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JPMorgan Emerging Markets Class C - Income (GBP)

Sell:168.40p Buy:168.40p Change: 0.50p (0.30%)
Prices as at 18 November 2024
Sell:168.40p
Buy:168.40p
Change: 0.50p (0.30%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 18 November 2024
Sell:168.40p
Buy:168.40p
Change: 0.50p (0.30%)
Prices as at 18 November 2024
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

Leon Eidelman first joined JPMorgan in 2002 and became co-manager of this fund in 2013. He was appointed lead manager in 2016 and has final responsibility over which companies make it in and out of the fund. He also makes use of the input and challenge provided by his co-manager, Austin Forey.

Austin Forey is a seasoned emerging markets investor and has managed money in emerging markets since 1994. His career at JPMorgan began in 1988 during which he's built up an extensive knowledge of global markets. His analyst career focussed on the engineering, financials, and property sectors. He served as deputy head of UK research before joining the emerging markets team in 1994.

The managers benefit from a well-resourced team of around 140 individuals across nine countries. From Seoul to Mumbai, they have eyes in most corners of the market. We think this is invaluable given the vast range of countries, cultures, and companies within their investable universe.

Eidelman and Forey have remained loyal to the group and spent their entire careers at JPMorgan, and we think they are dedicated to the emerging markets group. We view it positively that the managers are incentivised to focus on long-term performance.

Our view on the sector

The emerging markets are a diverse range of economies stretching from Asia and Eastern Europe to South Africa and Latin America. Some are rich in commodities and natural resources, some rely on exporting goods to Western economies, and others have a vibrant consumer-driven society. They're all at different stages of economic development and while we think they've got great long-term growth prospects, they're more volatile and higher-risk than more developed ones. We think a broad global emerging markets fund could be a good starting point, then there are others that focus on a specific country or region.

Performance Analysis

Austin Forey and Leon Eidelman have delivered strong returns to long-term investors. Over the past decade the fund has outperformed both the IA sector average and the benchmark. Our analysis suggests this is down to the managers stock picking ability.

However, recent performance has been weaker with stock selection dragging on relative performance. Over the long term, we remain confident in the managers ability to outperform. Although, investors should be aware that emerging markets are volatile and investment styles can come in and out of favour.

Investment Philosophy

The managers aim for the fund to perform better than the broader emerging stock market by investing in high-quality companies that can sustain earnings growth over the long term. They believe most investors underestimate the potential for share price growth in companies that can grow their earnings at a sustainable pace over a long period of time. This could help them buy company shares at a reasonable price and hold on to them as they grow their profits, and hopefully their share prices, over the long run.

Process and Portfolio Construction

As lead manager, Eidelman oversees how the fund is constructed. He also leans on the wider team of analysts who carry out extensive research and provide new ideas. They typically travel across the region to visit companies and gain insight into what's happening in different economies.

The team looks for quality companies with the aim of calculating how much a company will grow its earnings over the next five years. They consider the financial strength of a business, the quality of the management team and the decisions it takes, and the level of corporate governance. Other factors, such as the dividends a company pays and how changes in a country's currency might impact a business, are also considered.

This whittles a large universe down to a final portfolio of around 60-100 companies. Geographically, the managers find most opportunities in China, India, and Taiwan, that said they do invest less than the benchmark here. In contrast, they invest more in countries like Mexico and Brazil.

The managers mainly invest in large, established firms, but also invest in some medium-sized companies with greater growth prospects. They also have the flexibility to invest in higher-risk smaller companies, though they have tended not to venture in this area of the market.

question mark Manager Track Record Based on HL Quantitative Research

  • JPM Emerging Markets A Acc
  • JPM Emerging Markets C Net Acc
  • IA Global Emerging Markets
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

18/11/19 to 18/11/20 18/11/20 to 18/11/21 18/11/21 to 18/11/22 18/11/22 to 18/11/23 18/11/23 to 18/11/24
Annual return 26.50% 2.79% -21.84% -0.86% 6.54%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Leon Eidelman
Manager start date: 15 February 2013
Manager located in: New York

Leon Eidelman, managing director, is a portfolio manager within the Emerging Markets and Asia Pacific (EMAP) Equities team based in New York. An employee since 2002, Leon is a member of the group of global emerging markets portfolio managers responsible for the fundamental, bottom-up portfolios, including the GEM Discovery and GEM Focused strategies. He is lead manager of the GEM Discovery strategy and is a portfolio manager on the GEM Focused strategy. Leon holds a B.A. in Economics with a concentration in Finance from Cornell University and is a CFA Charterholder.

manager photo
Manager Name: Austin Forey
Manager start date: 1 July 1997
Manager located in: London

Austin Forey, managing director, is a portfolio manager for the Global Emerging Markets (GEM) Focused strategy within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 1988, Austin has fulfilled his role as a GEM portfolio manager since 1994. Prior to this he worked in the U.K. team, where he was deputy head of U.K. research. Before this, Austin worked as a research analyst covering engineering, and subsequently all financial sectors, including property; his other responsibilities included the co-management of a mid-cap investment trust, and two specialist unit trusts. Austin obtained a B.A. in Modern Languages from Cambridge University, and earned a Ph.D. in Modern Languages from Cambridge University.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now