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The investment landscape is shaping up to be markedly different as we begin 2024 with lower inflation and a more constructive interest rate environment. So how are we positioning client portfolios?
Watch as Nancy Rooney, Global Head of Managed Solutions, and Chief Investment Officer Richard Madigan lead a discussion with our CIO team that details opportunities we see ahead along with sector and allocation outlooks.
Welcome to the JP Morgan webcast. This is intended for informational purposes only. Opinions expressed herein are those of the speakers and may differ from those of other JP Morgan employees and affiliates. Historical information and outlooks are not guarantees of future results. Any views and strategies described may not be appropriate for all participants and should not be intended as personal investment, financial, or other advice. As a reminder, investment products are not FDIC insured, do not have bank guarantee, and they may lose value. The webcast may now begin.
[MUSIC PLAYING]
Thank you for joining me for a conversation with our chief investment officer Richard Madigan as we talk about the year ahead and how we're positioning portfolios in light of lower inflation and a more constructive market environment. Hi, Richard.
How are you?
I'm good. Nice to see you.
As well.
I'd like to spend our time together talking about how you're investing client portfolios in today's markets. And this is such an interesting time. But first, I think clients would welcome a little bit of context on how we got here.
Cautiously. Very cautiously.
Indeed. Indeed. 2023 started off with most people forecasting a recession, down markets. The Fed was aggressively hiking rates to fight inflation. But you stayed fully invested. You had a full risk position in your portfolios, which worked out well given equity markets were up 20%. But now we're in a very different place. Growth is holding steady. The Fed is looking like it's on pause, ready to cut, which has created a much more bullish sentiment. And so as we begin 2024, how do you think about that balance between stock and bonds?
If you don't mind, Nancy, can I start by actually going back and kind of pointing out what I think people got wrong last year. So put your mindset back into January. Nervous. Angry from the year prior. And sentiment was bad and only getting worse. And so that was something that I think took markets away from themselves.
And we were nervous that the Fed had it wrong.
Absolutely. I think if you looked at that moment simply, we just were never as pessimistic as markets became and sentiment became. And I don't mean to be cute in saying this, but that was a function of focusing on data and not headlines. If I look at the macro landscape at that point, which I think was the predominant driver through most of last year, but especially the first half of last year, there was a huge drumbeat for a hard landing. And from my perspective, I just never saw that landing being as hard as people kept building it up to be.
So that's the starting point. I think the other one-- and we get a lot of advantage in terms of the CEOs and the CFOs that we talk to consistently for companies we invest in. If I had to characterize their mindset, it was cautious, rightfully. But it was also constructive on their underlying businesses. So I'm back to data again.
And so we kind of polled those two and matched them together and said, we should stay where we are in terms of positioning because the negative rhetoric was much more incendiary in headlines than anything we were seeing in the real economy. But to answer your question, if I wasn't as bearish as sentiment was last year, I'm unfortunately not as bullish as sentiment is coming into this year.
But it pivots back to the Fed, if you'll pardon the pun. I just don't think this quick series of rate cuts that people are expecting to kick in come March is deserved based on the data again. And again, that's not a negative. It's just trying to balance out the expectations around that.
Is it fair, though, to infer from that, though, that you're still a better buyer of equities?
Yes, we are.
OK. So let's just say the Fed is right and they do manage to engineer a soft landing where they've raised rates just enough to curb inflation but not so much to really hurt growth. What are the areas that you're looking at? What should benefit the most in that kind of environment?
So the Goldilocks landing. I will say I guess popping a little bit of the expectations, that outlook is well priced into markets today. And again, not to be cute, I'm saying that as an observation of managing your expectations on returns because I do not expect to see the outsized returns that we saw last year in equity markets and credit markets repeat again this year.
From a portfolio positioning perspective, we're still pro cyclical in our outlook, both in equities and fixed income. And in English, I think that growth stays positive but slows, not that we're falling back into some kind of a hard landing. So with that as the starting point and not wanting to steal Michael or Miles's thunder, at a high level in fixed income that leaves us overweight global credit markets. I'm overweight investment grade credit. We're overweight extended credit and still feel good about the return possibilities and the outlook in broader balance sheets.
In the equity market, they've hung on to our overweight in technology throughout this. We've done a lot of things within that broad big tech basket. But that's been a core holding for us consistently. What they've done I think with a little bit more were innovation and last year fourth quarter started leaning into sectors that had lagged. So we're looking at pockets of things that from a valuation perspective we think balance out the beta or the risk that we have in tech. So there's a lot of a balancing act going on in terms of how we're thinking about taking risk.
So we're still constructive on equities despite being sort of balanced between stocks and bonds, but really focusing on the parts of the market that both are exhibiting higher growth and maybe some of the parts that have a catch-up trade to them. And as you say, we'll hear shortly from Miles on some of the themes that he's specifically looking at. But what if we're wrong, right, and the Fed has gone too far, which really limits growth. What's in the portfolio to sort of balance this out?
So I say this with a smile. Core bonds. Just given the ride we have gone on--
We're back.
--the last-- they're working. So I feel very good about them as a balance to risk in the portfolio and the yield contribution to total return. So that's the key anchor for me coming into this year. The other one is just back to investment philosophy and the discipline that we manage as a team. We know what we know. We know what we don't. We're risk and math based in trying to put probability distributions around left tail bad events, right tail rallies, but never overreaching for risk.
And I think that's critical for anyone right now in this market. The equity example was a really good example of that. We're not all in. We're balancing out risk, not only in equity markets, but across what we're doing in fixed income. And I guess to come full circle for where we started the conversation, we're staying fully invested.
I like your balance, or your sort of barbell analogy of balance, because I think for so many of our clients that took advantage of the rate environment to sort of lock in higher rates, they now find themselves in a place with elevated levels of cash and will really need to rebalance some of that cash into equities in order to have a portfolio that will grow over the long term.
You've heard me say this for years. And we kid all the time. The simplest decision you can ever make as an investor is separating short-term money and long-term money. Short term can be problematic. Long-term money, if you've set your goals and you know what you're accomplishing, stay invested because every time you are not invested in a market for that long-term horizon, you're putting yourself behind. Last year was a great example of that, I'm sorry to say.
Indeed it was. Thank you, Richard. Always nice to see you.
As well. Thanks.
[MUSIC PLAYING]
Well, thank you, Miles and Michael, for joining our conversation today. We just had the opportunity to hear from Richard and Nancy on our PBCIO outlook for 2024 and overall portfolio positioning. I want to continue that conversation by discussing our equity and fixed income allocations in a bit more detail.
So starting with equities, Miles, our equity allocation is designed to perform in a variety of market environments. As a part of your process, you're completing your own bottom-up analysis, which includes meeting with company management. Richard spoke to our tech exposure and how we've been leaning into some of those lagging sectors. What are some of those lagging sectors? And how does that ultimately translate into portfolio positioning?
We like financials here. We're getting either good organic growth or compelling buyback and dividend yields. In the US, we're targeting well-capitalized banks with benign credit costs as well as brokers and insurers with growth rates that the market just isn't pricing in. We also recently added European insurers, which offer high quality at nine times earnings. With an industrials, we like select companies with self-help stories where expenses can come in below consensus and irrespective of the macro backdrop should lead to higher earnings from operating margins expanding.
So Miles, equity markets have full valuations today, but there are certainly pockets of opportunity. You just walked through some great examples with financials and industrials. Spend a moment on some of the themes that are embedded within health care and tech as well. Those are two sectors that we're overweight across portfolios today.
For GLP-1, similar to cloud a few years ago, the growth potential is obviously very well known, but that doesn't mean it's being accurately quantified. Consensus numbers just look too low to us with the market pricing in roughly $100 billion addressable opportunity. We think if new treatments emerge, this could be a $300 billion opportunity, which in the context of a market that is fairly but fully priced, offers a compelling risk-reward opportunity for us.
We're also intrigued by valuation discounts in medtech and some staples that may be overreacting to GLP-1. Within tech, we're finding compelling valuations in software, where earnings growth is still underappreciated. AI specifically gets more complicated. The growth is certainly real. But in contrast to GLP-1, it's a much more competitive landscape. And consensus expectations are quite high, as are valuations. So we're anchoring on a few select companies.
So let's pivot to fixed income. Michael, if you looked at the 10-year Treasury rate, or most yield metrics for that matter, at the start and end of 2023, there was little change. But that ignores the historic volatility that we experienced in rate markets throughout the course of the year. How did you navigate that landscape within client portfolios?
Well, you're right, Anjali. Whether you looked at Treasury, municipal, or credit markets, 2023 really was a year of extreme volatility. In an environment like that, it's especially critical to remain disciplined, grounded in an investment process, and laser focused on managing portfolio risks.
As interest rates moved higher in '23 due to persistent inflation and aggressive monetary policy tightening, we continued to systematically add high quality fixed income exposure until we achieved neutral duration positioning versus our benchmarks. We were a bit early with some of those trades. But they served us extremely well in the fourth quarter as rates rallied substantially.
We think core duration will continue to provide value in 2024 in the face of slowing growth and inflation globally. We also targeted specific credit exposures in investment grade and high yield corporate and municipal markets and adjusted them tactically over the course of the year. Our allocation to European investment grade corporates in the Six Circles Funds was a significant contributor to investment performance for our taxable clients and is just one example of our unique ability to identify and access opportunities around the world.
So Michael, within the context of a portfolio, fixed income offers both yield and stability. In addition to adjusting duration, like you did in 2023, you also have full flexibility in how you allocate to core bonds versus global credit markets. So how do you evaluate that broad opportunity set and any trade offs that may come along with that?
Our underlying benchmarks generally are comprised of high quality core fixed income. So for, us extended credit markets tend to be opportunistic levers that we employ more tactically. With that said, exposures like high yield corporates and municipals, emerging markets, and even bank loans can provide compelling yield enhancement and capital appreciation potential when utilized and scaled prudently.
We underwrite extended credit markets through both a macroeconomic and a credit cycle lens with heightened awareness for their volatility and default risk. When they provide attractive risk-adjusted return potential, we incorporate them into our portfolio construction process. And when they don't, we exclude them and focus on higher quality core opportunities. Even with global growth weakening, right now we still continue to see pockets of value in extended credit markets and are maintaining targeted exposures across portfolios.
Thank you, Miles and Michael, for all of your insights shared today. And thank you everyone for joining us.
Thank you for joining us. Prior to making financial or investment decisions, you should speak with a qualified professional in your JPMorgan team. This concludes today's webcast. You may now disconnect.
[MUSIC PLAYING]
(DESCRIPTION)
Text, Please note: This session is closed to the press. The views and strategies described herein may not be suitable for all clients and are subject to investment risks. Certain opinions, estimates, investment strategies, and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice. This material should not be regarded as research or as a J.P. Morgan research report. The information contained herein should not be relied upon in isolation for the purpose of making an investment decision. More complete information is available, including product profiles, which discuss risks, benefits, liquidity and other matters of interest. For more information on any of the investment ideas and products illustrated herein, please contact your J.P. Morgan representative. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. INVESTMENT AND INSURANCE PRODUCTS: NOT A DEPOSIT. NOT F D I C INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NO BANK GUARANTEE. MAY LOSE VALUE.
(SPEECH)
Welcome to the JP Morgan webcast. This is intended for informational purposes only. Opinions expressed herein are those of the speakers and may differ from those of other JP Morgan employees and affiliates. Historical information and outlooks are not guarantees of future results. Any views and strategies described may not be appropriate for all participants and should not be intended as personal investment, financial, or other advice. As a reminder, investment products are not FDIC insured, do not have bank guarantee, and they may lose value. The webcast may now begin.
[MUSIC PLAYING]
(DESCRIPTION)
Textured gold script swirls across a black background.
J.P. Morgan.
Nancy Rooney, global head of managed solutions for J.P. Morgan Private Bank, sits in front of a textured gray backdrop.
(SPEECH)
Thank you for joining me for a conversation with our chief investment officer Richard Madigan as we talk about the year ahead and how we're positioning portfolios in light of lower inflation and a more constructive market environment. Hi, Richard.
How
(DESCRIPTION)
Richard sits across from Nancy beneath a J.P. Morgan logo. A table with flowers sits between them.
(SPEECH)
are you?
I'm good. Nice to see you.
As well.
I'd like to spend our time together talking about how you're investing client portfolios in today's markets. And this is such an interesting time. But first, I think clients would welcome a little bit of context on how we got here.
Cautiously. Very cautiously.
Indeed. Indeed. 2023 started off with most people forecasting a recession, down markets. The Fed was aggressively hiking rates to fight inflation. But you stayed fully invested. You had a full risk position in your portfolios, which worked out well given equity markets were up 20%. But now we're in a very different place. Growth is holding steady. The Fed is looking like it's on pause, ready to cut, which has created a much more bullish sentiment.
(DESCRIPTION)
Richard nods.
(SPEECH)
And so as we begin 2024, how do you think about that balance between stock and bonds?
If you don't mind, Nancy, can I start by actually going back and kind of pointing out what I think people got wrong last year. So put your mindset back into January. Nervous. Angry from the year prior. And sentiment was bad and only getting worse. And so that was something that I think took markets away from themselves.
And we were nervous that the Fed had it wrong.
Absolutely. I think if you looked at that moment simply, we just were never as pessimistic as markets became and sentiment became. And I don't mean to be cute in saying this, but that was a function of focusing on data and not headlines. If I look at the macro landscape at that point, which I think was the predominant driver through most of last year, but especially the first half of last year, there was a huge drumbeat for a hard landing. And from my perspective, I just never saw that landing being as hard as people kept building it up to be.
So that's the starting point. I think the other one-- and we get a lot of advantage in terms of the CEOs and the CFOs that we talk to consistently for companies we invest in. If I had to characterize their mindset, it was cautious, rightfully. But it was also constructive on their underlying businesses. So I'm back to data again.
(DESCRIPTION)
Text, Stable Hands Prevail. Resilience is everything for long-term investors.
(SPEECH)
And so we kind of polled those two and matched them together and said, we should stay where we are in terms of positioning because the negative rhetoric was much more incendiary in headlines than anything we were seeing in the real economy. But to answer your question, if I wasn't as bearish as sentiment was last year, I'm unfortunately not as bullish as sentiment is coming into this year.
But it pivots back to the Fed, if you'll pardon the pun. I just don't think this quick series of rate cuts that people are expecting to kick in come March is deserved based on the data again. And again, that's not a negative. It's just trying to balance out the expectations around that.
Is it fair, though, to infer from that, though, that you're still a better buyer of equities?
Yes,
(DESCRIPTION)
Nancy points. Richard nods.
(SPEECH)
we are.
OK. So let's just say the Fed is right and they do manage to engineer a soft landing where they've raised rates just enough to curb inflation but not so much to really hurt growth. What are the areas that you're looking at? What should benefit the most in that kind of environment?
So the Goldilocks landing. I will say I guess popping a little bit of the expectations, that outlook is well priced into markets today. And again, not to be cute, I'm saying that as an observation of managing your expectations on returns because I do not expect to see the outsized returns that we saw last year in equity markets and credit markets repeat again this year.
From a portfolio positioning perspective, we're still pro cyclical in our outlook, both in equities and fixed income. And in English, I think that growth stays positive but slows, not that we're falling back into some kind of a hard landing. So with that as the starting point and not wanting to steal Michael or Miles's thunder, at a high level in fixed income that leaves us overweight global credit markets.
(DESCRIPTION)
Richard counts on his fingers.
(SPEECH)
I'm overweight investment grade credit. We're overweight extended credit and still feel good about the return possibilities and the outlook in broader balance sheets.
(DESCRIPTION)
Nancy nods.
(SPEECH)
In the equity market, they've hung on to our overweight in technology throughout this. We've done a lot of things within that broad big tech basket. But that's been a core holding for us consistently. What they've done I think with a little bit more were innovation and last year fourth quarter started leaning into sectors that had lagged. So we're looking at pockets of things that from a valuation perspective we think balance out the beta or the risk that we have in tech. So there's a lot of a balancing act going on in terms of how we're thinking about taking risk.
So we're still constructive on equities despite being sort of balanced between stocks and bonds, but really focusing on the parts of the market that both are exhibiting higher growth and maybe some of the parts that have a catch-up trade to them.
(DESCRIPTION)
Nancy balances her hands, then gestures upward.
(SPEECH)
And as you say, we'll hear shortly from Miles on some of the themes that he's specifically looking at. But what if we're wrong, right, and the Fed has gone too far, which really limits growth. What's in the portfolio to sort of balance this out?
So I say this with a smile. Core bonds. Just given the ride we have gone on--
We're back.
--the last-- they're working. So I feel very good about them as a balance to risk in the portfolio and the yield contribution to total return. So that's the key anchor for me coming into this year. The other one is just back to investment philosophy and the discipline that we manage as a team. We know what we know. We know what we don't. We're risk and math based in trying to put probability distributions around left tail bad events, right tail rallies, but never overreaching for risk.
And I think that's critical for anyone right now in this market. The equity example was a really good example of that. We're not all in. We're balancing out risk, not only in equity markets, but across what we're doing in fixed income. And I guess to come full circle for where we started the conversation, we're staying fully invested.
I like your balance, or your sort of barbell analogy of balance, because I think for so many of our clients that took advantage of the rate environment to sort of lock in higher rates, they now find themselves in a place with elevated levels of cash and will really need to rebalance some of that cash into equities in order to have a portfolio that will grow over the long term.
You've heard me say this for years. And we kid all the time. The simplest decision you can ever make as an investor is separating short-term money and long-term money. Short term can be problematic. Long-term money, if you've set your goals and you know what you're accomplishing, stay invested because every time you are not invested in a market for that long-term horizon, you're putting yourself behind. Last
(DESCRIPTION)
Richard points forward.
(SPEECH)
year was a great example of that, I'm sorry to say.
Indeed it was. Thank you, Richard. Always nice to see you.
As well. Thanks.
(DESCRIPTION)
Richard smiles.
(SPEECH)
[MUSIC PLAYING]
(DESCRIPTION)
Text, A deeper dive into fixed income and equities.
A white circle with inset stairs rotates.
Anjali Paranjpe, U.S. head of managed solutions, J.P. Morgan Private Bank. Anjali, Miles, and Michael sit in front of a textured gray backdrop.
(SPEECH)
Well, thank you, Miles and Michael, for joining our conversation today. We just had the opportunity to hear from Richard and Nancy on our PBCIO outlook for 2024 and overall portfolio positioning. I want to continue that conversation by discussing our equity and fixed income allocations in a bit more detail.
So starting with equities, Miles, our equity allocation is designed to perform in a variety of market environments. As a part of your process, you're completing your own bottom-up analysis, which includes meeting with company management. Richard spoke to our tech exposure and how we've been leaning into some of those lagging sectors. What are some of those lagging sectors? And how does that ultimately translate into portfolio positioning?
(DESCRIPTION)
Miles Wixon, head of equities, J.P. Morgan Private Bank.
(SPEECH)
We like financials here. We're getting either good organic growth or compelling buyback and dividend yields. In the US, we're targeting well-capitalized banks with benign credit costs as well as brokers and insurers with growth rates that the market just isn't pricing in.
(DESCRIPTION)
Text, Our focus on cyclicals. The financials sector offers organic growth and yield. Targeting well capitalized banks. Parts of the industrials sector provide access to higher earnings.
(SPEECH)
We also recently added European insurers, which offer high quality at nine times earnings. With an industrials, we like select companies with self-help stories where expenses can come in below consensus and irrespective of the macro backdrop should lead to higher earnings from operating margins expanding.
So Miles, equity markets have full valuations today, but there are certainly pockets of opportunity. You just walked through some great examples with financials and industrials. Spend a moment on some of the themes that are embedded within health care and tech as well. Those are two sectors that we're overweight across portfolios today.
For GLP-1, similar to cloud a few years ago, the growth potential is obviously very well known, but that doesn't mean it's being accurately quantified.
(DESCRIPTION)
Text, Pockets of opportunity. Growth potential within the healthcare sector may be underestimated. Software valuations within the technology sector are attractive.
(SPEECH)
Consensus numbers just look too low to us with the market pricing in roughly $100 billion addressable opportunity. We think if new treatments emerge, this could be a $300 billion opportunity, which in the context of a market that is fairly but fully priced, offers a compelling risk-reward opportunity for us.
We're also intrigued by valuation discounts in medtech and some staples that may be overreacting to GLP-1. Within tech, we're finding compelling valuations in software, where earnings growth is still underappreciated. AI specifically gets more complicated. The growth is certainly real. But in contrast to GLP-1, it's a much more competitive landscape. And consensus expectations are quite high, as are valuations. So we're anchoring on a few select companies.
So let's pivot to fixed income. Michael, if you looked at the 10-year Treasury rate, or most yield metrics for that matter, at the start and end of 2023, there was little change. But that ignores the historic volatility that we experienced in rate markets throughout the course of the year. How did you navigate that landscape within client portfolios?
(DESCRIPTION)
Michael Gray, head of fixed income, J.P. Morgan Private Bank.
(SPEECH)
Well, you're right, Anjali. Whether you looked at Treasury, municipal, or credit markets, 2023 really was a year of extreme volatility. In an environment like that, it's especially critical to remain disciplined, grounded in an investment process, and laser focused on managing portfolio risks.
(DESCRIPTION)
Text, Navigating volatility. Remain disciplined and focused on managing portfolio risk. Systematically added to high-quality fixed income and targeted credit exposures in 2023. Core duration offers value in 2024.
(SPEECH)
As interest rates moved higher in '23 due to persistent inflation and aggressive monetary policy tightening, we continued to systematically add high quality fixed income exposure until we achieved neutral duration positioning versus our benchmarks. We were a bit early with some of those trades. But they served us extremely well in the fourth quarter as rates rallied substantially.
We think core duration will continue to provide value in 2024 in the face of slowing growth and inflation globally. We also targeted specific credit exposures in investment grade and high yield corporate and municipal markets and adjusted them tactically over the course of the year. Our allocation to European investment grade corporates in the Six Circles Funds was a significant contributor to investment performance for our taxable clients and is just one example of our unique ability to identify and access opportunities around the world.
So Michael, within the context of a portfolio, fixed income offers both yield and stability. In addition to adjusting duration, like you did in 2023, you also have full flexibility in how you allocate to core bonds versus global credit markets. So how do you evaluate that broad opportunity set and any trade offs that may come along with that?
Our underlying benchmarks generally are comprised of high quality core fixed income. So for, us extended credit markets tend to be opportunistic levers that we employ more tactically.
(DESCRIPTION)
Text, Evaluating opportunity set. Opportunistically allocate to extended credit markets. Evaluate opportunities through both a macroeconomic and credit cycle lens. Maintain targeted extended credit exposure today.
(SPEECH)
With that said, exposures like high yield corporates and municipals, emerging markets, and even bank loans can provide compelling yield enhancement and capital appreciation potential when utilized and scaled prudently.
We underwrite extended credit markets through both a macroeconomic and a credit cycle lens with heightened awareness for their volatility and default risk. When they provide attractive risk-adjusted return potential, we incorporate them into our portfolio construction process. And when they don't, we exclude them and focus on higher quality core opportunities. Even with global growth weakening, right now we still continue to see pockets of value in extended credit markets and are maintaining targeted exposures across portfolios.
Thank you, Miles and Michael, for all of your insights shared today. And thank you everyone for joining us.
(DESCRIPTION)
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(SPEECH)
Thank you for joining us. Prior to making financial or investment decisions, you should speak with a qualified professional in your JPMorgan team. This concludes today's webcast. You may now disconnect.
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(DESCRIPTION)
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Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe hit our asset allocation goals and forward-looking views in order to meet the portfolio's investment objective. As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.
YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST. While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios. The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.
LEGAL ENTITY, BRAND & REGULATORY INFORMATION. In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member F D I C.. JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB”) offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS"), a member of FINRA and S I P C. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.
In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE - Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE - Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938.
In the United Kingdom, this material is issued by J.P. Morgan SE - London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB): J.P. Morgan SE - London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdionstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB): J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567.
In Italy, this material is distributed by J.P. Morgan SE - Milan Branch, with its registered office at Via Cordusio, n.3, Milan 2 0 1 2 3, Italy, authorized by the Bundesanstalt für Finanzienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB): J.P. Morgan SE - Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076. Milan Chamber of Commerce Registered Number: R E A M I 2 5 3 6 3 2 5.
In the Netherlands, this material is distributed by J.P. Morgan SE - Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE - Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiele Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 7 2 6 1 0 2 2 0.
In Denmark, this material is distributed by J.P. Morgan SE - Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39 41, 1560 Kobenhavn V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE - Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010.
In Sweden, this material is distributed by J.P. Morgan SE - Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 1 1 1 4 7, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE - Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In France, this material is distributed by JPMorgan Chase Bank, N.A. Paris Branch, registered office at 14, Place Vendome, Paris 7 5 0 0 1, France, registered at the Registry of the Commercial Court of Paris under number 7 1 2 0 4 1 3 3 4 and licensed by the Autorite de contröle prudentiel et de resolution (ACPR) and supervised by the ACPR and the Autonte des Marches Financiers. In Switzerland, this material is distributed by J.P. Morgan (Suisse) S. A., with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorised and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.
This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID 2) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required). In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is registered by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request.
In Singapore, the material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. JPMorgan Chase Bank, N.A., a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder's liability is limited.
JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 4 3 0 7 4 1 1 2 0 1 1/AFS Licence Number 2 3 8 3 6 7) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to "wholesale clients" only. For the purposes of this paragraph the term "wholesale client" has the meaning given in section 761G of the Corporations Act 2001 (C t h). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (C t h) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under US laws, which differ from Australian laws.
Material provided by JPMS in Australia is to wholesale clients" only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 701G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future. This material has not been prepared specifically for Australian investors. It may contain references to dollar amounts which are not Australian dollars; may contain financial information which is not prepared in accordance with Australian law or practices; may not address risks associated with investment in foreign currency denominated investments; and • does not address Australian tax issues.
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to your securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful.
Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American county, without previous registration of such fund's securities in compliance with the laws of the corresponding jurisdiction. Public offering of any security, including the shares of the Fund, without previous registration at Brazilian Securities and Exchange Commission-CVM is completely prohibited. Some products or services contained in the materials might not be currently provided by the Brazilian and Mexican platforms.
References to "J.P. Morgan" are to JPM, its subsidiaries and affiliates worldwide. "J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team. Copyright 2024 JPMorgan Chase & Co. All rights reserved.
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All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.
All market and economic data as of December 2023 and sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.
The information presented is not intended to be making value judgments on the preferred outcome of any government decision.
Key Risks
This material is for informational purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.
General Risks & Considerations
Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.
Non-Reliance
Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/ reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.
Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.
IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST
Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.
Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.
As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.
While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.
The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.
Legal Entity, Brand & Regulatory Information
In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.
JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.
In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE—Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE—London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE—Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE—Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE—Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In Belgium, this material is distributed by J.P. Morgan SE—Brussels Branch with registered office at 35 Boulevard du Régent, 1000, Brussels, Belgium, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE Brussels Branch is also supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) in Belgium; registered with the NBB under registration number 0715.622.844. In Greece, this material is distributed by J.P. Morgan SE—Athens Branch, with its registered office at 3 Haritos Street, Athens, 10675, Greece, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Athens Branch is also supervised by Bank of Greece; registered with Bank of Greece as a branch of J.P. Morgan SE under code 124; Athens Chamber of Commerce Registered Number 158683760001; VAT Number 99676577. In France, this material is distributed by J.P. Morgan SE – Paris Branch, with its registered office at 14, Place Vendôme 75001 Paris, France, authorized by the Bundesanstaltfür Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB) under code 842 422 972; J.P. Morgan SE – Paris Branch is also supervised by the French banking authorities the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.
This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).
In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. JPMorgan Chase Bank, N.A., a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction.
JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
This material has not been prepared specifically for Australian investors. It:
References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team.
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JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
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