At JPMAM, we provide equity solutions to many of the world’s largest pension plans, sovereign wealth funds and central banks.

The cornerstone of our approach to equity investing is our dedication to in-house research. Our on-the-ground presence in key markets, combined with structured collaboration across regions and sectors, allows us to identify, share and compare ideas around the globe. Our equity investment processes are founded on tried and tested investment philosophies, consistently applied, within a robust risk management framework.

With over USD 434 billion under management as at 31 December 2018, we provide equity strategies across regions, sectors, styles and the market cap spectrum. We believe that our investment philosophy and process offers the following features, which provide us with a durable competitive advantage.

• Bottom-up, style-driven process: We aim to exploit persistent market inefficiencies that have  arisen due to human behavioural biases. Evidence shows that sustainable outperformance can be achieved by systematically investing in stocks that are attractively valued, are high quality, and have positive momentum. Combining these three styles in a single portfolio further improves consistency
  of outperformance.

• Disciplined active management: Rigorous bottom-up stock selection is the key to our process. Our investment process is based on the rigorous application of style analysis, disciplined and formal risk control and execution.

• Team approach: A clear and disciplined team approach to fund management helps ensure that information on stocks is discussed openly and reflected appropriately in clients’ portfolios. This means clients benefit from the expertise of all of our 44-strong investment team.
  

Within Asset Management (“AM”), there are two distinct fixed income teams:

• Global Fixed Income, Currency and Commodities

• Global Liquidity
  

Fixed Income, Currency and Commodities:

The Global Fixed Income, Currency and Commodities team (GFICC) at JPMAM is one of the world’s deepest and best-resourced fixed income managers, with expertise across all major fixed income sectors, including niche markets. Every investment decision in our fixed income solutions is underpinned by the proprietary research of a globally integrated team of sector specialists. Our shared research language, combining fundamental, quantitative valuation and technical inputs (FQT), facilitates the comparison of ideas across sectors and geographies. As at 31 December 2018, GFICC had USD 485 billion in fixed income and currency assets under management. The team manages a broad range of strategies, through funds and/or separate accounts, including broad market, long duration, stable value, intermediate high yield, emerging market debt, short and ultra-short duration, global bonds, structured products, mortgages and tax- aware strategies.

Liquidity:

J.P. Morgan Global Liquidity is one of the world’s largest liquidity managers. With over 30 years of experience in managing the needs of sophisticated institutions, the team has demonstrated its ability to deliver effective cash management solutions through shifting market environments and evolving regulatory regimes.

The team works with clients to craft the right liquidity strategy and maximize opportunity, segmenting short-term investments and leveraging solutions across the full ultra-short spectrum. A  disciplined approach to risk management is designed to help ensure liquidity, preserve capital and maximize yield. With USD 599 billion under management as at 31 December 2018, J.P. Morgan Global Liquidity offers a robust platform of strategies to meet operating, reserve and strategic cash needs across currencies and jurisdictions, through both funds and separately managed accounts.

JPMAM has been skilfully managing the assets of institutional investors for more than a century. At JPMAM, the cornerstone of our position as one of the world's premier financial services firms is our extensive experience in the capital markets and our formidable investment management expertise. Our disciplined approach to selecting investments is not swayed by momentary market fluctuations or investment fads. We rely on those management techniques that we believe are most reliable in adding value, the key to generating consistently impressive performance over the long term. Our fiduciary commitment to our clients is at the core of all that we do. We harness our deep resources and align them with strong values as we strive to deliver excellence in investment performance and client service.

J.P. Morgan’s Short-Term Fixed Income value proposition is based on the following core elements:

• Building successful long term client relationships by tailoring investment solutions to our client’s specific needs and objectives: Our consultative approach to managing investments for our clients helps us to understand their unique situations, and, therefore, deliver excellent risk-adjusted performance with a strong commitment to client service.

• Our depth and breadth of expertise: Our Firm’s depth of expertise across the broadest range of investment sectors allows us to extract value from the globally linked markets. Short term fixed income makes up approximately one third of J.P. Morgan’s assets under management and the bulk of the assets within fixed income. To gain the most benefit from our information advantage and investment process, we have established a team-based approach to investment management. This team approach capitalises on the very wide range of investment skills at JPMAM and brings it to
  bear efficiently in the management of each portfolio.

• Capitalising on our global investment process and the skills of experienced dedicated portfolio managers to strive for an information advantage regarding market trends and opportunities about which other investors may be unaware: We seek to translate that advantage into strong performance. Our global presence harnesses the entire organisation’s insights for a consistent global approach to developing investment strategy. Our worldwide team of investors engages in direct dialogue with decision-makers at central banks, governments and corporations, so we are well prepared to identify global relative value opportunities and to profit from events that shape world markets.

• Leveraging our size and global presence to facilitate best execution: As one of the largest short- term asset managers, our size affords us access to management teams; and our long-term relationships within the broker/dealer community allow us favourable treatment with lower transaction costs.

• Combining our depth of research in credit, with quantitative tools and economic insights to identify the most attractive sectors and securities: We believe our global research is outstanding. We seek to deliver world-class economic and quantitative research as well as sector specific analysis in credit, mortgage-backed securities and structured finance. Utilising the full resources of JPMAM’s Fixed Income Group, including in-house quantitative research for risk management, we leverage our size, research and market presence to generate insights that drive strategy.
  

JPMAM has been managing convertible portfolios since 1995. We aim to provide our clients with a full range of investment opportunities across all major products and asset classes, and view the Global Convertibles product as an attractive investment opportunity, given its diversification and attractive risk profile and its reduced exposure to market declines in relation to equities. Since launching our global convertibles business in 1995, convertible bonds have been an essential part of our offering at JPMAM and indeed represent a core business at the AMS – GMAG. Our scale in convertibles has allowed us to invest heavily in the business and as a result we have become one of  the largest long only convertibles managers in terms of assets under management.

There are three key factors that differentiate our investment process from that of our competitors:

• To make the most of convertibles, it is important to invest with a provider that has the experience and expertise to harness the investment opportunities from all over the world in a changing market environment. At JPMAM our experienced, dedicated team are real specialists in the asset classes. We have better coverage than our competitors with investment professionals located in regional
  markets around the world.

• One of our main competitive advantages is our people and team structure. Our dedicated global convertibles team sits with our Asset Management Solutions - Global Multi-Asset Group and shares information. This stands out amongst our competitors who often operate on a “silo” basis, with equities, convertibles and other fixed income products being managed by entirely separate teams with no interaction, or in small teams with limited resources.

• Our dedicated global convertibles team have experience in managing these specialist instruments with a strong focus on security selection and underlying equity valuation. The investment process employed has been tested and refined through market cycles and the track record of our longest running global convertible fund has allowed us to successfully launch and market the strategy all
  over the world.

In addition, we are very strong at managing multi-asset portfolios. This differentiates us from most global convertibles houses, which tend to specialise within a small team or have expertise just in equities or bonds. We have brought together our multi-asset expertise in the portfolios that wemanage.

The Multi-Asset Solutions team designs and manages multi-asset class portfolios, integrating the breadth and depth of investment talent within JPMAM, and drawing on its proprietary quantitative and qualitative research capabilities, strategy and security selection, asset allocation and risk- focused portfolio management expertise.

Widely regarded as a pioneer in asset allocation, Multi-Asset Solutions has a 45-year history of helping clients meet their objectives though an appropriate strategic asset allocation framework, active asset allocation and manager alpha.

As at 31 December 2018, Multi-Asset Solutions had over USD 240 billion in assets under management. The strategies and solutions that have been developed for the team’s clients can be placed into six broad categories: outcome oriented, target date, risk-based balanced, macro thematic, convertibles and single asset.

As one of the industry's premier Global Real Estate asset managers, our independent regional investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives.

Our local investment talent utilises disciplined investment processes, consistently implemented across asset types and regions, to drive investment results across an expanding global platform of innovative offerings spanning:

• Geographies (the Americas, Europe and Asia Pacific)

• Markets (public and private, equity and debt)

• Account structures (open-end funds, closed end funds, daily-valued funds, club funds, separate accounts, co-investments)

• The risk-reward continuum (core, core-plus, value add and opportunistic)
  

With more than 45 years of real estate investment experience we are a trusted advisor with a legacy of partnerships built on the promise to put client interests ahead of our own.

GLOBAL INFRASTRUCTURE

Infrastructure Investments Fund is a dedicated open-end core/core+ infrastructure platform that is diversified across OECD countries and by sub-sector. As at December 31, 2018, the Fund reached over USD10.3 billion in net asset value, with 361 assets held in 18 portfolio companies across regulated utilities, power generation and GDP-sensitive assets. Key characteristics include:

• Strong cash yield: The Fund seeks to deliver stable returns over a medium-term investment horizon, with the majority expected from cash yield given the Fund’s core risk profile.

• Strategic platform investing: IIF utilizes a platform investment approach focusing on the middle market, facilitating access to opportunities that may otherwise be competitive.

• Active asset management: The Fund targets majority and control positions to enable the implementation of our business plans and emphasizes governance as the centrepiece of our investment approach.

• Responsible investment: The Fund believes that continuous improvement of our assets with respect to sustainability will ultimately improve both the environment in which those investments exist as well as asset competitiveness and value.
  

The Fund has a dedicated team of over 45 professionals located in New York and London.

The JPMorgan Global Special Situations (GSS) Group was established when Co-CIOs Brad Demong and Leander Christofides transitioned from the J.P. Morgan Corporate & Investment Bank (CIB). While at the J.P. Morgan CIB, they ran the Special Situations Desk (SSG Desk) and have pursued the same investment strategy for 16 years. From 2009 to June 2016, they generated USD 1.17 billion of gross revenues*, with 28 positive quarters and two down quarters (each of less than USD 5 million).

The 16-strong team, including 9 investment professionals – five in London and four in New York – have developed a successful sourcing network and built strong counterparty relations through continuity and long experience of investing in more than 32 jurisdictions and multiple industries. The Lynstone Special Situations Fund seeks to exploit attractive opportunities in the private credit opportunity set, with the flexibility to invest opportunistically, based on the merits of each situation, across the capital structure, globally and particularly in Europe. Employing the same process the team pursued on the SSG Desk, the closed end Fund invests dynamically across two sub-strategies:

• Distressed: non-performing investments that typically have a specific event, such as a debt for equity swap, restructuring, rescue financing or liquidation – expected horizon: 3-6 years.

• Event-driven/stressed: performing investments discounted by either liquidity or market disruption, with returns driven by catalysts – expected horizon: 2-4 years.
  

The Lynstone Special Situations Fund has raised a total of USD373 million in commitments and is
targeting a total raise of USD750 million to USD1 billion.

* The GSS Co-CIOs historical performance was achieved in a segregated loan desk rather than a stand-alone investment fund, and the differences between the two could have a material impact on the performance.

Private Equity*

JPMAM’s Private Equity Group (“PEG”) was established at J.P. Morgan on November 1, 1997 when members of AT&T's private equity team joined JPMAM to continue management of private equity assets. The Private Equity Group began managing private equity investments on behalf of discretionary separate accounts in 1997 and our first commingled funds were activated in 1998. Currently, Private Equity Group manages approximately USD28 billion in assets under management, as at 31 December 2018 on behalf of investors across separate accounts and commingled funds. The team consists of 62 persons as at 31 December 2018.

*Assets under management (“AUM”) include funded and committed (but not yet funded) capital. Committed capital is generally charged a management fee once funded. AUM presented will generally not match Securities and Exchange Commission “regulatory assets under management”. AUM figures are estimated and rounded.

The Absolute Return & Opportunistic Fixed Income Team manages over USD17 billion in Absolute Return Fixed Income strategies across Luxembourg domiciled SICAV funds and U.S. Mutual Funds. With strategy inception of 2007, the team has one of the longest track records in the non-traditional bond space and manages one of the largest absolute return funds globally. The team employs a systematic approach to hedging as well as alternative and niche market expertise to offer unique solutions for a wide range of investors.

We are fortunate to be leaders in both the emerging markets equity and emerging markets debt asset classes. Our strength comes in part from the close co-operation between the two teams and having a dedicated portfolio manager who is responsible for building a single portfolio. The scale and scope of our global expertise, coupled with a disciplined investment process in which we leverage local insights to better understand fundamentals, valuation, and technical drivers of each country and company, we believe, sets us apart. We believe we are uniquely able to combine macro views, security selection and risk management to deliver strong risk-adjusted returns. We can demonstrate skill over long-periods in both asset classes, through our successful track record across a range of global and regional emerging markets strategies, and through a variety of marketenvironments.

We believe the Total Emerging Market strategy is differentiated from our peers based on the
following:

Our extensive experience of investing in both emerging market equity and emerging market debt.

• JPMAM is a leading specialist in emerging markets with over 45 years of investing in EMAP equity and over 20 years of investing in emerging markets debt

• The strategy is managed by seasoned emerging markets specialists

• Supported by 97 investment professionals (as at 31 December 2018)

• We research the full universe of opportunities with unique coverage of countries, sectors andsecurities.

• We conduct over 5,000 company meetings each year, covering over 40 countries and research over 1,100 securities. We believe this breadth of coverage and experience of the investment professionals affords us unique insights across the emerging markets’ capital structure.

• Global presence allows us to gain greater insight into the emerging economies within Latin
  America, Europe, Middle East, Africa and Asia.

• A disciplined investment process with strategic asset allocation and rigorous risk control.

• Multi-dimensional, disciplined investment approach that combines country and thematic viewswith our best security ideas.

• Significant flexibility to move to either an 80/20 equity/debt weighting or vice versa.

• Risk management embedded in every step of the investment process.

• The strategy has historically achieved strong risk-adjusted returns.

In June 2016, JPMAM expanded its commitment to developing our capabilities and offerings in the traditional market cap beta, strategic beta and alternative beta space with the creation of the Beta Strategies Group under the leadership of Michael Camacho. The new group was set up to complement JPMAM’s existing franchise in the active and alternative space. Reflecting the importance of this newly created group, Michael Camacho is a member of the Global Investment Management Operating Committee and reports directly to Chris Willcox, the CEO of JPMAM business.

Beta Strategies
The Beta Strategies group provides research-driven beta solutions designed to complement traditional active and alternative investments. More than two decades of innovation underpin our beta offerings, and the team was a pioneer in the alternative beta space, launching its first strategy in 2009.

A robust quantitative research agenda is focused on enhancing existing strategies as well as generating new product ideas. Clients of Beta Strategies benefit from the team’s unique integrated approach across research, portfolio management, technology and trading.

As at 31 December 2018, Beta Strategies had USD 33.5 billion under management. Beta Strategies offers a broad range of solutions spanning market cap-weighted, strategic and alternative beta, through exchange-traded funds (ETFs), mutual funds and separate accounts, and has extensive experience of creating customized solutions for clients.

J.P. Morgan Asset Management ETFs draw on the expertise of the firm’s global cross-asset research franchises and disciplined, risk managed investment process to deliver client solutions within the ETF wrapper. Our ever-growing UCITS product suite, domiciled in Ireland currently includes 24 funds across Equities, Fixed Income and Alternative asset classes. The strategies offered span the entire passive, strategic beta and and active spectrum. In Equities, our current product range offers ultra-low cost access to US Equities. Our Fixed Income ETF Strategies provide investors with liquid, low cost access to a range of innovative government bond, corporate bond and liquidity strategies. In Alternatives, our products are designed to provide innovative solutions aiming to bring uncorrelated return streams and enhanced portfolio diversification benefits to a wide range of investors in a systematic, liquid and transparent way. We offer accumulating and distributing as well as diverse hedged share classes dependent on strategy.

The ETF business at J.P. Morgan Asset Management falls within its Beta Strategies organization, led globally by Mike Camacho. The US ETF platform was launched in 2014, followed by the UCITS platform in 2017. One of the first UCITS funds launched in November 2017 was Europe’s first ever Managed Futures ETF, JPMF (the JPM Managed Futures UCITS ETF), showing the team’s commitment to product innovation. The team were also recently awarded L’Agefi’s 2019 European ETF Innovation Award for their bond market product suite, the JPM Corporate Bond Research Enhanced Index UCITS ETFs (JRUB, JREB, JR15).