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JPMorgan Asset Allocation Investing Investor Funds Allocation As of March 31, 2005 Allocation by Asset Class* JPMorgan Investor JPMorgan Investor JPMorgan Investor JPMorgan Investor Conservative Growth Fund Balanced Fund Growth & Income Fund Growth Fund Objective Seeks income and capital appreciation by investing primarily in a diversified group of mutual funds, which invest primarily in equity and fixed income securities. Objective Seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds, which invest primarily in equity and fixed income securities. Objective Seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds, which invest primarily in equity securities. Objective Seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds, which invest primarily in equity securities. 33.0% Stocks 64.5% Fixed Income 2.6% Money Market 52.9% Stocks 45.7% Fixed Income 1.5% Money Market 73.0% Stocks 25.8% Fixed Income 1.2% Money Market 91.3% Stocks 5.9% Fixed Income 2.8% Money Market Class A OICAX Class C OCGCX Class B OICGX Class I ONCFX Class A OGIAX Class C OGBCX Class B OGBBX Class I OIBFX Class A ONGIX Class C ONECX Class B ONEBX Class I ONGFX Class A ONGIX Class C ONECX Class B ONEBX Class I ONGFX Fixed Income Equity Money Market Allocation by Underlying JPMorgan Mutual Funds* as of March 31, 2005 JPMorgan Fund Name Conservative Growth Balanced Growth & Income Growth 2.6% 1.5% 1.2% 2.8% Money Market Liquid Assets Money Market Fund Fixed Income Core Bond Fund 11.0% 8.2% 4.2% 1.0% Core Plus Bond Fund 11.9% 11.3% 7.5% 0.0% Government Bond Fund 10.0% 9.3% 4.2% 0.0% High Yield Bond Fund 7.7% 8.7% 8.8% 4.9% Intermediate Bond Fund 8.9% 5.0% 1.0% 0.0% 10.0% 2.0% 0.0% 0.0% 4.9% 1.1% 0.0% 0.0% Diversified Mid Cap Fund 2.0% 2.0% 4.0% 6.0% Diversified Mid Cap Growth Fund 0.0% 0.0% 0.7% 2.5% Diversified Mid Cap Value Fund 0.0% 0.0% 0.8% 1.5% Equity Income Fund 5.0% 4.0% 0.0% 0.0% International Equity Fund 2.0% 3.0% 4.9% 5.9% International Equity Index Fund 2.0% 5.9% 6.0% 8.9% Intrepid America Fund 3.5% 3.6% 5.1% 5.4% Large Cap Growth Fund 3.8% 6.8% 11.8% 13.9% Large Cap Value Fund 2.8% 6.9% 11.8% 14.7% Market Expansion Index Fund 0.0% 3.9% 4.0% 4.0% Multi-Cap Market Neutral Fund 7.0% 7.0% 7.0% 7.0% Small Cap Growth Fund 0.0% 1.0% 2.0% 2.9% Small Cap Value 0.0% 0.0% 2.0% 3.0% U.S. Equity Fund 3.9% 7.8% 11.9% 14.6 U.S. Real Estate Fund 1.0% 1.0% 1.0% 1.0% Short Duration Bond Fund Ultra Short Term Bond Fund Equity *Due to rounding, values may or may not total 100%. NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE Asset Allocation Investing JPMorgan Investor Funds Update As of Month March 31, 2005 Equity Market Overview Bond Market Overview Early 2005 brought a drop in the equity markets, caused by concerns over aggressive Federal Reserve tightening in the face of decelerating economic and profit growth. While January jobs figures were disappointing, results from the corporate earnings season for the fourth quarter of 2004 were better than expected. As anticipated, the Fed raised its target for the federal funds rate by 25 basis points to 2.50% on February 1, and we expect the solid economy and continued Fed tightening to eventually push longer-term rates moderately higher. Looking forward, equities may encounter occasional difficulty as investors fret over the implications of further interest rate increases. But, we believe that the economy will move from recovery to non-inflationary expansion, and expect stocks to be able to weather investors’ jitters. Our bond market forecast for 2005 was for flat-to-low single-digit returns for bonds in the face of continued Federal Reserve interest rate tightening. February saw bond yields reaching new multi-month lows, with the yield on 10-year U.S. Treasury notes dropping to 3.98% before rebounding to 4.08% after strong economic reports, and finally hovering near 4.25% near month-end. The Fed, which had stepped up anti-inflation rhetoric, apparently supporting both bond prices and the value of the dollar, raised the federal funds target rate to 2.50% as anticipated on February 1. We believe the Fed will keep tightening interest rates, for the time being, at the “measured pace” it has followed during the past half year. This continued tightening may eventually push longer term rates higher, as long as the economy remains solid. But, absent bad news on inflation or a renewed steep drop-off in the value of the U.S. dollar, a sharp rise in long-term interest rates does not appear imminent. Contact JPMorgan Distribution Services at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Opinions and estimates offered constitute our judgement and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for, accounting, legal or tax advice. Please note that investments in foreign markets are subject to special currency, political and economic risk. Markets overviews provided by JPMorgan Investment Advisors Inc., a registered investment advisor and an indirect subsidiary of JPMorgan Chase & Co. JPMorgan Investment Advisors serve as investment advisor to JPMorgan, for which it received advisory fees. JPMorgan Mutual Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds. FS-INVADVISOR (3/05) NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE