Guide to the Markets Regional Series...Forward P/E ratio is the price to 12-months forward ratio, as...
Transcript of Guide to the Markets Regional Series...Forward P/E ratio is the price to 12-months forward ratio, as...
FOR PROFESSIONAL INVESTORS I QUALIFIED INVESTORS ONLY ndash NOT FOR RETAIL USE OR DISTRIBUTION
Title slide with imageGuide to the Markets Regional Series
Q4 2020
2
Rob Maltby
Client Adviser
Charlotte Cass
Internal Client Adviser
Your Regional Sales Team
Takumi Mead
Sales Support
Guide to the MarketsUK |
MARKET INSIGHTS
Hugh Gimber Global Market Strategist
November 2020
4
Learning Objectives
bull Consider scenarios for the shape of the economic recovery ahead
bull Assess the outlook for monetary and fiscal policy
bull Understand the implications of the US election and Brexit for
investors
bull Evaluate the likelihood of a change in equity market leadership
5
Agenda
Vaccine versus a difficult winter
US election implications
Brexit are we nearly there yet
6
GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure
US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate
Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran
benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31
October 2020
0
2
4
6
8
10
12
14
16
18
Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Stimulus cheques
Unemployment insurance
- $600 per week boost
Unemployment insurance
0
10
20
30
40
50
60
09 19 29 39 49 59 69 79 89 99 09 19
Trump tax cuts
Biden tax hike
proposals
27
26
Glo
ba
l e
co
no
my
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
2
Rob Maltby
Client Adviser
Charlotte Cass
Internal Client Adviser
Your Regional Sales Team
Takumi Mead
Sales Support
Guide to the MarketsUK |
MARKET INSIGHTS
Hugh Gimber Global Market Strategist
November 2020
4
Learning Objectives
bull Consider scenarios for the shape of the economic recovery ahead
bull Assess the outlook for monetary and fiscal policy
bull Understand the implications of the US election and Brexit for
investors
bull Evaluate the likelihood of a change in equity market leadership
5
Agenda
Vaccine versus a difficult winter
US election implications
Brexit are we nearly there yet
6
GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure
US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate
Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran
benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31
October 2020
0
2
4
6
8
10
12
14
16
18
Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Stimulus cheques
Unemployment insurance
- $600 per week boost
Unemployment insurance
0
10
20
30
40
50
60
09 19 29 39 49 59 69 79 89 99 09 19
Trump tax cuts
Biden tax hike
proposals
27
26
Glo
ba
l e
co
no
my
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
Guide to the MarketsUK |
MARKET INSIGHTS
Hugh Gimber Global Market Strategist
November 2020
4
Learning Objectives
bull Consider scenarios for the shape of the economic recovery ahead
bull Assess the outlook for monetary and fiscal policy
bull Understand the implications of the US election and Brexit for
investors
bull Evaluate the likelihood of a change in equity market leadership
5
Agenda
Vaccine versus a difficult winter
US election implications
Brexit are we nearly there yet
6
GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure
US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate
Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran
benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31
October 2020
0
2
4
6
8
10
12
14
16
18
Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Stimulus cheques
Unemployment insurance
- $600 per week boost
Unemployment insurance
0
10
20
30
40
50
60
09 19 29 39 49 59 69 79 89 99 09 19
Trump tax cuts
Biden tax hike
proposals
27
26
Glo
ba
l e
co
no
my
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
4
Learning Objectives
bull Consider scenarios for the shape of the economic recovery ahead
bull Assess the outlook for monetary and fiscal policy
bull Understand the implications of the US election and Brexit for
investors
bull Evaluate the likelihood of a change in equity market leadership
5
Agenda
Vaccine versus a difficult winter
US election implications
Brexit are we nearly there yet
6
GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure
US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate
Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran
benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31
October 2020
0
2
4
6
8
10
12
14
16
18
Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Stimulus cheques
Unemployment insurance
- $600 per week boost
Unemployment insurance
0
10
20
30
40
50
60
09 19 29 39 49 59 69 79 89 99 09 19
Trump tax cuts
Biden tax hike
proposals
27
26
Glo
ba
l e
co
no
my
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
5
Agenda
Vaccine versus a difficult winter
US election implications
Brexit are we nearly there yet
6
GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure
US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate
Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran
benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31
October 2020
0
2
4
6
8
10
12
14
16
18
Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Stimulus cheques
Unemployment insurance
- $600 per week boost
Unemployment insurance
0
10
20
30
40
50
60
09 19 29 39 49 59 69 79 89 99 09 19
Trump tax cuts
Biden tax hike
proposals
27
26
Glo
ba
l e
co
no
my
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
6
GTM ndash UK |Election implications less fiscal less regulation less trade war less tax pressure
US government benefits US corporate tax rates of average total personal income in 2019 maximum corporate tax rate
Source (Left) BEA Refinitiv Datastream JP Morgan Asset Management Government benefits not shown include social security Medicaid Medicare veteran
benefits and other transfers which are all broadly non-cyclical (Right) IRS joebidencom JP Morgan Asset Management Guide to the Markets - UK Data as of 31
October 2020
0
2
4
6
8
10
12
14
16
18
Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Stimulus cheques
Unemployment insurance
- $600 per week boost
Unemployment insurance
0
10
20
30
40
50
60
09 19 29 39 49 59 69 79 89 99 09 19
Trump tax cuts
Biden tax hike
proposals
27
26
Glo
ba
l e
co
no
my
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
7
GTM ndash UK |Activity waning in developed markets as winter waves take hold
Travel and navigation app usage Travel and navigation app usage change year on year change year on year
Source (All charts) App Annie JP Morgan Asset Management Data is sourced from App Annie with over 600 travel and navigation apps globally including Google
Maps Uber Airbnb and Bookingcom Past performance is not a reliable indicator of current and future results Data is latest available as of 12 November 2020
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
-100
-80
-60
-40
-20
0
20
40
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
Russia
South Korea
China
India
South Africa
Brazil
Spain
US
Germany
Italy
UK
France
14
Glo
ba
l e
co
no
my
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
8
GTM ndash UK |
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
60
70
80
90
100
110
120
130
Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20
But progress towards a vaccine has changed the narrative
Equity forward earnings estimates Equity markets year-to-dateNext 12 monthsrsquo earnings per share rebased to 100 at the start of the year Total return index level rebased to 100 at the start of the year
Source (All charts) FTSE IBES MSCI Refinitiv Datastream Standard amp Poorrsquos TOPIX JP Morgan Asset Management Indices used are China MSCI China
eurozone MSCI EMU Japan TOPIX UK FTSE 100 US growth SampP 500 Growth US value SampP 500 Value Past performance is not a reliable indicator of current
and future results Guide to the Markets ndash UK Data as of 11 November 2020
Eq
uitie
s
US growth
Japan
EurozoneUS value
UK
US
growth
Japan
Eurozone
US value
UK
China
China
70
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
9
GTM ndash UK |Where still offers value
Global forward price-to-earnings ratios MSCI World Growth and Value forward PE ratioX multiple X multiple
Source (Left) IBES MSCI Refinitiv Datastream Standard amp Poorrsquos JP Morgan Asset Management MSCI indices are used for all regionscountries (due to data
availability) except for the US which is represented by the SampP 500 Data as of 11 November 2020 (Right) MSCI Refinitiv Datastream JP Morgan Asset
Management Forward PE ratio is the price to 12-months forward ratio as published by MSCI Past performance is not a reliable indicator of current and future
results Guide to the Markets - UK Data as of 31 October 2020
Eq
uitie
s
50
57
8
12
16
20
24
28
32
07 08 09 10 11 12 13 14 15 16 17 18 19 20
Value
Growth
220
182
145
181
148
0x
5x
10x
15x
20x
25x
30x
35x
40x
Range since 1990
Average since 1990
Current
80x77x
US UKEurope
ex-UKJapan EM
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
10
GTM ndash UK |
Share of global real GDP
Chinarsquos economy looks most resilient
Real GDP levelsIndex level rebased to 100 at 1Q 2006
Source (Left) Refinitiv Datastream World Bank JP Morgan Asset Management (Right) BEA Bloomberg Eurostat National Bureau of Statistics of China ONS JP
Morgan Asset Management Forecasts are from Bloomberg contributor composite Past performance and forecasts are not reliable indicators of current and future
results Guide to the Markets - UK Data as of 31 October 2020
40
100
160
220
280
340
400
90
100
110
120
130
140
150
06 08 10 12 14 16 18 20 22
China
Forecast
Eurozone
US
UK
Glo
ba
l e
co
no
my
48
49
0
5
10
15
20
25
30
70 75 80 85 90 95 00 05 10 15 20
US
Eurozone
China
Japan
India
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
11
GTM ndash UK |
105
115
125
135
145
155
80
85
90
95
100
105
16 17 18 19 20
Time is getting tight for the Brexit negotiations but deal remains base case
UK trade with partners FTSE 250 relative to FTSE 100 and sterling vs US dollar of nominal GDP of exporting countryregion 2019 Indexed to 100 in Jan 2016 (LHS) US dollars per UK pound (RHS)
Source (Left) Eurostat IMF ONS Refinitiv Datastream JP Morgan Asset Management (Right) FTSE Refinitiv Datastream JP Morgan Asset Management Data
is latest available as of 11 November 2020
0
2
4
6
8
10
12
14
16
18
20
UK exportsto EU
UK exports toWorld ex-EU
EU exportsto UK
World ex-EUexports to UK
GBPUSD
FTSE 250 FTSE 100Sterling depreciating
42
Glo
ba
l e
co
no
my
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
12
Where to find our content
jpmorganamhugh
On the Minds of Investors
Guide to the Markets pack
US election bulletin
Market Watch for Covid bulletin
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
JP Morgan Asset Management Risks and disclosures
The Market Insights program provides comprehensive data and commentary on global markets without reference to products Designed as a tool to help clients understand the markets
and support investment decision-making the program explores the implications of current economic data and changing market conditions
For the purposes of MiFID II the JPM Market Insights and Portfolio Insights programs are marketing communications and are not in scope for any MiFID II MiFIR requirements specifically related to
investment research Furthermore the JP Morgan Asset Management Market Insights and Portfolio Insights programs as non-independent research have not been prepared in accordance with
legal requirements designed to promote the independence of investment research nor are they subject to any prohibition on dealing ahead of the dissemination of investment research
This document is a general communication being provided for informational purposes only It is educational in nature and not designed to be taken as advice or a recommendation for any specific
investment product strategy plan feature or other purpose in any jurisdiction nor is it a commitment from JP Morgan Asset Management or any of its subsidiaries to participate in any of the
transactions mentioned herein Any examples used are generic hypothetical and for illustration purposes only This material does not contain sufficient information to support an investment decision
and it should not be relied upon by you in evaluating the merits of investing in any securities or products In addition users should make an independent assessment of the legal regulatory tax
credit and accounting implications and determine together with their own professional advisers if any investment mentioned herein is believed to be suitable to their personal goals Investors should
ensure that they obtain all available relevant information before making any investment Any forecasts figures opinions or investment techniques and strategies set out are for information purposes
only based on certain assumptions and current market conditions and are subject to change without prior notice All information presented herein is considered to be accurate at the time of
production but no warranty of accuracy is given and no liability in respect of any error or omission is accepted It should be noted that investment involves risks the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested Both past performance and yields are not
reliable indicators of current and future results
JP Morgan Asset Management is the brand for the asset management business of JPMorgan Chase amp Co and its affiliates worldwide
To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies Personal
data will be collected stored and processed by JP Morgan Asset Management in accordance with our privacy policies at httpsamjpmorgancomglobalprivacy
This communication is issued by the following entities
In the United States by JP Morgan Investment Management Inc or JP Morgan Alternative Asset Management Inc both regulated by the Securities and Exchange Commission in Latin America
for intended recipientsrsquo use only by local JP Morgan entities as the case may be in Canada for institutional clientsrsquo use only by JPMorgan Asset Management (Canada) Inc which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia Ontario Quebec
and Newfoundland and Labrador In the United Kingdom by JPMorgan Asset Management (UK) Limited which is authorized and regulated by the Financial Conduct Authority in other European
jurisdictions by JPMorgan Asset Management (Europe) Sagrave rl In Asia Pacific (ldquoAPACrdquo) by the following issuing entities and in the respective jurisdictions in which they are primarily regulated
JPMorgan Asset Management (Asia Pacific) Limited or JPMorgan Funds (Asia) Limited or JPMorgan Asset Management Real Assets (Asia) Limited each of which is regulated by the Securities and
Futures Commission of Hong Kong JPMorgan Asset Management (Singapore) Limited (Co Reg No 197601586K) which this advertisement or publication has not been reviewed by the Monetary
Authority of Singapore JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Japan) Limited which is a member of the Investment Trusts Association Japan the Japan
Investment Advisers Association Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number
ldquoKanto Local Finance Bureau (Financial Instruments Firm) No 330rdquo) in Australia to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth) by
JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919) For all other markets in APAC to intended recipients only
Copyright 2020 JPMorgan Chase amp Co All rights reserved
Unless otherwise stated all data as of 12 November 2020 or most recently available
All illustrations are property of JPMorgan Chase amp Co unless otherwise stated
0903c02a82a74621
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Image source Adobe stock
US Equities Where do we go from here
Fiona Harris Managing Director
US Equity Investment Specialist
fionamharrisjpmorgancom
November 2020
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
15 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
There is a lot more opportunity left in the stock market than many realize
Source JP Morgan Asset Management Wilshire Returns in US Dollar and on a total return basis Data as of 31 October 2020 Past performance is not a reliable indicator of current and
future results
Over half of the SampP 500 companies are still in negative territory year-to-date
-80
-60
-40
-20
0
20
40
60
80
100
120
Total Return of SampP 500 Constituents ndash YTD as of 31 October 2020
SampP 500 Index ndash Constituent Returns ()
82 companies are up
20 or more
141 companies are
down 20 or more
0903c02a82a66b6a
Market
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
16 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Expect a strong recovery in earnings growth in 2021 led by cyclicals
GTM ndash US | Page 7
Source Compustat FactSet Standard amp Poorrsquos JP Morgan Asset Management Historical EPS levels are based on annual operating earnings per share Earnings estimates are
based on estimates from FactSet Market Aggregates Past performance is not indicative of future returns Guide to the Markets ndash US Data are as of October 30 2020
SampP 500 earnings per shareIndex annual operating earnings
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
88 91 94 97 00 03 06 09 12 15 18 21
Consensus analyst estimates
Earnings recessions
Market
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
17 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Source JP Morgan Asset Management Morningstar Data most recent through 1 January - 30 June 2020 Analysis includes US domiciled Large cap funds (Core Growth Value) net of fee returns
Leading Funds comprise all funds that rank in the 1-25th percentile within their respective Morningstar category copy 2020 Morningstar All Rights Reserved
Past performance is not a reliable indicator of current and future results
88
56
24
Leading Funds SampP 500 Index Morningstar LargeCap Blend(median)
Large Cap Blend Returns
-36
-116-110
Leading Funds Russell 1000Value Index
Morningstar LargeCap Value(median)
Large Cap Value Returns
387
243
209
Leading Funds Russell 1000Growth Index
Morningstar LargeCap Growth
(median)
Large Cap Growth Returns
While active management is cyclical ldquoleadingrdquo funds have performed well
Leading funds are outperforming YTD
Market
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
18 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Why active management in US equities
WHY JP MORGAN
Extensive breath and deep
commitment to research - local
expertise with global insights
We focus on the medium to long
term outlook for companies in an
increasingly ldquodisruptedrdquo world
JPM US Select Equity Fund
Fundamental high conviction
portfolio utilizing a bottom-up
process focusing on stock selection
and risk management
Our core style agnostic ldquoall-
weatherrdquo portfolio has been able to
outperform in a variety of market
environments
Source JP Morgan Asset Management Past performance is not a reliable indicator of current and future results
OPPORTUNITY
With higher volatility and lower
expected market returns manager
selection is key
Active management may help
investors improve risk-adjusted
returns
Wide valuation spreads signal
ample opportunity for stock pickers
and alpha generation
JP Morgan
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
19 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Our research teamrsquos measure of opportunity continues to be elevated
Source JP Morgan Asset Management Data are as of 30 June 2020 A Dividend Discount Rate (DDR) is the discount rate that equates the present value of the estimated stream of future dividends to
the current market price The JP Morgan DDR is a bottom-up sector-neutral and equal-weighted average of DDRs on large-capitalization stocks in the coverage universe as estimated by JPMAM
equity research analysts The DDR spread is calculated by subtracting the average DDR of Quintile 5 stocks from the average DDR of Quintile 1 stocks and then dividing the difference by the average
DDR of all stocks (where stocks are grouped into quintiles based on DDR ranking and their DDRs are trimmed at the 1st and 99th percentile) For illustrative purposes only
Past performance is not a reliable indicator of current and future results
10
15
20
25
30
35
86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
LT median
rsquo87 CrashSampL Crisis
Internet Bubble
Accounting
Scandals
Credit Crisis
I Lehman
Credit Crisis
II Europe
Valuation Spread
Recession fears
94th percentile
(100216)
Brexit 86th
percentile
(300616)
95th percentile
(300620)
Opportunity
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
20 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
IndustrialsEaton ndash Brands designed to meet power management challenges
Source JP Morgan Asset Management FactSet Eaton Corp Images from Shutter Stock As of 31 October 2020 E refers to estimates The securities above are shown for illustrative purposes
only Their inclusion should not be interpreted as a recommendation to buy or sell 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
Eaton Corporation (ETN)
Harnessing a centuryrsquos experience to deliver breakthrough
technologies for the next hundred years
Eaton provides power management products and services to commercial
as well as residential markets
Today Eaton is focused on its higher margin as well as higher moat
electrical businesses
― Data centres represent a key long term growth driver
― Vehicle electrification (EV) business is a key future growth area
Eaton is uniquely positioned in the EV market given its ability to leverage
its electrical knowledge and production capacity
― eMobility combines parts of its Electrical and Vehicle businesses to
deliver electric vehicle solutions
A key company focus is on sustainability as well as energy efficient
solutions and renewables
Opportunity
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
21 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Top quartile performance over all time periods
Source JP Morgan Asset Management Morningstar Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual
ongoing charges excluding entry and exit fees Figures greater than 1 year are annualised SampP 500 Net 30 withholding tax Ranking is based on the Offshore Morningstar Category ranking data in
the EAA Fund US Large Cap Blend Equity Universe copy 2020 Morningstar All Rights Reserved Past performance is not a reliable indicator of current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 31 October 2020
3 year performance ndash 10th percentile
156
91
24
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
114
98
90
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
116110
84
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
126 123
95
JPM US Select Equity - C(acc) USD
SampP 500 Index(Net)
Morningstar Large CapBlend (median)
1 year performance ndash 10th percentile
10 year performance ndash 8th percentile5 year performance ndash 11th percentile
US Select Equity
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
22 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Executive summary
Opportunity
Despite heightened volatility US equities continue to outperform and
there are a lot of great stock selection opportunities
Expertise
JP Morgan has the expertise resources and a time tested approach for
successful active management
Portfolio
The current market environment is providing us with a wide opportunity
set for stock selection
Source JP Morgan Asset Management For illustrative purposes only Past performance is not a reliable indicator of current and future
results
Results
US Select Equity Fund has delivered top quartile returns over both the long
and short term
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
23 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Investment objective and main risks
JPMorgan Investment Funds - US Select Equity Fund
MAIN RISKS
INVESTMENT OBJECTIVE
To achieve a return in excess of the US equity market by investing primarily in US
companies
The Sub-Fund is subject to Investment risks and Other associated risks from the
techniques and securities it uses to seek to achieve its objective
The table on the right explains how these risks relate to each other and the
Outcomes to the Shareholder that could affect an investment in the Sub-Fund
Investors should also read Risk Descriptions in the Prospectus for a full description
of each risk
Investment Risks Risks from the Sub-Fundrsquos techniques and securities
Techniques Securities
Hedging Equities
Other associated risks Further risks the Sub-Fund is exposed to from its use of
the techniques and securities above
Market
Outcomes to the Shareholder Potential impact of the risks above
Loss Shareholders
could lose some or all
of their money
Volatility Shares of the Sub-
Fund will fluctuate in value
Failure to meet the Sub-
Fundrsquos objective
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
24 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Appendix
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
25 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Active and absolute sector positions
Sector positions
Source Wilshire 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
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
23
1512 10 10 09 09 09
0603
01
-04 -05
-13 -14-17 -17 -18 -19
-30
-20
-10
00
10
20
30
Utilit
ies
Me
dia
Au
to amp
Tra
nsport
atio
n
Insura
nce
Health S
erv
ice
s amp
Syste
m
Regio
nals
RE
ITs
Se
mi amp
Hard
ware
Industr
ial C
yclic
al
Ba
sic
Mate
ria
ls
Big
Ban
ks amp
Bro
kers
Reta
il
Fin
ancia
l S
erv
ices
Consum
er
Sta
ble
En
erg
y
So
ftw
are
amp S
erv
ices
Consum
er
Cyclic
al
Te
lecom
munic
atio
ns
Ph
arm
Me
dT
ech
Portfolio
weight () 53 143 35 28 38 11 27 139 81 28 42 63 59 40 07 91 00 20 95
Relative to benchmark ()
Benchmark SampP 500 Index
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
26 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Performance
Source JP Morgan Asset Management Fund performance is shown based on the NAV of the share class C in USD with income (gross of share holder tax) reinvested including actual ongoing
charges excluding entry and exit fees Figures greater than 1 year are annualised 1SampP 500 Net 30 withholding tax Large Cap Core team assumed management from March 2006 and Scott Davis
became the Lead PM on the Fund in December 2017 Performance over one year is annualized Inception date of the fund is 5 July 1984 Past performance is not a reliable indicator of
current and future results
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Three
MonthsYTD
One
Year
Three
Years
Five
Years
Ten
Years
JPM US Select Equity - C (acc) USD 1076 1025 2242 1352 1435 1322
SampP 500 Net Total Return Index1 879 513 1449 1162 1346 1304
Excess Return 197 512 793 190 089 018
Market value
Fund USD 3233m
Annualised performance ()
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
JPM US Select Equity - C (acc) USD 1200 -199 1504 3653 1445 -072 967 2103 -677 3203
SampP 500 Net Total Return Index1 1437 147 1522 3155 1299 075 1123 2110 -494 3070
Excess Return -237 -346 -018 498 146 -147 -156 -007 -183 133
Calendar year performance ()
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
27 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
Fees and expenses
Source JP Morgan Asset Management Minimum Subscriptions may vary depending on initial subsequent subscriptions X share classes are designed to
accommodate an alternative charging structure whereby management fees and fees stipulated in a separate client agreement is administratively levied and
collected by the Management Company Please note that certain share classes have eligibility criteria which must be met details can be obtained from the
prospectus
JPMorgan Investment Funds - US Select Equity Fund
As of 30 September 2020
Share ClassMinimum
Subscription
Initial
Charge
Annual
Management and
Advisory Fee
Distribution
Fee
Operating and
Administrative
Expenses
Redemption
Charge
JPM US Select Equity A 35000 500 150 Nil 030 Max 050
JPM US Select Equity C 10000000 Nil 050 Nil 020 Max Nil
JPM US Select Equity D 5000 500 150 050 030 Max 050
JPM US Select Equity I 10000000 Nil 050 Nil 016 Max Nil
JPM US Select Equity I2 100000000 Nil 040 Nil 016 Max Nil
JPM US Select Equity X Neg Nil Nil Nil 015 Max Nil
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
28 | For Professional ClientsQualified Investors only - Not for Retail use or Distribution
JP Morgan Asset Management
0903c02a824b0a96
For Professional Clients Qualified Investors only ndash not for Retail use or distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy As the product
may not be authorised or its offering may be restricted in your jurisdiction it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant
jurisdiction Prior to any application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Shares or other interests may not
be offered to or purchased directly or indirectly by US persons All transactions should be based on the latest available Prospectus the Key Investor Information Document (KIID) and any applicable
local offering document These documents together with the annual report semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon
request from JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of Luxembourg your financial adviser or your JP Morgan Asset Management
regional contact In Switzerland JPMorgan Asset Management (Switzerland) LLC Dreikoumlnigstrasse 37 8002 Zurich acts as Swiss representative of the funds and JP Morgan (Suisse) SA 8 Rue de la
Confeacutedeacuteration 1204 Geneva as paying agent of the funds JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from
Switzerland it receives commissions pursuant to Art 34 para 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006 These commissions are paid out of the
management fee as defined in the fund documentation Further information regarding these commissions including their calculation method may be obtained upon written request from JPMorgan Asset
Management (Switzerland) LLC This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) Sagrave rl 6 route de Tregraveves L-2633 Senningerberg Grand Duchy of
Luxembourg RCS Luxembourg B27900 corporate capital EUR 10000000 This communication is issued in the UK by JPMorgan Asset Management (UK) Limited which is authorised and regulated
by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary Wharf London E14 5JP
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6
29 | For Professional Clients only - Not for Retail use or Distribution
JP Morgan Asset Management
For Professional Clients only - Not for Retail use or Distribution
This is a marketing communication and as such the views contained herein do not form part of an offer nor are they to be taken as advice or a recommendation to buy or sell any investment or interest
thereto Reliance upon information in this material is at the sole discretion of the reader Any research in this document has been obtained and may have been acted upon by JP Morgan Asset
Management for its own purpose The results of such research are being made available as additional information and do not necessarily reflect the views of JP Morgan Asset Management Any
forecasts figures opinions statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated JP Morgan Asset Managementrsquos own at the date of
this document They are considered to be reliable at the time of writing may not necessarily be all inclusive and are not guaranteed as to accuracy They may be subject to change without reference or
notification to you It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get
back the full amount invested Changes in exchange rates may have an adverse effect on the value price or income of the products or underlying overseas investments Past performance and yield are
not a reliable indicator of current and future results There is no guarantee that any forecast made will come to pass Furthermore whilst it is the intention to achieve the investment objective of the
investment products there can be no assurance that those objectives will be met JP Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase amp Co and
its affiliates worldwide To the extent permitted by applicable law we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal
policies Personal data will be collected stored and processed by JP Morgan Asset Management in accordance with our EMEA Privacy Policy wwwjpmorgancomemea-privacy-policy Prior to any
application investors are advised to take all necessary legal regulatory and tax advice on the consequences of an investment in the products Investment is subject to documentation which is
comprised of the Prospectus Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key FeaturesTerms and Condition These documents together
with the annual report semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited This communication is issued by JPMorgan
Asset Management (UK) Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No 01161446 Registered address 25 Bank Street Canary
Wharf London E14 5JP
0903c02a82a7b8b6