jason pidcock jenna zegleman asian equities...purposes of efficient management of the portfolio and...

For professional and institutional investors only. Not for retail investors.

Jupiter Asian Income Fund

ASIAN EQUITIESJason PidcockHead of Strategy

Jenna ZeglemanProduct Specialist


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Jupiter Asian Income Fund

The views expressed are those of the presenter at the time of preparation and may change in the future.

High conviction Asian investment for income and growth over the long term

Liquidity is a key criteria for investment

Source of incomeCountry exposureCurrency exposure

Investing for three-way diversification

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ObjectiveThe objective of the Fund is to provide income together with the prospect of capital growth to achieve a return, net of fees,higher than that provided by the FTSE AW Asia Pacific Ex Japan index over the long term (at least five years). The Fund aims to provide a level of income at least 20% higher than provided by the target benchmark.

BenchmarkTarget Benchmark FTSE AW Asia Pacific ex-Japan, Comparator Benchmark: IA Asia Pacific Excluding Japan

UnconstrainedSector and geographic allocation residual of blended top-down and bottom-up process

DefensiveLow beta typically 0.8-0.9. Focus on companies with strong balance sheets, well-managed and good governance

Concentrated and high convictionc. 30-40 stocks. 1% min. / 7% max. position size

Fully investedCash typically 0% - 3%

Time HorizonLong-term investors.


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Assembling a portfolio using a top-down approach Our approach: Portfolio Construction

Top Down

Macroeconomic picture

Political/currency risks

Environmental risk

10-year government bond yields

Demographics

Liquidity – large caps

Competitive advantage

Barriers to entry

Technological changes

Balance sheet strength

Valuations

Dividend yield

Portfolio

Reading. Listening. Thinking.

Dividend yieldStocks yielding higher

than the index, but dividend growth is still expected

Dividend growth Stocks yielding lower

than the index, but presenting growth opportunities

80%of holdings

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4.6%

3.5%3.3%

5.1%

3.0%

0.9%

0.4%

1.4%

0.9%

0.4%

0%

1%

2%

3%

4%

5%

6%

Australia Hong Kong South Korea Singapore Taiwan

Fund yield* Govt bond yield**

Developed Asia: Fund yield vs. 10-year Government bond yield

‘Risk-Free’ Rate a key comparator for stock selectionWhy Asia Income?

Quoted yields are not guaranteed and may change in the future. Fund yields are gross of fees.*Source: Jupiter / HSBC, 30.06.20. **Source: Bloomberg, 10-year government bond yield as of 07.07.20.10

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Focus on large, liquid companiesPortfolio composition

Source: Jupiter / FactSet, as at 30.06.20. Figures grossed to 100%. *Source: Jupiter, as at 30.06.20. Assuming 20% of daily traded volume and three-month daily average volumes.

0.0%

26.9%

36.3% 36.7%

0

5

10

15

20

25

30

35

40

< $3bn $3-10 bn $10-50 bn > $50 bn

% N

av

Market Cap (US$bn)

87.9% liquidated in 3 days*

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25.0

22.5

11.9

10.9

11.0

6.7

6.7

4.4

1.8

0.5

21.5

21.3

5.5

8.9

8.2

2.6

14.8

5.4

2.6

5.5

0% 5% 10% 15% 20% 25%

Technology

Financials

Real Estate

Industrials

Consumer Goods

Telecomms

Consumer Services

Basic Materials

Utilities

Health Care

Oil & Gas

Cash

Jupiter Asian Income FundFTSE AW Asia Pacific ex Japan

SectorCountry

Jupiter Asian Income FundCountry and sector exposure

Source: Jupiter / FactSet, in GBP, as at 30.06.20.

33.9

18.6

18.3

11.7

9.9

5.6

1.5

0.6

44.6

15.0

11.3

2.9

10.6

7.8

2.3

1.9

1.3

0.9

0.8

0.1

-5% 5% 15% 25% 35% 45%

China/HK

Australia

Taiwan

Singapore

South Korea

India

Thailand

Malaysia

Indonesia

Philippines

New Zealand

Ireland

United Kingdom

CashJupiter Asian Income FundFTSE AW Asia Pacific ex Japan

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Current holdings

Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice. Source: Jupiter as at 31.05.20. *Top 10 holdings as at 30.06.2020.

Dividend growth (4 holdings)

Dividend yield (26 holdings)

AustraliaAGL EnergyAmcor BHP*Coca Cola AmatilDexus PropertyMacquarie* SuncorpTreasury Wine Estates

ChinaChina MobileHengan*Ping An Insurance

Hong KongThe Link REITSands China* NWS Holdings

SingaporeDBSGenting SingaporeMapletree Logistics TrustST EngineeringSingapore Telecoms

South KoreaMacquarie Korea Infrastructure FundSamsung Electronics*

TaiwanHon Hai*TSMC*

ChinaTencent*

Hong KongAIAHong Kong Exchange

IndiaEmbassy Office Parks REITITC

TaiwanMediatek*

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ThailandThai Beverage


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Jupiter Asian Income FundTop 10 holdings

Holding examples are for illustrative purposes only and are not a recommendation to buy or sell. Source: Jupiter, 30.06.20. *Source: Bloomberg, in USD, as at 08.07.20.

Stock Weighting Country Sector Market cap*Samsung Electronics

Design, manufacture and market electronic devices globallyTaiwan Semiconductor

World’s largest semiconductor foundry (by revenues)Tencent Holdings

Internet and mobile online servicesHon Hai Precision

World’s largest electronics contract manufacturer (by revenues)MediaTek

World class fabless semiconductor chip designer Sands China

Macau casino, with retail space and convention centreMacquarie Group

Australia’s largest investment bank (by revenues)BHP Group

Globally leading metals and mining company, based in AustraliaPing An Insurance

General insurance & banking (personal & commercial loans)The Link REIT

HK’s largest property trust (by asset size), including malls and parking spaces

6.5% South Korea IT $296.7bn

6.4%

6.2%

6.0%

IT

IT

IT

5.9%

4.7%

4.7%

4.4%

4.3%

3.5% Hong Kong

China

Australia

Australia

Macau

Taiwan

Taiwan

China

Taiwan

IT

Consumer Services

Financials

Industrials

Financials

Real Estate $17.7bn

$212.3bn

$129.3bn

$30.8bn

$32.2bn

$35.5bn

$41.0bn

$677.2bn

$324.6bn

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Portfolio dividend yield ranges

Quoted yields are not guaranteed and may change in the future.Holding examples are for illustrative purposes only and are not a recommendation to buy or sell. Source: Jupiter, 31.05.20.

AmcorCoca Cola Amatil

AIA

Hong Kong Exchange

Macquarie-Korea

Infrastructure

Link REIT

4.5%2.5-4.5%

China Mobile

General Consumption

Tech

Telecoms

FinancialsOther

InfrastructureUtilities and

Commodities

Property

Travel, tourism and entertainment

DexusEmbassy REIT

MLTSingapore Telecom

Hon Hai

S.T. Engineering

Sands China

Samsung Electronics

TSMC

AGL

BHP

Tencent

MediaTek

Hengan

ITC

Treasury Wine Estates

Thai Beverage

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DBS

Macquarie Group

Suncorp

Ping An

Genting Singapore

NWS Holdings


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■1 holding

Taiwan Hong Kong South Korea Singapore Australia New Zealand China Malaysia Philippines Thailand Pakistan India Indonesia

Consumer Services ■ ■

Consumer Goods ■ ■ ■ ■ ■

Financials ■ ■ ■* ■ ■ ■ ■

Telecoms ■ ■

IT ■ ■ ■ ■ ■

Industrials ■ ■

Health Care

Real Estate ■ ■ ■ ■

Utilities ■

Energy

Materials ■ ■

Seeking ‘best in class’ companies across the region, with a macro overlayCountry and sector exposure

Company examples are for illustrative purposes only and are not a recommendation to buy or sell. *Macquarie Korea Infrastructure fund.Source: Jupiter as at 30.06.20. GICS classifications.10

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Jupiter Global Capabilities

Source: Jupiter, years of industry experience as at 31.03.20.

Laura ConigliaroGovernance and Sustainability Analyst

Ashish Ray Head of Governance and Sustainability Analyst

Andrew MortimerHead of Governance and Sustainability Analyst

Global Strategy Team

CIO OfficeStephen Pearson (34)Katharine Dryer (23)

Risk AnalysisVeronica Lazenby (25)Mark Dempsey (24)

Tim Shaw (9)

Global Multi-AssetTalib Sheikh (22)

Mark Richards (20)

Global Emerging MarketsRoss Teverson (21)

Nick Payne (20)

Global Fixed IncomeAriel Bezalel (23)

Alejandro Arévalo, EMD (22)

Supported by wider Jupiter teams

Governance and Sustainability

Jenna Zegleman (9+)Product Specialist

Global Value EquitiesBen Whitmore (26)Dermot Murphy (8)Brian McCormick (5)

Ellen Mann (Grad. 2019)

Jason Pidcock (26+)Head of StrategyAsian Income

Co-Ordinator

Abbie Llewellyn- Waters (14+)Fund ManagerGlobal Sustainable Equities

Global Equity & Income Managers

Stuart Cox (26+)Fund ManagerGlobal Managed & North American Income

Guy de Blonay (25+)Fund ManagerGlobal Financials & Financial Innovation

Global Thematic

Analysts Product Specialists

Oliver Lee (18+)Product Specialist

Gregory Herbert (17+)Fund ManagerGlobal Income

Dan Carter (16+)Fund ManagerJapan Income

Mitesh Patel (13+)Fund ManagerJapan Income

Antoine Hucher (6+)AnalystFinancial Technology & Innovation

Mark Evans (17+)AnalystGlobal Sustainable Equities

Freddie WoolfeAnalyst

Regional Focus


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Manager profile

Past performance is no guide to the future. The Newton Asian Income is a UCITS structure and was managed by Jason Pidcock from 30.11.05 to 30.04.15 prior to joining Jupiter. The performance figures are shown as a representation of Jason’s experience only and are not indicative of any potential future performance. The strategy used for the Newton Asian Income may not be representative of the strategy used for any future funds. *Source: FE / Morningstar, bid to bid, net income reinvested, in GBP, from 30.11.05 to 30.04.15. **Fund performance data is calculated on a NAV to NAV or bid to NAV basis dependent on the period of reporting, all performance is net of fees with income reinvested. Source: FE/Morningstar, in GBP, from 02.03.16 to 30.06.20. IA = The Investment Association.Target benchmark: FTSE AW Asia Pacific excl. Japan. Comparator: IA Asia Pacific ex Japan.

Jason PidcockFund Management Director26 years’ experience

Jason started his career with Henderson where he wasassistant fund manager between 1993 and 1996. He thenjoined BP where he was responsible for stock selection andasset allocation in the Asia Pacific excluding Japanregion for the BP pension fund.

In 2004 he joined Newton Investment Management, part ofBNY Mellon, where he launched the Newton Asian Incomefund (2005) and for a time managed the NewtonOriental and BNY Mellon Asian Equity funds as well asinstitutional mandates.

Jason joined Jupiter Asset Management in 2015 and iscurrently Head of Strategy, Asian Income as well as themanager of the Jupiter Asian Income Fund (Unit Trust)and the Jupiter Asia Pacific Income fund (SICAV).

Jason's investment style is pragmatic. He prefers alonger-term approach, which is reflected in a five-yearinvestment horizon.

He has 26 years of investment experience.

30 November 2005 to 30 April 2015*

Newton Asian Income Inst W Acc 194.0%

FTSE All-World Asia Pacific ex. Japan 174.4%

IA Asia Pacific ex. Japan 155.7%

-50%

50%

150%

250%

350%

450%

Nov-05 Oct-08 Sep-11 Aug-14 Jul-17 Jun-20

Newton Asian Income / Jupiter Asian Income Unit Trust

IA Asia Pacific ex Japan

FTSE All-World Asia Pacific excl. Japan TR GBP

02 March 2016 to 30 June 2020**

Jupiter Asian Income I Acc 54.9%

FTSE AW Asia Pacific ex Japan 66.3%

IA Asia Pacific ex Japan 65.2%

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Jupiter Asian Income Fund risks

● The fund invests a significant portion of the portfolio in emerging markets, which carry increased liquidity and volatility r isks. ● This fund invests mainly in shares and it is likely to experience fluctuations in price which are larger than funds that inve st only in

bonds and/or cash.

● Quarterly income payments will fluctuate. ● All of the fund's expenses are charged to capital, which can reduce the potential for capital growth. ● The Key Investor Information Document, Supplementary Information Document and Scheme Particulars are available from Jupiter

on request.

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Disclosure

This presentation is intended for investment professionals and not for the benefit of retail investors. Market and exchange ratemovements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Any data orviews given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but noassurance or warranties are given.

Past performance is no guide to the future. Company examples are for illustrative purposes only and are not a recommendation to buyor sell. Quoted yields are not guaranteed and may change in the future. Awards and ratings should not be taken as a recommendation.

For your security we may record or randomly monitor telephone calls.

Issued by Jupiter Unit Trust Managers Limited (JUTM), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQwhich is authorised and regulated by the Financial Conduct Authority.

No part of this presentation may be reproduced in any manner without the prior permission of JUTM.

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Indices disclosure

Industry Classification Benchmark (‘ICB’) is a product of FTSE International Limited (‘FTSE’) and all intellectual property rights in and toICB vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. ‘FTSE®’ is a trade mark owned by theLondon Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any lossor damage arising out of any error or omission in ICB.

This document contains information based on the FTSE All World Asia Pacific ex Japan Index. ‘FTSE®’ is a trade mark owned by theLondon Stock Exchange Plc and is used by FTSE International Limited (‘FTSE’) under licence. The FTSE All World Asia Pacific ex JapanIndex is calculated by FTSE. FTSE does not sponsor, endorse or promote the product referred to in this document and is not in any wayconnected to it and does not accept any liability in relation to its issue, operation and trading. All copyright and database rights in theindex values and constituent list vest in FTSE.

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