JPMorgan Global Research Enhanced Index Equities Hedged aims to achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in the benchmark.
•Stock selection was positive in 10 of the 19 sectors in our internal sector classification scheme during the quarter.
•An overweight position in AbbVie, a US-based pharmaceutical company, contributed to performance over the quarter. The stock gained as the company reported strong quarterly results ahead of consensus estimates in both revenue and net income. The management also raised its guidance and expressed confidence in raising it further in 2024.
•Our underweight position in Amgen, a US multinational biopharmaceutical company, detracted from relative returns over the quarter. The stock gained after the company posted strong quarterly results that saw it beat expectations on generally strong product revenues across the board. Revenues grew, with lower operating expenses and higher non-operating expenses. The management also raised its full-year guidance, which was received well by investors.
What is JPMorgan Global Rsrch Enhncd Idx Eq Hdg JPMorgan Global Rsrch Enhncd Idx Eq Hdg is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Currency Hedged Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The JPMorgan Global Rsrch Enhncd Idx Eq Hdg has Assets Under Management of 82.75 M with a management fee of 0.2%, a performance fee of 0.00% and a buy/sell spread fee of 0%.
How has the investment product performed recently?
The recent investment performance of the investment product shows that the JPMorgan Global Rsrch Enhncd Idx Eq Hdg has returned 1.34% in the last month. The previous three years have returned 9.34% annualised and 14.68% each year since inception, which is when the JPMorgan Global Rsrch Enhncd Idx Eq Hdg first started.
How is risk measured in this investment product?
There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since JPMorgan Global Rsrch Enhncd Idx Eq Hdg first started, the Sharpe ratio is NA with an annualised volatility of 14.68%. The maximum drawdown of the investment product in the last 12 months is -2.98% and -22.47% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product?
Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The JPMorgan Global Rsrch Enhncd Idx Eq Hdg has a 12-month excess return when compared to the Foreign Equity - Currency Hedged Index of 4.39% and 1.53% since inception.
Does the investment product produce Alpha over its Peers?
Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. JPMorgan Global Rsrch Enhncd Idx Eq Hdg has produced Alpha over the Foreign Equity - Currency Hedged Index of NA% in the last 12 months and NA% since inception.
What are similar investment products?
For a full list of investment products in the Foreign Equity - Currency Hedged Index category, you can click here for the Peer Investment Report.
What level of diversification will JPMorgan Global Rsrch Enhncd Idx Eq Hdg provide?
JPMorgan Global Rsrch Enhncd Idx Eq Hdg has a correlation coefficient of 0.97 and a beta of 1.08 when compared to the Foreign Equity - Currency Hedged Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers?
For a full quantitative report on JPMorgan Global Rsrch Enhncd Idx Eq Hdg and its peer investments, you can click here for the Peer Investment Report.
How do I compare the JPMorgan Global Rsrch Enhncd Idx Eq Hdg with the Developed -World Index?
For a full quantitative report on JPMorgan Global Rsrch Enhncd Idx Eq Hdg compared to the Developed -World Index, you can click here.
Can I sort and compare the JPMorgan Global Rsrch Enhncd Idx Eq Hdg to do my own analysis?
To sort and compare the JPMorgan Global Rsrch Enhncd Idx Eq Hdg financial metrics, please refer to the table above.
Has the JPMorgan Global Rsrch Enhncd Idx Eq Hdg been independently verified by SMSF Mate?
This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
How can I invest in JPMorgan Global Rsrch Enhncd Idx Eq Hdg?
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Comments from SMSF Mates
SMSF Mate does not receive commissions or kickbacks from the JPMorgan Global Rsrch Enhncd Idx Eq Hdg. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - August 31, 2023 •Stock selection was the primary driver of performance and was positive in 13 of the 19 sectors in our internal sector classification scheme this month.
•An overweight position in Eaton, an Ireland-based power management company, contributed to performance over the month. The company’s initiative to increase its prices was well received by its distributors. This led to optimism around the stock as its margins are expected to improve.
•An overweight position in NXP Semiconductors, a Netherlands-based semiconductor solution provider, detracted from returns over the month. Shares fell as investors questioned the outlook for the semiconductor industry in the face of a weaker Chinese economy impacting global growth.
Performance Commentary - July 31, 2023 •Stock selection was positive in 8 of the 19 sectors in our internal sector classification scheme this month.
•An overweight position in AbbVie, a US-based pharmaceutical company, contributed to performance over the month. The company posted strong second-quarter results, with revenues beating consensus estimates across most of its products. This led to a revision of its earnings guidance and a rise in its stock price.
•An overweight position in Chipotle Mexican Grill, a US-based Mexican restaurant chain, detracted from performance over the month. Shares came under pressure after the company gave guidance on growth in thirdquarter same-store sales and margins below consensus estimates. This led sell-side analysts to cut their price target on the stock.
Performance Commentary - June 30, 2023 •Stock selection was the primary driver of performance and was positive in 12 of the 19 sectors in our internal sector classification scheme this quarter.
•An underweight position in Walt Disney, a US-based mass media and entertainment conglomerate, contributed to relative returns over the quarter. The company reported mixed results and guidance in their latest quarterly earnings results. Although the CEO is implementing necessary changes to improve productivity and efficiencies, Walt Disney is facing challenges, along with its traditional media peers. The company saw losses in subscribers for Disney+ in its key market, the US, and Disney’s linear networks continue to witness an acceleration in subscriber declines.
•An overweight position in AbbVie, a US-based pharmaceutical company, detracted from performance over the quarter. The stock declined on account of weak quarterly results, as revenues declined significantly for its two products, Rinvoq and Skyrizi. The overall combined miss for both products was about USD 100 million, or about 5% of combined sales, but was largely driven by one-off factors.
Performance Commentary - April 30, 2023 Month in Review
•Stock selection was the primary driver of performance and was positive in 13 of the 19 sectors in our internal sector classification scheme this month.
•An overweight to Chipotle, an American chain of fast-casual restaurants, contributed to monthly returns. The company reported quarterly results ahead of consensus, fueled by better-than-expected same-store sales growth. Restaurant traffic grew by 10% despite higher menu prices, confirming the company’s pricing power in the current economic environment. •An overweight to NXP Semiconductors, a Dutch semiconductor designer and manufacturer, detracted from monthly returns. After performing strongly in January, shares gave back performance over concerns around the outlook for semiconductor spending in the face of an uncertain economic environment.
Performance Commentary - February 28, 2023 Month in Review
•Stock selection was the primary driver of performance and was positive in 10 of the 19 sectors in our internal sector classification scheme this month.
•An overweight position in BP, the oil major, contributed to relative returns. Shares surged after they announced less money would be spent on low returns projects and more would be returned to shareholders.
•An overweight position in ConocoPhillips, an American energy company, detracted from returns over the month. While results were broadly in-line with consensus expectations, the share price fell in reaction to the scaling back of the Alaska/Willow project compared to previous guidance.
Performance Commentary - January 31, 2023 Month in Review
•Stock selection was the primary driver of performance and was positive in 11 of the 19 sectors in our internal sector classification scheme this month.
•An underweight position in Pfizer, an American multinational pharmaceutical and biotechnology corporation, contributed to relative returns. Despite posting better than expected quarterly profits, the shares fell amid a downbeat full year 2023 outlook. Management warned of a significant drop in its sales for the year on account of a decline in Covid-19 product sales, which was not well received by investors.
•An overweight position in NextEra Energy, the US utility company, detracted from performance over the month. The company reported solid quarterly results which came in slightly ahead of expectations but their guidance for 2023 was seen as disappointing. The company also announced that third party investigation into alleged illegal lobbying practices was completed with no adverse legal outcome. However, the President of their Florida utility business who was a key person of interest in the investigation announced they were stepping down. This was seen negatively by the market and shares fell around 9% on the day.
Performance Commentary - December 31, 2022 •Stock selection was positive in 11 of the 19 sectors in our internal sector classification scheme this quarter.
•An overweight position in Volvo, a Swedish automobile company, contributed to relative returns. The stock rallied as the company sales increased in December despite supply chain issues, as the lockdown in China had created shortages and production constraints for Volvo. Volvo is leveraging its first-mover advantage in electric trucks, as December witnessed a significant surge in sales of electric and rechargeable cars.
•A neutral position in Tesla, the US automotive & clean energy company, detracted from returns over the period. Shares have come under pressure in recent months as the company’s founder Elon Musk has been selling down his stake in Tesla to finance his highly controversial takeover of Twitter. Tesla shareholders are concerned this is distracting him from his role at Tesla. Shares came under further pressure as new data from China showed that Tesla registrations fell 26% during a week where overall electric vehicle registrations rose 58%, highlighting growing investor concern around intensifying competition.
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