JPM Emerging Markets Income C

Targets income and capital growth from global emerging markets equities.

  • 72.03p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 100.80p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.93%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.80%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 07 May 2021, fund data last updated 20 October 2015

This fund aims to provide income by investing primarily in equity and equity-linked securities of emerging markets companies in any economic sector whilst participating in long-term capital growth. It is managed by Richard Titherington, JPM's emerging markets CIO and Omar Negyal. It is almost identical to the closed-ended LSE listed JPMorgan Global Emerging Markets Income Investment Trust launched one year before this fund in July 2010.

Fund summary

Sector Global Emerging Markets
Structure OEIC
Launched August, 2013
Size £562m
Yield 2.80%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.93%

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Investment process

Portfolio ideas come from the internationally based team of regional portfolio managers, who give the manager their top 10 best income ideas. All stocks in this portfolio will already be held in their regional funds. The stock selection process is similar to that used by the JPM Emerging Markets fund (managed by Austin Forey), but with a focus on income and higher exposure to less liquid stocks. The process uses bottom-up portfolio construction based on detailed knowledge of investee companies and is not influenced by top-down house views. Opportunities are selected with an investment horizon of 2-3 years. The portfolio will be tilted towards mid cap stocks ($3-10bn), giving a universe of 1,500 companies globally with a value bias. The team screens for those companies with a 30% payout ratio. Position size is determined by risk adjusted return not market capitalisation: 60% of the portfolio will be invested in equities yielding 4-6%, with individual stock weights at 1.75-3%; the rest of the portfolio is equally split above and below this range, with stock weights around 1%.

Manager research

Average monthly relative returns

  • 16/17 -0.26%
  • 17/18 -0.42%
  • 18/19 0.56%
  • 19/20 -0.03%
  • 20/21 0.01%

Bestinvest MRI

  • 3 years 0.18%
  • 5 years -0.03%
  • Career -0.01%
  • 3 years 85.50%
  • 5 years 62.60%
  • Career 71.20%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Omar Negyal

Negyal joing JP Morgan in 2012. He has previously worked at HSBC Global Asset Management (2009 - 2012), Lansdowne Partners (2006 - 2009) and F&C Asset Management (1998 - 2005). Negyal has an M.A. and an M.Eng. in Chemical Engineering from the University of Cambridge and is a CFA Charterholder.

Track record

Omar Negyal has 8.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.01%. During the worst period of relative performance (from July 2013 - January 2018) there was a decline of 14% relative to the index. The worst absolute loss has been 22%.

Periods of worst performance

Absolute -22.00% (April 2015 - January 2016)
Relative -14.00% (July 2013 - January 2018)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Allocation

Proportion (%)

  • {{chartDataItem.text}}
    {{chartDataItem.value}}

Top 10 holdings

Data accurate as at 31 July 2020

9.2% Taiwan Semiconductor Co
6.4% Samsung Electronics Co
5.4% Tata Consultancy Services
3.7% Ping An Insurance(Gr)Co Of China
3.5% Midea Hldgs Co Ltd
3.2% Hong Kong Exchanges & Clearing
2.9% Sberbank Of Russia
2.8% China Construction Bank
2.7% Walmart Inc
2.5% Vanguard International Ltd
Source: Trustnet

Sector breakdown

Information Technology 34.00%
Financials 28.00%
Consumer Staples 17.00%
Consumer Discretionary 9.00%
Communications 4.00%
Energy 2.00%
Real Estate 2.00%
Materials 2.00%
Money Market 1.00%

Constraints

Unconstrained country, sector and stock positions. No currency hedging. Max 15% in a single company; max 10% in unquoted; max 10% in options.

Key Investor Information - Income

Download

Key Investor Information - Accumulation

Download