation will remain supportive for global risk assets in the near term.
  • We have a negative view on U.S. duration as we expect a more hawkish Fed and a rebound in U.S. growth to drive Treasury yields higher by year-end to the 2.25-2.75% range.
  • We are still constructive on risk assets, mainly spread sectors through investment-grade and high-yield corporates due to positive technical and credit fundamentals, and also on selective emerging market local currencies due to attractive carry.
  • We believe that European bank capital (Additional Tier 1) offers improving fundamentals and benefits from continued buying from the European Central Bank.

Fees and Minimums

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Fund Managers



1Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 0.90% for A Shares, 1.30% for C Shares, 0.65% for I Shares and 0.50% for R6 Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. This waiver is in effect through 12/31/2017 for A Shares, 12/31/2017 for C Shares, 12/31/2017 for I Shares and 12/31/2017 for R6 Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements.

Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.

The Bloomberg Barclays Multiverse Index is a measure of the global fixed-income bond market that combines the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global High Yield Index. The Bloomberg Barclays Global Aggregate Index measures grade debt from twenty-four different local currency markets. The Bloomberg Barclays Global High-Yield Index measures the global high-yield fixed income markets.

The performance of the Lipper Global Income 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 figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%.

©2017, 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.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.Rankings do not take sales loads into account.
The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus.

Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops.

International investing bears greater risk due to social, economic, regulatory and political instability in countries in "emerging markets." This makes emerging market securities more volatile and less liquid developed market securities. Changes in exchange rates and differences in accounting and taxation policies outside the U.S. can also affect returns.

Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment-grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk.

The value of investments in mortgage-related and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or otherwise repay their loans sooner than expected, creating an early return of principal to holders of the loans.
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.

Duration: Measures price sensitivity of fixed income securities to interest rate changes.

Average Life: The length of time the principal of a debt issue is expected to be outstanding.