HALF IMAGE PLACEMENT HOLDER (HORIZONTAL) Resize image to cover grey box JPMorgan Multi-Asset Trust plc Annual General Meeting 2 nd July 2020
JPMorgan Multi-Asset Trust plc Aims to provide income and capital growth from a globally diversified multi-asset portfolio Diversification Targeted dividend Typical volatility 4% 2/3 40+ 6+ countries p.a. paid quarterly of a traditional equity portfolio asset classes exposure Source: J.P. Morgan Asset Management. The stated objectives are the investment manager’s objectives only. There is no guarantee that these objectives will be met. Dividend declaration and payment is not guaranteed and subject to the dividend policy in the prospectus.
JPMorgan Multi-Asset Trust plc: portfolio management team Multi-Asset Solutions Katy Thorneycroft Gareth Witcomb Portfolio Manager Portfolio Manager Industry: 21 years Industry: 25 years Firm: 21 years Firm: 22 years Active Asset Allocation Portfolio Construction Manager Selection Risk Management Bespoke asset class portfolio management Collectives J.P. Morgan Developed Government Third party Equity Global Equity Asset bonds investment index/bond Management trusts futures/options funds International Equity Group Multi-Asset Solutions Source: J.P. Morgan Asset Management as at 30 June 2020.
Our Strategic Asset Allocation provides an anchor to the Trust Strategic Asset Allocation Infrastructure 10% Emerging market debt 7% Developed market High yield bonds equity 10% 53% Investment grade bonds 7% Global government bonds 6% Emerging market equity 7% Source: J.P. Morgan Asset Management. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.
Actively adjusting our asset allocation in line with our latest macro thinking Developed equity Emerging market equity Global government bonds Investment grade bonds Aggregate bonds High yield bonds 120% EMD - Hard currency EMD - Local currency Infrastructure 100% 80% 60% 40% 20% 0% Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Source: J.P. Morgan Asset Management as of 31 March 2020. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice. EMD – emerging market debt.
Regional equity positioning: reducing market exposure in Europe Monthly positioning: regional equity exposure via futures and options North America Equity Europe ex UK Equity UK Equity Pacific ex Japan Equity Japan Equity 5% 0% -5% -10% -15% -20% -25% -30% Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Source: J.P. Morgan Asset Management as of 31 March 2020. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.
Financial year results – since inception to 29 February 2020 JPMorgan Multi-Asset Trust plc +6.1% +5.3% +5.4% 4.0p Reference index total Total return to Total return to net Dividend per return shareholders assets share (LIBOR +4.5%) Performance: positive returns across asset classes held, strong relative performance for our global equity portfolio Income: significant contribution from our global equity portfolio, with additional income from high yield bonds, emerging market debt and infrastructure. Source: J.P. Morgan Asset Management, as at 29 February 2020. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Share price – Mid, NAV calculated on Offer Net Of Fees. The reference index is GBP 1M LIBOR PLUS 450BPS Index TR GBP and is shown for comparative purposes only. Dividend declaration and payment is not guaranteed and subject to the dividend policy in the prospectus. Past performance is not an indication of future performance.
How has positioning changed in recent months? Developed equity Global government bonds Emerging market equity Investment grade bonds High yield bonds Aggregate bonds 120% EMD - Hard currency Infrastructure 100% 80% 60% 40% 20% 0% Feb-20 Mar-20 Apr-20 May-20 Source: J.P. Morgan Asset Management as of 31 May 2020. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.
Performance as at 31 May 2020 Annualised performance (%) Since 3 months Year to date One year inception JPMorgan Multi-Asset Trust NAV -9.4 -13.0 -6.0 0.1 Strategic asset allocation -3.4 -9.8 -1.0 1.8 Reference Index 1.2 2.1 5.3 5.3 Portfolio volatility 13.4 10.4 Source: J.P. Morgan Asset Management Trust inception date is 2nd of March 2018. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV calculated on Offer Net Of Fees. Reference Index is GBP 1M LIBOR PLUS 450BPS Index TR GBP and is shown for comparative purposes only. Past performance is not a reliable indicator of current and future results.
Outlook: Into the recovery phase Three sets of evidence – the lifting of restrictions, private sector surveys, and various high-frequency indicators – show that the US and other economies are on the mend, though levels remain low Most surveys globally moved higher in May, as have mobility data associated with both retail and workers returning to offices US private sector surveys (z-score vs. long-run average) US Google mobility data (% change from pre-shock baseline) 3 20 2 10 1 0 ISM M 0 Philly -10 -1 Empire -20 -2 NAHB -30 -3 Conf B -40 -4 U Mich -50 -5 PMI M -60 -6 PMI S -7 -70 Feb 15 Feb 29 Mar 14 Mar 28 Apr 11 Apr 25 May 9 May 23 -8 Retail Transit Office 2018 2019 2020 Source: Haver Analytics,, Google, JPMAM Multi-Asset Solutions; data as of May 2020 (left), May 25, 2020 (right). 9 | FOR PROFESSIONAL CLIENTS / QUALIFIED INVERSTORS ONLY | NOT FOR RETAIL USE OR DISTRIBUTION
Outlook: Strong monetary policy response across the globe to current crisis Central banks have increased balance sheet significantly 50 UK US EA 45 40 35 30 25 20 15 10 5 0 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Source: Institute for Fiscal Studies, Bloomberg, JPMAM Multi-Asset Solutions; Data as of 30 th May 2020 EA – Euro Area. 10 | FOR PROFESSIONAL CLIENTS / QUALIFIED INVERSTORS ONLY | NOT FOR RETAIL USE OR DISTRIBUTION
Multi-Asset Solutions Key Insights & “Big Ideas” Despite an extraordinarily deep recession, we have moved quickly into early-cycle Fiscal stimulus is the new normal for this cycle; monetary stimulus, however, remains a first responder Bond yields likely remain subdued as we exit recession, but in the medium term curves will be steeper Corporate leverage is high but low rates and policy support help to limit credit losses Leadership in equities has scope to change in this new cycle, factor-wise as well as regionally Dollar showing signs of peaking and ample liquidity puts further downward pressure on the currency As we add risk, a balance across stocks and credit, and across regions, best reflects monetary policy support The next leg in a move higher in stocks would likely feature greater cyclical leadership Source: J.P. Morgan Asset Management, as of June 2020. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. . 11 | FOR PROFESSIONAL CLIENTS / QUALIFIED INVERSTORS ONLY | NOT FOR RETAIL USE OR DISTRIBUTION
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