fact sheet - copy - edelweissmf.com - jan… · · 2015-02-05lower oil prices and government...

FUND FACTSJanuary, 2015

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


through SIP - Nil

Exit load (SIP)


allotment of Units of each installment of SIP

purchase 1%;


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



Direct Plan - Dividend Option 18.9330Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 325.5 crore


JPMorgan India Mid and Small Cap Fund


&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%



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


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%


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%


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


Scheme structure

An open ended equity linked savings scheme


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


Rs 500 per application and in multiples of Rs 500

thereafter


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#







in future.


Rs. 9.75 crore


JPMorgan India Tax Advantage Fund


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%


Record date Rate CUM (Re/unit) dividend NAVDirect Plan Dividend Option


Dividend History



>`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


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)


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



Direct Plan - Dividend Option 12.3790Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 176.93 crore


JPMorgan India Top 100 Fund



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%


*Includes industrial capital goods / diversified / construction / industrial products.

^Includes transportation.

Sec

tor

% of portfolio


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%


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%


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%


^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%


**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 - Bonus Option 10.6058



Direct Plan - Bonus Option 10.6251Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 318.1 Crore


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


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


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%


Total stocks in portfolio 33


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.


>`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


Scheme structure

An open ended fund of funds scheme


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.


Rs 10,000 per application plus in multiples of Re.

1/- thereafter


Rs 1,000 per application plus in multiples of Re. 1/-

thereafter

Entry load - Nil

Exit load



through SIP - 1%;



through SIP - Nil

Exit load (SIP)



purchase 1%;


allotment of units of each installment of SIP

purchase - Nil

Benchmark of the underlying fund

MSCI Golden Dragon Index





in future.


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%


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


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


Scheme structure

An Open-ended Fund of Funds Scheme


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


Experience managing the scheme 3 years, 6 months


Rs. 5,000 per application and in multiples of Re. 1

thereafter.



thereafter.

Entry load - Nil

Exit load



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)



purchase 1%;If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil


MSCI South East Asia Index




Past performance may or may not be sustained in

future.


Rs. 169.07 crore


JPMorgan Funds - ASEAN Equity Fund 100.63%



CBLO / Repo 0.68%

Net Receivables / (Payables) (1.31%)

Cash & Other Receivables Total (0.63%)

Grand Total 100.00


JPMorgan ASEAN Equity Off-shore Fund

Details of JPMorgan ASEAN Equity Off-shore Fund


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%



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 Fund

Financials 45.1%

Industrials 13.0%




Utilities 5.2%

Energy 4.4%

Health Care 1.9%

Materials 0.9%


Cash 3.5%

Total 100.0%


JPMorgan ASEAN Equity Off-shore Fund ASEAN Equity Fund

(underlying fund)




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



To provide longterm capital growth by investing

primarily in a value style biased portfolio of US

companies.

Fund manager

Namdev Chougule


Experience managing the scheme 1 yr, 5 months

For all Plans

Minimum investment amount


thereafter.



thereafter.

Entry load - Nil

Exit load



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)



purchase 1%;

If redeemed after 18 months from the date of allotment of units of each installment of SIP purchase - Nil


Russell 1000 Value Index





in future.


Rs. 189.58 crore


JPMorgan Funds - US Value Fund 100.82%



CBLO / Repo 0.69%



Grand Total 100.00


JPMorgan US Value Equity Off-shore Fund

Details of JPMorgan US Value Equity Off-shore Fund


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%



Sector Fund

Financials 33.8%


Health Care 10.3%

Energy 10.1%


Industrials 6.6%


Utilities 5.2%

Materials 4.4%


Total 100.0%


JPMorgan US Value Equity Off-shore Fund US Value Equity Fund

(underlying fund)




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



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


Experience managing the scheme 12 months

For all Plans



thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;


Exit load (SIP)



purchase 1%;



MSCI Europe Index





in future.


Rs. 183.64 crore


JPMorgan Europe Dynamic Equity Offshore Fund 100.21%



CBLO / Repo 0.78%



Grand Total 100.00


JPMorgan Europe Dynamic Equity Off-shore Fund

Details of JPMorgan Europe Dynamic Equity Offshore Fund


Details of JPMorgan Europe Dynamic Equity Offshore Fund


JPMorgan Europe Dynamic Equity Offshore Fund Europe Dynamic Equity Fund

(underlying fund)



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%



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 Fund

Financials 23.4%


Health Care 9.8%


Materials 9.2%


Industrials 7.6%


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



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


Experience managing the scheme 7 months

For all Plans



thereafter.



thereafter.

Entry load - Nil

Exit load



through SIP - 1%;


Exit load (SIP)



purchase 1%;



MSCI Emerging Market Index





in future.


Rs. 11.3 crore


JPMorgan Emerging Markets Opportunities Equity Offshore Fund 98.19%



CBLO / Repo 2.24%


Cash & Other Receivables Total 1.81%

Grand Total 100.00


Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund


Details of JPMorgan Emerging Markets Opportunities Equity Off-shore Fund


JPMorgan Emerging Markets Opportunities Emerging Markets Opportunities

Equity Off-shore Fund Equity Off-shore Fund (underlying fund)



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.


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%



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 Fund



Financials 22.3%


Energy 5.4%

Materials 5.1%


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.


Rating % to NAV

Name of the scheme

JPMorgan India Liquid Fund

Allotment date

Super Institutional - 21 September 2007

Retail - 16 September 2008


Scheme structure

An open ended Liquid Scheme


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


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


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 17.8575


Annual Dividend Option


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


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


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


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%


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


Daily Dividend Option


Weekly Dividend Option


Fortnightly Dividend Option


Monthly Dividend Option

Super Institutional Plan - Bonus Option 12.0624




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


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


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


CBLO / Repo 7.49



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%


Certificateof deposit

9.50%

33.10%

CorporateDebt

7.74%


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)


Money MarketBond

19.09%

9.50%

Unrated

JPMorgan India Active Bond Fund


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


Name of the scheme

JPMorgan India Active Bond Fund

Allotment date

Retail Plan - 27 June 2008

Institutional Plan - 27 June 2008


Scheme structure

An open ended income scheme


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.


Rs. 5,000 per application and in multiples of Re 1

thereafter.


Re 1 per application and in multiples of Re 1

thereafter.

Fund managers



Namdev Chougule 13

Ravi Ratanpal 10



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




Retail Plan - Growth Option 15.0637

Retail Plan - Dividend Option 14.1682

Institutional Plan - Growth Option 12.5763

Institutional Plan - Dividend Option 12.5544



#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.


Name of the instrument % to NAV

Rating profile


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


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)


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


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


25-Nov-14 0.11376872 10.2553

26-Dec-14 0.09208805 10.2336

27-Jan-15 0.09755650 10.2391


Name of the scheme

JPMorgan India Short Term Income Fund

Allotment date

Regular Plan - 25 March 2010


Scheme structure

An open ended income scheme


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.


Rs 5,000 per application and in multiples of Re 1

thereafter.


Rs 1,000 per application and in multiples of Re 1

thereafter.

Fund managers



Namdev Chougule 13

Ravi Ratanpal 10



Ravi Ratanpal 3 years

Entry load - Nil

Exit load - Nil (w.e.f. Feb. 1, 2015)

Benchmark

CRISIL Short-Term Bond Fund Index




Regular Plan - Weekly Dividend Option 10.1616

Regular Plan - Fortnightly Dividend Option 10.1947

Regular Plan - Monthly Dividend Option 10.1578








Rating profile

63.08%

7.54%


60

50

40

30

20

10

0


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







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.



Rating profile

91.58%

8.42%


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


CorporateDebt

91.58%


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)



25-Nov-14 0.06744142 10.3337

26-Dec-14 0.05045429 10.3168

27-Jan-15 0.07340028 10.4169


25-Nov-14 0.06472636 10.3237

26-Dec-14 0.04781619 10.3068

27-Jan-15 0.07683773 10.4068



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




CBLO / Repo 2.49



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






Regular Plan - Annual Dividend Option 11.6924Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 657.73 crore




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


CBLO / Repo 3.86



Grand Total 100.00

Rating profile

93.13%



100

90

80

70

60

50

40

30

20

10

0



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)



25-Sep-14 0.04861500 10.0986

27-Oct-14 0.04566627 10.0957

25-Nov-14 0.60245043 10.6525



Dividend NAV


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








Regular Plan - Annual Dividend Option 10.6026Past performance may or may not be sustained in future.Average AUM (January 2015)Rs. 99.01 crore




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




CBLO / Repo 16.19



Grand Total 100.00


100

90

80

70

60

50

40

30

20

10

0



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)


Rating profile

80.72%

19.28%


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



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




JPMorgan India Mid and Small Cap Fund - Direct Plan Growth Option Returns as on 31 December 2014


JPMorgan India Tax Advantage Fund - Regular Plan Growth Option Returns as on 31 December 2014





JPMorgan India Tax Advantage Fund - Direct Plan Growth Option Returns as on 31 December 2014




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


#CNX MIDCAP ##S&P BSE SENSEX

#CNX MIDCAP ##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


JPMorgan US Value Equity Offshore Fund-Regular Plan Growth Option Returns as on 31 December 2014


#Russell 1000 Value Index

JPMorgan US Value Equity Offshore Fund-Direct Plan Growth Option Returns as on 31 December 2014


#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



Scheme Benchmark # Additional (Rs) (Rs) Benchmark## 16,159 15,855 14,726

#CRISIL Liquid Fund Index ##CRISIL 1 Year T-Bill Index

Fund Managers:

















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



Scheme Benchmark # Additional (Rs) (Rs) Benchmark ## 17,736 17,012 15,412


JPMorgan Greater China Equity OffShore Fund - Direct Plan Growth Option Returns as on 31 December 2014


#MSCI Golden Dragon Index

Scheme Returns


JPMorgan India Treasury Fund - Super Institutional Plan Growth Option Returns as on 31 December 2014





JPMorgan India Treasury Fund - Direct Plan Growth Option Returns as on 31 December 2014



JPMorgan India Treasury Fund - Retail Plan Growth Option Returns as on 31 December 2014








JPMorgan India Short Term Income Fund - Regular Plan Growth Option


Returns as on 31 December 2014




#CRISIL Short-Term Bond Fund Index ##CRISIL 1 Year T-Bill Index

Fund Managers:

















JPMorgan India Short Term Income Fund - Direct Plan Growth Option


Returns as on 31 December 2014



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



Scheme Returns


JPMorgan India Active Bond Fund - Direct Plan Growth Option Returns as on 31 December 2014



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


JPMorgan India Banking and PSU Debt Fund-Regular Plan Growth Option Returns as on 31 December 2014



JPMorgan India Banking and PSU Debt Fund-Direct Plan Growth Option Returns as on 31 December 2014





Fund Managers:

















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





Scheme Returns

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#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.

fact sheet - copy - edelweissmf.com - jan… · · 2015-02-05lower oil prices and government...

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