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A S I A N E Q U I T I E S

Jupiter Asia Pacific Income SICAV

03.2017

FONDSFORUM

Ingrid Tharasook

Product Specialist

Asian & Emerging Market Equities

JUPITERAM.COM

Manager profile

Awards and ratings should not be taken as a recommendation.Note: Years of experience and strategies under management as at 31.12.16. AUMs as at 31.01.17.

Jason PidcockFund Management Director

23 years’ industry experience


Current roleFund Management Director,Head of Strategy, Asian Income

Current responsibilities

Fund Manager, Asian Income Strategy

2015–Present Jupiter Asset Management

2004–2015Newton Investment Management,Fund Manager

1996–2004 BP Investment Management,Fund Manager

1993‒1996Henderson Investment Management,Assistant Fund Manager

1

Strategies under Management AUM*

UK-domiciled Unit Trust £438m

Jupiter Asia Pacific Income (SICAV) $32m

JUPITERAM.COM

Manager’s track record

Past performance is no guide to the future.The Newton Asian Income is a UCITS structure and was managed by Jason Pidcock from 30.11.05 to 30.04.15 prior to joining Jupiter. The performance figures are shown as a representation of Jason’s experience only and are not indicative of any potential future performance. The strategy used for the Newton Asian Income may not be representative of the strategy used for any future funds. Source: FE, bid to bid, net income reinvested, in GBP, from 30.11.05 to 31.01.17. IA = The Investment Association.

-25%

0%

25%

50%

75%

100%

125%

150%

175%

200%

225%

250%

275%

300%

Nov.05 Dez.06 Dez.07 Dez.08 Dez.09 Dez.10 Jän.12 Jän.13 Jän.14 Jän.15 Jän.16 Jän.17

Newton Asian Income / UK-domiciled Unit Trust

FTSE AW AP Ex JPN TR GBP

Peer Group


2

Garden

leave

JUPITERAM.COM

Stephen Pearson (CIO)

Jupiter Fund Management Team


3

UK Value (4)

Ben Whitmore (HOS)

Alastair Gunn (FM)

Dermot Murphy (AFM)

Claudia Ripley (PS)

Julie Watson, Seran Tahir (S)

Global (5)

Stephen Mitchell (HOS)

Stuart Cox (FM)

Guy de Blonay (FM)

Dan Carter (FM)

Mitesh Patel (AFM)

Jules Ross-Louis (S)

Seran Tahir (S)

UK Growth (3)

Steve Davies (HOS)

Richard Curling (FM)

James Zimmerman (FM)

Claudia Ripley (PS)

Julie Watson (S)

European Opportunities (3)

Cédric de Fonclare (HOS)

Gregory Herbert (FM)

Tommy Kristoffersen (EA)


European Growth (3)

Alexander Darwall (HOS)

Luca Emo Capodilista (FM)

Jordane Guillot (A)


US (2)

Sebastian Radcliffe (HOS)

Robert Siddles (FM)

Julie Watson (S)

Absolute Return (3)

James Clunie (HOS)

Michael Buhl-Nielsen (FM)

Ivan Kralj (A)

Magnus Spence (HOI, ALT)

Karla Sells (S)

Emerging Markets (7)

Ross Teverson (HOS)

Ben Surtees (FM)

Avinash Vazirani (FM)

Colin Croft (FM)

Amélie Thevenet (AFM)

Charles Sunnucks (AFM)

Aimee Truesdale (A)

Ingrid Tharasook (PS)

Seran Tahir (S)

Fixed Income (5)

Ariel Bezalel (HOS)

Harry Richards (AFM)

Rhys Petheram (FM)

Alejandro Arevalo (FM)

Fabrizio Palmucci (PS)

Katharine Dryer (HOI, FIMA)

Karla Sells (S)

Independent Funds (5)

John Chatfeild-Roberts (HOS)

Algy Smith-Maxwell (FM)

David Lewis (FM)

Amanda Sillars (FM)

Alastair Irvine (PS)

Karla Sells (S)

Environment & Sustainability (4)

Charles Thomas (HOS)

Abbie Llewellyn-Waters (FM)

Mark Evans (A)

Jon Wallace (A)

Julie Watson (S)

Portfolio Analytics (7)

Mark Dempsey

Simon Crawford

Carli Prewett

Chris Hayes

James Thompson

Payal Bagchi

Gergana

Kabakova

Dealers (12)

Jason McAleer

Dave Flanagan

Carl Westover

Paul McKay

Andrew Withey

Mark Robinson

Jeremy Griggs

Steve Naish

Mike Poole

Tanya Hoeftmann

Donna Briggs

Heather Naylor

Corporate Governance (2)

Ian McVeigh

Ashish Ray

Amie Reid (S)

Equities Fixed Income Specialist

Asian Income (2)

Jason Pidcock (HOS)

Ingrid Tharasook (PS)

Seran Tahir (S)

Investment Risk (3)

Tim Shaw

Tim Wijsbroek

Sree Selvam

CIO Office (4)

Amit Narendra (ISM)


Magnus Spence (HOI, ALT)

Kristian Herrington (ISA)

Tracey Smith (PA)

Multi-Asset (3)

Miles Geldard (HOS)

Lee Manzi (FM)

Joseph Chapman (A)

Fabrizio Palmucci (PS)


Julie Labelle (S)

Credit Research (7)

Hilary Blandy (HOR)

Nicole Weiss (A)

Luca Evangelisti (A)

Vikram Aggarwal (A)

Adam Darling (A)

Joe Moxham (A)

Christian Holder (A)


Julie Labelle (S)

Multi-Asset

Credit Research

Support Function

Source: Jupiter, January 2017. Please note that some fund managers are members of more than one team (italics).

Key: CIO – Chief Investment Officer; HOI, FIMA – Head of Investments, Fixed Income & Multi Asset; HOI ALT, Head of Investments, Alternatives; HOS – Head of

Strategy; FM – Fund Manager; AFM – Assistant Fund Manager; ISM – Investment Strategy Manager; ISA – Investment Strategy Analyst; HOR– Head of Research,

Credit; PS – Product Specialist; EA – Equities Analyst; A – Analyst; S – Secretary; PA – Personal Assistant;

JUPITERAM.COM

Why Asia

Source: *International Monetary fund 2016, **Population Reference Bureau 2014, ***Brooking Institute 2011, ****FTSE All World Index 2016, *****World Trade Organisation 2015. *****FactSet, CLSA, 31.01.17.

Asia: dominant yet overlooked Intra-regional sales, as % of total sales*****


4

66%

Global growth*

60%Global population**

23%Global consumption***

12%Global indices****

64%

12% 14% 16%20%

13%

67%

16%20%

39%

1% 2%

57%

2%

11%

10%13%

8%

53%

22%

12%6% 4%

10% 9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

APxJ USA Japan Europe World

AxJ USA Japan Europe Other

JUPITERAM.COM

0

1

2

3

4

5

Australia Singapore Taiwan Germany Japan USA

Equity yield Bond yield

Diverse investment universe

across different sectors

Lessons learned from the

Asian financial crisis

Income-hungry demographics

Why Asian Income

Quoted yields are not guaranteed and may change in the future. The views expressed are those of the presenter at the time of preparation and may change in the future.Source: Bloomberg as at 31.01.17. *Jupiter, 31.01.17. MSCI Indices for Equity yield and 10 year government bond for bond yield.

A compelling macro backdrop Major markets: equity yield vs. 10yr Govt bond yield

Developed Asia: fund yield vs. 10yr Govt bond yield


5

Fund yield* Govt bond yield

Australia 4.8% 2.8%

Hong Kong 3.3% 2.0%

New Zealand 6.5% 3.4%

Singapore 4.7% 2.5%

Taiwan 3.8% 1.2%

JUPITERAM.COM

Why Asian Income

Quoted yields are not guaranteed and may change in the future. The views expressed are those of the presenter at the time of preparation and may change in the future. Source: FactSet, CLSA. Data as at 31.12.16.Note: 2016F data based on estimates for companies.

0

50

100

150

200

250

300

350

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6F

Dividend yield (FY0) > 4%

Payout (FY0) > 40%


6

MSCI Asia Pacific ex Japan: high dividend stocks

An Investment ContractWhen companies IPO, they take

capital upfront with the promise to

generate a return for investors.

We only invest in companies that

we believe are able and willing to

deliver on this promise.

JUPITERAM.COM

Large caps

Liquid

Competitive advantage

High barriers to entry

Dividend yield

Stocks yielding higher

than the index

Investment universe

The views expressed are those of the presenter at the time of preparation and may change in the future.


7

MSCI AC

Asia Pacific

ex Japan

Top down Bottom up

Dividend growth

Stocks yielding lower

than the index, but present

growth opportunities

~700stocks

~20%of

holdings

~80%of

holdings

China slowdown∴ Minimal direct

exposure to China

Fed hike & dollar

strengthening ∴ Limited exposure

to emerging Asia

Trade

protectionism∴ Prefer domestic

consumption stocks

Systematic

Geopolitical or

corruption risk ∴ Cautious Indonesia

and Pakistan

Search for

the unloved∴ Bullish Philippines

Rising bond yields∴ Retain so-called ‘bond proxy’ (i.e. high-yielding)

stocks throughout short-term volatility

Volatility in

commodities∴ No direct exposure

to oil, mining or

commodity stocks

JUPITERAM.COM

Current holdings

Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice. Source: Jupiter as at 31.01.17. *Top 10 Holdings.

Dividend yield Dividend growth


8

832

GT Capital

SM Prime

Universal Robina

AGL Energy

Amcor

APA

Dexus Property

IAG

Macquarie*

Orora

Scentre

Suncorp

Sydney Airport

Telstra

Transurban

Vicinity Centres

Wesfarmers

Westpac

Ascendas REIT

Mapletree Commercial Trust

Mapletree Logistics Trust

Singapore Telecom

ST Engineering

Australia Singapore

New Zealand

Meridian Energy*

Spark

Hong Kong

Link REIT*

NWS Holdings*

Sands China*

Taiwan

Delta Electronics

Hon Hai*

Taiwan Mobile

TSMC*

China

Hengan

Macquarie Korea Infrastructure Fund

Thailand

South Korea

Samsung Electronics*

South Korea

Hong Kong

AIA*

China

Tencent*

Malaysia

IHH

InTouch

Philippines

Thailand

Bangkok Dusit Medical

JUPITERAM.COM

Country and sector exposure

Notes: *Macquarie Korea Infrastructure fund, **Amcor and Orora: plastics companies.Source: Jupiter as at 31.01.17.


9

Taiwan Hong Kong South Korea Singapore Australia New Zealand China Malaysia Philippines Thailand Pakistan India Indonesia

Consumer

Staples ■ ■ ■

Consumer

Discretionary ■

Financials ■ ■* ■■■■ ■

Telecomms ■ ■ ■ ■ ■

IT ■■■ ■ ■

Industrials ■ ■ ■■

Health Care ■ ■

Real Estate ■ ■■■ ■■■ ■

Utilities ■■ ■

Energy

Materials ■■**

■1 holding

JUPITERAM.COM

Key exposures


10

Roads

Ports Malls

Casinos

Airports HospitalsWare-

houses

Car

parks

PipelinesPlanes

(Servicing)

Office

buildingsBridgesCars

(Leasing)

Industrial

Property

Infrastructure Tourism Real Assets

JUPITERAM.COM

Top down

The views expressed are those of the presenter at the time of preparation and may change in the future.Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice.


11

We are excited about the

Philippines: it is one of

the fastest-growing

economies in the region,

with an excellent

demographic profile.

Therefore, we take a

top-down view on

this market. We look for

companies that will benefit

from this growth.

Shopping malls

■ 95% occupancy rate

■ Dominance of shopping malls

(vs. online) likely to remain: less

than 3% of adult population have a

credit card

■ Positive developments around

effective REIT legislation

Snacks

■ Leading brand of snack foods

■ Growing middle class (and

discretionary consumption)

■ Competes alongside international

conglomerates, owing to nostalgic

brand power

JUPITERAM.COM

Bottom up

The views expressed are those of the presenter at the time of preparation and may change in the future.Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice.


12

We are confident with

Australia. It is a well-run

country, with a strong,

well-diversified economy

that has enjoyed 25 years

of uninterrupted growth.

Australia not only benefits

from its own domestic

consumption, it is also

uniquely-positioned to

capture the wider

Asian growth story.

Therefore, we can be

bottom-up in this market.

Packaging

■ World’s largest flexible plastics

company

■ Balanced global footprint:

1/3 EM / 1/3 Europe / 1/3 USA

■ High-profit margin business model

Airports

■ 40 million passengers per year

– nearly twice the size of the entire

country’s population

■ Diverse clientele: no nation makes

up more than 7% of visitors

■ Continuous influx of Asian tourism

JUPITERAM.COM

Jupiter Asia Pacific Income

Source: Morningstar, gross income reinvested, net of fees, in USD, as at 31.01.17. Past performance is no guide to the future.

Investing for three-way diversification Performance

1 month

%

3 month

%

6 month

%

Jupiter Asia Pacific

Income (L USD Acc)4.7 1.4 -2.6

MSCI AC Asia Pac Ex

JPN GR USD5.8 2.4 4.6

Peer group average 5.7 1.9 2.5


13

Source of income

Currency exposure

Country exposure

JUPITERAM.COM

This presentation is intended for investment professionals and not for thebenefit of retail investors. Market and exchange rate movements can

cause the value of an investment to fall as well as rise, and you may getback less than originally invested. Initial charges are likely to have agreater proportionate effect on returns if investments are liquidated in the

shorter term. Any data or views given should not be construed asinvestment advice.

Past performance is no indication of current or future performance.

Performance data does not take into account commissions and costsincurred on the issue and redemption of shares. Company examples arefor illustrative purposes only and are not a recommendation to buy or sell.

Quoted yields are not guaranteed and may change in the future. Awardsand ratings should not be taken as a recommendation.

Every effort is made to ensure the accuracy of the information but no

assurance or warranties are given. It is not an invitation to subscribe forshares in the Jupiter Global Fund (the Company) or any other fundmanaged by Jupiter Asset Management Limited. The Company is a

UCITS fund incorporated as a Société Anonyme in Luxembourg andorganised as a Société d’investissement à Capital Variable (SICAV). Thisinformation is only directed at persons residing in jurisdictions where the

Company and its shares are authorised for distribution or where no suchauthorisation is required.

Jupiter Asia Pacific Income SICAV: The fund invests a significant

portion of the portfolio in emerging markets, which carry increased liquidityand volatility risks. This fund invests mainly in shares and it is likely toexperience fluctuations in price which are larger than funds that invest

only in bonds and/or cash. Quarterly income payments will fluctuate. All ofthe fund's expenses are charged to capital, which can reduce the potentialfor capital growth. The KIID and Prospectus are available from Jupiter on

request. This fund can invest more than 35% of its value in securitiesissued or guaranteed by an EEA state.

The sub-fund(s) may be subject to various other risk factors, please refer

to the Prospectus for further information.

Prospective purchasers of shares of the sub-fund(s) of the Companyshould inform themselves as to the legal requirements, exchange control

regulations and applicable taxes in the countries of their respectivecitizenship, residence or domicile. Subscriptions can only be made on thebasis of the current prospectus and the KIID, accompanied by the most

recent audited annual report and semi-annual report. These documentsare available for download from www.jupiteram.com. The KIID and,

where required, the Prospectus, along with other advertising materialswhich have been approved for public distribution in accordance with thelocal regulations are available in English, Dutch, French, Finnish, German,

Italian, Portuguese, Spanish and Swedish. Before subscribing, pleaseread the Prospectus. Hard copies may be obtained free of charge uponrequest from any of:

The Company Custodian and Administrator: JP Morgan BankLuxembourg S.A, 6 Route de Trèves, Senningerberg, L-2633,Luxembourg; and from certain of the Company’s distributors;

Austria: Jupiter Asset Management Limited, Vienna branch, Le PalaisBusiness Residence, Herrengasse 1-3, 1010 Vienna, Austria; Belgium:BNP Paribas Securities Services, Boulevard Louis Schmidt 2, 1040

Brussels, Belgium; France: CACEIS Bank France, 1/3 Place Valhubert,75013 Paris, France; Germany: Jupiter Asset Management Limited,Munich branch, whose registered office is at: Apartment 6, Weissenburger

Platz 3, 81667 Munich, Germany; from Jupiter Asset ManagementLimited, Frankfurt branch, whose registered office is at: Roßmarkt 10,60311 Frankfurt, Germany; Italy: BNP Paribas Securities Services, Milan

branch, Piazza San Fedele 1/3, 20121 Milano, Italy. The Fund has beenregistered with the Commissione Nazionale per le Società e la Borsa(CONSOB) for the offer in Italy to retail investors; Luxembourg: the

Company's registered office; 6 Route de Trèves, Senningerberg, L-2633,Luxembourg; Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109Alcobendas, Madrid, Spain. For the purposes of distribution in Spain, the

Company is registered with the Spanish Securities Markets Commission –Comisión Nacional del Mercado de Valores (“CNMV”) under registrationnumber 1253, where complete information, including a copy of the

marketing memorandum, is available from the Company authoriseddistributors. Sweden: Jupiter Asset Management Limited, Nordic branch,4th Floor, Strandvagen 7A, 114 56 Stockholm, Sweden; Switzerland:

Copies of the Memorandum and Articles of Association, the Prospectus,KIIDs and the annual and semi-annual reports of the Company may beobtained free of charge from the Company’s representative and paying

agent in Switzerland, BNP Paribas Securities Services, Paris, Succursalede Zurich, whose registered office is at Selnaustrasse 16, 8002 Zurich,Switzerland; United Kingdom: Jupiter Asset Management Limited (the

Investment Manager), registered address: The Zig Zag Building, 70Victoria Street, London, SW1E 6SQ, United Kingdom.

This document contains information based on the FTSE Asia Pacific exJapan Index. ‘FTSE®’ is a trade mark owned by the London Stock

Exchange Plc and is used by FTSE International Limited (‘FTSE’) underlicence. The FTSE Asia Pacific ex Japan is calculated by FTSE. FTSEdoes not sponsor, endorse or promote the product referred to in this

document and is not in any way connected to it and does not accept anyliability in relation to its issue, operation and trading. All copyright anddatabase rights in the index values and constituent list vest in FTSE.

This document contains information based on the MSCI AC Asia PacificEx. Japan Index. Neither MSCI nor any other party involved in or relatedto compiling, computing or creating the MSCI data makes any express or

implied warranties or representations with respect to such data (or theresults to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness,

merchantability or fitness for a particular purpose with respect to any ofsuch data. Without limiting any of the foregoing, in no event shall MSCI,any of its affiliates or any third party involved in or related to compiling,

computing or creating the data have any liability for any direct, indirect,special, punitive, consequential or any other damages (including lostprofits) even if notified of the possibility of such damages. No further

distribution or dissemination of the MSCI data is permitted without MSCI’sexpress written consent

Industry Classification Benchmark (‘ICB’) is a product of FTSE

International Limited (‘FTSE’) and all intellectual property rights in and toICB vest in FTSE. Jupiter Asset Management Limited has been licensedby FTSE to use ICB. ‘FTSE®’ is a trade mark owned by the London Stock

Exchange Plc and is used by FTSE under licence. FTSE and its licensorsdo not accept liability to any person for any loss or damage arising out ofany error or omission in ICB.

Issued by The Jupiter Global Fund and, in some instances, Jupiter AssetManagement Limited which is authorised and regulated by the FinancialConduct Authority.

No part of this presentation may be reproduced in any manner without theprior permission of the Company or Jupiter Asset Management Limited.

Disclosure

11842_69211_SCV_ASIA_PACIFIC_INCOME_JP_0217

ON THE PLANET TO PERFORM


14

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