JPM Emerging Markets ESG Equity Fund (JPM)

Sustainable, Responsible &/or ESG Policy:

Objective

To provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund's assets in emerging market companies with positive ESG characteristics or companies that demonstrate improving ESG characteristics. Companies with positive ESG characteristics are those that the Investment Manager believes to have effective governance and superior management of environmental and/or social issues.

Investment Process
Investment approach

• Uses a fundamental, bottom-up stock selection process.
• Uses a high conviction approach to finding the best investment ideas.
• Seeks to identify high quality companies with superior and sustainable growth potential.
• Integrates ESG aspects to identify companies with strong or improving ESG characteristics.

UK SDR Approach  This Fund does not have a UK sustainable investment label.

Benchmark: MSCI Emerging Markets Index (Net)

Benchmark uses and resemblanceThe Fund is actively managed. The Benchmark is a Performance Comparator and the Fund may bear little resemblance to its Benchmark. The Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund. The Benchmark will not apply values and norms based screening to implement exclusions that the Investment Manager applies to this Fund.

POLICIES
Main investment exposure At least 80% of assets invested in equities of companies with positive ESG characteristics or companies that demonstrate improving ESG characteristics and that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. The Fund will focus on companies with positive ESG characteristics rather than companies demonstrating improving ESG characteristics (which are companies with a clear timeline for improvement and tangible and measurable ways to demonstrate that improvement). Improving ESG characteristics are identified and considered on a case by case basis by the Investment Manager.

Companies with positive ESG characteristics are companies that the Investment Manager considers as peer group leaders in respect of their ESG characteristics. These companies are identified through the Investment Manager's assessment process as set out below.

Companies with positive ESG characteristics and companies that demonstrate improving ESG characteristics are selected through the use of proprietary research and third party data. The ESG assessment process has three steps: 1) the exclusionary framework, 2) the identification of companies with positive ESG characteristics, and 3) an assessment of the valuation of the company.

Step 1: The Fund excludes certain sectors, companies / issuers or practices from the investment universe based on specific values or norms based screening policies. These policies set limits or full exclusions on certain industries and companies based on specific ESG criteria and/or minimum standards of business practice based on international norms. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. Third party data may be subject to limitations in respect of its accuracy and / or completeness. The exclusion policy for the Fund, including exceptions applicable to certain thresholds is available at https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/
en/policies/exclusion-policy/jpm-em-esg-equity-exclusion-policy-ce-en.pdf.

In addition, the bottom 20% lowest scoring companies based on the Investment Manager's proprietary ESG focused checklist are excluded from the investable universe.

Step 2: From the eligible universe, after applying the ESG exclusions, the Fund invests at least 80% of its assets in emerging market companies with positive ESG characteristics or companies that demonstrate improving ESG characteristics.

To identify positive ESG characteristics, the Investment Manager conducts a fundamental analysis of the potential company and ongoing engagement with select companies to understand how they consider ESG issues and also to try and influence their behaviour and encourage best practice. Fundamental analysis is used to better understand ESG risks and opportunities that may impact a company. This analysis is also an important driver behind company engagement and stewardship which is used not only to understand how companies consider issues related to ESG but also to try to encourage companies to develop and adopt best practices, for the purpose of enhancing returns. Further information on JPMorgan Asset Management's stewardship and engagement with companies, including the Investment Stewardship Report is available at
www.jpmorgan.co.uk/investor.

A core part of this analysis is based on a proprietary ESG framework to assess a company's exposure to, and performance on, material ESG issues. The framework comprises of: A fundamental score based on JPMAM research analysts' answers to a checklist questionnaire with E, S and G pillars and a fundamental score based on key ESG factors across sub-industries. This aims to identify the ESG issues in respect of the particular industry the company is in, that are deemed by the Investment Manager, to most likely have a financially material impact on a company.

Companies in the investable universe are ranked, based on the checklist score referred to above and companies that score above the median, relative to a peer group of companies, as determined by the Investment Manager, qualify as a "leader".

Step 3: The annualized expected return for a company is evaluated through sources of return which may include earnings growth, dividends, change in valuation and currency.

If a company ceases to qualify as a company with positive ESG characteristics, the Investment Manager will engage with the company to determine the circumstances for ceasing to qualify. If the company can resolve the matter in the short- term it may continue to be held in the portfolio. However, if not the security will be sold.
The Fund may invest in smaller companies.

(Source: KIID, as at January 2026)

SDR Labelling:

Unlabelled - promotes sustainable characteristics (has CFD)

SDR Literature:

• Consumer Facing Disclosure