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JPMorgan Funds - Emerging Markets Local Currency Debt Fund A (dist) - GBP
JPMorgan Funds (SICAV domiciled in Luxembourg)
Key Information
Legal Documents

Fund Profile

Category: SICAV

To achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency debt securities, using derivatives where appropriate. Investment approach B Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers. B Combines top-down decision making – including country allocation, duration management and currency exposure – with bottom-up security selection. Share Class Benchmark J.P. Morgan Government Bond Index - Emerging Markets Global Diversified (Total Return Gross) Benchmark uses and resemblance B Performance comparison. B Basis for relative VaR calculations. The Sub-Fund is actively managed. The majority of issuers in the Sub-Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters. The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark. POLICIES Main investment exposure At least 67% of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. Investments may be denominated in any currency however at least 67% will be denominated in an emerging market currency. The Sub-Fund may have significant positions in specific countries, sectors or currencies which may be concentrated from time to time. Although derivatives may be denominated in EUR or USD, they may have exposure to emerging market currencies. There are no credit quality or maturity restrictions applicable to the investments. The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect. Other investment exposures Up to 5% in contingent convertible bonds. Derivatives Used for: investment purposes; hedging; efficient portfolio management. Types: see Sub-Fund Derivatives Usage table under How the Sub- Funds Use Derivatives, Instruments and Techniques in the Prospectus. TRS including CFD: none. Global exposure calculation method: relative VaR. Expected level of leverage from derivatives: 350% indicative only. Leverage may significantly exceed this level from time to time. Currencies Sub-Fund Base Currency: USD. Currencies of asset denomination: any. Hedging approach: flexible. Redemption and Dealing Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis. Distribution Policy This Share Class normally pays an annual dividend in September based on reportable income.

Morningstar Rating
More information about the calculation of the Morningstar Ratings
Risk and reward profile
Lower Risk
Possible Lower
Higher Risk
Possible Higher
Key Information
Closing Price 24/09/202158.65
Morningstar categoryGlobal Emerging Markets Bond - Local Ccy
Distribution statusDistributing
Inception Date13/08/2010
Minimum initial amount500.00 GBP
Fees And Charges
Entry feeNone
Custody feeNone
Exit feeNone
Ongoing charge1.31% of which none is paid to MeDirect
Fund management company
AddressJPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves Luxembourg L-2633 Luxembourg
Manager NameDidier Lambert
Manager Start Date19/10/2009
Total Net Assets (mil)1,339.42 GBP (31/08/2021)
AdministratorJPMorgan Asset Management (Europe) S.à r.l.


aaen 30/07/2021
Annual Report
aaen 30/06/2020
Semi Annual Report
aaen 31/12/2020
Morningstar Report


Historical returns are no guarantee for future performances. Investing in Financial markets and securities involves risk. Past performance is not a guarantee of future results. Investment losses may occur and investors could lose some or all of their investment in the Fund.
Entry fees, purchase charges, custody fees, exit fees, sale charges and taxes are not included in the calculation of past performance. Ongoing charges (including management fees, administrative fees and other costs) have been taken in to account, as they are already included in the price/NAV of the fund.
The performance in euro can be lower or higher than the performance in the currency of denomination of the fund due to fluctuations in exchange rates.
Annualised performance in GBP
PeriodAnnualised returnDate
1 year-0.86%24/09/2021
3 years2.32%24/09/2021
5 years0.43%24/09/2021
10 years1.34%24/09/2021
Since launch1.42%24/09/2021
Cumulative performance in GBP
YTD 01/01/2021-5.63
1 month0.74
3 months-0.17
6 months1.79
Quarterly Returns
Q 1Q 2Q 3Q 4
Date ex dividendGross dividendPayment Date


Asset Allocation
% Long% Short% Net Assets
Return/Risk Analysis
Risk Measurement1 Year3 Years5 Years
Standard Deviation
Sharpe Ratio
Sortino Ratio
Positive Months8.0021.0034.00
Negative Months4.0015.0026.00
Worst Month-4.03-9.00-9.44
World Regions
No Data Available
Stock Sector Weighting
No Data Available
Top 10 Holdings
HoldingSectorCountry% of Assets
Indonesia (Republic of) 9% 15/03/2029Indonesia2.83
Brazil (Federative Republic) 15/08/2022Brazil2.68
Ministerio de Hacienda y Credito Publico 5.75% 03/11/2027Colombia2.53
Indonesia (Republic of) 8.375% 15/09/2026Indonesia2.40
JPM USD Liquidity LVNAV X (dist.) 31/12/2049Luxembourg2.18
Russian Federation 5.7% 17/05/2028Russia1.96
South Africa (Republic of) 8.25% 31/03/2032South Africa1.89
Chile (Republic of) 4.5% 01/03/2026Chile1.75
Secretaria Tesouro Nacional 10% 01/01/2025Brazil1.73
Egypt (Arab Republic of) 14.483% 06/04/2026Egypt1.66
Classification of Morningstar Category
Ranking1 Year2 Years3 Years5 Years
Top 25%
Category above the average
Category below the average
Bottom 25%
Morningstar Style Box
Fixed Income Style
Interest Rate Sensitivity
Credit Quality
Closing Price
All key information and documents must be reviewed before being able to Invest.

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MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994.