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Presentation: Value Advantage Strategy 0a2a9a00-2a5d-11e9-978e-82bd59426b7a J.P. Morgan Value Advantage Managed Account 2Q 2021 Table of Contents Capabilities Strategy: Value Advantage – Expertise – Portfolio – Results Appendix 2 Capabilities 3 Equities Assets Under Management As of June 30, 2021, J.P. Morgan Asset Management’s Equity teams manage USD 776 billion. Equities U.S. Equity USD 776bn total assets under management USD 439bn total assets under management International Equity Group Core Growth USD 141bn USD 100bn USD 130bn 18% 23% 30% Emerging U.S. Equity Markets & Asia USD 439bn Pacific Equity 57% USD 196bn Value Structured 25% USD 143bn USD 66bn 32% 15% Source: J.P. Morgan Asset Management. Data includes internal Fund of Funds and joint ventures. All figures in USD. 4 Expertise 5 An experienced team dedicated to value investing The team also leverages the insights of the J.P. Morgan Equity organization, which includes over 20 research analysts in the U.S. and over 200 analysts globally Portfolio Management Team Value Investment Analysts Investment Specialists Jonathan Simon Ryan Jones Jeremy Miller Jaime Steinhardt Managing Director Executive Director Executive Director Executive Director Lead Portfolio Manager Experience: 15/5 Experience: 21/5 Experience: 11/11 Experience: 41/41 Larry Playford Managing Director AJ Grewal Dennis Morgan John Piccard Co-Portfolio Manager Executive Director Executive Director Executive Director Experience: 28/28 Experience: 22/3 Experience: 27/4 Experience: 29/14 Graham Spence Larry Unrein Jenna Silver Executive Director Vice President Vice President Co-Portfolio Manager Experience: 11/11 Experience: 8/8 Experience: 19/8 1 As of June 2021. Note: MD = Managing Director; ED = Executive Director 6 A team of skilled research analysts with an average of 20 years of experience Consumer Healthcare David Small Danielle Hines Lisa S. Sadioglu Greg Fowlkes Ryan Vineyard Laurence McGrath Bartjan van Hulten Brittany Henderson Li Boynton Managing Director Executive Director Managing Director Managing Director Managing Director Executive Director Executive Director Vice President Vice President Director of U.S. Associate Director Consumer Cyclicals Retail Telecom & Cable Health Svcs/Medtech Pharma/Biotech Medtech Pharma/Biotech Research of U.S. Research Experience: 21/21 Experience: 22/16 Experience: 16/9 Experience: 24/11 Experience: 25/3 Experience: 11/3 Experience: 7/4 Experience: 21/16 Experience: 12/12 Financials REITs Telecom, Media & Technology Steven Wharton Brent Gdula David Chan Jason Ko Nick Turchetta Robert Bowman Nitin Bhambhani Kris Erickson Ryan Vineyard Managing Director Executive Director Executive Director Executive Director Vice President Managing Director Managing Director Executive Director Managing Director Banks & Capital Insurance Payments REITs REITs Semis & Technology Software and Svcs Media Telecom & Cable Markets Experience: 13/13 Experience: 14/3 Experience: 19/19 Experience: 11/1 Hardware Experience: 28/25 Experience: 20/8 Experience: 16/9 Experience: 26/15 Experience: 28/28 Industrials Lerone Vincent David Maccarrone Leslie Rich Joanna Shatney Andrew Brill Chris Ceraso Aga Zmigrodzka Executive Director Managing Director Managing Director Executive Director Vice President Executive Director Vice President Basic Materials Energy Infrastructure Utilities Industrial Cyclicals Industrial Cyclicals Autos and Transport Energy Experience: 23/23 Experience: 26/11 Experience: 28/11 Experience: 25/7 Experience: 18/5 Experience: 21/8 Experience: 11/<1 Note: Research Analysts Include VP’s and above. As of June 2021. Years of experience: Industry/Firm 7 Portfolio 8 Investment Philosophy “We believe that companies which possess the ability to consistently generate free cash flow and effectively allocate capital to generate growth in value per share will, over the long term, outperform stock market averages” Quality Business Quality Management Valuation We focus on: Management is key: Valuation is critical: durable business model good stewards of capital Price/earnings consistent earnings long term strategic plan Price/book value high return on invested capital track record of success Price/cash flow The portfolio is built on a foundation of high quality U.S. companies with attractive valuations. We also invest in attractive risk/reward opportunities where low valuation more than compensates for improving fundamental factors. For illustrative purposes only. The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. Please see appendix for Glossary of investment terms. 9 Investment process overview Fundamental Valuation Portfolio Idea Generation Analysis Analysis Construction Narrow the investment Assess the quality of the Valuation is critical to our The portfolio is constructed from universe via company by analyzing entry & exit points the bottom-up U.S. Publicly Traded Business Factors P/E, P/B, P/TBV Bottom up approach Companies – Competitive position relative to Free Cash Flow Yield 80 – 150 holdings peers Analyst Research Enterprise Value Max. stock weighting of 10% – Leadership in niche business Management Meetings – High barriers to entry Private Market Value No formal sector constraints in Industry Conferences – Strong “brand” franchise Analysis place Management Factors Sum of the Parts – Flexible attitude towards capital Analysis allocation – Long term strategic planning – Equity participation Qualitative Factors – Sustainable Free Cash Flow – Optimal use of the balance sheet – Potential to grow intrinsic value per Sell discipline: share – Overvaluation by the market – Displacement by a better idea – Company fundamentals have changed For illustrative purposes only. The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. Please see appendix for Glossary of investment terms. 10 Value Advantage: Flexible approach, consistent results J.P. Morgan Value Advantage Strategy as of March 31, 2021 Annualized Return since inception (Gross of Fees) Up and Down Market Capture since inception* Value Russell 3000 Excess 105.1% Market Cap Advantage Value Return 98.4% Large Cap: > 20 $Bn 9.9% 6.8% 3.0% Mid Cap: 5 – 20 $Bn 10.0% 9.1% 0.9% -94.5% -95.2% Small Cap: < 5 $Bn 9.9% 8.8% 1.1% J.P. Morgan Value Advantage Strategy eVestment LCV Median Batting Average since inception** Positive Absolute Returns since inception 60% 59.0% CONSISTENT PERFORMANCE: J.P. Morgan Value Advantage Strategy Russell 3000 Value 3rd percentile batting average 58% 100% 56% 54% 84% 52.0% 52% 50% 48% J.P. Morgan Value Advantage Strategy eVestment LCV Median Percent of positive rolling 5-year periods Source: J.P. Morgan Asset Management, eVestment Alliance as of 03/31/21. Statistics are computed using monthly data. The eVestment ranking is a percentile ranking based on the products’ annualized returns (gross of fees) within its applicable Peer Universe. Ranking is calculated based on total return. Rating, risk, and return values are relative to each eVestment Large Cap Value Category, less bottom right chart which is relative to the Russell 3000 Value Benchmark. Supplemental to standardized performance. See page 28 / Appendix II for full eVestment rankings and disclosure for additional index information. Past performance is no guarantee of future results. All data as of 03/31/2021. LCV: Large Cap Value. $: USD. *Up capture measures performance of the manager relative to the index in up markets. Down capture measures performance of the manager relative to the index in down markets. **Consistency is measured by batting average – calculated by dividing the number of months in which the manager beats or matches the index by the total number of months in the period. See page 18 for net of fee performance. See page 29 for Glossary for investment terms. 11 Sector positions JPMorgan Value Advantage Portfolio as of June 30, 2021 Benchmark Russell 3000 Value Index Absolute & relative sector weightings (%) 35 31.7 30 25 20 15 11.4 10 9.1 8.7 8.4 6.9 6.3 5.5 5.0 4.0 5 3.2 0 Financials Health Consumer Real Industrials Communication Energy Consumer Information Utilities Materials Care Discretionary Estate Services Staples Technology Relative 10.5 -5.5 3.2 3.7 -3.9 -1.4 1.0 -1.4 -4.9 -0.8 -0.7 weight Source: Wilshire. Reflects relative position to the benchmark Russell 3000 Value Index. Please see appendix for Glossary of investment terms. Holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 12 Financials – still high conviction, but shifting complexion under the surface JPMorgan Value Advantage Portfolio as of June 30, 2021 Current Financials Weight: 31.7% Shifts within financials 5 years - change in absolute weights Portfolio diversification across sub-sectors Multi-Sector Holdings 2.6% Investment Banking & Brokerage, 2.3% Property & Casualty Insurance 2.2% Asset Mgt & Custody Bank, 2.3% Investment Banking & Brokerage 1.1% Diversified Banks, 7.9% Asset Mgmt & Custody Bank 0.6% Multi-Sector Holdings, 2.6% Diversified Banks 0.5% Consumer Finance 0.4% Consumer Finance, 3.1% Insurance Brokers 0.3% Regional Banks, 5.4% Reinsurance 0.2% Other Insurance, 2.0% P&C Insurance, Regional Banks -0.7% 4.9% Life & Health Insurance -1.9% Multi-line Insurance -2.8% Source: J.P. Morgan Asset Management, Wilshire Atlas (excludes cash). Please see appendix for Glossary of investment terms. 13 Portfolio positions JPMorgan Value Advantage Portfolio as of June 30, 2021 Benchmark Russell 3000 Value Index Portfolio Portfolio Relative Top 10 holdings Top 5 overweights1 weight (%) weight (%) position (%) Bank of America 4.08 Bank of America 4.08 2.63 Berkshire Hathaway 2.58 AbbVie 1.83 1.83 Capital One 1.94 1.62 Capital One 1.94 Loews 1.65 1.59 Wells Fargo 1.91 AutoZone 1.60 1.48 AbbVie 1.83 Verizon Communications 1.78 Portfolio Relative Top 5 underweights1 weight (%) position (%) Bristol Myers Squibb 1.69 JPMorgan Chase & Co2 0.00 -2.17 Travelers Companies 1.65 Exxon Mobil 0.00 -1.24 Loews 1.65 Comcast 0.00 -1.21 AutoZone 1.60 Intel 0.00 -1.05 Total 20.70 Walt Disney 0.42 -0.99 1Reflects relative position to the Russell 3000 Value Index.
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