FUND FACTS. February, 2015

Transcription

1 FUND FACTS February, 2015

2 Equity and Debt review Equity review The markets took a breather in February with broader market up 1.06% and smaller companies universe represented by CNXMCAP Index down 0.05%. The market digested a lot in the month with results of Delhi elections, Union budget, lackluster corporate results, oil prices and various global issues keeping the market guessing. The much awaited first full budget of the Modi government was presented in February while it did tick many boxes, the absence of any big-bang announcements was noticeable reiterating the government s focus on structural improvements. It extended the fiscal consolidation roadmap to 3 years from 2 years but this came with an effort to raise investment spend (+25%). There were incentives in store for corporates (staggered tax cut), market (FDI/FII ownership merge) and some minor tax breaks for consumers. There was a fair bit of stress on the socio-economic programs as well and some further clarity on GST and GAAR. FIIs and DIIs both turned out to be net buyers this month with inflows totaling US$1.1bn and US$394mn respectively. FIIs have now net bought US$4bn YTD while DIIs have net sold US$892mn. Among DIIs, mutual funds continued to see inflows which aided net buying of US$537mn in equities even as insurance companies sold to the tune of US$143mn. There were some surprises in store on the growth front with the CSO revising the base year for GDP and announcing changes in the methodology and presentation. Consequently, the FY15 advance estimate pegged growth at 7.4% vs. 6.9% in FY14. These prints appeared to be ahead of on-the-ground levels of economic activity and will require some track record to gain full credibility. January CPI as per the new base came in at 5.1% (~40bps lower than expectations) vs. 5% in December based on the old series. The core CPI was significantly lower at 3.9% reflecting a relatively stronger disinflationary trend in the economy. WPI also surprised positively coming in at -0.4% vs. expectations of a 0.1%-0.2% print although the food component did see a rise from 5.2% to 8% due to an uptick in prices of pulses and vegetables. In line with expectations, the RBI left key policy rates unchanged but took measures on liquidity and financial sector reforms including reduction in SLR, discontinuation of Export Credit Finance and further progress on its five pillars viz. enhanced remittance limits, NPL management and market broadening. It also reiterated its January guidance of further easing being dependent on continuing disinflationary pressures and fiscal consolidation. The one-sided poll results in Delhi perhaps came as a surprise to many as AAP emerged with a clear majority winning 67 out of 70 seats. This left the BJP at a distant second with 3 seats and the Congress failed to win any seats whatsoever. While this result does not change the dynamics too much in terms of upper house numbers, it does serve as a setback to the sentiment given the string of victories that the BJP has been notching across states and calls for caution ahead of the critical Bihar elections later this year. With most of the domestic events out of the way, the government now has a clear road of few months for reforms before the next critical elections in Bihar. The biggest test for the government still remains passage of critical bills in the parliament given the hostile opposition. In addition, one needs to keep a close eye on the global events. Even though the markets have rallied over the last 1 year in anticipation of economic improvement; poor corporate results in addition to the above mentioned challenges can keep the markets a bit subdued in the near term but the government s focus on structural reforms should bode well for the medium term in our view. Source: JPMorgan Research, Citigroup Research Debt review Month of February was yet another month of lower headline inflation. This month saw tightening in liquidity due to rise in currency in circulation and tight government expenditure which saw overnight rates hovering above repo rate which is 7.75 by 25 bps. It was also a month of the most awaited Union Budget for the fiscal year Economic releases during the month were as follows: Union Budget: The government has budgeted FY2016 GFD-to-GDP ratio at 3.9% (central government only), modestly lower than 4.1% in FY2015, but higher than the street's expectations of 3.6%. The improvement over FY2015, despite a 26% increase in capital expenditure, reflects additional revenues from higher excise duty on diesel and gasoline and savings on fuel subsidies due to lower crude prices. The government has budgeted overall taxation revenues to increase 16%, led by a 24% increase in excise duty revenues The government has implemented the recommendations of the Fourteenth Finance Commission (FFC), which entail 42% of the divisible pool of gross taxation revenues for states (32% earlier). Thus, the central government's net taxation revenues are flat yoy due to its lower share in central taxes. Accordingly, it has reduced its share of expenditure in central plan schemes, which results in a 6% increase in overall expenditure and 1% decline in plan expenditure for FY2016BE (budget estimates) versus FY2015RE (revised estimates) figures. The FY2016 budget has several positive taxation proposals that will be implemented over the next few years. (1) The decision to cut corporate income tax (basic rate) to 25% from the current rate of 30% over four years and remove all exemptions is a move towards a simplified direct taxation regime. (2) The introduction of GST from FY2017 will simplify the indirect taxation regime. (3) The government's decision to introduce a bill to tackle black money will help improve India's tax-to-gdp ratio over time. (4) It has deferred the implementation of General Anti-Avoidance Rules (GAAR) to April 1, 2017, and simplified other taxation issues for foreign portfolio investors. Responding to the positive budget, on the morning of 4th march 2015, RBI surprised the markets with a rate cut of 25 bps, predominantly based on the union budget outcomes. Tone of the policy communique was cautionary on the near-term risks. The rate cut was based on (1) front-loaded easing bias and (2) intent in the budget to compensate delay in consolidation with quality. We believe that room for further rate cuts will be limited if the RBI considers the qualitative and quantitative conditions it has outlined for policy direction. We expect the RBI to do bps repo rate cut in We expect real GDP growth to pick up gradually. Inflation January 2015: Jan CPI as per the new base came in at 5.1% (~40bps lower than expectations) vs 5% in Dec based on the old series. The core CPI was significantly lower at 3.9% reflecting a relatively stronger disinflationary trend in the economy. WPI also surprised positively coming in at -0.4% vs expectations of a 0.1%-0.2% print although the food component did see a rise from 5.2% to 8% due to an uptick in prices of pulses and vegetables. Strong disinflationary forces will continue to govern the headline CPI and trend lower. Growth: New GDP series was a surprise welcome with FY15 estimate pegged at 7.4% vs. 6.9% in FY14. Although the trends in credit growth, Industrial production and other growth indicators do not point in the same way. Supportive Fiscal stimulus towards capital expenditure will be positive for India going forward, although execution remains a concern. Amidst all this, Dec IIP moderated to 1.7% from 3.9% the previous month with slower growth across mining, manufacturing and electricity sectors. Incrementally fundamentals are getting better with inflation trajectory trending downward and structural improvement in twin deficits i.e. Fiscal and Current account deficit. RBI is currently monitoring the sustainability of downward inflation trajectory and would like to see positive real deposit rates in the economy for investment revival. Source: RBI, CITI, Kotak

3 JPMorgan India Equity Holdings as on 28 February 2015 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Infosys Ltd Larsen & Toubro Ltd Axis Bank Ltd HDFC Ltd Maruti Suzuki India Ltd State Bank of India 3.38 Tata Motors Ltd Ultratech Cement Ltd IndusInd Bank Ltd Tata Consultancy Services Ltd Kotak Mahindra Bank Ltd Shriram Transport Finance Company Ltd Eicher Motors Ltd Sun Pharmaceuticals Industries Ltd Lupin Ltd Bharat Forge Ltd Kansai Nerolac Paints Ltd Blue Dart Express Ltd Motherson Sumi Systems Ltd Sadbhav Engineering Ltd Ashok Leyland Ltd Fag Bearings India Ltd Dalmia Bharat Ltd Cummins India Ltd Solar Industries India Ltd HCL Technologies Ltd Reliance Industries Ltd VA Tech Wabag Ltd Oil & Natural Gas Corporation Ltd JK Cement Ltd Tech Mahindra Ltd Havells India Ltd Divi's Laboratories Ltd Alstom T&D India Ltd Thermax Ltd GlaxoSmithKline Consumer Healthcare Ltd Voltas Ltd Bank of Baroda 0.87 Astra Microwave Products Ltd Info Edge (India) Ltd CRISIL Ltd IDFC Ltd ITC Ltd Gayatri Projects Ltd Punjab National Bank 0.39 Gujarat Pipavav Port Ltd Equity Holdings Total Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 0.81 Net Receivables / (Payables) 1.42 Total 2.23 Dividend history Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option 22-Aug Feb Regular Plan Dividend Option 20-Dec Aug Feb After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Active positive bets Total stocks in portfolio 48 Top 15 stocks 20.6% Total portfolio 48.4% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard Deviation (%) 7.11 Beta 0.89 Sharpe Ratio 1.47 Portfolio Turnover Ratio* 0.82 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity) Risk free rate of return (repo) 7.75% *Last 12 As on February 28, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.56% Direct Plan~ 1.44% ~Does not include Service Tax on Investment Management fees. % of total portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 26% 86.3% Liquidity measures 4.7% < `6k Crs - `18k Crs 11% <`6k Crs 8% No. of days >`90k Crs 55% Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Sector Oil & Gas ^Others Consumer Cement Pharma Technology Auto *Industrials/Infra Portfolio analysis: Sector-wise Financials 2.2% 4.3% 4.6% 5.6% 5.7% 11.1% 12.6% 16.0% 4.2% 4.8% 0% 5% 10% 15% 20% 25% 30% 35% 40% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes chemicals, fertilisers and transportation. >3 35.7% JPMorgan India Equity Regular Plan - 14 June 2007 Direct Plan - 1 January 2013 An open-ended equity growth scheme The investment objective of the Scheme is to generate income and long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives. However, there can be no assurance that the investment objective of the Scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 7 years, 7 months Amit Gadgil 7 years, 7 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE-200 Index# Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs Crore Long Term Capital Growth Investments premdominantly in equity and equity related securities. High Risk. (BROWN)

4 JPMorgan India Mid and Small Cap Holdings as on 28 February 2015 (in %) Equity Holdings Ashok Leyland Ltd Bharat Forge Ltd Kansai Nerolac Paints Ltd IndusInd Bank Ltd Yes Bank Ltd Eicher Motors Ltd Motherson Sumi Systems Ltd Amara Raja Batteries Ltd Britannia Industries Ltd Fag Bearings India Ltd Shree Cements Ltd The Federal Bank Ltd Divi's Laboratories Ltd Torrent Pharmaceuticals Ltd NCC Ltd WABCO India Ltd Solar Industries India Ltd Bajaj Finance Ltd City Union Bank Ltd Shriram Transport Finance Company Ltd Blue Dart Express Ltd Cummins India Ltd Havells India Ltd Texmaco Rail & Engineering Ltd 1.60 Dalmia Bharat Ltd MindTree Ltd JK Cement Ltd Ashoka Buildcon Ltd Union Bank of India 1.50 JK Lakshmi Cement Ltd Alstom T&D India Ltd Kajaria Ceramics Ltd GlaxoSmithKline Consumer Healthcare Ltd Allahabad Bank 1.36 Sadbhav Engineering Ltd CRISIL Ltd Max India Ltd Simplex Infrastructures Ltd Lakshmi Machine Works Ltd Kaveri Seed Company Ltd Motilal Oswal Financial Services Ltd Astra Microwave Products Ltd Voltas Ltd Indian Bank 1.04 Sintex Industries Ltd MBL Infrastructures Ltd J.KUMAR INFRAPROJECTS LTD TIL Ltd Persistent Systems Ltd VA Tech Wabag Ltd Thermax Ltd Action Construction Equipment Ltd Whirlpool of India Ltd Greaves Cotton Ltd Tube Investments Of India Ltd Info Edge (India) Ltd Gayatri Projects Ltd Grindwell Norton Ltd 0.84 EIH Ltd Supreme Industries Ltd Torrent Power Ltd Jain Irrigation Systems Ltd Gujarat Pipavav Port Ltd Gruh Finance Ltd Equity Holdings Total Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 1.35 Net Receivables / (Payables) 2.14 Total 3.49 Quantitative indicators Standard Deviation (%) 8.61 Beta 0.93 Sharpe Ratio 0.96 Portfolio Turnover Ratio* 0.68 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity)* Risk free rate of return (repo) 7.75% *Last 12 As on February 28, 2015 & Active positive bets Total stocks in portfolio 64 Top 15 stocks 20.2% Total portfolio 69.9% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Sector Portfolio analysis: Sector-wise Utilities Technology Pharma ^Others Cement Consumer Auto Financials *Industrials / Infra Portfolio analysis: Market cap-wise `3k Crs - `6k Crs 20.0% % of total portfolio `6k Crs - `18k Crs 38.0% 46.0% Liquidity measures < >5 No. of days Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. 0.7% 3.4% 15.6% 5.9% 10.4% 23.1% 21.1% 15.3% 0% 5% 10% 15% 20% 25% 30% 35% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes chemicals, fertilisers and transportation. Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.56% Direct Plan~ 1.10% ~Does not include Service Tax on Investment Management fees. Long term capital growth Investments premdominantly in equity and equity related securities focused on smaller companies (generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)^ High Risk. (BROWN) *Investores should consult their financial advisers if in doubt about whether the product is suitable for them. ^The Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. 4.1% <`3k Crs 11.0% 6.7% 13.3% >`18k Crs 31.0% 30.7% JPMorgan India Mid and Small Cap Regular Plan - 26 December 2007 Direct Plan - 1 January 2013 An open ended equity growth scheme The investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 7 years, 1 month Amit Gadgil 7 years, 1 month Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark CNX Mid Cap Index### Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs crore

5 JPMorgan India Tax Advantage Holdings as on 28 February 2015 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Infosys Ltd Larsen & Toubro Ltd Axis Bank Ltd HDFC Ltd Maruti Suzuki India Ltd Tata Motors Ltd Ultratech Cement Ltd State Bank of India 2.88 Tata Consultancy Services Ltd Eicher Motors Ltd IndusInd Bank Ltd Kotak Mahindra Bank Ltd Shriram Transport Finance Company Ltd Sun Pharmaceuticals Industries Ltd Lupin Ltd Kansai Nerolac Paints Ltd Bharat Forge Ltd Motherson Sumi Systems Ltd Blue Dart Express Ltd Ashok Leyland Ltd VA Tech Wabag Ltd Sadbhav Engineering Ltd Fag Bearings India Ltd Dalmia Bharat Ltd Cummins India Ltd Divi's Laboratories Ltd Solar Industries India Ltd HCL Technologies Ltd Gayatri Projects Ltd Voltas Ltd Havells India Ltd Oil & Natural Gas Corporation Ltd Tech Mahindra Ltd Whirlpool of India Ltd JK Cement Ltd Alstom T&D India Ltd GlaxoSmithKline Consumer Healthcare Ltd Thermax Ltd Reliance Industries Ltd Astra Microwave Products Ltd Info Edge (India) Ltd Bank of Baroda 0.60 CRISIL Ltd IDFC Ltd ITC Ltd Punjab National Bank 0.31 Gujarat Pipavav Port Ltd Equity Holdings Total Non-Convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04 Non-Convertible Debentures Total 0.04 Debt Holdings Total 0.04 CBLO / Repo 0.19 Net Receivables / (Payables) 2.03 Total 2.22 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.70% Direct Plan~ 1.64% ~Does not include Service Tax on Investment Management fees. Active positive bets Total stocks in portfolio 49 Top 15 stocks 20.0% Total portfolio 49.1% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard deviation (%) 5.17 Beta 0.71 Sharpe ratio 3.95 Portfolio turnover ratio* 0.82 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)* Risk free rate of return (repo) 7.75% *Last 12 As on February 28, 2015 Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 12.0% `18k Crs - `90k Crs 25.0% Dividend History <`6k Crs 9.0% >`90k Crs 54.0% Record date Rate CUM (Re/unit) dividend NAV Direct Plan Dividend Option Direct Plan Dividend Option 01-Jul Nov Mar Regular Plan Dividend Option 15-Dec Jan Jul Nov Mar After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Sector Oil & Gas ^Others Cement Consumer Pharma Technology Auto *Industrials/Infra Portfolio analysis: Sector-wise Financials 1.9% 4.1% 5.3% 5.5% 5.8% 10.8% 13.5% 0% 5% 10% 15% 16.6% 20% % of portfolio 25% 30% 35% *Includes industrial capital goods / diversified / construction / industrial products. ^Includes transportation. 34.2% JPMorgan India Tax Advantage Regular Plan - 27 January 09 Direct Plan - 1 January 2013 An open ended equity linked savings scheme The investment objective of the Scheme is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities. However, there can be no assurance that the investment objective of the Scheme will be realized, as actual market movements may be at variance with anticipated trends. managers: Equity Harshad Patwardhan & Karan Sikka (years) Harshad Patwardhan 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan 6 years Karan Sikka 3 years, 4 months Rs 500 per application and in multiples of Rs 500 thereafter Rs 500 per application and in multiples of Rs 500 thereafter Exit load - Nil Exit load (SIP) - Nil Benchmark S&P BSE-200 Index# Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs crore Long Term Capital Growth Investments premdominantly in equity and equity related securities. High Risk. (BROWN)

6 JPMorgan India Top 100 Holdings as on 28 February 2015 (in %) Equity Holdings HDFC Bank Ltd ICICI Bank Ltd Infosys Ltd Axis Bank Ltd Larsen & Toubro Ltd HDFC Ltd State Bank of India 4.26 Tata Motors Ltd Maruti Suzuki India Ltd Shree Cements Ltd Kotak Mahindra Bank Ltd Tata Consultancy Services Ltd Sun Pharmaceuticals Industries Ltd Ultratech Cement Ltd Shriram Transport Finance Company Ltd Bharat Forge Ltd Bosch Ltd Cummins India Ltd Asian Paints Ltd Lupin Ltd Eicher Motors Ltd Tech Mahindra Ltd Motherson Sumi Systems Ltd HCL Technologies Ltd Oil & Natural Gas Corporation Ltd Reliance Industries Ltd Titan Company Ltd GlaxoSmithKline Consumer Healthcare Ltd Bharat Electronics Ltd IDFC Ltd Bank of Baroda 0.79 ABB India Ltd Divi's Laboratories Ltd Adani Ports & Special Economic Zone Ltd ITC Ltd Equity Holdings Total CBLO / Repo 2.13 Net Receivables / (Payables) 0.97 Total 3.10 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.61% Direct Plan~ 1.30% ~Does not include Service Tax on Investment Management fees. & Active positive bets Total stocks in portfolio 35 Top 15 stocks 24.8% Total portfolio 41.2% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 100 Index). Source: BSE, Bloomberg. & Active bets are estimated. Sector Portfolio analysis: Sector-wise ^Others Oil & Gas Consumer Pharma Cement *Industrials/Infra Portfolio analysis: Market cap-wise `60k Crs - `150k Crs 27.0% % of total portfolio Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Technology Auto Financials Quantitative indicators Standard deviation (%) 3.07 Beta 0.98 Sharpe ratio Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 7.75% ^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been As on February 28, 2015 Liquidity measures 96.7% <1 1-2 No. of days 0.7% 2.4% 4.4% 5.8% 5.9% 12.3% 12.8% 14.3% >`150k Crs 52.0% 3.3% <`60k Crs 21.0% 38.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. ^Includes transportation. JPMorgan India Top June 2014 An open-ended equity growth scheme The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the top 100 companies, by market capitalisation, listed in India. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 11 Experience managing the scheme Harshad Patwardhan 9 months Amit Gadgil 9 months Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE 100 Index## Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs crore Long term capital growth Investment in equity and equity-related securities of the top 100 largest companies, by market capitalization, listed in india. High Risk. (BROWN) *Investores should consult their financial advisers if in doubt about whether the product is suitable for them.

7 ** JPMorgan India Equity Income Holdings as on 28 February 2015 (in %) Equity Holdings % to % to NAV NAV Derivatives UnHedge Positions ICICI Bank Ltd HDFC Ltd Infosys Ltd Axis Bank Ltd HDFC Bank Ltd Maruti Suzuki India Ltd State Bank of India 1.36 Tata Motors Ltd Larsen & Toubro Ltd ITC Ltd Asian Paints Ltd Tata Consultancy Services Ltd Reliance Industries Ltd IndusInd Bank Ltd Shree Cements Ltd Kotak Mahindra Bank Ltd Ultratech Cement Ltd Sun Pharmaceuticals Industries Ltd HCL Technologies Ltd Lupin Ltd Shriram Transport Finance Co. Ltd Tech Mahindra Ltd Oil & Natural Gas Corporation Ltd Bosch Ltd Cummins India Ltd Bharat Forge Ltd IDFC Ltd Eicher Motors Ltd Titan Company Ltd Motherson Sumi Systems Ltd Divi's Laboratories Ltd ABB India Ltd GSK Consumer Healthcare Ltd UnHedge Positions Total Hedge Positions IDFC Ltd IDFC Ltd.- FUTURES (4.11) HDFC Bank Ltd HDFC Bank Ltd.- FUTURES (3.84) State Bank of India 3.50 State Bank of India- FUTURES (3.53) ICICI Bank Ltd ICICI Bank Ltd.- FUTURES (3.35) Reliance Industries Ltd Reliance Industries Ltd.- FUTURES (3.16) Axis Bank Ltd Axis Bank Ltd.- FUTURES (3.15) Lupin Ltd Lupin Ltd.- FUTURES (3.12) Maruti Suzuki India Ltd Maruti Suzuki India Ltd.- FUTURES (2.81) IndusInd Bank Ltd IndusInd Bank Ltd.- FUTURES (2.46) Aurobindo Pharma Ltd Aurobindo Pharma Ltd.- FUTURES (2.07) JSW Steel Ltd JSW Steel Ltd.- FUTURES (1.61) Tata Steel Ltd Tata Steel Ltd.- FUTURES (1.40) Oil & Natural Gas Corporation Ltd Oil & Natural Gas Corporation Ltd.- FUTURES (1.32) Grasim Industries Ltd Grasim Industries Ltd.- FUTURES (1.32) Titan Company Ltd Titan Company Ltd.- FUTURES (1.16) Indian Oil Corporation Ltd Indian Oil Corporation Ltd.- FUTURES (0.45) Punjab National Bank 0.28 Punjab National Bank- FUTURES (0.28) Hedge Positions Total (39.15) Equity Holdings Total (39.15) Margin Deposit Canara Bank UNRATED 3.56 Corporation Bank UNRATED 1.92 Margin Deposit Total 5.48 Non-Convertible Debentures Sintex Industries Ltd. CARE AA 9.72 Welspun Corp Ltd. CARE AA JK Cement Ltd. BRICKWORKS AA Tata Power Company Ltd. CARE AA 0.41 Non-Convertible Debentures Total Debt Holdings Total Shriram Transport Finance Company Ltd. CRISIL AA 6.83 Money Market Bonds Total 6.83 Money Market Instruments Total 6.83 CBLO / Repo 0.02 Net Receivables/(Payables) 0.19 Total 0.21 ^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been As on February 28, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 1.50% Direct Plan~ 0.85% ~Does not include Service Tax on Investment Management fees. Oil & Gas Pharma Cement *Industrials/Infra Sector Consumer Auto Technology Financials Quantitative indicators Standard deviation (%) 1.23 Beta 0.47 Sharpe ratio Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 7.75% & Active positive bets Total stocks in portfolio 33 Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Portfolio analysis: Market cap-wise `18k Crs - `90k Crs 26.0% % of total portfolio Liquidity measures 100% Portfolio analysis: Sector-wise 1.2% 1.3% 1.5% 2.0% 2.7% 3.5% 4.0% 0% 4% 8% % of portfolio >`90k Crs 74.0% 0.0% <1 1-2 No. of days 11.6% 12% *Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. # JPMorgan India Equity Income 13 October 2014 An open-ended equity scheme The investment objective of the scheme is to provide capital appreciaton and income distrubution to the investors by using equity and e q u i t y r e l a t e d i n s t r u m e n t s, a r b i t r a g e opportunities, and investments in debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns. managers: Equity Amit Gadgil & Karan Sikka (years) Amit Gadgil 11 Karan Sikka 7 Experience managing the scheme Amit Gadgil 5 months Karan Sikka 5 months managers: Debt & Ravi Ratanpal (years) 13 Ravi Ratanpal 10 Experience managing the scheme 5 months Ravi Ratanpal 5 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark 70% of CRISIL Liquid Index and 30% in CNX Nifty Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Bonus Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Bonus Option Rs Crore Income distribution by investing in debt and money market instrument and arbitrage opportunities. Long term capital appreciation by using equity and equity related instruments. Medium Risk (YELLOW) ** Please note that the name of JPMorgan India Equity Savings has been changed to JPMorgan India Equity Income with effect from 14th November 2014.

8 JPMorgan India Economic Resurgence Holdings as on 28 February 2015 (in %) Equity Holdings HDFC Bank Ltd Larsen & Toubro Ltd HDFC Ltd ICICI Bank Ltd State Bank of India 4.14 Axis Bank Ltd Maruti Suzuki India Ltd Bharat Forge Ltd Cummins India Ltd Ultratech Cement Ltd Bosch Ltd Shree Cements Ltd Fag Bearings India Ltd Yes Bank Ltd Shriram Transport Finance Company Ltd NCC Ltd Kotak Mahindra Bank Ltd J.KUMAR INFRAPROJECTS LTD Sadbhav Engineering Ltd Kajaria Ceramics Ltd Alstom T&D India Ltd JK Cement Ltd Ashok Leyland Ltd Grindwell Norton Ltd 1.69 IndusInd Bank Ltd Amara Raja Batteries Ltd Motherson Sumi Systems Ltd Eicher Motors Ltd Dalmia Bharat Ltd Whirlpool of India Ltd Bank of Baroda 1.55 Kansai Nerolac Paints Ltd Solar Industries India Ltd WABCO India Ltd Voltas Ltd Thermax Ltd Texmaco Rail & Engineering Ltd 0.97 Astra Microwave Products Ltd VA Tech Wabag Ltd IDFC Ltd Action Construction Equipment Ltd TIL Ltd Equity Holdings Equity Holdings Total CBLO / Repo 5.65 Net Receivables/(Payables) (1.43) Total 4.22 ^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been As on February 28, 2015 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.70% Direct Plan~ 1.01% ~Does not include Service Tax on Investment Management fees. Sector Others Consumer Cement Auto *Industrials/Infra Portfolio analysis: Sector-wise Financials Quantitative indicators Standard deviation (%) - Beta - Sharpe ratio - Portfolio turnover ratio^ - (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio turnover ratio (Equity)^ Risk free rate of return (repo) 7.75% & Active positive bets Total stocks in portfolio 42 Top 15 stocks 29.1% Total portfolio 63.0% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 200). Source: BSE, Bloomberg. & Active bets are estimated. Portfolio analysis: Market cap-wise `6k Crs - `18k Crs 15.0% `18k Crs - `90k Crs 27.0% % of total portfolio % Liquidity measures 2.3% 3.1% 8.2% 0% 5% 10% 13.6% % of portfolio <`6k Crs 17.0% >`90k Crs 41.0% 6.9% 5.4% < >3 No. of days 30.7% 15% 20% 25% 30% 35% 40% *Includes industrial capital goods / diversified / construction / industrial products. The above chart represents the unhedged equity positions only. 37.9% JPMorgan India Economic Resurgence 3 February 2015 An open-ended equity scheme The primary investment objective of the scheme is to generate long term capital appreciation, from a diversified portfolio that is substantially constituted of equity and equity related securities of companies with focus on riding economic cycles through dynamic allocation between various sectors and stocks at different stages of economic activity. However, there can be no assurance that the investment objective of the scheme will be realised. managers Harshad Patwardhan & Karan Sikka (years) Harshad Patwardhan 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan Less than 1 month Karan Sikka Less than 1 month Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE 200 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Rs Crore Long-term capital growth. Investment in equity and equity-related securities of companies with a focus on riding economic cycles through dynamic allocation between various sectors and stocks at different stages of economic activity. High Risk (BROWN)

9 JPMorgan Greater China Equity Off-shore Details of JPMorgan Greater China Equity Off-shore Holding as on 28 February 2015 International Mutual Units JPMorgan s - Greater China % International Mutual Units Total % CBLO / Repo 0.71% Net Receivables (Payable) (1.19%) Total 0.48% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Greater China Equity JPMorgan s - Greater China Offshore (underlying fund) Regular Plan~ 1.70% 1.00% Direct Plan~ 0.73% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - Greater China (underlying fund) Equity holding Weight (%) Taiwan Semiconductor (Information Technology) 7.8 Tencent (Information Technology) 7.2 AIA (Financials) 4.8 China Construction Bank (Financials) 4.7 Cheung Kong (Financials) 4.1 Ping An Insurance (Financials) 3.9 China Pacific Insurance (Financials) 3.0 China Minsheng Bank (Financials) 3.0 China Merchants Bank (Financials) 2.5 Agricultural Bank of China (Financials) 2.4 Total 43.4 Statistical analysis as on 31 January years 5 years Correlation Alpha Beta Geographical breakdown as on 31 January 2015 Country China 57.0% Taiwan 24.8% Hong Kong 17.8% Cash 0.4% Total 100.0% 10 largest holdings as on 31 January 2015 Sector breakdown as on 31 January 2015 Sector Financials 42.5% Information Technology 28.4% Industrials 5.6% Telecommunication Services 5.5% Health Care 4.2% Consumer Discretionary 3.8% Utilities 3.4% Energy 3.0% Consumer Staples 2.2% Materials 1.0% Cash 0.4% Total 100.0% Quarterly Outlook: We remain overweight modestlyvalued Chinasensitive financials in all three markets, alongside our secular core bets in alternative energy, Chinese healthcare and internet services. JPMorgan Greater China Equity Off-shore Regular Plan - 26 August 2009 Direct Plan - 1 January 2013 An open ended fund of funds scheme The primary investment objective of the Scheme is to provide long term capital appreciation by investing in JPMorgan s - Greater China Equity, an equity fund which invests primarily in a diversified portfolio of companies incorporated or which have their registered office located in, or derive the predominant part of their economic activity from, a country in the Greater China region. manager 13 years Experience managing the scheme 5 yrs, 5 mnths. Rs 10,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Golden Dragon Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Long Term Capital Growth Investment in JPMorgan s Greater China, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region High Risk. (BROWN)

10 JPMorgan ASEAN Equity Off-shore Details of JPMorgan ASEAN Equity Off-shore Holding as on 28 February 2015 International Mutual Units JPMorgan s - ASEAN Equity % International Mutual Units Total % CBLO / Repo 0.95% Net Receivables / (Payables) (1.36%) Total (0.41%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan ASEAN Equity Off-shore ASEAN Equity (underlying fund) Regular Plan~ 1.75% 0.95% Direct Plan~ 0.70% 0.95% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - ASEAN Equity (underlying fund) 10 largest holdings as on 31 January 2015 Equity holding Weight (%) DBS (Financials) 5.6% Singapore Telecommunications (Telecommunication Services) 4.7% United Overseas Bank (Financials) 4.1% Oversea-Chinese Banking (Financials) 4.0% Bank Central Asia (Financials) 3.7% Kasikornbank (Financials) 3.3% PTT (Energy) 3.3% Airports of Thailand (Industrials) 2.5% Tenaga Nasional (Utilities) 2.4% Telekomunikasi Indonesia (Telecommunication Services) 2.0% Total 35.6% Geographical breakdown as on 31 January 2015 Country Singapore 28.9% Thailand 22.5% Indonesia 19.6% Malaysia 13.8% Philippines 9.0% Vietnam 1.0% Hong Kong 0.8% Cash 4.4% Total 100.0% Statistical analysis as on 31 January years 5 years Correlation Alpha Beta Sector breakdown as on 31 January 2015 Sector Financials 46.6% Industrials 14.5% Telecommunication Services 11.0% Consumer Discretionary 7.3% Consumer Staples 5.5% Energy 4.5% Utilities 3.4% Health Care 2.1% Materials 0.7% Information Technology 0.0% Cash 4.4% Total 100.0% Quarterly Outlook: The sudden oil price collapse will be negative for net oil exporters like Malaysia, but positive for countries like the Philippines, Thailand and Indonesia. Earnings are likely to remain lacklustre in early 2015, but should improve in the second half of the year as the benefits of a lower oil price and increased government spending start to kickin in Indonesia and Thailand. We remain overweight Thailand, and prefer banks and tourismrelated plays. JPMorgan ASEAN Equity Off-shore Regular Plan - 1 July 2011 Direct Plan - 1 January 2013 An Open-ended of s Scheme The primary investment objective of the Scheme is to provide long term capital growth by investing predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN). However, there can be no assurance that the investment objective of the Scheme will be realized. manager 13 years Experience managing the scheme 3 years, 7 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI South East Asia Index Regular Plan - Growth Option Direct Plan - Growth Option in future. Rs crore Long Term Capital Growth Investments predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations High Risk. (BROWN)

11 JPMorgan US Value Equity Off-shore Details of JPMorgan US Value Equity Off-shore Holding as on 28 February 2015 International Mutual Units JPMorgan s - US Value % International Mutual Units Total % CBLO / Repo 0.54% Net Receivables / (Payables) (2.78%) Total (2.24%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan US Value Equity Off-shore US Value Equity (underlying fund) Regular Plan~ 1.85% 0.85% Direct Plan~ 0.90% 0.85% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan s - US Value Equity (underlying fund) 10 largest holdings as on 31 January 2015 Equity holding Weight (%) Wells Fargo (Financials) 4.0% Exxon Mobil (Energy) 3.3% Johnson & Johnson (Health Care) 2.7% Pfizer (Health Care) 2.6% Merck & Co. (Health Care) 2.0% Chevron (Energy) 2.0% Bank of America (Financials) 2.0% Procter & Gamble (Consumer Staples) 2.0% Capital One (Financials) 1.9% DISH Network (Consumer Discretionary) 1.8% Total 24.3% Statistical analysis as on 31 January years 5 years E Correlation E Alpha E Beta Sector breakdown as on 31 January 2015 Sector Financials 32.5% Consumer Discretionary 15.7% Health Care 10.8% Energy 10.1% Industrials 6.9% Information Technology 6.7% Consumer Staples 6.1% Utilities 5.5% Materials 4.4% Telecommunication Services 1.3% Total 100.0% JPMorgan US Value Equity Off-shore 7 August, 2013 An Open-ended of s Scheme To provide longterm capital growth by investing primarily in a value style biased portfolio of US companies. manager 13 years Experience managing the scheme 1 yr, 6 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund Russell 1000 Value Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Quarterly Outlook: Heading into the sixth year of an economic expansion, our outlook remains constructive. At times, investors get caught out by measuring market advances in calendar years and not in terms of where we are in the economic cycle. There remains considerable underinvestment in the US economy as both residential and commercial construction as a percentage of GDP remains below longterm averages. While there will be bumps in the road, we expect US equity markets to continue their upward trend. E The time difference between NAV calculation and the US market can distort this figure. All equity indices stated as Net are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. Long Term Capital Growth Investments in equity and equity-related securities of US companies High Risk. (BROWN)

12 JPMorgan Europe Dynamic Equity Off-shore Details of JPMorgan Europe Dynamic Equity Offshore Holding as on 28 February 2015 International Mutual Units JPMorgan Europe Dynamic Equity Offshore % International Mutual Units Total % CBLO / Repo 1.82% Net Receivables / (Payables) (2.26%) Total (0.44%) Total expense ratio (year-to-date ratio to average AUM) JPMorgan Europe Dynamic Equity Offshore Europe Dynamic Equity (underlying fund) Regular Plan~ 1.64% 1.00% Direct Plan~ 0.69% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan Europe Dynamic Equity Offshore 10 largest holdings as on 31 January 2015 Equity holding Weight (%) Delhaize (Consumer Staples) 2.8% Novartis (Health Care) 2.4% BT (Telecommunication Services) 2.3% Continental (Consumer Discretionary) 2.2% Allianz (Financials) 2.2% Telefonica (Telecommunication Services) 2.1% Orange (Telecommunication Services) 2.0% Ryanair (Industrials) 2.0% International Consolidated Airlines (Industrials) 2.0% Royal Dutch Shell (Energy) 1.9% Total 21.9% Geographical breakdown as on 31 January 2015 Country United Kingdom 27.3% Germany 18.5% France 9.9% Netherlands 7.7% Switzerland 7.2% Spain 5.6% Denmark 4.2% Belgium 4.2% Ireland 3.6% Others 7.3% Cash 4.5% Total 100.0% Statistical analysis as on 31 January years 5 years Correlation Alpha Beta Sector breakdown as on 31 January 2015 Sector Financials 21.3% Consumer Discretionary 12.5% Consumer Staples 11.7% Materials 11.5% Industrials 11.1% Health Care 8.8% Telecommunication Services 8.5% Information Technology 7.7% Energy 1.9% Utilities 0.5% Cash 4.5% Total 100.0% JPMorgan Europe Dynamic Equity Offshore 7 February, 2014 An Open-ended of s Scheme To provide long term capital growth by investing predominantly in the JPMorgan s - Europe Dynamic, an equity fund which invests primarily in an aggressively managed portfolio of European companies. manager 13 years Experience managing the scheme 1 yr, 1 month Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Europe Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Outlook: The European Central Bank's commitment to balance sheet expansion and the weakness of the euro should boost confidence. In addition, European corporate earnings are expected to grow further this year. Long-term Capital Growth Investments in equity and equity-related securities of European companies High Risk. (BROWN)

13 JPMorgan Emerging Markets Opportunities Equity Off-shore Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Holding as on 28 February 2015 International Mutual Units JPMorgan Emerging Markets Opportunities Equity Offshore 99.17% International Mutual Units Total 99.17% CBLO / Repo 1.33% Net Receivables / (Payables) (0.50%) Total 0.83% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities Equity Off-shore Equity Off-shore (underlying fund) Regular Plan~ 1.60% 1.10% Direct Plan~ 0.95% 1.10% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees. Details of JPMorgan Emerging Markets Opportunities Equity Off-shore 10 largest holdings as on 31 January 2015 Equity holding Weight (%) Tencent (Information Technology) 3.1% Infosys Technologies (Information Technology) 3.0% MediaTek (Information Technology) 2.8% Taiwan Semiconductor (Information Technology) 2.8% Turkiye Halk Bankasi (Financials) 2.6% Samsung Fire & Marine Insurance (Financials) 2.6% Samsung Electronics (Information Technology) 2.6% Mr Price (Consumer Discretionary) 2.0% China Merchants Bank (Financials) 2.0% Siliconware Precision Industries (Information Technology) 2.0% Total 25.5% Geographical breakdown as on 31 January 2015 Country China 25.0% South Korea 16.8% Taiwan 13.2% Brazil 9.9% India 7.7% South Africa 6.7% Turkey 4.3% Russia 4.0% Thailand 3.9% Others 7.9% Cash 0.6% Total 100.0% Statistical analysis as on 31 January years 5 years Correlation Alpha Beta Sector breakdown as on 31 January 2015 Sector Information Technology 26.9% Consumer Discretionary 22.2% Financials 21.8% Consumer Staples 5.7% Materials 5.4% Industrials 5.3% Telecommunication Services 4.7% Energy 4.4% Utilities 2.5% Health Care 0.5% Cash 0.6% Total 100.0% Outlook: We do not expect EM stocks to enter a new secular bull phase or offer sustained outperformance until there is evidence of a turn in the underlying fundamentals. That evidence is in short supply, but this does not alter the compelling longterm story of EM growth that will be driven by the rise of the EM consumer and the emergence of important global brands from previouslyunexpected EM domiciles. Investors seeking exposure to these secular themes might wish to take advantage of relatively attractive valuations by adding to EM equities on pullbacks, such as the one currently underway, below 1.5x book value. JPMorgan Emerging Markets Opportunities Equity Off-shore 7 July, 2014 An Open-ended of s Scheme The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan s - Emerging Markets Opportunities, an equity fund which invests primarily in an aggressively managed portfolio of emerging market companies. However, there can be no assurance that the investment objective of the Scheme will be realised. manager 13 years Experience managing the scheme 8 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load If redeemed within 12 months from the date of through SIP - 1%; If redeemed after 12 months from the date of through SIP - Nil Exit load (SIP) If redeemed within 12 months from the date of allotment of Units of each installment of SIP purchase 1%; If redeemed after 12 months from the date of allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Emerging Market Index Regular Plan - Growth Option Direct Plan - Growth Option Rs crore Long-term Capital Growth Investments predominantly in JPMorgan s - Emerging Markets Opportunities s, an equity oriented fund which invest primarily in an aggressively managed portfolio of emerging market companies. High Risk. (BROWN)