Title: URL Source: https://is.gd/3NTG08 Published Time: Mon, 30 Jun 2025 02:13:25 GMT Markdown Content: MARKETING COMMUNICATION | Factsheet | 31 May 2025 Factsheet | 31 May 2025 # JPMorgan China Growth & Income plc ISIN GB0003435012 GB0003435012 Sedol 0343501 0343501 Bloomberg JCGI LN JCGI LN Reuters JCGI.L JCGI.L # Objective: The Company aims to provide long The Company aims to provide long --term capital growth from investment in term capital growth from investment in ’’Greater China Greater China ’’ companies which are quoted on the stock exchanges of companies which are quoted on the stock exchanges of Hong Kong, China and Taiwan or which derive a substantial part of their Hong Kong, China and Taiwan or which derive a substantial part of their revenues or profits from these territories. The Company makes quarterly revenues or profits from these territories. The Company makes quarterly distributions, which are announced to shareholders for the next four distributions, which are announced to shareholders for the next four quarters at the beginning of each financial year. On aggregate, the quarters at the beginning of each financial year. On aggregate, the intention is to pay dividends totaling at least 4% of the Company NAV on the intention is to pay dividends totaling at least 4% of the Company NAV on the last business day of the preceding financial year. The Company has the last business day of the preceding financial year. The Company has the ability to use borrowing to gear the portfolio up to a maximum level of 20% ability to use borrowing to gear the portfolio up to a maximum level of 20% of shareholders funds. Gearing may magnify gains or losses experienced of shareholders funds. Gearing may magnify gains or losses experienced by the Company. by the Company. # Company ratings # Performance Quarterly rolling 12 -month performance (%) As at end of March 2025 As at end of March 2025 Portfolio manager(s) Dividends paid Potential gearing range Rebecca Jiang (2017) Rebecca Jiang (2017) Li Tan (2023) Li Tan (2023) June, September, June, September, December, March December, March --10% to 20% 10% to 20% Investment Advisor(s) Share price Actual gearing Howard Wang* Howard Wang* 224.5p 224.5p 9.1% 9.1% Company Broker(s) NAV Company fees & expenses Ongoing Charges Winterflood Securities Winterflood Securities 255.1p 255.1p 1.18% 1.18% Benchmark Company launch Annual management fee MSCI China (Net MSCI China (Net Dividends Reinvested) Dividends Reinvested) 19 Oct 1993 19 Oct 1993 0.80% on net assets up to 0.80% on net assets up to ££400m and 0.75% on net 400m and 0.75% on net assets above assets above ££400m 400m Company assets Discount( -)/ Premium Performance fee ££ 215.7m 215.7m --12.0% 12.0% No No ESG Integration is the systematic inclusion of financially material ESG ESG Integration is the systematic inclusion of financially material ESG factors, alongside other relevant factors, in investment analysis and factors, alongside other relevant factors, in investment analysis and investment decisions with the goals of managing risk and improving long investment decisions with the goals of managing risk and improving long -- term returns. ESG integration does not by itself change this product?s term returns. ESG integration does not by itself change this product?s investment objective, exclude specific types of companies or constrain its investment objective, exclude specific types of companies or constrain its investable universe. This product is not designed for investors who are investable universe. This product is not designed for investors who are looking for a product that meets specific ESG goals or wish to screen out looking for a product that meets specific ESG goals or wish to screen out particular types of companies or investments, other than those required by particular types of companies or investments, other than those required by any applicable law such as companies involved in the manufacture, any applicable law such as companies involved in the manufacture, production or supply of cluster munitions. ESG integration does not imply production or supply of cluster munitions. ESG integration does not imply that the Fund is marketed or authorised as an ESG product in any that the Fund is marketed or authorised as an ESG product in any jurisdiction where such authorisation is required. jurisdiction where such authorisation is required. # ESG information ESG approach - Integrated Morningstar Category™ CE China Equity Share Price Net asset value Benchmark: MSCI China (Net Dividends Reinvested) MSCI China (Net Dividends Reinvested) 1 2 3 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 80.89 80.89 --36.98 36.98 --8.41 8.41 --31.96 31.96 27.01 27.01 74.60 74.60 --36.69 36.69 --1.35 1.35 --32.16 32.16 24.28 24.28 29.07 29.07 --29.31 29.31 1.44 1.44 --18.81 18.81 37.45 37.45 Cumulative performance (%) Cumulative Annualised 1 month 3 months 1 year YTD 3 years 5 years 10 years 0.67 0.67 --12.22 12.22 2.88 2.88 2.54 2.54 --11.26 11.26 --5.95 5.95 3.82 3.82 1.71 1.71 --8.13 8.13 6.23 6.23 0.16 0.16 --8.43 8.43 --6.35 6.35 3.21 3.21 1.76 1.76 --6.35 6.35 19.48 19.48 5.06 5.06 1.68 1.68 --1.73 1.73 3.11 3.11 YIELD AND DIVIDEND HISTORY 2020 2021 2022 2023 2024 Total dividend per share (p) Total dividend per share (p) 7.40 7.40 22.80 22.80 22.80 22.80 13.68 13.68 11.04 11.04 # Portfolio analysis Measurement 3 years 5 years Correlation Correlation 0.98 0.98 0.95 0.95 Alpha (%) Alpha (%) --9.94 9.94 --4.70 4.70 Beta Beta 1.09 1.09 1.12 1.12 Annualised volatility (%) Annualised volatility (%) 33.57 33.57 30.40 30.40 Sharpe ratio Sharpe ratio --0.23 0.23 --0.15 0.15 Tracking error (%) Tracking error (%) 7.37 7.37 10.12 10.12 Information ratio Information ratio --1.28 1.28 --0.35 0.35 # Holdings Top 10 Sector Sector % of assets % of assets Tencent Tencent Communication Communication Services Services 12.1 12.1 Alibaba Alibaba Consumer Consumer Discretionary Discretionary 10.5 10.5 Xiaomi Xiaomi Information Technology Information Technology 5.8 5.8 NetEase NetEase Communication Communication Services Services 4.9 4.9 PDD Holdings PDD Holdings Consumer Consumer Discretionary Discretionary 4.8 4.8 Meituan Dianping Meituan Dianping Consumer Consumer Discretionary Discretionary 4.7 4.7 China Merchants Bank H China Merchants Bank H Financials Financials 3.7 3.7 Kuaishou Technology Kuaishou Technology Communication Communication Services Services 2.3 2.3 China Pacific Insurance China Pacific Insurance Financials Financials 2.3 2.3 Kanzhun Kanzhun Communication Communication Services Services 2.3 2.3 Past performance is not a reliable indicator of current and future results. For more information on our approach to sustainable investing at J.P. For more information on our approach to sustainable investing at J.P. Morgan Asset Management please visit Morgan Asset Management please visit https://am.jpmorgan.com/uk/esg https://am.jpmorgan.com/uk/esg The latest month in review commentary can be found on the J.P.Morgan The latest month in review commentary can be found on the J.P.Morgan Asset Management website Asset Management website here here .. Performance Disclosures ESG GROWTH OF £ 10,000 Calendar years 31 May 2020 31 May 2020 31 May 2025 31 May 2025 Prospective dividend yield: Prospective dividend yield: 4.9% Total dividend for last financial year: Total dividend for last financial year: 11.04p Financial year end: Financial year end: 30 September Summary Risk Indicator > Lower risk Lower risk Higher risk Higher risk Market cap (%) (GBP) 35.80 35.80 > 100 bn > 100 bn 35.30 35.30 10 bn <> 100 bn 10 bn <> 100 bn 27.90 27.90 1 bn <> 10 bn 1 bn <> 10 bn 1.00 1.00 < 1 bn < 1 bn Figures shown may not add up to 100 due to rounding. Figures shown may not add up to 100 due to rounding. Regions (%) Compared to benchmark China HK listed China HK listed 64.2 64.2 --17.1 17.1 China China 15.8 15.8 +14.1 +14.1 China US listed China US listed 12.0 12.0 +4.9 +4.9 China A Shares China A Shares 10.5 10.5 +1.5 +1.5 Taiwan Taiwan 4.0 4.0 +4.0 +4.0 Hong Kong Hong Kong 0.0 0.0 --0.5 0.5 China B Shares China B Shares 0.0 0.0 --0.2 0.2 China H shares China H shares 0.0 0.0 --0.2 0.2 CFD CFD --11.7 11.7 --11.7 11.7 Cash Cash 5.2 5.2 +5.2 +5.2 Figures shown may not add up to 100 due to rounding. Figures shown may not add up to 100 due to rounding. Sectors (%) Compared to benchmark Consumer Discretionary Consumer Discretionary 33.0 33.0 +2.9 +2.9 Communication Services Communication Services 23.3 23.3 +0.8 +0.8 Information Technology Information Technology 17.6 17.6 +9.6 +9.6 Industrials Industrials 10.3 10.3 +6.1 +6.1 Financials Financials 7.8 7.8 --10.2 10.2 Consumer Staples Consumer Staples 4.0 4.0 +0.1 +0.1 Health Care Health Care 3.2 3.2 --0.7 0.7 Real Estate Real Estate 3.1 3.1 +1.4 +1.4 Utilities Utilities 2.4 2.4 +0.2 +0.2 Materials Materials 1.8 1.8 --1.0 1.0 Others Others --11.7 11.7 --14.4 14.4 Cash Cash 5.2 5.2 +5.2 +5.2 Figures shown may not add up to 100 due to rounding. Figures shown may not add up to 100 due to rounding. n n n n Investment is subject to documentation. The Annual Reports and Financial Statements, AIFMD art. 23 Investor Disclosure Document and PRIIPs Key Information Document can be obtained free of charge in English from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust . This material should not be considered as advice or an investment This material should not be considered as advice or an investment recommendation. Company holdings and performance are likely to have changed recommendation. Company holdings and performance are likely to have changed since the report date. No provider of information presented here, including index since the report date. No provider of information presented here, including index and ratings information, is liable for damages or losses of any type arising from and ratings information, is liable for damages or losses of any type arising from use of their information. use of their information. To the extent permitted by applicable law, we may record telephone calls and To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy Privacy Policy www.jpmorgan.com/emea www.jpmorgan.com/emea --privacy privacy --policy policy Risk Indicator: The risk indicator assumes you keep the product for 5 year(s). The Risk Indicator: The risk indicator assumes you keep the product for 5 year(s). The risk of the product may be significantly higher if held for less than the risk of the product may be significantly higher if held for less than the recommended holding period. recommended holding period. Performance information Source: J.P. Morgan Asset Management/Morningstar. Net asset value Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including performance (NAV) data has been calculated on a NAV to NAV basis, including # Key risks Exchange rate changes may cause the value of underlying overseas Exchange rate changes may cause the value of underlying overseas investments to go down as well as up. investments to go down as well as up. Investments in emerging markets may involve a higher element of risk Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets due to political and economic instability and underdeveloped markets and systems. Shares may also be traded less frequently than those on and systems. Shares may also be traded less frequently than those on established markets. This means that there may be difficulty in both established markets. This means that there may be difficulty in both buying and selling shares and individual share prices may be subject to buying and selling shares and individual share prices may be subject to short short --term price fluctuations. term price fluctuations. This Company may use derivatives for investment purposes or for This Company may use derivatives for investment purposes or for efficient portfolio management. efficient portfolio management. External factors may cause an entire asset class to decline in value. External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds and income could decline at Prices and values of all shares or all bonds and income could decline at the same time, or fluctuate in response to the performance of individual the same time, or fluctuate in response to the performance of individual companies and general market conditions. companies and general market conditions. This Company may utilise gearing (borrowing) which will exaggerate This Company may utilise gearing (borrowing) which will exaggerate market movements both up and down. market movements both up and down. This Company may also invest in smaller companies which may This Company may also invest in smaller companies which may increase its risk profile. increase its risk profile. The share price may trade at a discount to the Net Asset Value of the The share price may trade at a discount to the Net Asset Value of the Company. Company. The single market in which the Company primarily invests, in this case The single market in which the Company primarily invests, in this case China, may be subject to particular political and economic risks and, as China, may be subject to particular political and economic risks and, as a result, the Company may be more volatile than more broadly diversified a result, the Company may be more volatile than more broadly diversified companies. companies. The Company may invest in China A The Company may invest in China A --Shares through the Shanghai Shares through the Shanghai -- Hong Kong Stock Connect program which is subject to regulatory Hong Kong Stock Connect program which is subject to regulatory change, quota limitations and also operational constraints which may change, quota limitations and also operational constraints which may result in increased counterparty risk. result in increased counterparty risk. General Disclosures ongoing charges and any applicable fees, with any income reinvested, in GBP. ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested.Share price subscription shares if applicable, with any income reinvested.Share price performance figures are calculated on a mid market basis in GBP with income performance figures are calculated on a mid market basis in GBP with income reinvested on the ex reinvested on the ex --dividend date.The performance of the company's portfolio, or dividend date.The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. may not realise returns which are the same as NAV performance. Indices do not include fees or operating expenses and you cannot invest in them. Indices do not include fees or operating expenses and you cannot invest in them. Prospective dividend yield is for the investment trust's current financial year. It is is for the investment trust's current financial year. It is indicative only and based on the latest month end mid indicative only and based on the latest month end mid --market price and the market price and the declared and net prospective dividends for the current financial year. declared and net prospective dividends for the current financial year. Holdings information Market Cap excludes cash. Market Cap excludes cash. Information Sources Company Company information, including performance calculations and other data, is information, including performance calculations and other data, is provided by J.P. Morgan Asset Management (the marketing name for the asset provided by J.P. Morgan Asset Management (the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide). management businesses of JPMorgan Chase & Co. and its affiliates worldwide). All data is as at the document date unless indicated otherwise. ©© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this providers are responsible for any damages or losses arising from any use of this information. information. Issuer JPMorgan Asset Management (UK) Limited Registered address: 25 Bank Street, JPMorgan Asset Management (UK) Limited Registered address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom. Authorised and regulated by the Canary Wharf, London E14 5JP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Registered in England No. 01161446. Financial Conduct Authority. Registered in England No. 01161446. Definitions Benchmark comparison The benchmark is for comparative purposes only. The benchmark is for comparative purposes only. Gearing Gearing represents the excess amount above shareholders´ funds of total Gearing represents the excess amount above shareholders´ funds of total investments (excluding liquidity fund holdings) expressed as a percentage of the investments (excluding liquidity fund holdings) expressed as a percentage of the shareholders´ funds. If the amount calculated is negative, this is known as a shareholders´ funds. If the amount calculated is negative, this is known as a ““net net cash cash ”” position. position. Discount/Premium If the share price of an investment company is lower/higher If the share price of an investment company is lower/higher than the NAV per share, the company is said to be trading at a discount/premium. than the NAV per share, the company is said to be trading at a discount/premium. The discount/premium is shown as a percentage of the NAV. The discount/premium is shown as a percentage of the NAV. NAV The value of investment and cash, including current year revenue, less The value of investment and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at liabilities (prior charges such as loans, debenture stock and preference shares at fair value). fair value). Cash A company A company ’’s net exposure to cash / cash equivalents [includes investment in s net exposure to cash / cash equivalents [includes investment in liquidity funds and treasury stocks if held] expressed as a percentage of liquidity funds and treasury stocks if held] expressed as a percentage of shareholders funds after any offset against its gearing. shareholders funds after any offset against its gearing. Correlation measures the strength and direction of the relationship between measures the strength and direction of the relationship between movements in fund and benchmark returns. A correlation of 1.00 indicates that movements in fund and benchmark returns. A correlation of 1.00 indicates that fund and benchmark returns move in lockstep in the same direction. fund and benchmark returns move in lockstep in the same direction. Alpha (%) a measure of excess return generated by a manager compared to the a measure of excess return generated by a manager compared to the benchmark. An alpha of 1.00 indicates that a fund has outperformed its benchmark. An alpha of 1.00 indicates that a fund has outperformed its benchmark by 1%. benchmark by 1%. Beta a measure of a fund a measure of a fund ’’s sensitivity to market movements (as represented by the s sensitivity to market movements (as represented by the fund fund ’’s benchmark). A beta of 1.10 suggests the fund could perform 10% better than s benchmark). A beta of 1.10 suggests the fund could perform 10% better than the benchmark in up markets and 10% worse in down markets, assuming all other the benchmark in up markets and 10% worse in down markets, assuming all other Page 2 of 3 | Factsheet | 31 May 2025 | 31 May 2025 JPMorgan China Growth & Income plc JPMorgan China Growth & Income plc Page 3 of 3 | Factsheet | 31 May 2025 | 31 May 2025 JPMorgan China Growth & Income plc JPMorgan China Growth & Income plc factors remain constant.Usually the higher betas represent riskier investments. factors remain constant.Usually the higher betas represent riskier investments. Annualised volatility (%) measures the extent to which returns vary up and down measures the extent to which returns vary up and down over a given period. over a given period. Sharpe ratio performance of an investment adjusting for the amount of risk taken performance of an investment adjusting for the amount of risk taken (compared a risk (compared a risk --free investment). The higher the Sharpe ratio the better the free investment). The higher the Sharpe ratio the better the returns compared to the risk taken. returns compared to the risk taken. Tracking error (%) measures how much a fund measures how much a fund ’’s returns deviate from those of the s returns deviate from those of the benchmark. The lower the number the closer the fund benchmark. The lower the number the closer the fund ’’s historic performance has s historic performance has followed its benchmark. followed its benchmark. Information ratio measures if a manager is outperforming or underperforming the measures if a manager is outperforming or underperforming the benchmark and accounts for the risk taken to achieve the returns. A manager who benchmark and accounts for the risk taken to achieve the returns. A manager who outperforms a benchmark by 2% p.a. will have a higher IR than a manager with the outperforms a benchmark by 2% p.a. will have a higher IR than a manager with the same outperformance but who takes more risk. same outperformance but who takes more risk.