Download JPMorgan Funds - US High Yield Plus Bond Fund SICAV Range

Risk
Asset Management Company
of the Year - Asia5)
1 2 3 4 5
For Hong Kong Investors only
JPMorgan Funds - US High Yield Plus Bond Fund
SICAV Range
July 2017
•• The Fund invests primarily in below investment grade USD denominated debt securities.
•• The Fund is therefore exposed to single country, distressed debt securities, credit, interest rate risks which may affect the price of bonds, currency and liquidity risks.
Pertaining to investments in below investment grade or unrated debt securities, these securities may be subject to higher liquidity risks and credit risks comparing
with investment grade bonds, with an increased risk of loss of investment.
•• The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the
Fund’s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying
dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only
investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an
investor’s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made
up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share.
•• Investors may be subject to substantial losses.
•• Investors should not solely rely on this document to make any investment decision.
Portfolio information
Fund manager
William Morgan/James Gibson/
James Shanahan Jr., USA
Launch date
25.05.12
2)
Total fund size (m)
USD 210.9
Denominated currency and NAV per unit
USD 95.02
12 month
NAV:
High
Low
Current
charge:
Initial
Redemption
Management fee
USD 96.03 (02.03.17)
USD 91.82 (15.11.16)
3.0% of NAV
0%
0.85% p.a.
Last distribution (xd date)/Annualised yield :
USD 0.504 (08.06.17)/6.53%
Distribution frequency
Expected monthly
3)
SEDOL/ISIN code
B8DTVZ1/LU0784640038
Bloomberg code
JPUHAUI LX
150
50
140
40
130
30
120
20
110
10
100
12
13
14
15
A (mth) - USD Class2)
Benchmark (in USD)1)
1 year
3 years
5 years
Since launch
-0.2
+0.1
+10.7
+12.7
+8.7
+14.1
+31.9
+39.6
+34.4
+42.6
Calendar year performance % (in denominated currency)
A (mth) - USD Class
Benchmark (in USD)1)
2)
2012*
2013
2014
2015
2016
2017YTD
+10.8
+10.3
+6.3
+7.4
+1.8
+2.5
-5.3
-4.4
+13.9
+17.1
+3.9
+4.9
PORTFOLIO ANALYSIS
4.8%
7.6%
8.1%
8.4%
10.9%
11.8%
13.3%
14.8%
20.3%
BBB: 1.5% / <BBB: 92.2% /
Unrated: 1.6%
Average: duration/maturity
4.3 years / 7.0 years
6.08%
3 years
5 years
Since
launch4)
Correlation
0.99
0.98
0.98
Alpha %
-0.13
-0.11
-0.11
Beta
0.99
1.02
1.02
Annualised volatility %
6.04
5.45
5.43
Sharpe ratio
0.40
0.98
1.04
Annualised tracking error %
1.03
1.03
1.02
Average annual return %
2.83
5.69
5.97
For more information, please contact
your bank, financial adviser or visit
www.jpmorganam.com.hk
0
Bloomberg Barclays
US Corporate High
Yield 2% Issuer
Capped Total Index1)
1 month
Bond quality
Statistical analysis
17
JPM US High Yield
Plus Bond A (mth) USD
Cumulative performance % (in denominated currency)
Portfolio characteristics
Yield to maturity
16
% CHANGE
To achieve a return in excess of US bond markets by
investing primarily in below investment grade USD
denominated debt securities.
REBASED
PERFORMANCE FROM 25.05.12 TO 30.06.17 (in denominated currency)
Investment objective
Net Liquidity
Capital Goods
Basic
Finance
Consumer Cyc
Energy
Others
Consumer Noncyc
Communication
Top five holdings (as at end May 2017)
Holding
Sprint 7.13% 15/06/24
Embarq 8% 01/06/36
GardaWorld 8.75% 15/05/25
ArcelorMittal 6.75% 25/02/22
Vertiv 9.25% 15/10/24
Country/region
United States
United States
Canada
Luxembourg
United States
%
1.0
0.9
0.7
0.6
0.6
Unless stated otherwise, all information as at the last valuation date of the previous month. Source: J.P. Morgan Asset Management/Bloomberg (NAV to NAV in denominated
currency with income reinvested). Source of star rating: Morningstar, Inc. Source of bond rating: Moody’s. Risk ratings (if any) are based on J.P. Morgan Asset Management’s
assessment of relative risk by asset class and historical volatility of the fund where applicable. The risk ratings are reviewed annually or as appropriate and for reference only.
Investors are advised to consult our Investment Advisers before investing. Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions
was due to market movements and will be rectified shortly. Top ten holdings is available upon request. *Since launch to end of year for fund classes incepted in that year. It
should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may
vary. For details please refer to the respective offering document(s). 1)Formerly known as Barclays US Corporate High Yield 2% Issuer Capped Bond Total Index. 2)Available for
purchase in Hong Kong on 27.01.14. 3)Annualised yield = [(1+distribution per unit/ex-dividend NAV)^distribution frequency]-1. The annualised dividend yield is calculated based
on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive
return. Dividend may be paid out of capital, subject to the fund manager’s discretion. Payment of dividends from capital may result in a decrease in the net asset value. 4)With
the exception of the “Average annual return” figure, all data are calculated from the month end after inception. 5)Issued by The Asset, 2017 award, reflecting performance of
previous calendar year.
For funds offering classes with a distribution feature, such classes aim at monthly, quarterly, semi-annual or annual
distribution as the case may be. Dividend rate is not guaranteed. Distributions may be paid from capital. Investment
involves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) for
details, including the risk factors.
This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.