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JPMorgan Funds - Greater China Fund A Dis USD

摩根大中華基金A類Dis美元

LU0117841782

Risk Rating: Level 5

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

1.50%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / RMB / USD / NZD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD16,000.00

Daily

14:00

2020-10-25

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+5.54%
3 mth
+10.39%
6 mth
+38.76%
1 yr
+52.78%
3 yr
+57.51%
5 yr
+118.97%

Analytical Figures (3 years)

Annualized Return
+16.35%
Annualized Volatility
+21.65%
Sharpe Ratio
+0.72

Fund Information

Fund Houses
JPMorgan Funds (Asia) Ltd.
Launch Date
2001-05-17
Fund Manager
Howard Wang
Rebecca Jiang
Manager Start Date
Howard Wang (Start Date: 2005-08-01) Rebecca Jiang (Start Date: 2017-07-03)
Geographical Focus
Greater China
Asset Class/ Sector
Equity - Large cap
Risk Rating
Risk Level 5

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2020-10-22)
USD 1,528,425,115.53
Management Fee
1.50%
Latest Dividend
USD 0.010000 (2020-09-09)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

1.50%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / RMB / USD / NZD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD16,000.00

Daily

14:00

2020-10-25

Dividend Records

Dividend DateDividend Records (USD)
2020-09-090.010000
2019-09-040.030000
2018-09-040.010000
2017-09-110.060000
2016-08-310.530000
2015-09-150.780000
2014-09-160.150000
2013-09-120.200000
2012-09-120.230000
2011-09-140.230000
2010-09-150.140000
2009-09-010.730000
2008-09-011.420000
2007-09-090.500000
2006-09-070.580000
2005-09-130.210000
2004-09-070.220000
2003-09-220.080000
2002-09-190.010000

Investment Objective

To provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

Nature and Extent of Risks

Investment involves risk. Please refer to the offering document(s) for details, including the risk factors.
Derivative risk
The Fund may acquire derivatives, including over-the-counter derivatives, and may therefore be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. Valuation of derivatives may involve uncertainties. If valuation turns out to be incorrect, they may affect the net asset value calculation of the Fund. Other risks associated with derivatives include liquidity risk and volatility risk. A small movement in the value of the underlying asset can cause a large movement in the value of the derivatives and therefore, investment in derivatives may result in losses in excess of the amount invested by the Fund and may lead to significant losses by the Fund.
Investment risk
The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. There is no guarantee of the repayment of principal.
Emerging markets risk
Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested.
Investments in the People’s Republic of China (“PRC”) risk
Investing in the PRC is subject to the risks of investing in emerging markets and additional risks which are specific to the PRC market. Investments may be sensitive to changes in law and regulation together with political, social or economic policy which includes possible government intervention. In extreme circumstances, the Fund may incur losses due to high market volatility and potential settlement difficulties in the PRC markets and limited investment capabilities, or may not be able to fully implement or
pursue its investment objectives or strategy, due to local investment restrictions, illiquidity of the Chinese domestic securities market, and/or delay or disruption in execution and settlement of trades. The Fund will be exposed to any fluctuation in the exchange rate between the reference currency of the Fund and CNY (onshore RMB) or CNH (offshore RMB) in respect of such investments.
PRC tax risk consideration
There are risks and uncertainties associated with the current PRC tax laws, regulations and practice on the Fund’s investments in the PRC. Any increased tax liabilities on the Fund may adversely affect the Fund’s value. The Management Company reserves the right to provide for tax on gains of the Fund that invests in PRC securities thus impacting the valuation of the Fund. Based on professional and independent tax advice, except for gains from China A-Shares which are specifically exempt under a temporary exemption from the Enterprise Income Tax Law, a tax provision of 10% is fully provided for all PRC-sourced income (including gains from PRC securities, dividends and interest) until sufficient clarity is given by the PRC authorities to exempt specific types of PRC-sourced income (eg, gains from PRC bonds).
With the uncertainty over whether and how certain gains on PRC securities are to be taxed, coupled with the possibility of the laws, regulations and practice in the PRC changing, and also the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the Fund’s assets, the Fund’s net asset value will be adversely affected.
Depending on the timing of investors’ subscriptions and/or redemptions, they may be disadvantaged as a result of any shortfall of tax provision and/or not having the right to claim any part of the overprovision (as the case may be).
QFII/RQFII risk
The Fund may invest directly in the domestic securities markets of the PRC through the QFII and/or RQFII quota of the Investment Manager since the China Securities Regulatory Commission (“CSRC”) has granted a QFII licence and a RQFII licence to the Investment Manager and a portion of the QFII and/or RQFII quota of the Investment Manager have been made available to the Fund. The current QFII/RQFII regulations impose strict restrictions (including rules on investment restrictions and repatriation of principle and profits) on investments and such regulations are subject to change which may have potential retrospective effect. These are applicable to the Investment Manager and not only to the investments made by the Fund. Thus, investors should be aware that violations of the QFII/RQFII regulations on investments arising out of activities of the Investment Manager could result in the revocation of, or other regulatory actions in respect of the quota, including any other portion for investment in QFII/RQFII eligible securities. There can be no assurance that the Investment Manager will continue to maintain its QFII/RQFII status or make
available its QFII/RQFII quota, or that the Fund will be allocated sufficient portion of the QFII/RQFII quota granted to the Investment Manager to meet all applications for subscription to the Fund, or that redemption requests can be processed in a timely manner. Investors should note that the Investment Manager’s QFII/RQFII status could be suspended or revoked, which may have an adverse effect on the Fund’s performance as the Fund will be required to dispose of its securities and may be prohibited from trading of relevant securities and repatriation of the Fund’s monies. The Fund may suffer substantial losses if any of the key operators or parties (including QFII/RQFII custodians or brokers) is bankrupt or in default or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
Risks associated with China Connect
The Fund will be able to trade certain eligible stocks listed on Shanghai Stock Exchange (“SSE”) and/or
Shenzhen Stock Exchange (“SZSE”) through China Connect and thus is subject to the following risks:
The relevant rules and regulations on China Connect are subject to change which may have potential retrospective effect. There is no certainty as to how they will be applied.
The program is subject to daily quota which does not belong to the Fund and can only be utilized on a first-come-first serve basis and such limitations may restrict the Fund’s ability to invest in China A-Shares through the program on a timely basis.
Where a suspension in the trading through the China Connect is effected, the Fund’s ability to invest in China A-Shares will be adversely affected. In such event, the Fund’s ability to achieve its investment objective could be negatively affected.
The program requires the development of new information technology systems which may be subject to operational risk. If the relevant systems failed to function properly, trading in both Hong Kong and Shanghai/Shenzhen markets through the program could be disrupted.
PRC regulations impose certain restrictions on selling and hence the Fund may not be able to dispose of holdings of China A-Shares in a timely manner.
Trading in securities through the program may be subject to clearing and settlement risk. If the PRC clearing house defaults on its obligation to deliver securities/make payment, the Fund may suffer delays in recovering its losses or may not be able to fully recover its losses.
Further, the Fund’s investments through the program will not benefit from Investor Compensation Fund established under the Securities and Futures Ordinance in Hong Kong.
Risks related to participation notes
Participation notes are exposed not only to movements in the value of the underlying equity, but also to the risk of counterparty default, which could result in the loss of the full market value of the participation note.
Currency risk
Where the currency of the Fund varies from the investor’s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment.
Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested.
RMB currency risk
RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the government of the PRC. While RMB (CNH) and RMB (CNY) represent the same currency, they are traded in different and separate markets which operate independently. As such RMB (CNH) does not necessarily have the same exchange rate and may not move in the same direction as RMB (CNY). Also, there can be no assurance that RMB will not be subject to devaluation and any depreciation of RMB could adversely affect the value of the investor’s investment in the Fund. Under exceptional circumstances, payment of sale proceeds of China A-Shares and/or dividends of China A-Shares in RMB to the Fund may be delayed due to the exchange controls and restrictions applicable to RMB.
Liquidity risk
Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested.
Equity risk
The Fund’s investment in equity securities is subject to general market risks. Equity markets may fluctuate significantly with prices of equity securities rising and falling sharply due to various factors such as changes in investment sentiment, political and economic conditions and issuer-specific factors, and this will have a direct impact on the Fund’s net asset value. When equity markets are extremely volatile, the Fund’s net
asset value may fluctuate substantially. As a result, investors may get back less than they originally invested.
Smaller companies risk
The Fund which invests in smaller companies may fluctuate in value more than other funds because smaller companies may have lower liquidity and their share prices may experience greater volatility to adverse economic developments than those of larger companies in general. As a result, investors may get back less than they originally invested.
Payment of distributions out of capital risk
The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund’s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital.
Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share.