jpmorgan european smaller companies trust plc annual general … · 2017-07-12 · 2016. euromoney...
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JPMorgan European Smaller Companies Trust plc Annual General Meeting July 2017
Francesco Conte, Portfolio Manager
Edward Greaves, Portfolio Manager
1
JPMorgan European Smaller Companies Trust plc
Source: J.P. Morgan Asset Management. As at 31 May 2017. The Investment Manager (Portfolio Manager) seeks to achieve the stated targets/objectives. There can be no guarantee the objectives/targets will be met. The Benchmark is a point of reference against which the performance of the Investment Trust may be measured. The Investment Trust may bear little resemblance to its benchmark. Diversification does not guarantee investment returns and does not eliminate the risk of loss.
Objective
– The Company aims to provide capital growth from a diversified portfolio of smaller European companies (excluding the United Kingdom). As the emphasis is on capital growth rather than income, shareholders should expect the dividend to vary from year to year. The company has the ability to use borrowing to gear the portfolio within the range of 20% net cash to 20% geared in normal market conditions
Policy
– To invest in a diversified portfolio of companies the majority of which, at the time of purchase, fall within the market capitalisation range of the benchmark index
Benchmark
– Euromoney Smaller European Companies (ex UK) Index (Total Return Net)
Net assets
– GBP 724.8m
Gearing
– Current: 3.6% cash
Key characteristics
2
European smaller companies
Source: J.P. Morgan Asset Management, Thomson Reuters Datastream. All series are rebased to 100 as at 31 December 1992 to 30 June 2017. All indices in GBP and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator of current and future performance.
A compelling long asset class
… European small caps have produced long term equity returns amongst the best in the world
Cumulative returns
0
200
400
600
800
1000
1200
1400
1600
1800
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Euromoney Smaller European Companies (ex UK) Index S&P 500 Index
FTSE All Share Index MSCI Asia (ex Japan) Index
MSCI Emerging Markets Index MSCI Europe (ex UK) Index
Topix Index
3
Small cap investing rationale
Seeking strong absolute returns
Seeking strong risk adjusted returns
Seeking long term outperformance vs.
large caps
High Active Share
Large investment universe IPOs / M&A
Limited analyst coverage
Stock picking opportunities
Entrepreneurial management
Strong earnings growth
4
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Asian financial crisis
Russian financial crisis
.com bubble bursting
Global financial crisis
Eurozone sovereign debt crisis
Calendar year excess returns Euromoney Smaller European Companies (ex UK) Index vs. MSCI Europe (ex UK) Index
Mexican financial crisis
European smaller companies
Source: J.P. Morgan Asset Management, Thomson Reuters Datastream, data from 31 December 1993 to 31 December 2017. All indices in EUR and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator for current and future performance.
Generally outperform in up markets
5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
JPMorgan European Smaller Companies Trust plc
Source: Thomson Reuters Datastream, as at 30 June 2017. Chart shows Euromoney Europe Smaller Companies Index (light blue) and JPMorgan European Smaller Companies Investment Trust plc NAV (dark blue) from 1994, rebased to 100 as at 31 December 1994. There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional’s future performance or success. Past performance is not necessarily a reliable indicator of current and future performance *Largest investment trust in the Europe Smaller Companies universe by market value as of 31 March 2017.
Largest European smaller companies investment trust*
... An established track record through market cycles
Jim Campbell 22 years at JPMAM, 28 years industry experience
Francesco Conte 18 years at JPMAM, 28 years industry experience
One of the longest track records in European small cap investing Investment process focused on capturing change in operating momentum Consistent value-added from active use of gearing
Edward Greaves 5 years at JPMAM, 9 years industry experience
6
35.2
17.9
24.5
8.9
14.1
39.1
14.5
21.5
6.8
11.1
35.6
11.1
17.5
6.0 8.1
1 year 3 years (pa) 5 years (pa) 10 years (pa) 20 years (pa)
JPM European Smaller Companies Trust NAV (net of fees)Euromoney Smaller European Companies (ex UK) IndexMSCI Europe ex UK
Annualised returns 31 May 2017 (%)
...asset class offers opportunity for significant alpha generation
JPMorgan European Smaller Companies Trust plc
Source: J.P. Morgan Asset Management, Thomson Reuters Datastream. NAV returns are net of fees, in GBP, with income reinvested. All indices in sterling and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment. Performance is provisional. Past performance is not necessarily a reliable indicator for current and future performance.
Long term returns
7
Our investment philosophy
Source: J.P. Morgan Asset Management 31 May 2017. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. Past performance is not necessarily a reliable indicator for current and future performance.
VALUE QUALITY MOMENTUM
We believe that attractively valued, high quality stocks with positive momentum outperform the market
Themes:
- Cyclical recovery
- Restructuring opportunities
- High yielding stocks
Themes:
- Market leaders
- High return of capital
- Disciplined capital allocation
- Shareholder returns
Themes:
- Structurally growing end markets
- Disruptive technology
- Bolt-on acquisition strategy
Stock examples:
- Alten
- Ipsos
- Sopra Steria
Stock examples:
- IMA
- Finecobank
- Forbo
Stock examples:
- Datalogic
- Metso
- Temenos
8
Stock examples
Source: Datastream. J.P. Morgan Asset Management. Data from 30 June 2014 to 30 June 2017. The companies/securities above shown are for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not have positions on behalf of its clients in any or all of the aforementioned securities. Past performance is not necessarily a reliable indicator of current and future performance.
Classic growth stocks
Ubisoft
Share price (EUR) EPS (EUR)
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
10
15
20
25
30
35
40
45
50
55
Jun-
2014
Sep
-201
4
Dec
-201
4
Mar
-201
5
Jun-
2015
Sep
-201
5
Dec
-201
5
Mar
-201
6
Jun-
2016
Sep
-201
6
Dec
-201
6
Mar
-201
7
Share price (left axis)
12 month forward earnings per share(right axis)
Amplifon
Share price (EUR) EPS (EUR)
0.2
0.25
0.3
0.35
0.4
0.45
2
4
6
8
10
12
14
Jun-
2014
Sep
-201
4
Dec
-201
4
Mar
-201
5
Jun-
2015
Sep
-201
5
Dec
-201
5
Mar
-201
6
Jun-
2016
Sep
-201
6
Dec
-201
6
Mar
-201
7
Share price (left axis)
12 month forward earnings pershare (right axis)
9
Stock examples
Source: Datastream. J.P. Morgan Asset Management. Data from 30 June 2014 to 30 June 2017. The companies/securities above shown are for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not have positions on behalf of its clients in any or all of the aforementioned securities. Past performance is not necessarily a reliable indicator of current and future performance.
Innovative companies in traditional sectors
Remy Cointreau
Share price (EUR) EPS (EUR)
1.8
2
2.2
2.4
2.6
2.8
3
3.2
3.4
40
50
60
70
80
90
100
110
Jun-
2014
Sep
-201
4
Dec
-201
4
Mar
-201
5
Jun-
2015
Sep
-201
5
Dec
-201
5
Mar
-201
6
Jun-
2016
Sep
-201
6
Dec
-201
6
Mar
-201
7
Share price (left axis)
12 month forward earnings pershare (right axis)
Skandiabanken
Share price (NOK) EPS (NOK)
4
4.5
5
5.5
6
6.5
7
20
30
40
50
60
70
80
90
Nov
-201
5
Jan-
2016
Mar
-201
6
May
-201
6
Jul-2
016
Sep
-201
6
Nov
-201
6
Jan-
2017
Mar
-201
7
May
-201
7
Share price (left axis)
12 month forward earnings pershare (right axis)
10
Stock examples
Source: Datastream. J.P. Morgan Asset Management. Data from 30 June 2014 to 30 June 2017. The companies/securities above shown are for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not have positions on behalf of its clients in any or all of the aforementioned securities. Past performance is not necessarily a reliable indicator of current and future performance.
Recent additions
FLSmidth
Share price (DKK) EPS (DKK)
12
14
16
18
20
22
24
26
200
250
300
350
400
450
Jun-
2014
Sep
-201
4
Dec
-201
4
Mar
-201
5
Jun-
2015
Sep
-201
5
Dec
-201
5
Mar
-201
6
Jun-
2016
Sep
-201
6
Dec
-201
6
Mar
-201
7
Share price (left axis)
12 month forward earnings per share (right axis)
Huhtamaki
Share price (EUR) EPS (EUR)
1.4
1.5
1.6
1.7
1.8
1.9
2
2.1
2.2
15
20
25
30
35
40
45
Jun-
2014
Sep
-201
4
Dec
-201
4
Mar
-201
5
Jun-
2015
Sep
-201
5
Dec
-201
5
Mar
-201
6
Jun-
2016
Sep
-201
6
Dec
-201
6
Mar
-201
7
Share price (left axis)
12 month forward earningsper share (right axis)
11
Performance attribution
Source: Factset. (o)= overweight, (u)= underweight, (n)=neutral. The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. Past performance is not necessarily a reliable indicator for current and future performance.
JPMorgan European Smaller Companies Trust plc - 12 months to 31 May 2017
Key sector (%) Key stock contributors
Datalogic (o), Fingerprint Cards AB (u)
UBISOFT Entertainment (o), De'Longhi (o)
Interpump Group (o), IMA (o)
NOS SGPS SA (u), Mediaset (u)
Maisons du Monde SA (o), YOOX Net-A-Porter Group S.p.A. (u)
Key stock detractors TDC (o), DNA Plc (o)
Granges (o), SSAB Corporation (u)
Brunel International (o), Intrum Justitia (o)
TGS-NOPEC Geophysical Company (o), Aker Solutions (o)
NetEnt AB (o), Nnit (o)
Attribution summary Stock: -4.21 Sector: -0.59
Benchmark EuroMoney Sm Eur Cos ex UK GBP
0.76
0.45
-0.48
-0.97
-1.07
0.59
0.57
0.46
-0.45
-0.99
-3.0 -1.5 0.0 1.5 3.0
Electronic & Elec. Equip. (o)
Leisure Goods (o)
Industrial Engineering (o)
Media (u)
General Retailers (o)
Fixed Line Telecoms. (u)
Industrial Metals & Mining (u)
Support Services (o)
Oil Equip., Serv. & Distn. (u)
Software & Comp. Serv. (o)
Stock selection
Asset allocation
12
Portfolio positions
Source: Factset. The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.
JPM Europe Smaller Companies Investment Trust plc as of 31 May 2017
Top 10 overweight positions
Stock Portfolio weight (%) Benchmark weight (%) Relative position (%)
Ipsos 2.4 0.1 2.3
Stabilus 2.4 0.1 2.2
SalMar 2.4 0.2 2.2
Maisons du Monde 2.2 0.1 2.1
Tarkett 2.3 0.2 2.1
Alten 2.3 0.2 2.1
Dometic Group 2.2 0.2 2.0
Thule Group 2.2 0.1 2.0
SimCorp 2.2 0.2 2.0
Hella 2.0 0.0 2.0
Benchmark Euromoney Smaller European Companies ex UK Index (Net)
13
Active and absolute country positions Active and absolute sector positions
Sector and country positions
Source: Factset. The trust is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.
JPM Europe Smaller Companies Investment Trust plc as of 31 May 2017
Portfolio weight (%)
Relative to benchmark (%) Portfolio weight (%)
Relative to benchmark (%)
Benchmark Euromoney Smaller European Companies ex UK Index (Net)
-2.2
-2.6
-3.9
-4.8
-6.9
15.9
10.1
4.9
3.3
3.3
-20.0 -10.0 0.0 10.0 20.0
Industrial Engineering
Autos & Parts
Leisure Goods
Software & Computer Services
Beverages
Industrial Transportation
Electricity
Pharma & Biotech
Financial Services
Real Estate
-1.5
-3.7
-4.1
-4.3
-7.8
6.6
4.9
3.9
2.8
2.1
-10.0 -5.5 -1.0 3.5 8.0
France
Italy
Norway
Netherlands
Denmark
Germany
Austria
Sweden
Belgium
Spain
9.9
18.9
16.9
8.2
7.2
13.3
0.0
10.0
0.0
0.0
24.1
12.0
6.6
8.1
4.1
1.4
0.0
0.0
0.0
0.0
14
Global manufacturing PMIs
Source: FactSet, Markit, J.P. Morgan Asset Management. The Global Purchasing Managers’ Index (PMI) assesses the economic health of the manufacturing sector by surveying output and employment intentions. Guide to the Markets - Europe. Data as of 30June 2016.
Korea
Japan
Switzerland
Eurozone France
Germany Italy
Spain
UK US
Brazil Russia
India China
Taiwan
Global
Euro
zone
D
evel
oped
Em
ergi
ng
Developed Emerging
50.8 50.5 50.4 51.0 51.0 50.7 50.9 50.0 50.7 50.2 50.1 50.4 51.0 50.7 51.0 51.9 52.0 52.7 52.7 53.0 53.0 52.7 52.6 52.6
52.1 51.9 51.7 52.6 52.3 52.0 52.1 50.8 50.9 50.5 50.3 51.1 51.4 51.2 51.5 52.6 52.9 53.7 54.2 54.1 53.9 54.1 54.1 53.9
49.1 48.6 48.4 49.0 49.2 49.0 49.4 48.9 50.2 49.6 49.5 49.3 50.3 50.1 50.3 51.0 50.8 51.1 50.8 51.3 51.6 50.8 50.5 50.8
52.4 52.3 52.0 52.3 52.8 53.2 52.3 51.2 51.6 51.7 51.5 52.8 52.0 51.7 52.6 53.5 53.7 54.9 55.2 55.4 56.2 56.7 57.0 57.4
49.6 48.3 50.6 50.6 50.6 51.4 50.0 50.2 49.6 48.0 48.4 48.3 48.6 48.3 49.7 51.8 51.7 53.5 53.6 52.2 53.3 55.1 53.8 54.8
51.8 53.3 52.3 52.1 52.9 53.2 52.3 50.5 50.7 51.8 52.1 54.5 53.8 53.6 54.3 55.0 54.3 55.6 56.4 56.8 58.3 58.2 59.5 59.6
55.3 53.8 52.7 54.1 54.9 55.6 53.2 52.2 53.5 53.9 52.4 53.5 51.2 49.8 51.0 50.9 52.2 53.2 53.0 55.0 55.7 56.2 55.1 55.2
53.6 53.2 51.7 51.3 53.1 53.0 55.4 54.1 53.4 53.5 51.8 52.2 51.0 51.0 52.3 53.3 54.5 55.3 55.6 54.8 53.9 54.5 55.4 54.7
50.0 51.3 48.0 49.6 49.0 49.9 50.2 51.1 53.0 53.1 55.3 51.5 51.5 51.6 54.4 55.2 55.9 56.2 54.6 57.8 58.6 57.4 55.6 60.1
52.3 51.8 51.5 54.5 52.5 51.2 52.5 50.9 51.1 49.5 50.4 53.1 48.3 53.5 55.3 54.2 53.5 55.9 55.6 54.6 54.0 57.0 56.3 54.3
53.8 53.0 53.1 54.1 52.8 51.2 52.4 51.3 51.5 50.8 50.7 51.3 52.9 52.0 51.5 53.4 54.1 54.3 55.0 54.2 53.3 52.8 52.7 52.1
51.2 51.7 51.0 52.4 52.6 52.6 52.3 50.1 49.1 48.2 47.7 48.1 49.3 49.5 50.4 51.4 51.3 52.4 52.7 53.3 52.4 52.7 53.1 52.4
47.2 45.8 47.0 44.1 43.8 45.6 47.4 44.5 46.0 42.6 41.6 43.2 46.0 45.7 46.0 46.3 46.2 45.2 44.0 46.9 49.6 50.1 52.0 51.5
48.3 47.9 49.1 50.2 50.1 48.7 49.8 49.3 48.3 48.0 49.6 51.5 49.5 50.8 51.1 52.4 53.6 53.7 54.7 52.5 52.4 50.8 52.4 50.3
52.7 52.3 51.2 50.7 50.3 49.1 51.1 51.1 52.4 50.5 50.7 51.7 51.8 52.6 52.1 54.4 52.3 49.6 50.4 50.7 52.5 52.5 51.6 50.9
47.8 47.3 47.2 48.3 48.6 48.2 48.4 48.0 49.7 49.4 49.2 48.6 50.6 50.0 50.1 51.2 50.9 51.9 51.0 51.7 51.2 50.3 49.6 50.4
47.6 47.9 49.2 49.1 49.1 50.7 49.5 48.7 49.5 50.0 50.1 50.5 50.1 48.6 47.6 48.0 48.0 49.4 49.0 49.2 48.4 49.4 49.2 50.1
47.1 46.1 46.9 47.8 49.5 51.7 50.6 49.4 51.1 49.7 48.5 50.5 51.0 51.8 52.2 52.7 54.7 56.2 55.6 54.5 56.2 54.4 53.1 56.2
Jan
Mar
Sep
Nov
Dec
May
Jul
Aug
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2015 2016
Jun
Jul
Aug
Sep
Oct
2017
Feb
Apr
Jun
15
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
Expensive
Cheap
0.5
1.0
1.5
2.0
2.5
3.0
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
Relative valuations – price/book* Absolute valuations – price/book*
European smaller company valuations
Source: European Quantitative Research, Citigroup Investment Research. Data as at 1 June 2017. Past performance is not necessarily a reliable indicator for current and future performance. *Price-To-Book is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest Quarter’s book value per share.
+1 Stdev
-1 Stdev
Avg.
Cheap
Expensive
+1 Stdev
-1 Stdev
Avg.
___ Small Cap P/B
… valuations attractive v. large companies
16
German 10 year government bond yield
German 10 year government bond yield
Source: Bloomberg from July 2012 to July 2017. Past performance is not necessarily a reliable indicator for current and future performance.
-0.5
0
0.5
1
1.5
2
2.5
Jul '12 Jan '13 Jul '13 Jan '14 Jul '14 Jan '15 Jul '15 Jan '16 Jul '16 Jan '17
%
17
Appendix
18
Gearing versus the index
Source: Thomson Reuters Datastream, J.P. Morgan Asset Management as at 31 March 2017. Index rebased to 100 at start of data series. * Index is Euromoney Smaller European Companies (ex UK) Index. Investment trusts may utilise gearing which will exaggerate market movements both down and up which could mean sudden and large falls in value. For further details, please refer to the trust’s annual report and accounts. Gearing is the ability to borrow money to invest that money on behalf of the shareholders
...active management of gearing a source of consistent value added
Since 2009 (quarterly)
50
100
150
200
250
300
350
400
80%
85%
90%
95%
100%
105%
110%
115%
120%
125%
Mar
09
Jun
09
Sep
09
Dec
09
Mar
10
Jun
10
Sep
10
Dec
10
Mar
11
Jun
11
Sep
11
Dec
11
Mar
12
Jun
12
Sep
12
Dec
12
Mar
13
Jun
13
Sep
13
Dec
13
Mar
14
Jun
14
Sep
14
Dec
14
Mar
15
Jun
15
Sep
15
Dec
15
Mar
16
Jun
16
Sep
16
Dec
16
Mar
17
JPMorgan European Smaller Companies Trust gearing (LHS)Euromoney Smaller European Companies (ex UK) Index (RHS)
19
5 year discount
Source: Bloomberg from May 2012 to May 2017. Past performance is not necessarily a reliable indicator of current and future performance.
JPMorgan European Smaller Companies Trust plc
-20
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
50
100
150
200
250
300
350
400
450
May '12 Nov '12 May '13 Nov '13 May '14 Nov '14 May '15 Nov '15 May '16 Nov '16
Net Asset Value (LHS) Last Price (LHS) Fund Percent Premium (RHS)%
20
Euromoney Smaller European Companies (ex UK) Index Key characteristics
Source: Euromoney; as at 31 August 2016.
1,000 stocks across 14 markets
Market capitalisation range of £27m – £4.1bn
Back history from December 1985
Monthly geographic and sector analysis
Daily pricing on Bloomberg-JCSCEXPT Index
21
Specific risks JPM Europe Smaller Companies Fund
Source: J.P. Morgan Asset Management as of 30 June 2017.
The value of your investment may fall as well as rise and you may get back less than you originally invested.
The value of Equity and Equity-Linked Securities may fluctuate in response to the performance of individual companies and general market conditions.
The Fund invests in securities of smaller companies which may be more difficult to sell, more volatile and tend to carry greater financial risk than securities of larger companies.
This Fund is aggressively managed, which may result in higher volatility of the Fund’s performance and bigger differences between the performance of the Fund and its Benchmark.
Movements in currency exchange rates can adversely affect the return of your investment.
22
J.P. Morgan Asset Management
For AGM use only – not for further public distribution This is a promotional document and as such the views contained herein are not to be taken as advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management's own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Both past performance and yield are not a reliable indicator of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website www.jpmorgan.com/pages/privacy. Investment is subject to documentation (Investor Disclosure Document, Key Features and Terms and Conditions), copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorized and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP. 752e2e10-623c-11e7-86c4-005056960c8a
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