JPMorgan Investment Funds - Société d'Investissement à Capital Variable Luxembourg - Prospectus
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PROSPECTUS - NOVEMBER 2021
JPMorgan Investment Funds
Société d’Investissement à Capital Variable Luxembourg
VISA 2021/166475-1681-0-PC
L'apposition du visa ne peut en aucun cas servir
d'argument de publicité
Luxembourg, le 2021-11-18
Commission de Surveillance du Secteur Financier
Contents
Using This Prospectus 3
Sub-Fund Descriptions 4
Equity Sub-Funds
JPMorgan Investment Funds - Europe Select Equity Fund 5
JPMorgan Investment Funds - Europe Strategic Dividend
Fund 7
JPMorgan Investment Funds - Global Dividend Fund 9
JPMorgan Investment Funds - Global Select Equity Fund 11
JPMorgan Investment Funds - Japan Sustainable Equity
Fund 13
JPMorgan Investment Funds - Japan Strategic Value Fund 15
JPMorgan Investment Funds - US Select Equity Fund 16
Balanced and Mixed Asset Sub-Funds
JPMorgan Investment Funds - Global Balanced Fund 18
JPMorgan Investment Funds - Global Income Fund 20
JPMorgan Investment Funds - Global Income Conservative
Fund 22
JPMorgan Investment Funds - Global Income Sustainable
Fund 24
JPMorgan Investment Funds - Global Macro Fund 26
JPMorgan Investment Funds - Global Macro Opportunities
Fund 28
JPMorgan Investment Funds - Global Macro Sustainable
Fund 30
JPMorgan Investment Funds - Global Multi-Asset Cautious
Sustainable Fund 32
JPMorgan Investment Funds - Global Multi-Asset Moderate
Sustainable Fund 34
JPMorgan Investment Funds - Global Multi-Asset Growth
Sustainable Fund 36
Convertibles Sub-Funds
JPMorgan Investment Funds - Global Convertibles
Conservative Fund 38
JPMorgan Investment Funds - Global Opportunistic
Convertibles Income Fund 40
Bond Sub-Funds
JPMorgan Investment Funds - Global High Yield Bond Fund 42
JPMorgan Investment Funds - Income Opportunity Fund 44
JPMorgan Investment Funds - US Bond Fund 46
Risk Descriptions 48
Investment Restrictions and Powers 55
ESG Integration and Sustainable Investing Approaches 67
Share Classes and Costs 69
Investing in the Sub-Funds 77
Fund Business Operations 91
Glossaries 95
JPMorgan Investment Funds 2Using This Prospectus
This Prospectus is designed so that it can be read as a narrative as Recent actual expenses See applicable KIIDs or the most recent
well as a reference document in which information on particular Shareholder Reports.
topics can easily be found. The information on this page indicates
where to find the most commonly used information. Share Classes
Eligibility See Share Classes and Costs.
Portfolio Characteristics Investment minimums See Share Classes and Costs.
Investment objectives and policies Portfolio management information Characteristics and naming conventions See Share Classes and Costs.
relating to each Sub-Fund, see Sub-Fund Descriptions; for general Dividends See Share Classes and Costs.
information including what is permissible under UCITS law and regulation,
Currently available Go to jpmorganassetmanagement.lu; for Share Classes
see Investment Restrictions and Powers.
registered for public sale in a particular country, contact the Management
Understanding investment policies Company or the local representatives shown in Information for Investors in
This is a guide to understanding investment policy terms and descriptions. Certain Countries.
Unless stated otherwise in the Sub-Fund Descriptions, the following
interpretations apply: ISIN See applicable KIID.
Cash and cash equivalents Can be held by any Sub-Fund on an ancillary
basis.“% of assets” does not include ancillary cash and cash equivalents. Dealing
Other investments in cash and cash equivalents for any specific purpose will Cut-off time See Sub-Fund Descriptions.
be described in Sub-Fund Descriptions. Placing dealing requests See Investing in the Sub-Funds.
Equities Includes investments in shares, depository receipts, warrants and Transfers to another party See Investing in the Sub-Funds.
other participation rights. To a limited extent equity exposure may also be General tax considerations See Investing in the Sub-Funds.
achieved through convertible securities, index and participation notes and
equity linked notes.
Contact and Ongoing Communications
Debt securities Includes investments in bonds and other securities such as Queries and complaints Contact the Management Company, a financial
debentures, capital notes and any other obligations paying fixed or floating adviser or JPMorgan representative.
(variable) interest.
Notices and publications See Investing in the Sub-Funds.
Domicile When a domicile is stated, it refers to the country in which the
company is incorporated and has its registered office. Meanings of Various Terms
Derivatives See Sub-Fund Descriptions for derivatives usage for each Sub- Defined terms See Glossary 1.
Fund. See Investment Restrictions and Powers for general information, General investment terms See Glossary 2.
including what is permissible under UCITS law and regulation, and for details
on derivatives usage and purposes for the Sub-Funds. Currency Abbreviations
AUD Australian dollar JPY Japanese yen
Risks See Sub-Fund Descriptions for a list of the risks for each Sub-Fund
including a general note on risk; individual risks are described in Risk CAD Canadian dollar NOK Norwegian krone
Descriptions. CHF Swiss franc NZD New Zealand dollar
Environmental, Social and Governance integration and sustainable CNH Offshore Chinese PLN Polish zloty
investing See ESG Integration and Sustainable Investing Approaches for renminbi RMB Chinese renminbi
details of how environmental, social and governance information is CNY Onshore Chinese SEK Swedish krona
integrated into the investment decision making process and how Sub-Funds renminbi SGD Singapore dollar
with sustainable investing objectives go beyond such integration. Please also CZK Czech koruna USD United States dollar
refer to Sustainability risk as described in Risk Descriptions. EUR Euro
Costs GBP British pound sterling
One-time charges and annual fees and expenses Stated in Sub-Fund HKD Hong Kong dollar
Descriptions; explained in Share Classes and Costs.
HUF Hungarian forint
Performance fees Rate and mechanism used stated in Sub-Fund
Descriptions; calculations and examples set out in Share Classes and Costs.
JPMorgan Investment Funds 3Sub-Fund Descriptions
Introduction to the Sub-Funds
WHO CAN INVEST IN THESE SUB-FUNDS
The Fund exists to offer investors a range of Sub-Funds with different
objectives and strategies and to offer the potential benefits of diversification Ability to invest in the Fund is based on a number of factors.
and professional management to both retail and professional investors. The In a given jurisdiction, only certain Sub-Funds and Share Classes will be
Sub-Funds are intended for long-term investment. registered. Distributing this Prospectus or offering Shares for sale is legal
Before investing in any Sub-Fund, an investor should understand the risks, only where the Shares are registered for public sale or where offer or sale is
costs, and terms of investment of that Sub-Fund and of the relevant Share not prohibited by local law or regulation. This Prospectus is not an offer or
Class and how the investment would align with their own financial solicitation in any jurisdiction, or to any investor, where such a solicitation is
circumstances and tolerance for investment risk. not legally permitted.
Investors, including insurance undertakings (as defined in Directive In the United States, Shares are not and will not be registered either with the
2009/138/EC), have sole responsibility for being aware of, and complying US Securities and Exchange Commission or any other US entity, federal or
with, all laws and regulations which apply to them, whether imposed by their otherwise. The Fund is not registered under the US Investment Company Act
country of tax residence or any other jurisdiction. This includes of 1940. Therefore, in principle, Shares are not available to, or for the
understanding the potential legal and tax consequences and resolving any benefit of, any US Person. See Information for Investors in Certain Countries
fines, claims or other penalties that arise from failure to comply. for further details.
The Board recommends that every investor obtain legal, tax and financial WHO CAN INVEST IN WHICH SHARE CLASSES
advice before investing initially (and under any other circumstances where Investors should consult Share Classes and Costs to see which Share Classes
legal, tax or investment concerns may be relevant) as they maintain and/or they are eligible to hold. Some Shares are available to all investors, others
increase their investment. are available only to investors who meet specific requirements such as
qualifying as Institutional Investors. In all cases, there are minimum
Before Making an Initial Investment investment requirements which the Management Company may waive at its
discretion.
WHAT TO KNOW ABOUT RISK
WHICH INFORMATION TO USE
While each Sub-Fund takes risks that its Investment Manager considers to be
appropriate in light of that Sub-Fund’s stated objective and policies, In deciding whether to invest in a Sub-Fund, prospective investors should
investors must evaluate Sub-Fund risks in terms of whether they are read this Prospectus including the relevant Sub-Fund Descriptions (being the
consistent with their own investment goals and risk tolerances. Risk is an offering document), the relevant KIID if applicable, any relevant local
integral component of a Sub-Fund’s return. disclosure document as required in a specific jurisdiction, the application
form including the terms and conditions, the Articles and the Fund’s most
With these Sub-Funds, as with most investments, future performance will
recent annual report. These documents are made available, together with
differ from past performance. There is no guarantee that any Sub-Fund will
any more recent semi-annual report, as described in Notices and
meet its objectives or achieve any particular level of performance.
Publications under Ongoing Communication. By buying Shares in a Sub-
The value of an investment in any Sub-Fund can go up and down, and a Fund, an investor is considered to have accepted the terms described in any
Shareholder could lose money. No Sub-Fund is intended as a complete of these documents. Together, all these documents contain the only
investment plan for any Shareholder. approved information about the Sub-Funds and the Fund. Any information
In addition, Shareholders may experience currency risk if the currency in or representation given or made by any person which is not contained
which they subscribe or redeem is different to the Share Class Currency, herein or in any other document which may be available for inspection by
Sub-Fund Base Currency or the currency of the Sub-Fund’s assets. The the public should be regarded as unauthorised and should accordingly not
exchange rates between the relevant currencies can have a significant be relied upon.
impact on the returns of a Share Class. The Directors believe that they have taken all reasonable care to ensure that
The main risks of each Sub-Fund are listed on the following pages. By the information contained in this Prospectus is accurate, is current at the
consulting the list of risks and their definitions which appear in Risk date of this Prospectus, and does not omit any material information.
Descriptions, Shareholders can better understand the overall risk to an In case of any inconsistency in translations of this Prospectus, the English
investment in a Sub-Fund. version will prevail.
For a guide to interpreting certain key investment policy terms, see
Understanding investment polices under Using This Prospectus.
JPMorgan Investment Funds 4JPMorgan Investment Funds -
Europe Select Equity Fund
Objective, Process, Policies and Risks third party provider(s) who identify an issuer’s participation in or the
revenue which they derive from activities that are inconsistent with the
values and norms based screens. The list of screens applied that may result
OBJECTIVE
in exclusions can be found on the Management Company’s Website
To achieve a return in excess of the European equity markets by investing (www.jpmorganassetmanagement.lu).
primarily in European companies.
The Sub-Fund systematically includes ESG analysis in its investment
INVESTMENT PROCESS decisions on at least 90% of securities purchased.
Investment approach Derivatives Used for: efficient portfolio management; hedging. Types: see
Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives,
Uses a fundamental, bottom-up stock selection process. Instruments and Techniques. TRS including CFD: none. Global exposure
Investment process built on stock level analysis by a global research calculation method: commitment.
team. Techniques and instruments Securities lending: 0% to 20% expected; 20%
ESG approach ESG Promote maximum.
Benchmark MSCI Europe Index (Total Return Net). For currency hedged Currencies Sub-Fund Base Currency: EUR. Currencies of asset denomination:
Share Classes, the benchmark is hedged to the Share Class currency. any. Hedging approach: typically unhedged.
Benchmark uses and resemblance
MAIN RISKS
Performance comparison. The Sub-Fund is subject to Investment risks and Other associated risks
The Sub-Fund is actively managed. The majority of the Sub-Fund’s holdings from the techniques and securities it uses to seek to achieve its objective.
(excluding derivatives) are likely to be components of the benchmark and it The table below explains how these risks relate to each other and the
is managed within indicative risk parameters that typically limit the Outcomes to the Shareholder that could affect an investment in the Sub-
Investment Manager’s discretion to deviate from its securities, weightings Fund.
and risk characteristics.
Investors should also read Risk Descriptions for a full description of each
As a result, the Sub-Fund will bear a resemblance to the composition and
risk.
risk characteristics of its benchmark; however, the Investment Manager’s
discretion may result in performance that differs from the benchmark. Investment Risks Risks from the Sub-Fund's techniques and securities
Techniques Securities
POLICIES
Hedging Equities
Main investment exposure At least 67% of assets invested in equities of
companies that are domiciled, or carrying out the main part of their
economic activity, in a European country. Other associated risks Further risks the Sub-Fund is exposed to from its use of the
At least 51% of assets are invested in companies with positive environmental techniques and securities above
Currency Market
and/or social characteristics that follow good governance practices as
measured through the Investment Manager's proprietary ESG scoring
methodology and/or third party data.
Outcomes to the Shareholder Potential impact of the risks above
The Investment Manager evaluates and applies values and norms based
Loss Shareholders could Volatility Shares of the Failure to meet the
screening to implement exclusions. To support this screening, it relies on lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
money. in value.
JPMorgan Investment Funds 5Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
Operating and
seek long-term capital growth through Base Initial Switch Redemption Annual Management Administrative Expenses
exposure to European equity markets; Class Charge Charge Charge and Advisory Fee Distribution Fee (Max)
are looking to use it as part of an A 5.00% 1.00% 0.50% 1.50% - 0.30%
C - 1.00% - 0.50% - 0.20%
investment portfolio and not as a
C2 - 1.00% - 0.40% - 0.20%
complete investment plan. D 5.00% 1.00% 0.50% 1.50% 0.75% 0.30%
Hedging method for currency hedged I - 1.00% - 0.50% - 0.16%
I2 - 1.00% - 0.40% - 0.16%
Share Classes Portfolio hedge.
X - 1.00% - - - 0.15%
Dealing Requests received before 14:30 CET
on any Valuation Day will be processed that See Share Classes and Costs for more complete information.
day.
Sub-Fund launch date 21 Jul 1997.
JPMorgan Investment Funds 6JPMorgan Investment Funds -
Europe Strategic Dividend Fund
Objective, Process, Policies and Risks
Derivatives Used for: efficient portfolio management; hedging. Types: see
OBJECTIVE Sub-Fund_Derivative_Usage table under How the Sub-Funds Use Derivatives,
Instruments and Techniques. TRS including CFD: none. Global exposure
To provide long-term returns by investing primarily in high dividend-yielding
calculation method: commitment.
equity securities of European companies.
Techniques and instruments Securities lending: 0% to 20% expected; 20%
INVESTMENT PROCESS maximum.
Investment approach Currencies Sub-Fund Base Currency: EUR. Currencies of asset denomination:
any. Hedging approach: typically managed to the currency weightings of the
Uses a bottom-up stock selection process.
benchmark.
Uses the full breadth of the eligible equity investment universe through a
combination of fundamental research insights and quantitative analysis. MAIN RISKS
Seeks to identify high dividend yielding securities that are fundamentally The Sub-Fund is subject to Investment risks and Other associated risks
sound. from the techniques and securities it uses to seek to achieve its objective.
ESG approach ESG Promote The table below explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-
Benchmark MSCI Europe Index (Total Return Net). For currency hedged
Fund.
Share Classes, the benchmark is hedged to the Share Class currency.
Investors should also read Risk Descriptions for a full description of each
Benchmark uses and resemblance
risk.
Performance comparison.
Investment Risks Risks from the Sub-Fund's techniques and securities
The Sub-Fund is actively managed. Though the majority of its holdings
(excluding derivatives) are likely to be components of the benchmark, the Techniques Securities
Concentration Equities
Investment Manager has broad discretion to deviate from its securities, Hedging
weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk
Other associated risks Further risks the Sub-Fund is exposed to from its use of the
characteristics of the benchmark will vary over time and its performance
techniques and securities above
may be meaningfully different. Currency Market
POLICIES
Main investment exposure At least 67% of assets invested in high dividend-
Outcomes to the Shareholder Potential impact of the risks above
yielding equities of companies that are domiciled, or carrying out the main
Loss Shareholders could Volatility Shares of the Failure to meet the
part of their economic activity, in a European country. In search of income, lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
the Sub-Fund may have significant positions in specific sectors or countries money. in value.
from time to time.
At least 51% of assets are invested in companies with positive environmental
and/or social characteristics that follow good governance practices as
measured through the Investment Manager's proprietary ESG scoring
methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based
screening to implement exclusions. To support this screening, it relies on
third party provider(s) who identify an issuer’s participation in or the
revenue which they derive from activities that are inconsistent with the
values and norms based screens. The list of screens applied that may result
in exclusions can be found on the Management Company’s Website
(www.jpmorganassetmanagement.lu).
The Sub-Fund systematically includes ESG analysis in its investment
decisions on at least 90% of securities purchased.
JPMorgan Investment Funds 7Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk
One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
seek a combination of income and long- Annual Operating and
term capital growth through exposure to Base Initial Switch Redemption Management and Distribution Administrative Expenses
European equity markets; Class Charge Charge CDSC* Charge Advisory Fee Fee (Max)
A 5.00% 1.00% - 0.50% 1.50% - 0.30%
are looking to use it as part of an C - 1.00% - - 0.65% - 0.20%
investment portfolio and not as a D 5.00% 1.00% - 0.50% 1.50% 0.75% 0.30%
complete investment plan. F - 1.00% 3.00% - 1.50% 1.00% 0.30%
I - 1.00% - - 0.65% - 0.16%
Hedging method for currency hedged I2 - 1.00% - - 0.50% - 0.16%
Share Classes Portfolio hedge. X - 1.00% - - - - 0.15%
Dealing Requests received before 14:30 CET
on any Valuation Day will be processed that See Share Classes and Costs for more complete information. *Reduces by 1.00% a year and is zero after 3 years.
day.
Sub-Fund launch date 24 Feb 2005.
JPMorgan Investment Funds 8JPMorgan Investment Funds -
Global Dividend Fund
Objective, Process, Policies and Risks
Derivatives Used for: efficient portfolio management; hedging. Types: see
OBJECTIVE Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives,
Instruments and Techniques. TRS including CFD: none. Global exposure
To provide long-term capital growth by investing primarily in companies,
calculation method: commitment.
globally, that generate high and rising income.
Techniques and instruments Securities lending: 0% to 20% expected; 20%
INVESTMENT PROCESS maximum.
Investment approach Currencies Sub-Fund Base Currency: USD. Currencies of asset denomination:
any. Hedging approach: typically managed to the currency weights of the
Uses a fundamental, bottom-up stock selection process.
benchmark.
Investment process built on stock level analysis by a global research
team. MAIN RISKS
Seeks to identify companies with sustainably high dividends and/or The Sub-Fund is subject to Investment risks and Other associated risks
sustainable dividend growth potential. from the techniques and securities it uses to seek to achieve its objective.
ESG approach ESG Promote The table below explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-
Benchmark MSCI All Country World Index (Total Return Net). For currency
Fund.
hedged Share Classes, the benchmark is hedged to the Share Class currency.
Investors should also read Risk Descriptions for a full description of each
Benchmark uses and resemblance
risk.
Performance comparison.
Investment Risks Risks from the Sub-Fund's techniques and securities
The Sub-Fund is actively managed. Though the majority of its holdings
(excluding derivatives) are likely to be components of the benchmark, the Techniques Securities
Concentration Emerging markets
Investment Manager has broad discretion to deviate from its securities, Hedging Equities
weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk
characteristics of the benchmark will vary over time and its performance Other associated risks Further risks the Sub-Fund is exposed to from its use of the
may be meaningfully different. techniques and securities above
Currency Liquidity Market
POLICIES
Main investment exposure At least 67% of assets invested in equities of
Outcomes to the Shareholder Potential impact of the risks above
companies anywhere in the world, including emerging markets that generate
Loss Shareholders could Volatility Shares of the Failure to meet the
high and rising income. The Sub-Fund may be concentrated in a limited lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
number of companies and, in search of income, may have significant money. in value.
positions in specific sectors or countries from time to time.
At least 51% of assets are invested in companies with positive environmental
and/or social characteristics that follow good governance practices as
measured through the Investment Manager's proprietary ESG scoring
methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based
screening to implement exclusions. To support this screening, it relies on
third party provider(s) who identify an issuer’s participation in or the
revenue which they derive from activities that are inconsistent with the
values and norms based screens. The list of screens applied that may result
in exclusions can be found on the Management Company’s Website
(www.jpmorganassetmanagement.lu).
The Sub-Fund systematically includes ESG analysis in its investment
decisions on at least 90% of securities purchased.
JPMorgan Investment Funds 9Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk
One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
seek a combination of income and long- Annual Operating and
term capital growth through exposure to Base Initial Switch Redemption Management and Distribution Administrative Expenses
global equity markets; Class Charge Charge CDSC* Charge Advisory Fee Fee (Max)
A 5.00% 1.00% - 0.50% 1.50% - 0.30%
are looking to use it as part of an C - 1.00% - - 0.60% - 0.20%
investment portfolio and not as a D 5.00% 1.00% - 0.50% 1.50% 0.75% 0.30%
complete investment plan. F - 1.00% 3.00% - 1.50% 1.00% 0.30%
I - 1.00% - - 0.60% - 0.16%
Hedging method for currency hedged T - 1.00% 3.00% - 1.50% 0.75% 0.30%
Share Classes Portfolio hedge. X - 1.00% - - - - 0.15%
Dealing Requests received before 14:30 CET
on any Valuation Day will be processed that See Share Classes and Costs for more complete information. *Reduces by 1.00% a year and is zero after 3 years.
day.
Sub-Fund launch date 28 Nov 2007.
JPMorgan Investment Funds 10JPMorgan Investment Funds -
Global Select Equity Fund
Objective, Process, Policies and Risks
Derivatives Used for: efficient portfolio management; hedging. Types: see
OBJECTIVE Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives,
Instruments and Techniques. TRS including CFD: none. Global exposure
To achieve a return in excess of the global equity markets by investing
primarily in companies, globally. calculation method: commitment.
Techniques and instruments Securities lending: 0% to 20% expected; 20%
INVESTMENT PROCESS maximum.
Investment approach Currencies Sub-Fund Base Currency: USD. Currencies of asset
Uses a fundamental, bottom-up stock selection process. denomination: any. Hedging approach: typically managed to the currency
weights of the benchmark.
Investment process built on stock level analysis by a global research team.
ESG approach ESG Promote MAIN RISKS
Benchmark MSCI World Index (Total Return Net). For currency hedged Share The Sub-Fund is subject to Investment risks and Other associated risks
Classes, the benchmark is hedged to the Share Class currency. from the techniques and securities it uses to seek to achieve its objective.
Benchmark uses and resemblance The table below explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-
Performance comparison.
Fund.
The Sub-Fund is actively managed. The majority of the Sub-Fund’s holdings
Investors should also read Risk Descriptions for a full description of each
(excluding derivatives) are likely to be components of the benchmark and it
risk.
is managed within indicative risk parameters that typically limit the
Investment Manager’s discretion to deviate from its securities, weightings Investment Risks Risks from the Sub-Fund's techniques and securities
and risk characteristics.
Techniques Securities
As a result, the Sub-Fund will bear a resemblance to the composition and Hedging Equities
risk characteristics of its benchmark; however, the Investment Manager’s
discretion may result in performance that differs from the benchmark.
POLICIES Other associated risks Further risks the Sub-Fund is exposed to from its use of the
techniques and securities above
Main investment exposure At least 67% of assets invested in equities of Currency Market
companies anywhere in the world.
At least 51% of assets are invested in companies with positive environmental
and/or social characteristics that follow good governance practices as Outcomes to the Shareholder Potential impact of the risks above
measured through the Investment Manager's proprietary ESG scoring Loss Shareholders could Volatility Shares of the Failure to meet the
methodology and/or third party data. lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
money. in value.
The Investment Manager evaluates and applies values and norms based
screening to implement exclusions. To support this screening, it relies on
third party provider(s) who identify an issuer’s participation in or the
revenue which they derive from activities that are inconsistent with the
values and norms based screens. The list of screens applied that may result
in exclusions can be found on the Management Company’s Website
(www.jpmorganassetmanagement.lu).
The Sub-Fund systematically includes ESG analysis in its investment
decisions on at least 90% of securities purchased.
JPMorgan Investment Funds 11Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
Operating and
seek long-term capital growth through Base Initial Switch Redemption Annual Management Administrative Expenses
exposure to global equity markets; Class Charge Charge Charge and Advisory Fee Distribution Fee (Max)
are looking to use it as part of an A 5.00% 1.00% 0.50% 1.50% - 0.30%
investment portfolio and not as a C - 1.00% - 0.50% - 0.20%
D 5.00% 1.00% 0.50% 1.50% 0.75% 0.30%
complete investment plan. I - 1.00% - 0.50% - 0.16%
Hedging method for currency hedged I2 - 1.00% - 0.40% - 0.16%
Share Classes Portfolio hedge. X - 1.00% - - - 0.15%
Dealing Requests received before 14:30 CET See Share Classes and Costs for more complete information.
on any Valuation Day will be processed that
day.
Sub-Fund launch date 30 Apr 1981.
JPMorgan Investment Funds 12JPMorgan Investment Funds -
Japan Sustainable Equity Fund
Objective, Process, Policies and Risks
Derivatives Used for: hedging; efficient portfolio management. Types: see
OBJECTIVE Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives,
Instruments and Techniques. TRS including CFD: none. Global exposure
To provide long-term capital growth by investing primarily in Japanese
calculation method: commitment.
Sustainable Companies or companies that demonstrate improving
sustainable characteristics. Sustainable Companies are those that the Currencies Sub-Fund Base Currency: JPY. Currencies of asset denomination:
Investment Manager believes to have effective governance and superior any. Hedging approach: typically unhedged.
management of environmental and social issues (sustainable
characteristics). MAIN RISKS
The Sub-Fund is subject to Investment risks and Other associated risks
INVESTMENT PROCESS from the techniques and securities it uses to seek to achieve its objective.
Investment approach The table below explains how these risks relate to each other and the
Uses a fundamental, bottom-up security selection process. Outcomes to the Shareholder that could affect an investment in the Sub-
Fund.
Uses a high conviction approach to finding the best investment ideas.
Investors should also read Risk Descriptions for a full description of each
Seeks to identify high quality companies with superior and sustainable risk.
growth potential.
Investment Risks Risks from the Sub-Fund's techniques and securities
Integrates ESG aspects to identify companies with strong or improving
Techniques Securities
sustainability characteristics.
Concentration Equities
ESG approach Best-in-Class Hedging Smaller companies
Benchmark TOPIX (Total Return Net). For currency hedged Share Classes,
the benchmark is hedged to the Share Class currency.
Other associated risks Further risks the Sub-Fund is exposed to from its use of the
Benchmark uses and resemblance techniques and securities above
Currency Market Liquidity
Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings
(excluding derivatives) are likely to be components of the benchmark, the Outcomes to the Shareholder Potential impact of the risks above
Investment Manager has broad discretion to deviate from its securities, Loss Shareholders could Volatility Shares of the Failure to meet the
lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
weightings and risk characteristics. The degree to which the Sub-Fund may
money. in value.
resemble the composition and risk characteristics of the benchmark will vary
over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of
Sustainable Companies or companies that demonstrate improving
sustainable characteristics and that are domiciled, or carrying out the main
part of their economic activity, in Japan. The remainder of assets may be
invested in equities of companies considered less sustainable than those
described above.
Sustainable Companies and companies that demonstrate improving
sustainable characteristics are selected through the use of proprietary
research and third party data. Fundamental analysis is used to better
understand sustainability risks and opportunities that may impact a
company. This analysis is also an important driver behind active company
engagement when seeking to positively influence business practices to
improve sustainability.
The Sub-Fund may invest in small capitalisation companies.
The Sub-Fund systematically includes ESG criteria in investment analysis and
investment decisions on at least 90% of securities purchased (excluding
cash).
JPMorgan Investment Funds 13Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
Operating and
seek long-term capital growth through Base Initial Switch Redemption Annual Management Administrative Expenses
single country exposure to Japanese Class Charge Charge Charge and Advisory Fee Distribution Fee (Max)
equity markets; A 5.00% 1.00% 0.50% 1.50% - 0.30%
seek an investment that embeds ESG C - 1.00% - 0.75% - 0.20%
D 5.00% 1.00% 0.50% 1.50% 0.75% 0.30%
principles; I - 1.00% - 0.75% - 0.16%
are looking to use it as part of an I2 - 1.00% - 0.60% - 0.16%
S2 - 1.00% - 0.38% - 0.16%
investment portfolio and not as a X - 1.00% - - - 0.15%
complete investment plan.
See Share Classes and Costs for more complete information.
Hedging method for currency hedged
Share Classes NAV hedge.
Dealing Requests received before 14:30 CET
on any Valuation Day will be processed that
day.
Sub-Fund launch date 12 Nov 1993.
JPMorgan Investment Funds 14JPMorgan Investment Funds -
Japan Strategic Value Fund
Objective, Process, Policies and Risks
Derivatives Used for: hedging; efficient portfolio management. Types: see
OBJECTIVE Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives,
Instruments and Techniques. TRS including CFD: none. Global exposure
To provide long-term capital growth by investing primarily in a value style
biased portfolio of Japanese companies. calculation method: commitment.
Techniques and instruments Securities lending: 0% to 20% expected; 20%
INVESTMENT PROCESS maximum.
Investment approach Currencies Sub-Fund Base Currency: JPY. Currencies of asset denomination:
Uses fundamental and systematic research inputs to identify stocks with any. Hedging approach: typically unhedged.
specific style characteristics, such as value and momentum in price and
earnings trends. MAIN RISKS
The Sub-Fund is subject to Investment risks and Other associated risks
ESG approach ESG Integrated
from the techniques and securities it uses to seek to achieve its objective.
Benchmark TOPIX (Total Return Net). For currency hedged Share Classes,
The table below explains how these risks relate to each other and the
the benchmark is hedged to the Share Class currency.
Outcomes to the Shareholder that could affect an investment in the Sub-
Benchmark uses and resemblance Fund.
Performance comparison. Investors should also read Risk Descriptions for a full description of each
The Sub-Fund is actively managed. Though the majority of its holdings risk.
(excluding derivatives) are likely to be components of the benchmark, the Investment Risks Risks from the Sub-Fund's techniques and securities
Investment Manager has broad discretion to deviate from its securities,
weightings and risk characteristics. Techniques Securities
Concentration Equities
The degree to which the Sub-Fund may resemble the composition and risk Hedging Smaller companies
characteristics of the benchmark will vary over time and its performance Style bias
may be meaningfully different.
POLICIES Other associated risks Further risks the Sub-Fund is exposed to from its use of the
techniques and securities above
Main investment exposure At least 67% of assets invested in a value style Currency Liquidity Market
biased portfolio of equities of companies that are domiciled, or carrying out
the main part of their economic activity, in Japan. The Sub-Fund may invest
in small capitalisation companies. Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders could Volatility Shares of the Failure to meet the
lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
money. in value.
Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
Operating and
seek long-term capital growth through Base Initial Switch Redemption Annual Management Administrative Expenses
single country exposure to Japanese Class Charge Charge Charge and Advisory Fee Distribution Fee (Max)
equity markets; A 5.00% 1.00% 0.50% 1.50% - 0.30%
seek a value style investment approach; C - 1.00% - 0.75% - 0.20%
D 5.00% 1.00% 0.50% 1.50% 0.75% 0.30%
are looking to use it as part of an I - 1.00% - 0.75% - 0.16%
investment portfolio and not as a I2 - 1.00% - 0.60% - 0.16%
X - 1.00% - - - 0.15%
complete investment plan.
Hedging method for currency hedged See Share Classes and Costs for more complete information.
Share Classes NAV hedge.
Dealing Requests received before 14:30 CET
on any Valuation Day will be processed that
day.
Sub-Fund launch date 30 Nov 2007.
JPMorgan Investment Funds 15JPMorgan Investment Funds -
US Select Equity Fund
Objective, Process, Policies and Risks
Other investment exposures Canadian companies.
OBJECTIVE Derivatives Used for: efficient portfolio management; hedging. Types: see
To achieve a return in excess of the US equity market by investing primarily Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives,
in US companies. Instruments and Techniques. TRS including CFD: none. Global exposure
calculation method: commitment.
INVESTMENT PROCESS
Techniques and instruments Securities lending: 0% to 20% expected; 20%
Investment approach maximum.
Uses a research-driven investment process that is based on the Currencies Sub-Fund Base Currency: USD. Currencies of asset denomination:
fundamental analysis of companies and their future earnings and cash typically USD. Hedging approach: not applicable.
flows by a team of specialist sector analysts.
ESG approach ESG Promote MAIN RISKS
Benchmark S&P 500 Index (Total Return Net of 30% withholding tax). For The Sub-Fund is subject to Investment risks and Other associated risks
currency hedged Share Classes, the benchmark is hedged to the Share Class from the techniques and securities it uses to seek to achieve its objective.
Currency. The table below explains how these risks relate to each other and the
Benchmark uses and resemblance Outcomes to the Shareholder that could affect an investment in the Sub-
Fund.
Performance comparison.
Investors should also read Risk Descriptions for a full description of each
The Sub-Fund is actively managed. The majority of the Sub-Fund’s holdings risk.
(excluding derivatives) are likely to be components of the benchmark and it
Investment Risks Risks from the Sub-Fund's techniques and securities
is managed within indicative risk parameters that typically limit the
Investment Manager’s discretion to deviate from its securities, weightings Techniques Securities
and risk characteristics. Hedging Equities
As a result, the Sub-Fund will bear a resemblance to the composition and
risk characteristics of its benchmark; however, the Investment Manager’s
discretion may result in performance that differs from the benchmark. Other associated risks Further risks the Sub-Fund is exposed to from its use of the
techniques and securities above
POLICIES Market
Main investment exposure At least 67% of assets invested in equities of
companies that are domiciled, or carrying out the main part of their
economic activity, in the US. Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders could Volatility Shares of the Failure to meet the
At least 51% of assets are invested in companies with positive environmental
lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
and/or social characteristics that follow good governance practices as money. in value.
measured through the Investment Manager's proprietary ESG scoring
methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based
screening to implement exclusions. To support this screening, it relies on
third party provider(s) who identify an issuer’s participation in or the
revenue which they derive from activities that are inconsistent with the
values and norms based screens. The list of screens applied that may result
in exclusions can be found on the Management Company’s Website
(www.jpmorganassetmanagement.lu).
The Sub-Fund systematically includes ESG analysis in its investment
decisions on at least 90% of securities purchased.
JPMorgan Investment Funds 16Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
Operating and
seek long-term capital growth through Base Initial Switch Redemption Annual Management Administrative Expenses
exposure to US equity markets; Class Charge Charge Charge and Advisory Fee Distribution Fee (Max)
are looking to use it as part of an A 5.00% 1.00% 0.50% 1.50% - 0.30%
investment portfolio and not as a C - 1.00% - 0.50% - 0.20%
D 5.00% 1.00% 0.50% 1.50% 0.50% 0.30%
complete investment plan. I - 1.00% - 0.50% - 0.16%
Hedging method for currency hedged I2 - 1.00% - 0.40% - 0.16%
Share Classes NAV hedge. X - 1.00% - - - 0.15%
Dealing Requests received before 14:30 CET See Share Classes and Costs for more complete information.
on any Valuation Day will be processed that
day.
Sub-Fund launch date 05 Jul 1984.
JPMorgan Investment Funds 17JPMorgan Investment Funds -
Global Balanced Fund
Objective, Process, Policies and Risks At least 51% of assets are invested in issuers with positive environmental
and/or social characteristics that follow good governance practices as
measured through the Investment Manager's proprietary ESG scoring
OBJECTIVE
methodology and/or third party data. The Investment Manager evaluates
To provide long-term capital growth and income by investing primarily in and applies values and norms based screening to implement exclusions. To
companies and debt securities issued or guaranteed by governments or their support this screening, it relies on third party provider(s) who identify an
agencies, globally, using derivatives where appropriate. issuer’s participation in or the revenue which they derive from activities that
are inconsistent with the values and norms based screens. The list of screens
INVESTMENT PROCESS applied that may result in exclusions can be found on the Management
Investment approach Company’s Website ( www.jpmorganassetmanagement.lu ). The Sub-Fund
Multi-asset approach, combining asset allocation with bottom-up expertise systematically includes ESG analysis in its investment decisions on at least
leveraged from specialists from JPMorgan Asset Management’s global 75% of non-investment grade and emerging market sovereign and 90% of
investment platform. investment grade securities purchased.
Other investment exposures The Sub-Fund may also invest in corporate
Actively managed implementation of equity and bond strategies, with a
debt securities.
balanced risk profile.
Derivatives Used for: investment purposes; hedging; efficient portfolio
ESG approach ESG Promote
management. Types: see Sub-Fund Derivative Usage table under How the
Benchmark 50% J.P. Morgan Government Bond Index Global (Total Return Sub-Funds Use Derivatives, Instruments and Techniques. TRS including CFD:
Gross) Hedged to EUR / 45% MSCI World Index (Total Return Net) Hedged to none. Global exposure calculation method: relative VaR. Expected level of
EUR / 5% MSCI Emerging Markets Index (Total Return Net). For currency leverage from derivatives: 200% Indicative only. Leverage may significantly
hedged Share Classes, the benchmark indices are hedged to the Share Class exceed this level from time to time.
currency. The MSCI Emerging Markets Index component is cross-hedged to
Currencies Sub-Fund Base Currency: EUR. Currencies of asset
the Share Class currency, meaning it seeks to minimise the effect of currency
denomination: any. Hedging approach: flexible.
fluctuations between the benchmark currency and the Share Class currency.
Benchmark uses and resemblance MAIN RISKS
Performance comparison. The Sub-Fund is subject to Investment risks and Other associated risks
Basis for relative VaR calculations. from the techniques and securities it uses to seek to achieve its objective.
The Sub-Fund is actively managed. Though the majority of its holdings The table below explains how these risks relate to each other and the
(excluding derivatives) are likely to be components of the benchmark, the Outcomes to the Shareholder that could affect an investment in the Sub-
Investment Manager has broad discretion to deviate from its securities, Fund.
weightings and risk characteristics. Investors should also read Risk Descriptions for a full description of each
The degree to which the Sub-Fund may resemble the composition and risk risk.
characteristics of the benchmark will vary over time and its performance Investment Risks Risks from the Sub-Fund's techniques and securities
may be meaningfully different.
Techniques Securities
Derivatives Debt securities Emerging markets
POLICIES Hedging - Below investment grade debt Equities
Main investment exposure At least 67% of assets invested, either directly Short positions - Government debt
- Investment grade debt
or through derivatives, in equities and debt securities issued or guaranteed - Unrated debt
by governments or agencies, globally, including emerging markets. The Sub-
Fund may invest in below investment grade and unrated debt securities;
however, debt securities will typically have an average credit quality of Other associated risks Further risks the Sub-Fund is exposed to from its use of the
investment grade as measured by an independent rating agency such as techniques and securities above
Standard & Poor's. Credit Interest rate Market
Currency Liquidity
The Sub-Fund will hold between 30% and 70% of assets in equities, and
between 30% and 70% of assets in debt securities.
Outcomes to the Shareholder Potential impact of the risks above
The Sub-Fund may use long and short positions across asset classes,
Loss Shareholders could Volatility Shares of the Failure to meet the
countries, sectors and currencies. lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
money. in value.
JPMorgan Investment Funds 18Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk
One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and: (maximum) the Sub-Fund over a year
seek a combination of capital growth and Annual Operating and
income through exposure primarily to Base Initial Switch Redemption Management and Distribution Administrative Expenses
equity and government debt securities Class Charge Charge CDSC* Charge Advisory Fee Fee (Max)
globally; A 5.00% 1.00% - 0.50% 1.45% - 0.20%
C - 1.00% - - 0.75% - 0.15%
are looking to use it as part of an C2 - 1.00% - - 0.58% - 0.15%
investment portfolio and not as a D 5.00% 1.00% - 0.50% 1.45% 0.50% 0.20%
complete investment plan. I - 1.00% - - 0.75% - 0.11%
I2 - 1.00% - - 0.58% - 0.11%
Hedging method for currency hedged T - 1.00% 3.00% - 1.45% 0.50% 0.20%
Share Classes NAV hedge. X - 1.00% - - - - 0.10%
Dealing Requests received before 14:30
See Share Classes and Costs for more complete information. * Reduces by 1.00% a year and is zero after 3 years.
CET on any Valuation Day will be processed
that day.
Sub-Fund launch date 19 Jan 1995.
JPMorgan Investment Funds 19JPMorgan Investment Funds -
Global Income Fund
Objective, Process, Policies and Risks
Derivatives Used for: investment purposes; hedging; efficient portfolio
OBJECTIVE management. Types: see Sub-Fund Derivative Usage table under How the
Sub-Funds Use Derivatives, Instruments and Techniques. TRS including CFD:
To provide regular income by investing primarily in a portfolio of income
none. Global exposure calculation method: relative VaR. Expected level of
generating securities, globally, and through the use of derivatives.
leverage from derivatives: 150% indicative only. Leverage may significantly
exceed this level from time to time.
INVESTMENT PROCESS
Techniques and instruments Securities lending: 0% to 20% expected; 20%
Investment approach
maximum.
Multi-asset approach, leveraging specialists from around JPMorgan Asset
Currencies Sub-Fund Base Currency: EUR. Currencies of asset
Management's global investment platform, with a focus on risk-adjusted
denomination: any. Hedging approach: flexible.
income.
Flexible implementation of the managers’ allocation views at asset class MAIN RISKS
and regional level. The Sub-Fund is subject to Investment risks and Other associated risks
ESG approach ESG Integrated from the techniques and securities it uses to seek to achieve its objective.
Benchmark 40% Bloomberg Barclays US High Yield 2% Issuer Cap Index The table below explains how these risks relate to each other and the
(Total Return Gross) Hedged to EUR / 35% MSCI World Index (Total Return Outcomes to the Shareholder that could affect an investment in the Sub-
Net) Hedged to EUR / 25% Bloomberg Barclays Global Credit Index (Total Fund.
Return Gross) Hedged to EUR. For currency hedged Share Classes, the Investors should also read Risk Descriptions for a full description of each
benchmark indices are hedged to the Share Class currency. risk.
Benchmark uses and resemblance Investment Risks Risks from the Sub-Fund's techniques and securities
Performance comparison. Techniques Securities
Basis for relative VaR calculations. Derivatives China - Unrated debt
Hedging Contingent convertible bonds Emerging markets
The Sub-Fund is actively managed. Though the majority of its holdings Convertible securities Equities
(excluding derivatives) are likely to be components of the benchmark, the Debt securities MBS/ABS
- Below investment grade debt REITs
Investment Manager has broad discretion to deviate from its securities, - Government debt
weightings and risk characteristics. - Investment grade debt
The degree to which the Sub-Fund may resemble the composition and risk
characteristics of the benchmark will vary over time and its performance
Other associated risks Further risks the Sub-Fund is exposed to from its use of the
may be meaningfully different. techniques and securities above
Credit Interest rate Market
POLICIES Currency Liquidity
Main investment exposure Primarily invests in debt securities (including
MBS/ABS), equities and real estate investment trusts (REITs) from issuers
Outcomes to the Shareholder Potential impact of the risks above
anywhere in the world, including emerging markets.
Loss Shareholders could Volatility Shares of the Failure to meet the
The Sub-Fund is expected to invest between 5% and 25% of its assets in lose some or all of their Sub-Fund will fluctuate Sub-Fund's objective.
money. in value.
MBS/ABS of any credit quality. MBS which may be agency (issued by quasi
US government agencies) and non-agency (issued by private institutions)
refers to debt securities that are backed by mortgages, including residential
and commercial mortgages, and ABS refers to those that are backed by
other types of assets such as credit card debt, car loans, consumer loans and
equipment leases.
The Sub-Fund may invest in below investment grade and unrated securities.
The Sub-Fund may invest in China A-Shares via the China-Hong Kong
Connect Programmes, and in convertible securities and currencies.
Dividends are not guaranteed given that returns to investors will vary from
year to year depending on dividends paid and capital returns, which could be
negative.
Other investment exposures Up to 3% in contingent convertible bonds.
JPMorgan Investment Funds 20Investor Considerations
Investor profile Investors who understand
the risks of the Sub-Fund, including the risk
One-off charges taken before or after investing Fees and expenses taken from
of capital loss, and; (maximum) the Sub-Fund over a year
seek income through exposure to a range Annual Operating and
of asset classes; Base Initial Switch Redemption Management and Distribution Administrative Expenses
Class Charge Charge CDSC* Charge Advisory Fee Fee (Max)
are looking to use it as part of an A 5.00% 1.00% - 0.50% 1.25% - 0.20%
investment portfolio and not as a C - 1.00% - - 0.60% - 0.15%
complete investment plan. C2 - 1.00% - - 0.50% - 0.15%
D 5.00% 1.00% - 0.50% 1.25% 0.35% 0.20%
Hedging method for currency hedged
F - 1.00% 3.00% - 1.25% 1.00% 0.20%
Share Classes NAV hedge. I - 1.00% - - 0.60% - 0.11%
Dividend rate for (div) and (mth) Share I2 - 1.00% - - 0.50% - 0.11%
T - 1.00% 3.00% - 1.25% 0.35% 0.20%
Classes The Management Company may
V - 1.00% - - 0.60% - 0.11%
reduce the dividend rate for a Share Class in X - 1.00% - - - - 0.10%
response to prevailing market conditions
impacting that Share Class. See Share Classes and Costs for more complete information. *Reduces by 1.00% a year and is zero after 3 years.
Dealing Requests received before 14:30 CET
on any Valuation Day will be processed that
day.
Sub-Fund launch date 11 Dec 2008.
JPMorgan Investment Funds 21JPMorgan Investment Funds -
Global Income Conservative Fund
Objective, Process, Policies and Risks negative. Under exceptional market conditions the Sub-Fund may be unable
to meet its preferred volatility level and the realised volatility may be
greater than intended.
OBJECTIVE
At least 51% of assets are invested in issuers with positive environmental
To provide regular income by investing primarily in a conservatively
and/or social characteristics that follow good governance practices as
constructed portfolio of income generating securities, globally, and through
measured through the Investment Manager's proprietary ESG scoring
the use of derivatives.
methodology and/or third party data.
INVESTMENT PROCESS The Investment Manager evaluates and applies values and norms based
Investment approach screening to implement exclusions. To support this screening, it relies on
third party provider(s) who identify an issuer’s participation in or the
Multi-asset approach, leveraging specialists from around JPMorgan Asset revenue which they derive from activities that are inconsistent with the
Management's global investment platform, with a focus on risk-adjusted values and norms based screens. The list of screens applied that may result
income. in exclusions can be found on the Management Company’s Website (
Flexible implementation of the managers’ allocation views at asset class www.jpmorganassetmanagement.lu ).
and regional level. The Sub-Fund systematically includes ESG analysis in its investment
May vary its allocation in response to market conditions, however will aim decisions on at least 75% of non-investment grade and emerging market
to have a higher allocation to debt securities than to other asset classes. sovereign and 90% of investment grade securities purchased.
Conservatively constructed portfolio, with a volatility comparable to that
of the benchmark over a three to five year period. Other investment exposures Up to 3% in contingent convertible bonds.
ESG approach ESG Promote Derivatives Used for: investment purposes; hedging; efficient portfolio
management. Types: see Sub-Fund Derivative Usage table under How the
Benchmark 55% Bloomberg Barclays Global Aggregate Index (Total Return
Sub-Funds Use Derivatives, Instruments and Techniques. TRS including CFD:
Gross) Hedged to EUR / 30% Bloomberg Barclays US Corporate High Yield
none. Global exposure calculation method: relative VaR. Expected level of
2% Issuer Capped Index (Total Return Gross) Hedged to EUR / 15% MSCI
leverage from derivatives: 150% indicative only. Leverage may significantly
World Index (Total Return Net) Hedged to EUR. For currency hedged Share
exceed this level from time to time.
Classes, the benchmark indices are hedged to the Share Class currency.
Techniques and Instruments Securities lending: 0% to 20% expected; 20%
Benchmark uses and resemblance
maximum.
Performance comparison. Currencies Sub-Fund Base Currency: EUR. Currencies of asset
Basis for relative VaR calculations. denomination: any. Hedging approach: flexible.
The Sub-Fund is actively managed. Though the majority of its holdings
(excluding derivatives) are likely to be components of the benchmark, the
Investment Manager has broad discretion to deviate from its securities,
weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk
characteristics of the benchmark will vary over time and its performance
may be meaningfully different.
POLICIES
Main investment exposure Primarily invests in debt securities (including
MBS/ABS), equities and real estate investment trusts (REITs) from issuers
anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 15% and 45% of its assets in
mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of
any credit quality. MBS which may be agency (issued by quasi US
government agencies) and non-agency (issued by private institutions) refers
to debt securities that are backed by mortgages, including residential and
commercial mortgages, and ABS refers to those that are backed by other
types of assets such as credit card debt, car loans, consumer loans and
equipment leases.
The Sub-Fund may invest in below investment grade and unrated securities.
The Sub-Fund may invest in China A-Shares via the China-Hong Kong Stock
Connect Programmes, and in convertible securities and currencies.
Dividends are not guaranteed given that returns to investors will vary from
year to year depending on dividends paid and capital returns, which could be
JPMorgan Investment Funds 22You can also read
