Equity and Debt review
Equity reviewIndian equities had a strong start to the year with markets rebounding post the
correction in the previous month. The rally was led by large caps as Nifty
delivered 6.4% return while CNX Midcap was up 4.3%. While there was
improvement in both growth and inflation, the "surprise" RBI rate cut boosted
sentiment during the month. There was also a fair bit of focus on the fiscal
ahead of the Union Budget and the government showed its resolve by paving
the way for the telecom auctions as well as spurring its divestment programme
by selling 10% stake in Coal India. FIIs started the year on a strong footing,
pumping in $2.9bn in equities even as DIIs sold $1.3bn. Mutual funds were net
buyers to the tune of $137mn while insurance companies sold $1.4bn during the
month.
On the macro front, reversing the 4.2% contraction in Oct, Nov factory output
surprised positively at 3.8%, led by manufacturing up 3%, mining 3.4% and
electricity up 10%. The CSO also announced revisions to the GDP viz. base year
revision, methodology changes and move towards international standards.
While this had an impact on real GDP prints, nominal GDP impact and in turn the
impact on key ratios like CAD and fiscal deficit were minimal. Following the
4.4% print last month, Dec CPI rose to 5% as the base effect began to fade –
although the continued deceleration in core CPI from 5.5% to 5.2% indicated
subdued demand pressure. The outlook remains sanguine due to (1) commodity
prices (2) moderate MSP hikes and (3) deceleration in rural wages. Dec WPI also
surprised positively at 0.1% as prices fell across fuel, food and manufacturing
items. Dec trade deficit was $9.3bn vs. $16.9bn the previous month. This was led
by lower crude and normalization in gold imports. While both exports and
imports fell in YoY terms, trends were positive after excluding crude and petro
products.
On the policy front, post the release of Dec inflation prints, the RBI commenced
its easing cycle via an inter-policy move, cutting the repo rate by 25bps to 7.75%.
This was not entirely unexpected given the RBI's policy statement of the
possibility of acting outside the policy review cycle. The guidance by RBI also
mentioned that further easing will be dependent on data that confirm
disinflationary pressures and sustained high quality of fiscal consolidation. The
govt took a key step towards meeting its revenue targets with a big push on
divestments (raising ~$3.6bn from 10% stake sell in Coal India) and outlining the
timelines for telecom auctions. The government also came out with norms for
allotment of coal blocks to SOEs.
On the political front, Delhi assembly poll results will be announced on Feb 10th.
The opinion polls conducted by various sections of the media are suggesting a
close contest between AAP and the BJP. Market will be keenly watching the
budget to be announced on Feb 28th, since it will be the first full Budget of the
Modi government. Market will particularly focus on growth measures, fiscal
discipline and reforms.
Source: JPMorgan Research, Citigroup Research
Debt reviewMonth of January was yet another month of lower headline inflation. Post the
release of Dec inflation prints, the RBI commenced its easing cycle via an 'inter-
policy' move, cutting the repo rate by 25bps to 7.75%. This was not entirely
unexpected given the RBI's policy statement of the possibility of acting “outside
the policy review cycle”. The guidance by RBI also mentioned that further
easing will be dependent on “data that confirm disinflationary pressures…and
sustained high quality of fiscal consolidation”.
Economic releases during the month were as follows:
Sixth Bi-Monthly Monetary Policy:
Reserve Bank of India left its repo rate unchanged at 7.75%, consistent with
consensus following the surprise intermeeting 25bp rate cut on 15 January. RBI,
however, cut the Statutory Liquidity Ratio (SLR) by 50bp to 21.5%, to give more
space for Banks to lend to potentials economic sectors. RBI seems to be
optimistic on the growth outlook, supported by easier financial conditions,
lower oil prices and government policy efforts on project approvals, land
acquisition and infrastructure; it expects these policy efforts to result in a
gradual growth recovery. The RBI maintained its FY15 real GDP growth
projection of 5.5% y-o-y (based on the old series) and raised its FY16 projection
to 6.5%.
On the inflation front, the RBI maintained its January 2016 CPI inflation
projection at around 6% by January 2016, indicated that it will watch for any
changes in CPI inflation from changes in the base year and methodological
improvements.
We expect the RBI to do 25-50 bps repo rate cut in 2015. We expect real GDP
growth to pick up gradually.
Inflation December 2014:
Following the 4.4% print last month, Dec CPI rose to 5% as the base effect began
to fade – although the continued deceleration in core CPI from 5.5% to 5.2%
indicated subdued demand pressure. The outlook remains sanguine due to (1)
commodity prices (2) moderate MSP hikes and (3) deceleration in rural wages.
Dec WPI also surprised positively at 0.1% as prices fell across fuel, food and
manufacturing items. Lower crude prices along with subdued commodity prices
bode well for Inflation as we head forward in the new year.
Growth: Reversing the 4.2% contraction in Oct, Nov factory output surprised
positively at 3.8%, led by manufacturing up 3%, mining 3.4% and electricity up
10%. On the use based classification, while capital goods staged a recovery up
6%, consumer durables were in red at -14.5% (details here.) The CSO also
announced revisions to the GDP viz. base year revision, methodology changes
and move towards international standards. While this had an impact on real
GDP prints, nominal GDP impact and in turn the impact on key ratios like CAD
and fiscal deficit were minimal.
Incrementally fundamentals are getting better with inflation trajectory
trending downward and lower fiscal deficit target of 4.1%RBI is currently
monitoring the sustainability of downward inflation trajectory and would like to
see positive real deposit rates in the economy for investment revival.
Source: RBI, JPMorgan, Nomura, CITI
Regular Plan~ 2.56%
Direct Plan~ 1.45%
Total expense ratio(year-to-date ratio to average AUM)
Total stocks in portfolio 48Top 15 stocks 21.9%Total portfolio 48.7%
Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg.
Quantitative indicators
Standard Deviation (%) 7.15Beta 0.89Sharpe Ratio 1.46Portfolio Turnover Ratio* 0.83(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity) 0.83
@Risk free rate of return (repo) 7.75%
JPMorgan India Equity Fund
Name of the scheme
JPMorgan India Equity Fund
Allotment date
Regular Plan - 14 June 2007
Direct Plan - 1 January 2013
Scheme structure
An open-ended equity growth scheme
Investment objective
The investment objective of the Scheme is to
generate income and long-term capital growth
from a diversified portfolio of predominantly
equity and equity-related securities including
equity derivatives. However, there can be no
assurance that the investment objective of the
Scheme will be realised.
Fund managers: Equity
Harshad Patwardhan & Amit Gadgil
Total experience (years)
Harshad Patwardhan 17
Amit Gadgil 11
Experience managing the scheme
Harshad Patwardhan 7 years, 6 months
Amit Gadgil 7 years, 6 months
For all PlansMinimum investment amount
Rs.5,000 per application plus in multiples of Re.1/-
thereof
Additional investment amount
Rs.1,000 per application plus in multiples of Re.1/-
thereof
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of
allotment in respect of purchase made other than
through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of
allotment of units of each installment of SIP
purchase - Nil
Benchmark
S&P BSE-200 Index#
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 23.1840
Regular Plan - Dividend Option 20.4600
Direct Plan - Growth Option 23.7770
Direct Plan - Dividend Option 20.8800
Past performance may or may not be sustained
in future.
Average AUM (January 2015)
Rs. 238.67 Crore
Holdings as on 31 January 2015 (in %)
Record date Rate CUM (Re/unit) dividend NAV
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Dividend history
Liquidity measures
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%<1 1-2 2-3
Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.
No. of days
% o
f to
tal p
ort
foli
o 86.5%
4.5%
Portfolio analysis: Market cap-wise
>`90k Crs55%
`18k Crs - `90k Crs26%
`6k Crs - `18k Crs11% <`6k Crs
8%
Equity HoldingsHDFC Bank Ltd. 6.96ICICI Bank Ltd. 6.94Infosys Ltd. 5.05Larsen & Toubro Ltd. 4.45Axis Bank Ltd. 4.25State Bank of India 3.92Maruti Suzuki India Ltd. 3.67Tata Motors Ltd. 3.57Ultratech Cement Ltd. 3.05Eicher Motors Ltd. 2.74Tata Consultancy Services Ltd. 2.73Sun Pharmaceuticals Industries Ltd. 2.68IndusInd Bank Ltd. 2.67Kotak Mahindra Bank Ltd. 2.57Shriram Transport Finance Company Ltd. 2.46Kansai Nerolac Paints Ltd. 2.25HDFC Ltd. 2.18Lupin Ltd. 2.07Motherson Sumi Systems Ltd. 1.98Blue Dart Express Ltd. 1.88Bharat Forge Ltd. 1.81Ashok Leyland Ltd. 1.72ITC Ltd. 1.67Divi's Laboratories Ltd. 1.54Dalmia Bharat Ltd. 1.51Fag Bearings India Ltd. 1.46Sadbhav Engineering Ltd. 1.45Reliance Industries Ltd. 1.20Cummins India Ltd. 1.18Oil & Natural Gas Corporation Ltd. 1.16Solar Industries India Ltd. 1.13Tech Mahindra Ltd. 1.13HCL Technologies Ltd. 1.12JK Cement Ltd. 1.04VA Tech Wabag Ltd. 1.01Havells India Ltd. 0.98Thermax Ltd. 0.94Voltas Ltd. 0.93Bank of Baroda 0.91Alstom T&D India Ltd. 0.90GlaxoSmithKline Consumer Healthcare Ltd. 0.87Info Edge (India) Ltd. 0.83Astra Microwave Products Ltd. 0.76CRISIL Ltd. 0.55IDFC Ltd. 0.55Gayatri Projects Ltd. 0.51Punjab National Bank 0.45Gujarat Pipavav Port Ltd. 0.29Equity Holdings Total 97.67Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04Non-convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other Receivables CBLO / Repo 2.02Net Receivables/(Payables) 0.27Cash & Other Receivables Total 2.29Grand Total 100.00
*Last 12 months@As on January 31, 2015
>3
*Includes industrial capital goods / diversified / construction / industrial products.^Includes chemicals, fertilisers and transportation.
Telecom
Oil & Gas
^Others
Cement
Consumer
Pharma
Technology
Auto
*Industrials/Infra
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 10% 20%
~Does not include Service Tax on Investment Management fees.
5% 15%
4.7%4.2%
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments premdominantly in equity and equity related securities.• High Risk. (BROWN)
Direct Plan Dividend Option22-Aug-14 0.90 18.462Regular Plan Dividend Option20-Dec-07 1.00 14.06022-Aug-14 0.90 18.180
35%25% 30%
14.6%
10.9%
6.3%
5.8%
5.6%
2.4%
0.8%
3.3%
13.7%
34.4%
Name of the schemeJPMorgan India Mid and Small Cap FundAllotment dateRegular Plan - 26 December 2007Direct Plan - 1 January 2013Scheme structureAn open ended equity growth schemeInvestment objectiveThe investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised.Fund managers: EquityHarshad Patwardhan & Amit GadgilTotal experience (years)Harshad Patwardhan 17Amit Gadgil 11Experience managing the schemeHarshad Patwardhan 7 yearsAmit Gadgil 7 years
For all PlansMinimum investment amountRs 5,000 per application plus in multiples of Re. 1/- thereafterAdditional investment amountRs 1,000 per application plus in multiples of Re. 1/- thereafterEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP)If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmarkCNX – Mid Cap Index###NAV (as at 30 January 2015, in Rs.)Regular Plan - Growth Option 18.7440
Regular Plan - Dividend Option 18.7430
Direct Plan - Growth Option 19.1780
Direct Plan - Dividend Option 18.9330Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 325.5 crore
Holdings as on 31 January 2015 (in %)
JPMorgan India Mid and Small Cap Fund
Total stocks in portfolio 65Top 15 stocks 23.2%Total portfolio 69.9%
&Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg.&Active bets are estimated.
Regular Plan~ 2.57%
Direct Plan~ 1.17%
Total expense ratio(year-to-date ratio to average AUM)
Quantitative indicators
Standard Deviation (%) 8.66Beta 0.93Sharpe Ratio 0.94Portfolio Turnover Ratio* 0.70(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Portfolio Turnover Ratio (Equity)* 0.70
@Risk free rate of return (repo) 7.75%
*Includes industrial capital goods / diversified / construction / industrial products.^Includes chemicals, fertilisers and transportation.
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 5% 10%
Utilities
Telecom
Technology
^Others
Pharma
Cement
Consumer
Auto
Financials
*Industrials / Infra
23.0%
1.1%
0.8%
8.2%
6.1%
3.6%
Portfolio analysis: Market cap-wise
Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.
Liquidity measures
80
70
60
50
40
30
20
10
0<1 1-2 2-5 >5
No. of days
% o
f to
tal p
ort
foli
o
49.9%
9.3%
29.1%
11.7%
*Last 12 months@As on January 31, 2015
Equity HoldingsKansai Nerolac Paints Ltd. 3.32Ashok Leyland Ltd. 3.17IndusInd Bank Ltd. 3.03Eicher Motors Ltd. 2.80Motherson Sumi Systems Ltd. 2.76Bharat Forge Ltd. 2.72Shree Cements Ltd. 2.50Amara Raja Batteries Ltd. 2.48Yes Bank Ltd. 2.40Fag Bearings India Ltd. 2.32Divi's Laboratories Ltd. 2.30Torrent Pharmaceuticals Ltd. 2.29WABCO India Ltd. 2.14Union Bank of India 2.01Solar Industries India Ltd. 1.95Texmaco Rail & Engineering Ltd 1.89Bajaj Finance Ltd. 1.83City Union Bank Ltd. 1.80Blue Dart Express Ltd. 1.78The Federal Bank Ltd. 1.75Shriram Transport Finance Company Ltd. 1.74ING Vysya Bank Ltd. 1.73Havells India Ltd. 1.69Allahabad Bank 1.58MindTree Ltd. 1.57JK Cement Ltd. 1.53Cadila Healthcare Ltd. 1.50Max India Ltd. 1.48GlaxoSmithKline Consumer Healthcare Ltd. 1.47Ashoka Buildcon Ltd. 1.45CRISIL Ltd. 1.45Lakshmi Machine Works Ltd. 1.45Kajaria Ceramics Ltd. 1.40Alstom T&D India Ltd. 1.40Simplex Infrastructures Ltd. 1.34Sadbhav Engineering Ltd. 1.34Voltas Ltd. 1.25JK Lakshmi Cement Ltd. 1.22Dalmia Bharat Ltd. 1.19Indian Bank 1.15Sintex Industries Ltd. 1.12Tube Investments Of India Ltd. 1.10Astra Microwave Products Ltd. 1.08Thermax Ltd. 1.06Greaves Cotton Ltd. 1.03Gayatri Projects Ltd. 1.01Persistent Systems Ltd. 1.01VA Tech Wabag Ltd. 1.00Info Edge (India) Ltd. 0.99J.Kumar Infraprojects Ltd. 0.96Cummins India Ltd. 0.91MBL Infrastructures Ltd. 0.90Action Construction Equipment Ltd. 0.88NCC Ltd. 0.87Grindwell Norton Ltd 0.85EIH Ltd. 0.84Torrent Power Ltd. 0.81TIL Ltd. 0.74Supreme Industries Ltd. 0.74Motilal Oswal Financial Services Ltd. 0.73Whirlpool of India Ltd. 0.62Jain Irrigation Systems Ltd. 0.56KEC International Ltd. 0.40Gruh Finance Ltd. 0.28Gujarat Pipavav Port Ltd. 0.27Equity Holdings Total 96.93Non-convertible DebenturesBlue Dart Express Ltd. ICRA AA 0.04Non-convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other ReceivablesCBLO / Repo 1.18Net Receivables/(Payables) 1.85Cash & Other Receivables Total 3.03Grand Total 100.00
~Does not include Service Tax on Investment Management fees.This product is suitable for investors who are seeking*• Long term capital growth• Investments premdominantly in equity and equity related securities focused on smaller companies
(generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)^
• High Risk. (BROWN)
15% 20% 25%
*Investores should consult their financial advisers if in doubt about whether the product is suitable for them.^The Fund Manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction.
4.8%
`6k Crs - `18k Crs38.0%
`3k Crs - `6k Crs21.0%
<`3k Crs9.0%
>`18k Crs32.0%
13.4%
6.4%
30%
29.6%
Name of the scheme
JPMorgan India Tax Advantage Fund
Allotment date
Regular Plan - 27 January 09
Direct Plan - 1 January 2013
Scheme structure
An open ended equity linked savings scheme
Investment objective
The investment objective of the Scheme is to
generate income and long-term capi ta l
appreciation from a diversified portfolio of
predominantly equity and equity-related
Securities. However, there can be no assurance
that the investment objective of the Scheme will be
realized, as actual market movements may be at
variance with anticipated trends.
Fund managers: Equity
Harshad Patwardhan & Karan Sikka
Total experience (years)
Harshad Patwardhan 17
Karan Sikka 7
Experience managing the scheme
Harshad Patwardhan 5 years, 11 months
Karan Sikka 3 years, 3 months
For all PlansMinimum investment amount
Rs 500 per application and in multiples of Rs 500
thereafter
Additional investment amount
Rs 500 per application and in multiples of Rs 500
thereafter
Entry load - Nil
Exit load - Nil
Exit load (SIP) - Nil
Benchmark
S&P BSE-200 Index#
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 31.7830
Regular Plan - Dividend Option 23.9610
Direct Plan - Growth Option 32.4250
Direct Plan - Dividend Option 24.4450
Past performance may or may not be sustained
in future.
Average AUM (January 2015)
Rs. 9.75 crore
Holdings as on 31 January 2015 (in %)
JPMorgan India Tax Advantage Fund
Total stocks in portfolio 49Top 15 stocks 21.5%Total portfolio 49.6%
Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg.
Standard deviation (%) 5.20Beta 0.71Sharpe ratio 3.96Portfolio turnover ratio* 0.85(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Portfolio turnover ratio (Equity)* 0.85@Risk free rate of return (repo) 7.75%
Quantitative indicators
Record date Rate CUM (Re/unit) dividend NAVDirect Plan Dividend Option
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Dividend History
*Last 12 months@As on January 31, 2015
Portfolio analysis: Market cap-wise
>`90k Crs54.0%
<`6k Crs9.0%
`6k Crs - `18k Crs12.0%
*Includes industrial capital goods / diversified / construction / industrial products.^Includes transportation.
Telecom
Oil & Gas
^Others
Cement
Pharma
Consumer
Technology
Auto
*Industrials/Infra
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 10%
0.8%
3.2%
15.7%
20%
6.8%
6.1%
13.7%
Regular Plan~ 2.70%Direct Plan~ 1.74%
Total expense ratio (year-to-date ratio to average AUM)
~Does not include Service Tax on Investment Management fees.
5% 15%
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments premdominantly in equity and equity related securities.• High Risk. (BROWN)
10.8%
01-Jul-13 0.50 15.222018-Nov-13 0.30 15.591024-Mar-14 0.30 16.6040Regular Plan Dividend Option 15-Dec-09 1.50 15.416025-Jan-10 1.40 14.025001-Jul-13 0.50 15.153018-Nov-13 0.30 15.461024-Mar-14 0.30 16.4147
2.1%
35%25%
Equity HoldingsHDFC Bank Ltd. 6.99ICICI Bank Ltd. 6.97Infosys Ltd. 5.05Larsen & Toubro Ltd. 4.43Axis Bank Ltd. 4.21Maruti Suzuki India Ltd. 3.70State Bank of India 3.65Tata Motors Ltd. 3.59Ultratech Cement Ltd. 3.05Eicher Motors Ltd. 2.80Tata Consultancy Services Ltd. 2.73IndusInd Bank Ltd. 2.60Sun Pharmaceuticals Industries Ltd. 2.56Kotak Mahindra Bank Ltd. 2.53Shriram Transport Finance Company Ltd. 2.46Kansai Nerolac Paints Ltd. 2.26HDFC Ltd. 2.13Lupin Ltd. 1.99Motherson Sumi Systems Ltd. 1.95Blue Dart Express Ltd. 1.81Bharat Forge Ltd. 1.74Ashok Leyland Ltd. 1.70ITC Ltd. 1.65Divi's Laboratories Ltd. 1.55VA Tech Wabag Ltd. 1.46Dalmia Bharat Ltd. 1.43Fag Bearings India Ltd. 1.39Sadbhav Engineering Ltd. 1.34Gayatri Projects Ltd. 1.27Voltas Ltd. 1.15Oil & Natural Gas Corporation Ltd. 1.15Solar Industries India Ltd. 1.14Cummins India Ltd. 1.13Tech Mahindra Ltd. 1.09HCL Technologies Ltd. 1.08Havells India Ltd. 1.04Whirlpool of India Ltd. 0.99Reliance Industries Ltd. 0.97JK Cement Ltd. 0.96Thermax Ltd. 0.90GlaxoSmithKline Consumer Healthcare Ltd. 0.88Alstom T&D India Ltd. 0.86Info Edge (India) Ltd. 0.80Astra Microwave Products Ltd. 0.78Bank of Baroda 0.65CRISIL Ltd. 0.53IDFC Ltd. 0.49Punjab National Bank 0.37Gujarat Pipavav Port Ltd. 0.27Equity Holdings Total 98.22Non-convertible Debentures Blue Dart Express Ltd. ICRA AA 0.04Non-convertible Debentures Total 0.04Debt Holdings Total 0.04Cash & Other ReceivablesNet Receivables/(Payables) 1.74Cash & Other Receivables Total 1.74Grand Total 100.00
`18k Crs - `90k Crs25.0%
5.4%
30%
33.6%
Name of the schemeJPMorgan India Top 100 FundAllotment date23 June 2014Scheme structureAn open-ended equity growth schemeInvestment objectiveThe primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the top 100 companies, by market capitalisation, listed in India.Fund managers: EquityHarshad Patwardhan & Amit GadgilTotal experience (years)Harshad Patwardhan 17Amit Gadgil 11Experience managing the schemeHarshad Patwardhan 8 monthsAmit Gadgil 8 months
For all PlansMinimum investment amountRs 5,000 per application plus in multiples of Re. 1/- thereafterAdditional investment amountRs 1,000 per application plus in multiples of Re. 1/- thereafterEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP)If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmarkS&P BSE 100 Index##NAV (as at 30 January 2015, in Rs.)Regular Plan - Growth Option 12.3060
Regular Plan - Dividend Option 12.3060
Direct Plan - Growth Option 12.4060
Direct Plan - Dividend Option 12.3790Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 176.93 crore
Holdings as on 31 January 2015 (in %)
JPMorgan India Top 100 Fund
Total stocks in portfolio 35Top 15 stocks 25.4%Total portfolio 41.6%
&Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (S&P BSE 100 Index). Source: BSE, Bloomberg.&Active bets are estimated.
Regular Plan~ 2.61%
Direct Plan~ 1.32%
Total expense ratio(year-to-date ratio to average AUM)
*Includes industrial capital goods / diversified / construction / industrial products.
^Includes transportation.
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 5% 10%
^Others
Oil & Gas
Consumer
Pharma
Cement
*Industrials/Infra
Technology
Auto
Financials
14.5%
12.8%
0.7%
11.1%
6.2%
6.1%
Portfolio analysis: Market cap-wise
Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg.
Liquidity measures
100
90
80
70
60
50
40
30
20
10
0<1 1-2
No. of days
% o
f to
tal p
ort
foli
o
96.5%
3.5%
Equity HoldingsHDFC Bank Ltd. 9.01ICICI Bank Ltd. 7.87Infosys Ltd. 6.38Axis Bank Ltd. 5.68Larsen & Toubro Ltd. 5.43State Bank of India 4.49HDFC Ltd. 4.43Tata Motors Ltd. 4.31Maruti Suzuki India Ltd. 4.08Tata Consultancy Services Ltd. 3.46Shree Cements Ltd. 3.45Kotak Mahindra Bank Ltd. 3.10Sun Pharmaceuticals Industries Ltd. 3.06Ultratech Cement Ltd. 2.77Shriram Transport Finance Company Ltd. 2.53Bosch Ltd. 2.31Asian Paints Ltd. 2.28Bharat Forge Ltd. 2.23Eicher Motors Ltd. 2.11Cummins India Ltd. 2.03Lupin Ltd. 1.96ITC Ltd. 1.90Tech Mahindra Ltd. 1.72Motherson Sumi Systems Ltd. 1.66Oil & Natural Gas Corporation Ltd. 1.40Reliance Industries Ltd. 1.29HCL Technologies Ltd. 1.29Titan Company Ltd. 1.05Divi's Laboratories Ltd. 1.05Bank of Baroda 0.85GlaxoSmithKline Consumer Healthcare Ltd. 0.83IDFC Ltd. 0.81Bharat Electronics Ltd. 0.74ABB India Ltd. 0.71Adani Ports & Special Economic Zone Ltd. 0.71Equity Holdings Total 98.98Cash & Other ReceivablesCBLO / Repo 0.55Net Receivables/(Payables) 0.47Cash & Other Receivables Total 1.02Grand Total 100.00
>`150k Crs54.0%
`60k Crs - `150k Crs26.0%
<`60k Crs20.0%
~Does not include Service Tax on Investment Management fees.
This product is suitable for investors who are seeking*• Long term capital growth• Investment in equity and equity-related securities of the top 100 largest companies,
by market capitalization, listed in india.• High Risk. (BROWN)
15% 20% 25%
*Investores should consult their financial advisers if in doubt about whether the product is suitable for them.
6.1%
40%
2.7%
Standard deviation (%) 3.20Beta 0.96Sharpe ratio 10.28Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Portfolio turnover ratio (Equity)^ -@Risk free rate of return (repo) 7.75%
Quantitative indicators
^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on January 31, 2015
30% 35%
38.8%
Regular Plan~ 1.50%
Direct Plan~ 0.85%
Total expense ratio(year-to-date ratio to average AUM)
**JPMorgan India Equity Income Fund
Name of the scheme#JPMorgan India Equity Income Fund
Allotment date13 October 2014Scheme structureAn open-ended equity schemeInvestment objectiveThe investment objective of the scheme is to provide capital appreciaton and income distrubution to the investors by using equity and e q u i t y r e l a t e d i n s t r u m e n t s , a r b i t r a g e opportunities, and investments in debt and money market instruments.However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated and the scheme does not assure or guarantee any returns.Fund managers: EquityAmit Gadgil & Karan SikkaTotal experience (years)Amit Gadgil 11Karan Sikka 7Experience managing the schemeAmit Gadgil 4 monthsKaran Sikka 4 monthsFund managers: DebtNamdev Chougule & Ravi RatanpalTotal experience (years)Namdev Chougule 13Ravi Ratanpal 10Experience managing the schemeNamdev Chougule 4 monthsRavi Ratanpal 4 monthsFor all PlansMinimum investment amountRs.5,000 per application plus in multiples of Re.1/- thereofAdditional investment amountRs.1,000 per application plus in multiples of Re.1/- thereofEntry load - NilExit load If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - NilExit load (SIP) If redeemed within 18 months from the date of allotment of Units of each installment of SIP purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - NilBenchmark70% of CRISIL Liquid Fund Index and 30% in CNX NiftyNAV (as at 30 January 2015, in Rs.)Regular Plan - Growth Option 10.6051
Regular Plan - Dividend Option 10.6052
Regular Plan - Bonus Option 10.6058
Direct Plan - Growth Option 10.6263
Direct Plan - Dividend Option 10.6238
Direct Plan - Bonus Option 10.6251Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 318.1 Crore
Holdings as on 31 January 2015 (in %)
Equity Holdings % to % to NAV NAV Deriv- atives UnHedge Positions ICICI Bank Ltd. 2.56 Axis Bank Ltd. 1.94 Infosys Ltd. 1.90 HDFC Ltd. 1.80 Maruti Suzuki India Ltd. 1.62 ITC Ltd. 1.53 State Bank of India 1.50 HDFC Bank Ltd. 1.48 Tata Motors Ltd. 1.28 Larsen & Toubro Ltd. 1.22 Tata Consultancy Services Ltd. 1.11 Asian Paints Ltd. 1.03 Reliance Industries Ltd. 0.97 Shree Cements Ltd. 0.93 IndusInd Bank Ltd. 0.85 Kotak Mahindra Bank Ltd. 0.79 Ultratech Cement Ltd. 0.71 Sun Pharmaceuticals Industries Ltd. 0.71 HCL Technologies Ltd. 0.50 Shriram Transport Finance Co. Ltd. 0.49 Lupin Ltd. 0.48 Tech Mahindra Ltd. 0.48 Oil & Natural Gas Corporation Ltd. 0.46 Bosch Ltd. 0.37 Cummins India Ltd. 0.36 IDFC Ltd. 0.28Eicher Motors Ltd. 0.27 Titan Company Ltd. 0.25 Bharat Forge Ltd. 0.25 Motherson Sumi Systems Ltd. 0.22 Divi's Laboratories Ltd. 0.22 ABB India Ltd. 0.18 GSK Consumer Healthcare Ltd. 0.16UnHedge Positions Total 28.90Hedge Positions Lupin Ltd. 4.42 Lupin Ltd - Futures. (4.45)HDFC Bank Ltd. 3.80 HDFC Bank Ltd - Futures. (3.83)Reliance Industries Ltd. 3.59 Reliance Industries Ltd - Futures. (3.61)IndusInd Bank Ltd. 3.18 IndusInd Bank Ltd.-Futures (3.20)Aurobindo Pharma Ltd. 2.56Aurobindo Pharma Ltd - Futures. (2.58)HPC Ltd. 2.55 HPC Ltd. - Futures (2.56)HDFC Ltd. 1.99HDFC Ltd. - Futures (2.01)Asian Paints Ltd. 1.88 Asian Paints Ltd - Futures. (1.89)Axis Bank Ltd. 1.84 Axis Bank Ltd. - Futures (1.85)Maruti Suzuki India Ltd. 1.83 Maruti Suzuki India Ltd. - Futures (1.84)ITC Ltd. 1.70 ITC Ltd - Futures. (1.71)JSW Steel Ltd. 1.68 JSW Steel Ltd - Futures. (1.70)Tata Steel Ltd. 1.65 Tata Steel Ltd - Futures. (1.66)ICICI Bank Ltd. 1.63 ICICI Bank Ltd - Futures. (1.64)ONGC Ltd. 1.55 ONGC Ltd - Futures. (1.56)Grasim Industries Ltd. 1.46 Grasim Industries Ltd. - Futures (1.47)Indian Oil Corporation Ltd. 0.50 Indian Oil Corporation Ltd.-Futures (0.51)Punjab National Bank 0.35 Punjab National Bank - Futures (0.35)Hedge Positions Total 38.16 (38.43)Equity Holdings Total 67.06 (38.43)Canara Bank UNRATED 3.83 Corporation Bank UNRATED 2.06 Margin Deposits Total 5.89 Non-convertible Debentures Welspun Corp Ltd. CARE AA- 10.84 Sintex Industries Ltd. CARE AA 10.54 Tata Power Company Ltd. CARE AA 0.45 Non-convertible Debentures Total 21.83 Cash & Other Receivables CBLO / Repo 5.27%Net Receivables/(Payables) (0.05) Cash & Other Receivables Total 5.22 Grand Total 100.00
^Since the scheme has not completed 12 months the Porfiolo Turnover ratios have not been provided.@As on January 31, 2015
~Does not include Service Tax on Investment Management fees.
This product is suitable for investors who are seeking*• Income distribution by investing in debt and money market instrument and arbitrage opportunities.• Long term capital appreciation by using equity and equity related instruments.• Medium Risk (YELLOW)
**Please note that the name of JPMorgan India Equity Savings Fund has been changed to JPMorgan India Equity Income Fund with effect from 14th November 2014.
*Includes industrial capital goods / diversified / construction / industrial products.The above chart represents the unhedged equity positions only.
Pharma
Oil & Gas
Cement
*Industrials/Infra
Consumer
Auto
Technology
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 8%
1.4%
4%
1.4%
12%
1.6%
2.0%
3.0%
3.8%
4.0%
Standard deviation (%) 1.38Beta 0.45Sharpe ratio 12.92Portfolio turnover ratio^ -(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Portfolio turnover ratio (Equity)^ -@Risk free rate of return (repo) 7.75%
Quantitative indicators
Total stocks in portfolio 33
&Active positive bets
Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg.&Active bets are estimated.
Portfolio analysis: Market cap-wise
>`90k Crs74.0%
`18k Crs - `90k Crs26.0%
11.7%
Liquidity measures
100
90
80
70
60
50
40
30
20
10
0<1 1-2
No. of days
% o
f to
tal p
ort
foli
o
100%
0.0%
Name of the scheme
JPMorgan Greater China Equity Off-shore Fund
Allotment date
Regular Plan - 26 August 2009
Direct Plan - 1 January 2013
Scheme structure
An open ended fund of funds scheme
Investment objective
The primary investment objective of the Scheme is
to provide long term capital appreciation by
investing in JPMorgan Funds - Greater China Equity
Fund, an equity fund which invests primarily in a
diversified portfolio of companies incorporated or
which have their registered office located in, or
derive the predominant part of their economic
activity from, a country in the Greater China region.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 5 yrs, 4 mnths.
For all PlansMinimum investment amount
Rs 10,000 per application plus in multiples of Re.
1/- thereafter
Additional investment amount
Rs 1,000 per application plus in multiples of Re. 1/-
thereafter
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of
allotment in respect of purchase made other than
through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of
allotment of units of each installment of SIP
purchase - Nil
Benchmark of the underlying fund
MSCI Golden Dragon Index
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 18.844
Direct Plan - Growth Option 19.272
Past performance may or may not be sustained
in future.
Average AUM (January 2015)
Rs. 118.65 crore
International Mutual Fund Units
JPMorgan Funds - Greater China Fund 99.97%
International Mutual Fund Units Total 99.97%
Cash & Other Receivables
CBLO / Repo 0.68%
Net Receivables (Payable) (0.65%)
Cash & Other Receivables Total 0.3%
Grand Total 100.00
Holding as on 31 January 2015
JPMorgan Greater China Equity Off-shore Fund
Details of JPMorgan Greater China Equity Off-shore Fund
JPMorgan Greater China Equity JPMorgan Funds - Greater China
Offshore Fund Fund (underlying fund)
Regular Plan~ 1.70% 1.00%
Direct Plan~ 0.70% 1.00%
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - Greater China Fund (underlying fund)
Equity holding Weight (%)
Taiwan Semiconductor (Information Technology) 8.0
Tencent Holdings (Information Technology) 6.1
China Construction Bank (Financials) 4.8
AIA Group (Financials) 4.7
Ping An Insurance (Financials) 3.9
China Minsheng Bank (Financials) 3.3
Cheung Kong (Financials) 3.1
China Merchants Bank (Financials 3.0
China Pacific Insurance (Financials) 2.7
China Telecom (Telecommunication Services) 2.7
Total 42.3
Statistical analysis as on 31 December 2014
3 years 5 years
Correlation 0.98 0.98
Alpha 3.20 1.57
Beta 1.00 1.05
10 largest holdings as on 31 December 2014
Sector breakdown as on 31 December 2014
Sector Fund
Financials 43.3%
Information Technology 27.2%
Industrials 5.7%
Health Care 5.1%
Consumer Discretionary 4.3%
Telecommunication Services 4.0%
Utilities 3.9%
Energy 3.1%
Consumer Staples 2.4%
Materials 0.5%
Cash 0.5%
Total 100.0%
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
Geographical breakdown as on 31 December 2014
Country FundChina 57.8%Taiwan 24.6%Hong Kong 17.1%Cash 0.5%Total 100.0%
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investment in JPMorgan Funds Greater China Fund, an equity fund which invests primarily in a diversified portfolio of
companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region
• High Risk. (BROWN)
Quarterly Outlook: We remain overweight modestlyvalued Chinasensitive financials in all three markets, alongside our secular core bets in alternative energy, Chinese healthcare and internet services.
Name of the scheme
JPMorgan ASEAN Equity Off-shore Fund
Allotment date
Regular Plan - 1 July 2011
Direct Plan - 1 January 2013
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
The primary investment objective of the Scheme is to
provide long term capital growth by investing
predominantly in JPMorgan Funds – ASEAN Equity
Fund, an equity fund which invests primarily in
companies of countries which are members of the
Association of South East Asian Nations (ASEAN).
However, there can be no assurance that the
investment objective of the Scheme will be realized.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 3 years, 6 months
For all PlansMinimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
MSCI South East Asia Index
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 16.146
Direct Plan - Growth Option 16.501
Past performance may or may not be sustained in
future.
Average AUM (January 2015)
Rs. 169.07 crore
International Mutual Fund Units
JPMorgan Funds - ASEAN Equity Fund 100.63%
International Mutual Fund Units Total 100.63%
Cash & Other Receivables
CBLO / Repo 0.68%
Net Receivables / (Payables) (1.31%)
Cash & Other Receivables Total (0.63%)
Grand Total 100.00
Holding as on 31 January 2015
JPMorgan ASEAN Equity Off-shore Fund
Details of JPMorgan ASEAN Equity Off-shore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - ASEAN Equity Fund (underlying fund)
Equity holding Weight (%)DBS (Financials) 6.2%United Overseas Bank (Financials) 4.3%Singapore Telecommunications (Telecommunication Services) 4.3%Oversea-Chinese Banking (Financials) 4.0%Bank Central Asia (Financials) 3.5%Kasikornbank (Financials) 3.3%PTT (Energy) 3.1%Malayan Bankaing (Financials) 2.7%Tenaga Nasional (Utilities) 2.7%Telekomunikasi Indonesia (Telecommunication Services) 2.4%Total 36.5%
10 largest holdings as on 31 December 2014
Geographical breakdown as on 31 December 2014
Country FundSingapore 29.4%Thailand 23.7% Indonesia 18.4%Malaysia 15.5%Philippines 8.0%Vietnam 0.9%Hong Kong 0.6%Cash 3.5%Total 100.0%
Sector breakdown as on 31 December 2014
Sector Fund
Financials 45.1%
Industrials 13.0%
Telecommunication Services 11.2%
Consumer Discretionary 7.3%
Consumer Staples 6.8%
Utilities 5.2%
Energy 4.4%
Health Care 1.9%
Materials 0.9%
Information Technology 0.7%
Cash 3.5%
Total 100.0%
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan ASEAN Equity Off-shore Fund ASEAN Equity Fund
(underlying fund)
Regular Plan~ 1.75% 0.95%
Direct Plan~ 0.68% 0.95%
Statistical analysis as on 31 December 2014
3 years 5 years Correlation 0.97 -Alpha 3.41 -Beta 1.02 -
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments predominantly in JPMorgan Funds ASEAN Equity Fund, an equity fund which invests primarily in companies of countries which are
members of the Association of South East Asian Nations• High Risk. (BROWN)
Quarterly Outlook: The sudden oil price collapse will be negative for net oil exporters like Malaysia, but positive for countries like the Philippines, Thailand and Indonesia. Earnings are likely to remain lacklustre in early 2015, but should improve in the second half of the year as the benefits of a lower oil price and increased government spending start to kickin in Indonesia and Thailand. We remain overweight Thailand, and prefer banks and tourismrelated plays.
Name of the scheme
JPMorgan US Value Equity Off-shore Fund
Allotment date
7 August, 2013
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
To provide longterm capital growth by investing
primarily in a value style biased portfolio of US
companies.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 1 yr, 5 months
For all Plans
Minimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
Russell 1000 Value Index
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 11.5576
Direct Plan - Growth Option 11.7327
Past performance may or may not be sustained
in future.
Average AUM (January 2015)
Rs. 189.58 crore
International Mutual Fund Units
JPMorgan Funds - US Value Fund 100.82%
International Mutual Fund Units Total 100.82%
Cash & Other Receivables
CBLO / Repo 0.69%
Net Receivables / (Payables) (1.51%)
Cash & Other Receivables Total (0.82%)
Grand Total 100.00
Holding as on 31 January 2015
JPMorgan US Value Equity Off-shore Fund
Details of JPMorgan US Value Equity Off-shore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - US Value Equity Fund (underlying fund)
Equity holding Weight (%)
Wells Fargo (Financials) 4.1%
Exxon Mobil (Energy) 3.4%
Johnson & Johnson (Health Care) 2.7%
Pfizer (Health Care) 2.5%
Bank of America (Financials) 2.2%
Chevron (Energy) 2.1%
Capital One (Financials) 2.1%
Procter & Gamble (Consumer Staples) 2.0%
Merck & Co. (Health Care) 1.8%
DISH Network (Consumer Discretionary) 1.8%
Total 24.7%
10 largest holdings as on 31 December 2014
Sector breakdown as on 31 December 2014
Sector Fund
Financials 33.8%
Consumer Discretionary 15.6%
Health Care 10.3%
Energy 10.1%
Information Technology 6.9%
Industrials 6.6%
Consumer Staples 5.9%
Utilities 5.2%
Materials 4.4%
Telecommunication Services 1.2%
Total 100.0%
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan US Value Equity Off-shore Fund US Value Equity Fund
(underlying fund)
Regular Plan~ 1.85% 0.85%
Direct Plan~ 0.89% 0.85%
Statistical analysis as on 31 December 2014
3 years 5 years ECorrelation 0.95 0.96
EAlpha 0.02 0.70EBeta 0.94 0.89
This product is suitable for investors who are seeking*• Long Term Capital Growth• Investments in equity and equity-related securities of US companies• High Risk. (BROWN)
Quarterly Outlook: Heading into the sixth year of an economic expansion, our outlook remains constructive. At times, investors get caught out by measuring market advances in calendar years and not in terms of where we are in the economic cycle. There remains considerable underinvestment in the US economy as both residential and commercial construction as a percentage of GDP remains below longterm averages. While there will be bumps in the road, we expect US equity markets to continue their upward trend.
EThe time difference between Fund NAV calculation and the US market can distort this figure. All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.
Name of the scheme
JPMorgan Europe Dynamic Equity Offshore Fund
Allotment date
7 February, 2014
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
To provide long term capital growth by investing
predominantly in the JPMorgan Funds - Europe
Dynamic Fund, an equity fund which invests
primarily in an aggressively managed portfolio of
European companies.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 12 months
For all Plans
Minimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 18 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 18 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 18 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
MSCI Europe Index
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 9.4192
Direct Plan - Growth Option 9.5052
Past performance may or may not be sustained
in future.
Average AUM (January 2015)
Rs. 183.64 crore
International Mutual Fund Units
JPMorgan Europe Dynamic Equity Offshore Fund 100.21%
International Mutual Fund Units Total 100.21%
Cash & Other Receivables
CBLO / Repo 0.78%
Net Receivables / (Payables) (0.99%)
Cash & Other Receivables Total (0.21%)
Grand Total 100.00
Holding as on 31 January 2015
JPMorgan Europe Dynamic Equity Off-shore Fund
Details of JPMorgan Europe Dynamic Equity Offshore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Europe Dynamic Equity Offshore Fund
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan Europe Dynamic Equity Offshore Fund Europe Dynamic Equity Fund
(underlying fund)
Regular Plan~ 1.63% 1.00%
Direct Plan~ 0.67% 1.00%
This product is suitable for investors who are seeking*• Long-term Capital Growth• Investments in equity and equity-related securities of European companies• High Risk. (BROWN)
Outlook: The European Central Bank's commitment to balance sheet expansion and the weakness of the euro should boost confidence. In addition, European corporate earnings are expected to grow further this year.
Equity holding Weight (%)Novartis (Health Care) 2.6%BT (Telecommunication Services) 2.5%Allianz (Financials) 2.4%Royal Dutsh Shell (Energy) 2.3%Telefonica (Telecommunication Services) 2.2%Orange (Telecommunication Services) 2.2%Rio Tinto (Materials) 2.0%Roche (Health Care) 2.0%Shire (Health Care) 1.9%Prudential (Financials) 1.9%Total 22.0%
10 largest holdings as on 31 December 2014
Geographical breakdown as on 31 December 2014
Country FundUnited Kingdom 28.6%Germany 15.6%France 7.8%Netherlands 7.7%Switzerland 7.3%Spain 6.8%Denmark 5.3%Sweden 3.5%Belgium 2.9%Others 7.6%Cash 6.9%Total 100.0%
Sector breakdown as on 31 December 2014
Sector Fund
Financials 23.4%
Telecommunication Services 10.6%
Health Care 9.8%
Consumer Discretionary 9.8%
Materials 9.2%
Consumer Staples 8.6%
Industrials 7.6%
Information Technology 6.6%
Energy 4.2%
Utilities 3.3%
Cash 6.9%
Total 100.0%Statistical analysis as on 31 December 2014
3 years 5 years Correlation 0.93 0.93Alpha 5.64 3.67Beta 1.12 1.15
Name of the scheme
JPMorgan Emerging Markets Opportunities
Equity Off-shore Fund
Allotment date
7 July, 2014
Scheme structure
An Open-ended Fund of Funds Scheme
Investment objective
The primary investment objective of the Scheme is
to seek to provide long term capital growth by
investing predominantly in the JPMorgan Funds -
Emerging Markets Opportunities Fund, an equity
fund which invests primarily in an aggressively
managed portfolio of emerging market companies.
However, there can be no assurance that the
investment objective of the Scheme will be
realised.
Fund manager
Namdev Chougule
Total experience 13 years
Experience managing the scheme 7 months
For all Plans
Minimum investment amount
Rs. 5,000 per application and in multiples of Re. 1
thereafter.
Additional investment amount
Rs. 1,000 per application and in multiples of Re. 1
thereafter.
Entry load - Nil
Exit load
If redeemed within 12 months from the date of
allotment in respect of purchase made other than
through SIP - 1%;
If redeemed after 12 months from the date of allotment in respect of purchase made other than through SIP - Nil
Exit load (SIP)
If redeemed within 12 months from the date of
allotment of Units of each installment of SIP
purchase 1%;
If redeemed after 12 months from the date of allotment of units of each installment of SIP purchase - Nil
Benchmark of the underlying fund
MSCI Emerging Market Index
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 9.7492
Direct Plan - Growth Option 9.7849
Past performance may or may not be sustained
in future.
Average AUM (January 2015)
Rs. 11.3 crore
International Mutual Fund Units
JPMorgan Emerging Markets Opportunities Equity Offshore Fund 98.19%
International Mutual Fund Units Total 98.19%
Cash & Other Receivables
CBLO / Repo 2.24%
Net Receivables / (Payables) (0.43%)
Cash & Other Receivables Total 1.81%
Grand Total 100.00
Holding as on 31 January 2015
Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund
Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Does not include Service Tax on Investment Management fees.
JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities
Equity Off-shore Fund Equity Off-shore Fund (underlying fund)
Regular Plan~ 1.60% 1.10%
Direct Plan~ 0.96% 1.10%
This product is suitable for investors who are seeking*• Long-term Capital Growth• Investments predominantly in JPMorgan Funds - Emerging Markets Opportunities Funds, an
equity oriented fund which invest primarily in an aggressively managed portfolio of emerging market companies.
• High Risk. (BROWN)
Outlook: We do not expect EM stocks to enter a new secular bull phase or offer sustained outperformance until there is evidence of a turn in the underlying fundamentals. That evidence is in short supply, but this does not alter the compelling longterm story of EM growth that will be driven by the rise of the EM consumer and the emergence of important global brands from previouslyunexpected EM domiciles. Investors seeking exposure to these secular themes might wish to take advantage of relatively attractive valuations by adding to EM equities on pullbacks, such as the one currently underway, below 1.5x book value.
Equity holding Weight (%)Infosys Technologies (Information Technology) 3.3%Taiwan Semiconductor (Information Technology) 2.7%Great Wall Motor (Consumer Discretionary) 2.7%Tencent (Information Technology) 2.5%Samsung Electronics (Information Technology) 2.4%MediaTek (Information Technology) 2.2%Samsung Fire & Marine Insurance (Financials) 2.2%China Merchants Bank (Financials) 2.1%Kasikornbank (Financials) 2.1%Hon Hai Precision Industry (Information Technology) 2.0%Total 24.2%
10 largest holdings as on 31 December 2014
Geographical breakdown as on 31 December 2014
Country FundChina 25.5%South Korea 15.2%Taiwan 12.8%Brazil 9.8%India 8.0%South Africa 5.6%Turkey 4.6%Russia 4.4%Thailand 3.9%Others 8.1%Cash 2.1%Total 100.0%
Sector breakdown as on 31 December 2014
Sector Fund
Information Technology 24.5%
Consumer Discretionary 23.7%
Financials 22.3%
Consumer Staples 5.7%
Energy 5.4%
Materials 5.1%
Telecommunication Services 4.6%
Industrials 4.6%
Utilities 2.0%
Health Care 0.5%
Cash 2.1%
Total 100.0%Statistical analysis as on 31 December 2014
3 years 5 years Correlation 0.97 0.97Alpha 2.57 3.42Beta 1.02 0.97
JPMorgan Emerging Markets Opportunities Equity Off-shore Fund
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.05 21 8.45% 0.32%~ 0.51%~ 0.16%~
*The assigned rating AAAmfs is valid only for "JPMorgan India Liquid Fund". The rating of CRISIL is not an opinion of the
Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion
on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield.
~Does not include Service Tax on Investment Management fees.
Rating % to NAV
Name of the scheme
JPMorgan India Liquid Fund
Allotment date
Super Institutional - 21 September 2007
Retail - 16 September 2008
Direct Plan - 1 January 2013
Scheme structure
An open ended Liquid Scheme
Investment objective
The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized.
Fund managers
Namdev Chougule & Ravi Ratanpal
Total experience (in years)
Namdev Chougule 13
Ravi Ratanpal 10
Experience in managing this scheme
Namdev Chougule 6 years, 7 months
Ravi Ratanpal 3 years, 4 months
For all PlansMinimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 thereafter.
Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.
Entry Load - Nil
Entry Load (SIP) Nil
Exit Load Nil
Exit Load (SIP) Nil
Benchmark
CRISIL Liquid Fund Index
NAV (as at 30 January 2015, in Rs.)
Retail Plan - Growth Option 16.2668
Retail Plan - Daily Dividend Option 10.0190
Retail Plan - Weekly Dividend Option 10.0261
Retail Plan - Monthly Dividend Option 10.0305
Super Institutional Plan - Growth Option 17.8573
Super Institutional Plan - 10.0279
Daily Dividend Option
Super Institutional Plan - 10.1869
Weekly Dividend Option
Super Institutional Plan - 10.1846
Fortnightly Dividend Option
Super Institutional Plan - 10.0394
Monthly Dividend Option
Super Institutional Plan - Bonus Option 17.8575
Super Institutional Plan - 12.3550
Annual Dividend Option
Direct Plan - Growth Option 17.9057
Direct Plan - Daily Dividend Option 10.0101
Direct Plan - Weekly Dividend Option 10.1395
Direct Plan - Bonus Option 17.8832
Past performance may or may not be sustained in future.
Average AUM (January 2015)Rs. 8237.24 crore
JPMorgan India Liquid Fund
Holdings as on 31 January 2015 (in %)
Name of the instrumentMoney Market Instruments
Certificate of Deposit
Canara Bank CRISIL A1+ 11.26
UCO Bank CRISIL A1+ 6.48
Punjab & Sind Bank CRISIL A1+ 5.20
Oriental Bank of Commerce CRISIL A1+ 3.60
IDBI Bank Ltd. CRISIL A1+ 3.58
Bank of Maharashtra CRISIL A1+ 2.60
Corporation Bank CRISIL A1+ 2.42
Yes Bank Ltd. CRISIL A1+ 1.96
Indian Bank CRISIL A1+ 1.95
Oriental Bank of Commerce ICRA A1+ 1.95
Union Bank of India CRISIL A1+ 0.65
Indian Overseas Bank ICRA A1+ 0.65
Certificate of Deposit Total 42.30
Commercial Paper
Indiabulls Housing Finance Ltd. CRISIL A1+ 19.16
Edelweiss Fin. Services Ltd. CRISIL A1+ 11.98
Sesa Sterlite Ltd. CRISIL A1+ 5.54
ECL Finance Ltd. CRISIL A1+ 3.21
National Fertilizers Ltd. CRISIL A1+ 2.62
Welspun Corp Ltd. CARE A1+ 2.62
Nirma Ltd. CRISIL A1+ 1.96
JSW Steel Ltd. CARE A1+ 1.70
Reliance Jio Infocomm Ltd. CRISIL A1+ 1.30
Commercial Paper Total 50.09
Money Market Instruments Total 92.39
Fixed Deposit
IDBI Bank Ltd. UNRATED 3.93
Fixed Deposit Total 3.93
Cash & Other Receivables
CBLO / Repo 3.56
Net Receivables / (Payables) 0.12
Cash & Other Receivables Total 3.68
Grand Total 100.00
ICRA A1+, CRISIL A1+, CARE A1+
Rating profile
92.39%
3.68%
Dividend details (Re / Unit)
Super Institutional Plan - Monthly Dividend Option
25-Nov-14 0.06671325 10.0993
26-Dec-14 0.07171824 10.1043
27-Jan-15 0.07552364 10.1081
Retail Plan - Monthly Dividend Option
25-Nov-14 0.06505662 10.0890
26-Dec-14 0.06993341 10.0938
27-Jan-15 0.07252003 10.0964
Direct Plan - Monthly Dividend Option
25-Aug-14 0.07339785 10.1060
25-Sep-14 0.07413135 10.1067
27-Oct-14 0.07738489 10.1100
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Asset allocation (% of total)
60
50
40
30
20
10
0Certificate of
Deposit
42.30%
CommercialPaper
50.09%
Fixed Deposit
3.93%
Unrated
This product is suitable for investors who are seeking*• Income Over Short Term• Investments in money market and debt securities• Low Risk. (BLUE)
Record Date Gross Dividend CUM Dividend NAV
Cash andOther Receivables
3.68%
3.93%
Cash & Other Receivables
Dividend details (Re / Unit) Name of the schemeJPMorgan India Treasury FundAllotment dateSuper Institutional - 21 September 2007Retail - 16 September 2008Direct Plan - 1 January 2013Scheme structureAn open ended income schemeInvestment objectiveThe investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 6 years, 7 monthsRavi Ratanpal 3 years, 4 months
For all PlansMinimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 thereafter.Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.Entry Load - NilEntry Load (SIP) NilExit Load NilExit Load (SIP) NilBenchmarkCRISIL Liquid Fund IndexNAV (as at 30 January 2015, in Rs.)Retail Plan - Growth Option 16.2303
Retail Plan - Daily Dividend Option 10.0353
Retail Plan - Weekly Dividend Option 10.0774
Retail Plan - Monthly Dividend Option 10.0379
Super Institutional Plan - Growth Option 18.0926
Super Institutional Plan - Dividend Option 12.2353
Super Institutional Plan - 10.0089
Daily Dividend Option
Super Institutional Plan - 10.0705
Weekly Dividend Option
Super Institutional Plan - 10.0684
Fortnightly Dividend Option
Super Institutional Plan - 10.0484
Monthly Dividend Option
Super Institutional Plan - Bonus Option 12.0624
Direct Plan - Growth Option 18.1481
Direct Plan - Bonus Option 12.0999
Direct Plan - Weekly Dividend Option 10.0706
Direct Plan - Daily Dividend Option 10.0738
Direct Plan - Monthly Dividend Option 10.4005
Direct Plan - Fortnightly Dividend Option 10.0685
Direct Plan - Annual Dividend Option 10.8446Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 1514.72 crore
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
JPMorgan India Treasury Fund
Name of the instrument Rating % to NAV
Holdings as on 31 January 2015 (in%)
**The assigned rating AAAmfs is valid only for "JPMorgan India Treasury Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield.
Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus Fund has been changed to JPMorgan India Treasury Fund. ~Does not include Service Tax on Investment Management fees.
Super Institutional Plan - Monthly Dividend Option
25-Nov-14 0.06037594 10.1020
26-Dec-14 0.06536471 10.1071
27-Jan-15 0.07712100 10.1188
Retail Plan - Monthly Dividend Option
25-Nov-14 0.06897140 10.1007
26-Dec-14 0.06019324 10.0919
27-Jan-15 0.07164267 10.1033
Direct Plan - Monthly Dividend Option
25-Nov-14 0.07769196 10.4712
26-Dec-14 0.06903835 10.4625
27-Jan-15 0.08111163 10.4746
CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA+, ICRA A1+, CRISIL A1+, CARE A1+, CARE AA
Rating profile
84.31%
6.19%
Corporate Debt
Non-Convertible Debentures
Bharat Aluminium Company Ltd. CRISIL AA- 3.46
SREI Equipment Finance Ltd. CARE AA 2.81
Fullerton India Credit Company Ltd. ICRA AA+ 1.34
Power Finance Corporation Ltd. CRISIL AAA 0.13
Non-convertible Debentures Total 7.74
Corporate Debt Total 7.74
Money Market Instruments
Certificate of Deposit
Kotak Mahindra Bank Ltd. ICRA A1+ 15.40
Oriental Bank of Commerce CRISIL A1+ 6.24
Bank of Baroda CRISIL A1+ 2.74
Certificate of Deposit Total 24.38
Commercial Paper
L&T Finance Ltd. CARE A1+ 17.95
Steel Authority of India Ltd. CARE A1+ 12.38
Edelweiss Securities Ltd. CRISIL A1+ 2.77
Commercial Paper Total 33.10
Money Market Bonds
Amtek Auto Ltd. CARE AA 11.78
Indiabulls Housing Finance Ltd. CRISIL AA+ 3.30
Bajaj Finance Ltd. CRISIL AA+ 2.02
Shriram Transport Fin. Co. Ltd. CRISIL AA 1.55
LIC Housing Finance Ltd. CRISIL AAA 0.41
Fullerton (I) Credit Company Ltd. ICRA AA+ 0.03
Money Market Bonds Total 19.09
Money Market Instruments Total 76.57
Fixed Deposit
Syndicate Bank UNRATED 6.19
Fixed Deposit Total 6.19
Cash & Other Receivables
CBLO / Repo 7.49
Net Receivables / (Payables) 2.01
Cash & Other Receivables Total 9.50
Grand Total 100.00
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.20 81 8.57% 0.49%~ 1.09%~ 0.34%~
CommercialPaper
Cash andOther
Receivables
80
70
60
50
40
30
20
10
0
24.38%
Asset allocation (% of total)
Certificateof deposit
9.50%
33.10%
CorporateDebt
7.74%
Cash & Other Receivables
This product is suitable for investors who are seeking*• Optimal Returns Over Short Term• Investments primarily in a mix of short term debt and money market instruments• Low Risk. (BLUE)
Record Date Gross Dividend CUM Dividend NAV
Money MarketBond
19.09%
9.50%
Unrated
JPMorgan India Active Bond Fund
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Retail Plan - Dividend Option 07-Oct-08 0.20000000 10.251322-Jan-09 0.42500000 10.5850Institutional Plan - Dividend Option 07-Oct-08 0.20000000 10.274722-Jan-09 0.30000000 10.6346
Dividend details (Re / Unit)
Name of the scheme
JPMorgan India Active Bond Fund
Allotment date
Retail Plan - 27 June 2008
Institutional Plan - 27 June 2008
Direct Plan - 1 January 2013
Scheme structure
An open ended income scheme
Investment objective
To generate optimal returns while maintaining
liquidity through active management of the
portfolio by investing in debt and money market
instruments. However, there can be no assurance
that the investment objective of the Scheme
will be realized.
For all PlansMinimum investment amount
Rs. 5,000 per application and in multiples of Re 1
thereafter.
Additional investment amount
Re 1 per application and in multiples of Re 1
thereafter.
Fund managers
Namdev Chougule & Ravi Ratanpal
Total experience (in years)
Namdev Chougule 13
Ravi Ratanpal 10
Experience in managing this scheme
Namdev Chougule 6 years, 6 months
Ravi Ratanpal 3 years
Entry load - Nil
Exit load - (w.e.f. Jan. 22, 2015)
Within 3 months from the date of allotment in
respect of Lumpsum & Within 3 months from the
date of allotment in respect of each purchase made
through SIP : 1.00%
After 3 months from the date of allotment in
respect of Lumpsum & After 3 months from the
date of allotment in respect of each purchase made
through SIP : Nil
Benchmark
CRISIL Composite Bond Fund Index
NAV (as at 30 January 2015, in Rs.)
Direct Plan - Dividend Option 14.3179
Direct Plan - Growth Option 15.3618
Retail Plan - Growth Option 15.0637
Retail Plan - Dividend Option 14.1682
Institutional Plan - Growth Option 12.5763
Institutional Plan - Dividend Option 12.5544
Past performance may or may not be sustained in future.
Average AUM (January 2015)Rs. 1421.89 crore
#The assigned rating AAAmfs is valid only for "JPMorgan India Active Bond Fund". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments. #Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 January 2015 (in%)
Name of the instrument % to NAV
Rating profile
Cash & Other Receivables
90.11%
9.89%
CARE AAA, CRISIL AAA, FITCH AAA, ICRA AAA, CRISIL A1+
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan 4.54 2492 8.32% 0.90%~ 2.00%~ 0.87%~
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
Cash & OtherReceivables
9.89%
CorporateDebt
89.15%
Certificate ofDeposit
0.96%
This product is suitable for investors who are seeking*• Optimal Returns Over Medium To Long Term• Investments in debt and money market instruments with an active management of the
portfolio• Medium Risk. (YELLOW)
Record Date Gross Dividend CUM Dividend NAV
Corporate Debt Non-Convertible Debentures Export Import Bank of India CRISIL AAA 16.49Power Finance Corporation Ltd. CRISIL AAA 15.63LIC Housing Finance Ltd. CRISIL AAA 14.04Rural Electrification Corporation Ltd. CRISIL AAA 11.40Housing Development Finance Corporation Ltd. CRISIL AAA 9.14Infrastructure Development Finance Company Ltd. CRISIL AAA 6.72Tata Sons Ltd. CRISIL AAA 6.34Power Grid Corporation of India Ltd. CRISIL AAA 3.72Housing Development Finance Corporation Ltd. ICRA AAA 1.97Power Grid Corporation of India Ltd. ICRA AAA 1.38Rural Electrification Corporation Ltd. CARE AAA 0.99GAIL (India) Ltd. CARE AAA 0.80Infrastructure Leasing & Financial Services Ltd. FITCH AAA 0.33HDB Financial Services Ltd. CARE AAA 0.13National Bank for Agriculture & Rural Development CRISIL AAA 0.07Non-convertible Debentures Total 89.15Corporate Debt Total 89.15Money Market InstrumentsCommercial Paper Edelweiss Securities Ltd. CRISIL A1+ 0.64Commercial Paper Total 0.64Money Market BondsInfrastructure Development Finance Company Ltd. ICRA AAA 0.32Money Market Bonds Total 0.32Money Market Instruments Total 0.96Cash & Other Receivables CBLO / Repo 5.30Net Receivables / (Payables) 4.59Cash & Other Receivables Total 9.89Grand Total 100.00
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Regular Plan Direct Plan 1.31 721 8.73% 1.06%~ 0.60%~
JPMorgan India Short Term Income Fund
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Regular Plan - Monthly Dividend Option
25-Nov-14 0.11014383 10.2601
26-Dec-14 0.08818547 10.2382
27-Jan-15 0.09344659 10.2434
Regular Dividend - Adhoc
21-Jan-13 0.13000000 10.2992
Direct Plan - Monthly Dividend Option
25-Nov-14 0.11376872 10.2553
26-Dec-14 0.09208805 10.2336
27-Jan-15 0.09755650 10.2391
Dividend details (Re / Unit)
Name of the scheme
JPMorgan India Short Term Income Fund
Allotment date
Regular Plan - 25 March 2010
Direct Plan - 1 January 2013
Scheme structure
An open ended income scheme
Investment objective
The investment objective is to generate income by
investing primarily in money market and short
term debt instruments. However, there can be no
assurance that income can be generated, regular
or otherwise or that the investment objective of the
Scheme will be realised.
For all PlansMinimum investment amount
Rs 5,000 per application and in multiples of Re 1
thereafter.
Additional investment amount
Rs 1,000 per application and in multiples of Re 1
thereafter.
Fund managers
Namdev Chougule & Ravi Ratanpal
Total experience (in years)
Namdev Chougule 13
Ravi Ratanpal 10
Experience in managing this scheme
Namdev Chougule 4 years, 9 months
Ravi Ratanpal 3 years
Entry load - Nil
Exit load - Nil (w.e.f. Feb. 1, 2015)
Benchmark
CRISIL Short-Term Bond Fund Index
NAV (as at 30 January 2015, in Rs.)
Regular Plan - Growth Option 15.1059
Regular Plan - Dividend Option 12.1692
Regular Plan - Weekly Dividend Option 10.1616
Regular Plan - Fortnightly Dividend Option 10.1947
Regular Plan - Monthly Dividend Option 10.1578
Direct Plan - Monthly Dividend Option 10.1498
Direct Plan - Growth Option 15.2580
Direct Plan - Weekly Dividend Option 10.0454
Past performance may or may not be sustained in future.
Average AUM (January 2015)Rs. 470.28 crore
Holdings as on 31 January 2015 (in%)
Name of the instrument Rating % to NAV
Rating profile
63.08%
7.54%
Cash & Other Receivables
60
50
40
30
20
10
0
Asset allocation (% of total)
CorporateDebt
19.13%
7.54%
32.37%
Certificateof
Deposit
Cash &Other
Receivables
29.38%
CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA, ICRA AA-, ICRA AA+, ICRA AAA, CRISIL A1+, CARE AA
This product is suitable for investors who are seeking*• Income Over Short to Medium Term• Investments primarily in money market and short term debt instruments.• Low Risk. (BLUE)
Record Date Gross Dividend CUM
Dividend NAV
11.58%
MoneyMarketBond
GovernmentBond
29.38%
SOVEREIGN
Corporate Debt Non-Convertible Debentures Sintex Industries Ltd. CARE AA 5.98HPCL Mittal Energy Ltd. ICRA AA- 4.24Fullerton (I) Credit Company Ltd. ICRA AA+ 2.26Power Finance Corporation Ltd. ICRA AAA 2.20HPCL Mittal Pipelines Ltd. ICRA AA- 1.49ECL Finance Ltd. CRISIL AA- 1.12Sesa Sterlite Ltd. CRISIL AA+ 1.09Nirma Ltd. CRISIL AA 0.39Power Grid Corp. of India Ltd. CRISIL AAA 0.22The Indian Hotels Company Ltd. ICRA AA 0.14Non-convertible Debentures Total 19.13Corporate Debt Total 19.13Money Market Instruments Certificate of Deposit IDBI Bank Ltd. CRISIL A1+ 32.37Certificate of Deposit Total 32.37Money Market Bonds Indiabulls Housing Finance Ltd. CRISIL AA+ 11.54LIC Housing Finance Ltd. CRISIL AAA 0.02Indian Oil Corporation Ltd. ICRA AAA 0.02Money Market Bonds Total 11.58Money Market Instruments Total 43.95Government Bond And Treasury Bill Government Bond Government of India SOVEREIGN 7.54Government Bond Total 7.54Government Bond And Treasury Bill Total 7.54Cash & Other Receivables CBLO / Repo 32.90Net Receivables/(Payables) (3.52)Cash & Other Receivables Total 29.38Grand Total 100.00
JPMorgan India Banking and PSU Debt Fund
Name of the schemeJPMorgan India Banking and PSU Debt FundAllotment date13 September 2013Scheme structureAn open ended income schemeInvestment objectiveThe investment objective of the Scheme is to seek to generate income by investing predominantly in a portfolio of Debt Securities and Money Market Instruments issued by banks and PSUs. However, there can be no assurance that the investment objective of the scheme will be realized or that income will be generated.For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 1 year, 5 monthsRavi Ratanpal 1 year, 5 monthsEntry load - NilExit loadWithin one year from the date of allotment in respect of Purchase made other than through SIP; if redeemed within one year from the date of allotment in respect of each Purchase made through SIP : 1.50%
After one year but within two years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after one year but within two years from the date of allotment in respect of each Purchase made through SIP: 1.00%
After two years but within three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after two years but within three years from the date of allotment in respect of each Purchase made through SIP: 0.50%
After three years from the date of allotment in respect of Purchase made other than through SIP; If redeemed after three years from the date of allotment in respect of each Purchase made through SIP: NilBenchmarkCRISIL Short Term Bond Fund IndexNAV (as at 30 January 2015, in Rs.)Direct Plan - Growth Option 11.5837
Direct Plan - Dividend Option 11.5603
Direct Plan - Monthly Dividend Option 10.3542
Direct Plan - Weekly Dividend Option 10.5678
Regular Plan - Dividend Option 11.5371
Regular Plan - Fortnightly Dividend Option 10.5577
Regular Plan - Growth Option 11.5372
Regular Plan - Monthly Dividend Option 10.3403Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 390.88 crore
#Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 January 2015 (in%)
Name of the instrument Rating % to NAV
Rating profile
91.58%
8.42%
Cash & Other Receivables
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
CorporateDebt
91.58%
Cash & OtherReceivables
8.42%
CRISIL AA+, CRISIL AAA, ICRA AAA
This product is suitable for investors who are seeking*• Income Over Short to Medium Term• Investments in debt securities and money market instruments issued by Banks and PSUs.• Medium Risk (YELLOW)
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Direct Plan - Monthly Dividend Option
25-Nov-14 0.06744142 10.3337
26-Dec-14 0.05045429 10.3168
27-Jan-15 0.07340028 10.4169
Regular Plan - Monthly Dividend Option
25-Nov-14 0.06472636 10.3237
26-Dec-14 0.04781619 10.3068
27-Jan-15 0.07683773 10.4068
Dividend details (Re / Unit)
Record Date Gross Dividend CUM
Dividend NAV
Corporate Debt
Non-convertible Debentures
Power Finance Corporation Ltd. CRISIL AAA 17.18
Kotak Mahindra Prime Ltd. CRISIL AAA 12.53
Power Grid Corp. of India Ltd. CRISIL AAA 11.61
IDBI Bank Ltd. CRISIL AA+ 9.07
NABARD CRISIL AAA 8.25
Rural Electrification Corp. Ltd. CRISIL AAA 8.05
Export Import Bank of India CRISIL AAA 7.89
HPCL CRISIL AAA 6.55
Power Grid Corp. of India Ltd. ICRA AAA 1.32
HDB Financial Services Ltd. CRISIL AAA 1.32
Indian Railway Fin. Corp. Ltd. CRISIL AAA 1.31
Power Finance Corporation Ltd. ICRA AAA 1.31
Airports Authority of India Ltd. ICRA AAA 1.31
Bank of Baroda CRISIL AAA 1.30
NHPC Ltd. ICRA AAA 1.30
Housing & Urban Dev.Corp.Ltd. CRISIL AA+ 1.28
Non-convertible Debentures Total 91.58
Corporate Debt Total 91.58
Cash & Other Receivables
CBLO / Repo 2.49
Net Receivables / (Payables) 5.93
Cash & Other Receivables Total 8.42
Grand Total 100.00
In days Regular Plan Direct Plan 1.99 875 8.26% 0.55%~ 0.25%~
JPMorgan India Government Securities Fund
Name of the schemeJPMorgan India Government Securities FundAllotment date13 February 2014Scheme structureAn open ended gilt schemeInvestment objectiveThe investment objective of the Scheme is to generate income through investment in Securities of various maturities issued and/or created by the Central Government and State Governments of India. However, there can be no assurance that the investment objectives of the Scheme will be realized.
For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 12 monthsRavi Ratanpal 12 monthsEntry load - NilExit load - If redeemed within 12 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed within 12 months from the date of allotment in respect of each Purchase made through SIP; 2.00%If redeemed after 12 month but within 24 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 12 months but within 24 months from the date of allotment in respect of each Purchase made through SIP; 1.50%If redeemed after 24 month but within 36 months from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 24 months but within 36 months from the date of allotment in respect of each Purchase made through SIP; 1.00%If redeemed after 36 month from the date of allotment in respect of Purchase made other than through SIP; if redeemed after 36 months from the date of allotment in respect of each Purchase made through SIP; NilBenchmarkI-Sec Mi-BEXNAV (as at 30 January 2015, in Rs.)Direct Plan - Growth Option 11.7285
Direct Plan - Weekly Dividend Option 10.4476
Regular Plan - Dividend Option 11.6963
Regular Plan - Growth Option 11.6886
Regular Plan - Monthly Dividend Option 10.5977
Regular Plan - Weekly Dividend Option 10.4852
Regular Plan - Annual Dividend Option 11.6924Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 657.73 crore
#Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 January 2015 (in%)
Name of the instrument % to NAV
Government Bond And Treasury Bill
Government Bond
Government of India SOVEREIGN 93.13
Government Bond Total 93.13
Government Bond & Treasury Bill Total 93.13
Cash & Other Receivables
CBLO / Repo 3.86
Net Receivables / (Payables) 3.01
Cash & Other Receivables Total 6.87
Grand Total 100.00
Rating profile
93.13%
Cash & Other Receivables
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
Cash & OtherReceivables
6.87%
This product is suitable for investors who are seeking*• Credit risk free returns over Medium to Long Term• Investment in Government Securities• Low Risk. (BLUE)
After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained in future. Face value of the Unit is Rs. 10/-.
Regular Plan - Monthly Dividend Option
25-Sep-14 0.04861500 10.0986
27-Oct-14 0.04566627 10.0957
25-Nov-14 0.60245043 10.6525
Dividend details (Re / Unit)
Record Date Gross Dividend CUM
Dividend NAV
In days Regular Plan Direct Plan 8.11 5696 7.76% 1.25%~ 0.74%~
6.87%
SOVEREIGN
GovernmentBond
93.13%
JPMorgan India Corporate Debt Opportunities Fund
Name of the schemeJPMorgan India Corporate Debt Opportunities FundAllotment date22 September 2014Scheme structureAn open income schemeInvestment objectiveThe investment objective is to generate regular income and opportunities for capital appreciation while maintaining liquidity through active management of a diversified portfolio comprising of corporate bonds and securities across the investment grade credit rating and maturity spectrum. However, there can be no assurance that the investment objectives of the Scheme will be realized.
For all PlansMinimum investment amountRs 5,000 per application and in multiples of Re 1 thereafter.Additional investment amountRs 1,000 per application and in multiples of Re 1 thereafter.Fund managersNamdev Chougule & Ravi RatanpalTotal experience (in years)Namdev Chougule 13Ravi Ratanpal 10Experience in managing this schemeNamdev Chougule 5 monthsRavi Ratanpal 5 monthsEntry load - NilExit load - If redeemed within 18 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed within 18 months from the date of allotment of units of each installment of SIP purchase: 1.5%.If redeemed after 18 months but within 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 18 months but within 36 months from the date of allotment of units of each installment of SIP purchase: 0.50%.If redeemed after 36 months from the date of allotment in respect of purchase made other than through SIP; and if redeemed after 36 months from the date of allotment of units of each installment of SIP purchase: Nil.BenchmarkCRISIL Short Term Bond Fund IndexNAV (as at 30 January 2015, in Rs.)Direct Plan - Growth Option 10.6165
Direct Plan - Bonus Option 10.6182
Direct Plan - Dividend Option 10.6164
Regular Plan - Growth Option 10.6026
Regular Plan - Dividend Option 10.6026
Regular Plan - Fortnightly Dividend Option 10.6026
Regular Plan - Monthly Dividend Option 10.6026
Regular Plan - Weekly Dividend Option 10.6021
Regular Plan - Annual Dividend Option 10.6026Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 99.01 crore
#Gross yield. ~Does not include Service Tax on Investment Management fees.
Holdings as on 31 January 2015 (in%)
Name of the instrument % to NAV
Corporate Debt
Non-Convertible Debentures
Sintex Industries Ltd. CARE AA 12.68
Welspun Corp Ltd. CARE AA- 12.60
Nirma Ltd. CRISIL AA 12.50
HPCL Mittal Pipelines Ltd. ICRA AA- 11.25
HPCL Mittal Energy Ltd. ICRA AA- 11.17
The Indian Hotels Company Ltd. ICRA AA 7.38
Shriram Transport Fin. Co. Ltd. CRISIL AA 5.00
Cholamandalam Inv.&Fin. Co. Ltd. ICRA AA 4.78
Tata Power Company Ltd. CARE AA 3.36
Non-convertible Debentures Total 80.72
Corporate Debt Total 80.72
Cash & Other Receivables
CBLO / Repo 16.19
Net Receivables / (Payables) 3.09
Cash & Other Receivables Total 19.28
Grand Total 100.00
Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM)
100
90
80
70
60
50
40
30
20
10
0
Asset allocation (% of total)
Cash & OtherReceivables
19.28%
This product is suitable for investors who are seeking*• Regular income & capital appreciation through active management across time frames.• Investment in corporate bonds and securities across the investment grade credit rating
and maturity spectrum.• Medium Risk (YELLOW)
In days Regular Plan Direct Plan 3.10 1523 9.28% 0.75%~ 0.38%~
Rating profile
80.72%
19.28%
Cash & Other Receivables
CRISIL AA, ICRA AA, ICRA AA-, CARE AA, CARE AA-
Corporate DebtTotal
80.72%
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 9.805 85.58 55.91 29.89
Scheme Returns
JPMorgan India Equity Fund - Regular Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 10.73 9.48 9.1431-12-2013 To 31-12-2014 (Absolute) 14.930 44.72 35.47 29.8931-12-2012 To 31-12-2013 (Absolute) 14.179 5.30 4.38 8.9830-12-2011 To 31-12-2012 (Absolute) 11.187 26.75 30.98 25.70
NAV as on December 31, 2014 Rs. 21.606
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 21,606 19,821 19,361
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
JPMorgan India Equity Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 15.071 46.88 35.47 29.89
NAV as on December 31, 2014 Rs. 22.136
JPMorgan India Mid and Small Cap Fund - Regular Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 8.57 5.08 4.5031-12-2013 To 31-12-2014 (Absolute) 9.712 83.36 55.91 29.8931-12-2012 To 31-12-2013 (Absolute) 9.093 6.81 -5.10 8.9830-12-2011 To 31-12-2012 (Absolute) 6.286 44.65 39.16 25.70
NAV as on December 31, 2014 Rs. 17.808
Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 17,808 14,158 13,619
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan India Mid and Small Cap Fund - Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 18.196
JPMorgan India Tax Advantage Fund - Regular Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.000 20.09 21.85 20.7131-12-2013 To 31-12-2014 (Absolute) 20.304 45.88 35.47 29.8931-12-2012 To 31-12-2013 (Absolute) 19.531 3.96 4.38 8.9830-12-2011 To 31-12-2012 (Absolute) 15.512 25.91 30.98 25.70
NAV as on December 31, 2014 Rs. 29.619
Scheme Benchmark Additional (Rs) (Rs)# Benchmark## 29,619 32,291 30,541
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan India Tax Advantage Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 20.490 47.13 35.47 29.89
NAV as on December 31, 2014 Rs. 30.147
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme (Rs) Benchmark (Rs) # 19,156 19,031
JPMorgan Greater China Equity OffShore Fund - Regular Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 19.156Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 12.92 12.7830-12-2013 To 30-12-2014 (Absolute) 17.638 8.61 10.4028-12-2012 To 30-12-2013 (Absolute) 13.950 26.44 20.7130-12-2011 To 28-12-2012 (Absolute) 10.903 27.95 25.95
#MSCI Golden Dragon Index
^ Past performance may or may not be sustained in the future
#S&P BSE 200 ##S&P BSE SENSEX
#S&P BSE 200 ##S&P BSE SENSEX
#CNX MIDCAP ##S&P BSE SENSEX
#CNX MIDCAP ##S&P BSE SENSEX
#S&P BSE 200 ##S&P BSE SENSEX
#S&P BSE 200 ##S&P BSE SENSEX
^Past performance may or may not be sustained in the future
JPMorgan ASEAN Equity Off-shore Fund - Regular Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 16.619Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)Since Inception - CAGR 10.000 15.60 13.7330-12-2013 To 30-12-2014 (Absolute) 15.329 8.42 9.8228-12-2012 To 30-12-2013 (Absolute) 13.925 10.08 7.4230-12-2011 To 28-12-2012 (Absolute) 10.614 31.19 26.42
#Morgan Stanley Capital International (MSCI) South East Asia Index
JPMorgan ASEAN Equity Off-shore Fund - Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 16.969Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 15.484 9.59 9.82
#Morgan Stanley Capital International (MSCI) South East Asia Index
Scheme (Rs) Benchmark (Rs)# 16,619 15,695
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan US Value Equity Offshore Fund-Regular Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 12.4420Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 10.6907 16.38 17.57
#Russell 1000 Value Index
JPMorgan US Value Equity Offshore Fund-Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 12.6218Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 10.7352 17.57 17.57
#Russell 1000 Value Index
JPMorgan India Liquid Fund - Retail Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 7.92 7.60 6.347 days 16.1321 8.57 8.92 11.4015 days 16.1028 8.43 8.30 8.4930 days 16.0383 8.30 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 14.8426 8.87 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 13.6201 8.98 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 12.4356 9.53 8.54 8.11
NAV as on December 31, 2014 Rs. 16.1586
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,159 15,855 14,726
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
JPMorgan India Liquid Fund - Super Institutional Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.18 7.57 6.127 days 17.7062 8.75 8.92 11.4015 days 17.6732 8.63 8.30 8.4930 days 17.6007 8.50 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 16.2590 9.08 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 14.8903 9.19 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 13.5687 9.74 8.54 8.11
NAV as on December 31, 2014 Rs. 17.7359
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,736 17,012 15,412
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
JPMorgan Greater China Equity OffShore Fund - Direct Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 19.574Date NAV per unit as on the first day Scheme Benchmark of the period mentioned (Rs.) Returns (%)^ Returns# (%)30-12-2013 To 30-12-2014 (Absolute) 17.836 9.74 10.40
#MSCI Golden Dragon Index
Scheme Returns
^ Past performance may or may not be sustained in the future
JPMorgan India Treasury Fund - Super Institutional Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.37 7.57 6.1231-12-2013 To 31-12-2014 (Absolute) 16.4153 9.44 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 15.0571 9.02 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 13.7074 9.85 8.54 8.11
NAV as on December 31, 2014 Rs. 17.9645
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,964 17,012 15,412
JPMorgan India Treasury Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 16.4390 9.60 9.21 8.56
NAV as on December 31, 2014 Rs. 18.0175
JPMorgan India Treasury Fund - Retail Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 7.88 7.60 6.3431-12-2013 To 31-12-2014 (Absolute) 14.8210 8.79 9.21 8.5631-12-2012 To 31-12-2013 (Absolute) 13.6764 8.37 9.03 5.8630-12-2011 To 31-12-2012 (Absolute) 12.5022 9.39 8.54 8.11
NAV as on December 31, 2014 Rs. 16.1234
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 16,123 15,855 14,726
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
JPMorgan India Short Term Income Fund - Regular Plan Growth Option
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 8.83 8.21 6.5131-12-2013 To 31-12-2014 (Absolute) 13.5775 10.30 10.47 8.5631-12-2012 To 31-12-2013 (Absolute) 12.5390 8.28 8.27 5.8630-12-2011 To 31-12-2012 (Absolute) 11.4407 9.60 9.15 8.11
Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 14.9766
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 14,977 14,579 13,517
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
JPMorgan India Short Term Income Fund - Direct Plan Growth Option
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 13.6448 10.82 10.47 8.56
Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 15.1212
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
JPMorgan India Liquid Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##7 days 17.7515 8.90 8.92 11.4015 days 17.7179 8.78 8.30 8.4930 days 17.6438 8.65 8.20 8.3331-12-2013 To 31-12-2014 (Absolute) 16.2774 9.24 9.21 8.56
NAV as on December 31, 2014 Rs. 17.7818
#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index
Scheme Returns
^ Past performance may or may not be sustained in the future
JPMorgan India Active Bond Fund - Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 13.2463 13.77 14.31 14.14
NAV as on December 31, 2014 Rs. 15.0704
JPMorgan India Active Bond Fund - Institutional Plan Growth Option Returns as on 31 December 2014
NAV as on December 31, 2014 Rs. 12.3380Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.8476 13.74 14.31 14.1431-12-2012 To 31-12-2013 (Absolute) 10.3539 4.77 3.79 -0.68
#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index
#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index
JPMorgan India Banking and PSU Debt Fund-Regular Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.2823 10.75 10.47 8.56
NAV as on December 31, 2014 Rs. 11.3879
JPMorgan India Banking and PSU Debt Fund-Direct Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##31-12-2013 To 31-12-2014 (Absolute) 10.2901 11.09 10.47 8.56
NAV as on December 31, 2014 Rs. 11.4310
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Tax Advantage Fund• JPMorgan India Top 100 Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan Greater China Equity Offshore
Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan US Value Equity Off-shore Fund• JPMorgan India Banking & PSU Debt Fund• JPMorgan India Government Securities
Fund• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan Emerging Markets
Opportunities Equity Off-shore Fund• JPMorgan India Equity Income Fund
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Mid and Small Cap Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Top 100 Fund• JPMorgan India Equity Income Fund
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Fixed Maturity Plans• JPMorgan India Income Fund Series 301,
501• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Corpoate Debt
Opportunties Fund• JPMorgan India Equity Income Fund
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Hybrid Fund Series 1 & 2• JPMorgan India Equity Income Fund
NOTES1. The returns for close ended schemes have not
been disclosed as these are not comparable with other schemes.
2. Returns of only those schemes that have completed one year has been given.
JPMorgan India Active Bond Fund - Retail Plan Growth Option Returns as on 31 December 2014
Date NAV per unit as on the first day Scheme Benchmark Additional of the period mentioned (Rs.) Returns (%)^ Returns#(%) Benchmark Returns(%)##Since Inception - CAGR 10.0000 6.19 7.93 7.0231-12-2013 To 31-12-2014 (Absolute) 13.1421 12.56 14.31 14.1431-12-2012 To 31-12-2013 (Absolute) 12.6268 4.08 3.79 -0.6830-12-2011 To 31-12-2012 (Absolute) 11.6642 8.25 9.38 10.67
NAV as on December 31, 2014 Rs. 14.7929
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 14,793 16,445 15,558
#CRISIL Composite Bond Fund Index ##CRISIL 10 Year Gilt Index
Scheme Returns
#S&P BSE 200 - “The S&P BSE 200 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and
BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor’s and S&P are registered
trademarks of Standard & Poor’s Financial Services LLC(“S&P”); BSE is a registered trademark of BSE Limited (“BSE”); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and
sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited 2014. All rights
reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For
more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, Dow Jones Trademark Holdings LLC,
their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to
accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow
Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any
index or the data included therein.”
##S&P BSE 100 - “The S&P BSE 100 is a product of AIPL, which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and
BSE, and has been licensed for use by JPMorgan Asset Management India Private Limited. Standard & Poor’s and S&P are registered
trademarks of Standard & Poor’s Financial Services LLC(“S&P”); BSE is a registered trademark of BSE Limited (“BSE”); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and
sublicensed for certain purposes by JPMorgan Asset Management India Private Limited. Asia Index Private Limited 2014. All rights
reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For
more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, Dow Jones Trademark Holdings LLC,
their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to
accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE, S&P Dow Jones Indices LLC, Dow
Jones Trademark Holdings LLC or their affiliates nor their third party licensors shall have any errors, omissions, or interruptions of any
index or the data included therein.”
###“The JPMorgan India Mid and Small Cap Fund (“Product”) is not sponsored, endorsed, sold or promoted by India Index Services &
Products Limited (IISL). IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the
public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the CNX Midcap Index to
track general stock market performance in India. The relationship of IISL to the JPMorgan Asset Management India Pvt. Ltd. is in respect
of the using of the trade name and the trade name of CNX Midcap Index for benchmarking purposes, which is determined, composed and
calculated by IISL without regard to the JPMorgan Asset Management India Pvt. Ltd or the Product. IISL has no obligation to take the
needs of JPMorgan Asset Management India Pvt. Ltd. or the owners of the Product into consideration in determining, composing or
calculating the CNX Midcap Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or
quantities of the Product to be issued or in determination or calculation of the equation by which the product is to be converted into cash.
IISL has no obligation or liability in connection with the administration, marketing or trading of the Product.” “IISL does not guarantee the
accuracy and/or the completeness of the CNX Midcap Index or any data included therein and they shall have no liability for any errors,
omissions, or interruptions therein. IISL makes no warranty, express or implied, as to the results to be obtained by the Principal JPMorgan
Asset Management India Pvt. Ltd., owners of the Product, or any other persons or entities from the use of the CNX Midcap Index or any
data included therein. IISL makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for
a particular purpose or use with respect to the CNX Midcap Index or any data included therein. Without limiting any of the foregoing, in no
event shall IISL have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the
possibility of such damages”. The calculation of returns assume that all payouts during the period have been reinvested in the units
of the scheme at the then prevailing NAV. Distribution taxes are not considered.
Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market
trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its
accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The
views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and
is not intended to provide, and should not be relied on for accounting, legal or tax advice. References to future returns are not promises or
even estimates of actual returns a client portfolio may achieve.
The views expressed are those of J.P. Morgan Asset Management. They are subject to change at any time. These views do not necessarily
reflect the opinions of any other firm. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase
& Co. and its affiliates worldwide. Past performance may or may not be sustained in future. JPMorgan Asset Management India Pvt. Ltd.
offers only the units of the schemes under JPMorgan Mutual Fund, a mutual fund registered with SEBI.