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Unaudited Semi-Annual Report JPMorgan Funds Société d’Investissement à Capital Variable, Luxembourg (R.C.S. No. B 8478) 31 December 2020 This report is an abridged version of the unaudited semi-annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment. The complete version is available on request from the Company’s registered office in Luxembourg and from JPMorgan Funds (Asia) Limited. This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong Kong Offering Document which is available free of charge on request, supplemented by the most recent audited annual report of the Fund and any subsequent unaudited semi-annual report, from JPMorgan Funds (Asia) Limited. Certain of the Sub-Funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly, no reference is made to these Sub-Funds in this unaudited semi-annual report. The attention of the investors is drawn to the fact that certain figures in this unaudited semi-annual report are expressed on a consolidated basis and, thus, include the assets of those Sub-Funds which are not registered in Hong Kong. JPMorgan Funds Unaudited Semi-Annual Report As at 31 December 2020 Contents (continued) Board of Directors 1 Management and Administration 2 Unaudited Financial Statements and Statistical Information Combined Statement of Net Assets 3 Combined Statement of Operations and Changes in Net Assets 11 Statement of Changes in the Number of Shares 19 Statistical Information 32 Notes to the Unaudited Financial Statements 45 Schedule of Investments Equity Sub-Funds JPMorgan Funds - America Equity Fund 55 JPMorgan Funds - Asia Pacific Equity Fund 57 JPMorgan Funds - Brazil Equity Fund 59 JPMorgan Funds - China Fund 60 JPMorgan Funds - Emerging Europe Equity Fund 62 JPMorgan Funds - Emerging Markets Dividend Fund 63 JPMorgan Funds - Emerging Markets Equity Fund 66 JPMorgan Funds - Emerging Markets Opportunities Fund 69 JPMorgan Funds - Emerging Middle East Equity Fund 72 JPMorgan Funds - Euroland Equity Fund 73 JPMorgan Funds - Europe Dynamic Fund 76 JPMorgan Funds - Europe Dynamic Technologies Fund 80 JPMorgan Funds - Europe Equity Fund 83 JPMorgan Funds - Europe Small Cap Fund 86 JPMorgan Funds - Global Equity Fund 89 JPMorgan Funds - Global Natural Resources Fund 93 JPMorgan Funds - Global Real Estate Securities Fund (USD) 95 JPMorgan Funds - Global Unconstrained Equity Fund 98 JPMorgan Funds - Greater China Fund 100 JPMorgan Funds - India Fund 102 JPMorgan Funds - Japan Equity Fund 103 JPMorgan Funds - Korea Equity Fund 106 JPMorgan Funds - Latin America Equity Fund 108 JPMorgan Funds - Russia Fund 109 JPMorgan Funds - Taiwan Fund 110 JPMorgan Funds - US Growth Fund 111 JPMorgan Funds - US Technology Fund 113 JPMorgan Funds - US Value Fund 114 Balanced and Mixed Asset Sub-Funds JPMorgan Funds - Asia Pacific Income Fund 116 JPMorgan Funds - Total Emerging Markets Income Fund 123 Bond Sub-Funds JPMorgan Funds - China Bond Opportunities Fund 131 JPMorgan Funds - Emerging Markets Debt Fund 136 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 145 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 152 JPMorgan Funds - Global Government Bond Fund 160 JPMorgan Funds - Income Fund 166 JPMorgan Funds - US Aggregate Bond Fund 190 JPMorgan Funds - US High Yield Plus Bond Fund 217 Money Market Sub-Funds JPMorgan Funds - USD Money Market VNAV Fund 226 Appendix - Unaudited Additional Disclosures 1. Total Expense Ratios 227 2. Summary of Investment Objectives of the Sub-Funds 243 3. Performance and Volatility 246 4. Interest Rate Received/(Charged) on Bank Accounts 260 5. Sub-Fund Share Classes Taxe d’Abonnement Rates 260 6. Portfolio Turnover Ratio 261 7. Calculation Method of the Risk Exposure 262 8. Collateral Received 263 9. Securities Financing Transactions 264 10. UCITS Remuneration Disclosures 271 JPMorgan Funds Board of Directors Chairman Iain O.S. Saunders Duine, Ardfern Argyll PA31 8QN United Kingdom Directors Jacques Elvinger Martin Porter Elvinger Hoss Prussen, société anonyme Thornhill, Hammerwood Road 2, place Winston Churchill Ashurst Wood B.P. 425, L-2014 Luxembourg West Sussex RH19 3SL Grand Duchy of Luxembourg United Kingdom Massimo Greco Peter Thomas Schwicht JPMorgan Asset Management (UK) Limited Humboldtstraße 17 60 Victoria Embankment D-60318 Frankfurt am Main London EC4Y 0JP Germany United Kingdom John Li How Cheong Susanne van Dootingh The Directors’ Office Nekkedelle 6 19, rue de Bitbourg B-3090 Overijse L-1273 Luxembourg Belgium Grand Duchy of Luxembourg Marion Mulvey (appointed 18 November 2020) Daniel J. Watkins JPMorgan Asset Management (UK) Limited JPMorgan Asset Management (Asia Pacific) Limited 60 Victoria Embankment 21st Floor, Chater House London EC4Y 0JP 8 Connaught Road United Kingdom Central Hong Kong Registered Office European Bank and Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg 1 JPMorgan Funds Management and Administration Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Investment Managers JPMorgan Asset Management (Asia Pacific) Limited 21st Floor, Chater House 8 Connaught Road Central Hong Kong J.P. Morgan Alternative Asset Management, Inc. 383 Madison Avenue New York, NY 10179 United States of America JPMorgan Asset Management (Singapore) Limited 17th Floor, Capital Tower 168, Robinson Road Singapore 068912 JPMorgan Asset Management (UK) Limited 60 Victoria Embankment London EC4Y 0JP United Kingdom J.P. Morgan Investment Management Inc. 383 Madison Avenue New York, NY 10179 United States of America Depositary, Corporate, Administrative and Listing Agent J.P. Morgan Bank Luxembourg S.A. European Bank and Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg Luxembourg Legal Adviser Elvinger Hoss Prussen, société anonyme 2, place Winston Churchill B.P. 425, L-2014 Luxembourg Grand Duchy of Luxembourg 2 JPMorgan Funds Combined Statement of Net Assets As at 31 December 2020 Combined USD Assets Investments in securities at cost 118,755,945,841 Unrealised gain/(loss) 28,000,715,600 Investments in securities at market value 146,756,661,441 Investment in to be announced contracts at market value 568,715,004 Cash at bank and at brokers 1,851,368,197 Time deposits 70,315,639 Receivables on subscriptions 648,813,605 Receivables on investments sold 124,936,493 Dividends receivable 63,758,434 Interest receivable 437,659,194 Tax reclaims receivable 30,660,224 Fee waiver receivable * 4,767,752 Options purchased contracts at fair value 21,056,342 Unrealised gain on financial futures contracts 9,800,193 Unrealised gain on forward currency exchange contracts 717,059,131 Swap contracts at fair value 57,683,083 Other assets 16,389,870 Total assets 151,379,644,602 Liabilities Bank overdrafts 27,212,493 Due to brokers 43,055,873 Payables on redemptions 391,579,861 Payables on investments purchased 418,147,350 Payables on purchase of to be announced contracts 566,514,863 Interest payable 518,966 Distribution fees payable 7,857,829 Management and advisory fees payable 93,689,388 Fund servicing fees payable 11,904,651 Performance fees payable 22,773,398 Options written contracts at fair value 12,021,917 Unrealised loss on financial futures contracts 5,506,137 Unrealised loss on forward currency exchange contracts 222,898,335 Swap contracts at fair value 148,011,301 Other liabilities ** 136,046,502 Total liabilities 2,107,738,864 Total net assets 149,271,905,738 * Please refer to Note 4a), 4b), 4d) and 4e). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver” in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. ** Other liabilities are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. The accompanying notes form an integral part of these Financial Statements. 3 JPMorgan Funds Combined Statement of Net Assets (continued) As at 31 December 2020 JPMorgan Funds - JPMorgan Funds - JPMorgan Funds - JPMorgan Funds - JPMorgan Funds - JPMorgan Funds - America Asia Pacific Brazil China Emerging Europe Emerging Markets Equity Equity Equity Fund Equity Dividend Fund Fund Fund Fund Fund USD USD USD USD EUR USD 1,940,026,264 874,313,717 135,949,358 3,188,846,507 371,127,392 394,571,426 807,876,523 490,951,390 42,916,712 1,475,638,845 49,728,113 96,710,702 2,747,902,787 1,365,265,107 178,866,070 4,664,485,352 420,855,505 491,282,128 ------ 4,641,470 1,005,744 331,332 20,116,762 1,765,256 732,940 ------ 2,592,086 814,876 933,889 47,752,529 433,716 216,087 - - - 20,374,003 521,194 - 789,141 2,043,439 533,827 - 1,201,982 578,153 -----23 - 148,769 - - 695,566 303,155 4,895 39,253 18,108 56,610 16,329 59,282 ------ ------ 5,771,580 ----631,511 ------ 180,179 1,272 550 3,443 75 2,117 2,761,882,138 1,369,318,460 180,683,776 4,752,788,699 425,489,623 493,805,396 716 455,615 - 1,190,327 - 4,111 ------ 2,885,046 2,148,126 1,434,152 17,111,240 598,344 92,691 - - - 60,678,743 - - ------