Fact sheet: JPMorgan Global Emerging Markets Income IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EMERGING MARKETS
Sector
IT Global Emerging Markets Equities
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates JPMorgan Global Emerging Markets Income IT

Rated Fund 2013-2017. Focuses on companies with understandable dividend policies

The main attraction of this trust is that it is one of the few investments to provide investors who need income with an opportunity to gain exposure to emerging markets.

Launched in 2010, it had a good run initially, but like many other trusts investing in the region, it went through a torrid time in 2015, as emerging markets faltered. It has since bounced back as conditions have improved.

Although its dividend growth over the past five years has been minimal, its yield is an attractive 4.5 per cent, and its managers are currently optimistic about the outlook for income and capital growth.

The trust has been managed since 2012 by Omar Negyal. He has been joined in the past two years by co-managers Amit Mehta and Jeffrey Roskell, who took over from Richard Titherington in 2016. Their policy is to invest in a diversified portfolio of relatively high-yielding stocks so that they receive dividends from across sectors and countries.

However, they admit emerging market dividends have been - and remain - under pressure. This is why their research focus is on developing a conviction in companies' dividend policies in order to avoid disappointments.

Their aim is to find stocks that generate attractive returns on equity, produce positive free cash flow, and have clear and understandable dividend policies. Even in an uncertain environment, they argue that they can identify many stocks with attractive dividend yields in these markets, which bodes well for investors over the long term.

3 Year Performance
Fund Performance23.6%
Average of Rated Funds Group45.4%
Sector Performance30.8%
Fund information
Fund name
JP Morgan Global Emerging Markets Income Trust plc ORD 1P
Fund manager company
JP Morgan Asset Management UK
Fund type
Investment Trust
Fund managers
  • Jeffrey Roskellsince 31/07/2016
  • Amit Mehtasince 31/07/2015
  • Omar Negyalsince 30/04/2015
Accolades
Fund objective
Aims to provide a dividend income, together with the potential for long-term capital growth from Emerging Markets investments by outperformance of the MSCI Emerging Markets Index. The company will predominantly invest in quoted companies although, where appropriate, it may invest in other types of securities. The company has the ability to use borrowing to gear the portfolio to up to 20% of net assets where appropriate.
Benchmark
  • MSCI Emerging Markets
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
11.8%
1 Year rank in sector
7/10
Sector
IT Global Emerging Markets Equities
Yield
3.8%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.31%
Fund size
£387m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
165
Mid price
130.5
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
137.4
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-5.02
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
105
Top in this sector
Fund name1 Year
JPM Emg Mkts IT plc22.6%
Templeton Emg Mkts21.3%
AbrEmrMrInvCmpLtd18.1%
Fundsmith Emg Eqs Tst17.3%
Genesis Emerging Mkt15.8%
...more in IT Global Emerging Markets Equities

Performance snapshot

Holdings snapshot

  • No data available.
  • Financials30.6%
    Information Technology18%
    Consumer Staples15.7%
    Consumer Discretionary12%
    Telecommunications Utilities7.7%
  • No data available.

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-7.3%-2%2.7%11.8%23.6%24.2%
Sector-4.6%0.6%3.3%11.6%30.8%27.1%
Rank within sector8 / 118 / 118 / 117 / 108 / 108 / 9
Quartile3rd3rd3rd3rd4th4th
Calendar performance
 YTD - 20182017201620152014
Fund-4.7%23.8%38.3%-22%6.6%
Sector-2.7%20.8%26.7%-10.4%1.6%
Rank within sector7 / 115 / 102 / 109 / 102 / 9
Quartile3rd2nd1st4th1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-5.78
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.61
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.28
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
22.63
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
13.55
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.07
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.74
Price movement
52 week high142.25
52 week low121.38
Current bid price129.5
Current offer price131
Current mid price130.5
Region
No data available.
Industry sector
1Financials30.6%
2Information Technology18%
3Consumer Staples15.7%
4Consumer Discretionary12%
5Telecommunications Utilities7.7%
6Energy5.7%
7Materials4.1%
8Utilities3.7%
9Real Estate1.3%
Asset type
No data available.
Individual holdings
1TAIWAN SEMICONDUCTOR MANUFACTURING4.2%
2SBERBANK OF RUSSIA3%
3FUYAO GLASS INDUSTRY GROUP CO LTD2.7%
4VANGUARD INTERNATIONAL SEMICONDCTOR2.4%
5FIRSTRAND2.3%
6BANCO SANTANDER SA2.2%
7AVI2.1%
8OTP BANK2.1%
9CHINA RESOURCES POWER HLDGS CO2%
Management
Fund manager group
J.P. Morgan Asset Management
Fund manager company
JP Morgan Asset Management UK
Fund type
Investment Trust
Fund objective
Aims to provide a dividend income, together with the potential for long-term capital growth from Emerging Markets investments by outperformance of the MSCI Emerging Markets Index. The company will predominantly invest in quoted companies although, where appropriate, it may invest in other types of securities. The company has the ability to use borrowing to gear the portfolio to up to 20% of net assets where appropriate.
Benchmark
  • MSCI Emerging Markets
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Jeffrey Roskell31/07/2016Jeffrey Roskell, managing director, is a portfolio manager and head of the Emerging Markets and Asia Pacific (EMAP) Income strategy within the EMAP Equities team, based in Hong Kong. He joined the Firm in 1997 as an investment manager within the Global Equities team (previously known as the Global Portfolios group) in Hong Kong and transferred to manage Asia Pacific portfolios in 2000. He joined the industry in 1992 as a graduate trainee with Prudential Portfolio Managers Limited in London, and subsequently specialised in managing portfolios investing in Continental European equities. Jeffrey obtained an M.A. in Economics from Cambridge University and the Investment Management Certificate from London Business School.
Amit Mehta31/07/2015Amit Mehta, executive director, is a portfolio manager within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 2011, Amit previously worked at Prusik Investment Management (2009-2011) and Atlantis Investment Management (2007-2009) where he was an Asian equities analyst and portfolio manager. Prior to this, he was a global emerging markets analyst at Aviva Investors (2004-2007) and an investment consultant at Mercer Investment Consulting (2000-2004). Amit obtained a B.Sc (Honours) in Mathematics from Kings College London. He is a CFA Charterholder.
Omar Negyal30/04/2015Omar Negyal, executive director, is a portfolio manager for the Emerging Markets and Asia Pacific (EMAP) Income and Total Emerging Markets strategies within the EMAP Equities team, based in London. An employee since 2012, Omar previously worked at HSBC Global Asset Management (2009-2012), Lansdowne Partners (2006-2009) and F&C Asset Management (1998-2005). Omar has an M.A. and an M.Eng. in Chemical Engineering from the University of Cambridge and is a CFA Charterholder.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
JP Morgan Global Emerging Markets Income Trust plc C 10p
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price103.5
CurrencyGBX
Price updated14/06/2011
Type-
Institutional or retail classRetail
Domicile-
Citi codeNJH9
JP Morgan Global Emerging Markets Income Trust plc ORD 1P
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price137.4
CurrencyGBX
Price updated14/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJMD
Data provided by

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