Head To Head

HEAD-TO-HEAD: JP Morgan AM versus Schroders

FSA compares two Japan equity products: The JP Morgan Japan Equity Fund and the Schroder ISF Japanese Equity Fund.

by Francis Nikolai Acosta 11 September 202019 October 2022

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The JP Morgan and Schroders fund versus their benchmark (Topix Index) and sector in Hong Kong. In US dollars. Source: FE Fundinfo.

PERFORMANCE

Given the style differences of both funds, Lo expects them to behave differently.

“The JP Morgan fund is expected to perform well when the growth style is in favour, which has been the case for the past few years.

“Meanwhile, the Schroders one is expected to perform better when value is in favour,” he said.

Discreet annual calendar performance (%)

Fund / index / sector	YTD 2020	2019	2018	2017	2016
JP Morgan fund	15.17	28.21	-14.39	35.65	-3.36
Schroders fund	-5.83	16.88	-15.38	28.16	1.12
Topix Index	-3.24	19.25	-13.73	26.55	3.46
Sector HKM Equity – Japan	-0.71	20.44	-17.22	27.31	2.15

In terms of volatility, Lo expects the JP Morgan fund to be more volatile than the Schroders fund, given that it is more concentrated.

Three-year annualised volatility

Fund / Index	Volatility
JP Morgan	19.39
Schroders	18.67
Topix Index	19.99
Sector HKM Equity – Japan	17.96

Source: FE Fundinfo.

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