JPM US Aggregate Bond

Document Sample
JPM US Aggregate Bond Powered By Docstoc
                                              Leadership in Fund               Morningstar Overall RatingsTM
                                              Management, Asia 4)                                                                   1 2 3 4 5

JPM US Aggregate Bond
JPM share class of JPMorgan Funds                                                                                                                                                                                   April 2010

Fund objective                                                      • The fund invests in US fixed income instruments and is exposed to interest rate and
To achieve a return in excess of US bond markets by                   credit risk.
investing primarily in US fixed and floating rate debt              • Investors may be subject to substantial losses.
securities.                                                         • Before you decide to invest, make sure the intermediary has explained to you that the fund is
                                                                      suitable to you. Please refer to the offering document(s) for details.

                                                                Performance from 15.09.00 to 31.03.10
Fund Manager's report
                                                                              180                                                                                                         80                JPM US Aggregate
Portfolio Review: Economic growth in the US economy                                                                                                                                                         Bond A (inc)
is recovering, evidenced by two quarters of positive GDP
                                                                              160                                                                                                         60
growth and modest improvement in employment. Over
                                                                                                                                                                                                            Barclays Capital
the last quarter, income growth was positive, firms                                                                                                                                                         US Aggregate Total
continued to bring inventories in line with projected                         140                                                                                                         40

                                                                                                                                                                                                 % CHANGE

sales, and household net wealth stabilized. However,
economic growth is still being spurred by significant fiscal                  120                                                                                                         20
Outlook: Spread sectors continued to outpace                                  100                                                                                                         0
Treasuries in March, and our overweight to spread
product was positive on performance. Our allocation to                         80                                                                                                         -20
mortgages generally outperformed the pass-through only                              00    01       02          03   04        05          06       07        08         09        10
index (Barclays), driven by security selection within the
sector. CMBS finished the month as the best performing
sector in the index (Barclays), and our underweight was a       Cumulative performance %
slight negative to performance. Corporate bonds also                                                                                1 month             1 year            3 years              5 years              Since launch
continued their rally, and our underweight was a slight             Fund                                                              +0.0               +9.4              +21.0                +30.2                  +65.9
detractor; which was offset by our allocation to other              Benchmark                                                         -0.1               +7.7              +19.6                +30.3                  +76.7
spread sectors.

                                                                Calendar Year performance %
                                                                                                                                       2005             2006           2007             2008                2009       2010YTD
                                                                    Fund                                                              +2.2              +3.4            +5.5             +4.6                +9.1          +1.9
                                                                    Benchmark                                                         +2.6              +4.3            +6.6             +5.6                +5.9          +1.8
Portfolio information
Fund manager                       Douglas Swanson, USA
Launch date1)                                      15.09.00
                                                                Portfolio analysis
Fund size (m)                                  USD 690.4                                                                                                      0.2%           Non-Corporate Credit
                                                                                                                                                              0.5%           Agency
Base currency and NAV per share                 USD 12.44                                                                                                     0.8%           Net Liquidity
12 month              High           USD 12.49 (08.02.10)                                                                                                     1.5%           Asset Backed Securities
NAV:                  Low            USD 11.82 (07.04.09)                                                                                                     1.6%           CMBS
                                                                                                                                                              15.6%          Corporate (Investment Grade)
Charges:              Initial#               3.0% of NAV                                                                                                      27.0%          Treasuries/Futures
                      Redemption            Currently 0%                                                                                                      52.8%          Mortgage (Prepay Sensitive)
                                          (up to 0.5% of NAV)
                      Management fee               0.9% p.a.
Last dividend value (xd date)        USD 0.53 (02.09.09)
Fund Yield2)                                         4.26%
SEDOL/ISIN codes                4379438/LU0117838564            Top five holdings (as at end February 2010)
Bloomberg code                                FLEUDBI LX            Holding                                                                                                                                                  %

Portfolio characteristics                                           US Treasury 8.88% 15/08/17                                                                                                                              4.0
                                                                    US Treasury 7.5% 15/11/16                                                                                                                                1.7
Bond quality           AAA: 79.3% / AA: 5.4% / A: 8.2%              US Treasury 0% 15/08/16                                                                                                                                  1.6
                               BBB: 4.7% / <BBB: 1.7%
                                                                    US Treasury 0% 15/11/16                                                                                                                                  1.4
Average: duration/maturity           4.7 years / 5.6 years
                                                                    US Treasury 7.25% 15/05/16                                                                                                                              0.8
Yield to maturity                                    4.40%

Statistical analysis
                                                                              For more information, please contact your bank, financial adviser or visit
                                3 years   5 years launch3)
Correlation                        0.90    0.90        0.93
                                                                Unless stated otherwise, all information as at the last valuation date of the previous month. Source: JFAM/JPMAM/Barclays Capital (NAV to NAV in USD with income
Alpha %                            0.10    0.06        -0.02    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. The time difference between fund NAV calculation and US market closing can distort the Fund's relative performance. Any overweight in
Beta                               0.86     0.87       0.93

                                                                any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly. 1)Available for
                                                                purchase in Hong Kong on 20.04.09. 2)Fund yield is defined as the total amount of fund distribution per share made over the previous 12 months divided by the
Annual volatility %                3.98     3.53        3.89    current NAV per share. Positive distribution yield does not imply positive return. Dividend is not guaranteed. 3)With the exception of the "Average annual return"
                                                                figure, all data are calculated from the month end after inception. 4)Asia Asset Management 'Best of the Best' Awards 2009.
Sharpe ratio                       1.03     0.56       0.64
                                                                Investment involves risk. Past performance is not indicative of future performance. Funds which are invested in
Annual tracking error %            1.86     1.59        1.48    emerging markets and smaller companies may also involve a higher degree of risk and are usually more sensitive to
                                                                price movements. Please refer to the offering document(s) for details, including the risk factors.
Average annual return %            6.57     5.41       5.44
                                                                This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.