49361=JPM Cautious Total Return Fund - April Performance Raw Data by asafwewe


									For professional advisers only | Not for onward distribution

JPM Cautious Total Return Fund – April 2009
All data as at 30 April 2009 unless otherwise indicated

Portfolio Review
The equity market rally that began in March continued into April, and the JPM Cautious Total Return Fund produced a return of 0.6% after fees.

Our current fund positioning is shown below:

 JPM Cautious Total Return Fund                                                         Total Delta 12.78%                125
                                                          Weights                               Names                                                  Cautious Total Return Fund
                                                                                                                         120                           1 month GBP LIBOR
  Equity                                                  14.80%                                   43
  Futures                                                 -4.89%                                    2                     115
  Options*                                                 -1.14%                                   6                     110
  TRS*                                                    0.00%                                    0
  Converts                                                26.19%                                   40                    105
  Bonds                                                   27.87%                                   26
  FRN                                                      0.16%                                    5
  Funds                                                   0.00%                                     0
  Cash & MM                                               37.01%
  Total                                                  100.00%                                  287
Source: J.P. Morgan Asset Management. *Delta adjusted.                                                                   All performance in GBP for the A share class.

Market Review
Risk appetite returned to the market in April, with global equity and credit markets leading the rally. The MSCI World Index (hedged to GBP) returned
9.8%, while global bonds (JPMGBI, hedged to GBP) fell 0.5%. Source: Bloomberg. Returns throughout are in GBP. Figures rounded to one decimal place.

Fund review
April was a better month for the JPM Cautious Total Return Fund, as the fund produced a positive return. The portfolio’s equity exposure remained
mid range at around 15-20%, with a tilt towards US large-cap names, and we added to a select number of cyclical names in Asia. This defensive mix
lagged the overall rally and the stock portion of the portfolio underperformed the strong returns of the MSCI World Index. Our gold exposure was a
particular drag, as the safe haven properties of the metal became less valued; however we remain positive on gold given its diversification properties.

We increased our exposure to convertibles during the month. New issuance was very strong, with companies using the market to repair damaged
balance sheets. We expect strong issuance to continue and will look to selectively increase our exposure. Fixed income exposure was detrimental
and we cut some of our positions.

Market outlook
We remain sceptical of the longevity of the rally, believing that many of the policy responses, while positive, have failed to address the underlying
structural issues. In our view, the market has failed to adequately reflect the likelihood of a multi-year period of lacklustre growth. We will look to keep
to our current themes of liquidity, visibility and quality in our core investments and will add to positions, particularly in Asia, with the ability to
benefit from cyclical-driven rallies.

For more information please contact our brokerline 0800 727 7700 www.jpmorganassetmanagement.co.uk
Source for fund performance: JPM/JPMorgan Chase as at 30.04.09. All performance details are nav to nav, net of fees with net income reinvested.
Telephone calls are recorded to ensure compliance with our legal and regulatory obligations and internal policies. The information in this document is based on our understanding of law and regulation at the time of print and is subject to
change. Past performance is not a guide to the future and investors may not get back the full amount invested. The value of investments and the income from them may fall as well as rise and investors may not get back the full amount
invested. Total Return Funds do not have a capital guarantee. Performance may show periodic shortfalls against the target return and the fund will not benefit from strong equity market performance to the same extent as a fund which has
no limitation on direct equity investing. Issued by JPMorgan Asset Management Marketing limited which is authorised and regulated by the Financial Services Authority. Investment is subject to documentation (Prospectus, Simplified
Prospectus and Terms and Conditions), copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Registered in England No. 288553, 125 London Wall, London EC2Y 5AJ. LV – JPM2868 05/09

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