FOR PROFESSIONAL CLIENTS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION

MONTHLY COMMENTARY | 31 JULY 2021 JPM Global Macro Fund JPM C - Net Acc - GBP: GB00B235HC61 For other available share classes, please check the prospectus. Formerly JPM Global Macro Balanced Fund, the Fund name and investment objective changed on 31/10/18. Topline Month in review • Developed market equities and government bonds ended July in positive Monthly returns territory after a volatile month, as a strong start to the second-quarter earnings Fund ^ Benchmark supported markets while sentiment was negatively impacted by the rapid spread ▼ -0.07% ▲ 0.00% of the Delta variant and the slowing of growth momentum. The MSCI World Index was up 1.7% and the JPM GBI Index was up 1.4% (hedged to sterling). The fund Benchmark: ICE 1 month GBP LIBOR return was flat. Markets Developed market equites and government bonds ended July in • Risk assets were supported amid stronger-than-expected second-quarter positive territory after a volatile month, as a strong start to the second- earnings and lower yields, with over half of S&P 500 companies having reported quarter earnings season supported markets while sentiment was earnings, and close to 90% of those reporting beating analysts’ earnings negatively impacted by the rapid spread of the Delta variant and the expectations. Our long equity exposure contributed positively to performance, slowing of growth momentum. particularly our quality growth names in global consumer brands, cloud Helped Our long equity strategies, particularly our quality growth names computing and software, and global healthcare equipment. in tech, consumer discretionary and healthcare. • The pace of acceleration in global growth showed some signs of slowing, led Hurt Long cyclical equity sector exposures and our short-biased equity by the US and China, with economic and activity data coming in softer than strategies held for protection. expected. The rapid spread of the Delta variant also weighed on investor Outlook We remain in an expansionary environment but are mindful of sentiment, with new daily Covid-19 infections continuing to rise across regions. signs of a slowdown in growth. We maintain equity risk at average levels Against this backdrop, cyclicals underperformed more quality growth areas of versus history and continue to hold some protection via equity options the market, and our long equity exposures in financials, semis and energy and select currency strategies. sectors detracted. Given signs of a slowdown and cyclical underperformance, we reduced our cyclical/value tilt by closing our exposures in semis as well energy, ^The Benchmark is a performance comparator however the Fund will be managed without as fundamental support for the latter weakened with less certain demand reference to its Benchmark. The Benchmark has been chosen as it reflects the investment recovery and an announced increase in supply from OPEC+. We also closed our strategy for the Fund. long European banks, industrials and insurance strategies held via futures and Past performance is not a reliable indicator of current and future results. introduced a long US utilities versus short US large-cap strategy via futures to add to the defensive tilt of the portfolio, supported by attractive valuations. Ratings and awards • Emerging markets continued to suffer in July, with new announcements of FE Crown fund Chinese regulations targeting reforms to the private tutoring sector weighing on DT risk profile 3 risk profile sentiment across the region where growth signals have slowed and virus Past performance and forecasts are not reliable indicators of current and future dynamics have worsened. In this environment, we took profit on our long results. FE Crown Fund Ratings © FE. All rights reserved. All ratings as at July 2021. The Chinese renminbi versus short Taiwanese dollar exposure and introduced a short methodology and calculations used by companies that provide awards and ratings are not verified by J.P. Morgan Asset Management and therefore are not warranted to be accurate Australian dollar versus long Japanese yen strategy, which can provide portfolio or complete. protection in an environment of slowing growth and liquidity. Our short emerging market exposure via futures, held as part of our hedge to long equity Fund overview exposure, contributed. Investment objective The Fund aims to provide positive investment returns, before fees, over a rolling Looking ahead 3 year period in all market conditions by investing in securities globally, using • We remain in an expansionary environment but are mindful of signs of a derivatives where appropriate. A positive return is not guaranteed over this or slowdown in growth. We maintain equity risk at average levels versus history and any time period and a capital loss may occur. have been neutralising our tilt towards cyclical/value exposures. • We continue to closely monitor developments in virus variants and how these interact with current vaccine efficacy. We continue to hold protection from an adverse environment through equity options and select currency strategies.

Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. All data is sourced by J.P. Morgan Asset Management and is correct as at the date of this commentary. PAGE 2 OF 3 | MONTHLY COMMENTARY | 31 JULY 2021 | JPM Global Macro Fund Performance and positioning NET EQUITY EXPOSURE (%) DURATION (YEARS) North America 13 -0.1 Since Asia Pac ex-Japan 3 0.0 % 1M 3M YTD 1Y 3Y 5Y inception Europe ex-UK 1 0.0 JPM Global Macro Fund C - -0.07 0.07 2.24 7.20 2.14 1.54 3.63 Net Accumulation GBP UK 1 0.0 Emerging market 0 0.1 Benchmark 0.00 0.01 0.03 0.04 -0.33 0.89 3.11 Japan 0 0.0 Excess return (geometric) -0.08 0.06 2.21 7.15 2.48 0.65 0.50 Volatility 2.68 3.43 3.72 3.94 NET EQUITY REGION AND SECTOR POSITIONING (%) Asia Pac Emerging Europe Japan North UK Sector ex- markets ex-UK America total % 2020 2019 2018 2017 2016 Japan JPM Global Macro Fund C - Communication services 0 0 2 2 7.88 1.10 -6.56 9.70 -0.64 Consumer discretionary 1 0 0 4 0 5 Net Accumulation GBP Consumer staples 0 0 0 0 Energy 0 0 0 0 Benchmark 0.21 0.72 -1.15 5.93 5.04 Financials 2 1 1 1 0 5 Excess return (geometric) 7.66 0.38 -5.47 3.56 -5.41 Healthcare 0 0 1 1 2 Industrials 0 1 1 1 Volatility 2.66 3.01 4.02 3.18 4.68 Information technology 0 0 -1 0 3 3 Materials 0 0 0 -1 Past performance is not a reliable indicator of current and future results. Real estate 0 0 0 0 Source: J.P. Morgan Asset Management. Share class performance is shown based on the Utilities 0 1 2 3 quoted price of the share class stated, assumes any gross income was reinvested, and Region total 3 0 1 0 13 1 19 includes ongoing charges but not any entry or exit fees. Performance over one year is annualised. Share class inception date is 01.10.2012. Benchmark is ICE 1 month GBP LIBOR. ACTIVE CURRENCY POSITIONS AND GOLD (%) Prior to 29/07/13 the benchmark was BBA 1 Month GBP LIBOR. Prior to 31/10/18 the NOK JPY AUD CHF Gold benchmark was 70% J.P. Morgan GBI Global Hedged to GBP, 30% MSCI World Index (Net) Hedged to GBP. Current benchmark is ICE 1 month GBP LIBOR. 2 2 -2 -2 0 1 MONTH CONTRIBUTION ANALYSIS (%) EX-ANTE VOLATILITY (%) Total physical equity 0.3 North America 0.6 8 Europe ex-UK 0.1 6 Emerging markets 0.0 Japan 0.0 4 UK 0.0 2 Asia Pac ex-Japan -0.3 Equity futures -0.1 0 Fixed income 0.0 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Currency -0.1 Advanced derivatives -0.1 Gold 0.0 ASSET CLASS RISK (%) REGIONAL RISK (%) THEME RISK (%)

Equity 83 Asia Pac ex-Japan 16 Asia Pacific ex China 11 Fixed income 4 Emerging market 5 China 7 Currency 5 Europe ex-UK 12 Climate change response 4 Advanced derivatives 9 Japan 3 EM consumer demand 8 Gold 0 North America 60 EM opportunistic 5 UK 4 Europe 6 Global policy evolution 7 US 32 Widespread technology adoption 20

Source for all charts: J.P. Morgan Asset Management, as at 31.07.2021. Contribution data based on gross of fees returns. Positioning data rounded to the nearest whole number. Duration excludes inflation and credit default swaps. Values rounded to zero are not included in the equity delta region and sector positioning table. Ex-ante volatility shown prior to 31 October 2018 reflects JPMorgan Investment Funds - Global Macro Fund (SICAV) data as a representative account. Ex-ante volatility is calculated with a 2-year look back and a 6-month half life (prior to 31 January 2018 a 3-month half life was used). The pie charts represent the standalone volatility of each category as a proportion of the sum of standalone volatilities using two years of data. The Fund 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. PAGE 3 OF 3 | MONTHLY COMMENTARY | 31 JULY 2021 | JPM Global Macro Fund

KEY RISKS Investment risks Risks from the Fund's techniques and securities The Fund is subject to Investment risks and Other associated risks from the Techniques Securities techniques and securities it uses to seek to achieve its objective. Concentration Commodities - Unrated debt Derivatives Convertible securities Emerging markets The table on the right explains how these risks relate to each other and the Hedging Debt securities Equities Outcomes to the Shareholder that could affect an investment in the Fund. Short positions - Government debt Smaller companies Investors should also read Risk Descriptions in the Prospectus for a full description - Investment grade debt UCITS, UCIs and ETFs of each risk. - Below investment grade debt ▼ Other associated risks Further risks the Fund is exposed to from its use of the techniques and securities above Credit Currency Interest rate Liquidity Market ▼ Outcomes to the Shareholder Potential impact of the risks above Loss Shareholders could Volatility Shares of the Failure to meet the lose some or all of their Fund will fluctuate in Fund’s objective. money. value. FOR PROFESSIONAL CLIENTS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION The term 'Fund' used throughout this document refers to the relevant 'Sub-Fund', which is a legal term used in the Prospectus. This is a marketing communication and as such the should be noted that the value of investments and the processed by J.P. Morgan Asset Management in views contained herein do not form part of an offer, income from them may fluctuate in accordance with accordance with our EMEA Privacy Policy nor are they to be taken as advice or a market conditions and taxation agreements and www.jpmorgan.com/emea-privacy-policy. Prior to any recommendation, to buy or sell any investment or investors may not get back the full amount invested. application investors are advised to take all necessary interest thereto. Reliance upon information in this Changes in exchange rates may have an adverse effect legal, regulatory and tax advice on the consequences material is at the sole discretion of the reader. Any on the value, price or income of the products or of an investment in the products. Investment is subject research in this document has been obtained and may underlying overseas investments. Past performance to documentation, which is comprised of the have been acted upon by J.P. Morgan Asset and yield are not a reliable indicator of current and Prospectus, Key Investor Information Document (KIID) Management for its own purpose. The results of such future results. There is no guarantee that any forecast and either the Supplementary Information Document research are being made available as additional made will come to pass. Furthermore, whilst it is the (SID) or Key Features/Terms and Condition. These information and do not necessarily reflect the views of intention to achieve the investment objective of the documents, together with the annual report, semi- J.P. Morgan Asset Management. Any forecasts, figures, investment products, there can be no assurance that annual report and instrument of incorporation are opinions, statements of financial market trends or those objectives will be met. J.P. Morgan Asset available free of charge in English from JPMorgan investment techniques and strategies expressed are, Management is the brand name for the asset Asset Management (UK) Limited. This communication unless otherwise stated, J.P. Morgan Asset management business of JPMorgan Chase & Co. and is issued by JPMorgan Asset Management (UK) Management’s own at the date of this document. They its affiliates worldwide. To the extent permitted by Limited, which is authorised and regulated in the UK are considered to be reliable at the time of writing, applicable law, we may record telephone calls and by the Financial Conduct Authority. Registered in may not necessarily be all inclusive and are not monitor electronic communications to comply with England No: 01161446. Registered address: 25 Bank guaranteed as to accuracy. They may be subject to our legal and regulatory obligations and internal Street, Canary Wharf, London E14 5JP. change without reference or notification to you. It policies. Personal data will be collected, stored and 0903c02a824427be