Morningstar® Fund Report™|10/08/2025
JPMorgan Multi Income (USD)
Performance History 31/07/2025
Growth of 1,000(USD)
Fund 9.10 -12.18 7.72 7.43 5.96
+/-Cat 1.79 1.97 -2.61 -0.03 -0.81
+/-Idx 1.56 1.27 -6.09 -1.65 -1.70
Category: USD Moderate Allocation
Index: Morningstar EAA USD Mod Target Allocation NR USD
Trailing Returns 07/08/2025
Fund +/-Idx
YTD 6.37 -2.24
3 Years 19.39 -10.43
5 Years 27.70 -8.31
10 Years 53.96 -25.49
12 Month Yield 4.74
Dividend Paying Frequency Monthly
Key Stats
Morningstar Category
USD Moderate Allocation
Morningstar Rating™
ISIN
HK0000084514
NAV 07/08/2025
USD 10.2700
Day Change
0.20%
Total Net Assets (mil)
31/07/2025
USD  3598.32
Front Load Fee
3.00%
Deferred Load Fee
-
Manager Name
Gerhardt (Gary) Herbert
Eric Bernbaum
Leon Goldfeld
Michael Schoenhaut
Inception Date
09/09/2011
Benchmark
Fund Benchmark
Not Benchmarked
Morningstar® Benchmark
Morningstar EAA USD Mod Target Allocation NR USD
Investment strategy
To maximize the income return primarily through investing in a diversified portfolio of income producing equities, bonds and other securities. In addition, the Fund aims to provide medium to long term moderate capital growth. The Manager will seek to achieve these objectives by active asset allocation to, and within, different asset classes and geographies. The asset classes include but are not limited to investment grade bonds, below investment grade bonds, high yield bonds, emerging market bonds, convertible bonds, real estate investment trusts (“REITs”) and equities.
Portfolio Profile 30/06/2025
Morningstar Style Box®_Morningstar:
Equity Style
Morningstar Style Box®_Morningstar:
Fixed Income Style
Asset Allocation %
% Long % Short % Net Assets
Stocks 42.49 0.04 42.46
Bonds 50.39 0.00 50.39
Cash 121.76 119.02 2.74
Other 4.41 0.00 4.41
Fixed Income
Effective Maturity (Y) 4.80
Effective Duration 5.66
Average Credit Quality -
Top 5 Regions %
United States 59.07
Eurozone 12.94
Asia - Developed 6.29
United Kingdom 4.28
Asia - Emerging 4.06
Top 5 Sectors %
Technology 10.80
Financial Services 6.49
Communication Services 4.65
Consumer Cyclical 4.00
Industrials 3.51
Top 5 Holdings Sector %
Microsoft Corp Technology Technology 1.24
United States Treasury Notes 4.25% 1.05
Taiwan Semiconductor Manufacturing Co Ltd Technology Technology 1.00
Meta Platforms Inc Class A Communication Services Communication Services 0.82
Fidelity National Information Services Inc Technology Technology 0.49
Return Charts
3 Months 6 Months 1 Year 3 Years 5 Years 10 Years
Index Currency
UPDATE
Fund: JPMorgan Multi Income (USD)
Index: Please select ...
Annual Returns 31/07/2025
2018 2019 2020 2021 2022 2023 2024 2025
Total Return -5.03 14.81 4.73 9.10 -12.18 7.72 7.43 5.96
+/- Category 1.57 -0.07 -2.77 1.79 1.97 -2.61 -0.03 -0.81
+/- Index -0.75 -1.29 -5.53 1.56 1.27 -6.09 -1.65 -1.70
% Rank (Rel to Cat) 30 50 72 30 29 79 53 79
Trailing Returns 07/08/2025
Total Return +/- Category +/- Index
1 Day 0.20 0.15 0.00
1 Week 0.39 -0.76 -0.87
1 Month 1.06 -0.11 -0.45
3 Months 5.31 -0.59 -0.86
6 Months 4.21 -0.75 -2.10
YTD 6.37 -1.27 -2.24
1 Year 10.41 -1.04 -2.36
3 Years 19.39 -3.63 -10.43
5 Years 27.70 -0.62 -8.31
10 Years 53.96 -2.34 -25.49
Quarterly Returns 31/07/2025
Quarter 1 Quarter 2 Quarter 3 Quarter 4
2025 0.62 4.61 - -
2024 2.46 1.36 5.54 -1.99
2023 2.54 0.14 -2.42 7.50
2022 -4.03 -8.81 -4.74 5.33
Dividend 07/08/2025
12 Month Yield 4.74
2025 0.41
2024 0.70
2023 0.70
2022 0.52
Morningstar Rating™ 31/07/2025
3-Year
5-Year
10-Year
Overall
Volatility Measurements 31/07/2025
1-Yr Volatility 6.01%   3-Yr Volatility 8.55%
1-Yr MaximumDrawdown -2.30% 3-Yr MaximumDrawdown -8.27%
1 Yr Sharpe Ratio 0.53 3-Yr Sharpe Ratio 0.14
3-Yr Mean Return 0.50%
Investment Style Details 30/06/2025
Morningstar Style Box®_Morningstar:
Equity Style
Size Rel to Cat
Average Mkt Cap (Mil) USD 126607.8 0.00
Market Capitalisation % Of Equity
Giant 16.64
Large 16.76
Medium 7.97
Small 0.76
Micro 0.01
Valuations and Growth Rates Equity Portfolio Relative to Category
Price/Prospective Earnings 16.59 0.00
Price/Book 2.48 0.00
Price/Sales 0.50 0.00
Price/Cash Flow 9.89 0.00
Dividend-Yield Factor 3.18 0.00
Long-Term Projected Earnings Growth 7.91 0.00
Historical Earnings Growth 5.19 0.00
Sales Growth 3.38 0.00
Cash-Flow Growth 5.15 0.00
Book-Value Growth 4.47 0.00
Fixed Income Style 30/06/2025
Morningstar Style Box®_Morningstar:
Fixed Income Style
Maturity Distribution %
1 To 3 9.78
3 To 5 15.72
5 To 7 8.75
7 To 10 3.62
10 To 15 1.63
15 To 20 1.39
20 To 30 4.66
Over 30 2.64
Effective Maturity (Y) 4.80
Effective Duration 5.66
Average Credit Quality -
Credit Quality Breakdown % %
AAA 2.01 BB 54.33
AA 2.42 B 16.08
A 3.00 BelowB 2.01
BBB6.80 Not Rated 4.36
AssetAllocation 30/06/2025
Asset Allocation
% Long % Short % Net Assets
Stocks 42.49 0.04 42.46
Bonds 50.39 0.00 50.39
Cash 121.76 119.02 2.74
Other 4.41 0.00 4.41
World Regions 30/06/2025
% Of Equity Relative to Category
United States 59.07 0.00
Canada 3.03 0.00
Latin America 1.32 0.00
United Kingdom 4.28 0.00
Eurozone 12.94 0.00
Europe - ex Euro 3.47 0.00
Europe - Emerging 0.05 0.00
Africa 0.25 0.00
Middle East 0.41 0.00
Japan 3.84 0.00
Australasia 0.98 0.00
Asia - Developed 6.29 0.00
Asia - Emerging 4.06 0.00
Emerging Market 6.05 0.00
Developed Country 93.95 0.00
Not Classified 0.00 0.00
Stock Sector Weightings 30/06/2025
% Of Equity Relative to Category
CyclicalCyclical 13.29 -
Basic MaterialsBasic Materials 1.35 -
Consumer CyclicalConsumer Cyclical 4.00 -
Financial ServicesFinancial Services 6.50 -
Real EstateReal Estate 1.45 -
Sensitive 21.39 -
Communication ServicesCommunication Services 4.65 -
EnergyEnergy 2.42 -
IndustrialsIndustrials 3.52 -
TechnologyTechnology 10.81 -
DefensiveDefensive 7.58 -
Consumer DefensiveConsumer Defensive 2.57 -
HealthcareHealthcare 2.50 -
UtilitiesUtilities 2.50 -
Top 10 Holdings 30/06/2025
Portfolio
Total Number of Equity Holdings 569
Total Number of Bond Holdings 1397
Assets in Top 10 Holdings % 16.03
Product Name Sector Country/Region % of Assets
Microsoft Corp Technology Technology United States 1.24
United States Treasury Notes 4.25% United States 1.05
Taiwan Semiconductor Manufacturing Co Ltd Technology Technology Taiwan 1.00
Meta Platforms Inc Class A Communication Services Communication Services United States 0.82
Fidelity National Information Services Inc Technology Technology United States 0.49
McDonald's Corp Consumer Cyclical Consumer Cyclical United States 0.45
Apple Inc Technology Technology United States 0.44
Southern Co Utilities Utilities United States 0.43
The Walt Disney Co Communication Services Communication Services United States 0.43
CCO Holdings, LLC/ CCO Holdings Capital Corp. 5% United States 0.42
Management Team
CompanyName JPMorgan Funds (Asia) Limited
Phone (852) 2265 1188
Website www.jpmorgan.com.hk
Address 21st Floor, Chater House
8 Connaught Road Central


 
Domicile HKG
Legal Structure Unit Trust
UCITS No
Inception Date 09/09/2011
Fund Advisor(s)
JPMorgan Asset Management (Asia Pacific)
Fund Manager   Gerhardt (Gary) Herbert
Manager Start Date   01/03/2021
Education  
Villanova University
Biography  
Mr. Herbert has been an employee of JPMIM and the Head of GTAA and Diversified Strategies in the U.S for MAS since 2020Gary is a portfolio manager and head of global credit. Gary joined Brandywine Global in March 2010, bringing with him over 20 years of high yield experience. Previously, Gary was a Managing Director, Portfolio Manager with Guggenheim Partners, LLC (2009-2010); a Managing Director, Portfolio Manager with Dreman Value Management, LLC (2007-2009); and an Executive Director, Portfolio Manager (1999-2007) and Associate (1994-1998) with Morgan Stanley Investment Management.
Fund Manager   Eric Bernbaum
Manager Start Date   08/06/2017
Education  
Cornell University
Biography  
Eric J. Bernbaum, Executive Director, CFA, is a portfolio manager within JPMorgan’s Multi-Asset Solutions Group and has responsibility for portfolio construction and the implementation of tactical asset allocations across JPMorgan’s Multi-Asset Solutions Group. Mr. Bernbaum joined JPMorgan in 2008. Eric holds a B.S. in Applied Economics and Management with a concentration in Business and Finance from Cornell University.
Fund Manager   Leon Goldfeld
Manager Start Date   03/05/2016
Education  
Biography  
Fund Manager   Michael Schoenhaut
Manager Start Date   09/09/2011
Education  
Cornell University
Biography  
Michael Schoenhaut, managing director, is a portfolio manager on JPMAM's Multi-Asset Solutions team, based in New York. Michael is responsible for a global suite of multi-asset income strategies and is lead portfolio manager across the funds. He focuses on asset allocation, portfolio construction, manager selection and risk management. He was previously a member of the SmartRetirement portfolio management team which was awarded the 2014 Morningstar U.S. Allocation Fund Manager of the Year for their efforts. An employee since 1997, Michael has held other positions within Multi-Asset Solutions, including portfolio manager for GTAA and balanced strategies and head of quantitative portfolio management. Michael earned a Bachelor of Science in Operations Research and Industrial Engineering from Cornell University and is a CFA charter holder.
Fees and Expenses
Sales Charges (Maximum)
Front Load Fee 3.00%
Deferred Load Fee -
Switching Fee 1.00%
Annual Charge
Management (Max) 1.25%

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