JPMorgan Global Emerging Markets
Income Trust
Annual General Meeting
28th November 2013
JPMorgan Global Emerging Markets Income Trust plc
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JPMorgan Global Emerging Markets Income Trust - Performance
31st July 2012 – 31st July 2013
Portfolio return
15.8%
Index
5.4%
Return to shareholders
12.1%
Return on net assets
14.7%
Dividend

The Trust has produced a positive rise in NAV and
outperformed its benchmark during a challenging period

The Company has produced a steady income stream from a
diversified portfolio of high quality companies whose
earnings and dividends have risen

Portfolio changes over the year (turnover) have been
modest; consistent with our desire to be a long term investor

The portfolio favours the stable growth in sectors such as
consumer, telecommunications and industrials over the
cyclicality of natural resources, a position we expect to
continue
4.9p
31st July 2013 – 31st October 2013
Portfolio return
0.8%
Index
3.6%
Ordinary share price return
3.4%
Source: J.P. Morgan Asset Management
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JPMorgan Global Emerging Markets Income Trust – Attribution analysis
Country level
Stock level
Stock Selection
Asset Allocation
Total effect
Trust (%) Return (%) Index (%) Contribution
Brazil
1.82%
Thailand
1.61%
Turkey
1.41%
Korea
0.95%
China
0.85%
Taiwan
0.82%
Mexico
0.60%
Indonesia
0.58%
Qatar
0.43%
Poland
0.36%
Malaysia
0.13%
Czech Republic
0.11%
Russia
Advanced Info Service
1.6
52.7
0.2
0.86
Arcelik
2.0
43.0
0.0
0.74
SJM Holdings
1.8
51.2
0.0
0.71
Ford Otomotiv
1.5
62.2
0.0
0.66
Novatek Microelectronics
1.6
56.4
0.1
0.63
Foschini Group
1.5
-37.3
0.1
-0.71
0.11%
SAFCO
1.3
-20.8
0.0
-0.60
Philippines
-0.08%
India
Tencent
0.0
57.3
1.0
-0.42
-0.11%
South Africa
-0.35%
CTEEP
0.1
-43.3
0.0
-0.40
Saudi Arabia
-0.78%
Indo Tambangraya
0.9
-34.4
0.0
-0.37
-1.0
0.0
1.0
2.0
Source: J.P. Morgan Asset Management
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JPMorgan Global Emerging Markets Income Trust – Stock holdings
...and one that didn’t work: KGHM
One that worked: Imperial Holdings
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South Africa, Consumer Discretionary
Diversified company including auto distribution, of Kia and
Hyundai cars and logistics across Sub-Saharan Africa
High focus on return on invested capital
If businesses don’t meet targets, they change or sell
Management focus on 40% payout ratio going forward
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Poland, Materials
The annual tussle between management and government
regarding the dividend ended lower than we expected
Previously we thought the government would want to
maximise dividends from the company
This dividend result suggests that they are willing to accept
lower dividends
Source: Bloomberg. Company accounts. Data as at end September 2013. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a
recommendation to buy or sell. J.P. Morgan Asset Management may or may not positions on behalf of its clients in any or all of the aforementioned securities.
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Sector and country breakdown
Sector Breakdown as of 30th September 2013
Consumer
Discretionary
Industrials
Energy
Utilities
Consumer Staples
27.0
19.5
15.1
Health Care
Materials
Information
Technology
-7.4
-2.9
-10
Telecommunication
Services
12.2
9.8
-2.5
Difference
-1.5
Index
-0.6
Fund
-0.7
0
1.5
7.3
8.9
0.0
2.6
0.0
3.2
8.2
11.9
11.9
6.2
4.4
6.5
10.7
15.4
8.8
10
11.6
7.6
20
18.2
30
Financials
15.9
5.5
Korea
-10.4
Mexico
-4.1
-3.3
1.0
5.1
2.6
5.8
India
Malaysia
Chile
Thailand
Poland
UAE
Brazil
Kazakhstan
Qatar
China
Russia
Taiwan
Saudi Arabia
Turkey
South Africa
-15
-3.0
-1.7
-5
Difference %
0.8
3.7
1.7
2.4
2.3
0.0
Indonesia
0.0
1.2
0.9
0.3
3.1
2.5
0.6
1.7
0.9
0.9
2.6
1.3
0.9
0.0
0.0
1.6
Index %
Philippines
Fund %
12.9
11.6
21.2
19.4
1.8
1.7
0.0
1.7
1.6
5
6.2
1.9
15
2.1
8.1
25
16.4
7.5
9.0
6.7
1.7
4.9
3.7
0.0
3.7
13.6
11.5
Country Breakdown as of 30th September 2013
Source: J.P. Morgan Asset Management. The Trust 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. China includes Macau.
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JPM Global Emerging Markets Income Trust plc - Key holdings
Top 10 stocks as at 30th September 2013
Stock
Country
Sector
%
Yield (%)
Delta Electronics
Taiwan
Information Technology
2.21
3.7
Bank Of China
China
Financials
2.20
6.4
Imperial Holdings
South Africa
Consumer Discretionary
2.09
4.1
Wynn Macau
China
Consumer Discretionary
2.06
6.1
Bidvest Group
South Africa
Industrials
2.06
2.8
Sberbank
Russia
Financials
2.05
2.4
Coal India
India
Energy
2.04
4.9
Banco Do Brasil
Brazil
Financials
2.02
9.0
Lukoil
Russia
Energy
1.98
4.9
Cielo
Brazil
Information Technology
1.97
3.3
Source: J.P. Morgan Asset Management, Bloomberg , November 2013, 12 month yield. The holdings represent the current holdings of the Strategy. However, it cannot be assumed that these types
of investments will be available to or will be selected by the Strategy in the future. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as
a recommendation to buy or sell. J.P. Morgan Asset Management may or may not positions on behalf of its clients in any or all of the aforementioned securities.
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A broad investment universe
Greater style and geographic diversification possible and desirable
Number of companies that meet selected Average Daily Volume hurdles
395
Source: JP Morgan Asset Management, Bloomberg, data as at October 2013. Companies with minimum market cap USD 1 billion, average daily traded value USD 1 million, and yield > 4%. 395 in
EM. The use of the above company logos is in no way an endorsement for JPMAM investment management services.
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Powerful combination of Income & Growth
Bidvest: global food
logistics operator based
in South Africa, 2.8%
yield with mid-teens
growth projected
Ethiad Etisalat: Saudi
mobile operator
5.3% yield with
progressive dividend
policy
TARGET
20% of portfolio
TARGET
60% of portfolio
TARGET
20% of portfolio
Low dividend yield
Target dividend yield
High Dividend Yield
( <3% )
( 3-6% )
( >6% )
Source: J.P. Morgan Asset Management. For illustrative purposes only. Yields as at end September 2013.
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PZU: a dominant
Insurance company in
Poland, steady 7% yield
Market update and outlook
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Recent coverage of Emerging Markets…
Source: Financial Times, Shutterstock. Images for illustrative purposes only.
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…Dividends have shown their resilience
MSCI Emerging Markets Index: long term growth in dividends and earnings
Index, 100 = Jan 1990
1000
900
EM EPS (Fwd)
800
EM DPS
700
DM EPS (Fwd)
600
EM
DM DPS
500
400
DM
300
200
100
0
Jan-1990
Jan-1992
Jan-1994
Jan-1996
Jan-1998
Jan-2000
Jan-2002
Jan-2004
Jan-2006
Jan-2008
Jan-2010
Jan-2012
10 years Compound Annual Growth Rates
EPS
DPS
Emerging Markets
10.4%
14.8%
Developed Markets
7.7%
7.5%
Source: MSCI, IBES, FactSet, J.P. Morgan Asset Management. Regular dividends only in local currency. As at end Sep 2013. Past performance is not an indication of future performance. EPS – Earnings per share. DPS – Dividends per share
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Our standard valuation metric looks attractive
Valuation
3.25
Euphoric
3.00
2.75
2.50
Optimistic
2.25
2.00
Neutral
1.75
1.50
Pessimistic
1.25
Panic
1.00
0.75
1/93
1/94
1/95
1/96
1/97
1/98
1/99
1/00
1/01
1/02
1/03
1/04
1/05
1/06
1/07
1/08
Source: Bloomberg, Factset, UBS, Data as at 30 October 2013. MSCI Emerging Markets index. GEM Price-to-Book: 1993 – October 2013
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1/09
1/10
1/11
1/12
1/13
JPMorgan Global Emerging Markets Income Trust - Summary

The Trust has had another pleasing year, despite continued global volatility

Dividends have shown their resilience and we believe prospects for steady future growth are good

The portfolio remains well diversified by country and sector

Valuations in the asset class are at attractive levels
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J.P. Morgan Asset Management
Contact
Luke Richdale, Client Portfolio Manager –
Emerging Markets Equities
Emily Whiting, Client Portfolio Manager –
Emerging Markets Equities
 +44 (0) 20 7742 8535
 +44 (0) 20 7742 3508
 luke.richdale@jpmorgan.com
 emily.c.whiting@jpmorgan.com
Claire Peck, Client Portfolio Manager –
Emerging Markets Equities
Eric Bian, Client Portfolio Manager –
Emerging Markets Equities
 +44 (0) 20 7742 3512
 +44 (0) 20 7742 4036
 claire.c.peck@jpmorgan.com
 eric.c.bian@jpmorgan.com
Please note, telephone lines may be recorded and monitored for security and training purposes.
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JPMorgan Global Emerging Markets Income Trust plc:
Risk profile

Risk Profile
–
–
–
Investments in emerging markets may involve a higher element of risk due to political and economic instability and
underdeveloped markets and systems
Exchange rate changes may cause the sterling value of underlying overseas investments to go down as well as up
There can be no guarantee that the targeted yield of 4% will be achieved and therefore such forecasts are not a reliable
indicator of future performance
Please refer to the Fund’s prospectus for more information relating to the Fund.
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J.P. Morgan Asset Management
This is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any
investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document
has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are
being made available as additional information and do not necessarily reflect the views of J.P.Morgan Asset Management. Any forecasts,
figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P.
Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be
all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you.
It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation
agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price
or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future
performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment
objective of the investment product(s), there can be no assurance that those objectives will be met.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide.
You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security
and training purposes. You should also take note that information and data from communications with you will be collected, stored and
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Investment is subject to documentation which is comprised of the Prospectus, Key Investor Information (KIID) and either the Supplementary
Information Document (SID) or Key Features/Terms and Condition, copies of which can be obtained free of charge from JPMorgan Asset
Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the
Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP.
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