JPMorgan Global Growth & Income PLC GBP · LSE:JGGI
JPMorgan Global Growth & Income PLC GBP — JPMorgan Global Growth & Income — Shareholder Meeting (November 2024)
14 slides from JPMorgan Global Growth & Income PLC GBP's shareholder meeting presentation, November 2024
Slide 1: JPMorgan Global Growth & Income plc (JGGI)
November 2024 JPMorgan Global Growth & Income plc (JGGI) Helge Skibeli, CFA Portfolio Manager International Equity Group James Cook, CFA Portfolio Manager International Equity Group This is a marketing communication. Please refer to the legal documents and the KID before making any final investment
Slide 2: JGGI: JPMorgan's top 50 global ideas
JGGI: JPMorgan’s top 50 global ideas We aim to offer superior quality of earnings, growing faster, at a similar price to the market Trust Information Highly Competitive Performance Inception Date: 1887 • Three and Five years annualised fund return 3.5% and 3.9% ahead of MSCI ACWI Index Benchmark MSC
Slide 3: Market Outlook
Market Outlook Earnings Dislocations Valuations 3
Slide 4: The global EBIT margin is at an unsustainable level
EARNINGS The global EBIT margin is at an unsustainable level Margins have been driven up by abnormal COVID era supply and demand dynamics The global EBIT margins already 0.18 EBIT* Margin started declining in 2022 Historical and consensus estimates 15.9% 0.16 15.1% 14.1% 0.14 14% 14% 13% 12% 12% 0.1
Slide 5: The "Magnificent 7" have been supporting overall margins
EARNINGS The “Magnificent 7” have been supporting overall margins 35.0% EBIT Margin Trailing 12-month EBIT Margins vs. Full year estimates The global earnings margin ex- Mag 7 continues to be in decline 29.8% 30.0% 28.8% 27.2% 25.7% 25.3% 24.8% 25.0% 24.3% 24.5% 24.2% 23.6% 23.5% 23.7% 22.6% 22.9% 2
Slide 6: Market Dislocations are still wide: implying opportunity for fundamental investing
DISLOCATIONS Market Dislocations are still wide: implying opportunity for fundamental investing An effective tool throughout the decades, a high spread signals significant opportunity which drives active share JPM long term price / earnings global valuation spread Ukraine invasion and Europe energy
Slide 7: Global equity valuations are a bit above the long-term average
VALUATIONS Global equity valuations are a bit above the long-term average JPM long term Global PE JPM valuation on long term global earnings Source: J.P. Morgan Asset Management. Stocks have equal weighting in the calculation of the median. Opinions, estimates, forecasts, projections and statements
Slide 8: Positioning
Positioning J.PMorgan 8 ASSET MANAGEMENT
Slide 9: JGGI is leaning into the long term winners and the JPM long term valuation signal
POSITIONING JGGI is leaning into the long term winners and the JPM long term valuation signal Overweight the highest quality companies globally Leaning into our long-term valuation signal 24% overweight JPM 35% overweight top two JPM 50 premium and quality stocks 60 long-term valuation quintiles 43
Slide 10: JGGI is leaning into High Growth & Defensives
POSITIONING JGGI is leaning into High Growth & Defensives High Growth Defensives High Growth Cyclicals High Growth +6.3% -0.1% +6.4% Silicon Stars Tech Titans +6.4% -0.1% Industrial Consumer Healthcare Steady Cyclicals Cyclicals +2.8% Stalwarts Low Growth -6.3% -5.2% -3.6% +5.7% Defensive Defensive
Slide 11: Performance
Performance J.PMorgan ASSET MANAGEMENT
Slide 12: Performance
Performance JPMorgan Global Growth & Income plc** as of 30 September 2024 Net Asset Value JGGI GBP 2.9 bn Performance (%) – GBP Fiscal Year One Three Five Ten Since April YTD 2024 year years years years 20192 JGGI – Net Asset Value 28.9 14.5 24.4 12.1 14.6 13.8 15.8 JGGI – Share Price 28.8 13.0 23.2
Slide 13: 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 14: 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
JPMorgan Global Growth & Income — Shareholder Meeting (November 2024) on 6ix