JPMorgan Asian Investment Trust plc
Investment Manager Presentation
Annual General Meeting
26th February 2018
Richard Titherington, Managing Director
Chief Investment Officer of Emerging Markets and
Asia Pacific Equities and Portfolio Manager
1
Performance (GBP)
Inception date: 12th September 1997
* Prior to 1st January 2001, MSCI AC Asia ex Japan (GDR).
** Arithmetic excess return presented. Figures may not add up due to rounding.
^ Figures to 31st December 2017
Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31st December 2017. Performance data has been calculated on NAV to NAV basis, including ongoing charges and
any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment.
Trailing Returns (%)
Financial Year End Performance (%)
To end September 2017
4Q
2017^FY to
30 Sep 20171 Year
3 Years
(Cumulative)
5 Years
(Cumulative)
Since Inception
(Cumulative)
JPMorgan Asian Investment Trust plc (NAV) +8.0 +21.5 +21.5 +66.6 +87.8 +366.6
JPMorgan Asian Investment Trust plc (Share Price) +6.5 +29.8 +29.8 +74.3 +96.6 +424.1
MSCI AC Asia ex Japan (NDR)* +7.3 +18.8 +18.8 +51.7 +72.3 +283.9
NAV Excess Return** +0.7 +2.7 +2.7 +14.9 +15.5 +82.7
2012 2013 2014 2015 2016 2017
JPMorgan Asian Investment Trust plc (NAV) +11.4 +6.4 +6.0 -2.9 +41.3 +21.5
JPMorgan Asian Investment Trust plc (Share Price) +6.4 +7.2 +5.2 -3.2 +38.7 +29.8
MSCI AC Asia ex Japan (NDR)* +15.4 +5.1 +8.1 -6.3 +36.2 +18.8
Net Asset Value
JPMorgan Asian Investment Trust GBP 353.7m (As of 30th September 2017)
2
Performance (GBP)
Inception date = 12th September 1997
*Prior to 1st January 2001, MSCI AC Asia ex Japan (GDR).
Source: J.P. Morgan Asset Management. Data is re based as at inception date on a log basis. Trust performance is shown based on the NAV in GBP with income (Gross) reinvested including actual
ongoing charges excluding any entry and exit fees. Past performance is not necessarily a reliable indicator for current and future results.
JPMorgan Asian Investment Trust since inception to 30th September 2017
456.5
383.9
525.5
0
100
200
300
400
500
600
9/97 9/99 9/01 9/03 9/05 9/07 9/09 9/11 9/13 9/15 9/17
JPM Asian Investment Trust
MSCI AC Asia ex Japan (NDR)
Share Price
*
3
Performance attribution
Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP. Data for Total Attribution shown (stock selection plus asset allocation). Attribution may not match official returns due to
differences in system rounding. The Trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment
Manager without notice.
JPMorgan Asian Investment Trust 12M to 30th September 2017
1.98
1.42
1.09
0.87
0.32
0.10
-0.05
-0.19
-0.20
-0.21
-0.44
-0.88
-0.35
-2.0 -1.0 0.0 1.0 2.0 3.0
Information Technology (o)
Health Care (o)
Consumer Staples (u)
Telecommunication Services (u)
Financials (o)
Energy (o)
Materials (u)
Industrials (u)
Managed Funds (o)
Real Estate (u)
Consumer Discretionary (o)
Utilities (o)
Cash (u)
Asset Allocation
Stock Selection
Country attribution (%)
Attribution summaryStock: 3.28
Sector: 0.21
Benchmark MSCI AC Asia ex Japan (NDR)
Sector attribution (%)
2.35
0.70
0.62
0.37
0.33
0.31
0.07
0.07
-0.10
-0.20
-0.22
-0.47
-0.35
-2.0 -1.0 0.0 1.0 2.0 3.0
China (o)
Korea (o)
Malaysia (u)
India (o)
Thailand (o)
Singapore (u)
Philippines (u)
Pakistan (u)
Indonesia (o)
Vietnam (o)
Taiwan (u)
Hong Kong (u)
Cash (u)
Asset Allocation
Stock Selection
Attribution
summary
Stock: 3.20
Country: 0.28
Benchmark MSCI AC Asia ex Japan (NDR)
4
Top 10 contributors/detractors to active returns
Source: Jaffa, FactSet, J.P. Morgan Asset Management, gross of Fees in GBP. The Trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject
to change at the discretion of the Investment Manager without notice. Past performance is not an indication of current and future performance. .
JPMorgan Asian Investment Trust 12M to 30th September 2017 Benchmark MSCI AC Asia ex Japan (NDR)
Top 10 contributors Country Sector Relative weight
%
Stock return
%
Impact
%
Ping An Insurance (Group) Company of China, Ltd. China Financials 2.79 45.92 0.66
China Mobile Limited China Telecommunication Services -1.79 -13.56 0.64
Alibaba Group Holding Ltd. Sponsored ADR China Information Technology 0.95 58.48 0.58
Tencent Holdings Ltd. China Information Technology 2.44 52.19 0.54
Samsung Electronics Co., Ltd. Korea Information Technology 1.65 51.81 0.53
Samsung BioLogics Co., Ltd. Korea Health Care 0.54 118.09 0.50
AAC Technologies Holdings Inc. China Information Technology 1.46 64.61 0.49
CSPC Pharmaceutical Group Ltd. China Health Care 0.82 64.08 0.36
IndusInd Bank Ltd. India Financials 1.92 39.34 0.34
Brilliance China Automotive Holdings Limited China Consumer Discretionary 0.64 74.85 0.32
Top 10 detractors Country Sector Relative weight
%
Stock return
%
Impact
%
Korea Electric Power Corporation Korea Utilities 2.02 -31.03 -1.21
IMAX China Holding Inc China Consumer Discretionary 0.73 -40.29 -0.55
HYUNDAI GLOVIS Co., Ltd. Korea Industrials 1.09 -23.05 -0.53
Axis Bank Limited India Financials 1.76 -6.52 -0.48
PT Astra International Tbk Indonesia Consumer Discretionary 1.16 -9.00 -0.34
CK Hutchison Holdings Ltd Hong Kong Industrials 1.73 -0.15 -0.33
Regina Miracle International (Holdings) Limited Hong Kong Consumer Discretionary 0.28 -38.64 -0.32
Giant Manufacturing Co., Ltd. Taiwan Consumer Discretionary 0.47 -33.68 -0.31
AIA Group Limited Hong Kong Financials 3.45 9.08 -0.30
China Resources Phoenix Healthcare Holdings Co., Ltd. China Health Care 0.28 -31.59 -0.29
5
Performance attribution
Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP. Data for Total Attribution shown (stock selection plus asset allocation). Attribution may not match official returns due to
differences in system rounding. The Trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment
Manager without notice.
JPM Asian Investment Trust QTD to 31st December 2017
0.52
0.40
0.23
0.19
0.15
0.09
-0.01
-0.02
-0.05
-0.20
-0.24
-0.38
-0.03
-1.0 0.0 1.0
Financials (o)
Health Care (o)
Information Technology (u)
Managed Funds (o)
Telecommunication Services (u)
Utilities (u)
Real Estate (u)
Energy (u)
Industrials (u)
Consumer Staples (u)
Materials (u)
Consumer Discretionary (o)
Cash (o)
Asset Allocation
Stock Selection
Country attribution (%)
Attribution summaryStock: -0.06
Sector: 0.72
Benchmark MSCI AC Asia ex Japan (NDR)
Sector attribution (%)
1.74
0.28
0.19
0.15
0.06
0.03
0.02
-0.05
-0.22
-0.36
-0.53
-0.61
-0.03
-1.0 0.0 1.0 2.0
China (o)
Singapore (u)
Vietnam (o)
Thailand (o)
Hong Kong (o)
Philippines (u)
Pakistan (u)
Malaysia (u)
Indonesia (o)
Taiwan (u)
India (u)
Korea (o)
Cash (o)
Asset Allocation
Stock Selection
Attribution
summary
Stock: 0.32
Country: 0.34
Benchmark MSCI AC Asia ex Japan (NDR)
6
Top 10 contributors/detractors to active returns
Source: Jaffa, FactSet, J.P. Morgan Asset Management, gross of Fees in GBP. The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to
change at the discretion of the Investment Manager without notice. Past performance is not an indication of current and future results.
JPM Asian Investment Trust QTD to 31st December 2017 Benchmark MSCI AC Asia ex Japan (NDR)
Top 10 contributors Country Sector Relative weight
%
Stock return
%
Impact
%
Ping An Insurance (Group) Company of China, Ltd. China Financials 2.07 33.40 0.56
Sino Biopharmaceutical Limited China Health Care 0.88 66.59 0.42
DBS Group Holdings Ltd Singapore Financials 2.11 20.22 0.24
AIA Group Limited Hong Kong Financials 3.48 14.67 0.22
Baidu, Inc. Sponsored ADR China Information Technology -1.48 -6.22 0.20
Shenzhou International Group Holdings Ltd. China Consumer Discretionary 1.61 20.46 0.20
JPMorgan Vietnam Fund Vietnam Managed Funds 1.93 19.12 0.19
Hon Hai Precision Industry Co., Ltd. Taiwan Information Technology -1.18 -8.37 0.18
Tencent Holdings Ltd. China Information Technology 0.92 19.64 0.17
Samsung Engineering Co., Ltd. Korea Industrials 1.16 19.61 0.12
Top 10 detractors Country Sector Relative weight
%
Stock return
%
Impact
%
LARGAN Precision Co., Ltd. Taiwan Information Technology 1.29 -23.78 -0.39
Qudian, Inc. Sponsored ADR China Consumer Discretionary 0.18 -50.98 -0.26
Eclat Textile Co., Ltd. Taiwan Consumer Discretionary 0.84 -18.48 -0.23
CK Hutchison Holdings Ltd Hong Kong Industrials 1.72 -2.64 -0.18
IndusInd Bank Ltd. India Financials 1.86 -0.54 -0.17
GF Securities Co., Ltd. China Financials 0.79 -8.28 -0.14
Aluminum Corporation of China Limited China Materials 0.32 -20.93 -0.13
Celltrion, Inc. Korea Health Care -0.30 68.52 -0.13
Axis Bank Limited India Financials 0.98 12.60 -0.12
China Resources Land Limited China Real Estate 0.98 -4.63 -0.12
7
Current Fund Positioning
8
Changes in country and sector weightings
* MSCI AC Asia ex Japan (NDR)
Source: J.P. Morgan Asset Management
The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.
JPM Asian Investment Trust as of 31st December 2017
Sector Breakdown (%)
FinancialsCountry Weightings (%)
Benchmark MSCI AC Asia ex Japan (NDR)
21.1
0.7
12.5
21.6
1.1
13.615.0
2.75.7
Banks DiversifiedFinancials
Insurance
34.3
30.1
8.26.1
4.02.3 3.7
1.03.0 3.2 1.9 1.0 1.2
36.3
28.1
10.9
5.84.0
2.5 2.4 2.2 2.0 1.9 1.8 0.7 1.4
23.4
31.7
9.36.8 5.9
2.54.2 4.6 4.2
2.80.0
4.6
0.0
Financials InformationTechnology
ConsumerDiscretionary
Industrials RealEstate
HealthCare
Energy ConsumerStaples
Telecoms Utilities Managed Funds
Materials Cash
As of 30/9/2017
As of 31/12/2017
Benchmark* as of 31/12/2017
34.4
19.9
12.59.3 8.6
5.13.2 2.8 1.9 1.0 0.0 0.0 1.2
33.4
20.4
12.810.7
7.35.1
3.2 3.1 1.8 0.9 0.0 0.0 1.4
34.4
17.7
11.313.0
10.1
2.64.3
2.60.0
2.70.1 1.3 0.0
China Korea Hong Kong Taiwan India Indonesia Singapore Thailand Vietnam Malaysia Pakistan Philippines Cash
As of 30/9/2017
As of 31/12/2017
Benchmark* as of 31/12/2017
9
Portfolio strategy
Source: J.P. Morgan Asset Management. The holdings represent the current holdings of the fund . The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as
applicable are subject to change at the discretion of the Investment Manager without notice. Past performance is not an indication of current and future performance.
JPM Asian Investment Trust as of 31st December 2017
Key Overweights
Key Underweights
CountryPortfolio
Weight %
Benchmark
Weight %
Portfolio
Active %Key Sectors Key Stocks
Korea 20.4 17.7 +2.7Financials (+2.0%), Telecommunication
Services (+1.3%), Information Technology
(+1.3%)
Shinhan Financial Group, Samsung Electronics,
Samsung Fire & Marine Insurance
Indonesia 5.1 2.6 +2.5Consumer Discretionary (+2.2%), Financials
(+1.0%), Telecommunication Services (+0.2%)
Astra International, Bank Central Asia,
Telekomunikasi Indonesia
Vietnam 1.8 0.0 +1.8 Managed Funds (+1.8%) JPMorgan Vietnam Opportunities Fund
CountryPortfolio
Weight %
Benchmark
Weight %
Portfolio
Active %Key Sectors Key Stocks
India 7.3 10.1 -2.8Consumer Discretionary (-1.3%),
Energy (-1.3%), Materials (-1.0%)
Housing Development Finance, Reliance
Industries, Infosys
Taiwan 10.7 13.0 -2.3Information Technology (-1.5%), Materials
(-1.1%), Telecommunication Services (-0.5%)
Hon Hai Precision Industry, Taiwan
Semiconductor Manufacturing, MediaTek
Malaysia 0.9 2.7 -1.9Financials (-0.4%), Utilities (-0.4%), Consumer
Staples (-0.3%)
Public Bank, Tenaga Nasional, Malayan
Banking
Benchmark MSCI AC Asia ex Japan (NDR)
10
Top 10 holdings
* MSCI AC Asia ex Japan (NDR)
Source: J.P. Morgan Asset Management
The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. Past
performance is not an indication of current and future performance.
JPM Asian Investment Trust as of 31st December 2017
Stock Name Country Sector
Portfolio
30/9/17
%
Portfolio
31/12/17
%
Benchmark*
31/12/17
%
Active
%
1 Samsung Electronics Korea Information Technology 7.4 7.3 5.6 +1.7
2 Tencent Holdings China Information Technology 7.2 6.7 6.3 +0.5
3 AIA Group Hong Kong Financials 5.4 5.8 2.2 +3.7
4 Alibaba Group Holding China Information Technology 5.6 4.1 4.2 -0.1
5 Taiwan Semiconductor Manufacturing Taiwan Information Technology 1.9 3.3 4.0 -0.8
6 China Construction Bank China Financials 1.2 3.1 1.6 +1.5
7 HDFC Bank India Financials 3.2 2.8 0.0 +2.8
8 DBS Group Holdings Singapore Financials 2.7 2.7 0.7 +2.0
9 Ping An Insurance China Financials 3.2 2.7 1.2 +1.5
10 Shinhan Financial Group Korea Financials 2.5 2.6 0.4 +2.1
Number of Stocks:
Portfolio 66 Top 20 Holdings 61.5%
Benchmark 638 Top 30 Holdings 74.8%
11
Market Outlook
12
Volatility is inherent in Asian Equities
Source: FactSet, MSCI, J.P. Morgan Asset Management.
Returns are price returns based on MSCI AC Asia ex Japan Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year.
Data reflect most recently available as of 31/1/18. Past performance is not an indication of current and future results.
MSCI AC Asia ex Japan intra-year declines vs. calendar year returns
Despite average intra-year drops of -21% (median: -16%), annual returns are positive in 20 of 31 years
Calendar year return
Intra-year decline
YTD
26% 28%
-10%
27%18%
99%
-18%
2%8%
-42%
-10%
62%
-36%
-6%-10%
43%
14%19%
30%37%
-54%
68%
17%
-19%
19%
0% 0%
-11%
3%
39%
8%
-11%-20%
-29%
-11%-12%-5%
-26%
-14%-11%
-46%-46%
-15%
-40%-38%-30%
-15%-21%
-9%
-20%-18%
-63%
-20%-16%
-30%
-16%-15%-10%
-27%
-13%-5%
-2%
-80%
-60%
-40%
-20%
%
20%
40%
60%
80%
100%
'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
13
Asia ex Japan: Valuations and returns
Source: FactSet, MSCI, J.P. Morgan Asset Management. Past performance is not indicative of future results.
Dots represent monthly data points between January 1997 and January 2018. Data reflect most recently available as of 31 January 2018.
MSCI AC Asia ex Japan: Price to Book and Returns
Price to Book Ratio
Subsequent 12 m
onth
s r
etu
rn in U
SD
Current level
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
0.80x 1.20x 1.60x 2.00x 2.40x 2.80x
14
Global price-book valuations
PB = Price to Book Ratio
Source: Thomson Reuters Datastream, Bloomberg. As of 31st January 2018.
Indices do not include fees or operating expenses and are not available for actual investment.
Past performance is not a reliable indicator of current and future performance.
MSCI Asia ex Japan
Trailing PB
1.9
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
04 06 08 10 12 14 16 18
-1sd 1.4
x
MSCI Europe
Trailing PB
MSCI US
Trailing PB
xx
3.5
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
04 06 08 10 12 14 16 18
1.9
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
04 06 08 10 12 14 16 18
+1sd 2.1
Avg 1.8
+1sd 2.2
Avg 1.8
-1sd 1.5
+1sd 3.0
-1sd 2.2
Avg 2.6
15
-4
0
4
8
12
16
20
24
28
Feb
Ma
r
Apr
Ma
y
Jun
Jul
Aug
Sep
Oct
No
v
De
c
Jan
Fe
b
Ma
r
Apr
Ma
y
Jun
Jul
Aug
Sep
Oct
No
v
De
c
Jan
Feb
Ma
r
Apr
Ma
y
Jun
Jul
Aug
Sep
Oct
No
v
De
c
Jan
2 years ago 1 year ago Current year
Consensus EPS growth assumption, MXAPJ
2015 2016
2017 2018
Strong performance mainly driven by improving earnings and consistent upgrades
Source: Goldman Sachs Investment Research, DataStream, I/B/E/S. MSCI, Data as of 17th January 2018. 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.
MSCI Asia Pacific ex Japan earnings growth forecast
16
Where are the opportunities in Asia?
Source: Goldman Sachs Global Investment Research, I/B/E/S, MSCI, As of 17th January 2018.
Market forecast numbers are derived from bottom-up calculations of each individual MSCI constituents using I/B/E/S estimates in local currencies.
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.
22.9
12.5
23.4
14.112.6
14.9
-0.9
2.0
6.2
11.38.9
27.8
11.6
4.3
14.7
6.1
20.0
14.1 13.2
5.4
13.110.5 10.0
7.8 7.2
-10
0
10
20
30
40
50
APxJ Australia China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Taiwan Thailand Japan
2017E
2018E
Earnings per share growth forecasts (%, local currency)
52.5
17
Investment objective and risk profile
JPMorgan Asian Investment Trust plc
Please refer to the Investor Disclosure document for more information relating to the Trust.
Risk Profile
Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.
Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped
markets and systems. Shares may also be traded less frequently than those on established markets. This means that there may be
difficulty in both buying and selling shares and individual share prices may be subject to short-term price fluctuations.
This fund may use derivatives for investment purposes or for efficient portfolio management.
External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the
same time.
This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.
This trust may also invest in smaller companies which may increase its risk profile.
Investment Objective
Aims to provide capital growth from a diversified portfolio of around 50 to 80 companies quoted on the Asian stock markets, excluding
Japan. The Company amended its distribution policy for the year commencing 1 October 2016. The Company pays quarterly
dividends equivalent to 1% of its net asset value, set on the last business day of each financial quarter. The Company also has the
ability to use gearing up to a maximum level of 20% of net assets to increase potential returns to shareholders.
18
J.P. Morgan Asset Management
This is a marketing communication and as such the views contained herein are not to be taken as an advice or 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
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Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may no t 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 objective of the investment products, there can be no assurance
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www.jpmorgan.com/jpmpdf/1320694304816.pdf. Investment is subject to documentation (Investment Disclosure Document, Key Features and Terms and Conditions), copies of
which can be obtained 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.
Material ID: 0903c02a8207103a