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J.P. Morgan Asset Management

PRI reporting framework 2020

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Peering questions

OO LE 01. Breakdown of listed equity investments by passive and active strategies

LE 01.1. Provide a breakdown of your internally managed listed equities by passive, active - quantitative (quant), active - fundamental and active - other strategies.

Percentage of internally managed listed equities
0 Passive
12 Active - quantitative (quant)
88 Active - fundamental and active - other
Total 100%

LE 01.2. Additional information. [Optional]

The Global Equities team comprises 360 investment professionals, led by our Head of the Global Equity Paul Quinsee. As at December 2018, our range of equity strategies has a combined AUM of USD440 billion. We offer a number of strategies across the risk/return spectrum, designed to meet a broad range of investor needs. In our Research Driven process,  we seek out companies that combine characteristics, including (1) attractive valuation defined as stocks whose dividend discount return (DDR) ranks in the top two quintiles of their respective sectors, (2) sustainable or improving ability to generate cash flow, (3) return-focused, shareholder-friendly management and (4) timely catalyst that enables a stocks to realize its inherent value. Our Behavioral Finance process is based on the belief that persistent growth and value anomalies exist in markets caused by persistent biases of market participants. These anomalies can be exploited by combining disciplined stock screening processes with fundamental research. Our Manager Driven process focuses on identifying “quality” companies that are well-managed, profitable, possess solid balance sheets and are growing faster relative to peers, yet trade at reasonable multiples. In Emerging Markets, we believe opportunities are best exploited through deep local knowledge, combined with insights of sector specialists.

 

 


OO LE 02. Reporting on strategies that are <10% of actively managed listed equities (Not Applicable)


OO FI 01. Breakdown of fixed income investments by passive and active strategies

FI 01.1. Provide a breakdown of your internally managed fixed income securities by active and passive strategies

SSA
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Total 100%
Corporate (financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Total 100%
Corporate (non-financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Total 100%
Securitised
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Total 100%

FI 01.2. Additional information. [Optional]

As of 31 December 2019, the Global Fixed Income Currencies & Commodities (GFICC) team actively managed USD 603 billion in fixed income and currency assets. The team, led by Chief Investment Officer and Global Head of GFICC, Bob Michele, consists of over 275 investment professionals operating in every major market around the world. The team oversees a broad range of fixed income strategies, including broad market, long duration, stable value, intermediate, high yield, emerging market debt, short and ultra-short duration, global bonds, structured products, mortgages and tax-aware strategies.

We utilize a disciplined and systematic process to evaluate and identify attractive investment opportunities through analysis of fundamental, quantitative and technical investment factors. Our analysts perform independent research on relevant investment topics including ESG factors across the various sectors which portfolio managers consider in positioning portfolios. GFICC maintains a robust meeting schedule to bring global investment insights together in our team-based approach. This investment process generates bottom up and top down insights which feed into quarterly meetings of senior investors from each sector. The Investment Macro Strategy team sets the foundation of our macro investment process, establishing themes that will broadly guide investment strategies going forward.

We seek to add value by drawing upon the expertise of locally based sector specialist and portfolio management teams using internally generated fundamental, quantitative and technical research inputs. We then allocate risk using a rigorous and methodical portfolio construction process. Therefore pleaes note that the below split betwen active quatntitative versus fundamental fluctuates.

Note: 275 investment professionals includes portfolio managers, research analysts, traders and client portfolio managers with VP title and above.


OO FI 02. Reporting on strategies that are <10% of actively managed fixed income (Not Applicable)


OO FI 03. Fixed income breakdown by market and credit quality

Update: this indicator has changed from "Mandatory to report, voluntary to disclose" to "Mandatory". Your response to this indicator will be published in the Public Transparency Report. This change is to enable improved analysis and peering.

FI 03.1. Indicate the approximate (+/- 5%) breakdown of your SSA investments, by developed markets and emerging markets.

SSA
77 Developed markets
23 Emerging markets
Total 100%
Indicate the approximate (+/- 5%) breakdown of your corporate and securitised investments by investment grade or high-yield securities.
Type
Investment grade (+/- 5%)
High-yield (+/- 5%)
Total internally managed
Corporate (financial)
100%
Corporate (non-financial)
100%
Securitised
100%

FI 03.3. Additional information. [Optional]

If you are invested in private debt and reporting on ratings is not relevant for you, please indicate below


OO SAM 01. Breakdown of externally managed investments by passive and active strategies (Not Applicable)


OO PE 01. Breakdown of private equity investments by strategy

PE 01.1. Provide a breakdown of your organisation’s internally managed private equity investments by investment strategy.

Investment strategy 

Percentage of your internally managed
private equity holdings (in terms of AUM)
Venture capital
Growth capital
(Leveraged) buy-out
Distressed/Turnaround/Special Situations
Secondaries
Other investment strategy, specify (1)
Other investment strategy, specify (2)
Total 100%

Other investment strategy, specify (1)

          Mezzanine, real estate
        

Other investment strategy, specify (2)

          Direct investments
        

PE 01.2. Additional information. [Optional]

The Private Equity Group ("PEG" or "Group") has an investment strategy focused on identifying opportunities that it believes will provide the highest risk-adjusted returns. In terms of investment type, PEG invests in primary partnerships, direct and secondary investments. Our team oriented, consensus-driven decision making process ensures that the merits, risks, and findings during each step of the process in evaluation of opportunities are documented, discussed and retained. We are flexible in our sourcing approach, actively searching for private equity investment opportunities across PEG's own personal network, general partners, vintage years, industry sectors, stages of business development, investment cycles and geographies, based on market opportunities and investment trends, but remain selective, only investing in opportunities offering the most compelling risk/returns. Our analysts perform independent research on relevant investment topics including ESG factors across the various sectors which portfolio managers consider in positioning portfolios. While our portfolios have appropriate diversification, given our philosophy to invest in opportunities offering the most compelling risk/returns, we have consciously and tactically moved in and out of sectors and strategies .


OO PE 02. Typical level of ownership in private equity investments (Private)


OO PR 01. Breakdown of property investments (Private)


OO PR 02. Breakdown of property assets by management (Private)


OO PR 03. Largest property types (Private)


OO INF 01. Breakdown of infrastructure investments (Private)


OO INF 02. Breakdown of infrastructure assets by management (Private)


OO INF 03. Largest infrastructure sectors (Private)


OO HF 01. Breakdown of hedge funds investments by strategies (Private)


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