Hi, I'm Bob Michele, Chief Investment Officer and Head of the Global Fixed Income, Currency and Commodities Team at JPMorgan Asset Management. We have a unique combination of expertise, deep resources, and time-tested processes, to focus on delivering client outcomes.

Our strength lies in the breadth and quality of our offerings and the synergies that come from a high level of integration across them. Many managers try to run sector strategies in isolation, but few have the resources, insight, and discipline to bring teams together as we do.

We have seen time and again how interconnected the fixed-income markets are, and we firmly believe that an integration of teams and the cross-pollination of information that results provides an information advantage that not only makes each of our sector teams better, but also enables us to provide extremely strong multi-sector products-- including our unconstrained, income, core, core plus, and aggregate strategies, as well as customized broad-market solutions.

What do we believe sets us apart? We invest as lenders of our clients' money. This is a long-term fiduciary mindset, and by its nature means that we must underwrite every investment decision with our own proprietary research. We believe that clients who choose our global fixed-income, currency, and commodities platform value strong, risk-adjusted returns through a cycle-- an essential ingredient for a fiduciary thinking.

Our long-term fiduciary mindset flows naturally from being a part of JPMorgan Chase, with a strong culture based on 150 years of doing first-class business in a first-class way. We cherish that culture and place a high value on long-term partnerships built on trust.

Clients trust us to make informed decisions. And the same focus on risk management that has guided JPMorgan Chase over the past decade through two major crises is precedent in how we navigate fixed-income markets. The fixed-income markets are vast-- over $100 trillion in size-- and highly complex, across at least 15 unique sectors and over 50 countries. So a large team is not a luxury, but essential to cover this level of complexity. At JPMorgan, our substantial resources have allowed us to build a team of over 270 investment professionals based in five countries, who provide diverse views on the various market sectors.

Let me highlight a few things that differentiates our investment process. All of our investment portfolios are managed through a transparent, team-based approach, with a focus on client outcomes. We have built lasting partnerships with our clients by providing significant direct access to investment teams and research analysts, as well as timely updates on our investment views.

Our investment process is driven by information, not assumptions, and relationships are an important driver. At JPMorgan, we have access to key decision makers and have built a strong network of touch points throughout the financial-services industry, including with regulators and government agencies, who regularly call on us for our thought leadership.

It was not uncommon during the pandemic for central banks and monetary authorities to reach out to us for feedback on their policies and our thoughts about the future. Being a part of JPMorgan also helps our research team get significant access to issuers. And the sharing of information between our fixed-income analysts and the equity analysts allows us to zero in on trends in ways that other firms cannot.

Finally, the relationships our portfolio managers and traders have with issuers allows us to take a leadership role, driving and shaping deal creation and issuance through reverse inquiry. Our process also benefits from being a part of JPMorgan, and the unique data sets that come from having a banking relationship with more than 50% of the households in the US and most of the Fortune 500 companies.

While careful not to violate privacy arrangements, we have access to aggregated data on things like mortgage applications and credit cards that, along with our substantial investment in technology, allow us to harness this big data to identify trends long before they are obvious to the markets.

It's important to highlight the value of our technology spend. JPMorgan Chase spends over $12 billion per annum on technology. This has allowed us to build our Spectrum platform to include flexible portfolio-optimization tools, customized risk analytics, shared cross-asset research, systems to improve workflow, and trading tools to help build orders from external broker data-- all helping to improve performance and flexibility.

Now let me bring it all together. Combining our intellectual capital and technology resources together in a globally integrated research driven team really matters to our clients when market volatility increases. For example, during the height of the pandemic crisis in March, we undertook a comprehensive analysis of our coverage universe-- across developed and emerging markets, as well as securitized and tax-exempt issuers-- and assessed on a bottom-up basis the likelihood of downgrades and defaults based on our macroeconomic scenarios at that time.

The ability to approach our fixed-income analysis from both bottom-up and top-down perspectives is a powerful competitive and investment return advantage for our portfolio managers and, ultimately, our clients.

I'm Kay Herr, Head of Research for Global Fixed Income, Currencies and Commodities at JPMorgan Asset Management. Research, of course, is integral to our investment process at JPMorgan. And most important in research is our people-- our 75 analysts, both fundamental and quantitative, across all sectors-- corporates, both investment grade and high yield, emerging markets, and developed markets, as well as securitized and tax-aware research analysts.

Our analysts are career analysts, with more than 15 years of experience on average. This experience brings expertise in their sectors and their credits. Our scale across fixed income produces a competitive advantage for us. Why? We have comprehensive research coverage, providing a substantial investable universe for our portfolio managers.

We also have close collaboration-- not only among our fixed-income sectors, but across the entire capital structure, including our equity-research counterparts. Analysts across fixed-income sectors are united by a common process. Our process is rigorous, disciplined, and proprietary. It has three important tenets-- fundamental, which is the ability and, of course, the willingness to pay-- quantitative, spreads in the relative value both within and across sectors-- and technical, the supply of new issuance, as well as the demand from investors around the world.

In all that we do, we are stewards of your capital. Engaging with companies is an important aspect of research. Beyond engagement the analysis of environmental, social, governance factors and their effect on sustainable cash flow and our ability to access that cash flow is embedded in our entire investment process.

Yes, 100% of our fixed-income platform is ESG integrated. Beyond integration, we manage more than $30 billion in customized portfolios-- thematic and positive tilt. We are looking to be thought leaders in solutions across research.

All of this research is delivered in Spectrum, which is a unified technology platform that's a repository for all of our research across fixed income and equity. So investment grade, high yield, both developed and emerging markets, as well as securitized and tax-aware research are all housed on Spectrum.

It's easily searchable by author, ticker, sector, or team by PMs and analysts across all of JPMorgan Asset Management. Embedded in all of our research nodes is a comment on environmental, social, and governance factors, and the ability to distinguish whether that comment pertains to something environmental, societal, or governance-- and also to designate and track engagement with companies.

We have tools to help determine and analyze our fundamental views, analytics to track upgrades, downgrades across emerging markets, as well as developed markets-- analytics to help assess relative value across fixed-income sectors and, of course, macroeconomic indicators.

Hello, I'm Brian Lysiak, Head of Global Fixed Income, Currency and Commodity Trading. We operate a globally integrated team within GFICC trading. We have traders strategically located in investment centers across the globe, with traders with over 15 years of experience on average. We cover the full spectrum of fixed income, currency, commodity trading needs for our platform. And we do this through coordinated activity across key asset class segments. This ensures our best practices and highest quality resources are being scaled and utilized across the platform, to the benefit of all of our clients.

At the foundation of our process is rigorous oversight and governance. A key cornerstone of that process is our Trade Practices Oversight Committee, also known as TPOC. This committee meets quarterly, bringing together senior representatives across asset management to review trading-related concerns. TPOC is supported by the Trade Supervision Working Group, which brings together senior traders regularly to review and monitor our oversight and trading practices globally.

Counterparties are a critical component to our ability to deliver for our clients. We operate in OTC markets. All pricing and liquidity opportunities are not created equal. Being the first call is a competitive advantage for our clients. To that end, we review our relationships regularly, through both qualitative and a quantitative lens.

Trading technology is increasingly becoming a critical component to our trading activity. We are on a multi-year journey of decommissioning legacy platforms, with the ultimate goal of consolidating to one multi-asset trading platform within Spectrum.

A key feature of the fixed-income and foreign-exchange markets is the integration of trading with the investment process. This requires a heightened focus on designing scalable workflow solutions. We need to allow for seamless connectivity between portfolio managers and traders in the applications that they rely on day to day.

Just as important is to create seamless connectivity between the trading desks and our external counterparties in venues where they seek liquidity. If done well, we can complete the feedback loop of what were experienced in the marketplace from our trading activity back into our investment process-- where it can be used to create new insights and opportunities.

In order to support a platform where we trade billions of a day across thousands of transactions, we have to be at the cutting edge of scalable workflow solutions. This, of course, all serves to allow us to deliver on our commitment to the best execution for all of our clients. While we acknowledge that different markets and environments can require different approaches to our execution strategy, the key feature to be able to deliver the best possible execution results on a consistent basis is to ensure that the subject matter experts on liquidity are completely in sync with their partners in portfolio management and research.

Hello, I'm Vincent Kumaradjaja. I am the Head of Global Fixed Income Risk Management. Risk management is intrinsic to our fixed-income culture, which is built around a careful stewardship of our clients' assets. We employ a rigorous, three-tiered approach to managing risk across each and every one of our portfolios. This time-tested process is a key differentiator in our investment process, and it's designed to protect our portfolios, our client, and the reputation of JPMorgan Chase.

The first level of risk management is our CIOs and portfolio managers who are monitoring risk daily as part of their investment decisions. The second layer is our embedded fixed-income risk management team, who provides risk oversight and analytic support across fixed income. The third layer is our independent research team, that reports directly to the chief risk officer of JPMorgan Chase.

As one of the world's largest banks, we face additional layer of scrutiny that benefits our clients. We are subject to a high level of regulatory oversight and reporting and held to extremely high standards in our internal oversight and control. As such, we have built processes and controls to thrive in this environment. And for our institutional clients who are subject to similar oversight, we understand their issues and can fully support their needs, from customized investment constraints to enhanced regulatory reporting.

The embedded fixed-income risk management team provides risk oversight and analytics to support all investment teams within GFICC. We have a keen focus on managing downside risk, given the asymmetric nature of fixed income, with small gains on one side and large potential losses on the other.

The essential component of our risk framework is the use of Spectrum risk tools. Spectrum integrates sophisticated risk analytics and a wealth of data to provide portfolio managers and risk managers with a uniform view of downside risk across the platform. There are many applications covering a wide range of risk functions in Spectrum, ranging from risk control to analysis and to management reporting.

First, let's discuss tracking error. This provide an overview of crystallization across investment strategy. Portfolio managers then can drill down further to see the details-- risk attribution, historical analysis, and risk concentration. Within Spectrum, we can also stress a variety of risk measures, so that different risk profiles under various market conditions can be visualized in order to support the best investment decision. In addition to risk-control tools, portfolio managers can utilize a variety of scenario tools to analyze changes to risk profile before making any implementation decision.

Hi, I'm Greg Tell, Head of Investment Specialists for the Global Fixed Income, Currency and Commodities Group. As you've heard from Bob, Kay, Vincent, and Brian, we seek to provide positive client outcomes with a philosophy based on acting as lenders of our clients' money-- an approach that's globally integrated and research driven, and a process that uses fundamental, quantitative, and technical factors and leverages the broad JP Morgan franchise.

A critical part of that process is making our team an extension of yours. Our team based and transparent approach to portfolio management provides significant access to our investment professionals. From working with you to identify or create the best solutions to implementing them, our focus is on helping you achieve your desired outcome, not selling products.

Our portfolio managers and investment specialists work with you to help you understand the portfolio and the market, by providing regularly scheduled investment reporting and performance updates, as well as relevant ad hoc analysis of market events. Using our proprietary systems, we can provide informative and timely views of performance, along with holdings, transactions, and various portfolio characteristics.

Our Spectrum workflow applications allow us to automate the process of creating and updating guidelines, to simplify and reduce errors. Finally, our systems are able to feed reports in a variety of formats. At JPMorgan, we have the people and the resources to help you achieve your goals. Together let's solve it.