Morningstar Fund Report  | 05/04/2025Print

JPM Global Macro Opportunities Fund C - Net Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
JPM Global Macro Opportunities Fund C - Net Accumulation
Fund5.3-10.5-0.68.9-0.6
+/-Cat2.6-12.8-4.53.9-2.4
+/-B’mrk5.62.7-6.65.4-1.3
 
Category: Macro Trading GBP
Category Benchmark: Morningstar UK Cau Tgt Allo...
Key Stats
NAV
04/04/2025		 GBP 1.75
Day Change 1.45%
Morningstar Category™ Macro Trading GBP
IA (formerly IMA) Sector Targeted Absolute Return
ISIN GB00B4WKYF80
Fund Size (Mil)
03/04/2025		 GBP 337.98
Share Class Size (Mil)
03/04/2025		 GBP 205.38
Max Initial Charge -
Ongoing Charge
01/01/2024		  0.65%
Morningstar Research
Analyst Report27/03/2025
Thomas De fauw, Senior Analyst
Morningstar, Inc

JPM Global Macro Opportunities remains a decent option in its macro trading peer group, but the recent loss of two managers gives us pause. Under the leadership of team head Shrenick Shah the strategy has improved through incremental tweaks to...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process24
Performance
Price
Investment Objective: JPM Global Macro Opportunities Fund C - Net Accumulation
The Fund aims to provide positive investment returns, before fees, over a rolling 3 year period in all market conditions by investing in securities globally, using derivatives where appropriate. A positive return is not guaranteed over this or any time period and a capital loss may occur. It invests, either directly or through derivatives in equities, commodity index instruments, convertible securities, debt securities, currencies and cash and near cash. Issuers of these securities may be located in any country, including emerging markets.
Returns
Trailing Returns (GBP)04/04/2025
YTD0.63
3 Years Annualised1.13
5 Years Annualised2.37
10 Years Annualised2.98
12 Month Yield 1.19
Management
Manager Name
Start Date
Shrenick Shah
15/02/2013
Josh Berelowitz
18/12/2019
Click here to see others
Inception Date
15/02/2013

Category Benchmark
Fund BenchmarkMorningstar Benchmark
ICE BofA SONIA Overnight Rate TR GBPMorningstar UK Cau Tgt Alloc NR GBP
Portfolio Profile for  JPM Global Macro Opportunities Fund C - Net Accumulation30/09/2024
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock41.000.0240.98
Bond0.290.32-0.03
Property0.000.000.00
Cash63.544.4959.05
Other0.000.000.00
Fixed Income
Effective Maturity-
Effective Duration-1.57
Top 5 Regions%
United States65.91
Asia - Developed12.29
Asia - Emerging10.55
Eurozone8.18
Europe - ex Euro3.07
Top 5 Sectors%
Technology37.01
Healthcare25.87
Financial Services14.70
Consumer Cyclical11.98
Industrials5.68
Top 5 HoldingsSector%
JPM EUR lqdty LVNAV X (T0 acc.)9.04
Japan (Government Of) 0%6.04
France (Republic Of) 0%5.66
Canada (Government of) 0%5.58
Canada (Government of) 0%5.56
Increase Decrease New since last portfolio
JPM Global Macro Opportunities Fund C - Net Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  JPM Global Macro Opportunities Fund C - Net Accumulation
Category:  Macro Trading GBP
Category Index:  Morningstar UK Cau Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-1.341.9713.635.27-10.51-0.628.88-0.63
+/- Category-2.07-3.7112.862.62-12.79-4.503.86-2.42
+/- Category Index--8.065.572.75-6.595.40-1.27
% Rank in Category4533122593902389
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day1.45   1.551.45
1 Week1.51   1.110.90
1 Month0.52   0.671.03
3 Months0.06   -0.96-0.75
6 Months3.97   2.113.66
YTD0.63   -0.58-0.25
1 Year7.61   2.673.23
3 Years Annualised1.13   -2.170.89
5 Years Annualised2.37   -1.972.13
10 Years Annualised2.98   0.491.32
 
Category: Macro Trading GBP
Category Index: Morningstar UK Cau Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-0.63---
20241.940.741.894.06
20237.70-7.271.37-1.84
2022-5.73-3.89-0.12-1.11
20212.461.880.170.67
20203.520.831.916.81
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAbove Average2 star
5-YearBelow AverageAbove Average2 star
10-YearAbove AverageAverage4 star
OverallAverageAbove Average3 star
 
Category :  Macro Trading GBPClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev8.01 %
3-Yr Mean Return1.00 %
 
3-Yr Sharpe Ratio-0.38
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Cau Tgt Alloc NR GBP  Morningstar Chile GR CLP
3-Yr Beta-0.01-0.15
3-Yr Alpha-3.02-2.12
 
Investment Style Details30/09/2024
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 124365-
Market Capitalisation% of Equity
Giant49.26
Large33.34
Medium9.02
Small8.38
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings19.341.13
Price/Book3.821.63
Price/Sales4.163.19
Price/Cash Flow15.041.62
Dividend-Yield Factor0.920.45
 
Long-Term Projected Earnings Growth17.191.22
Historical Earnings Growth7.320.89
Sales Growth6.632.41
Cash-Flow Growth-10.20-2.02
Book-Value Growth7.051.37
 
Category: Macro Trading GBP
Fixed Income Style30/09/2024
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 455
Maturity Distribution %
1 to 30.00
3 to 50.00
5 to 70.00
7 to 100.00
10 to 150.00
15 to 200.00
20 to 300.00
Over 300.00
Effective Maturity-
Effective Duration-1.57
Credit Quality Breakdown %     %
AAA51.04   BB0.00
AA35.63   B0.00
A13.33   Below B0.00
BBB0.00   Not Rated0.00
 
Category: Macro Trading GBP
Asset Allocation30/09/2024
Asset Allocation
 % Long% Short% Net Assets
Stock41.000.0240.98
Bond0.290.32-0.03
Property0.000.000.00
Cash63.544.4959.05
Other0.000.000.00
World Regions30/09/2024
 % of EquityRelative to Category
United States65.911.04
Canada0.000.00
Latin America0.000.00
United Kingdom0.000.00
Eurozone8.180.51
Europe - ex Euro3.070.57
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed12.294.56
Asia - Emerging10.552.08
 
Category: Macro Trading GBP
Sector Weightings30/09/2024
 % of EquityRelative to Category
Basic MaterialsBasic Materials0.010.00
Consumer CyclicalConsumer Cyclical11.980.94
Financial ServicesFinancial Services14.701.11
Real EstateReal Estate0.000.00
Consumer DefensiveConsumer Defensive0.010.00
HealthcareHealthcare25.871.53
UtilitiesUtilities0.010.00
Communication ServicesCommunication Services4.721.25
EnergyEnergy0.010.01
IndustrialsIndustrials5.680.53
TechnologyTechnology37.011.39
 
Category: Macro Trading GBP
Top 10 Holdings30/09/2024
 Portfolio NEW
Total Number of Equity Holdings32
Total Number of Bond Holdings9
Assets in Top 10 Holdings55.45
NameSectorCountry% of Assets
JPM EUR lqdty LVNAV X (T0 acc.)Luxembourg9.04
Japan (Government Of) 0%Japan6.04
France (Republic Of) 0%France5.66
Canada (Government of) 0%Canada5.58
Canada (Government of) 0%Canada5.56
Canada (Government of) 0%Canada5.46
France (Republic Of) 0%France5.45
Germany (Federal Republic Of) 0%Germany5.03
France (Republic Of) 0%France5.03
HDFC Bank Ltd103India2.58
 
Increase Decrease New since last portfolio
Category: Macro Trading GBP
 
Management
Name of CompanyJPMorgan Funds Limited
Phone+44 1268 44 44 70
Websitewww.jpmorgan.co.uk/investor
Address60 Victoria Embankment
 London   EC4Y 0JP
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date15/02/2013
Fund Advisor(s)
JP Morgan Asset Management (UK) Ltd
Fund ManagerShrenick Shah
Manager Start Date15/02/2013
Career Start Year2002
 
Biography
Shrenick Shah, Managing Director, leads the Macro Strategies portfolio management team within Multi-Asset Solutions, based in London. An employee since September 2010, Shrenick previously worked in the equity divisions at Deutsche Bank and Credit Suisse. Shrenick obtained a M.Sc. in Econometrics and Mathematical Economics from the London School of Economics.
Fund ManagerJosh Berelowitz
Manager Start Date18/12/2019
Career Start Year2011
Education
University of Nottingham, B.S.
 
Biography
Josh Berelowitz, Vice President, is a portfolio manager in the Macro Strategies team, based in London. An employee since September 2011, Josh has been focused on the macro portfolios since inception of the strategy in November 2012. Josh obtained a B.Sc. in Economics from the University of Nottingham and is a CFA charterholder.
Fund ManagerMichal Plotkowiak
Manager Start Date30/09/2024
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.60%
Ongoing Charge0.65%
Purchase Details
Minimum Investments
Initial5000000  GBP
Additional100000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes