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JPM UK Equity Core Fund
CAPITALISING ON MARKET INEFFICIENCIES This fund sticks closely to the index, but unlike a tracker, it aims to deliver small incremental excess returns that add up over time. It does this by taking small overweight positions in good businesses that are attractively valued whose outlook is improving, whilst taking small underweight positions in stocks with the inverse characteristics. As a result, at the sector level, weightings will be closely aligned to the index.
The fund benefits from the management expertise of three of our UK equity professionals. Our three managers have diverse experience in running UK equity portfolios, and are supported by our experienced UK Equity Group.
By exploiting stock-specific opportunities across the market cap spectrum, the fund has delivered consistent relative returns since its inception, within an actively risk controlled framework.
INVESTING IN THE BEST CONSISTENT PERFORMANCE
SECTOR POSITIONING (%)
RATINGS AND AWARDS
True active management at a low cost of 0.30% ongoing costs.
Our innovative UK Equity Core Fund’s low cost, low active risk approach aims to produce consistent excess returns from the UK stock market by taking many small active stock positions, while reducing risk at the sector level.
Expertise • Experienced portfolio managers supported by a team of 9 0+ equity professionals.
Portfolio • Uses a proprietary, bottom-up investment approach that capitalises on market inefficiencies created by human behavioural biases.
• Innovative portfolio reduces sector risk and takes risk at a stock level at a low cost.
Results • Delivering a consistent level of risk, based on annualised three year rolling periods, timing adjusted.
ANNUALISED TRACKING ERROR VERSUS FTSE ALL-SHARE INDEX SINCE CHANGE IN STRATEGY (%)
Morningstar Medalist Rating™ Silver
Analyst-Driven % 100
Data Coverage % 100
Morningstar rating™ « « «««
Morningstar category™ UK Large-Cap Equity
FE Crown fund
Rayner Spencer Mills rated fund
0903c02a810672b2
Source: J.P. Morgan Asset Management as at 30.06.2026. Tracking error calculated using returns based on the quoted price of share class E - Net Accumulation in GBP timing adjusted. E Acc share class launched on 1 February 2011 and performance is simulated prior to this date based on the A (acc) share class. The benchmark was also changed on 1 February 2011 from the FTSE 350 Index (net) to the FTSE All-Share Index (net). Provides indicative returns that account for the timing difference between pricing of the pooled fund and its benchmark index. The Pooled fund’s NAV is officially priced before market close, leading to returns not being directly comparable with those of the benchmark. Due to movements in the market between pricing and close, this can over or understate performance data such as returns and volatility. Tracking error based on 3 year rolling returns calculated on a monthly basis from 31 March 2009. Past performance is not a reliable indicator of current and future results.
Source: Morningstar Ratings™ and Morningstar category™: © 2026 Morningstar, Inc. All rights reserved. FE Crown Fund Ratings © FE. All rights reserved. All ratings as at June 2026. The methodology and calculations used by companies that provide awards and ratings are not verified by J.P. Morgan Asset Management and therefore are not warranted to be accurate or complete. Fund inception date is 01.06.1997. Past performance is not a reliable indicator of current and future results. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Source: J.P. Morgan Asset Management as at 30.06.2026. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice
E Net (acc) GBP: GB00B55QSH09 For other available share classes, please check the prospectus.
MARKETING COMMUNICATION FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION QUARTERLY FUND STORY | 30 JUNE 2026
Mar 12 Dec 12 Sep 13 Jun 14 Mar 15 Dec 15 Sep 16 Jun 17 Mar 18 Dec 18 Sep 19 Jun 20 Mar 21 Dec 21 Sep 22 Jun 23 Mar 24Dec 24Sep 25Jun 26 0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Overweight Underweight Net
-1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0%
Constr. & Materials Software & Computer Srvs Inv. Bank'g And Brokerage Srvs Food Producers Retailers Tobacco Travel And Leisure Banks Ind. Metals & Mining Leisure Goods Oil, Gas And Coal Industrial Trans. Electricity Industrial Support Srvs Life Insurance Telecoms Service Providers Pharma.& Biotech. Chemicals Precious Metals & Mining Aerospace & Defense Non-Life Insurance Real Estate Inv. & Srvs Telecoms Equip. Media Waste & Disposal Srvs Automobiles & Parts Finance & Credit Srvs Tech. H'ware & Equip. Personal Goods Alternative Energy Health Care Providers H'hold Gds & Home Constr. Electronic & Elec. Equip. Gas, Water & Multi-Utilities Consumer Services Industrial Engineering Medical Equip. & Srvs General Industrials Pnl Care, Drug & Groc. Stores Beverages Real Estate Inv. Trusts
Page 2
PAGE 2 OF 2 | FUND STORY | 30 June 2026 | JPM UK Equity Core Fund Portfolio management team Callum Abbot
Performance (%)
-0.40 0.10 0.4 1 0.56 0.35 0.35 Time adjusted excess return (geometric) †
Excess return (geometric) 0.41 1.18 0.96 0.89 0.55 0.65
Benchmark 4.67 7.19 21.85 15.21 10.87 8.63 ^
Time adjusted return 4.25 7.30 22.34 15.85 11.27 9.02 †
Fund 5.10 8.46 23.01 16.24 11.48 9.34 *
3M YTD 1Y 3Y 5Y 10Y
1.16 0.26 -0.37 0.43 0.83 0.24 1.48 -1.20 0.19 -1.19 Excess return (geometric)
Benchmark 23.97 9.43 7.87 0.29 18.27 -9.85 19.11 -9.51 13.06 16.74 ^
Fund 25.41 9.71 7.48 0.73 19.25 -9.63 20.87 -10.60 13.28 15.35 *
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Investment objective To provide capital growth and outperform the FTSE™ All-Share Index (Net) over the long term (5-10 years), after fees, by investing at least 80% of the Fund's assets in a portfolio of UK companies. Data as at 30.06.2026. Past performance
f and forecast is not a reliable p
indicator of current and future results. Source: J.P. Morgan Asset Management. Share class performance is shown based on the quoted price of the share class stated, assumes any gross income was reinvested, and includes ongoing charges but not any entry or exit fees. Performance over one year is annualised. Share class inception date is 01.02.2011. Benchmark is FTSE All-Share Index (Net). Provides indicative returns that account for the timing difference between pricing of the pooled fund and its benchmark index. The Pooled fund ’s NAV is officially priced before market close, leading to returns not being directly comparable with those of the benchmark. Due to movements in the market between pricing and close, this can over or understate performance data such as returns and volatility. Close of business NAV returns are provided on a monthly basis using stock positions and prices at close of business/market, and account for accruals of fees and fund costs. COB NAV returns do not reflect the return achieved by investors, but allow for calculation of more accurate and representative risk statistics over the near to mid-term. The Benchmark is a Performance Comparator and the Fund may bear little resemblance to its Benchmark. The Benchmark has been chosen as it eflects the investment strategy for the Fund. Strategy changed on 31.03.2009. Benchmark uses and resemblance The Fund is actively managed. The Benchmark is a Performance Target and the Fund seeks to provide a return above the Benchmark; however it may underperform its Benchmark. The Benchmark has been chosen because it reflects the main investment universe and strategy for the Fund
KEY RISKS The Fund is subject to Investm ent risks and Other associated risks from the techniques and securities it uses to seek to achieve its objective. The table on the right explains how these risks relate to each other and the Outcomes to the Shareholder that could affect an investment in the Fund. Investors should also read R i s k D e s c r i p t i o n s in the Prospectus for a full description of each risk.
1 2 3 4 5 6 7
Synthetic risk and reward indicator
Lower risk/ potential reward Not risk-free Higher risk/ potential reward Synthetic risk and reward indicator Based on share class volatility for the past 5 years. See Key Investor Information Document (KIID) for details.
Investment risks Risks from the Fund's techniques and securities Techniques Hedging Securities Equities Smaller companies
Other associated risks Further risks the Fund is exposed to from its use of the techniques and securities above Market
Outcomes to the Shareholder Potential impact of the risks above Loss Shareholders could lose some or all of their money.
Volatility Shares of the Fund will fluctuate in value.
Failure to meet the Fund’s objective.
FOR PROFESSIONAL CLIENTS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION The te rm Fund used throughout this document refers to the relevant Sub-Fund , which is a legal term used in the Prospectus. This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are, unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and may be subject to change without reference or notification to you. The value of investments and the income from them may fluctuate in accordance with market
conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not a reliable indicator of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA
Privacy Policy www.jpmorgan.com/emea privacy-policy. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products. Investment is subject to documentation, which is comprised of the Prospectus, Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key Features/Terms and Conditions. These documents, together with the annual report, semi-annual report and instrument of incorporation are available in English from JPMorgan Asset Management (UK) Limited or at https://am.jpmorgan.com. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.
LV-JPM52022 | 07/26 004d58b0-513e-11e6-a7e8-005056960c8a
• 1 4 years of industry experience, all at J.P. Morgan
Christopher Llewelyn • 4 1 years of industry experience, all at J.P. Morgan
Richard Morillot • 16 years of industry experience • 1 3 years at J J.P. Morgan
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"text": "ANNUALISED TRACKING ERROR VERSUS FTSE"
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"text": "ALL-SHARE INDEX SINCE CHANGE IN STRATEGY (%)"
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"text": "Morningstar Medalist Rating\u2122"
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"text": "Silver"
},
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"text": "Analyst-Driven %"
},
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"text": "100"
},
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"text": "Data Coverage %"
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},
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"text": "100"
},
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},
"id": "eb980126-5b23-43a1-a02b-2f8e1ecbc581",
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"text": "Morningstar rating\u2122"
},
{
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"x": 831,
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},
"id": "993e248f-18d7-41b2-b323-63a5a1266d96",
"page_number": 1,
"text": "\u00ab"
},
{
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"width": 12,
"x": 845,
"y": 833
},
"id": "a66ede49-d0ce-49dc-aef6-f20cced90181",
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"text": "\u00ab"
},
{
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"x": 860,
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},
"id": "f9e9487a-2269-4999-a5bd-3c5bdfb752e8",
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"text": "\u00ab\u00ab\u00ab"
},
{
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"y": 861
},
"id": "b7fbd507-96cc-4c21-88ba-13a1ad51fba5",
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"text": "Morningstar category\u2122"
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"text": "UK Large-Cap Equity"
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"text": "FE Crown fund"
},
{
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"text": "Rayner Spencer Mills rated fund"
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"text": "0903c02a810672b2"
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"text": "Source: J.P. Morgan Asset Management as at 30.06.2026. Tracking error calculated using returns based on the quoted price of share class E - Net Accumulation in GBP"
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"text": "timing adjusted. E Acc share class launched on 1 February 2011 and performance is simulated prior to this date based on the A (acc) share class. The benchmark was"
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"text": "also changed on 1 February 2011 from the FTSE 350 Index (net) to the FTSE All-Share Index (net). Provides indicative returns that account for the timing difference between"
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"text": "pricing of the pooled fund and its benchmark index. The Pooled fund\u2019s NAV is officially priced before market close, leading to returns not being directly comparable"
},
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"text": "with those of the benchmark. Due to movements in the market between pricing and close, this can over or understate performance data such as returns and volatility."
},
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"text": "Tracking error based on 3 year rolling returns calculated on a monthly basis from 31 March 2009."
},
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"text": "Past performance is not a reliable indicator of current and future results."
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"text": "Source: Morningstar Ratings\u2122 and Morningstar category\u2122: \u00a9 2026 Morningstar, Inc. All rights reserved."
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"id": "c3692d3e-7a21-437b-bafe-b4cb6eafa3dd",
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"text": "FE Crown Fund Ratings \u00a9 FE. All rights reserved. All ratings as at June 2026. The methodology and"
},
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"text": "calculations used by companies that provide awards and ratings are not verified by J.P. Morgan Asset"
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"text": "Management and therefore are not warranted to be accurate or complete. Fund inception date is"
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"text": "01.06.1997."
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"text": "Past performance is not a reliable indicator of current and future results. The portfolio risk management"
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"text": "process includes an effort to monitor and manage risk, but does not imply low risk."
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"text": "are subject to change at the discretion of the Investment Manager without notice"
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"text": "E Net (acc) GBP: GB00B55QSH09"
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