Fact sheet: JPM Global Macro Balanced

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.
MIXED ASSET - LOWER RISK
Sector
FO Mixed Asset - Cautious
Fund type
Offshore Fund
Primary aim
No data available.
Why Money Observer Rates JPM Global Macro Balanced

Rated Fund 2016-2017. A cautious approach to positive returns

JPM Global Macro Balanced is the new name given to the JPM Cautious Managed fund in September 2016. The name was changed to bring the fund into line with the firm's other multi-asset products and to reflect the managers' macro-thematic approach to asset allocation and security selection.

JPMorgan also believes that the new name better describes the composition of the fund, which makes use of both equities and bonds. It is co-managed by James Elliot, Talib Sheikh and Gareth Witcomb. Elliot is head of the multi-asset solutions team; Sheikh and Witcomb are managers in that team.

Following the name change, the fund continues to invest globally in different types of bonds and equities with an emphasis on the former. Derivatives are also used to enhance returns. However, the investment objective was changed to reflect its greater emphasis on capital growth.

Its asset allocation reflects the managers' views on market conditions and opportunities, pursuing positive returns through the economic cycle over the medium term.

At the end of 2016, investment in bonds made up 60 per cent of the portfolio, with holdings mainly of North American, Pacific and European fixed interest securities. The equity holdings were just over a third of the portfolio, with top regional exposure to Europe, North America and the UK.

The managers remain cautious about the outlook for global growth. In order to minimise currency risk, the portfolio's investments are either denominated in sterling or hedged back to sterling.

3 Year Performance
Fund Performance2.7%
Average of Rated Funds Group18%
Sector Performance5.1%
Fund information
Fund name
JPM Global Macro Balanced D Acc NAV EUR
Fund manager company
JPMorgan Asset Mgmt (Europe) S
Fund type
Offshore Fund
Fund managers
  • Gareth Witcombsince 01/09/2014
  • Talib Sheikhsince 21/12/2012
  • James Elliotsince 21/12/2012
Accolades
Fund objective
To provide income and long-term capital growth by investing primarily in debt securities issued or guaranteed by governments or their agencies and in companies, globally and using financial derivative instruments where appropriate.
Benchmark
No data available.
Investment style
Cautious,Active,Growth
Investment method
None
Quick stats
1 Year return
8.3%
1 Year rank in sector
6/106
Sector
FO Mixed Asset - Cautious
Yield
-
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.
1.9%
Fund size
£227m (£243m last year)
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.
82
Top in this sector
Fund name1 Year
Ashmore SICV3EmMktMltAst19.7%
STANLIB Gbl Bal Cautious11.6%
JPMorgan Provident Capital11.3%
Matthews Asia As Stgc Inc9.7%
Polar Capital IncmOpps9.3%
...more in FO Mixed Asset - Cautious

Performance snapshot

Holdings snapshot

  • North America27.7%
    Europe ex UK20.1%
    Pacific ex-Japan13.7%
    Japan13.6%
    UK11.4%
  • AA61.7%
    BBB15.8%
    AAA13.8%
    Non-Rated8.7%
  • North American Fixed Interest23.8%
    Europe ex UK Fixed Interest18.4%
    UK Fixed Interest11.2%
    Money Market10.9%
    Asia Pacific ex Japan Equities8.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-1.8%-1.2%3.2%8.3%2.7%20.6%
Sector-2.1%-0.6%0.1%2.3%5.1%14.2%
Rank within sector33 / 11180 / 1116 / 1096 / 10659 / 8216 / 56
Quartile2nd3rd1st1st3rd2nd
Calendar performance
 YTD - 20182017201620152014
Fund-0.6%7.8%-5.2%3.1%7.8%
Sector-1.4%5.1%3.6%-0.7%4.3%
Rank within sector18 / 11120 / 10392 / 9211 / 8110 / 64
Quartile1st1st4th1st1st
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.
-0.37
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.
0.7
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
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%.
4.94
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.
4.39
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.
-0.26
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.
0.25
Price movement
52 week high141.28
52 week low126.67
Current bid price-
Current offer price-
Current mid price137.32
Region
1North America27.69%
2Europe ex UK20.08%
3Pacific ex-Japan13.7%
4Japan13.61%
5UK11.42%
6Money Market9.6%
7Global Emerging Markets3.9%
Industry sector
1AA61.7%
2BBB15.8%
3AAA13.8%
4Non-Rated8.7%
Asset type
1North American Fixed Interest23.8%
2Europe ex UK Fixed Interest18.4%
3UK Fixed Interest11.2%
4Money Market10.9%
5Asia Pacific ex Japan Equities8.2%
6North American Equities6.4%
7Japanese Equities5.3%
8Asia Pacific ex Japan Fixed Interest4.8%
9Global Emerging Market Equities3.9%
Individual holdings
1MITSUBISHI ELECTRIC CORP1.7%
2SUMCO CORP1.4%
3APPLIED MATERIALS INC1.3%
4DXC TECHNOLOGY CO1.3%
5PRUDENTIAL PLC1.3%
6MANULIFE FINANCIAL CORP1.2%
7SBERBANK OF RUSSIA1.2%
8LAM RESEARCH CORP1.1%
9BROADCOM CORP1%
Management
Fund manager group
J.P. Morgan Asset Management
Fund manager company
JPMorgan Asset Mgmt (Europe) S
Fund type
Offshore Fund
Fund objective
To provide income and long-term capital growth by investing primarily in debt securities issued or guaranteed by governments or their agencies and in companies, globally and using financial derivative instruments where appropriate.
Benchmark
No data available.
Investment style
Cautious,Active,Growth
Investment method
None
Fund managers
NameSinceBiography
Gareth Witcomb01/09/2014Gareth Witcomb, vice president, is a portfolio manager in the Global Multi-Asset Group, based in London. Gareth works on total return portfolios, supports the convertible bond business and implements tactical asset allocation decisions across balanced and overlay accounts. An employee since 1998, Gareth previously supervised the Cash Management Team for equity, balanced and emerging market portfolios. Gareth obtained a BA in History and Politics from University College Wales.
Talib Sheikh21/12/2012Talib is a portfolio manager for the Multi-Asset Solutions Group, based in London. He is primarily responsible for managing total return portfolios and is a member of the Global Strategy Team which establishes broad macroeconomic themes that are reflected across all portfolios managed globally by the team. Talib has managed balanced and tactical asset allocation overlay accounts since 2002. An employee since 1998, he was previously an Assistant Portfolio Manager in the derivatives implementation team in London. He is a CFA charterholder.
James Elliot21/12/2012James Elliot, is the Chief Investment Officer (“CIO”) of the International business of the Multi-Asset Solutions Group, based in London. James is responsible for investment oversight of all mandates managed by the Multi-Asset Solutions Group in London and Hong Kong, in addition to contributing to the team’s views on broad macroeconomic themes that are reflected across all portfolios managed globally by the Multi-Asset Solutions Group. James is also responsible for managing macro-thematic portfolios. James joined J.P. Morgan in 1995. Prior to his current role, James was CIO for the JPMAM Japanese Equity Portfolio Group based in Tokyo and, previously, was co-head of the JPMAM European Equity Group based in London. James left J.P. Morgan for a period of time and worked at RAB Capital plc, where he served as the Director of Europe Equities and manager of the RAB Europe Long/Short Fund. He obtained a B.A. in Modern History from the University of Oxford and is a CFA charterholder.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, Transparent for German Tax, Distributor Status, Offshore, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Austria, Belgium, Bahrain, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Offshore, Poland, Portugal, Sweden, Taiwan - Province Of China
JPM Global Macro Balanced A Acc EUR
Initial charge5%
Annual charge1.25%
Min single investment£35,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.45%
Total expense ratio (TER)1.45%
Bid price1247.48
Offer price1316.44
Mid price-
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJA71
JPM Global Macro Balanced A Acc NAV EUR
Initial charge5%
Annual charge1.25%
Min single investment£35,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.45%
Total expense ratio (TER)1.45%
Bid price-
Offer price-
Mid price1253.75
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJC84
JPM Global Macro Balanced A Acc NAV USD
Initial charge5%
Annual charge1.25%
Min single investment£35,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.45%
Total expense ratio (TER)1.45%
Bid price-
Offer price-
Mid price157.78
CurrencyUSD
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeK425
JPM Global Macro Balanced A Acc USD
Initial charge5%
Annual charge1.25%
Min single investment£35,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.45%
Total expense ratio (TER)1.45%
Bid price156.99
Offer price165.67
Mid price-
CurrencyUSD
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeK426
JPM Global Macro Balanced A Dis EUR
Initial charge5%
Annual charge1.25%
Min single investment£35,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.45%
Total expense ratio (TER)1.45%
Bid price99.95
Offer price105.47
Mid price-
CurrencyEUR
Price updated15/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeK714
JPM Global Macro Balanced A Dis NAV EUR
Initial charge5%
Annual charge1.25%
Min single investment£35,000
Min regular saving£5,000
Available in ISANo
Ongoing charge (OCF)1.45%
Total expense ratio (TER)1.45%
Bid price-
Offer price-
Mid price100.45
CurrencyEUR
Price updated15/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeK713
JPM Global Macro Balanced C Acc EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.75%
Total expense ratio (TER)0.75%
Bid price1196.89
Offer price1196.89
Mid price-
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJA73
JPM Global Macro Balanced C Acc NAV EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.75%
Total expense ratio (TER)0.75%
Bid price-
Offer price-
Mid price1196.89
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJC86
JPM Global Macro Balanced C Dis EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.75%
Total expense ratio (TER)0.75%
Bid price116.08
Offer price116.08
Mid price-
CurrencyEUR
Price updated15/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFB9Z
JPM Global Macro Balanced C Dis NAV EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.75%
Total expense ratio (TER)0.75%
Bid price-
Offer price-
Mid price116.08
CurrencyEUR
Price updated15/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFBAA
JPM Global Macro Balanced D Acc EUR
Initial charge5%
Annual charge1.25%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.9%
Total expense ratio (TER)1.9%
Bid price136.63
Offer price144.19
Mid price-
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJK94
JPM Global Macro Balanced D Acc NAV EUR
Initial charge5%
Annual charge1.25%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.9%
Total expense ratio (TER)1.9%
Bid price-
Offer price-
Mid price137.32
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeJK95
JPM Global Macro Balanced D Hedged Acc NAV SEK
Initial charge5%
Annual charge1.25%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.9%
Total expense ratio (TER)1.9%
Bid price-
Offer price-
Mid price1113.74
CurrencySEK
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeDRQ4
JPM Global Macro Balanced D Hedged Acc SEK
Initial charge5%
Annual charge1.25%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.9%
Total expense ratio (TER)1.9%
Bid price1108.17
Offer price1169.43
Mid price-
CurrencySEK
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeDRQ3
JPM Global Macro Balanced I Acc EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.71%
Total expense ratio (TER)0.71%
Bid price99.96
Offer price99.96
Mid price-
CurrencyEUR
Price updated19/08/2013
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeDRQ5
JPM Global Macro Balanced I Acc NAV EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.71%
Total expense ratio (TER)0.71%
Bid price-
Offer price-
Mid price99.96
CurrencyEUR
Price updated19/08/2013
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeDRQ6
JPM Global Macro Balanced I Inc EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.71%
Total expense ratio (TER)0.71%
Bid price92.67
Offer price92.67
Mid price-
CurrencyEUR
Price updated07/11/2013
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeV394
JPM Global Macro Balanced I Inc NAV EUR
Initial charge-
Annual charge0.6%
Min single investment£10,000,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)0.71%
Total expense ratio (TER)0.71%
Bid price-
Offer price-
Mid price92.67
CurrencyEUR
Price updated07/11/2013
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeV393
JPM Global Macro Balanced T Acc EUR
Initial charge3%
Annual charge1.25%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.9%
Total expense ratio (TER)1.9%
Bid price109.85
Offer price109.85
Mid price-
CurrencyEUR
Price updated01/10/2015
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code03Z3
JPM Global Macro Balanced T Acc NAV EUR
Initial charge3%
Annual charge1.25%
Min single investment£5,000
Min regular saving£1,000
Available in ISANo
Ongoing charge (OCF)1.9%
Total expense ratio (TER)1.9%
Bid price-
Offer price-
Mid price109.85
CurrencyEUR
Price updated01/10/2015
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code03Z4
JPM Global Macro Balanced X Acc EUR
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.1%
Total expense ratio (TER)0.1%
Bid price161.6
Offer price161.6
Mid price-
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJP57
JPM Global Macro Balanced X Acc NAV EUR
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.1%
Total expense ratio (TER)0.1%
Bid price-
Offer price-
Mid price161.6
CurrencyEUR
Price updated15/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJU95
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.