Important risk disclosure

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LU2425852592

JPM Income Fund CAD-Hedged (Dist.)(LU2425852592)

Fixed income
Global
CAD Cash
Distributing

Invest with

CAD Cash

Payout type

Distributing

Risk rating

About this fund

Description

The Fund seeks to provide income by investing primarily in a diversified portfolio of fixed income securities.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Offers flexible exposure across the full spectrum of global fixed income markets, including securitized debt, high-yield corporates, and emerging market debt. Managed with the objective of providing a consistent and predictable level of monthly income while maintaining portfolio volatility within a target range of 4-6%. Positions as a benchmark-agnostic strategy, allowing for high-conviction allocation shifts based on the team's macroeconomic outlook and relative value assessments.

People

Led by Lead Portfolio Manager Andrew Norelli, who has managed the strategy since 2014, alongside experienced Co-Portfolio Managers Drew Headley (Securitized) and Tom Hauser (High Yield). The trio averages nearly three decades of industry experience and leverages J.P. Morgan's vast Global Fixed Income, Currency & Commodities platform. Supported by a deep bench of sector specialists, credit analysts, and risk managers who provide critical bottom-up security selection and market insights.

Performance

Targets competitive risk-adjusted returns relative to multisector bond peers, with a strong emphasis on delivering a high and stable yield. Historically demonstrates resilience during periods of market stress due to flexible duration management and diversified income sources. Performance is driven by a combination of sector allocation and rigorous security selection within credit sectors.

Process

Combines top-down macroeconomic views with bottom-up fundamental research to construct a diversified portfolio that seeks to capture attractive risk premia. Focuses on genuine diversification through the Fund's asset allocation, meaning that it takes relevant and diversifying risk premiums in different macro regimes and can hedge out the risk they think won't work in that time. Employs a dedicated "income banking" mechanism to smooth monthly payouts and mitigate the risk of distributing from capital, ensuring income sustainability.

Cost

Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.

How it fits in a portfolio

Serves as a core income generator for investors seeking a flexible, multisector bond strategy capable of navigating changing market environments. Suitable for investors prioritizing consistent monthly payouts who are comfortable with the credit risks associated with high-yield and securitized debt exposure. Investors, however, should take note of the target risk and investment objective that you have, and consider complementing the Fund with allocation to other asset classes with different characteristics.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this distributing fund, which includes dividends paid out.

Total returns

Cumulative

Annualised

All Time

5.28%

YTD

-0.50%

1 month

-0.97%

6 month

0.31%

1 year

2.50%

3 year

12.98%

As of Mar 2026

Distributions

4.51%

Frequency

Monthly

01 Apr 2026

Risk metrics

Max drawdown

-9.51%As of Mar 2026

Volatility

4.55%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	-0.0%	0.5%	-1.0%	-	-	-	-	-	-	-	-	-
2025	4.5%	0.8%	0.6%	0.0%	0.2%	0.3%	0.8%	-0.1%	1.2%	-0.1%	0.1%	0.4%	0.3%
2024	5.1%	0.5%	-0.4%	0.9%	-0.2%	0.7%	0.7%	1.1%	1.2%	0.9%	-0.9%	0.5%	0.1%
2023	4.4%	2.4%	-1.9%	0.5%	0.6%	-0.9%	-0.4%	0.7%	0.1%	-1.0%	-0.6%	2.7%	2.2%
2022	-	0.0%	-1.3%	-0.2%	-1.8%	-0.1%	-4.1%	2.9%	-1.5%	-3.7%	0.5%	1.6%	-0.1%

Subscription details

Initial investment

Minimum C$10,000

Subsequent investment

Minimum

Top Exposures

Holdings

Regions

Sectors

Government National Mortgage Association 5.5% (2056-03-15 Maturity)	11.45%
Government National Mortgage Association 6% (2056-03-15 Maturity)	2.53%
Government National Mortgage Association 5.5% (2055-12-20 Maturity)	2.31%
Federal Home Loan Mortgage Corp. 6% (2055-11-01 Maturity)	1.18%
Government National Mortgage Association 6.5% (2054-08-20 Maturity)	1.12%
Federal Home Loan Mortgage Corp. 5.5% (2056-01-01 Maturity)	1.10%
Fnma Pass-Thru I 6% (2055-10-01 Maturity)	1.02%
Federal National Mortgage Association 5.5% (2056-01-01 Maturity)	0.93%
Federal National Mortgage Association 6% (2054-07-01 Maturity)	0.84%
JPM USD Liquidity LVNAV X (dist.) (2049-12-31 Maturity)	0.69%
Federal Home Loan Mortgage Corp. 5.5% (2056-03-01 Maturity)	0.64%
Government National Mortgage Association 6.5% (2055-10-20 Maturity)	0.62%
Federal Home Loan Mortgage Corp. 6.5% (2054-10-01 Maturity)	0.59%
Federal National Mortgage Association 6.1672% (2043-10-25 Maturity)	0.53%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.20%0.70% p.a.

Save 41%

Fund facts

ISIN

LU2425852592

Fund house

JP Morgan

Fund size

C$18.9B

As of 22 Apr 2026

Fund inception date

25 Jan 2022

Fund class currency

CAD

Fund share class

A (mth) - CAD (hedged)

Oldest share inception date

02 Jun 2014

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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