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Morningstar Overall RatingsTM Risk Asset Management Company in Asia - 2009, 2010 & 2011 3) 1 2 3 4 5 JPM Evergreen May 2012 Fund objective • The Fund invests in collective investment schemes, which have underlying exposures primarily to To seek to produce a competitive total return in different equities and fixed income instruments. As a result the Fund is exposed to interest rate and credit market conditions by means of an actively managed risk as well as equity and currency market risks. portfolio of collective investment schemes managed by • Investors may be subject to substantial losses. the Manager, its connected parties or external parties. • Investors should not solely rely on this document to make any investment decision. Performance from 02.02.04 to 30.04.12 220 120 JPM Evergreen 180 80 Fund Manager's report % CHANGE Portfolio Review: It was another month of sideways REBASED 140 40 movement as investors sought clarity over the big macro issues of the day. In Europe, the news flow turned more cautious as recessions were confirmed in the UK and the 100 0 European periphery, and as Spanish and Italian bond yields moved higher. In the US, data releases were mixed, although Q1 earnings releases were generally 60 -40 ahead of expectations. Only in China did economic data 04 05 06 07 08 09 10 11 12 surprise positively, thanks to signs of official relaxation in the provision of new credit. Outlook: Our best guess is that we are in the midst of a Cumulative performance % trading range for most equity markets, which points to 1 month 1 year 3 years 5 years Since launch limited downside (unless we get a repeat of last year's systemic risks), but also limited upside. If deleveraging Fund -0.6 -3.4 +31.7 +12.7 +62.8 pressure intensifies then of course asset prices can fall since valuations will contract, earnings growth will slow and risk premia will rise. Conversely, if growth in the developed world becomes self sustaining and risk premia Calendar Year performance % fall back to more "normal" levels, the combination of 2007 2008 2009 2010 2011 2012YTD continued profits growth, and rising valuations (sustained by abundant liquidity) could take equities substantially Fund +8.5 -19.4 +21.1 +10.7 -6.0 +6.8 higher. But outside of these two tail scenarios, the most likely outcome is that markets will churn and rotate, as we wait for direction from policy or macro developments. Portfolio analysis 4.2% Equity Global 6.2% Others 6.3% Equity Europe Portfolio information 7.1% Net Liquidity 8.0% Commodity Sector Fund manager Jonathan Lowe, Hong Kong 12.3% Equity US Launch date 02.02.04 13.1% Equity Sector 18.7% Equity Asia Fund size (m) USD 36.3 24.1% Fixed Income Broad Market Base currency and NAV per unit USD 16.28 12 month High USD 16.84 (03.05.11) NAV: Low USD 14.51 (04.10.11) Charges: Initial 3.0% of NAV Top ﬁve holdings (as at end March 2012) Redemption 0.5% of NAV Holding % Management fee 0.5% p.a. JPMIF - Global High Yield Bond Fund 8.2 Last distribution (xd date) N/A JPMF - US Select 130/30 Fund2) 8.1 SEDOL/ISIN codes B42GQ83/HK0000055829 JPMF - US Technology Fund2) 7.5 Bloomberg code JFEVRGU HK iShares Barclays 7-10 Year Treasury Bond Fund 7.1 JPMF - Japan Strategic Value Fund 6.7 Statistical analysis Since For more information, please contact your bank, financial adviser or visit 3 years 5 years launch1) www.jpmorganam.com.hk Correlation - - - Alpha % - - - Unless stated otherwise, all information as at the last valuation date of the previous month. Source: JPMAM (NAV to NAV in USD with income reinvested). Source of star rating: Morningstar, Inc. Risk ratings (if any) are based on JPMAM's assessment of relative risk by asset class and is subject to change. This is for reference only. Beta - - - The Fund also has the flexibility to invest in third party funds when opportunities arise. Any overweight in any investment holding exceeding the limit set out in the 211 Investment Restrictions was due to market movements and will be rectified shortly. Top ten holdings is available upon request. It should be noted that due to the Annual volatility % 10.17 11.26 9.58 difference of the fund domiciles the valuation points used by the JF funds and JPMorgan series of funds for fair valuation (where applied) may vary. For details please refer to the respective offering document(s). 1)With the exception of the "Average annual return" figure, all data are calculated from the month end after Sharpe ratio 0.91 0.08 0.38 inception. 2)This Fund/share class is not authorised in Hong Kong and is not available to Hong Kong residents. 3)The Asset Triple A Investment Awards. For 2011, the award is 'Asset Management Company of the Year, Asia – Retail'. Annual tracking error % - - - Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) for details, including the risk factors. Average annual return % 9.62 2.41 6.09 This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.
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