Fund Profile

JPMorgan Emerging Markets 24 January 2024


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by JPMorgan Emerging Markets. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

JMG aims to hold multi-cycle winners over the long run…

JPMorgan Emerging Markets (JMG) is managed by Austin Forey and John Citron. While both have a good amount of experience investing in emerging markets, Austin’s experience is almost unrivalled, the manager having clocked up over two and a half decades investing in the region. The managers employ a simple yet powerful investment strategy that aims to deliver a good total return to shareholders. They run a high-conviction, low-turnover approach, targeting businesses they believe are of the highest quality. Each company must earn its place in the portfolio, demonstrating a proven record, preferably over multiple market cycles, of sustainable and consistent above-average earnings growth. A key tenet of the strategy is time and the managers’ belief that investing is a marathon not a sprint. As we note in the Portfolio section, it’s not unusual for an investment to be held for over a decade, as the managers believe there is nothing more powerful than allowing the eighth wonder of the world, compounding, to do its thing.

Employing such a tried and tested strategy has led to impressive results over the long run. However, a number of factors, most notably the return of high inflation and interest rates, coupled with a lacklustre recovery in China, have worked against the trust more recently (see Performance). Despite China’s economic recovery continuing to disappoint and overall confidence in the region remaining low given property and political concerns, the managers haven’t panicked and sold out of China, given the shorter-term noise. Instead, they’ve taken advantage of this market volatility, topping up a few Chinese listed names that they feel remain resilient, at much lower valuations.

JMG has been awarded a Kepler Growth Rating for 2023.

Analyst's View

We think the managers’ high-conviction, bottom-up approach is tried and tested, proving its worth over a number of different market cycles. Over time they’ve targeted high-quality franchises that have demonstrated sustainable and consistent earnings growth, something that in turn has led to positive alpha being generated. While the strategy they employ is very simple, the managers’ long-term investment horizons have allowed them to let their winners run and their long-term investment thesis play out. It has also, given the effect of compounding, sufficient time to materially increase the portfolio’s overall value, evidenced by JMG’s impressive long-term track record (see Performance). We think a buy-and-hold strategy like the one JMG employs can be very effective if stock selection is done well.

At present, JMG’s Discount is wider than its own five-year average. We think, with optimism in emerging markets picking up, the outlook could be brighter moving forward, and given the near double-digit discount on JMG’s shares, it could be a good time for investors to access a well-diversified portfolio of high-quality emerging-market companies. If market sentiment and the general macroeconomic environment does improve, the discount could narrow and contribute to shareholder returns. We think JMG has rewarded investors over the long run, so could suit patient investors who are willing to take a long-term view in emerging markets, just as Austin and John do.


  • The managers’ patient and long-term approach to stock picking has led to strong outperformance
  • Preference for ungeared quality companies could prove beneficial in tough economic environments
  • Significant resources, including large research team, allows for full and detailed coverage of emerging markets


  • Aversion to use gearing allowance could limit potential in rising markets (just as it limits losses in falling markets)
  • Concentrated exposure means single stocks can impact returns negatively as well as positively
  • Discount could persist or widen if investors’ risk appetite remains weak
Continue to Portfolio
2024 Kepler Growth Rated Fund

This trust has been awarded a rating by Kepler Trust Intelligence for growth... Find out more

Fund History

24 Jan 2024 Fund Analysis
JMG aims to hold multi-cycle winners over the long run…
17 Jan 2024 Top of the Pops
We reveal the winners of our investment trust ratings for 2024…
20 Sep 2023 Five questions about emerging markets
We track key developments in the diverse emerging markets universe…
12 Apr 2023 Fund Analysis
(LON:JMG) JMG aims to own multi-cycle winners for the long run…
11 Jan 2023 Solving the Rubik’s Cube
We reveal the winners of our investment trust ratings for 2023…
16 Nov 2022 Fund Analysis
JMG is trading on a wide discount relative to history…
13 Jul 2022 Ready player one
We wonder where, if anywhere, should investors look for returns after a tumultuous first half of the year…
02 Mar 2022 Fund Analysis
JMG is aimed at investors who want to maximise their outperformance over the long term…
08 Dec 2021 We are the (ESG) champions
Investment trusts tend to be amongst the best-performing ESG strategies in the combined open- and closed-ended universe…
26 May 2021 Fund Analysis
JMG has delivered exceptional long-term returns with a patient, high conviction approach…
20 Jan 2021 Kepler's top-rated investment trusts for 2021
We update our annual quantitative ratings for investment trusts…
11 Nov 2020 Fund Analysis
JMG has had another outstanding year despite the pandemic…
27 May 2020 Emerging markets, but not as you know them
We discuss the companies invested in by JPMorgan Emerging Markets Trust, which are keeping their developed market peers on their toes…
11 May 2020 The long run: experience is the key in volatile emerging markets
Coronavirus is just the latest in a series of crises that have hit emerging markets over the last two decades. Trusting a fund manager with experience of selecting stocks successfully through crises could be crucial in this unique sector…
11 May 2020 Fund Analysis
JMG’s patient, low-turnover approach has left it top of the performance tables…
29 Apr 2020 On solid ground
Our analysis of discounts highlights trusts which are likely to offer significantly less discount downside from the current level…
02 Sep 2019 The key to unlocking emerging markets
We discuss how the global resources of JPMorgan Asset Management have bolstered the performance of JPMorgan Emerging Markets Trust...
14 Aug 2019 Dangerous ground: the perils of market timing
Our research shows that attempting to time the market is, more often than not, a mug's game...
10 Jul 2019 Fund Analysis
JPMorgan Emerging Markets uses deep resources to identify companies with the potential to continue compounding earnings faster than the market...
08 Jan 2019 Discounts in focus: JPM Emerging Markets
Despite beating all of its peers over five years, and a highly experienced and well resourced manager, this trust continues to trade on a wide discount...
21 Dec 2018 Fund Analysis
The trust has been a consistent outperformer investing in volatile emerging markets...
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