Asset Management Company of the Year, Asia 5) For Hong Kong Investors only JPMorgan Funds - Europe Small Cap Fund SICAV Range June 206 The Fund invests primarily in small capitalisation European companies. The Fund is therefore exposed to concentration, smaller companies, currency, liquidity, equity and Eurozone sovereign debt crisis risks. For currency hedged share classes, the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Investors may be subject to substantial losses. Investors should not solely rely on this document to make any investment decision. Investment objective To provide long-term capital growth by investing primarily in small capitalisation European companies. Portfolio information (A (dist) - EUR Class) Fund manager Jim Campbell/Francesco Conte/ Georgina Brittain, London Total fund size (m) USD 557. Denominated currency and NAV per unit A (dist) - EUR Class EUR 66.93 A (acc) - USD (hedged) Class USD 23. 2 month NAV: Current charge: High Low Initial Redemption Management fee EUR 70.67 (02.2.5) EUR 56.69 (09.02.6) 5.0% of NAV 0%.5% p.a. Last distribution (xd date) EUR.0 (6.09.5) Distribution (dist) Class Expected annually frequency SEDOL/ISIN code 440382/LU0053687074 Bloomberg code FLEFESI LX Statistical analysis (A (dist) - EUR Class) 3 years 5 years Since launch 3) Correlation 0.9 0.93 0.90 Alpha % 0.29 0.26 0.5 Beta 0.98 0.97.06 Annualised volatility % 3.4 4.42 20.43 Sharpe ratio.29 0.87 - Annualised tracking error % 5.45 5.24 8.84 Average annual return % 7.30 2.80 0.28 PERFORMANCE FROM 3.2.02 TO 3.05.6 (in denominated currency) REBASED 500 400 400 300 300 200 200 00 00 0 0-00 03 04 05 06 07 08 09 0 2 3 4 5 6 Cumulative performance % (in denominated currency) % CHANGE JPM Europe Small Cap A (dist) - EUR Euromoney Smaller Europe (Inc. UK) Net Index ) (Since 0.0.07) month year 3 years 5 years Since launch 4) Launch Date A (dist) - EUR Class 2) +6.5 +. +6.4 +82.6 +768.6 8.04.94 Benchmark ) +3.4-2.6 +47.2 +59.5 +480. A (acc) - USD (hedged) Class 2) +6.2 - - - +7.9 4.0.5 Calendar year performance % (in denominated currency) 20 202 203 204 205* 206YTD A (dist) - EUR Class 2) -9.2 +2.9 +38.5 +7.8 +29.5-3.2 Benchmark ) -8.9 +22.6 +3.8 +4.4 +22.0 -.5 A (acc) - USD (hedged) Class 2) - - - - +0.4-2.3 PORTFOLIO ANALYSIS By country/region United Kingdom 27.8% Others 6.9% Sweden 2.8% Italy.3% France 0.8% Germany 7.8% Switzerland 6.7% Finland 4.2% Net Liquidity.7% By sector.7% Net Liquidity.8% Utilities 3.2% Materials 4.3% Health Care 6.0% Consumer Staples 3.7% Financials 9.6% Information Technology 24.6% Consumer Discretionary 25.% Industrials Top five holdings (as at end April 206) Holding Sector Country/region % JD Sports Fashion Consumer Discretionary United Kingdom.9 Salmar Consumer Staples Norway.7 Alten Information Technology France.6 Brembo Consumer Discretionary Italy.6 Intrum Justitia Industrials Sweden.4 For more information, please contact your bank, financial adviser or visit www.jpmorganam.com.hk Unless stated otherwise, all information as at the last valuation date of the previous month. Source: J.P. Morgan Asset Management/Thomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested). Due to SFC regulations, no performance data will be published for funds which are less than six months old. Source of star rating: Morningstar, Inc. Risk ratings (if any) are based on J.P. Morgan Asset Management s assessment of relative risk by asset class and historical volatility of the fund where applicable. The risk ratings are reviewed annually or as appropriate and for reference only. Investors are advised to consult our Investment Advisers before investing. Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly. Top ten holdings is available upon request. *Since launch to end of year for fund classes incepted in that year. It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary. For details please refer to the respective offering document(s). )Dividends reinvested after deduction of withholding tax. Prior to 0.0.07, Euromoney Smaller Europe (Inc. UK) Gross. Prior to 0.0.99, HSBC Smaller Pan-European Gross. 2)A (dist) - EUR Class available for purchase in Hong Kong on 25.07.03 and A (acc) - USD (hedged) Class on 05.02.6. 3)With the exception of the Average annual return figure, all data are calculated from the month end after inception. 4)Since 02.05.94 (first investment day). 5)Issued by the Asset Triple A Asset Servicing, Fund Management and Investors Awards 206, reflecting performance of previous calendar year. For funds offering classes with a distribution feature, such classes aim at monthly, quarterly, semi-annual or annual distribution as the case may be. Dividend rate is not guaranteed. Distributions may be paid from capital. The investment returns are calculated in denominated currency. For funds/classes denominated in foreign currencies, US/HK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) for details, including the risk factors. This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.
PRODUCT KEY FACTS 產品資料概要 This statement replaces the statement issued earlier in May 206. 本概要取代較早前於 206 年 5 月發出之概要 JPMorgan Funds - Europe Small Cap Fund 摩根基金 - 歐洲小型企業基金 May 206 206 年 5 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (acc) - EUR share class A( 累計 )- 歐元股份類別.80% A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別.8% A (dist) - EUR share class A( 分派 )- 歐元股份類別.75% The ongoing charges figure is based on the annualised expenses for the period from July 205 to 3 December 205 and may vary from year to year. The ongoing charges figure is estimated because the share class is recently launched. The figure is based on the estimated costs and expenses of the Fund over 2 months and expressed as a percentage of the Fund s estimated average net asset value. The actual figure may be different from the estimated figure and may vary from year to year. This share class is distributed via selective distributors only. 經常性開支比率是根據由 205 年 7 月 日至 205 年 2 月 3 日的費用作年化計算, 每年均可能有所變動 由於股份類別是近期成立, 經常性開支比率為估算收費 開支比率是根據本基金 2 個月的估計成本及開支計 算, 以佔本基金估計平均資產淨值的百分比列示 實際數字可能與估算數字不同, 且每年均可能有所變動 此股份類別只由指定分銷商分銷 Daily 每日 EUR 歐元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 77 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發
Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in small capitalisation European companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of small capitalisation companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. Market capitalisation is the total value of a company s shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the range of the market capitalisation of companies in the Benchmark for the Fund at the time of purchase. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於歐洲小型企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在歐洲國家註冊成立或於歐洲國家從事其大部分經濟活動之小型公司之股票 市值為公司股份的總值, 並可能隨着時間而大幅波動 小型公司為於買入時其市值合乎本基金指標內公司市值之範圍的公司 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. Currency hedged share class risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share class may have exposure to currencies other than the currency of their share class and may also exposed to the risks associated with the instruments used in the hedging process. 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 78
從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 How has the fund performed? 本基金過往的業績表現如何? % 80 60 40 20 0-20 -40-60 2006 2007 2008 2009 200 20 202 203 204 205 3.5-7.2-54.0 40.8 32.9-9.2 2.9 38.5 7.8 29.5 32.7-6.2-5.6 58.8 25. -8.9 22.6 3.8 4.4 22.0 A (dist) - EUR share class A( 分派 )- 歐元股份類別 Benchmark 基準指數 A different benchmark was used during this period. The benchmark was changed to represent a more accurate reference against which to measure the Fund s performance (i.e. net of withholding taxes paid by the Fund). 有別於現行的基準指數在此期間使用 基準指數的變動是為了代表一個更準確量度本基金表現的參考 ( 即扣除已由基金支付的預扣稅 ) Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently Euromoney Smaller Europe (Inc. UK) Index (Total Return Net). Prior to October 2007, HSBC Smaller Europe (Inc. UK) Index (Total Return Gross). Prior to October 203, known as HSBC Smaller Europe (Inc. UK) Index (Total Return Net). JPMorgan Europe Small Cap A (dist) - EUR, previously shown as A (dist) - EUR share class, was the previous representative share class. It was merged into JPM Europe Small Cap A (dist) - EUR on 27 May 206 and no longer exists. As such, A (dist) - EUR share class now represents JPM Europe Small Cap A (dist) - EUR share class and the Management Company views it, being the focus share class available to retail investors in Hong Kong, as the most appropriate representative share class. Fund launch date: 994 Share class launch date: 994 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以歐元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為歐洲貨幣歐洲 ( 包括英國 ) 小型股指數 ( 總回報淨額 ) 2007 年 0 月 日以前為滙豐歐洲小型股 ( 包括英國 ) 指數 ( 總回報總額 ) 203 年 0 月 日以前稱為滙豐歐洲小型股 ( 包括英國 ) 指數 ( 總回報淨額 ) 過往以 A( 分派 )- 歐元股份類別 顯示的 摩根歐洲小型企業 ( 歐元 )- A 股 ( 分派 ) 乃過往代表股份類別 該股份類別於 206 年 5 月 27 日併入 JPM 歐洲小型企業 ( 歐元 )- A 股 ( 分派 ) 且已不再存在 因此, A( 分派 )- 歐元股份類別 現代表 JPM 歐洲小型企業 ( 歐元 )- A 股 ( 分派 ), 而該股份類別作為本基金可供香港零售投資者認購的核心股份類別, 管理公司視之為最合適的代表股份類別 本基金成立日期 :994 股份類別成立日期 :994 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 79
What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 :.0% of NAV 資產淨值之.0% Redemption fee 贖回費 : Currently 0% (up to.0% of NAV) 現時為 0%( 最高可達資產淨值之.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 :.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at www.jpmorganam.com.hk. Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 2 months are available from the Hong Kong Representative upon request and at the website www.jpmorganam.com.hk. Investors may obtain the past performance information of other share classes offered to Hong Kong investors from www.jpmorganam.com.hk. 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 www.jpmorganam.com.hk 最近 2 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 www.jpmorganam.com.hk 查閱 投資者可於 www.jpmorganam.com.hk 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS0005/DP/v3/056 80