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Focus on JPM AM fund flows: the biggest inflows and outflows revealed

Citywire Selector examines the relationship between the performance of a fund and investor interest.

Flows vs. performance

Fund flows can serve as an indicator as to how popular a fund is among investors, while factors such as manager track record and asset class returns can influence sentiment as well. But what about longer-term performance?

In this series, Citywire examines the relationship between the three-year performance of a fund against its Citywire-assigned benchmark and the amount of money it attracted over the first half of 2017.

Using Citywire data, this gallery highlights which funds at JP Morgan Asset Management drew in money with good performance and which ones were left behind over this timeframe.

Note: Flows figures based on Citywire data to the end of June 2017. Performance based on Lipper data compared to a Citywire-assigned benchmark over the three-year period covering August 2014-August 2017.

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Fund: JPM Global Income

Net flows: $3.67 billion

The $25 billion JPM Global Income fund has seen the highest inflows out of all the cross-border funds at JPM AM over the first six months of 2017. Out of all the funds in the mixed assets balanced euro sector, the fund has the second highest inflows over the time period. The fund was so popular that JPM AM launched a spin off fund managed by the same team.

Performance has lagged over three years, but started to pick up over the first half of the year and inflows suggest that investors believe the fund will continue to do well.

The fund has been managed by Michael Schoenhaut since December 2008. Talib Sheikh joined him on the fund in October 2010 and Eric Bernbaum was appointed co-manager in 2017.

In terms of holdings, 27.2% of the fund is devoted to high yield and global equity makes up 17.6%. The US is the largest country allocation at 53.3% followed by Europe excluding the UK at 17.2%.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

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Fund: JPM Global Bond Opportunities

Net flows: $1.7 billion

The $4.72 billion JPM Global Bond Opportunities fund has seen the second highest inflows of the funds in this line up. The increased inflows suggest that investors believe the managers can sustain its performance.

The fund has been managed by Bob Michele, Nick Gartside and Citywire + rated Iain Stealey since it was launched in February 2013. They currently favor US high yield corporate bonds, which is the largest sector allocation at 21.9%. Corporate bonds make up 62.3% of the fund.

In terms of holdings, Mexican government bonds make up 2% of the fund and Indonesian government bonds make up 1.8%. Duration in the fund is 3 years and the managers also hold 5.8% of the fund as cash.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

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Fund: JPM Global Macro Opportunities

Net flows: -$1.66 billion

The $5.2 billion JPM Global Macro Opportunities fund has seen the biggest outflow of all the cross boarder funds offered by JPM AM despite retuning the most of the four funds in this line-up over a three-year period.

From July 2016, the performance of the fund started to drop which led investors to withdraw their money from the fund. However, they may have misjudged longer term performance as by the end of March 2017 performance had rallied strongly.

Talib Sheikh has managed the fund since March 2004. James Elliot and Shrenick Shah joined him as co-managers in December 2012. The managers split the fund into eight themes which include global policy divergence and China in transition.

In terms of holdings the managers currently allocate 84.9% of the fund to equity. Bonds make up 6.3% of the fund while cash makes up 8.8% of the fund.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

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Fund: JPM Managed Reserves

Net flows:-$903 million)

The $3.5 billion JPM Managed Reserves fund has seen the second highest amount of outflows out of the cross-border funds offered by JPM AM over the first half of the year and has returned the least out the funds in this line up.

Performance could be behind the outflows. The fund has consistently underperformed against its benchmark over the past three years and is ranked 139 out of 185 funds in the sector.

David Martucci has managed the fund since it launched in June 2010. The US the largest country allocation at 55.9% followed by Canada at 8.6%. In terms of sectors Martucci devotes 66.5% of the fund to corporates and 20% to money market instruments.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 31/08/2017.

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Related Fund Managers

Eric Bernbaum
Eric Bernbaum
183/587 in Mixed Assets - Balanced EUR (Performance over 3 months) Average Total Return: 4.86%
Michael Schoenhaut
Michael Schoenhaut
198/386 in Mixed Assets - Balanced EUR (Performance over 3 years) Average Total Return: 4.14%
David Martucci
David Martucci
25/45 in Bonds - US Dollar Short Term (Performance over 3 years) Average Total Return: 1.87%
Bob Michele
Bob Michele
7/347 in Bonds - Global (Performance over 3 years) Average Total Return: 12.83%
Nick Gartside
Nick Gartside
6/347 in Bonds - Global (Performance over 3 years) Average Total Return: 12.83%
Iain Stealey
Iain Stealey
38/347 in Bonds - Global (Performance over 3 years) Average Total Return: 6.98%
Talib Sheikh
Talib Sheikh
7/66 in Alternative UCITS - Multi Strategy (Performance over 3 years) Average Total Return: 22.66%
James Elliot
James Elliot
6/66 in Alternative UCITS - Multi Strategy (Performance over 3 years) Average Total Return: 22.66%
Shrenick Shah
Shrenick Shah
8/66 in Alternative UCITS - Multi Strategy (Performance over 3 years) Average Total Return: 22.66%
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