Fund Facts. March, 2012
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1 Fund Facts March, 2012
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3 Equity and debt review Equity review Indian equities declined in March with Sensex closing down almost 2% and broader BSE200 by about 1.5%. CNX Midcap index however closed flat. For the quarter ending March 2012 as a whole, Sensex gained 12.6%, BSE % while CNX Midcap index shot up by 26.2%. The monthly IIP cycle switched directions once more as the January IIP came in at 6.8% vs the 1.8% print in December. Consensus estimate of 2.1% was at a fair distance. This positive surprise was led by a 93% rise in food products, while contraction in Capital Goods remained a worry. The Economic Survey also released last month, pegged the FY13 GDP estimate at 7.6% (consensus 7%) and FY14 at 8.6%. Feb WPI inflation climbed up to 6.95% (vs 6.6% in Jan) after seeing a declining trend in the last 4 months. This hurt market sentiments and any expectations of an early rate cut. However, all was not gloomy as the core inflation was reported at 5.7% versus the previous number of 6.7%. The Feb CPI came in at 8.8% led by a rise in food prices this was higher than both its WPI counterpart as well as the previous print of 7.6%. In light of the tight liquidity situation prevailing in the market, the RBI cut CRR by 75bps to 4.75% ahead of its scheduled policy meet. This was done to address the timing issue on account of the fortnightly reporting cycle and brought some relief to the market. The rates however were left unchanged in the policy meet, but the RBI stance turned from dovish to hawkish. Expectations are now pegged on a 25-50bps rate cut in the Apr 17 policy, but overall optimism on the pace and quantum of monetary easing has diminished post the Mar meet. The rupee lost out on some of its YTD gains in Mar, depreciating 4% to trade at 51 levels. The rise in crude prices, a slowdown in the FII inflows and fiscal year-end adjustments would also have added to the selling pressure. The eagerly watched state election results came out as a negative surprise as far as the incumbent central government was concerned. The result in the largest state of UP saw the regional party (SP) winning by a majority contrary to the market expectations of a coalition with the Congress, which could have potentially shaped the structure of the central government in the days to come and reform moves thereafter. Congress party also faced a big setback in the state of Punjab where the ruling Akali Dal- BJP combine won despite antiincumbency disadvantage. The FM's speech did little to cheer the overall sentiment with the 5.1% FY13 fiscal deficit target being seen as optimistic. While sectors like Infra, Utilities & Materials saw some steps being taken, the overall measures did not live upto expectations. Additions included the increases in service tax and excise duty and the expansion in the ambit of the service tax net. The Rail Budget revealed challenges facing the govt on the legislative front when coalition partners forced a partial roll-back of proposed fare hike. Following a mention in the FM's speech, the General Anti-Avoidance Rules caught the market's attention and continued to be an overhang for the rest of the month and perhaps beyond. Capital market deals continued to notch up the ranks in March with deals amounting to a total of $3.5bn taking place this month. Among the standout deals by size were the govt's 5% stake sale in ONGC ($2.6bn). FIIs slowed down on their YTD buying in Mar but their net buying still totaled an impressive $1.7bn. YTD, buying in 2012 has aggregated to $9.1bn for FIIs. DIIs continued to be on the other side of the trade they sold to the tune of $698mn in Mar which took their YTD selling to $4.5bn. Within the DIIs, Insurance companies were again the bigger sellers in Mar, offloading $416mn in the equity markets while Mutual Funds sold close to $282mn. With the big events of state elections and budget out of the way, the focus will now shift to corporate performance. In the meantime, the expectations of government delivering on policy initiatives are rather low, reflected in valuations at below long term trading average. While interest rates' starting to go down is a positive for equities; it is difficult to see how this will offset considerable negatives such as high oil prices, policy paralysis, weakening currency and continued slowdown in corporate investments. Our portfolios are focused more on the consumption theme. Debt review The month of March stood as the most important month of the financial year with respect to economic releases along with the Union budget for FY13. The inflation trajectory continued to be under 7.0% levels, with IIP continuing to be volatile. RBI's actions to counter attack liquidity deficit and Union budget for FY13 were the main highlights for the month of March Banking system liquidity continued to hover closer to (-) 2% of NDTL over the last month, above the RBI's comfort zone of +/ (-) 1% of NDTL mainly due to huge RBI FX intervention and other structural factors. In a bid to pre-empt further tightening of liquidity conditions ahead of the advance tax payments, RBI cut the CRR by 75bps to 4.75% post market hours on Friday, March 9. Despite CRR cut of 75bps liquidity continued to remain above RBI's comfort zone throughout March-12. Economic releases during the month were as follows: RBI's monetary policy: RBI kept the policy rates unchanged (repo at 8.5%; reverse repo at 7.5% and CRR at 4.75%). The recent inter-meeting 75bp cut in the CRR coupled with the deceleration in 'non-food manufactured product' inflation, there was a small chance of the RBI taking the step on the rate front. RBI has clearly acknowledged the deceleration in growth as reflected in the 6.1% 3QFY12 GDP print, the lowest in three years, it appears to be more concerned on the upside risk to inflation. RBI expressed concerns on inflation due to (a) higher oil prices, (b) suppressed inflation due to high subsidies on fuel, fertilizer and power, (c) currency depreciation, (d) fiscal slippages, (e) price pressures at the retail level with the new CPI at 7.7% in Jan. RBI is clear that the next rate move is lower. However, it has stated that notwithstanding the deceleration in growth, inflation risks remain, which will influence both the timing and magnitude of future rate actions. RBI's statement appears to be more hawkish, with the focus more firmly back on inflation. RBI had said that the rate decision would be contingent on fiscal consolidation and steps to incentivize investment. Union budget FY13 review: FY13 Union budget was a non-event under the Fiscal and political constraints. Budget was focused in the areas like Growth, Fiscal consolidation and Governance but lacked formation of reforms which was much needed. Budget estimated Fiscal Deficit at 5.1% of GDP which was slightly higher than the market expectations. Budget estimated: 1. Revenues: Budget estimated 19.5% growth in Gross Tax collections. However, this is achievable provided growth holds up. 2. Expenditures: Budget estimated 13.5% rise in expenditures. Subsidies (non-plan expenditure) have been estimated to contract to 12.2% vs last year. We think subsidies might overshoot due to higher oil prices and introduction of Food security bill leading to slippages in expenditure estimates. Fiscal deficit is based on nominal GDP growth of 14% (Real 7.6% and inflation 6.5%), though assumptions are realistic, one could see slippages in revenues and expenditure side. On structural reforms, budget didn't have much of a forward momentum. However, the move to a negative list on services tax and the increase in the service and excise tax rate are steps in the right direction. For capital markets, the government announced a number of measures, including tax incentives, reducing taxes on securities transactions, allowing qualified foreign investors in the domestic bond market, easier norms for listing of corporate bond offerings in exchanges. Major risk lies in Non- Plan expenditure, where in Subsidies has been estimated under 2% of GDP(historically seen above 2% of GDP). Higher oil prices and Food security bill will lead to slippages in subsidies. Unless the growth holds up its trajectory and subsidies are kept under control, we see slippages both in terms of revenue and expenditure front. Non eventful Union budget combined with hawkish monetary policy resulted to edge the bond yields higher. We think The FY13 fiscal deficit of INR 5136bn or 5.1% of GDP could overshoot target around 5.5% of GDP mainly due to the above concerns. Inflation February 2012: February inflation came in a bit higher than expected at 6.95% yoy. The rise was mainly due to primary product inflation which rose by 6.3% vs. 2.3% last month which was due to wearing off of base effect. However, manufactured inflation was down below 6.0% showing positive signs for inflation management. For the next couple of months, we can see headline inflation between 6.5% - 7.0% levels mainly due to high base effect and moderating primary articles. In the near term INR movement, commodity prices and crude oil prices is bound to play an important role. India's industrial production (IIP) January 2012: IIP continued to be volatile posting 6.8% growth vs. 2.5% last month beating the market expectations. The numbers were skewed mainly due to the growth seen in manufacturing sector, particularly attributed to a 93% rise in food products which has a wt of 7.3% in the index. Whereas other sub components; mining and electricity came at -2.7% and 3.2% respectively. To look at the numbers from a different point, on a cumulative basis during April- January, growth has slowed to 4% v/s 8.3% in the same period last year. Future development in political scenario and policy measures will be an important factor to govern IIP numbers. Government released the borrowing calendar for the 1HFY13 for dated securities with total borrowing of Rs3.7 in 1H13. This places ~65% of gross and 59% of net borrowing in the first half itself. The size of the weekly debt auction is Rs bn, and this huge debt supply is likely to weigh on the bond market. Accordingly, we expect yields on the benchmark 10-year G-Sec to edge higher and be in the range of % in coming months, with the timing of the peak dependent on the rate cut and quantum of OMO operations.
4 JPMorgan India Equity Fund Holdings as on 30 March 2012 (in %) Equity Holdings ITC 6.80 Infosys 6.71 HDFC Bank 6.20 Housing Development Finance Corporation 4.77 Reliance Industries 4.37 ICICI Bank 4.36 Larsen & Toubro 4.16 Tata Consultancy Services 3.34 Cairn India 3.18 Power Grid Corporation 2.99 ACC 2.92 Sun Pharmaceutical Industries 2.62 State Bank of India 2.55 Bosch 2.48 Wipro 2.48 Hindustan Unilever 2.46 Nestle India 2.41 Bharti Airtel 2.34 Dr. Reddy'S Laboratories 1.72 Cummins India 1.71 Infrastructure Development Finance 1.55 Divis Laboratories 1.51 Reliance Infrastructure 1.50 Sobha Developers 1.31 Indusind Bank 1.29 Asian Paints 1.28 Lupin 1.17 Bajaj Auto 1.12 Tata Steel 1.05 Sterlite Industries 1.04 Maruti Suzuki India 0.99 IPCA Laboratories 0.97 Tata Motors 0.97 Hindustan Petroleum Corporation 0.95 Jindal Steel & Power 0.94 Hindalco Industries 0.93 Ultratech Cement 0.74 Bank of Baroda 0.59 Indraprastha Gas 0.58 Coromandel International 0.50 Redington India 0.47 Glaxosmithkline Pharmaceuticals 0.46 Jaiprakash Associates 0.41 Zee Entertainment Enterprises 0.39 Yes Bank 0.39 Idea Cellular 0.37 India Cements 0.30 Mahindra & Mahindra 0.25 Mahindra & Mahindra Financial Services 0.25 Canara Bank 0.24 Equity Holdings Total Money Market Instruments Commercial Paper Sterlite Industries CRISIL A Commercial Paper Total 6.99 Money Market Instruments Total 6.99 CBLO / Repo 0.05 Net Receivables / (Payables) Dividend history Record date Rate CUM (Re/unit) dividend NAV 20 December 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 50 Top 15 stocks 18.46% Total portfolio 34.02% 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 (%) 8.45 Beta 0.88 Sharpe ratio 0.42 Total portfolio turnover ratio* 2.00 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity)* 1.32 Risk free rate of return (reverse repo)# 7.50% *Last 12 months #As on March 30, 2012 Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 2.32% % of total portfolio 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio analysis: Market cap-wise Large 27.6% 88.6% Liquidity measures 7.4% < No. of days Mid 8.0% Small 3.2% Mega 61.2% Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn 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 Others# Telecom Utilities Metals/Minerals Cement Auto Pharma Oil & Gas Industrials/Infra* Portfolio analysis: Sector-wise Technology Consumer Financials 0.5% 2.7% 3.0% 4.0% 4.0% 5.8% 8.5% 9.1% 9.1% 0% 5% 10% 15% 20% 25% % of portfolio 1.4% 13.0% 13.4% 2.6% *Includes industrial capital goods / diversified / construction / industrial products. #Includes chemicals, fertilisers and transportation. >3 22.2% JPMorgan India Equity Fund 14 June 2007 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. Minimum investment amount Rs.5,000 per application plus in multiples of Re.1/- thereof Additional investment amount Rs.1,000 per application plus in multiples of Re.1/- thereof Fund managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 9 Experience managing the scheme Harshad Patwardhan 4 yrs, 9 months Amit Gadgil 4 yrs, 9 months Entry load - Nil Exit load (w.e.f April 9, 2012) allotment in respect of purchase made other than through SIP; made other than through SIP; made other than through SIP Exit load (SIP) (w.e.f April 9, 2012) allotment of units of each installment of SIP purchase. Benchmark BSE-200 Index Growth: Dividend: Past performance may or may not be sustained Rs crore
5 JPMorgan India Smaller Companies Fund Holdings as on 30 March 2012 (in %) Equity Holdings Shree Cement 4.61 Glaxosmithkline Consumer Healthcare 4.14 Cummins India 4.14 Divis Laboratories 3.84 India Cements 3.70 Yes Bank 3.11 Godrej Consumer Products 3.01 CRISIL 2.88 Marico 2.81 Gruh Finance 2.72 IPCA Laboratories 2.65 Sadbhav Engineering 2.64 Torrent Power 2.63 Ultratech Cement 2.61 Sobha Developers 2.44 IRB Infrastructure Developers 2.27 Allahabad Bank 2.19 Wabco India 2.07 Berger Paints India 2.06 Cairn India 2.02 Rallis India 1.81 Infrastructure Development Finance 1.81 Exide Industries 1.75 Petronet LNG 1.59 Hindustan Petroleum Corporation 1.59 Indraprastha Gas 1.58 Bata India 1.54 Max India 1.51 Opto Circuits 1.33 Indian Bank 1.33 Indian Overseas Bank 1.28 ING Vysya Bank 1.27 Indusind Bank 1.27 Lupin 1.13 Torrent Pharmaceuticals 1.03 Mindtree 1.02 Eclerx Services 1.01 KPIT Cummins Infosystem 0.99 Solar Industries (I) 0.97 Coromandel International 0.96 Oberoi Realty 0.91 Gujarat Pipavav Port 0.91 Amara Raja Batteries 0.88 Mcleod Russell India 0.86 Eros International Media 0.76 Eicher Motors 0.73 Sundram Fasteners 0.71 Info Edge India 0.57 Redington India 0.57 Titan Industries 0.52 Whirlpool of India 0.47 Techno Electric & Engineering Co 0.41 Union Bank of India 0.37 Mahindra & Mahindra Financial Services 0.24 Thermax India 0.22 Equity Holdings Total Money Market Instruments Commercial Paper Sterlite Industries CRISIL A Commercial Paper Total 6.10 Money Market Instruments Total 6.10 CBLO / Repo 0.12 Net Receivables/(Payables) Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 2.41% Quantitative indicators Standard deviation (%) Beta 0.93 Sharpe ratio Portfolio turnover ratio* 1.67 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity)* 1.33 Risk free rate of return (reverse repo)# 7.50% *Last 12 months #As on March 30, 2012 Active positive bets Total stocks in portfolio 55 Top 15 stocks 30.8% Total portfolio 64.6% 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. Sector Portfolio analysis: Market cap-wise Note: Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn % % % 17.0% < >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. % of total portfolio Small 36.6% Portfolio analysis: Sector-wise Utilities Technology Others# Auto Oil & Gas Pharma Cement Industrials/Infra* Consumer Financials Liquidity measures 2.6% 4.2% 4.6% 6.1% 6.8% 0% 5% 10% 15% % of portfolio Mega 2.1% Large 9.6% 10.0% Mid 51.7% 10.9% 14.5% 16.2% 18.4% 20% *Includes industrial capital goods / diversified / construction / industrial products. #Includes chemicals, fertilisers and transportation. JPMorgan India Smaller Companies Fund 26 December 2007 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. Minimum investment amount Rs 5,000 per application plus in multiples of Re. 1/- thereafter Additional investment amount Rs 1,000 per application plus in multiples of Re. 1/- thereafter Fund managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 9 Experience managing the scheme Harshad Patwardhan 4 years, 3 months Amit Gadgil 4 years, 3 months Entry load - Nil Exit load (w.e.f April 9, 2012) allotment in respect of purchase made other than through SIP; made other than through SIP; made other than through SIP Exit load (SIP) (w.e.f April 9, 2012) allotment of units of each installment of SIP purchase. Benchmark ***CNX Mid Cap Growth: Dividend: Past performance may or may not be sustained Rs crore
6 JPMorgan India Tax Advantage Fund Holdings as on 30 March 2012 (in %) Equity Holdings ITC 6.83 Infosys 6.68 HDFC Bank 6.16 Housing Development Finance Corporation 4.65 Reliance Industries 4.35 ICICI Bank 4.34 Larsen & Toubro 4.14 Tata Consultancy Services 3.33 Cairn India 3.15 Power Grid Corporation 2.97 ACC 2.85 Sun Pharmaceutical Industries 2.61 State Bank of India 2.54 Bosch 2.47 Wipro 2.46 Hindustan Unilever 2.45 Nestle India 2.40 Bharti Airtel 2.29 Dr. Reddy'S Laboratories 1.72 Cummins India 1.68 Infrastructure Development Finance 1.54 Divis Laboratories 1.51 Reliance Infrastructure 1.50 Indusind Bank 1.28 Asian Paints 1.28 Sobha Developers 1.25 Lupin 1.15 Bajaj Auto 1.05 Tata Steel 1.04 Sterlite Industries 1.04 Maruti Suzuki India 0.98 IPCA Laboratories 0.97 Tata Motors 0.96 Hindustan Petroleum Corporation 0.94 Jindal Steel & Power 0.93 Hindalco Industries 0.92 Ultratech Cement 0.73 Bank of Baroda 0.59 Indraprastha Gas 0.55 Idea Cellular 0.55 Redington India 0.46 Coromandel International 0.44 Glaxosmithkline Pharmaceuticals 0.43 Jaiprakash Associates 0.41 Yes Bank 0.39 Zee Entertainment Enterprises 0.38 India Cements 0.30 Mahindra & Mahindra 0.25 Mahindra & Mahindra Financial Services 0.25 Canara Bank 0.24 Equity Holdings Total CBLO / Repo 5.92 Net Receivables/(Payables) Active positive bets Total stocks in portfolio 50 Top 15 stocks 18.1% Total portfolio 33.4% 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 (%) 6.05 Beta 0.68 Sharpe ratio 3.08 Portfolio turnover ratio* 1.38 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity)* 1.38 Risk free rate of return (reverse repo)# 7.50% *Last 12 months #As on March 30, 2012 Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Dividend history Record date Rate CUM (Re/unit) dividend NAV 15-Dec Jan 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 Large 27.7% Portfolio analysis: Market cap-wise Others# Telecom Utilities Cement Metals/Minerals Auto Pharma Industrials/Infra* Mid 7.9% Small 3.2% Mega 61.2% Portfolio analysis: Sector-wise Oil & Gas Technology Consumer Financials 0.4% 2.8% 3.0% 3.9% 3.9% 5.7% 8.4% 9.0% 9.0% 0% 5% 10% 15% % of portfolio 12.9% 13.3% 20% 22.0% 25% *Includes industrial capital goods / diversified / construction / industrial products. # Includes transportation. JPMorgan India Tax Advantage Fund 27 January 09 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. Minimum investment amount Rs 500 per application and in multiples of Rs 500 thereafter Additional investment amount Rs 500 per application and in multiples of Rs 500 thereafter Fund managers: Equity Harshad Patwardhan & Karan Sikka (years) Harshad Patwardhan 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan 3 years, 2 months Karan Sikka Less than 7 months Entry load - Nil Exit load - Nil Exit load (SIP) - Nil Benchmark BSE-200 Index Growth: Dividend: Past performance may or may not be sustained Rs crore Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 2.50%
7 JPMorgan JF Greater China Equity Off-shore Fund Details of JPMorgan JF Greater China Equity Off-shore Fund Holdings as of 30 March 2012 (in %) International mutual fund units JPMorgan Funds - JF Greater China Fund International mutual fund units total Cash & other receivables CBLO / Repo 6.67 Net Receivables / (Payables) Cash & other receivables Total 1.39 Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 1.50% 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. Details of JPMorgan Funds - JF Greater China Fund (underlying fund) Equity holding Weight (%) China Construction Bank (Financials) 5.50 Taiwan Semiconductor (Information Technology) 5.30 Industrial & Commercial Bank of China (Financials) 5.20 China Mobile (Telecommunication Services) 4.40 CNOOC (Energy) 4.40 AIA Group (Financials) 3.50 Tencent Holdings (Information Technology) 3.40 Cheung Kong (Financials) 3.20 China Petroleum & Chemical (Energy) 2.70 Agricultural Bank of China (Financials) 2.70 Total Statistical analysis as on 29 February years 5 years Correlation Alpha Beta Geographical breakdown as on 29 February 2012 Country Fund China 52.3% Taiwan 27.6% Hong Kong 19.6% Cash 0.5% Total 100.0% 10 largest holdings as on 29 February 2012 Sector breakdown as on 29 February 2012 Sector Fund Financials 39.3% Information Technology 20.1% Energy 10.1% Materials 7.4% Consumer Discretionary 6.6% Telecommunication Services 5.6% Consumer Staples 4.7% Industrials 4.4% Utilities 1.3% Health Care 0.0% Cash 0.5% Total 100.0% JPMorgan JF Greater China Equity Off-shore Fund 26 August 2009 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 Funds - JF Greater China Equity Fund, 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. Minimum investment amount Rs 10,000 per application plus in multiples of Re. 1/- thereafter Additional investment amount Rs 1,000 per application plus in multiples of Re. 1/- thereafter Fund manager 12 years Experience managing the scheme2 yrs, 7 months Entry load - Nil Exit load (w.e.f April 9, 2012) allotment in respect of purchase made other than through SIP; made other than through SIP; made other than through SIP Exit load (SIP) (w.e.f April 9, 2012) allotment of units of each installment of SIP purchase. Benchmark of the underlying fund MSCI Golden Dragon Index (Total Return Net) Growth: Past performance may or may not be sustained Rs crore Portfolio Review: Greater China markets rallied in February as top global central banks eased policy, led by the ECB's large-scale lending program for banks ("LTRO"). Paired with generally better-thanfeared economic data (particularly in the U.S. job market), these moves led to a broad rally in risky assets, including oil. The MSCI Hong Kong was the strongest of the three markets, led by property counters as local physical sales volumes rebounded as confidence returned to markets. The MSCI Taiwan rose, led by technology stocks leveraged to high profile smart device launches. The MSCI China lagged marginally but rose, driven by a long-awaited bank reserve ratio cut and continued reports of local government property easing measures. The Fund outperformed against this backdrop. Outlook: Liquidity is buoyant and valuations remain attractive even after marginal EPS downgrades, particularly in large-cap China, due to a lingering disbelief that a 'soft landing' can be engineered by policymakers. The Fund has marginally added to Chinese financials and consumer positions by taking profit from Hong Kong stocks.
8 JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund Details of JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund 10 largest holdings as on 29 February 2012 Equity holding Weight (%) MTN (Telecommunication Services) 6.30 Sberbank (Financials) 5.90 Lukoil (Energy) 4.00 Dixy (Consumer Discretionary) 2.60 Shoprite (Consumer Staples) 2.60 Mobile Telesystems (Telecommunication Services) 2.50 Novatek (Energy) 2.30 PKO Bank Polski (Financials) 2.30 Magnit (Consumer Staples) 2.20 Sasol (Energy) 2.10 Total Geographical breakdown as on 29 February 2012 Country Fund Russia 36.7% South Africa 33.4% Turkey 8.1% Poland 5.6% Kazakhstan 2.7% Nigeria 2.3% Qatar 1.5% United Arab Emirates 1.4% Ukraine 1.1% United Kingdom 1.1% Luxembourg 1.0% Jordan 0.6% Ireland 0.6% Oman 0.5% Other 0.5% Cash 2.9% Total 100.0% Holdings as of 30 March 2012 (in %) International mutual fund units JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Total of International Mutual Fund Units CBLO / Repo Net Receivables / (Payables) 0.64 Total of Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 1.40% 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. Details of JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (underlying fund) Sector breakdown as on 29 February 2012 Sector Fund Financials 22.9% Energy 18.5% Consumer Staples 16.0% Materials 13.4% Telecommunication Services 12.3% Consumer Discretionary 9.2% Industrials 4.2% Health Care 0.6% Utilities 0.0% Information Technology 0.0% Cash 2.9% Total 100.0% Statistical analysis as on 29 February years 5 years Correlation Alpha Beta JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund 8 November 2010 An open-ended fund of funds scheme The primary investment objective of the Scheme is to provide long term capital appreciation investing in JPMorgan Funds Emerging Europe, Middle East and Africa Equity Fund, 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, an emerging market in Central, Eastern and Southern Europe, Middle East or Africa. However, there can be no assurance that the investment objective of the Scheme will be realised. Minimum investment amount Rs. 5,000 per application and in multiples of Re. 1 thereafter. Additional investment amount Rs. 1,000 per application and in multiples of Re. 1 thereafter. Fund manager 12 years Experience managing the scheme 1 yr, 5 months Entry load - Nil Exit load (w.e.f April 9, 2012) allotment in respect of purchase made other than through SIP; made other than through SIP; made other than through SIP Exit load (SIP) (w.e.f April 9, 2012) allotment of units of each installment of SIP purchase. Benchmark of the underlying fund MSCI EMEA (Total Return Net) Growth: Past performance may or may not be sustained in future. Rs crore Portfolio Review: Energy-intensive Emerging EMEA produced strong returns in February, rising 7.9% (USD), as oil prices jumped by more than USD12/bbl. Russia rose 9.6%, thanks not only to the surge of the oil price, but also the strong performance of financial stocks. South Africa also supported the market, rising 7.1%. The Fund outperformed the benchmark. Stock selection contributed, in particular in Russia and South Africa. From an asset allocation perspective, our zero-weight in Egypt detracted, while our underweight in Poland contributed to returns, as did our off-index exposure in the UAE. Outlook: Markets have rebounded strongly. We remain optimistic as the business cycle has bottomed in emerging markets, valuations remain attractive, and there is a strong tailwind of liquidity being provided by central banks. After a decade of political calm in Russia, investors must contend with a higher political risk premium We do not expect a large reform agenda after the elections. Instead, we are focusing on robust domestic demand and investments supported by oil prices above USD100. Egyptian equities have risen nearly 50% this year, but we believe the currency is unsustainable at current levels given dwindling reserves and rising local prices.
9 JPMorgan JF ASEAN Equity Off-shore Fund Details of JPMorgan JF ASEAN Equity Off-shore Fund Holdings as of 30 March 2012 (in %) International mutual fund units JPMorgan Funds - JF ASEAN Equity Fund Total of International Mutual Fund Units CBLO / Repo 1.51 Net Receivables / (Payables) 0.06 Total of 1.57 Total expense ratio (year-to-date ratio to average AUM) Total expense ratio 1.55% 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. Details of JPMorgan Funds - JF ASEAN Equity Fund (underlying fund) 10 largest holdings as on 29 February 2012 Equity holding Weight (%) Keppel (Industrials) 4.3 Astra International (Consumer Discretionary) 3.2 Kasikorn Bank (Financials) 3.0 Capitaland (Financials) 2.9 DBS Group Holding (Financials) 2.8 United Tractors (Industrials) 2.6 United Overseas Bank (Financials) 2.5 Wilmar (Consumer Staples) 2.4 Charoen Pokphand Feedmill (F) (Consumer Staples) 2.2 Sime Darby Berhad (Industrials) 2.1 Total 28.0 Geographical breakdown as on 29 February 2012 Country Fund Singapore 30.7% Thailand 26.7% Indonesia 22.5% Malaysia 14.2% Philippines 3.2% Cash 2.7% Total 100.0% Sector breakdown as on 29 February 2012 Sector Fund Financials 29.4% Industrials 23.9% Consumer Discretionary 13.7% Consumer Staples 11.1% Energy 9.6% Materials 5.6% Telecommunication Services 2.4% Utilities 1.6% Health Care 0.0% Cash 2.7% Total 100.0% JPMorgan JF ASEAN Equity Off-shore Fund 1 July 2011 An Open-ended Fund of Funds Scheme The primary investment objective of the Scheme is to provide long term capital growth by investing predominantly in JPMorgan Funds JF ASEAN Equity Fund, 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. Minimum investment amount Rs. 5,000 per application and in multiples of Re. 1 thereafter. Additional investment amount Rs. 1,000 per application and in multiples of Re. 1 thereafter. Fund manager 12 years Experience managing the scheme 9 months Entry load - Nil Exit load (w.e.f April 9, 2012) allotment in respect of purchase made other than through SIP; made other than through SIP; made other than through SIP Exit load (SIP) (w.e.f April 9, 2012) allotment of units of each installment of SIP purchase. Benchmark of the underlying fund Morgan Stanley Capital International (MSCI) South East Asia Index Growth: Past performance may or may not be sustained in future. Rs crore Fund Manager's report The MSCI South East Asia index gained 4.5% but underperformed the MSCI Asia Pac ex Japan, which climbed up 5.2% in February. Thailand gained 7%, while Indonesia closed up only 1%. Singapore, Malaysia and Philippines rose between 3% and 4.6%. In Singapore, 4Q11 results threw out more negative than positive surprises with Wilmar and NOL reporting big misses due to challenging operational conditions. Credit costs for banks were also higher than expected. Property and offshore sectors outperformed while commodity related stocks underperformed. The Indonesian market underperformed, driven by fear of a reduction in fuel subsidies and resulting higher inflation. Index heavy weights, like Astra, underperformed due to this and the government's suggestion of hiking down payments for motorcycles and cars. Thailand's big outperformance was driven by foreign net buying while domestic retail and institutions sold because of redemption and market outperformance. 4Q results and GDP were generally ignored by the market due to the one off impact from the flood. Investors buying into the Thai market were driven by cheaper valuation and an expected V-shaped recovery for GDP and earnings following the flood in 4Q11. Malaysia played some catch up this month after a poor performance in January.
10 JPMorgan India Liquid Fund Holdings as on 30 March 2012 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Indusind Bank ICRA A Punjab National Bank ICRA A State Bank of Travancore CRISIL A State Bank of Mysore ICRA A Union Bank of India ICRA A Bank of India CRISIL A Corporation Bank CRISIL A Canara Bank CRISIL A Andhra Bank CRISIL A Axis Bank CRISIL A Allahabad Bank ICRA A Canara Bank CARE A Central Bank of India CRISIL A UCO Bank CRISIL A Punjab & Sind Bank ICRA A Certificate of Deposit Total Money Market Instruments Total Net Receivables / (Payables) 1.37 Total 1.37 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Dividend - Monthly 25-Jan Feb Mar Retail Dividend - Monthly 25-Jan Feb 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/-. Rating profile CARE A1+, CRISIL A1+, ICRA A % Modified duration Average maturity Yield to Total expense ratio (years) maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan % 0.35% 0.55% *The assigned rating AAAf is valid only for "JPMorgan India Liquid Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield % Asset allocation (% of total) 98.63% Certificate of Deposit 1.37% Cash and Other Receivables JPMorgan India Liquid Fund Super Institutional - 21 September 2007 Retail - 16 September 2008 An open-ended liquid scheme The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized. Fund managers & Ravi Ratanpal (in years) 12 Ravi Ratanpal 7 Experience in managing this scheme 3 yrs, 11 months Ravi Ratanpal Less than 7 months Retail Plan Minimum initial application amount: Rs. 5,000 per application and in multiples of Re. 1 thereafter. Minimum additional application amount: Rs per application and in multiples of Re. 1 thereafter. Minimum Amount / No. of Units for Redemption: Rs or 500 units Super-Institutional Plan Minimum initial application amount: Rs. 1 Crore per application and in multiples of Re. 1 thereafter. Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter. Minimum Amount / No. of Units for Redemption: Rs or 500 units Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil Benchmark CRISIL Liquid Fund Index Retail Growth Retail Daily Dividend Retail Weekly Dividend Retail Fortnightly Dividend Retail Monthly Dividend Super Institutional Growth Super Institutional Daily Dividend Super Institutional Weekly Dividend Super Institutional Monthly Dividend Past performance may or may not be sustained Rs crore
11 JPMorgan India Treasury Fund Holdings as on 30 March 2012 (in%) Name of the instrument Money Market Instruments Certificate of Deposit Rating % to NAV Oriental Bank of Commerce CRISIL A State Bank of Mysore CRISIL A State Bank of Bikaner & Jaipur CRISIL A Axis Bank ICRA A IDBI Bank CRISIL A Central Bank of India CARE A State Bank of Patiala CRISIL A Bank of India CRISIL A Punjab National Bank CARE A Punjab National Bank ICRA A UCO Bank CRISIL A Certificate of Deposit Total Commercial Paper ECL Finance CRISIL A Edelweiss Financial Services CRISIL A Sterlite Industries CRISIL A Commercial Paper Total Money Market Instruments Total Net Receivables/(Payables) 1.03 Total 1.03 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Dividend - Monthly 25-Jan Feb Mar Retail Dividend - Monthly 25-Jan Feb 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/-. Commercial Paper Cash and Other Receivables Modified duration Average maturity Yield to Total expense ratio (years) maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan % 0.50% 0.75% **The assigned rating AAAf is valid only for "JPMorgan India Treasury Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus Fund has been changed to JPMorgan India Treasury Fund CARE A1+, CRISIL A1+, ICRA A1+ Asset allocation (% of total) 68.40% Certificate of deposit 1.03% Rating profile 30.57% 98.97% 1.03% JPMorgan India Treasury Fund Super Institutional - 21 September 2007 Retail - 16 September 2008 An open-ended income scheme The investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized. Fund managers & Ravi Ratanpal (in years) 12 Ravi Ratanpal 7 Experience in managing this scheme 3 yrs, 11 months Ravi Ratanpal Less than 7 months Retail Plan Minimum initial application amount: Rs. 5,000 per application and in multiples of Re. 1 thereafter. Minimum additional application amount: Rs per application and in multiples of Re. 1 thereafter. Minimum Amount/No. of Units for Redemption: Rs or 500 units Super-Institutional Plan Minimum initial application amount: Rs. 1 Crore per application and in multiples of Re. 1 thereafter. Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter. Minimum Amount/No. of Units for Redemption: Rs or 500 units Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil Benchmark CRISIL Liquid Fund Index Retail Growth Retail Daily Dividend Retail Weekly Dividend Retail Monthly Dividend Super Institutional Growth Super Institutional Daily Dividend Super Institutional Weekly Dividend Super Institutional Monthly Dividend Past performance may or may not be sustained Rs crore
12 JPMorgan India Active Bond Fund Name of the instrument Holdings as on 30 March 2012 (in%) Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Dividend 07-Oct Jan Institutional Dividend 07-Oct Jan 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/-. Modified duration Average maturity Total expense ratio (years) (year-to-date ratio to average AUM) In days Retail Plan % #The assigned rating AAAf is valid only for "JPMorgan India Active Bond Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments Asset allocation (% of total) % to NAV Net Receivables / (Payables) Total Rating profile 100% 100% JPMorgan India Active Bond Fund 27 June 2008 An open-ended income scheme To generate optimal returns while maintaining liquidity through active management of the portfolio by investing in debt and money market instruments. However, there can be no assurance that the investment objective of the Scheme will be realized. Minimum investment amount Retail Plan: Rs. 5,000 per application and in multiples of Re 1 thereafter. Institutional Plan: Rs. 1 Crore per application and in multiples of Re. 1 thereafter. Additional investment amount Rs 1,000 per application and in multiples of Re 1 thereafter under both the plans. Fund managers & Ravi Ratanpal (in years) 12 Ravi Ratanpal 7 Experience in managing this scheme 3 yrs, 9 months Ravi Ratanpal 3 months Entry load - Nil Exit load - w.e.f. January 2, 2012 Retail plan: For any amount, if redeemed within one year of allotment of units: 1.00% Institutional plan: For any amount, if redeemed within one year of allotment of units: 1.00% Exit load (SIP)- only for retail plan - w.e.f. January 2, 2012 For any amount, if redeemed within one year of allotment of units: 1.00% Benchmark CRISIL Composite Bond Fund Index Retail - Growth Retail - Dividend Past performance may or may not be sustained Rs crore
13 JPMorgan India Short Term Income Fund Holdings as on 30 March 2012 (in%) Name of the instrument Rating % to NAV CORPORATE DEBT NON-CONVERTIBLE DEBENTURES Sundaram Finance FITCH AA LIC Housing Finance CARE AAA 1.06 NON-Convertible Debentures Total 4.24 CORPORATE DEBT Total 4.24 Money Market Instruments Certificate of Deposit Axis Bank ICRA A IDBI Bank CRISIL A Allahabad Bank ICRA A Corporation Bank CRISIL A State Bank of Patiala CRISIL A Indusind Bank ICRA A Central Bank of India CRISIL A State Bank of Mysore ICRA A Punjab National Bank ICRA A State Bank of Bikaner & Jaipur CRISIL A Certificate of Deposit Total Commercial Paper ECL Finance CRISIL A Edelweiss Financial Services CRISIL A Commercial Paper Total Money Market Instruments Total Net Receivables/(Payables) 0.48 Total 0.48 Record Date Gross Dividend CUM Dividend NAV Monthly Dividend 25-Jan Feb 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/-. Modified duration Average maturity Yield to Total expense ratio (years) maturity (YTM)# (year-to-date ratio to average AUM) In days % 0.90% Dividend details (Re / Unit) Asset allocation (% of total) #The assigned rating AAAf is valid only for "JPMorgan India Short Term Income Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. 4.24% Non convertible Debentures 0.48% 74.50% Certificate of Deposit Rating profile 20.78% Commercial Paper 99.52% CRISIL A1+, ICRA A1+, FITCH AA+, CARE AAA 0.48% Cash & Other Receivables JPMorgan India Short Term Income Fund 25 March 2010 An open-ended income scheme The investment objective is to generate income by investing primarily in money market and short term debt instruments.however, there can be no assurance that income can be generated, regular or otherwise or that the investment objective of the Scheme will be realised. Minimum investment amount Rs 5,000 per application and in multiples of Re 1 thereafter. Additional investment amount Rs 1,000 per application and in multiples of Re 1 thereafter. Fund managers & Ravi Ratanpal (in years) 12 Ravi Ratanpal 7 Experience in managing this scheme 1 year, 12 months Ravi Ratanpal 3 months Entry load - Nil Exit load - w.e.f. April 9, 2012 Within six months from the date of allotment in respect of Purchase made other than through SIP: 0.60% Within six months from the date of allotment in respect of each Purchase made through SIP: 0.60% Benchmark CRISIL Short - Term Bond Fund Index Growth Weekly Dividend Fortnightly Dividend Monthly Dividend Past performance may or may not be sustained Rs crore
14 Scheme Returns JPMorgan India Equity Fund - Growth Option Returns as on 30 March 2012 NAV as on March 30, 2012 Rs Date NAV per unit as on the first day Scheme BSE 200# SENSEX## of the period mentioned (Rs.) (%) (%) (%) ^Since inception till March % 4.72% 4.32% *March to March % -9.28% % *March to March % 8.15% 10.94% *March to March % 92.87% 80.54% Current value of Standard Investment of Rs. 10,000 (in Rs.) Scheme BSE 200 # SENSEX## invested since inception in the 12,621 12,477 12,253 : June 14, 2007, # Scheme benchmark returns, ## Additional benchmark returns, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained JPMorgan India Smaller Companies Fund - Growth Option Returns as on 30 March 2012 NAV as on March 30, 2012 Rs Date NAV per unit as on the first day Scheme CNX MIDCAP# SENSEX## of the period mentioned (Rs.) (%) (%) (%) ^Since inception till March % -3.27% -3.42% *March to March % -4.09% % *March to March % 4.35% 10.94% *March to March % % 80.54% Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme CNX MIDCAP # SENSEX## 7,572 8,676 8,619 : December 26, 2007, #Scheme benchmark returns, ##Additional benchmark returns, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained JPMorgan India Tax Advantage Fund - Growth Option Returns as on 30 March 2012 NAV as on March 30, 2012 Rs Date NAV per unit as on the first day Scheme BSE 200# SENSEX## of the period mentioned (Rs.) (%) (%) (%) ^Since inception till March % 25.03% 23.07% *March to March % -9.28% % *March to March % 8.15% 10.94% *March to March % 92.87% 80.54% Current value of Standard Investment of Rs. 10,000 (in Rs.) Scheme BSE 200# SENSEX## invested since inception in the 17,470 20,326 19,329 : January 27, 2009, #Scheme benchmark returns, ##Additional benchmark returns, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained JPMorgan JF Greater China Equity Off-Shore Fund - Growth Option Returns as on 30 March 2012 NAV as on March 30, 2012 Rs Date NAV per unit as on the first day Scheme Equivalent return in Indian Additional of the period mentioned (Rs.) (%) Rupee of Benchmark Benchmark of the underlying fund Returns## (%) *March to March % 4.06% NA** *March to March % 14.07% NA** : August 26, 2009, ##Additional benchmark returns, **Not Applicable, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund - Growth Option NAV as on March 30, 2012 Rs Returns as on 30 March 2012 Date NAV per unit as on the first day Scheme Equivalent return in Indian Additional of the period mentioned (Rs.) (%) Rupee of Benchmark Benchmark of the underlying fund Returns## (%) *March to March % 0.26% NA** : November 8, 2010, ##Additional benchmark returns, **Not Applicable, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained JPMorgan India Liquid Fund - Growth Option (Retail Plan) Returns as on 30 March 2012 NAV as on March 30, 2012 Rs Date NAV per unit as on the first day Scheme CRISIL Liquid CRISIL of the period (%) Fund Index# 1 year T-Bill mentioned (Rs.) (%) Index ## ^Since inception till March % 6.60% 5.47% & 7 days % 9.75% 8.81% & 15 days % 9.78% 8.34% & 30 days % 9.56% 9.18% *March to March % 8.44% 6.59% *March to March % 6.21% 3.86% *March to March % 3.69% 3.08% Current value of Standard Investment of Rs. 10,000 (in Rs.) invested since inception in the Scheme CRISIL Liquid CRISIL 1 year Fund Index# T-Bill Index ## 12,732 12,539 12,074 : September 16, 2008, #Scheme benchmark returns, ##Additional benchmark returns, ^CAGR Returns, & *Absolute Returns, Simple annualisation of yields. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained Fund Managers: Harshad Patwardhan JPMorgan India Equity Fund JPMorgan India Smaller Companies Fund JPMorgan India Tax Advantage Fund JPMorgan India Liquid Fund JPMorgan India Treasury Fund JPMorgan India Active Bond Fund JPMorgan India Short Term Income Fund JPMorgan India Capital Protection Oriented Fund (debt portion) JPMorgan JF Greater China Equity Offshore Fund JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund JPMorgan JF ASEAN Equity Off-shore Fund JPMorgan India Fixed Maturity Plan Series 6,7,8,9 Amit Gadgil JPMorgan India Equity Fund JPMorgan India Smaller Companies Fund JPMorgan India Capital Protection Oriented Fund (equity portion) Ravi Ratanpal JPMorgan India Liquid Fund JPMorgan India Treasury Fund JPMorgan India Active Bond Fund JPMorgan India Short Term Income Fund JPMorgan India Capital Protection Oriented Fund (debt portion) JPMorgan India Fixed Maturity Plan Series 6,7,8,9 Karan Sikka JPMorgan India Tax Advantage Fund JPMorgan India Capital Protection Oriented Fund (equity portion) NOTES 1. The returns for JPMorgan India Fixed Maturity Plan Series 6,7,8,9, and JPMorgan India Capital Protection Oriented Fund have not been disclosed as these are close ended schemes and not comparable with other debt schemes. 2. The scheme returns for JPMorgan JF ASEAN Equity Off-shore Fund have not been disclosed since the scheme has not been in existence for more than a year.
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