JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting 29th January 2016
Performance (GBP) Net Asset Value JPMorgan Asian Investment Trust GBP 218.5m (As of 30 Sep 2015) Trailing Returns (%) To end September 2015 4Q FY to 3 Years 5 Years Since Inception 1 Year 2015^ 30 Sep 15 (Cumulative) (Cumulative) (Cumulative) +7.9 -2.9 -2.9 +9.5 -2.2 JPMorgan Asian Investment Trust plc (NAV) +166.0 JPMorgan Asian Investment Trust plc (Share Price) +7.9 -3.2 -3.2 +9.3 -4.4 +191.9 +6.7 -6.3 -6.3 +6.5 +6.1 MSCI AC Asia ex Japan (NDR)* +137.2 +1.2 +3.4 +3.4 +3.0 -8.3 NAV Excess Return** +28.8 Rolling 12 Months at Year Ends (%) 2011 2012 2013 2014 2015 -23.5 +13.6 +2.9 +11.3 -2.0 JPMorgan Asian Investment Trust plc (NAV) JPMorgan Asian Investment Trust plc (Share Price) -23.5 +11.6 +3.9 +9.7 -2.6 MSCI AC Asia ex Japan (NDR)* -16.7 +17.0 +1.2 +11.3 -3.9 Inception date: 12 Sep 1997 * Prior to 1 Jan 2001, MSCI AC Asia ex Japan (GDR). ** Arithmetic excess return presented. Figures may not add up due to rounding. ^ Figures to 31 Dec 2015 Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment. 1
Performance (GBP) JPMorgan Asian Investment Trust since inception to 30 Sep 2015 400 JPM Asian Investment Trust MSCI AC Asia ex Japan (NDR) 291.9 266.0 Share Price 237.2 200 100 50 25 9/97 3/99 9/00 3/02 9/03 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 Inception date = 12 Sep 1997 * Prior to 1/1/01, MSCI AC Asia ex Japan (GDR). Source: J.P. Morgan Asset Management, as at 30 Sep 2015. Data is re based as at inception date on a log basis. Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment. 2
Performance attribution JPMorgan Asian Investment Trust 1 Year to 30 Sep 2015 By Country (%) By Sector (%) Asset Allocation Stock Selection Asset Allocation Stock Selection Total Total 0.8 3.3 0.5 3.6 China 0.0 1.8 Financials 0.0 2.4 India 0.4 0.9 Information Technology 0.2 1.0 Malaysia -0.3 1.0 Industrials 0.1 0.7 Korea -0.3 0.7 Materials -0.1 0.8 Philippines -0.0 0.3 Utilities 0.2 0.2 Singapore -0.1 0.3 Health Care -0.2 0.4 Indonesia -0.0 0.2 Consumer Staples -0.2 0.2 Australia 0.0 Energy -0.5 0.3 Taiwan -0.0 -0.0 Telecommunication Services -0.0 -0.3 Hong Kong -0.1 -0.1 Consumer Discretionary -1.1 -0.1 Thailand -0.0 -0.4 Cash Cash 0.0 0.0 -2.0 0.0 2.0 4.0 6.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 % % Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP to 30 Sep 2015. Figures may not add up due to rounding. Data for Total Attribution shown (stock selection plus country allocation). Attribution may not match official returns due to differences in systems, rounding. Past performance is not an indication of future performance. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. 3
Top 10 contributors/detractors to active returns JPMorgan Asian Investment Trust 1 Year to 30 Sep 2015 Benchmark MSCI AC Asia ex Japan (NDR) Contributions To Active Top 10 Contributors Country Sector Return % HDFC Bank Limited India Financials 1.40 Lotte Chemical Corp. Korea Materials 0.88 BGF Retail Co., Ltd. Korea Consumer Staples 0.61 China Minsheng Banking Corp., Ltd. China Financials 0.57 China Vanke Co., Ltd China Financials 0.48 ING Vysya Bank Limited India Financials 0.43 China Pacific Insurance (Group) Co., Ltd. China Financials 0.42 Cheung Kong Property Holdings Limited Hong Kong Financials 0.39 Tencent Holdings Ltd. China Information Technology 0.36 AAC Technologies Holdings Inc. China Information Technology 0.34 Contributions To Active Top 10 Detractors Country Sector Return % Hyundai Wia Corporation Korea Consumer Discretionary -0.66 Tata Motors Limited India Consumer Discretionary -0.55 MGM China Holdings Limited Hong Kong Consumer Discretionary -0.54 China Mobile Limited China Telecommunication Services -0.42 PTT Public Co., Ltd. Thailand Energy -0.33 Ping An Insurance (Group) Company of China, Ltd. China Financials -0.33 SapuraKencana Petroleum Bhd. Malaysia Energy -0.31 China Life Insurance Co. Ltd. (China) China Financials -0.29 Chailease Holding Co. Ltd. Taiwan Financials -0.28 China Oilfield Services Limited China Energy -0.28 Source: Jaffa, FactSet, J.P. Morgan Asset Management. As at 30 Sep 2015. Past performance is not indicative of future performance. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future. Subject to change at the discretion of the Investment Manager without notice. 4
Current Fund Positioning
Changes in country weightings As of 31 December 2015 Greater China – fund remains overweight China and Taiwan and underweight Hong Kong India – fund exposure has been decreased but remains ahead of the benchmark weight ASEAN – we are underweight the ASEAN markets as a whole, but remain overweight in Thailand and have initiated an exposure to Vietnam Country Weightings (%) 36.3 As of 30/9/2015 32.2 As of 31/12/2015 30.3 Benchmark* as of 31/12/2015 17.7 17.4 16.5 15.0 14.3 13.9 13.8 12.6 11.8 11.6 11.6 9.9 5.1 4.4 4.5 3.7 3.1 2.7 2.9 2.3 2.5 1.9 2.0 1.8 1.6 1.1 0.0 0.0 0.0 0.0 0.1 0.0 -4.6 China Korea Taiwan India Hong Kong Thailand Singapore Indonesia Vietnam Philippines Malaysia Cash * MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 6
Changes in sector weightings As of 31 December 2015 Within financials we have raised weightings in insurance and reduced banks. We also remain overweight information technology. Healthcare weighting has been further increased We have increased over overweight in Consumer Discretionary Energy, Material and Teleco’s were also reduced throughout the quarter. Sector Breakdown (%) 44.7 44.0 As of 30/9/2015 As of 31/12/2015 32.1 22.7 Benchmark* as of 31/12/2015 28.9 19.8 25.6 23.5 15.7 13.1 11.2 8.0 6.9 6.8 8.8 6.4 8.7 8.1 8.3 6.4 6.3 5.6 3.9 5.2 4.9 4.5 4.6 3.1 3.2 4.1 4.2 4.0 3.6 3.2 2.7 2.3 2.0 1.7 1.9 1.4 1.3 1.0 0.9 0.0 0.0 0.1 0.0 Banks Insurance Real Estate Diversified Financials -4.6 Financials Information Industrials Health Care Utilities Consumer Managed Consumer Materials Energy Telecom Cash Financials Technology Discretionary Funds Staples Services * MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 7
Top 10 holdings Portfolio Portfolio Benchmark* 30/9/15 31/12/15 31/12/15 Active Stock Name Country Sector % % % % 1 Tencent Holdings China Information Technology 5.0 6.4 3.4 3.0 2 Samsung Electronics Korea Information Technology 4.9 6.4 4.6 1.8 3 Taiwan Semiconductor Manufacturing Taiwan Information Technology 5.6 3.5 2.6 6.2 4 AIA Group Hong Kong Financials 4.2 2.4 2.4 4.8 5 China Construction Bank China Financials 4.2 1.9 2.0 3.9 6 Ping An Insurance China Financials 2.2 1.0 2.7 3.7 7 HDFC Bank India Financials 4.4 - 3.7 3.7 8 CK Hutchison Holdings Hong Kong Industrials 2.7 2.4 1.2 1.2 9 China Merchants Bank China Financials 2.3 2.3 0.4 1.9 10 China Vanke China Financials 1.5 2.2 0.1 2.1 36.9 42.0 18.4 23.6 Number of Stocks: Portfolio 61 Top 20 Holdings 59.9% 73.8% Benchmark 625 Top 30 Holdings * MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management, as at 31 Dec 2015 The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The holdings represent the current holdings of the fund. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future. 8
Market Outlook 9
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