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

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Corporate profitsS&P 500 Earnings Per ShareOperating basis, quarterly2Q07: $24.06$264Q12: $23.16Adjusted After – Tax Corporate Profits (% of GDP)Includes inventory and capital consumption adjustments11%4Q12:9.9%$2310%$209%$178%$14$11$8$5$27%6%5%4%50-yr. avg.: 6.2%- $1'02'04'06'08'10'123%'65 '70 '75 '80 '85 '90 '95 '00 '05 '10Source: Standard & Poor’s, Compustat, BEA, J.P. Morgan Asset Management EPS levels are based on operating earnings per share. Most recently available data is 3Q12 as 4Q12 are Standard &Poor’s estimates with 99.8% of companies reported. Past performance is not indicative of future returns.Data are as of 3/31/13.13
US equities look attractive versus long term averagesS&P 500 Index: Forward P/E Ratiox25 31 Jan 2000:24,4x2031 May 2013:14,4x15Average since 1989:15,7x10'89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11Source: Tullett Prebon, IBES, FactSet, J.P. Morgan Asset Management.Forward P/E ratio is a bottom up calculation based on the most recent price data divided by consensus estimates for earnings in the next 12 months and is provided by IBES.14
Page 1 and 2: JPMorgan US Value Equity Off-shore
Page 3 and 4: Bonds seem to be the favored asset
Page 5 and 6: The stock market shouldn’t be hur
Page 7 and 8: New technology is dramatically incr
Page 9 and 10: Stabilization of the housing market
Page 11 and 12: Despite headwinds: US equity market
Page 13: We see increasing signs of recovery
Page 17 and 18: Quality never goes out of style!Qua
Page 19 and 20: Investing with J.P. Morgan’s Equi
Page 21 and 22: Overview of the JPMorgan Funds - US
Page 23 and 24: Quality and value drive our investm
Page 25 and 26: What do we find interesting in the
Page 27 and 28: Portfolio characteristics and style
Page 29 and 30: Underlying Fund Performance (JPMorg
Page 31: DisclaimersThis is a promotional do

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

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