{"annotation_id":"d2372a4a-b1b2-4900-9dfd-cee7fa07c785","file_hash":"9a2b5cf00cc4016fb3f5df089b87f3f2e40e07ca6162da5f56aa373eebefb975","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"0e9f122f-a325-4323-9a19-be770853271c","block_type":"box","text":"Key Information Document","page_number":1,"box":{"x":49,"y":55,"width":359,"height":20}},{"id":"44210954-1e03-4ac1-83e9-5a246cec2e2a","block_type":"box","text":"Purpose","page_number":1,"box":{"x":515,"y":54,"width":55,"height":10}},{"id":"03854f0b-2e6c-489f-97b4-f5c5e1283e42","block_type":"box","text":"This document provides you with key information about","page_number":1,"box":{"x":574,"y":55,"width":348,"height":9}},{"id":"1480cc12-4d73-4165-aae0-97ad1af35d99","block_type":"box","text":"this investment product. It is not marketing material. The information","page_number":1,"box":{"x":514,"y":67,"width":434,"height":9}},{"id":"64bf7818-ae96-49c1-946c-a29a9389d3d8","block_type":"box","text":"is required by law to help you understand the nature, certain risks,","page_number":1,"box":{"x":515,"y":79,"width":415,"height":8}},{"id":"02959247-b6b5-4139-88df-612be15cba49","block_type":"box","text":"costs, and potential gains and losses of this product and to help you","page_number":1,"box":{"x":514,"y":90,"width":430,"height":9}},{"id":"ec0a1835-db92-4e5a-a2df-50108a511248","block_type":"box","text":"compare it with other products.","page_number":1,"box":{"x":514,"y":102,"width":197,"height":9}},{"id":"287b422b-4b3e-491a-8a8e-a6f73d914d7e","block_type":"box","text":"Product","page_number":1,"box":{"x":49,"y":140,"width":69,"height":10}},{"id":"3f2ff644-98bf-4835-988d-35a1bff31de2","block_type":"box","text":"Highbridge Tactical Credit Fund Limited","page_number":1,"box":{"x":63,"y":169,"width":367,"height":13}},{"id":"2139dead-e82b-488d-80d7-ff6976015272","block_type":"box","text":"(“The Company”)","page_number":1,"box":{"x":431,"y":172,"width":115,"height":9}},{"id":"ebaa01c0-848e-40a6-aa34-9f0055a82468","block_type":"box","text":"Ordinary Shares – GB00B13YVW48","page_number":1,"box":{"x":62,"y":188,"width":235,"height":10}},{"id":"aae6f587-19a2-4fec-8042-7ff0dfcaa29c","block_type":"box","text":"Contact details for JPMorgan Funds Limited are included at","page_number":1,"box":{"x":62,"y":200,"width":374,"height":9}},{"id":"99419b9a-b823-48dc-a66b-317a765e5f0f","block_type":"box","text":"www.jpmam.co.uk/investmenttrust","page_number":1,"box":{"x":440,"y":200,"width":224,"height":9}},{"id":"2596194c-2910-4cff-80f7-eca6ac3adf93","block_type":"box","text":"Call the J.P. Morgan Asset Management Client Administration Centre on 0800 20 40 20 for more information or alternatively you can write to","page_number":1,"box":{"x":62,"y":212,"width":875,"height":9}},{"id":"d8abbc3e-49d4-408c-b415-c178afec49fe","block_type":"box","text":"J.P. Morgan Asset Management Client Administration Centre, PO Box 12272, Chelmsford, CM99 2EL","page_number":1,"box":{"x":62,"y":224,"width":617,"height":9}},{"id":"e039e497-0c7b-40ff-803e-50e86407e63b","block_type":"box","text":"JPMorgan Funds Limited (“The Manager”) as the manufacturer of The Company, is authorised in the UK and regulated by the Financial","page_number":1,"box":{"x":62,"y":236,"width":844,"height":9}},{"id":"24b8e4d1-7086-4635-85a3-bea6a24d9fef","block_type":"box","text":"Conduct Authority (FCA).","page_number":1,"box":{"x":62,"y":248,"width":152,"height":9}},{"id":"967fecdf-57b5-4a2e-8b84-ec07742f3d55","block_type":"box","text":"This product (the “Company”) is not simple and may be difficult to understand. 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The price, discount and net asset value","page_number":1,"box":{"x":515,"y":459,"width":428,"height":9}},{"id":"fecd61ae-3359-475d-a739-b80525fcb283","block_type":"box","text":"are available on the Company’s website","page_number":1,"box":{"x":514,"y":471,"width":242,"height":9}},{"id":"c71561f2-f6aa-416e-8c9c-dfd82629f346","block_type":"box","text":"https://am.jpmorgan.com/gb/","page_number":1,"box":{"x":760,"y":471,"width":188,"height":9}},{"id":"22330764-7fc6-4c0e-8aa7-8bb94a9e5cf6","block_type":"box","text":"en/asset-management/per/products/highbridge-tactical-credit-fund","page_number":1,"box":{"x":514,"y":483,"width":434,"height":9}},{"id":"5f7ea41c-e0db-4910-9aa2-c6f091dc7fd3","block_type":"box","text":"limited-gg00bmf0j347","page_number":1,"box":{"x":515,"y":495,"width":135,"height":8}},{"id":"b668d59e-ba7d-457e-bd04-6bad4b99c22c","block_type":"box","text":". 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There is no","page_number":1,"box":{"x":514,"y":542,"width":428,"height":9}},{"id":"d7a91c62-968b-479d-af9c-db845389dbae","block_type":"box","text":"maturity date and liquidity generally depends upon buyers and sellers","page_number":1,"box":{"x":515,"y":554,"width":426,"height":9}},{"id":"5c704226-4162-4c57-830e-3bd58dcb1793","block_type":"box","text":"in the secondary market. As the size of the Company reduces, the level","page_number":1,"box":{"x":515,"y":566,"width":430,"height":9}},{"id":"9f427f57-abf0-4bc4-b782-953698a64879","block_type":"box","text":"of secondary market liquidity is likely to decrease correspondingly.","page_number":1,"box":{"x":514,"y":578,"width":406,"height":9}},{"id":"2f277919-472f-44b9-b49d-811140543f98","block_type":"box","text":"What are the risks and what could I get in return?","page_number":1,"box":{"x":47,"y":615,"width":441,"height":13}},{"id":"ca5efdd1-ca1e-40e4-b906-8f304043500e","block_type":"box","text":"Risks","page_number":1,"box":{"x":48,"y":638,"width":39,"height":8}},{"id":"158ee0d8-a6e5-4d9d-86c5-6e4b7ca75831","block_type":"box","text":"Lower risk","page_number":1,"box":{"x":48,"y":651,"width":70,"height":8}},{"id":"19cfb0e7-2c77-4736-8aeb-af7b19b83086","block_type":"box","text":"Higher risk","page_number":1,"box":{"x":412,"y":651,"width":73,"height":10}},{"id":"d8a0f12f-22ec-410e-8a63-bd8f9c145ecc","block_type":"box","text":"1","page_number":1,"box":{"x":76,"y":690,"width":4,"height":8}},{"id":"e455dca0-333b-4e07-baa8-94749c996c84","block_type":"box","text":"2","page_number":1,"box":{"x":137,"y":690,"width":7,"height":8}},{"id":"23055738-c6b8-40e4-9c81-0800da367674","block_type":"box","text":"3","page_number":1,"box":{"x":200,"y":690,"width":7,"height":8}},{"id":"8c9e89a2-5832-4082-8db0-f35caec54394","block_type":"box","text":"4","page_number":1,"box":{"x":262,"y":690,"width":8,"height":8}},{"id":"8b8b997a-7b3f-4025-92a0-c09c983d4d6d","block_type":"box","text":"5","page_number":1,"box":{"x":325,"y":690,"width":8,"height":8}},{"id":"b31585db-392d-400d-b548-dbe0d94cc8e3","block_type":"box","text":"6","page_number":1,"box":{"x":388,"y":690,"width":7,"height":8}},{"id":"f2a054f4-209e-402b-ad1e-e046e3d3c55d","block_type":"box","text":"7","page_number":1,"box":{"x":450,"y":690,"width":7,"height":8}},{"id":"eeb14e99-a9f9-4c50-a252-f5383ac3ed2f","block_type":"box","text":"!","page_number":1,"box":{"x":65,"y":721,"width":4,"height":14}},{"id":"254c80fa-6322-4c8e-bc3b-059d6f1896dd","block_type":"box","text":"The risk indicator assumes you keep the product for 5 year(s).","page_number":1,"box":{"x":115,"y":717,"width":369,"height":8}},{"id":"628c34da-16c6-4b54-ab4a-429d798926bd","block_type":"box","text":"The risk indicator assumes you keep the product for 5 years. The actual","page_number":1,"box":{"x":47,"y":747,"width":437,"height":9}},{"id":"7eb7a711-3e65-4d3b-ad44-27801753836c","block_type":"box","text":"risk can vary significantly if you cash in at an early stage and you may","page_number":1,"box":{"x":48,"y":759,"width":437,"height":9}},{"id":"5c71cd15-9ccd-417a-91ba-b952aa9e7e59","block_type":"box","text":"get back less. You may have to pay significant extra costs to cash in","page_number":1,"box":{"x":48,"y":771,"width":436,"height":8}},{"id":"e440b633-5be7-4171-bd49-9988533058f6","block_type":"box","text":"early. You may not be able to sell the product easily or you may have to","page_number":1,"box":{"x":48,"y":783,"width":437,"height":8}},{"id":"657033dc-8899-424b-8dcf-e37866750f2c","block_type":"box","text":"sell at a price that significantly impacts how much you get back.","page_number":1,"box":{"x":48,"y":795,"width":390,"height":8}},{"id":"f50f4e70-34e9-48e6-880e-7f89f8df0a52","block_type":"box","text":"The summary risk indicator is a guide to the level of risk of this product","page_number":1,"box":{"x":514,"y":637,"width":431,"height":9}},{"id":"866141bc-b42c-45bf-81a3-9a726c398339","block_type":"box","text":"compared to other products. It shows how likely it is that the product","page_number":1,"box":{"x":514,"y":649,"width":418,"height":8}},{"id":"f77f70f1-44a7-487d-801d-e447c7b86169","block_type":"box","text":"will lose money because of movements in the markets or because we","page_number":1,"box":{"x":514,"y":661,"width":423,"height":8}},{"id":"28fe2380-a6ff-42a7-915e-3dac2992ed8f","block_type":"box","text":"are not able to pay you. We have classified this product as 7 out of 7,","page_number":1,"box":{"x":514,"y":672,"width":409,"height":9}},{"id":"0671469a-d0ab-4ec6-a6e1-8a719a7e18ac","block_type":"box","text":"which is a high-risk class.","page_number":1,"box":{"x":514,"y":684,"width":157,"height":9}},{"id":"ef90d2dd-7217-4e54-a924-ae08ffd93ac9","block_type":"box","text":"This figure rates the likelihood of losing money in the future, based","page_number":1,"box":{"x":514,"y":701,"width":405,"height":9}},{"id":"5dbdea94-8e81-4bd0-bf3f-2813c921fae7","block_type":"box","text":"on historic prices, as having a high-level risk. Past performance is","page_number":1,"box":{"x":514,"y":713,"width":403,"height":9}},{"id":"7adc8cfc-af85-4e25-8c62-84eba0ef4d74","block_type":"box","text":"not necessarily indicative of future results. This product does not","page_number":1,"box":{"x":515,"y":725,"width":395,"height":9}},{"id":"7dc8f2e3-9723-4a77-b55c-af425a5f668d","block_type":"box","text":"include any protection from future market performance, so you could","page_number":1,"box":{"x":515,"y":737,"width":421,"height":8}},{"id":"3be7591d-21ab-4836-9b35-b2d183ad0bfe","block_type":"box","text":"lose some or all of your investment. The value of investments and the","page_number":1,"box":{"x":515,"y":749,"width":419,"height":8}},{"id":"40b483b2-f7d5-4366-809d-9089e013f043","block_type":"box","text":"income from them can go down and up, and you may not get back as","page_number":1,"box":{"x":515,"y":761,"width":421,"height":8}},{"id":"72c4abbb-d9aa-4060-90c2-c3b1a162388a","block_type":"box","text":"much as you paid in. If the Company is not able to pay you, you could","page_number":1,"box":{"x":515,"y":772,"width":417,"height":9}},{"id":"dae26ddd-9951-47d8-853d-73a805262aef","block_type":"box","text":"lose your entire investment.","page_number":1,"box":{"x":515,"y":784,"width":167,"height":9}},{"id":"d0d57c42-41ac-4750-b169-bd59e94c8f22","block_type":"box","text":"The following are some of the other risks materially relevant to the PRIIP","page_number":1,"box":{"x":514,"y":801,"width":435,"height":9}},{"id":"3e783cc3-100c-4e37-a6d1-1a70ad697225","block_type":"box","text":"which are not considered in the summary risk indicator:","page_number":1,"box":{"x":514,"y":813,"width":341,"height":9}},{"id":"b4293ed7-cfd2-4783-9dcf-e166bcdc0b2a","block_type":"box","text":"The risks of unwinding a concentrated portfolio of illiquid investments","page_number":1,"box":{"x":514,"y":830,"width":426,"height":9}},{"id":"cfca78d4-0daa-4250-8a9f-4c7062675cac","block_type":"box","text":"with contingent assets and liabilities that have the potential to cause","page_number":1,"box":{"x":514,"y":842,"width":419,"height":9}},{"id":"5c7c4cf5-65f4-4fea-949e-569b1a9b2c1f","block_type":"box","text":"substantial movements in the Company’s net asset value.","page_number":1,"box":{"x":514,"y":854,"width":353,"height":8}},{"id":"bdf227e3-9bf7-4f52-a900-66dba9841894","block_type":"box","text":"See the Annual Report for the Company as cited in the section “Other","page_number":1,"box":{"x":514,"y":871,"width":421,"height":8}},{"id":"bf479695-3ae3-401c-bb21-cb98fbad257f","block_type":"box","text":"Relevant Information” below.","page_number":1,"box":{"x":515,"y":883,"width":173,"height":7}},{"id":"43b43dc1-702b-446a-b60e-3a5d27e9397e","block_type":"box","text":"All data is sourced by J.P. Morgan Asset Management and is correct as at the date of this commentary unless otherwise stated.","page_number":1,"box":{"x":47,"y":914,"width":773,"height":9}},{"id":"42f6ac07-ceb9-45b7-9f41-bf2e3be93774","block_type":"box","text":"Page 1/3","page_number":1,"box":{"x":48,"y":27,"width":51,"height":9}},{"id":"a6c65fa2-3762-44e4-9d76-db5e0aa434ed","block_type":"box","text":"Page 3/3 |","page_number":2,"box":{"x":48,"y":27,"width":58,"height":9}},{"id":"54557c1f-717f-4fd7-80f0-3a092ee56bf3","block_type":"box","text":"Key Information Document | 30 December 2022","page_number":2,"box":{"x":110,"y":27,"width":288,"height":9}},{"id":"597c993d-ffb0-4b63-a786-aac547f1e001","block_type":"box","text":"Highbridge Tactical Credit Fund Limited Ordinary Shares (GB00B13YVW48)","page_number":2,"box":{"x":500,"y":27,"width":451,"height":9}},{"id":"0fea938b-1444-42e6-9b62-104878df035c","block_type":"box","text":"© 2023 Highbridge Capital Management, LLC.","page_number":2,"box":{"x":48,"y":958,"width":278,"height":9}},{"id":"7ad74714-7b6a-47c2-9367-c33887ca508b","block_type":"box","text":"Investment performance information","page_number":2,"box":{"x":49,"y":55,"width":330,"height":13}},{"id":"bae16104-19f7-4eda-b728-4de283b4b4dd","block_type":"box","text":"The Company is in the process of winding down its investment portfolio.","page_number":2,"box":{"x":47,"y":73,"width":437,"height":9}},{"id":"0c0a5b4e-e97e-4c8b-9710-e12589afeada","block_type":"box","text":"The Company has redeemed its interests in Highbridge Tactical Credit","page_number":2,"box":{"x":47,"y":85,"width":427,"height":9}},{"id":"3799fcc2-3b69-4e4c-9214-1faa61f89e5a","block_type":"box","text":"Master Fund, L.P and its investment portfolio now consists solely of","page_number":2,"box":{"x":48,"y":97,"width":408,"height":9}},{"id":"023537f3-bf3d-45c8-b80f-df568fa8463e","block_type":"box","text":"creditor interests in liquidating AllBlue Funds. 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The","page_number":2,"box":{"x":515,"y":121,"width":420,"height":8}},{"id":"87d088a8-3c3d-47af-9aee-0fd3bbae2247","block_type":"box","text":"Company is apportioning its operational costs between the creditors","page_number":2,"box":{"x":514,"y":133,"width":410,"height":8}},{"id":"a0365973-3b72-425c-89d1-eb735b45ea2b","block_type":"box","text":"and Shareholders based on their respective interests but any error in","page_number":2,"box":{"x":514,"y":145,"width":412,"height":8}},{"id":"fb0a4efb-d35c-4afa-b3ad-afcd9e1791c9","block_type":"box","text":"this process or the computation of respective shareholder and creditor","page_number":2,"box":{"x":514,"y":156,"width":425,"height":9}},{"id":"7779eaed-7665-4934-9f1f-081c3f8128fd","block_type":"box","text":"interests could have a significant impact on the net asset value.","page_number":2,"box":{"x":515,"y":168,"width":379,"height":9}},{"id":"bf158a1d-a42f-48e1-ad28-2fe798b4f5e7","block_type":"box","text":"What could affect my return positively?","page_number":2,"box":{"x":514,"y":185,"width":264,"height":10}},{"id":"f3a34afa-dfaa-40e8-b272-d6eaa8e8d655","block_type":"box","text":"If the remaining investments held by the Company can be sold at or","page_number":2,"box":{"x":515,"y":201,"width":412,"height":9}},{"id":"3845df1a-ebcf-42d3-8b78-651c20e192c2","block_type":"box","text":"above their carrying values and the FCA claim against BlueCrest is","page_number":2,"box":{"x":514,"y":213,"width":405,"height":9}},{"id":"804ac841-d458-487c-bb5e-2e613abc0fc1","block_type":"box","text":"successful, this will increase the value of the company’s shares.","page_number":2,"box":{"x":514,"y":225,"width":391,"height":9}},{"id":"9585e68a-101d-4b88-9db7-e1edc1ddc7ed","block_type":"box","text":"What could affect my return negatively?","page_number":2,"box":{"x":514,"y":242,"width":269,"height":10}},{"id":"7b639bcb-3de6-43d3-8246-f697e81dda90","block_type":"box","text":"If the remaining investments held by the Company cannot be sold at","page_number":2,"box":{"x":515,"y":258,"width":416,"height":9}},{"id":"22b4fa17-82e9-4e0d-b91c-7e06b8b104a8","block_type":"box","text":"their carrying values and are marked down or valued at zero, this will","page_number":2,"box":{"x":514,"y":270,"width":417,"height":9}},{"id":"2d45c40d-6dfb-4009-b93b-265913661bc4","block_type":"box","text":"reduce the value of the company’s shares.","page_number":2,"box":{"x":515,"y":282,"width":258,"height":9}},{"id":"126b4809-769f-47fa-bd73-1d91eda10792","block_type":"box","text":"What happens if JPMorgan Funds Limited is unable to pay out?","page_number":2,"box":{"x":47,"y":339,"width":566,"height":13}},{"id":"67d25eb4-4695-45aa-b0ad-a3aac7985f07","block_type":"box","text":"The manufacturer of this product has no obligations to pay out. Investors may, however, suffer loss if the Company is unable to pay out. Investors do","page_number":2,"box":{"x":47,"y":361,"width":900,"height":9}},{"id":"9b79756f-9773-41f0-8166-2ed27eee9c62","block_type":"box","text":"not have protection from an investor compensation or guarantee scheme. In the worst case, you could lose your entire investment.","page_number":2,"box":{"x":48,"y":373,"width":796,"height":9}},{"id":"ee906155-5496-4801-b918-7eed0c1618df","block_type":"box","text":"What are the costs?","page_number":2,"box":{"x":47,"y":420,"width":179,"height":10}},{"id":"cef32a44-09c7-493b-a393-90526f7952a4","block_type":"box","text":"The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs consider","page_number":2,"box":{"x":47,"y":438,"width":877,"height":9}},{"id":"86d4ca98-4851-4f66-ba52-f57ae8b27544","block_type":"box","text":"one-off, ongoing and incidental costs.","page_number":2,"box":{"x":48,"y":450,"width":231,"height":9}},{"id":"640ac8ce-14ea-443d-bd43-9f4ae57e36ee","block_type":"box","text":"The amounts shown here are the cumulative costs of the product itself for three different holding periods. They include potential early exit penalties.","page_number":2,"box":{"x":47,"y":465,"width":901,"height":9}},{"id":"4c04c104-505d-4dc3-8e86-e7c3377f0704","block_type":"box","text":"The figures assume you invest GBP 10,000. The figures are estimates and may change in the future.","page_number":2,"box":{"x":47,"y":477,"width":606,"height":9}},{"id":"8501dee4-2fa9-4440-b274-5dde0f14dcd1","block_type":"box","text":"Costs over time","page_number":2,"box":{"x":48,"y":501,"width":139,"height":10}},{"id":"eacc0a6c-b427-406a-9f39-737ad8c77e9c","block_type":"box","text":"The person selling you or advising you about this product may charge you other costs. 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cost","page_number":2,"box":{"x":55,"y":676,"width":854,"height":8}},{"id":"71287476-cd97-4209-ae56-541459b1f02e","block_type":"box","text":"category.","page_number":2,"box":{"x":56,"y":688,"width":55,"height":8}},{"id":"856b9dac-19f2-4e7d-8e1e-369cbfb982b5","block_type":"box","text":"This table shows the impact on return per year","page_number":2,"box":{"x":54,"y":708,"width":278,"height":9}},{"id":"24b3f330-5033-42cd-99eb-233e942b918e","block_type":"box","text":"One-off costs","page_number":2,"box":{"x":54,"y":725,"width":82,"height":7}},{"id":"56dc8d09-65cc-4445-b32d-856f6728d0fe","block_type":"box","text":"Entry costs","page_number":2,"box":{"x":184,"y":725,"width":66,"height":9}},{"id":"86d696f3-82c5-4615-8073-0421e2477a23","block_type":"box","text":"0.00%","page_number":2,"box":{"x":416,"y":725,"width":37,"height":7}},{"id":"45cdc3ca-0917-46fc-8689-75ecb0eff902","block_type":"box","text":"The impact of the costs you pay when entering your 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