Morningstar Fund Report | 14/04/2025

JPMorgan Funds - Emerging Markets Equity Fund A (acc) - EUR

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	-8.6	-17.0	-0.7	3.0	-2.0
	+/-Cat	-7.1	-4.9	-4.8	-5.1	-1.1
	+/-B’mrk	-7.7	-9.1	-4.7	-6.0	-1.1


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

Key Stats
NAV 11/04/2025		EUR 19.67
Day Change		-0.95%
Morningstar Category™		Global Emerging Markets Equity
ISIN		LU0217576759
Fund Size (Mil) 11/04/2025		USD 3474.33
Share Class Size (Mil) 11/04/2025		EUR 391.24
Max Initial Charge		-
Ongoing Charge 18/07/2024		1.72%

Morningstar Research

Analyst Report	11/03/2025 Lena Tsymbaluk, Associate Director Morningstar, Inc
JPM Emerging Markets Equity’s highly experienced management team, the group’s extensive resources, and notable investment process underpin our positive view. The clean C share class retains its Morningstar Analyst Rating of Silver. Other share...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	25
Parent	24
Process	24
Performance
Price

Investment Objective: JPMorgan Funds - Emerging Markets Equity Fund A (acc) - EUR

To provide long-term capital growth by investing primarily in emerging market companies.

Returns

Trailing Returns (GBP)	11/04/2025
YTD	-8.91
3 Years Annualised	-2.97
5 Years Annualised	1.11
10 Years Annualised	3.28

12 Month Yield

0.00

Management

Manager Name Start Date
Leon Eidelman 15/02/2013
Austin Forey 07/01/1997
Inception Date 20/09/2005

Category Benchmark

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

Portfolio Profile for JPMorgan Funds - Emerging Markets Equity Fund A (acc) - EUR	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	99.41	0.00	99.41
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	2.61	3.06	-0.45
Other	1.04	0.00	1.04

Top 5 Regions	%
Asia - Emerging	43.87
Asia - Developed	25.68
Latin America	15.88
Eurozone	5.01
Europe - Emerging	3.53

Top 5 Sectors		%
	Technology	28.37
	Financial Services	22.50
	Consumer Cyclical	19.81
	Communication Services	8.52
	Industrials	6.86

Top 5 Holdings	Sector	%
Taiwan Semiconductor Manufacturi...	Technology	9.57
Tencent Holdings Ltd	Communication Services	6.63
MercadoLibre Inc	Consumer Cyclical	3.58
SK Hynix Inc	Technology	3.32
Banco Bilbao Vizcaya Argentaria SA	Financial Services	2.95

Increase Decrease New since last portfolio
JPMorgan Funds - Emerging Markets Equity Fund A (acc) - EUR

Growth Of 1000 (GBP)

31/03/2025

	Fund: JPMorgan Funds - Emerging Markets Equity Fund A (acc) - EUR
	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	-11.27	25.21	28.16	-8.60	-16.97	-0.68	3.05	-1.95
+/- Category	0.00	10.94	14.11	-7.14	-4.90	-4.79	-5.06	-1.14
+/- Category Index	-3.81	10.85	14.27	-7.73	-9.13	-4.66	-5.97	-1.07
% Rank in Category	56	3	8	91	82	85	87	74

Trailing Returns (GBP)			11/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-0.95	-1.09	-1.77
1 Week	-2.74	0.81	2.08
1 Month	-7.17	-0.85	-0.96
3 Months	-10.50	-2.49	-3.08
6 Months	-11.24	-1.49	-1.62
YTD	-8.91	-1.68	-2.09
1 Year	-9.86	-4.82	-6.09
3 Years Annualised	-2.97	-2.91	-3.62
5 Years Annualised	1.11	-3.58	-4.37
10 Years Annualised	3.28	-0.06	-0.96

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	-1.95	-	-	-
2024	2.84	2.57	-1.04	-1.28
2023	0.86	-2.06	-2.42	3.04
2022	-12.33	-5.03	-2.88	2.69
2021	-3.07	5.76	-5.78	-5.38
2020	-17.27	23.60	8.73	15.26

Morningstar Rating™(Relative to Category)

31/03/2025

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

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	13.55 %
3-Yr Mean Return	-0.80 %


3-Yr Sharpe Ratio	-0.35

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	1.01	0.97
3-Yr Alpha	-3.78	-3.86

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	USD 58550	-


Market Capitalisation	% of Equity
Giant	71.10
Large	16.69
Medium	8.90
Small	3.32
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	12.67	1.07
Price/Book	2.43	1.48
Price/Sales	1.69	1.13
Price/Cash Flow	5.04	0.79
Dividend-Yield Factor	2.87	0.90

Long-Term Projected Earnings Growth	13.71	1.31
Historical Earnings Growth	16.14	2.91
Sales Growth	14.86	3.24
Cash-Flow Growth	10.21	2.18
Book-Value Growth	13.34	1.53

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stock	99.41	0.00	99.41
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	2.61	3.06	-0.45
Other	1.04	0.00	1.04

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	3.24	3.86
Canada	0.00	0.00
Latin America	15.88	1.73
United Kingdom	0.00	0.00
Eurozone	5.01	3.90
Europe - ex Euro	0.00	0.00
Europe - Emerging	3.53	1.60
Africa	2.79	0.81
Middle East	0.00	0.00
Japan	0.00	0.00
Australasia	0.00	-
Asia - Developed	25.68	0.88
Asia - Emerging	43.87	0.90

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	1.69	0.39
Consumer Cyclical	19.81	1.35
Financial Services	22.50	0.93
Consumer Defensive	5.75	1.21
Healthcare	4.11	1.17
Communication Services	8.52	0.82
Energy	2.37	0.76
Industrials	6.86	1.05
Technology	28.37	1.14

Top 10 Holdings

28/02/2025

	Portfolio NEW
Total Number of Equity Holdings	72
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	37.18

Name	Sector	Country	% of Assets
Taiwan Semiconductor Manufacturing Co...		Taiwan	9.57
Tencent Holdings Ltd		China	6.63
MercadoLibre Inc		Brazil	3.58
SK Hynix Inc		Korea, Republic Of	3.32
Banco Bilbao Vizcaya Argentaria SA		Spain	2.95
Bajaj Finance Ltd		India	2.86
Alibaba Group Holding Ltd ADR		China	2.45
Nu Holdings Ltd Ordinary Shares Class A		Brazil	2.14
Yum China Holdings Inc		China	1.86
Bim Birlesik Magazalar AS		Turkey	1.81

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

Management

Name of Company	JPMorgan Asset Management (Europe) S.à r.l.
Phone	+352 34 101
Website	http://www.jpmorganassetmanagement.com
Address	European Bank & Business Centre 6, route de Trèves
	Luxembourg L-2633
	Luxembourg

Domicile	Luxembourg
Legal Structure	SICAV
UCITS	Yes
Inception Date	20/09/2005

Fund Advisor(s)
J.P. Morgan Investment Management, Inc.

Fund Manager	Leon Eidelman
Manager Start Date	15/02/2013

Education

Cornell University, B.A.



Biography
Leon Eidelman, CFA, Portfolio Manager and Managing Director, has been with JPMorgan since 2002 and is responsible for global emerging markets portfolios. An employee since 2002, Leon is a member of the group of global emerging markets portfolio managers responsible for the fundamental, bottom-up portfolios, including the GEM Discovery and GEM Focused strategies. He is lead manager of the GEM Discovery strategy and is a portfolio manager on the GEM Focused strategy. Leon holds a B.A. in Economics with a concentration in Finance from Cornell University and is a CFA Charterholder.

Fund Manager	Austin Forey
Manager Start Date	07/01/1997
Career Start Year	1988

Education

University of Cambridge, B.A.

University of Cambridge, Ph.D.



Biography
Austin Forey, Portfolio Manager and Managing Director, has been at JPMorgan (or one of its predecessors) since 1988 and is responsible for global emerging markets portfolios, a role he has fulfilled since 1994. Prior to this he worked in the U.K. team, where he was deputy head of U.K. research. Before this, Austin worked as a research analyst covering engineering, and subsequently all financial sectors. Austin obtained a B.A. in Modern Languages from Cambridge University, and earned a Ph.D. in Modern Languages from Cambridge University.

Fees and Expenses

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

Annual Charges
Max Annual Management Charge	1.50%
Ongoing Charge	1.72%

Purchase Details

Minimum Investments
Initial	28000 GBP
Additional	-
Savings	-

Tax Free Savings Schemes
ISAs	Yes