January 18, 2022

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JPM Asia Growth

en-GB Experienced management with deep analytical resources. Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids, who joined J.P. Morgan’s London office as a European investment analyst in 1997, also worked in the firm’s Tokyo office for two years before relocating to Hong Kong in 2009. Davids has successfully comanaged the JPM Asia Pacific Equity strategy since 2009 and is Kwok’s backup manager on JPM Asian Smaller Companies. While he also co-heads the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the supermajority of his time is devoted to portfolio management. Formerly a chartered accountant for PricewaterhouseCoopers, Kwok joined J.P. Morgan in 2002. In addition to her responsibilities here, Kwok has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade, delivering strong relative returns. The managers are also well-supported by the sector/product analysts and country specialists within the stable 100-member EMAP equities team. Overall, Davids and Kwok provide good stock-specific and industry-level insights during meetings and clearly make good use of the vast analytical resources available to them. The strategy’s strong leadership, coupled with a solid supporting cast, merit an Above Average People rating. Heavy weightings in consumer discretionary and financials. The portfolio maintained its overweight in financials as of January 2020, when its 30% stake was well above the MSCI AC Asia ex Japan Index’s 23%. In August 2019, the team purchased Hong Kong Exchanges & Clearing, believing that it is a technology leader standing to benefit from the Stock Connect program with mainland China exchanges. While the team previously classified 2019 laggard IndusInd Bank as one of the roughly 25 premium names on its regional research platform, the bank’s risk-management questions led to its downgrade to quality from premium. As a result, the managers sold IndusInd Bank and purchased Kotak Mahindra Bank, which had long been classified as a premium name but avoided for valuation reasons. Likewise, the portfolio remained overweight in consumer discretionary, with a 19% stake, compared with the index’s 15%. Alibaba Group was the largest absolute position, at 9.7% as of January 2020. The managers are optimistic about the firm’s gradually improving disclosures as well as its leadership in cloud computing, whose adoption is to be accelerated as firms look for business continuity solutions following the coronavirus outbreak. While the coronavirus outbreak has delayed the thesis for auto component makers Mando and Nexteer Automotive Group, which were purchased in November 2019 citing an improving business cycle, the managers maintained their exposure to both names. A conviction-based approach with quality and growth as the key tenets. The managers apply J.P. Morgan’s quality-growth approach, seeking firms boasting quality franchises, consistent earnings streams, and solid returns on equity. To that end, the managers leverage the team’s country specialists and sector/product analysts. Country specialists, who run the team’s single-country mandates, rank stocks based on conviction levels. Meanwhile, sector/product analysts conduct fundamental research on prospective ideas and assign five-year return targets. Analysts also classify stocks on their coverage lists as premium, quality, or trading, according to J.P. Morgan’s strategic classification framework, which is based on a 98-point questionnaire. The managers allocate about 75% of portfolio assets to premium and quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The end 40- to 60-stock portfolio has few formal constraints in place, and active share has trended above 65% throughout time as a result. That said, we like that the classifications serve as a risk-management and position sizing tool, with premium names–which have the lowest number of perceived risks–making up the largest active weightings. Overall, the approach is well-codified, disciplined, and consistent, meriting an Above Average Process rating. This strategy is a supporting player for investors wishing to construct a globally diversified portfolio but it could also serve as a core equity holding for Asia-based investors. Supporting Player JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s cheapest quintile. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. F000010NYV JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s second-costliest quintile. That’s poor, but based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we still think this share class will be able to overcome its high fees and deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Bronze. F0GBR06LID JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s cheapest quintile. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. F00000QFM9 JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s costliest quintile. Such high fees stack the odds heavily against investors. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we don’t think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Neutral. F000010DXM JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s second-costliest quintile. That’s poor, but based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we still think this share class will be able to overcome its high fees and deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Bronze. F000000KVF JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s cheapest quintile. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. F00000QITE JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s costliest quintile. Such high fees stack the odds heavily against investors. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we don’t think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Neutral. F00000QFMB JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s cheapest quintile. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. F000010DXL JPM Asia Growth has many strengths that make it an attractive option. JPM Asia Growth has many strengths, including solid leadership, a stable supporting cast, and a well-codified investment approach. Under our enhanced ratings framework, which places a greater focus on fees and expected benchmark-relative performance, the Morningstar Analyst Ratings for the vehicle’s cheapest share classes–including the C (acc) USD clean share class–have been upgraded to Silver, while its more expensive share classes earn Bronze and Neutral ratings.

Comanagers Mark Davids and Joanna Kwok assumed control of this strategy via the U.K. OEIC in May 2015, followed by the HKUT and SICAV vehicles in April 2016 and September 2017, respectively. Davids has been with JPMorgan Chase for more than two decades and, while he is also co-head of the Asia-Pacific regional team within the wider emerging-markets and Asia-Pacific equities group, the bulk of his time is spent on portfolio management. Kwok initially joined J.P. Morgan in 2002 and has been managing Asian small-cap strategies–including the Silver-rated JPM Asian Smaller Companies HKUT–for more than a decade. The managers provide good stock-specific and industry-level insights during meetings and complement each other well. What’s more, they clearly make good use of the sector/product analysts and country specialists within the 100-member EMAP team.

The managers apply J.P. Morgan’s quality-growth approach, which is well-codified and disciplined. The team’s sector/product analysts classify prospective holdings into three distinct buckets–premium, quality, and trading–to help determine portfolio suitability as well as position sizing. The majority of portfolio assets are allocated to premium or quality names, which operate in attractive industries and possess strong balance sheets, good management teams, and solid growth prospects. The balance is allocated to trading names, which may sport attractive valuations but face greater external or operational risks. The resulting portfolio has 40 to 60 stocks, with limited constraints at the country or sector levels relative to the MSCI AC Asia ex Japan Index, so active share trends higher than 65%.

Davids and Kwok have delivered excellent returns for investors during their tenure. Their continued presence and adherence to the approach provide comfort that the strong returns will continue going forward. 1389 1389 Thomas Lancereau Thomas Lancereau, CFA 40 Bridget B. Hughes Bridget B. Hughes, CFA J.P. Morgan Asset Management boasts long-tenured and strongly aligned portfolio managers who are supported by deep analytical resources. Competitive fees across the board also contribute to the firm’s Positive Parent rating.

The firm’s diverse lineup features many Morningstar Medalists across asset classes and regions. In February 2018, its U.S.-domiciled SmartRetirement target-date series was upgraded to a Morningstar Analyst Rating of Gold, befitting strong underlying resources and processes on both equity and fixed income. On U.S. equities, for instance, experienced managers draw on a core team of more than 20 career analysts, while on their cored fixed-income mandates, long-tenured managers are supported by more than 25 credit and securitized analysts based across Columbus, London, and New York. Managers’ compensation factors in 10-year performance where applicable, which exceeds industry standards. Retention rates and managers’ coinvestments alongside fund shareholders are above average, and succession planning is generally well handled.

Fees are regularly reviewed downward; funds tend to be cheaper relative to peers in the U.S. than abroad. The firm has refrained from trendy offerings and expanded its passive business recently. It has continued to rationalize its broad lineup otherwise, leading to some mergers and liquidations in Europe in particular. J.P. Morgan Asset Management has earned its place among the world’s largest asset managers. 2018-09-20T15:53:00 2018-09-20T20:53:00Z This strategy has been a top performer under current management. Mark Davids and Joanna Kwok took over the SICAV vehicle in September 2017, but they have comanaged the strategy via the U.K. OEIC since May 2015. Since then through February 2020, the OEIC’s C Net Acc share class’ 12.7% annualized gain (in pound sterling) trounced the MSCI AC Asia ex Japan Index’s 6.6% gain as well as 99% of its Asia ex-Japan equity category peers. Although the vehicle was more volatile than the index during the same period–partly owing to its penchant for consumer discretionary names–investors were well-compensated, as its Sharpe ratio of 0.46 beat the index’s 0.13 and 99% of peers. Stock selection was strong across sectors during management’s tenure, though it was especially beneficial in financials and industrials. In financials, the portfolio was buoyed by bank PT Bank Central Asia and insurance provider AIA Group. Within industrials, aircraft leasing firm BOC Aviation and power tool maker Techtronic Industries were two of the biggest winners. After holding up well in the 2018 down market, the OEIC continued to post strong relative returns in 2019. Indeed, its 23.4% gain for 2019 outperformed the index’s 13.6% gain and ranked in the top decile among peers. The strong showing can be attributable to solid picks in financials and industrials, namely insurance provider Ping An Insurance and property management service provider Country Garden Services Holdings, respectively. It’s critical to evaluate expenses, as they come directly out of returns. The share class on this report levies a fee that ranks in its Morningstar category’s cheapest quintile. Based on our assessment of the fund’s People, Process and Parent pillars in the context of these fees, we think this share class will be able to deliver positive alpha relative to the category benchmark index, explaining its Morningstar Analyst Rating of Silver. F00000QFMA Live

JPM Asia Growth

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