JPMorgan Multi-Asset Trust plc Annual General Meeting 2 nd July 2020 - - PowerPoint PPT Presentation

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JPMorgan Multi-Asset Trust plc

Annual General Meeting 2nd July 2020

JPMorgan Multi-Asset Trust plc Aims to provide income and capital growth from a globally diversified multi-asset portfolio

Source: J.P. Morgan Asset Management.

The stated objectives are the investment manager’s objectives only. There is no guarantee that these

• bjectives will be met. Dividend declaration and payment is not guaranteed and subject to the

dividend policy in the prospectus.

Targeted dividend Typical volatility Diversification

4%

p.a. paid quarterly

2/3

• f a traditional equity portfolio

40+ 6+

countries exposure asset classes

Bespoke asset class portfolio management

JPMorgan Multi-Asset Trust plc: portfolio management team

Source: J.P. Morgan Asset Management as at 30 June 2020.

Active Asset Allocation Manager Selection Portfolio Construction Risk Management

Developed Government bonds Global Equity J.P. Morgan Asset Management funds Third party investment trusts Equity index/bond futures/options

Multi-Asset Solutions

Gareth Witcomb Portfolio Manager



Industry: 25 years



Firm: 22 years Katy Thorneycroft Portfolio Manager



Industry: 21 years



Firm: 21 years

Collectives

Multi-Asset Solutions International Equity Group

Our Strategic Asset Allocation provides an anchor to the Trust

Source: J.P. Morgan Asset Management. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.

Strategic Asset Allocation Developed market equity 53% Emerging market equity 7% Global government bonds 6% Investment grade bonds 7% High yield bonds 10% Emerging market debt 7% Infrastructure 10%

Actively adjusting our asset allocation in line with our latest macro thinking

Source: J.P. Morgan Asset Management as of 31 March 2020. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice. EMD – emerging market debt.

0% 20% 40% 60% 80% 100% 120% Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Developed equity Emerging market equity Global government bonds Investment grade bonds Aggregate bonds High yield bonds EMD - Hard currency EMD - Local currency Infrastructure

Regional equity positioning: reducing market exposure in Europe

Monthly positioning: regional equity exposure via futures and options

• 30%
• 25%
• 20%
• 15%
• 10%
• 5%

0% 5% Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

North America Equity Europe ex UK Equity UK Equity Pacific ex Japan Equity Japan Equity

Source: J.P. Morgan Asset Management as of 31 March 2020. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.

Financial year results – since inception to 29 February 2020

JPMorgan Multi-Asset Trust plc

Source: J.P. Morgan Asset Management, as at 29 February 2020. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Share price – Mid, NAV calculated on Offer Net Of Fees. The reference index is GBP 1M LIBOR PLUS 450BPS Index TR GBP and is shown for comparative purposes only. Dividend declaration and payment is not guaranteed and subject to the dividend policy in the prospectus.

Past performance is not an indication of future performance.

+6.1%

Total return to shareholders

+5.3%

Total return to net assets

+5.4%

Reference index total return (LIBOR +4.5%)

4.0p

Dividend per share

 Performance: positive returns across asset classes held, strong relative performance for our global equity portfolio  Income: significant contribution from our global equity portfolio, with additional income from high yield bonds,

emerging market debt and infrastructure.

How has positioning changed in recent months?

Source: J.P. Morgan Asset Management as of 31 May 2020. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion

• f the investment manager without notice.

0% 20% 40% 60% 80% 100% 120% Feb-20 Mar-20 Apr-20 May-20

Developed equity

Emerging market equity

Global government bonds Investment grade bonds

Aggregate bonds

High yield bonds

EMD - Hard currency Infrastructure

Performance as at 31 May 2020

Source: J.P. Morgan Asset Management Trust inception date is 2nd of March 2018. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV calculated on Offer Net Of Fees. Reference Index is GBP 1M LIBOR PLUS 450BPS Index TR GBP and is shown for comparative purposes only.

Past performance is not a reliable indicator of current and future results.

Annualised performance (%)

3 months Year to date One year Since inception JPMorgan Multi-Asset Trust NAV

• 9.4
• 13.0
• 6.0

0.1 Strategic asset allocation

• 3.4
• 9.8
• 1.0

1.8 Reference Index 1.2 2.1 5.3 5.3 Portfolio volatility 13.4 10.4

9 | FOR PROFESSIONAL CLIENTS / QUALIFIED INVERSTORS ONLY | NOT FOR RETAIL USE OR DISTRIBUTION

Outlook: Into the recovery phase

Source: Haver Analytics,, Google, JPMAM Multi-Asset Solutions; data as of May 2020 (left), May 25, 2020 (right).



Three sets of evidence – the lifting of restrictions, private sector surveys, and various high-frequency indicators – show that the US and other economies are on the mend, though levels remain low



Most surveys globally moved higher in May, as have mobility data associated with both retail and workers returning to offices

• 8
• 7
• 6
• 5
• 4
• 3
• 2
• 1

1 2 3 2018 2019 2020 ISM M Philly Empire NAHB Conf B U Mich PMI M PMI S

• 70
• 60
• 50
• 40
• 30
• 20
• 10

10 20 Feb 15 Feb 29 Mar 14 Mar 28 Apr 11 Apr 25 May 9 May 23 Retail Transit Office

US private sector surveys (z-score vs. long-run average) US Google mobility data (% change from pre-shock baseline)

10 | FOR PROFESSIONAL CLIENTS / QUALIFIED INVERSTORS ONLY | NOT FOR RETAIL USE OR DISTRIBUTION Source: Institute for Fiscal Studies, Bloomberg, JPMAM Multi-Asset Solutions; Data as of 30th May 2020 EA – Euro Area.

Outlook: Strong monetary policy response across the globe to current crisis

Central banks have increased balance sheet significantly

5 10 15 20 25 30 35 40 45 50 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20

UK US EA

11 | FOR PROFESSIONAL CLIENTS / QUALIFIED INVERSTORS ONLY | NOT FOR RETAIL USE OR DISTRIBUTION

Multi-Asset Solutions Key Insights & “Big Ideas”

Source: J.P. Morgan Asset Management, as of June 2020. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. .

 Despite an extraordinarily deep recession, we have moved quickly into early-cycle  Fiscal stimulus is the new normal for this cycle; monetary stimulus, however, remains a first responder  Bond yields likely remain subdued as we exit recession, but in the medium term curves will be steeper  Corporate leverage is high but low rates and policy support help to limit credit losses  Leadership in equities has scope to change in this new cycle, factor-wise as well as regionally  Dollar showing signs of peaking and ample liquidity puts further downward pressure on the currency  As we add risk, a balance across stocks and credit, and across regions, best reflects monetary policy support  The next leg in a move higher in stocks would likely feature greater cyclical leadership

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 J.P. 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 J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s 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 reliable indicators 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

• bjective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management

business of JPMorgan Chase & 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 J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy. Investment is subject to documentation. The Annual Reports and Financial Statements, AIFMD art. 23 Investor Disclosure Document and PRIIPs Key Information Document can be obtained free of charge from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. 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. Material ID: 0903c02a82939cf6

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