Morningstar Fund Report | 14/04/2025

JPM Emerging Markets Income Fund B - Net Accumulation

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	8.4	-9.6	7.8	8.4	-2.0
	+/-Cat	9.8	2.5	3.7	0.3	-1.2
	+/-B’mrk	9.3	-1.7	3.8	-0.6	-1.1


Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD

Key Stats
NAV 11/04/2025		GBP 1.01
Day Change		-0.78%
Morningstar Category™		Global Emerging Markets Equity
IA (formerly IMA) Sector		Global Emerging Markets
ISIN		GB00B5T0GN09
Fund Size (Mil) 11/04/2025		GBP 1052.34
Share Class Size (Mil) 11/04/2025		GBP 10.44
Max Initial Charge		-
Ongoing Charge 01/01/2025		1.15%

Morningstar Research

Analyst Report	07/06/2024 Lena Tsymbaluk, Associate Director Morningstar, Inc
The JPM Emerging Markets Income has strong features including a capable leadership, deep analytical resources, as well as a structured and well-codified approach. Our conviction in the approach has increased, based on the manager’s disciplined...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	24
Parent	24
Process	25
Performance
Price

Investment Objective: JPM Emerging Markets Income Fund B - Net Accumulation

To provide a portfolio designed to achieve income by investing at least 80% of the Fund’s assets in equity securities of emerging markets companies in any economic sector whilst participating in capital growth over the long-term (5-10 years). At least 80% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. The Fund may invest in small capitalisation companies.

Returns

Trailing Returns (GBP)	11/04/2025
YTD	-7.75
3 Years Annualised	1.23
5 Years Annualised	7.46
10 Years Annualised	5.13

12 Month Yield

3.39

Management

Manager Name Start Date
Omar Negyal 19/11/2012
Isaac Thong 17/06/2020
Inception Date 29/10/2012

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI EM NR GBP	Morningstar EM TME NR USD

Portfolio Profile for JPM Emerging Markets Income Fund B - Net Accumulation	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	99.57	0.00	99.57
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	2.32	1.89	0.43
Other	0.00	0.00	0.00

Top 5 Regions	%
Asia - Emerging	45.11
Asia - Developed	34.44
Latin America	11.80
Middle East	3.79
Africa	2.94

Top 5 Sectors		%
	Financial Services	29.66
	Technology	27.54
	Consumer Cyclical	15.42
	Communication Services	9.52
	Consumer Defensive	7.56

Top 5 Holdings	Sector	%
Taiwan Semiconductor Manufacturi...	Technology	9.01
Alibaba Group Holding Ltd Ordina...	Consumer Cyclical	4.39
Tencent Holdings Ltd	Communication Services	3.45
HDFC Bank Ltd	Financial Services	2.62
Samsung Electronics Co Ltd	Technology	2.59

Increase Decrease New since last portfolio
JPM Emerging Markets Income Fund B - Net Accumulation

Growth Of 1000 (GBP)

31/03/2025

	Fund: JPM Emerging Markets Income Fund B - Net Accumulation
	Category: Global Emerging Markets Equity
	Category Index: Morningstar EM TME NR USD

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-5.07	17.67	12.42	8.38	-9.56	7.80	8.40	-2.01
+/- Category	6.20	3.40	-1.64	9.84	2.51	3.69	0.29	-1.20
+/- Category Index	2.39	3.30	-1.47	9.25	-1.72	3.82	-0.62	-1.13
% Rank in Category	6	24	60	6	28	17	51	74

Trailing Returns (GBP)			11/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-0.78	-0.92	-1.60
1 Week	-3.71	-0.16	1.11
1 Month	-5.86	0.46	0.35
3 Months	-8.83	-0.82	-1.42
6 Months	-9.88	-0.14	-0.26
YTD	-7.75	-0.51	-0.93
1 Year	-5.69	-0.65	-1.91
3 Years Annualised	1.23	1.29	0.58
5 Years Annualised	7.46	2.77	1.98
10 Years Annualised	5.13	1.78	0.88

Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	-2.01	-	-	-
2024	4.64	4.15	-0.09	-0.45
2023	3.81	-0.52	-0.29	4.69
2022	-3.28	-5.12	-4.51	3.21
2021	3.31	2.18	-0.20	2.87
2020	-19.87	15.16	3.08	18.19

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Above Average	Below Average
5-Year	Above Average	Below Average
10-Year	Above Average	Below Average
Overall	Above Average	Below Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	12.08 %
3-Yr Mean Return	3.02 %


3-Yr Sharpe Ratio	-0.08

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar EM TME NR USD	MSCI EM NR USD
3-Yr Beta	0.95	0.91
3-Yr Alpha	-0.05	-0.12

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	GBP 38036	-


Market Capitalisation	% of Equity
Giant	61.55
Large	34.54
Medium	3.75
Small	0.16
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	10.69	0.90
Price/Book	1.54	0.93
Price/Sales	1.17	0.78
Price/Cash Flow	7.03	1.10
Dividend-Yield Factor	4.53	1.42

Long-Term Projected Earnings Growth	9.13	0.87
Historical Earnings Growth	9.83	1.77
Sales Growth	2.49	0.54
Cash-Flow Growth	7.08	1.51
Book-Value Growth	7.85	0.90

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stock	99.57	0.00	99.57
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	2.32	1.89	0.43
Other	0.00	0.00	0.00

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	0.23	0.28
Canada	0.00	0.00
Latin America	11.80	1.29
United Kingdom	0.00	0.00
Eurozone	1.26	0.98
Europe - ex Euro	0.00	0.00
Europe - Emerging	0.43	0.19
Africa	2.94	0.85
Middle East	3.79	0.79
Japan	0.00	0.00
Australasia	0.00	-
Asia - Developed	34.44	1.19
Asia - Emerging	45.11	0.93

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	0.23	0.05
Consumer Cyclical	15.42	1.05
Financial Services	29.66	1.23
Real Estate	1.00	0.51
Consumer Defensive	7.56	1.59
Healthcare	1.19	0.34
Utilities	4.39	2.42
Communication Services	9.52	0.92
Energy	2.50	0.80
Industrials	0.99	0.15
Technology	27.54	1.11

Top 10 Holdings

28/02/2025

	Portfolio NEW
Total Number of Equity Holdings	71
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	33.93

Name	Sector	Country	% of Assets
Taiwan Semiconductor Manufacturing Co...		Taiwan	9.01
Alibaba Group Holding Ltd Ordinary Sh...		China	4.39
Tencent Holdings Ltd		China	3.45
HDFC Bank Ltd		India	2.62
Samsung Electronics Co Ltd		Korea, Republic Of	2.59
Wal - Mart de Mexico SAB de CV		Mexico	2.57
Realtek Semiconductor Corp		Taiwan	2.42
NetEase Inc Ordinary Shares		China	2.36
Infosys Ltd ADR		India	2.27
ASE Technology Holding Co Ltd		Taiwan	2.23

Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity

Management

Name of Company	JPMorgan Funds Limited
Phone	+44 1268 44 44 70
Website	www.jpmorgan.co.uk/investor
Address	60 Victoria Embankment
	London EC4Y 0JP
	United Kingdom

Domicile	United Kingdom
Legal Structure	Open Ended Investment Company
UCITS	Yes
Inception Date	29/10/2012

Fund Advisor(s)
JP Morgan Asset Management (UK) Ltd

Fund Manager	Omar Negyal
Manager Start Date	19/11/2012
Career Start Year	1999

Education

University of Cambridge, M.A.



Biography
Omar Negyal, executive director, is a portfolio manager within the Emerging Markets and Asia Pacific Equities Team, based in London. An employee since 2012, Omar joined the firm with 14 years of experience in Emerging Markets gained through previous analyst and portfolio management roles at HSBC Global Asset Management, Lansdowne Partners and F&C Asset Management. Omar has an MA, MEng in Chemical Engineering from the University of Cambridge and is a CFA Charterholder.

Fund Manager	Isaac Thong
Manager Start Date	17/06/2020



Biography
Isaac Thong, vice president, 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.Isaac was previously a country specialist for Vietnam and Thailand equities and a member of the ASEAN team within the EMAP Equities team based in Singapore. Isaac joined the Firm in 2013 from Maybank Asset Management where he was a senior investment analyst covering South Asian equities within the commodities space. He began his career in 2009 with ANZ Banking Group as an economic analyst for the Asia ex-Japan region. Isaac obtained a Bachelors of Commerce degree from McGill University and is a CFA Charterholder.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	n/a
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	1.00%
Ongoing Charge	1.15%

Purchase Details

Minimum Investments
Initial	1000000 GBP
Additional	100000 GBP
Savings	-

Tax Free Savings Schemes
ISAs	Yes