JPMorgan Global Growth & Income PLC GBP · LSE:JGGI
JPMorgan Global Growth & Income PLC GBP — JPMorgan Global Growth & Income — Shareholder Meeting (November 2025)
18 slides from JPMorgan Global Growth & Income PLC GBP's shareholder meeting presentation, November 2025
Slide 1: JPMorgan Global Growth & Income plc (JGGI)
November 2025 JPMorgan Global Growth & Income plc (JGGI) This is a marketing communication. Please refer to the legal documents and the KID before making any final investment decisions.
Slide 2: JGGI: JPMorgan's highest conviction, global best ideas portfolio
JGGI: JPMorgan’s highest conviction, global best ideas portfolio JPMorgan Global Growth & Income plc as of 30 September 2025 Trust Information Highly Competitive Performance Inception Date: 1887 • 5 year annualised return 3.1% ahead of MSCI All Country World Index Benchmark MSCI All Country World In
Slide 3: Market Outlook
Market Outlook J.PMorgan ASSET MANAGEMENT
Slide 4: Large-cap tech has been driving global earnings growth since early 2023
Large-cap tech has been driving global earnings growth since early 2023 While we still see earnings upside for big tech, market expectations for growth to broaden could prove optimistic MSCI ACWI historic and consensus forecasted quarterly net income $bn: “Mag6” vs. everything else 1200 250 MSCI ACW
Slide 5: Global valuations above the long-term average, especially on a cap-weighted basis
Global valuations above the long-term average, especially on a cap-weighted basis JPM valuation on normalized global earnings 20 18 16 14 12 10 8 Jan-03 Jun-03 Jul-05 Jan-08 Jun-08 Jul-10 Jul-15 Mar-02 Jan-13 Jun-13 Jan-18 Jun-18 Jul-20 Feb-05 Mar-07 Jan-23 Jun-23 Jul-25 Feb-10 Mar-12 Aug-02 Nov-03
Slide 6: Recent US equity returns dominated by the "momentum" factor which has a volatile history
Recent US equity returns dominated by the “momentum” factor which has a volatile history Indexed total returns, US Momentum Factor 120 115 110 Dotcom crash Great Financial Crisis 105 100 95 90 85 80 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2
Slide 7: A reset in the performance of Quality stocks supportive of forward returns
A reset in the performance of Quality stocks supportive of forward returns Long term performance of the Quality factor Historic Quality drawdowns and subsequent rallies Draw Subsq. Period Event down 1y ret Commodity October 2002 to boom & Credit - 34% + 10% May 2025 to May 2007 bubble October 2025 -
Slide 8: Europe: "cheap" at an index level, but largely a function of index composition
Europe: “cheap” at an index level, but largely a function of index composition MSCI Europe vs. S&P 500 Relative FY12m Consensus P/E Europe vs. US Multinational “pairs” Relative JPMAM LT P/E 0% 1.20 -5% 1.15 10-year Average -10% 1.10 -15% 1.05 -20% 1.00 -25% 0.95 -30% 0.90 -35% 0.85 -40% 0.80 -45% So
Slide 9: Mag6: AI-monetization currently justifying the additional capital spending
Mag6: AI-monetization currently justifying the additional capital spending Mag6 consensus 2026 Sales and 2025 Capex forecasts $bn 2510 360 2490 340 2470 2450 320 2430 300 2410 $ (bn) $ (bn) 280 2390 2370 260 2350 240 2330 Mag6 2026 Sales Forecast (LHS) Mag6 2025 Capex Forecast (RHS) 2310 220 Source:
Slide 10: Performance
Performance J.PMorgan ASSET MANAGEMENT
Slide 11: Performance
Performance JPMorgan Global Growth & Income plc** as of 30 September 2025 Net Asset Value JGGI GBP 3.5 bn Performance (%) – GBP One Three Five Ten Since April 3 months YTD year years years years 20192 JGGI – Net Asset Value 7.6 5.8 11.3 16.4 16.2 14.9 14.8 JGGI – Share Price 5.8 1.7 7.9 16.3 14.6 15
Slide 12: Performance attribution
Performance attribution JPMorgan Global Growth & Income plc Attribution summary Stock: -5.19 Sector: +0.79 for 1 year ending 30 September 2025 Benchmark MSCI AC World Index (£) Stock attribution Relative Stock Impact Relative Stock Impact Top contributors Top detractors weight (%) return (%) (%) wei
Slide 13: Positioning
Positioning 13 For Professional Clients only — Not for retail use or distribution
Slide 14: JGGI is leaning into both the JPMorgan valuation and quality signals
JGGI is leaning into both the JPMorgan valuation and quality signals Overweight the highest quality companies globally Leaning into our long-term valuation signal 24% overweight JPM 40% overweight top two JPM premium and quality stocks long-term valuation quintiles 50 60 42 42 40 50 44 34 31 40 30 2
Slide 15: JGGI positioning: well-balanced across the growth and cyclicality spectrum
JGGI positioning: well-balanced across the growth and cyclicality spectrum Benchmark MSCI All Country World Index High Growth Defensives High Growth Cyclicals High Growth +2.0% +0.4% +1.6% Silicon Stars Tech Titans +1.6% +0.4% Steady Industrial Consumer Healthcare Stalwarts Cyclicals Cyclicals +0.5%
Slide 16: Our highest conviction ideas
Our highest conviction ideas JPMorgan Global Growth & Income plc Benchmark MSCI All Country World Index Top 10 overweight positions as of 30 September 2025 Microsoft Amazon.com Walt Disney Meta Platforms +3.2% +3.2% NVIDIA +2.6% +2.6% +2.4% Johnson & Johnson Southern ASML Tencent Baker Hughes +2.4%
Slide 17: Investment objectives and risk profile
Investment objectives and risk profile JPMorgan Global Growth & Income plc (the Company) as of 31 July 2024 INVESTMENT OBJECTIVE AND POLICY ● Aims to provide superior total returns and outperform the MSCI All Country World Index over the long-term by investing in companies based around the world ● T
Slide 18: Important Information
Important Information This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion
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