Em Funds

www.morganmarkets.com

Global Emerging Markets Equity

Research

02 January 2015

Consensus Asset Allocation

EM funds asset allocation and performance

Emerging Markets Equity Strategy

Adrian Mowat AC

(852) 2800-8599

[email protected]

Bloomberg JPMA MOWAT

J.P. Morgan Securities (Asia Pacific) Limited

Pedro Martins Junior, CFA

(55-11) 4950-4121

[email protected]

Bloomberg JPMA MARTINS

Banco J.P. Morgan S.A.

David Aserkoff, CFA

(44-20) 7134-5887

[email protected]

Bloomberg JPMA ASERKOFF

J.P. Morgan Securities plc

Rajiv Batra

(91-22) 6157-3568

[email protected]

Bloomberg JPMA BATRA

J.P. Morgan India Private Limited

Sanaya Tavaria

(1-212) 622-5469

[email protected]

J.P. Morgan Securities LLC

Quantitative Strategy

Robert Smith

(852) 2800 8569

[email protected]

J.P. Morgan Securities (Asia Pacific) Limited

See page 13 for analyst certification and important disclosures, including non-US analyst disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the

firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in

making their investment decision.

For a full list of J.P. Morgan equity

strategists please see the directory on the

back page

This report reviews the asset allocation (end November) and performance

of major emerging market funds (to 31 December). A consensus

overweight market is one in which there are more funds meaningfully

overweight relative to those that are meaningfully underweight (>2%

below index weight). The maximum, minimum and quartile cut off

position are in table 1 to 3.

The most notable finding is that consensus decreased net overweight in

China to 5 (from 10). India remains the highest net overweight market in

EM (net OW increased to 32 from 30).

Consensus is now overweight on Brazil. We downgraded Brazil to UW.

Post the election, we waited for an announcement of the new economics

team. The team's plan to reverse deterioration in the fiscal deficit is

encouraging. This reduces Brazil's risk premium but the price is weaker

growth and higher taxes. Terms of trade continue to deteriorate. Despite

the new team, Brazil continues to underperform EM.

Turkey is now consensus overweight market. Among smaller markets,

more investors added to UAE (net UW decreased to 27 from 31) and

Qatar (net UW decreased to 39 from 42) than any other market.

The number of funds outperforming the benchmark declined (sample set

is one emerging market fund from 58 global investment groups). The

sectors and markets that significantly outperformed in the past month

were China financials, China industrials, Korea IT, China, Philippines and

Indonesia. Earnings momentum, net analyst revision and price momentum

are outperforming quant factors over the last one month. Reversion, price

to book value and seasonality are key underperformers.

The dispersion of three-month returns declined in the last one month. The

beta of EM funds is now above their five-year average.

Emerging Markets net fund flows:

o 2014 YTD: Net outflows US$22.2 billion

o 2013 CY: Net outflows US$17.3 billion

Table 1: Survey of key EM managers positioning relative to MSCI EM For major EMs

Country > 2% OW < 2% UW OW-UW < 0.1% EM Funds asset allocation relative to MSCI EM Benchmark JPM

Wts (%) Minimum Bottom quartile Median Top quartile Maximum Reco

India 33 (32) 1 (2) 32 (30) 0 (0) 7.4 (4.1) 1.6 3.3 6.5 19.4 OW

China+HK 20 (22) 15 (12) 5 (10) 1 (0) 20.2 (14.5) (2.0) 1.0 3.3 13.4 OW

Thailand 7 (8) 3 (3) 4 (5) 2 (2) 2.5 (2.5) (0.9) 0.1 1.1 7.6 OW

Brazil 13 (10) 11 (12) 2 (-2) 0 (0) 9.4 (6.4) (1.3) (0.1) 1.6 8.6 UW

Indonesia 3 (4) 6 (5) -3 (-1) 4 (4) 2.7 (2.7) (1.4) (0.2) 0.5 6.1 OW

China 14 (17) 20 (20) -6 (-3) 0 (0) 20.2 (18.1) (4.4) (0.8) 2.4 10.3 OW

Russia 3 (5) 12 (11) -9 (-6) 2 (1) 4.0 (4.0) (1.8) (0.2) 0.8 8.6 UW

Mexico 4 (5) 17 (20) -13 (-15) 0 (0) 5.1 (4.8) (2.5) (1.0) 0.3 6.0 OW

South Africa 4 (7) 26 (27) -22 (-20) 1 (0) 7.8 (7.8) (3.5) (1.9) (0.0) 6.1 UW

Korea 6 (8) 30 (28) -24 (-20) 0 (0) 14.6 (14.0) (5.7) (2.5) (0.3) 6.5 N

Taiwan 2 (5) 29 (30) -27 (-25) 1 (1) 12.4 (12.4) (6.2) (2.8) (0.1) 4.2 N

Malaysia 2 (2) 29 (29) -27 (-27) 13 (13) 3.6 (3.6) (3.3) (2.3) (1.0) 4.2 UW

Source: EPFR Global, MSCI, J.P. Morgan calculations. The survey covers 54 fund managers which is two fewer than September. The calculation of OW is greater than 2% overweight versus

the MSCI benchmark. UW is less than -2% of benchmark weighting. Fund weightings are as of 30 November 2014and MSCI weightings as of 1 December 2014. Numbers in brackets are the

previous month values. Potentially China stocks have been misclassified as Hong Kong, hence the combined weight for Hong Kong and China. Hong Kong investment may be providing non-China

exposure

2Global Emerging Markets Equity Research

02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Consensus Asset Allocation

This report reviews the country asset allocation of the

emerging market funds for 54 EM fund managers

surveyed by EPFR Global as of the end November

2014. A consensus overweight market is one in which

there are more funds meaningfully overweight relative to

those that are meaningfully underweight (>2% below

index weight). For smaller markets a near zero weight

( 2% OW < 2% UW OW-UW < 0.1% MSCI EM Funds asset allocation relative to MSCI EM Benchmark

Wts (%) Minimum Bottom quartile Median Top quartile Maximum

India 33 (32) 1 (2) 32 (30) 0 (0) 7.4 (4.1) 1.6 3.3 6.5 19.4

China+HK 20 (22) 15 (12) 5 (10) 1 (0) 20.2 (14.5) (2.0) 1.0 3.3 13.4

Thailand 7 (8) 3 (3) 4 (5) 2 (2) 2.5 (2.5) (0.9) 0.1 1.1 7.6

Brazil 13 (10) 11 (12) 2 (-2) 0 (0) 9.4 (6.4) (1.3) (0.1) 1.6 8.6

Indonesia 3 (4) 6 (5) -3 (-1) 4 (4) 2.7 (2.7) (1.4) (0.2) 0.5 6.1

China 14 (17) 20 (20) -6 (-3) 0 (0) 20.2 (18.1) (4.4) (0.8) 2.4 10.3

Russia 3 (5) 12 (11) -9 (-6) 2 (1) 4.0 (4.0) (1.8) (0.2) 0.8 8.6

Mexico 4 (5) 17 (20) -13 (-15) 0 (0) 5.1 (4.8) (2.5) (1.0) 0.3 6.0

South Africa 4 (7) 26 (27) -22 (-20) 1 (0) 7.8 (7.8) (3.5) (1.9) (0.0) 6.1

Korea 6 (8) 30 (28) -24 (-20) 0 (0) 14.6 (14.0) (5.7) (2.5) (0.3) 6.5

Taiwan 2 (5) 29 (30) -27 (-25) 1 (1) 12.4 (12.4) (6.2) (2.8) (0.1) 4.2

Malaysia 2 (2) 29 (29) -27 (-27) 13 (13) 3.6 (3.6) (3.3) (2.3) (1.0) 4.2

Source: EPFR Global, MSCI, J.P. Morgan calculations

Table 3: Survey of Key EM Managers Positioning Relative to MSCI EM For EMs that are less than 2% of the benchmark

Country > 2% OW < 0.1% UW OW-UW MSCI EM Funds asset allocation relative to MSCI EM Benchmark

Wts (%) Minimum Bottom quartile Median Top quartile Maximum

Turkey 8 (7) 5 (7) 3 (0) 1.9 (1.9) (0.7) 0.1 1.4 6.0

Philippines 8 (8) 15 (14) -7 (-6) 1.3 (1.3) (1.3) (0.2) 0.8 3.5

Poland 0 (0) 20 (21) -20 (-21) 1.7 (1.7) (1.7) (1.1) (0.2) 1.4

Peru 3 (3) 23 (24) -20 (-21) 0.5 (0.5) (0.5) (0.1) 0.6 4.2

Chile 2 (2) 25 (24) -23 (-22) 1.4 (1.4) (1.4) (1.1) (0.4) 7.1

UAE 3 (2) 30 (33) -27 (-31) 0.7 (0.7) (0.7) (0.7) (0.1) 3.5

Greece 0 (0) 27 (27) -27 (-27) 0.6 (0.6) (0.6) (0.5) 0.0 1.8

Colombia 0 (0) 33 (31) -33 (-31) 0.8 (0.8) (0.8) (0.8) (0.1) 1.7

Czech Republic 0 (0) 35 (36) -35 (-36) 0.2 (0.2) (0.2) (0.2) 0.1 1.9

Egypt 1 (1) 40 (43) -39 (-42) 0.2 (0.2) (0.2) (0.2) (0.1) 6.2

Qatar 0 (0) 39 (42) -39 (-42) 0.9 (0.9) (0.9) (0.9) (0.7) 1.2

Hungary 0 (0) 41 (42) -41 (-42) 0.2 (0.2) (0.2) (0.2) (0.1) 1.7

Source: EPFR Global, MSCI, J.P. Morgan calculations. Note: (1)


02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

EM funds performance

Methodology:

Review the performance of 58 EM funds with daily NAV

quotes on Bloomberg to 31 December 2014. One fund is

selected for each major EM investment group. Different

domiciles and tax treatment may distort returns. EM

investment groups that just manage segregated mandates

are not captured by the analysis.

Over time the median fund will underperform the

benchmark due to costs. This is true for both active and

passive funds. The performance of the three largest EM

passive funds is in Table 4 to provide a perspective on

the impact of costs.

Beta is calculated as the slope of daily average returns of

EM funds relative to MSCI EM over one month (see

Figure 4).

Dispersion of EM funds returns is calculated as the

difference between the top quartile and the bottom

quartile cut offs over respective time periods; three

month and six month returns are annualized (see Figure

3).

Observations:

The number of funds outperforming the benchmark

declined. Factors which changed in the past month were:

1. The sectors and markets that significantly

outperformed in the past month were China

financials, China industrials, Korea IT, China,

Philippines and Indonesia.

2. Earnings momentum, net analyst revision and price

momentum are outperforming quant factors over the

last one month. Reversion, price to book value and

seasonality are key underperformers (See Figure 5).

The dispersion of three-month returns declined in the last

one month.

The beta of EM funds is now above their five-year

average.

Table 4: EM funds performance relative to MSCI EM

1M 3M 6M 12M

Emerging Markets Total Return * (2.6) (3.7) (8.6) 0.5

Minimum (2.2) (6.9) (9.0) (10.9)

Bottom Quartile (1.1) (1.9) (2.2) (3.6)

Median (0.5) (0.3) (0.8) (1.1)

Top Quartile 0.0 0.7 1.0 0.9

Maximum 2.6 4.2 8.6 8.5

EM ETFs Relative Performance

Lyxor ETF MSCI Emerging Mkt 0.0 (0.3) (0.9) (1.9)

iShares MSCI Emerging Mkt 0.6 0.3 (0.2) (1.5)

DB X-Trackers Emerging Mkt 0.4 0.2 (0.3) (1.4)

Source: Bloomberg, 31 December 2014.

Notes: * Absolute performance of MSCI EM gross total return index

Figure 1: Funds outperforming MSCI EM by more than 1%

Source: Bloomberg, 31 December 2014.

Note: Outperformance is calculated using one month rolling returns.

Figure 2: Median EM fund performance relative to MSCI EM

% outperformance

Source: Bloomberg, 31 December 2014.. Note: The change in the Bloomberg reported

NAV for EM funds from 58 fund management groups is used to calculate median

performance.

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02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Figure 3: Dispersion of EM funds returns

Source: Bloomberg, 31 December 2014. Note: The dispersion is between the top quartile

and bottom quartile of three month, six month and 12 month returns. For the purpose of

comparison, three month and six month returns are annualized

Figure 4: EM funds beta relative to MSCI EM

Source: Bloomberg, 31 December 2014. Note: Beta is calculated as the slope of daily

average returns of EM funds relative to MSCI EM over one month. The grey line denotes

the five year average

Table 5: Simple Average Asset Allocation of Global Emerging Market Funds

Weights Performance (%)

Funds MSCI Rel Abs Rel

India 10.6 7.4 3.3 (3.1) -5.6 -2.6

Thailand 3.2 2.5 0.7 (0.7) -6.9 -4.0

Turkey 2.5 1.9 0.6 (0.4) -5.8 -2.9

Brazil 9.8 9.4 0.4 (0.1) -7.6 -4.7

China + HK 20.6 20.2 0.4 (0.4) 4.0 7.0

Philippines 1.6 1.3 0.3 (0.3) -0.7 2.3

Peru 0.7 0.5 0.2 (0.2) -4.2 -1.3

Indonesia 2.9 2.7 0.2 (0.1) -0.6 2.3

Egypt 0.4 0.2 0.1 (0.1) -1.7 1.2

Czech Republic 0.3 0.2 0.1 (0.1) -8.6 -5.6

Hungary 0.2 0.2 0 (0) -8.9 -6.0

Russia 3.9 4.0 -0.1 (0.1) -22.3 -19.4

Greece 0.3 0.6 -0.3 (-0.2) -19.2 -16.3

UAE 0.4 0.7 -0.3 (-0.2) -10.7 -7.8

Colombia 0.5 0.8 -0.3 (-0.4) -4.5 -1.6

Chile 0.9 1.4 -0.5 (-0.5) -2.6 0.3

Poland 1.1 1.7 -0.6 (-0.6) -9.1 -6.1

Qatar 0.2 0.9 -0.7 (-0.4) -3.7 -0.8

Mexico 4.3 5.1 -0.8 (-0.9) -5.8 -2.9

South Africa 6.7 7.8 -1.1 (-0.9) -1.8 1.1

Malaysia 2.2 3.6 -1.4 (-1.6) -2.6 0.3

China 18.5 20.2 -1.7 (-1.7) 4.0 7.0

Taiwan 9.5 12.4 -2.9 (-2.8) -0.9 2.1

Korea (South) 9.9 14.6 -4.7 (-4.3) -1.9 1.0

Asia 60.5 64.6 -4.1 (-4.2) -0.4 2.5

Latam 16.2 17.2 -1 (-1.5) -6.4 -3.5

EMEA 15.9 18.2 -2.3 (-1.7) -15.2 -12.3

Cash 2.1 0.0 2.1 (2.2)

Other GEMs 5.4 0.0 5.4 (5.2)

Source: EPFR Global, MSCI, J.P. Morgan calculations. Note: (1) Fund weightings are as of 30 November 2014 and MSCI weightings as of 1 December 2014. (2) The survey covers 54 fund

managers. Potentially China stocks have been misclassified as Hong Kong, hence the combined weight for Hong Kong and China. Hong Kong investment may be providing non-China exposure

Numbers in brackets are the previous month values. The performance is from current month to date performance.

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02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Quant factor performance summary charts

Figure 5: Quant factor performance summary (YTD)

Source: J.P. Morgan Quant team

Figure 6: Factor performance (3 Month)

Source: J.P. Morgan Quant team

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02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Emerging Markets

Figure 7: Global Emerging Markets Funds - monthly flows relative to

fund holdings

Source: MSCI, Datastream, EPFR Global

Figure 8: Average Cash position in Global Emerging Markets Funds

Source: MSCI, Datastream, EPFR Global. Red line is 12 month moving average

Emerging Asia

Figure 9: Emerging Asia Funds - monthly flows relative to fund

holdings


Figure 10: Emerging Asia Funds average weightings relative to MSCI

benchmark


Latin America

Figure 11: Latin America Funds - monthly flows relative to fund

holdings


Figure 12: Latin America funds average weightings relative to MSCI

benchmark


Note: Red line in charts above indicates 12-month moving average.

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02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Emerging Europe, Middle East and Africa

Figure 13: Emerging Europe, Middle East and Africa Funds - monthly

flows relative to fund holdings


Figure 14: Emerging Europe, Middle East and Africa Funds average

weightings relative to MSCI benchmark


Korea

Figure 15: Monthly Net foreign investment into the Korea stock market


Figure 16: Korea average weightings relative to MSCI benchmark and

net OW/UW


Taiwan

Figure 17: Monthly Net foreign investment into the Taiwan stock

market


Figure 18: Taiwan average weightings relative to MSCI benchmark and

net OW/UW



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02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

China

Figure 19: Monthly Net foreign investment into the China stock market


Figure 20: China average weightings relative to MSCI benchmark and

net OW/UW


India

Figure 21: Monthly Net foreign investment into the India stock market


Figure 22: India average weightings relative to MSCI benchmark and

net OW/UW


South Africa

Figure 23: Monthly Net foreign investment into the South Africa stock

market


Figure 24: South Africa average weightings relative to MSCI

benchmark and net OW/UW



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02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Russia

Figure 25: Monthly Net foreign investment into the Russia stock

market


Figure 26: Russia average weightings relative to MSCI benchmark and

net OW/UW


Brazil

Figure 27: Monthly Net foreign investment into the Brazil stock market


Figure 28: Brazil average weightings relative to MSCI benchmark and

net OW/UW


Mexico

Figure 29: Monthly Net foreign investment into the Mexico stock

market


Figure 30: Mexico average weightings relative to MSCI benchmark and

net OW/UW



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3

4

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Mexico (RHS)

-20

-15

-10

-5

0

5

10

15

20

25

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


10

Global Emerging Markets Equity Research

02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Thailand

Figure 31: Monthly Net foreign investment into the Thailand stock

market


Figure 32: Thailand average weightings relative to MSCI benchmark

and net OW/UW


Malaysia

Figure 33: Monthly Net foreign investment into the Malaysia stock

market


Figure 34: Malaysia average weightings relative to MSCI benchmark

and net OW/UW


Indonesia

Figure 35: Monthly Net foreign investment into the Indonesia stock

market


Figure 36: Indonesia average weightings relative to MSCI benchmark

and net OW/UW



100

200

300

400

500

600

-4

-3

-2

-1

0

1

2

3

4

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Thailand (RHS)

-12

-8

-4

0

4

8

12

16

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


100

200

300

400

500

600

700

-4

-3

-2

-1

0

1

2

3

4

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Malaysia (RHS)

-42

-36

-30

-24

-18

-12

-6

0

6

-7.0

-6.0

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


0

1000

2000

3000

4000

5000

6000

7000

-3

-2

-1

0

1

2

3

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Indonesia (RHS)

-12

-8

-4

0

4

8

12

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


11


02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

Philippines

Figure 37: Monthly Net foreign investment into the Philippines stock

market


Figure 38: Philippines average weightings relative to MSCI benchmark

and net OW/UW


Turkey

Figure 39: Monthly Net foreign investment into the Turkey stock

market


Figure 40: Turkey average weightings relative to MSCI benchmark and

net OW/UW


Poland

Figure 41: Monthly Net foreign investment into the Poland stock

market


Figure 42: Poland average weightings relative to MSCI benchmark and

net OW/UW



200

400

600

800

1000

1200

1400

-4

-3

-2

-1

0

1

2

3

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Philippines (RHS)

-30

-20

-10

0

10

20

30

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


0

200000

400000

600000

800000

1000000

1200000

1400000

-4

-3

-2

-1

0

1

2

3

4

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Turkey (RHS)

-4

0

4

8

12

16

20

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


500

1000

1500

2000

2500

3000

-6

-4

-2

0

2

4

6

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows as % of Holdings MSCI Poland (RHS)

-30

-20

-10

0

10

20

30

40

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Net OW/UW (RHS)


12


02 January 2015

Adrian Mowat

(852) 2800-8599

[email protected]

The sample set 58 funds from 58 groups

Table 6: Emerging Market Funds in the sample set

ABERDEEN GL-EMMKT EQTY-A2 INVESTEC EMERGING MKTS EQY-I

AIA EMERGING MARK EQUITY FUN JPMORGAN F-EMERG MKTS EQ-A$

AMUNDI-EQ EMERGING WORLD-AUC JUPITER GLOBAL EMERG MKT-ACC

ARTISAN EMERGING MARKETS-I$A LAZARD GL ACTIVE-EM MK EQ-IS

AXA FRAMLINGTON EMERGING M-A LM-BFM ERMG MKTS EQ FD-AA$

AXA WF-FRM EMG MKT-A M&G GLOBAL EMERGING MKT-AA

BAILLIE GIFFRD EM MK G-CNA MARTIN CURRIE EMRG MKT-A-ACC

BARING GLB EMG MKT FD-$A INC MORGAN ST INV F-EMG MK EQ-N

BGF-EMERGING MARKETS FD-A2 NEUBER BER EMER MRKTS EQ-$IA

BNPP L1-EQ WD EMERG-CC NOMURA-GLOBAL EMERGING-I-ACC

CAP INT EMERGING MKT-I USD PBI-GLOBAL EMERGING M EQ-Y

CARMIGNAC EMERGENTS-AACC PGIS-EQS EMER MKTS-I$A

CI EMERGING MARKETS FUND-A PICTET-EMERG MRKT-P$

COMGEST GROWTH EMER MKTS-USD PIONEER FUNDS-EMR MKT EQ-EA

CREDIT SUISS LX-EMER MK EQ-B PRINCIPAL GLB-EMG MK-I ACCUM

DANSKE INV-GLOBAL EM MKT-I PRO FDS.(LUX)-EM.MKTS.-B

DNB-GLB EMERGING MKTS SRI-A ROBECO EMERGING MKT EQY-D

DWS EMERGING MARKETS EQ-S SKAGEN KON-TIKI

EASTSPRING INV GL EM DY-D SSGA GLOBAL EMERGING MRKT-P

EDM ROTH PRI-EM MKT EQY-A$ T. ROWE PRICE-GLB EM MK EQ-I

F&C EMERGING MARKETS-3 ACC TRILOGY EMERGING MARKETS-C

FIDELITY FDS-EMERG MK-Y ACC$ UBS LUX EQ-EMRG MRKT-P$

FIRST STATE-GL EM MK LDR-I VONTOBEL-EMERG MARKET EQ-B

FRANK TEMP INV EMG MKT-A ACC WELLINGTON EMG MKT EQPOR-A

GENESIS EMERGING MKTS INV -B WILLIAM BLAIR-EMERG MRKTS-Z

GS GR & EM MRKT BROAD EQTY ALLIANZ AGIC EM MKTS OPP-INS

HENDERSON GART-EMER MKT-R$A MANNING & NAPIER EMERGING MK

HSBC GIF-GL EMERG MKT EQY-AD BERENBERG EMER MKT EQY SEL-I

INVESCO EMG MKTS EQUITY-A OPPENHEIMER DEVELOPING MKT-A

Source: Bloomberg

13


02 January 2015

Adrian Mowat

(852) 2800-8599

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16


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J.P. Morgan Emerging Market Strategy Team

Chief Equity Strategists

Adrian Mowat Asia and Emerging Markets (852) 2800 8599 [email protected]

Pedro Martins Junior LatAm (55-11) 4950 4121 [email protected]

David Aserkoff CEEMEA (44-20) 7134-5887 [email protected]

Frontier Markets

Aditya Srinath ASEAN (66-21) 5291 8573 [email protected]

David Aserkoff MENA (44-20) 7134-5887 [email protected]

Diego Celedon Southern cone and Andean (562) 425 5245 [email protected]

Developed Markets

Mislav Matejka Global and Europe (44-20) 7325 5242 [email protected]

Dubravko Lakos US (1-212) 622 3601 [email protected]

Jesper J Koll Japan Equity Strategy (81-3) 6736 8600 [email protected]

Country Strategists

Adrian Mowat China (852) 2800 8599 [email protected]

Emy Shayo Brazil (55-11) 3048 6684 [email protected]

Bharat Iyer India (91-22) 6157 3600 [email protected]

Aditya Srinath Indonesia (62-21) 5291 8573 [email protected]

Scott Seo Korea (82-2) 758 5759 [email protected]

Hoy Kit Mak Malaysia (60-3) 2270 4728 [email protected]

Nur Cristiani Mexico (5255) 5540 9374 [email protected]

Jeanette Yutan Philippines (63-2) 878-1131 [email protected]

Alex Kantarovich Russia (7-495) 967 3172 [email protected]

Ayan Ghosh South Africa (27-11) 507-0372 [email protected]

Anne Jirajariyavech Thailand (66-2) 684 2684 [email protected]

Alvin Kwock Taiwan (852) 2800-8533 [email protected]

Economic & Policy Research

Joyce Chang Global Head of Research (1-212) 834 4203 [email protected]

Luis Oganes Global Head of Emerging Markets Research (1-212) 834-4326 [email protected]

Jahangir Aziz Emerging Asia (1-202) 585 1254 [email protected]

Vladimir Werning Head of Latin America Research (1-212) 834 4144 [email protected]

Sin Beng Ong ASEAN (65) 6882-1623 [email protected]

Grace Ng Taiwan and Hong Kong (852) 2800 7002 [email protected]

Haibin Zhu China (852) 2800 7039 [email protected]

Jiwon Lim Korea (82-2) 758 5509 [email protected]

Sajjid Z Chinoy India (9122) 6157 3386 [email protected]

Fabio Akira Brazil (55-11) 3048 3634 [email protected]

Gabriel Lozano Mexico (52-55)-5540-9558 [email protected]

Michael Marrese Regional Head, Emerging Europe (44-20) 7777 4627 [email protected]

Sonja Keller South Africa (27-11) 507 0376 [email protected]

Yarkin Cebeci Turkey (90-212) 326 5890 [email protected]

Anatoliy A Shal Russia (7-495) 937-7321 [email protected]

Nora Szentivanyi Hungary, Poland (44-20) 7777 3981 [email protected]

Nicolaie Alexandru Czech Republic (44-20) 7742 2466 [email protected]

Rates Research

Bert Gochet Head of EM Asia Local Markets Strategy (852) 2800 8325 [email protected]

Jonny Goulden Head of EMEA EM Local Markets (44-20) 7134-4470 [email protected]

Holly Huffman Head of Latin America Local Markets (1-212) 834-4953 [email protected]

Consensus Asset AllocationEM funds performanceQuant factor performance summary chartsEmerging MarketsEmerging AsiaLatin AmericaKoreaTaiwanChinaIndiaSouth AfricaRussiaBrazilMexicoThailandMalaysiaIndonesiaPhilippinesTurkeyPolandThe sample set 58 funds from 58 groups

Documents

Em Funds