JPMorgan US Value Equity Off-shore Fund - JP Morgan Asset ...

We see increasing signs of recovery in cyclical sectorsLight Vehicle SalesMillions, seasonally adjusted annual rate24222018161412108Housing StartsThousands, seasonally adjusted annual rate2,4002,0001,6001,2008004000Average: 15.2'94 '96 '98 '00 '02 '04 '06 '08 '10 '12Average: 1,380Feb. 2013:15.3Feb. 2013:917Change in Private InventoriesBillions of 2005 dollars, seasonally adjusted annual rate$1504Q12: 13.3$100$50$0$-50Average: 28.7$-100$-150$-200'95 '00 '05 '10Real Capital Goods OrdersNon-defense capital goods orders ex. aircraft, USD bn, seasonally adjusted$75$70Feb. 2013:$65$60Average: 57.257.6$55$50$45$40'95 '00 '05 '10Source: (Top left) BEA, FactSet, J.P. Morgan Asset Management. (Top right) Census Bureau, FactSet, J.P. Morgan Asset Management. (Bottom left) Census Bureau,FactSet, J.P. Morgan Asset Management. (Bottom right) Census Bureau, FactSet, J.P. Morgan Asset Management.Capital goods orders deflated using the producer price index for capital goods.Data are as of 3/31/13.'00 '02 '04 '06 '08 '10 '1212