JPM US Equity Income Fund
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1 J.P. Morgan Asset Management Investment Summit 2016 JPM US Equity Income Fund HALF IMAGE PLACEMENT HOLDER (HORIZONTAL) Resize image to cover grey box Clare Hart, Managing Director, Portfolio Manager #JPMsummit
2 US Equity Market Outlook 1 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
3 US Market Outlook As of 31 August 2016 Economy Consumers Earnings Valuations Expect continued steady economic growth GDP growth has been relatively slow, but steady, throughout this recovery, averaging 2.1% Any improvement in consumer spending and housing will further increase US economic growth US consumers have multiple tailwinds Household net worth hit new all time highs in the second quarter while their liabilities remain well below pre-recessionary levels Low interest rates, low unemployment rate (4.9%) as well as low energy prices, should favour strong US consumer activity Solid earnings growth in most sectors We see earnings for the S&P 500 Index of 5% ex-energy (2% including energy) for 2016, with the consumer discretionary and health care sectors experiencing the highest earnings growth As earnings headwinds from the stronger US dollar and lower energy prices gradually diminish, earnings growth should reaccelerate S&P 500 Index looks reasonably valued Investors are paying around 16.9x forward earnings which represent reasonable value in a historical context There are however, pockets of expensiveness within the market Source: J.P. Morgan Asset Management Opinions, estimates, forecasts, projections and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. Past performance is not a guarantee of future results. 2 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
4 Slow and steady US economic recovery Real GDP Year - over - year % change 10% Real GDP 2Q16 Components of GDP 2Q16 nominal GDP, USD trillions 3.8% Housing $19 GTM U.S. Page 18 8% YoY % chg: 1.2% QoQ % chg: 1.1% $ % Investment ex - housing 6% $ % Gov t spending 4% Average: 2.8% $13 $11 2% $9 0% $7 68.9% Consumption -2% Expansion average: 2.1% $5 $3-4% $1-6% '70 '75 '80 '85 '90 '95 '00 '05 '10 '15 -$1-2.7% Net exports Source: BEA, J.P. Morgan Asset Management. Values may not sum to 100% due to rounding. Quarter-over-quarter percent changes are at an annualized rate. Average represents the annualized growth rate for the full period. Expansion average refers to the period starting in the second quarter of Guide to the Markets U.S. Data as of 31 August FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
5 With plenty of pent up demand Light vehicle sales Millions, seasonally adjusted annual rate Average: '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 Housing starts Thousands, seasonally adjusted annual rate 2,400 2,000 1,600 1, Average: 1,321 Aug. 2016: 16.9 July 2016: 1,211 0 '96 '98 '00 '03 '05 '07 '09 '11 '14 '16 Manufacturing and trade inventories Days of sales, seasonally adjusted '96 '98 '00 '03 '05 '07 '09 '11 '14 '16 Real capital goods orders Non-defense capital goods orders ex-aircraft, USD billions, SA $80 $75 $70 $65 $60 $55 $50 Average: 62.7 $45 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 June 2016: 42.3 July 2016: 58.7 GTM U.S. Page 20 Source: J.P. Morgan Asset Management; (Top left) BEA; (Top and bottom right, bottom left) Census Bureau, FactSet. Capital goods orders deflated using the producer price index for capital goods with a base year of SA seasonally adjusted. Guide to the Markets U.S. Data are as of August 31, FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
6 Consumer finances remain healthy Consumer balance sheet 1Q16, trillions of dollars outstanding, not seasonally adjusted $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Total assets: $102.6tn Homes: 25% Other tangible: 6% Deposits: 11% Pension funds: 21% Other financial assets: 38% 3Q - 07 Peak: $81.9tn 1Q - 09 Low: $68.7tn Other non - revolving: 2% Revolving*: 6% Auto loans: 7% Other liabilities: 9% Student debt: 9% Total liabilities: $14.5tn Mortgages: 67% Household debt service ratio Debt payments as % of disposable personal income, SA 14% 4Q07: 13.2% 13% 12% 11% 10% 9% '80 '85 '90 '95 '00 '05 '10 '15 Not seasonally adjusted, USD billions $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 1Q80: 10.6% 2Q16**: 10.0% Household net worth 3Q07: $67,693 2Q16**: $89,454 $10,000 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 Source: FactSet, FRB, J.P. Morgan Asset Management; (Top and bottom right) BEA. Data include households and nonprofit organizations. SA seasonally adjusted. *Revolving includes credit cards. **2Q16 household debt service ratio and household net worth are J.P. Morgan Asset Management estimates. Values may not sum to 100% due to rounding. Guide to the Markets U.S. Data are as of August 31, GTM U.S. Page 19 5 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
7 The labour market continues to tighten Unemployment rate and wage growth %, wage growth year on year, seasonally adjusted, wages of production and non-supervisory workers 12% Unemployment 10% Oct. 2009: 10.0% GTM U.S. Page 25 & 26 8% 6% 4% 50 - yr. average: 4.2% 50 - yr. average: 6.2% Aug. 2016: 4.9% Aug 2016: 2.5% 2% 0% Labor force participation rate decline since 2007 peak* Population employed or looking for work as a % of total, ages % 66% 65% 64% 63% Cyclical Labor force participation rate Aging Other Wage growth '70 '80 '90 '00 '10 Aug. 2016: 62.8% 62% '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Net job creation since Feb Millions of jobs Info. Fin & Bus. Svcs. 3.7 Mfg. Trade & Trans Leisure, Hospt. & Other Svcs. Educ. & Health Svcs. 1.1 Mining & Construct Gov't Source: BLS, FactSet, J.P. Morgan Asset Management. (Bottom right) Info. fin. & bus. svcs. = Information, financial activities and professional and business services; Mfg. trade & trans.= Manufacturing, trade, transportation and utilities; Leisure, hospt. & other svcs.: Leisure, hospitality and other services; Educ. & health svcs.: Education & health services; Mining and construct: Natural resources mining & construction; Gov t: Government. *Aging effect on the labor force participation rate is the estimated number of people who are no longer employed or looking for work because they are retired. Cyclical effect is the estimated number of people who lose their jobs and stop looking for work or do not look for work because of the economic conditions. Other represents the drop in labor force participation from the prior expansion peak that cannot be explained by age or cyclical effects. Estimates for reason of decline in labor force participation rate are made by J.P. Morgan Asset Management. Guide to the Markets U.S. Data as of August 31, FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
8 The labour market continues to tighten Unemployment rate and wage growth %, wage growth year on year, seasonally adjusted, wages of production and non-supervisory workers 12% Unemployment 10% Oct. 2009: 10.0% GTM U.S. Page 25 & 26 8% 6% 4% 50 - yr. average: 4.2% 50 - yr. average: 6.2% Aug. 2016: 4.9% Aug 2016: 2.5% 2% 0% Labor force participation rate decline since 2007 peak* Population employed or looking for work as a % of total, ages % 66% 65% 64% 63% Cyclical Labor force participation rate Aging Other Wage growth '70 '80 '90 '00 '10 Aug. 2016: 62.8% 62% '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Net job creation since Feb Millions of jobs Info. Fin & Bus. Svcs. 3.7 Mfg. Trade & Trans Leisure, Hospt. & Other Svcs. Educ. & Health Svcs. 1.1 Mining & Construct Gov't Source: BLS, FactSet, J.P. Morgan Asset Management. (Bottom right) Info. fin. & bus. svcs. = Information, financial activities and professional and business services; Mfg. trade & trans.= Manufacturing, trade, transportation and utilities; Leisure, hospt. & other svcs.: Leisure, hospitality and other services; Educ. & health svcs.: Education & health services; Mining and construct: Natural resources mining & construction; Gov t: Government. *Aging effect on the labor force participation rate is the estimated number of people who are no longer employed or looking for work because they are retired. Cyclical effect is the estimated number of people who lose their jobs and stop looking for work or do not look for work because of the economic conditions. Other represents the drop in labor force participation from the prior expansion peak that cannot be explained by age or cyclical effects. Estimates for reason of decline in labor force participation rate are made by J.P. Morgan Asset Management. Guide to the Markets U.S. Data as of August 31, FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
9 US corporate profits are improving with US dollar and energy headwinds abating S&P 500 earnings per share Index quarterly operating earnings $35 $31 S&P consensus analyst estimates 2Q16*: $ U.S. dollar Year - over - year % change**, quarterly, USD major currencies index 23% 19% 15% 11% S&P 500 revenues U.S. 56% International 44% 2Q16: - 0.5% Forecast assumes no change in USD GTM U.S. Page 7 $27 7% 3% $23 $19 $15-1% -5% $5.0 '12 '13 '14 '15 '16 '17 Energy sector earnings Energy sector contribution to S&P 500 EPS, quarterly $11 $7 $3.0 $1.0 2Q16: - $0.62 $3 -$1.0 -$1 '01 '04 '07 '10 '13 '16 -$3.0 '12 '13 '14 '15 '16 '17 Source: Compustat, FactSet,, Standard & Poor s, J.P. Morgan Asset Management; (Top right) Federal Reserve, S&P 500 individual company 10k filings, S&P Index Alert. EPS levels are based on operating earnings per share. Earnings estimates are Standard & Poor s consensus analyst expectations. Past performance is not indicative of future returns. Currencies in the Trade Weighted U.S. Dollar Major Currencies Index are: British pound, euro, Swedish krona, Australian dollar, Canadian dollar, Japanese yen, and Swiss Franc. *2Q16 earnings are calculated using actual earnings for 98% of S&P 500 market cap and estimates for the remaining 2%. **Year-over-year change is calculated using the quarterly average for each period. USD forecast assumes no change in the U.S. dollar from its June 30, 2016 level. Guide to the Markets U.S. Data as of August 31, FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
10 We see solid earnings growth in most sectors in 2016 and 2017 S&P 500 Earnings Picture J.P. Morgan Asset Management estimates for S&P 500 Earnings Earnings Growth (%) 2016E 2017E USD135 USD130 USD125 USD120 USD115 USD110 USD105 USD % USD % USD E 2017E Consumer Discretionary 18% 15% Health Care 11% 10% Consumer Staples 6% 10% Industrials 3% 8% Financials 4% 13% Utilities 4% 2% Materials -3% 26% Information Technology -4% 5% Telecom Services -5% 8% Energy -72% 174% S&P 500 2% 12% S&P 500 ex Energy 5% 10% Source: J.P. Morgan Asset Management Estimates; as of August 31, Source: J.P. Morgan Asset Management; shows year-over-year earnings growth using earnings estimates as of August 31, 2016 for the S&P 500 Index. Opinions, estimates, forecasts, projections and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. Past performance is not a guarantee of future results. 9 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
11 With still plenty of potential for dividend growth Corporate cash as a % of current assets S&P 500 companies cash and cash equivalents, quarterly Cash returned to shareholders S&P 500 companies, rolling 4 - quarter averages, $ bn GTM U.S. Page 14 32% 30% 28% 26% $47 $43 $39 Dividends per share $160 $140 $120 24% $35 $100 22% 20% 18% $31 $27 $23 $80 $60 16% $19 Share buybacks $40 14% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 $15 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 $20 Source: FactSet, Standard & Poor s, J.P. Morgan Asset Management; Guide to the Markets U.S. Data are as of August 31, FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
12 S&P 500 valuation measures GTM U.S. Page 5 11 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
13 It will probably take a major event like a recession to end this market rally GTM U.S. Page FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
14 JPM US Equity Income Fund 13 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
15 Equity income philosophy: We are bottom-up stock pickers Clare Hart Portfolio Manager Experience Industry: 24 yrs Firm: 18 yrs We believe that quality companies, at attractive valuations, that consistently pay a dividend, will outperform over time. 1. Quality 2. Valuation 3. Dividend We focus on quality first: companies with durable franchises consistent earnings strong management teams Valuation is critical: quantitative and qualitative judgements potential vs. current market value Dividend yields: enhance total return generate income Our approach leads to a portfolio that has historically shown less volatility than the market with less exposure to the downside. Source: J.P. Morgan Asset Management, as at 31 August For illustrative purposes only. There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional s future performance or success. 14 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
16 Sector positions JPM US Equity Income Fund As of 31 August 2016 Benchmark S&P 500 Index Active and absolute sector positions Relative to benchmark (%) Aug-16 Dec Financials Energy Utilities Materials Consumer Staples Telecom Services Industrials Health Care Consumer Discretionary Information Technology Portfolio weight (%) Source: Wilshire, J.P. Morgan Asset Management. The Fund is an actively managed portfolio; holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 15 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
17 Financials: Slower Fed, defers but does not destroy their earnings potential JPM US Equity Income Fund As of 31 August 2016 Financial Services - absolute and relative 1 weights Traditional Retail Banks Benchmark S&P 500 Index 10.6% Absolute Relative 8.2% 8.6% Diversified Financials 5.9% 5.0% 3.3% 3.8% Undervalued Insurers 0.7% Banks Diversified Insurance REITs Source: J.P. Morgan Asset Management, Wilshire. 1Reflects relative position to the S&P 500 Index. The Fund is an actively managed portfolio; holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. 16 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
18 Selected new names and exited positions JPM US Equity Income Fund As of 31 August 2016 New Names Exited Positions Source: J.P. Morgan Asset Management. Data as of 31 August The Fund is an actively managed portfolio; holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The use of the above company logos is in no way an endorsement for J.P. Morgan Asset Management investment management services. 17 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
19 The JPM US Equity Income Fund has delivered high risk-adjusted returns with strong downside protection compared to peers Trailing 5 years as of 31 August 2016 Down Capture over trailing five years Sharpe Ratio over trailing five years 140% % 120% 100% 94% % 60% % 20% % JPM US Equity Income Fund IA North America Average 1.20 JPM US Equity Income Fund IA North America Average Better downside capture: Peer ranking 5 th percentile Higher risk-adjusted returns: Peer ranking 15 th percentile Source: Morningstar. Percentile ranking is based on the Onshore IA Sector ranking data in the North America peer group. All performance details relate to C-acc GBP unless otherwise stated. All portfolio s are run against the S&P 500 NR GBP benchmark. Data based on trailing 5-years as of 31 August Morningstar. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not an indication of current and future performance. 18 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
20 Year-to-date performance attribution JPM US Equity Income Fund in USD For the eight month period ending 31 August Stock: +2.07% Attribution summary Sector: -0.15% Benchmark S&P 500 Index Sector attribution (%) Health Care Industrials Consumer Discretionary Utilities Materials Information Technology Consumer Staples Telecom Services Financials Energy Source: Wilshire. 1 Attribution breakdown equates to the gross performance of the Fund. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 19 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
21 Executive summary JPM US Equity Income Fund As of 31 August 2016 People Philosophy Process Performance Experienced portfolio manager Experienced investment team with Clare Hart managing the Fund since launch Supported by two dedicated analysts and also leverages the fundamental insights of over 25 US equity analysts Targets high quality US companies with attractive valuations Targets quality companies with consistent earnings, strong management teams and a dividend yield of 2% or more Fully invested with cash < 5% and no derivatives / options used in the portfolio Consistent approach focusing on bottom-up stock selection Fundamental bottom-up approach to stock selection that is not benchmark driven Diversified portfolio with analysis focusing on researching the quality of the business, management and financial factors We believe a quality focused, bottom-up approach can deliver more consistent returns Lower volatility than the market with strong downside protection Delivers strong performance in most market environments Source: J.P. Morgan Asset Management. Past performance is not necessarily a reliable indicator for future performance. The opinions and views expressed here are those held by the author at the date of publication which are subject to change and are not to be taken as or construed as investment advice. 20 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
22 Appendix 21 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
23 YTD Market Review: A market driven by defensives and commodities S&P 500 sector performance in USD as of 31 August 2016 First six months as of 30 June 2016 Q3 to date as of 31 August 2016 Russell 1000 Value +6.3% S&P % Russell 1000 Growth +1.4% Russell 1000 Growth +4.2% S&P % Russell 1000 Value +3.7% YTD through 31 August 2016 Russell 1000 Value +10.2% S&P % Russell 1000 Growth +5.6% Telecom Utilities Energy Consumer Staples Materials Industrials S&P 500 Consumer Discretionary Health Care Information Technology 25% 23% 16% 10% 7% 6% 4% 1% 0% 0% Information Technology Financials Materials Industrials S&P 500 Consumer Discretionary Health Care Energy Consumer Staples Telecom 10% 8% 5% 4% 4% 3% 2% -1% -1% -5% Telecom Utilities Energy Materials Industrials Information Technology Consumer Staples S&P 500 Financials Consumer Discretionary 19% 16% 15% 13% 11% 10% 9% 8% 4% 4% Financials -3% Utilities -6% Health Care 2% First six months defensives & commodities Q3TD tech & financials rebound YTD defensives & commodities Source: J.P. Morgan Asset Management; Wilshire. Past performance is not an indication of current and future performance. 22 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
24 Performance JPM US Equity Income Fund As of 31 August 2016 Market value Fund GBP 3,508m Annualised performance (%) YTD One Year Three Years Since Inception 1 JPM US Equity Income C Net (acc) GBP (%) S&P 500 Net Total Return Index 2 (%) Excess return Calendar year performance (%) JPM US Equity Income C Net (acc) GBP (%) S&P 500 Net Total Return Index 2 (%) Excess return Source: J.P. Morgan Asset Management; Frank Russell Company, Standard and Poor s. Fund performance is shown based on the NAV of the share class C in GBP with income (net) reinvested including actual ongoing charges excluding entry and exit fees. Figures greater than 1 year are annualised. 1Share class inception date is 11 July Fund inception date is 15 December S&P 500 Total Return net 15% withholding tax. Past performance is not an indication of current and future performance. 23 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
25 Investment objective and risk profile JPM US Equity Income Fund Investment objective To provide a portfolio designed to achieve income by investing primarily in US equities in any economic sector whilst participating in long term capital growth. Risk profile The value of your investment may fall as well as rise and you may get back less than you originally invested. The value of Equity and Equity-Linked Securities may fluctuate in response to the performance of individual companies and general market conditions. As the portfolio of the Fund is primarily focused on generating income, it may bear little resemblance to the composition of its Benchmark. The single market in which the Fund primarily invests, in this case the US, may be subject to particular political and economic risks and, as a result, the Fund may be more volatile than more broadly diversified funds. For investors in Share Classes which are not hedged to Sterling movements in currency exchange rates can adversely affect the return of your investment. Investors in GBP Hedged Share Classes should be aware that any currency hedging process may not give a precise hedge. Where currency hedging is undertaken, whilst it may protect an investor in Hedged Shares against a decrease in the value of the currency being hedged, it may also prevent the investor from participating in an increase in the value of that currency. This Fund charges the annual fee of the Authorised Corporate Director (ACD) against capital, which will increase the amount of income available for distribution to Shareholders, but may constrain capital growth. It may also have tax implications for certain investors. Please refer to the Fund's prospectus or Key Investor Information Document (KIID) for more information relating to the Fund. 24 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
26 Disclaimer For professional clients only not for retail use or distribution. This is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P.Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website Investment is subject to documentation which is comprised of the Prospectus, Key Investor Information (KIID) and either the Supplementary Information Document (SID) or Key Features/Terms and Condition, copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: Registered address: 25 Bank St, Canary Wharf, London E14 5JP. 4d03c02a8003b57a 25 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY NOT FOR RETAIL USE OR DISTRIBUTION
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