fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

JPM Global Macro Opportunities C

An unconstrained multi asset fund targeting cash +7% returns over the medium with a 6-10% volatility risk budget.

  • 172.40p
    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.

  • 179.00p
    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!

  • 0.60%
    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).

  • 0.67%
    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.

  • 0.00%
    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 21 September 2021, fund data last updated 30 October 2015

This strategy was initially adopted initially through an offshore fund in November 2012 and more recently made available in this 'on shore' fund format. The product incorporates an unconstrained approach to asset allocation as well as employing relative value and derivative strategies with the aim of achieving cash +7% gross of fees over the medium term with a 6-10% volatility risk budget. The fund has no performance fee. Targeted Absolute Return funds do not guarantee a positive return and you could get back less than you invested, much like any other investment. Additionally, the underlying assets of these funds generally use complex hedging techniques through the use of derivative products.

Fund summary

Sector Targeted Absolute Return
Structure OEIC
Launched February, 2013
Size £2,017m
Yield 0.00%
Charging basis Income
Dividends paid 30 Apr

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.60%
Ongoing charges figure 0.67%

Allocation

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Investment process

The PMs' team draws on insights from JPM’s Global Multi-Asset strategy and research teams as well as head of desks from the respective asset classes to develop macro themes that are subsequently expressed through trade ideas. These can be categorized as ‘traditional’ directional strategies, reflecting long only market themes in equity and fixed income (18 months duration), or more sophisticated relative value / non-directional strategies with a view to maximising risk adjusted returns in fixed income, equity, currency and volatility (6-18 month duration); other derivative or hedging strategies are also employed opportunistically for portfolio risk management purposes (<6 months duration) also fall under the sophisticated category. Position sizing is dependent on conviction, upside volatility and correlation factors. There are no formal limits on maximum risk exposures to a specific theme, asset class or underlying trade, instead risk metrics are assessed at the portfolio level within the prescribed 6-10% volatility risk budget.

A medium to higher risk global macro strategy with a bias to thematic equity. The fund can be high conviction and seeks to benefit from global macro-economic trends identified by quantitative and qualitative research. Compared to many macro related absolute return mandates the fund is competitively priced.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.40%
  • 20/21 0.96%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.61%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Shrenick Shah

Shenrick Shah is a portfolio manager in the JPM London based, Multi-Asset Solutions team, with responsibility for managing total return portfolios. He joined JPM in September 2010, having previously worked in the equity divisions at Deutsche Bank and Credit Suisse. He obtained a M.Sc. in Econometrics and Mathematical Economics from the LSE.

Track record

The track record of Shrenick Shah in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -3.00% (July 2019 - October 2019)
Relative -3.00% (July 2019 - October 2019)

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

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Sector breakdown

Others 30.00%
Others 20.00%
Others 14.00%
Others 13.00%
Others 11.00%
Others 6.00%
Others 5.00%

Constraints

There are no prescribed risk limits other than the overall portfolio volatility risk budget.

Key Investor Information - Income

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Key Investor Information - Accumulation

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