fund facts - edelweissmf.com april 2012 .pdfan open-ended equity growth scheme the investment...
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Equity and debt review
Equity review
The February IIP print got reported at 4.1% versus 6.8% consensus estimate, which continued to surprise the market. The unexpected slowdown in the headline number could be attributed to the Consumer Goods growth turning negative, led by a contraction in durables. But, Capital goods reversed its recent negative trend. The credibility of the data was questioned again, with the downward revision in the January data from 6.8% to 1.1% due to an incorrect reporting of sugar output. Inflation: March WPI inflation came in at 6.89% versus 6.95% in Feb despite a powerful base effect present in the month. This could be attributed to the rise in primary products inflation. What was more comforting however was the core inflation, viz manufactured non-food print coming down to 4.9% - which is much closer to the RBI comfort level of 4%. The March CPI print on the other hand was much higher at 9.5% and has now seen an increasing trend every month since its inception. The uptrend in March could be attributed in large part to the increase in the food prices from 4.5% to 8.4%. In the light of liquidity issues and the slowing growth in the economy, the RBI finally kicked off its rate reversal cycle. The cut to the tune of 50bps in the repo rate was in fact higher than expected, but failed to cheer the market. The reaction perhaps remained subdued because of the hawkish statements issued by the RBI which tempered expectations of a further rate cut in the near future. This policy also saw the central bank release its FY13 guidance which has pegged the WPI at 6.5% and the growth at 7.3%.
Rupee continued with its downward spiral for the second consecutive month and ended another 4% lower at ~52.7. Worsening macro trends in the economy, reversing direction in foreign flows, return of sovereign debt worries in Europe and the continued strength in the USD would have all contributed to this decline. S&P also revised its outlook for India to negative which started talks of a possible rating change for the country to the non-investment grade category.
April saw the GAAR overhang continues to weigh on the market without much incremental clarity emerging on the issue. This could have possibly impacted the market volumes and FII flows during the month. News reports were rife with suggestions of a possible “sunset clause” in the final law (Bill to be tabled in the Parliament on May 7th) which could tone down the impact and even delay its implementation. But any formal confirmation of the same has not come through. Last month saw regulatory moves that took a lot of cos. by surprise. In the gas industry, the PNGRB ordered GAIL and IGL to cut pipeline tariff rates, with a possible overhang of this being applied retrospectively as well In the telecom industry, TRAI came out with recommendations for the fresh 2G auctions which specified a reserve price that would involve a large cash outgo & lead to a disruption in spectrum allocation – both of which are negative for the players. Most importantly of course, all of this highlighted the inherent regulatory risk still prevalent in the country
Indian equities recorded yet another month of weak performance (-0.9%) after having started the year with an impressive rally. With the overhang on GAAR related tax issues continuing all of this month, regulatory surprises continuing to catch the industry on the wrong foot and Europe concerns re-emerging, we failed to see any bounce in the market. So much so that the much-awaited RBI rate cut which in fact surprised on the upside, did little to change sentiments. For the first time this year, FIIs turned into net sellers and pared their India investments by $115mn. However, their YTD buying still remains an impressive $8.7bn. DIIs on the other hand, showed buying interest and net bought $154mn in April with the YTD net selling number now at $4.3bn. Amongst the DIIs, Mutual Funds continued to be net sellers to the tune of $132mn while the buying interest was seen from Insurance companies, who bought in close to $286mn
Given the overhang of potentially negative macro factors and little evidence of policy paralysis reversing; our portfolio continues to remain focused on consumption theme as against investment theme. Over the course of next few months we will closely watch if and how the deceleration in growth and sticky inflation impact consumption trends.
Source: Citigroup
Debt review
Month of April stood as a single month filled with lots of surprises and unanticipated events. Along with that, Inflation continued to be under 7.0% levels, with IIP continuing to be volatile.
Banking system liquidity was under RBI's comfort zone as the government started spending, due to which there was an improvement in the system liquidity.
Economic releases during the month were as follows: RBI's monetary policy: Set in a challenging economic environment, RBI began its rate cutting cycle by cutting repo rate 50 bps; ahead of market expectations taking repo rate to 8.00% and reverse repo to 7.00%; whereas CRR remained at 4.75%. Further, in a bid to address liquidity issues, the RBI raised the borrowing limit under the marginal standing facility. This allows banks to borrow overnight to the tune of 2% of NDTL v/s 1% earlier at a rate that is 100bps above the repo rate. Also, it has guided to FY13 GDP growth coming in at 7.3% and WPI inflation at 6.5%. But, more importantly, it has said that 'the economy is likely to revert close to its post-crisis trend in FY13, which does not leave much room for monetary policy easing without aggravating inflation risks'.
RBI has following concerns: 1.) uptick in global commodity prices and crude 2.) Fiscal Slippages 3.) Large government borrowing program 4.) Financing of the CAD remains a concern in the backdrop of the domestic and global situation.
Taking into account the above, and FY13 expectations for growth and inflation at 7% and 7.4% respectively, one could see one more rate cut later this year. However this will be data/event dependent. Upcoming policy reviews are on June 18th and July 31st.
Inflation March 2012: Headline inflation in March came in at 6.89% YoY v/s 6.95% last month. This was due to the unabated rise in primary product inflation which rose 9.6% from the low single digit readings earlier this year. The deceleration in manufactured non-food product inflation continued, with the Mar print at 4.6% v/s 5.7% last month and 8% levels earlier in the year. This was due to a deceleration across all product groups. For the next couple of months, we can see headline inflation between 6.5% - 7.0% levels mainly due to high base effect and moderating primary articles. In the near term INR movement, commodity prices and crude oil prices is bound to play an important role.
India's industrial production (IIP) February 2012: IIP continued to be volatile posting February output at 4.1% lower than the market expectations. On a sectoral basis; mining grew by 2.1%, manufacturing index rose by 4.1% and Electricity was at 8.0%. Most surprising element was the revision of the previous month's IIP output which was corrected to 1.1% vs. 6.8% previously reported. The correction was mainly from the front of sugar output which was over reported by ~2.5 times. Future development in political scenario and policy measures will be an important factor to govern IIP numbers.
S&P Revises Outlook from Stable to Negative: S&P lowered its outlook on India's long-term rating from Stable to Negative on the back of slowing growth and deterioration in the external and fiscal position. Long term sovereign ratings have been affirmed at BBB-. Signaling one-in-three chances of downgrade of ratings in the next 24 months. The reasons cited are not a surprise to the market; reasons are (1) fiscal deficit, (2) current account deficit and (3) growth prospects. The S&P “expects the government to face headwind in implementing policy measures to improve its fiscal and macroeconomic parameters in the near future, given the current unfavorable political environment.”
Going forward, a ratings downgrade will depend specifically on how the fiscal situation pans out. In the event of a failure in fiscal consolidation, a downgrade cannot be ruled out given that growth scenario will also continue remaining weak.
RBI is unlikely to cut sharply and we expect another 25-50 bps of rate cuts given that the upward pressure on inflation is likely to continue. CAD/GDP is likely around 4% and financing of this deficit will be difficult given the global and domestic fundamentals. We expect yields on the benchmark 10-year G-Sec to be in the range of 8.50-8.75% in coming months, with the timing of the peak dependent on the rate cut and quantum of OMO operations.
Source: RBI, S&P
Total expense ratio 2.33%
Total expense ratio(year-to-date ratio to average AUM)
Total stocks in portfolio 49Top 15 stocks 19.48%Total portfolio 34.24%
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 (%) 8.38Beta 0.88Sharpe ratio 0.40Total portfolio turnover ratio* 2.14(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Total turnover ratio (Equity)* 1.38Risk free rate of return (reverse repo)# 7.00%
JPMorgan India Equity Fund
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund managers: Equity
Total experience
Experience managing the scheme
Entry load - Exit load
Exit load (SIP)
Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Equity Fund
14 June 2007
An open-ended equity growth scheme
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.
Rs.5,000 per application plus in multiples of Re.1/- thereof
Rs.1,000 per application plus in multiples of Re.1/- thereof
Harshad Patwardhan & Amit Gadgil(years)
Harshad Patwardhan 17Amit Gadgil 9
Harshad Patwardhan 4 yrs, 10 monthsAmit Gadgil 4 yrs, 10 months
Nil
BSE-200 Index
Growth: 12.569Dividend: 11.671Past performance may or may not be sustained in future.
Rs. 301.03 crore
2%, If redeemed within 6 months from the date of
allotment in respect of purchase made other than
through SIP;
1.5%, If redeemed after 6 months up to 12 months
from the date of allotment in respect of purchase
made other than through SIP;
1%, If redeemed after 12 months up to 18 months
from the date of allotment in respect of purchase
made other than through SIP
2%, If redeemed within 6 months from the date of
allotment of units of each installment of SIP
purchase.
1.5%, If redeemed after 6 months up to 12 months
from the date of allotment of units of each
installment of SIP purchase.
1%, If redeemed after 12 months up to 18 months
from the date of allotment of units of each
installment of SIP purchase.
Holdings as on 30 April 2012 (in %)
Record date Rate CUM(Re/unit) dividend NAV
20 December 07 1.00 14.060
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
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
88.0%
8.0%
Portfolio analysis: Market cap-wise
Mega61.5%
Large26.2%
Mid9.4% Small
2.9%
Note: Mega-cap=above USD 10bn, Large cap=USD 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn
*Includes industrial capital goods / diversified / construction / industrial products.#Includes chemicals, fertilisers and transportation.
Telecom
Cement
Utilities
Metals/Minerals
Industrials/Infra*
Oil & Gas
Auto
Pharma
Technology
Consumer
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 5% 10% 15% 20% 25%
4.6%
8.1%
11.5%
15.7%
8.6%
2.4%
3.1%
Equity HoldingsITC 8.11HDFC Bank 6.62Tata Consultancy Services 4.51HDFC 4.47Infosys 4.17ICICI Bank 4.15Reliance Industries 3.78Tata Motors 3.76Cairn India 3.36State Bank of India 3.27Power Grid Corporation 3.14Sun Pharmaceutical Industries 2.84Bosch 2.68Hindustan Unilever 2.56Nestle India 2.48Total of Top 15 stocks 59.90Total of other equity 33.06Equity Holdings Total 92.96Cash & Other ReceivablesCBLO / Repo 8.60Net Receivables/(Payables) -1.56Cash & Other Receivables 7.04Grand Total 100.00
*Last 12 months#As on April 30, 2012
9.1%
1.8%
3.3%
0.0%>3
4.0%
24.8%
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund managers: Equity
Total experience
Experience managing the scheme
Entry load -
Exit load
Exit load (SIP)
Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Smaller Companies Fund
26 December 2007
An open ended equity growth scheme
The 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.
Rs 5,000 per application plus in multiples of Re. 1/-
thereafter
Rs 1,000 per application plus in multiples of Re. 1/-
thereafter
Harshad Patwardhan & Amit Gadgil
Nil
***CNX – Mid Cap
Growth: 7.551
Dividend: 7.551
Past performance may or may not be sustained
in future.
Rs. 137.93 crore
(years)
Harshad Patwardhan 17
Amit Gadgil 9
Harshad Patwardhan 4 years, 4 months
Amit Gadgil 4 years, 4 months
2%, If redeemed within 6 months from the date of
allotment in respect of purchase made other than
through SIP;
1.5%, If redeemed after 6 months up to 12 months
from the date of allotment in respect of purchase
made other than through SIP;
1%, If redeemed after 12 months up to 18 months
from the date of allotment in respect of purchase
made other than through SIP
2%, If redeemed within 6 months from the date of
allotment of units of each installment of SIP
purchase.
1.5%, If redeemed after 6 months up to 12 months
from the date of allotment of units of each
installment of SIP purchase.
1%, If redeemed after 12 months up to 18 months
from the date of allotment of units of each
installment of SIP purchase.
Holdings as on 30 April 2012 (in %)
JPMorgan India Smaller Companies Fund
Total stocks in portfolio 55Top 15 stocks 31.3%Total portfolio 63.5%
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.
Total expense ratio 2.43%
Total expense ratio(year-to-date ratio to average AUM)
Quantitative indicators
Standard deviation (%) 10.08Beta 0.93Sharpe ratio -0.75Portfolio turnover ratio* 1.82(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)Total turnover ratio (Equity)* 1.37Risk free rate of return (reverse repo)# 7.00%
*Includes industrial capital goods / diversified / construction / industrial products.#Includes chemicals, fertilisers and transportation.
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 5% 10% 15%
Others#
Utilities
Oil & Gas
Cement
Technology
Auto
Industrials/Infra*
Pharma
Financials
Consumer
13.1%
12.8%
4.8%
2.7%
2.3%
7.3%
6.1%
5.2%
19.2%
20%
Portfolio analysis: Market cap-wise
Note: Large cap=USD 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn
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
55
50
45
40
35
30
25
20
15
10
5
0<1 1-2 2-5 >5
No. of days
% o
f to
tal p
ort
foli
o 38.9%
24.8%25.9%
10.4%
*Last 12 months#As on April 30, 2012
17.4%
Equity HoldingsDivis Laboratories 4.35Glaxosmithkline Consumer Healthcare 4.25Cummins India 4.09Godrej Consumer Products 3.43Marico 3.13CRISIL 3.09Gruh Finance 2.94IPCA Laboratories 2.90Shree Cement 2.73Torrent Power 2.70ING Vysya Bank 2.58Sadbhav Engineering 2.45India Cements 2.44Berger Paints India 2.36Wabco India 2.35Total of Top 15 stocks 45.79Total of other equity 45.13Equity Holdings Total 90.92Cash & Other ReceivablesCBLO / Repo 9.87Net Receivables/(Payables) -0.79Cash & Other Receivables 9.08Grand Total 100.00
Mid54.2%
Small36.2%
Mega2.3% Large
7.3%
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund managers: Equity
Total experience
Experience managing the scheme
Entry load - Exit load - Exit load (SIP) - Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Tax Advantage Fund
27 January 09
An open ended equity linked savings scheme
The investment objective of the Scheme is to generate income and long-term capital 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.
Rs 500 per application and in multiples of Rs 500 thereafter
Rs 500 per application and in multiples of Rs 500 thereafter
Harshad Patwardhan & Karan Sikka(years)
Harshad Patwardhan 17Karan Sikka 7
Harshad Patwardhan 3 years, 3 monthsKaran Sikka Less than 8 months
NilNil
BSE-200 Index
Nil
Growth: 17.386Dividend: 14.079Past performance may or may not be sustained in future.
Rs. 4.21 crore
Holdings as on 30 April 2012 (in %)
Total expense ratio 2.50%
Total expense ratio (year-to-date ratio to average AUM)
JPMorgan India Tax Advantage Fund
Total stocks in portfolio 49Top 15 stocks 18.7%Total portfolio 33.0%
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 (%) 5.98Beta 0.68Sharpe ratio 3.01Portfolio turnover ratio* 1.43(including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities)
Total turnover ratio (Equity)* 1.43Risk free rate of return (reverse repo)# 7.00%
Quantitative indicators
Note: Mega-cap=above USD 10bn, Large cap=USD 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn
Record date Rate CUM(Re/unit) dividend NAV
15-Dec-09 1.5000 15.416025-Jan-10 1.4000 14.0250
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
Equity HoldingsITC 7.96HDFC Bank 6.46Tata Consultancy Services 4.49Housing Development Finance Corporation 4.45Infosys 4.16ICICI Bank 4.13Reliance Industries 3.76Tata Motors 3.75Cairn India 3.27State Bank of India 3.25Power Grid Corporation 3.07Sun Pharmaceutical Industries 2.77Bosch 2.62Hindustan Unilever 2.51Nestle India 2.43Total of Top 15 stocks 59.08Total of other equity 32.46Equity Holdings Total 91.54Cash & Other ReceivablesCBLO / Repo 4.75Net Receivables/(Payables) 3.71Cash & Other Receivables 8.46Grand Total 100.00
*Last 12 months#As on April 30, 2012
Portfolio analysis: Market cap-wise
Mega61.7%
Large26.0%
Small2.9%
Mid9.4%
*Includes industrial capital goods / diversified / construction / industrial products.# Includes transportation.
Telecom
Cement
Utilities
Metals/Minerals
Industrials/Infra*
Oil & Gas
Auto
Pharma
Technology
Consumer
Financials
Sec
tor
% of portfolio
Portfolio analysis: Sector-wise
0% 10% 15%
3.1%
3.2%
4.5%
8.0%
15.4%
1.8%
20%
2.4%
8.8%
8.5%
5%
11.4%
25%
24.6%
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund manager
Total experienceExperience managing the schemeEntry load - Exit load
Exit load (SIP)
Benchmark of the underlying fund
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
Portfolio Review:
Outlook:
JPMorgan JF Greater China Equity Off-shore Fund
26 August 2009
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 - JF 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.
Rs 10,000 per application plus in multiples of Re. 1/- thereafter
Rs 1,000 per application plus in multiples of Re. 1/- thereafter
Namdev Chougule
Nil
MSCI Golden Dragon Index (Total Return Net)
Growth: 12.457Past performance may or may not be sustained in future.
Rs. 101.21 crore
12 years2 yrs, 8 months
2%, If redeemed within 6 months from the date of allotment in respect of purchase made other than through SIP;1.5%, If redeemed after 6 months up to 12 months from the date of allotment in respect of purchase made other than through SIP;1%, If redeemed after 12 months up to 18 months from the date of allotment in respect of purchase made other than through SIP
2%, If redeemed within 6 months from the date of allotment of units of each installment of SIP purchase.1.5%, If redeemed after 6 months up to 12 months from the date of allotment of units of each installment of SIP purchase.1%, If redeemed after 12 months up to 18 months from the date of allotment of units of each installment of SIP purchase.
Greater China markets fell in March. The MSCI China index corrected the most, as mainland macro data indicated a sharper - than-expected deceleration and corporate earnings for 4Q11 were generally lackluster. In addition, rumors of political strife in China surfaced after Chongqing Mayor Bo Xilai was removed from his position. The MSCI Hong Kong index followed China, with the election of a more populist new Chief Executive, CY Leung, adding to the profit-taking atmosphere. Leung is perceived as less friendly for the property market than his predecessor. The MSCI Taiwan outperformed led by technology stocks. The strong outlook for makers of smartphones and tablets, paired with better-than-expected employment data in the US, a key market, kept the electronics stock index flat. This was despite falling regional markets and the Taiwanese government developing a capital gains tax on assets. The Fund outperformed against this backdrop. While the policy environment in all three markets remains in flux, we believe that the global economy will continue its recovery. China has already reached its inflection point in both fiscal and monetary policy. The 'bad news' of earnings season is completed and as a result, we remain constructive on equity markets in Greater China. We have added to our Chinese property and consumption positions during the month while trimming back on banks in all three markets.
International mutual fund units
JPMorgan Funds - JF Greater China Fund 99.07
International mutual fund units total 99.07
Cash & other receivables
CBLO / Repo 0.93
Net Receivables / (Payables) 0.00
Cash & other receivables Total 0.93
Grand Total 100.00
Holdings as of 30 April 2012 (in %)
JPMorgan JF Greater China Equity Off-shore Fund
Details of JPMorgan JF Greater China Equity Off-shore Fund
Total expense ratio 1.50%
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - JF Greater China Fund (underlying fund)
Equity holding Weight (%)
Taiwan Semiconductor (Information Technology) 5.90
China Mobile (Telecommunication Services) 4.80
China Construction Bank (Financials) 4.80
Industrial & Commercial Bank of China (Financials) 4.30
Tencent Holdings (Information Technology) 4.00
AIA Group (Financials) 3.90
CNOOC (Energy) 3.60
Cheung Kong (Financials) 3.00
China Petroleum & Chemical (Energy) 2.90
Hon Hai Precision Industry (Information Technology) 2.80
Total 40.00
Statistical analysis as on 31 March 2012
3 years 5 years
Correlation 0.98 0.99
Alpha -0.09 0.11
Beta 1.03 1.03
10 largest holdings as on 31 March 2012
Sector breakdown as on 31 March 2012
Sector Fund
Financials 36.9%
Information Technology 23.6%
Energy 9.1%
Consumer Discretionary 7.3%
Telecommunication Services 5.7%
Industrials 5.2%
Materials 5.1%
Consumer Staples 4.8%
Utilities 1.8%
Health Care 0.0%
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.
Geographical breakdown as on 31 March 2012
Country FundChina 51.1%Taiwan 28.3%Hong Kong 20.1%Cash 0.5%Total 100.0%
Equity holding Weight (%)Lukoil (Energy) 6.80MTN (Telecommunication Services) 5.80Sberbank (Financials) 5.70Mobile Telesystems (Telecommunication Services) 2.70Shoprite (Consumer Staples) 2.60Magnit (Consumer Staples) 2.50PKO Bank Polski (Financials) 2.30Novatek (Energy) 2.20Dixy (Consumer Discretionary) 2.20Dragon Oil (Energy) 2.10Total 34.90
Statistical analysis as on 31 March 2012
3 years 5 yearsCorrelation 0.98 0.98Alpha 0.13 -0.09Beta 1.01 1.08
10 largest holdings as on 31 March 2012
Geographical breakdown as on 31 March 2012
Country FundRussia 38.7%South Africa 32.9%Turkey 8.5%Poland 3.7%Kazakhstan 3.0%Nigeria 2.5%Qatar 1.6%United Arab Emirates 1.4%Luxembourg 1.2%United Kingdom 1.2%Ukraine 1.0%Oman 0.5%Ireland 0.5%Jordan 0.5%Other 0.4%Cash 2.4%Total 100.0%
Sector breakdown as on 31 March 2012
Sector Fund
Financials 22.3%
Energy 20.6%
Consumer Staples 16.5%
Telecommunication Services 12.4%
Materials 11.4%
Consumer Discretionary 9.3%
Industrials 4.3%
Health Care 0.5%
Utilities 0.0%
Information Technology 0.0%
Cash 2.4%
Total 100.0%
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund manager
Total experienceExperience managing the schemeEntry load - Exit load
Exit load (SIP)
Benchmark of the underlying fund
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
Portfolio Review:
Outlook:
JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund
An open-ended fund of funds scheme
The primary investment objective of the Scheme is to provide long term capital appreciation investing in JPMorgan Funds – Emerging Europe, Middle East and Africa 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, an emerging market in Central, Eastern and Southern Europe, Middle East or Africa. However, there can be no assurance 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.
12 years1 yr, 6 months
2%, If redeemed within 6 months from the date of allotment in respect of purchase made other than through SIP;1.5%, If redeemed after 6 months up to 12 months from the date of allotment in respect of purchase made other than through SIP;1%, If redeemed after 12 months up to 18 months from the date of allotment in respect of purchase made other than through SIP
2%, If redeemed within 6 months from the date of allotment of units of each installment of SIP purchase.1.5%, If redeemed after 6 months up to 12 months from the date of allotment of units of each installment of SIP purchase.1%, If redeemed after 12 months up to 18 months from the date of allotment of units of each installment of SIP purchase.
MSCI EMEA (Total Return Net)
Emerging EMEA was the worst regional performer in March, underperforming the broader asset class by falling 4.1% in USD terms. All regional markets with the exception of Turkey (+0.1%) were in negative territory, led by Russia (-5.8%). The Fund significantly outperformed the benchmark. Both stock selection and asset allocation contributed, in particular our investment ideas in Russia and South Africa, and our off-index exposures in Kazakhstan and Nigeria. An overweight position in Russia and an underweight in Poland, however, detracted.
Central banks almost everywhere are either easing monetary policy or have an easing bias and this provision of liquidity together with attractive valuations supports our positive outlook. We believe the business cycle has bottomed in emerging markets and see upgrades of analysts' earnings forecasts as confirmation of the turn. We do not expect a large reform agenda after the election in Russia. Instead, in our portfolios, we are focusing on robust domestic demand and investment supported by oil prices above USD100. In Egypt, we believe the currency is unsustainable at current levels given dwindling reserves and rising local prices. Hence, we will retain an underweight position towards the Egyptian market until a new equilibrium is found.
8 November 2010
Namdev Chougule
Nil
Growth: 10.196Past performance may or may not be sustained in future.
Rs. 2.95 crore
International mutual fund units JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 94.11Total of International Mutual Fund Units 94.11Cash & Other ReceivablesCBLO / Repo 6.57Net Receivables / (Payables) -0.68Total of Cash & Other Receivables 5.89Grand Total 100.00
Holdings as of 30 April 2012 (in %)
JPMorgan Emerging Europe, Middle East andAfrica Equity Off-shore Fund
Details of JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund
Total expense ratio 1.40%
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund
(underlying fund)
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.
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund manager
Total experienceExperience managing the schemeEntry load - Exit load
Exit load (SIP)
Benchmark of the underlying fund
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
Portfolio Review:
Outlook:
JPMorgan JF ASEAN Equity Off-shore Fund
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–JF 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.
Rs. 5,000 per application and in multiples of Re. 1 thereafter.
Rs. 1,000 per application and in multiples of Re. 1 thereafter.
12 years10 months
2%, If redeemed within 6 months from the date of allotment in respect of purchase made other than through SIP;1.5%, If redeemed after 6 months up to 12 months from the date of allotment in respect of purchase made other than through SIP;1%, If redeemed after 12 months up to 18 months from the date of allotment in respect of purchase made other than through SIP
2%, If redeemed within 6 months from the date of allotment of units of each installment of SIP purchase.1.5%, If redeemed after 6 months up to 12 months from the date of allotment of units of each installment of SIP purchase.1%, If redeemed after 12 months up to 18 months from the date of allotment of units of each installment of SIP purchase.
Morgan Stanley Capital International (MSCI) South East Asia Index
The MSCI South East Asia index gained about 0.2% and outperformed the MSCI Asia Pac ex Japan which closed down 3.0%. All ASEAN currencies weakened against the USD. Singapore inched 0.6% higher, but lagged behind Malaysia (+1.7%), Thailand (+3.1%), Indonesia (+3.4%) and Philippines (+4.3%). In Singapore, the growth outlook improved with NODX coming in stronger for February, up 30.5%, but headline inflation remains high at 4.6%yoy. In Malaysia, exports rose modestly in Jan (+0.4%) while inflation eased to 2.2%yoy. Bank Negara has narrowed its inflation forecast to 2.5%-3.0% for 2012. Trade balance improved in Thailand with February exports up 0.9% yoy, leading to the current account reaching a surplus for the first time in six months. Consumer and defensive names outperformed the cyclicals. Headline inflation rose to 3.45% in March. Likewise, inflation rose to 4.0% in Indonesia. In the Philippines, exports rose 3%yoy in January, the first increase in nine months. The government has committed to lift spending in 2012 by 12% and incur a deficit as much as about 2.8% of GDP. Headline inflation retreated from 4.0% in January to 2.7% yoy in February. We see some market consolidation, after the strong year-to-date rally, as healthy. News flow from the US and Europe will likely remain mixed and stock prices are likely to be driven by earnings and company specific news flow.
1 July 2011
Namdev Chougule
Nil
Growth: 12.193Past performance may or may not be sustained in future.
Rs. 163.05 crore
International mutual fund unitsJPMorgan Funds - JF ASEAN Equity Fund 98.39Total of International Mutual Fund Units 98.39Cash & Other ReceivablesCBLO / Repo 1.72Net Receivables / (Payables) -0.11Total of Cash & Other Receivables 1.61Grand Total 100.00
Holdings as of 30 April 2012 (in %)
JPMorgan JF ASEAN Equity Off-shore Fund
Details of JPMorgan JF ASEAN Equity Off-shore Fund
Total expense ratio 1.55%
Total expense ratio (year-to-date ratio to average AUM)
Details of JPMorgan Funds - JF ASEAN Equity Fund (underlying fund)
Equity holding Weight (%)Keppel (Industrials) 4.2Astra International (Consumer Discretionary) 3.3United Overseas Bank (Financials) 3.0United Tractors (Industrials) 2.9Kasikorn Bank (Financials) 2.9Capitaland (Financials) 2.8DBS Group Holding (Financials) 2.8Bank of Central Asia (Financials) 2.6Charoen Pokphand Food (Consumer Staples) 2.3Genting (Consumer Discretionary) 2.2Total 29.0
10 largest holdings as on 31 March 2012
Geographical breakdown as on 31 March 2012
Country FundSingapore 29.8%Thailand 26.2%Indonesia 24.8%Malaysia 12.6%Philippines 2.6%Cash 4.0%Total 100.0%
Sector breakdown as on 31 March 2012
Sector Fund
Financials 31.5%
Industrials 22.8%
Consumer Discretionary 13.6%
Consumer Staples 10.3%
Energy 8.0%
Materials 6.6%
Telecommunication Services 1.9%
Utilities 1.3%
Health Care 0.0%
Cash 4.0%
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.
In days Super Institutional Plan Retail Plan0.09 36 10.30% 0.35% 0.55%
Modified duration Average maturity Yield to Total expense ratio(years) maturity (YTM)# (year-to-date ratio to average AUM)
*The assigned rating AAAf 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
Allotment date
Scheme structure
Investment objective
Fund managers
Total experience
Experience in managing this scheme
Retail Plan
Super-Institutional Plan
Entry Load -
Entry Load (SIP)
Exit Load
Exit Load (SIP)
Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Liquid Fund
Super Institutional - 21 September 2007
Retail - 16 September 2008
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.
Namdev Chougule & Ravi Ratanpal
(in years)
Namdev Chougule 12
Ravi Ratanpal 7
Namdev Chougule 4 years
Ravi Ratanpal Less than 8 months
Minimum initial application amount: Rs. 5,000 per application and in multiples of Re. 1 thereafter.
Minimum additional application amount: Rs. 1000 per application and in multiples of Re. 1 thereafter.
Minimum Amount / No. of Units for Redemption: Rs. 5000 or 500 units
Minimum initial application amount: Rs. 1 Crore per application and in multiples of Re. 1 thereafter.
Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 thereafter.
Minimum Amount / No. of Units for Redemption: Rs. 5000 or 500 units
Nil
Nil
Nil
Nil
CRISIL Liquid Fund Index
Retail Growth 12.8401
Retail Daily Dividend 10.0150
Retail Weekly Dividend 10.0310
Retail Fortnightly Dividend 10.0371
Retail Monthly Dividend 10.0284
Super Institutional Growth 14.0188
Super Institutional Daily Dividend 10.0079
Super Institutional Weekly Dividend 10.1102
Super Institutional Monthly Dividend 10.0463
Past performance may or may not be sustained in future.
Rs. 1397.12 crore
JPMorgan India Liquid Fund
Holdings as on 30 April 2012 (in %)
Name of the instrumentMoney Market Instruments
Certificate of Deposit
Indusind Bank ICRA A1+ 10.21
Bank of India CRISIL A1+ 9.76
UCO Bank CRISIL A1+ 6.99
Canara Bank CRISIL A1+ 6.53
State Bank of Mysore ICRA A1+ 6.20
Union Bank of India ICRA A1+ 6.19
Allahabad Bank CRISIL A1+ 5.92
Axis Bank CRISIL A1+ 2.46
Oriental Bank of Commerce CRISIL A1+ 2.28
Punjab National Bank ICRA A1+ 1.62
Corporation Bank CRISIL A1+ 1.57
Central Bank of India CRISIL A1+ 0.84
Punjab & Sind Bank ICRA A1+ 0.33
Kotak Mahindra Bank ICRA A1+ 0.32
IDBI Bank CRISIL A1+ 0.03
Certificate of Deposit Total 61.25
Commercial Paper
National Housing Bank CRISIL A1+ 9.71
ECL Finance CRISIL A1+ 6.52
Reliance Capital CRISIL A1+ 6.46
IDFC ICRA A1+ 3.60
Redington India ICRA A1+ 3.27
Indian Oil Corporation CRISIL A1+ 2.91
Commercial Paper Total 32.47
Money Market Instruments Total 93.72
Cash & Other Receivables
CBLO / Repo 5.42
Net Receivables/(Payables) 0.86
Cash & Other Receivables 6.28
Grand Total 100.00
Cash & Other Receivables
CRISIL A1+, ICRA A1+
Rating profile
93.72%
6.28%
Dividend details (Re / Unit)Record Date Gross Dividend CUM Dividend NAV
Super Institutional Dividend - Monthly
27-Feb-12 0.08631419 10.1189
26-Mar-12 0.07561205 10.1082
25-Apr-12 0.08436214 10.1170
Retail Dividend - Monthly
27-Feb-12 0.08436889 10.0994
26-Mar-12 0.07393912 10.0889
25-Apr-12 0.08255974 10.0976
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/-.
Asset allocation (% of total)
100
90
80
70
60
50
40
30
20
10
0
Certificate ofDeposit
61.25%
Cash andOther Receivables
6.28%
CommercialPaper
32.47%
Dividend details (Re / Unit) Name of the scheme
Allotment date
Scheme structure
Investment objective
Fund managers
Total experience
Experience in managing this scheme
Retail Plan
Super-Institutional Plan
Entry Load
Entry Load (SIP)
Exit Load
Exit Load (SIP)
Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Treasury Fund
Super Institutional - 21 September 2007
Retail - 16 September 2008
An open-ended income scheme
The 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.
Namdev Chougule & Ravi Ratanpal
(in years)
Namdev Chougule 12
Ravi Ratanpal 7
Namdev Chougule 4 years
Ravi Ratanpal Less than 8 months
Minimum initial application amount: Rs. 5,000 per
application and in multiples of Re. 1 thereafter.
Minimum additional application amount: Rs. 1000
per application and in multiples of Re. 1 thereafter.
Minimum Amount/No. of Units for Redemption: Rs.
5000 or 500 units
Minimum initial application amount: Rs. 1 Crore per
application and in multiples of Re. 1 thereafter.
Minimum additional application amount: Re. 1 per
application and in multiples of Re. 1 thereafter.
Minimum Amount/No. of Units for Redemption: Rs.
5000 or 500 units
- Nil
Nil
Nil
Nil
CRISIL Liquid Fund Index
Retail Growth 12.8982
Retail Daily Dividend 10.0353
Retail Weekly Dividend 10.0875
Retail Monthly Dividend 10.0453
Super Institutional Growth 14.1518
Super Institutional Daily Dividend 10.0089
Super Institutional Weekly Dividend 10.0804
Super Institutional Monthly Dividend 10.0203
Past performance may or may not be sustained
in future.
Rs. 793.93 crore
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/-.
In days Super Institutional Plan Retail Plan0.34 136 10.85% 0.50% 0.75%
Modified duration Average maturity Yield to Total expense ratio(years) maturity (YTM)# (year-to-date ratio to average AUM)
JPMorgan India Treasury Fund
Name of the instrument Rating % to NAV
Holdings as on 30 April 2012 (in%)
**The assigned rating AAAf 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.
Record Date Gross Dividend CUM Dividend NAV
Super Institutional Dividend - Monthly
27-Feb-12 0.08511736 10.0916
26-Mar-12 0.07060460 10.0771
25-Apr-12 0.08311811 10.0896
Retail Dividend - Monthly
27-Feb-12 0.08291688 10.1146
26-Mar-12 0.06882862 10.1005
25-Apr-12 0.08123218 10.1129
CommercialPaper
Cash andOther Receivables
80
70
60
50
40
30
20
10
0
62.98%
Asset allocation (% of total)
Certificateof deposit
Cash & Other Receivables
CRISIL A1+, ICRA A1+
Rating profile
95.32%
4.68%
Money Market Instruments
Certificate of Deposit
Oriental Bank of Commerce CRISIL A1+ 11.49
Indusind Bank ICRA A1+ 8.47
State Bank of Mysore CRISIL A1+ 8.23
Canara Bank CRISIL A1+ 7.87
IDBI Bank CRISIL A1+ 5.35
Punjab National Bank CRISIL A1+ 5.31
Corporation Bank CRISIL A1+ 5.25
State Bank of Patiala CRISIL A1+ 3.24
Central Bank of India CRISIL A1+ 3.22
Punjab National Bank ICRA A1+ 2.75
State Bank of Hyderabad CRISIL A1+ 1.05
ICICI Bank ICRA A1+ 0.56
UCO Bank CRISIL A1+ 0.19
Certificate of Deposit Total 62.98
Commercial Paper
ECL Finance CRISIL A1+ 11.28
Edelweiss Financial Services CRISIL A1+ 11.28
National Housing Bank CRISIL A1+ 9.78
Commercial Paper Total 32.34
Money Market Instruments Total 95.32
Cash & Other Receivables
CBLO / Repo 3.65
Net Receivables/(Payables) 1.03
Cash & Other Receivables 4.68
Grand Total 100.004.68%
32.34%
100
90
80
70
60
50
40
30
20
10
0
JPMorgan India Active Bond Fund
In days Retail Plan
5.93 4284 2.00%
Modified duration Average maturity Total expense ratio
(years) (year-to-date ratio to average AUM)
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/-.
Record Date Gross Dividend CUM Dividend NAVRETAIL DIVIDEND07-Oct-08 0.20000000 10.251322-Jan-09 0.42500000 10.5850INSTITUTIONAL DIVIDEND07-Oct-08 0.20000000 10.274722-Jan-09 0.30000000 10.6346
Dividend details (Re / Unit)
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund managers
Total experience
Experience in managing this scheme
Entry load -
Exit load -
Exit load (SIP)- only for retail plan -
Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Active Bond Fund
27 June 2008
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.
Retail Plan: Rs. 5,000 per application and in
multiples of Re 1 thereafter.
Institutional Plan: Rs. 1 Crore per application and
in multiples of Re. 1 thereafter.
Rs 1,000 per application and in multiples of Re 1
thereafter under both the plans.
Namdev Chougule & Ravi Ratanpal
(in years)
Namdev Chougule 12
Ravi Ratanpal 7
Namdev Chougule 3 yrs
Ravi Ratanpal 4
Nil
Retail plan: For any amount, if redeemed within
one year of allotment of units: 1.00%
Institutional plan: For any amount, if redeemed
within one year of allotment of units: 1.00%
For any amount, if redeemed within one year of
allotment of units: 1.00%
CRISIL Composite Bond Fund Index
, 10 months
months
Retail - Growth 11.7294
Retail - Dividend 11.0405
Past performance may or may not be sustained in future.
Rs. 1.86 crore
#The assigned rating AAAf 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.
Holdings as on 30 April 2012 (in%)
Asset allocation (% of total)
Name of the instrument % to NAV
Government Bond and Treasury Bill
Government Bond
Government of India SOV 93.51
Government Bond Total 93.51
Government Bond and Total Treasury Bill Total 93.51
Cash & Other Receivables
CBLO / Repo 2.59
Net Receivables / (Payables) 3.90
Cash & Other Receivables Total 6.49
Grand Total 100.00
Rating profile
Cash & Other ReceivablesCash & Other Receivables
6.49%
Government Bond
93.51%
93.51%
6.49%
SOV
90
80
70
60
50
40
30
20
10
0
JPMorgan India Short Term Income Fund
In days
1.33 866 10.65% 0.92%
Modified duration Average maturity Yield to Total expense ratio
(years) maturity (YTM)## (year-to-date ratio to average AUM)
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/-.
Record Date Gross Dividend CUM Dividend NAV
Monthly Dividend
27-Feb-12 0.08305012 10.1247
26-Mar-12 0.06253679 10.1041
25-Apr-12 0.05689884 10.0985
Dividend details (Re / Unit)
Name of the scheme
Allotment date
Scheme structure
Investment objective
Minimum investment amount
Additional investment amount
Fund managers
Total experience
Experience in managing this scheme
Entry load -
Exit load -
Benchmark
NAV (as at 30 April 2012, in Rs.)
Average AUM (April 2012)
JPMorgan India Short Term Income Fund
25 March 2010
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.
Namdev Chougule & Ravi Ratanpal
(in years)
Namdev Chougule 12
Ravi Ratanpal 7
Namdev Chougule 2 yrs, 1 month
Ravi Ratanpal 4 months
Nil
Within six months from the date of allotment in
respect of Purchase made other than through SIP:
0.60%
Within six months from the date of allotment in
respect of each Purchase made through SIP: 0.60%
CRISIL Short - Term Bond Fund Index
Growth 11.7489
Weekly Dividend 10.0116
Fortnightly Dividend 10.0211
Monthly Dividend 10.0436
Past performance may or may not be sustained in future.
Rs. 485.71 crore
#The assigned rating AAAf is valid only for "JPMorgan India Short Term Income 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.
Holdings as on 30 April 2012 (in%) Asset allocation (% of total)
Name of the instrument Rating % to NAV
CORPORATE DEBT
NON-CONVERTIBLE DEBENTURES
Sundaram Finance FITCH AA+ 2.97
LIC Housing Finance CRISIL AAA 0.99
Non-convertible Debentures Total 3.96
Corporate Debt Total 3.96
Money Market Instruments
Certificate of Deposit
Axis Bank ICRA A1+ 10.23
IDBI Bank CRISIL A1+ 9.28
Central Bank of India CRISIL A1+ 8.61
State Bank of Patiala CRISIL A1+ 8.44
State Bank of Mysore ICRA A1+ 4.74
Punjab National Bank CRISIL A1+ 4.65
State Bank of Bikaner & Jaipur CRISIL A1+ 4.64
Indusind Bank ICRA A1+ 3.63
Allahabad Bank CRISIL A1+ 2.36
Certificate of Deposit Total 56.58
Commercial Paper
ECL Finance CRISIL A1+ 9.80
Edelweiss Financial Services CRISIL A1+ 9.80
National Housing Bank CRISIL A1+ 2.54
Commercial Paper Total 22.14
Money Market Instruments Total 78.72
Government Bond And Treasury Bill
Government Bond
Government of India SOV 16.02
Government Bond Total 16.02
Government Bond and Treasury Bill Total 16.02
Cash & Other Receivables
CBLO / Repo 0.32
Net Receivables/(Payables) 0.98
Cash & Other Receivables 1.30
Grand Total 100.00
Cash & Other Receivables
CRISIL A1+, ICRA A1+, FITCH AA+, CARE AAA, Sov
Rating profile
98.70%
1.30%
CommercialPaper
22.14%
Certificateof Deposit
56.58%
Non convertibleDebentures
3.96%
Cash & OtherReceivables
1.30%
16.02%
GovernmentBond
Scheme Returns
JPMorgan India Tax Advantage Fund - Growth Option
JPMorgan India Smaller Companies Fund - Growth Option
JPMorgan India Equity Fund - Growth Option Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Tax Advantage Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection
Oriented Fund (debt portion)• JPMorgan JF Greater China Equity
Offshore Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan JF ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plan Series
6,7,8,9
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Capital Protection
Oriented Fund (equity portion)
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection
Oriented Fund (debt portion) • JPMorgan India Fixed Maturity Plan Series
6,7,8,9
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Capital Protection
Oriented Fund (equity portion)
NOTES1. The returns for JPMorgan India Fixed Maturity
Plan Series 6,7,8,9, and JPMorgan India Capital Protection Oriented Fund have not been disclosed as these are close ended schemes and not comparable with other debt schemes.
2. The scheme returns for JPMorgan JF ASEAN Equity Off-shore Fund have not been disclosed since the scheme has not been in existence for more than a year.
Returns as on 30 March 2012
Returns as on 30 March 2012
Returns as on 30 March 2012
Date NAV per unit as on the first day Scheme CNX MIDCAP# SENSEX##of the period mentioned (Rs.) (%) (%) (%)
^Since inception till March 30 2012 10.000 -6.31% -3.27% -3.42%*March 31 2011 to March 30 2012 7.616 -0.58% -4.09% -10.50%*March 31 2010 to March 31 2011 6.844 11.28% 4.35% 10.94%*March 31 2009 to March 31 2010 3.067 123.15% 126.12% 80.54%
Date NAV per unit as on the first day Scheme BSE 200# SENSEX##of the period mentioned (Rs.) (%) (%) (%)
^Since inception till March 30 2012 10.000 19.21% 25.03% 23.07%*March 31 2011 to March 30 2012 18.742 -6.79% -9.28% -10.50%*March 31 2010 to March 31 2011 16.441 14.00% 8.15% 10.94%*March 31 2009 to March 31 2010 10.017 64.13% 92.87% 80.54%
Date NAV per unit as on the first day Scheme BSE 200# SENSEX##of the period mentioned (Rs.) (%) (%) (%)
^Since inception till March 30 2012 10.000 4.97% 4.72% 4.32%*March 31 2011 to March 30 2012 13.518 -6.64% -9.28% -10.50%*March 31 2010 to March 31 2011 11.814 14.42% 8.15% 10.94%*March 31 2009 to March 31 2010 6.449 83.19% 92.87% 80.54%
JPMorgan JF Greater China Equity Off-Shore Fund - Growth Option Returns as on 30 March 2012
NAV as on March 30, 2012 Rs. 12.621
Allotment date: June 14, 2007, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
# Scheme benchmark returns, ## Additional benchmark returns,
NAV as on March 30, 2012 Rs. 7.572
Allotment date: December 26, 2007, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
#Scheme benchmark returns, ##Additional benchmark returns,
NAV as on March 30, 2012 Rs. 17.47
Allotment date: January 27, 2009, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
#Scheme benchmark returns, ##Additional benchmark returns,
NAV as on March 30, 2012 Rs. 11.846
Allotment date: August 26, 2009, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, **Not Applicable,
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme BSE 200 # SENSEX##12,621 12,477 12,253
Scheme CNX MIDCAP # SENSEX##7,572 8,676 8,619
JPMorgan India Liquid Fund - Growth Option (Retail Plan) Returns as on 30 March 2012
Date NAV per unit as on the first day Scheme CRISIL Liquid CRISILof the period (%) Fund Index# 1 year T-Bill
mentioned (Rs.) (%) Index ##^Since inception till March 30 2012 10.0000 7.06% 6.60% 5.47%&7 days 12.7037 10.02% 9.75% 8.81%&15 days 12.6803 9.84% 9.78% 8.34%&30 days 12.6308 9.71% 9.56% 9.18%*March 31 2011 to March 30 2012 11.6591 9.20% 8.44% 6.59%*March 31 2010 to March 31 2011 10.9401 6.57% 6.21% 3.86%*March 31 2009 to March 31 2010 10.4827 4.36% 3.69% 3.08%
NAV as on March 30, 2012 Rs. 12.7316
Allotment date: September 16, 2008, ^CAGR Returns, *Absolute Returns, Simple annualisation of yields. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
#Scheme benchmark returns, ##Additional benchmark returns, &
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme CRISIL Liquid CRISIL 1 yearFund Index# T-Bill Index ##
12,732 12,539 12,074
Date NAV per unit as on the first day Scheme Equivalent return in Indian Additionalof the period mentioned (Rs.) (%) Rupee of Benchmark Benchmark
of the underlying fund Returns## (%)*March 31 2011 to March 30 2012 11.931 -0.71% 4.06% NA***March 31 2010 to March 31 2011 10.362 15.14% 14.07% NA**
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Fund - Growth Option
Returns as on 30 March 2012NAV as on March 30, 2012 Rs. 9.921
Allotment date: November 8, 2010, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, **Not Applicable,
Date NAV per unit as on the first day Scheme Equivalent return in Indian Additionalof the period mentioned (Rs.) (%) Rupee of Benchmark Benchmark
of the underlying fund Returns## (%)*March 31 2011 to March 30 2012 10.046 -1.24% 0.26% NA**
Scheme BSE 200# SENSEX##17,470 20,326 19,329
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme Returns
JPMorgan India Active Bond Fund - Growth Option (Retail Plan)
JPMorgan India Short Term Income Fund - Growth Option
Date NAV per unit as on the first day Scheme CRISIL Short- CRISILof the period mentioned (Rs.) (%) Term Bond Fund 1 year T-Bill
Index# (%) Index##*March 31 2011 to March 30 2012 10.6738 9.54% 8.28% 6.59%*March 31 2010 to March 31 2011 10.0088 6.64% 5.12% 3.86%
JPMorgan India Treasury Fund - Growth Option (Super Institutional Plan)
Fund Managers:
Harshad Patwardhan• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Tax Advantage Fund
Namdev Chougule• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection
Oriented Fund (debt portion)• JPMorgan JF Greater China Equity
Offshore Fund• JPMorgan Emerging Europe, Middle East
and Africa Equity Off-shore Fund• JPMorgan JF ASEAN Equity Off-shore Fund• JPMorgan India Fixed Maturity Plan Series
6,7,8,9
Amit Gadgil• JPMorgan India Equity Fund• JPMorgan India Smaller Companies Fund• JPMorgan India Capital Protection
Oriented Fund (equity portion)
Ravi Ratanpal• JPMorgan India Liquid Fund• JPMorgan India Treasury Fund• JPMorgan India Active Bond Fund• JPMorgan India Short Term Income Fund• JPMorgan India Capital Protection
Oriented Fund (debt portion) • JPMorgan India Fixed Maturity Plan Series
6,7,8,9
Karan Sikka• JPMorgan India Tax Advantage Fund• JPMorgan India Capital Protection
Oriented Fund (equity portion)
NOTES1. The returns for JPMorgan India Fixed Maturity
Plan Series 6,7,8,9, and JPMorgan India Capital Protection Oriented Fund have not been disclosed as these are close ended schemes and not comparable with other debt schemes.
2. The scheme returns for JPMorgan JF ASEAN Equity Off-shore Fund have not been disclosed since the scheme has not been in existence for more than a year.
Returns as on 30 March 2012
Returns as on 30 March 2012
Returns as on 30 March 2012
Date NAV per unit as on the first day Scheme CRISIL Liquid CRISILof the period mentioned (Rs.) (%) Fund Index# 1 year T-Bill
(%) Index##^Since inception till March 30 2012 10.0000 7.76% 6.78% 5.30%*March 31 2011 to March 30 2012 12.8107 9.52% 8.44% 6.59%*March 31 2010 to March 31 2011 12.0002 6.75% 6.21% 3.86%*March 31 2009 to March 31 2010 11.4128 5.15% 3.69% 3.08%
Date NAV per unit as on the first day Scheme CRISIL Composite CRISILof the period mentioned (Rs.) (%) Bond Fund Index # 10 year Gilt
(%) Index ##^Since inception till March 30 2012 10.0000 4.75% 7.10% 6.46%*March 31 2011 to March 30 2012 11.1953 6.36% 7.68% 2.43%*March 31 2010 to March 31 2011 10.4435 7.20% 5.06% 4.61%*March 31 2009 to March 31 2010 10.2798 1.59% 5.41% 3.60%
JPMorgan India Treasury Fund - Growth Option (Retail Plan) Returns as on 30 March 2012
Date NAV per unit as on the first day Scheme CRISIL Liquid CRISILof the period mentioned (Rs.) (%) Fund Index# 1 year T-Bill
(%) Index##^Since inception till March 30 2012 10.0000 7.20% 6.60% 5.47%*March 31 2011 to March 30 2012 11.7062 9.26% 8.44% 6.59%*March 31 2010 to March 31 2011 10.9929 6.49% 6.21% 3.86%*March 31 2009 to March 31 2010 10.4808 4.89% 3.69% 3.08%
JPMorgan India Liquid Fund - Growth Option (Super Institutional Plan) Returns as on 30 March 2012
Date NAV per unit as on the first day Scheme CRISIL Liquid CRISILof the period mentioned (Rs.) (%) Fund Index# 1 year T-Bill
(%) Index##^Since inception till March 30 2012 10.0000 7.54% 6.78% 5.30%&7 days 13.8677 10.23% 9.75% 8.81%&15 days 13.8416 10.06% 9.78% 8.34%&30 days 13.7864 9.92% 9.56% 9.18%*March 31 2011 to March 30 2012 12.7022 9.42% 8.44% 6.59%*March 31 2010 to March 31 2011 11.8947 6.79% 6.21% 3.86%*March 31 2009 to March 31 2010 11.3746 4.57% 3.69% 3.08%
NAV as on March 30, 2012 Rs. 13.8988
NAV as on March 30, 2012 Rs. 12.7902
NAV as on March 30, 2012 Rs. 14.0303
NAV as on March 30, 2012 Rs. 11.6924
NAV as on March 30, 2012 Rs. 11.9071
Allotment date: September 21, 2007, ^CAGR Returns, *Absolute Returns, Simple annualisation of yields. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, #Scheme benchmark returns, &
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme CRISIL Liquid CRISILFund Index# 1 year T-Bill
Index ##13,899 13,457 12,636
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme CRISIL Liquid CRISILFund Index# 1 year T-Bill
Index##12,790 12,539 12,074
Allotment date: September 16, 2008, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, #Scheme benchmark returns,
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme CRISIL Liquid CRISILFund Index# 1 year T-Bill
Index##14,030 13,457 12,636
Allotment date: September 21, 2007, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, #Scheme benchmark returns,
Allotment date: March 25, 2010, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, #Scheme benchmark returns,
Allotment date: June 27, 2008, ^CAGR Returns, *Absolute Returns. Note: Since Inception returns have been calculated from the date of allotment. Past performance may or may not be sustained in future.
##Additional benchmark returns, #Scheme benchmark returns,
Current value of Standard Investment of Rs. 10,000 (in Rs.)invested since inception in the
Scheme CRISIL Composite CRISILBond Fund Index# 10 year Gilt
Index ##11,907 12,943 12,653