JPMorgan U.S. Equity R5 · NASDAQ:JUSRX
JPMorgan U.S. Equity R5 — J.P. Morgan Asset Management — Investor Presentation (September 2025)
32 slides from JPMorgan U.S. Equity R5's investor presentation, September 2025
Slide 1: Fixed Income Investing with J.P. Morgan Asset Management
September 2025 Fixed Income Investing with J.P. Morgan Asset Management JPMorgan Short-Intermediate Municipal Bond Fund
Slide 2: Contents
Contents Why JPMorgan? Market Update The J.P. Morgan Municipal Expertise Performance and Characteristics Appendix 2 For Institutional / Wholesale / Professional Clients and Qualified Investors only—Not for retail use or distribution
Slide 3: Why J.P. Morgan Asset Management?
Why J.P. Morgan Asset Management? 3 FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION
Slide 4: J.P. Morgan Asset Management: Broad, diversified $3.9T active manager
J.P. Morgan Asset Management: Broad, diversified $3.9T active manager The power of perspective to build stronger portfolios Assets under supervision ($B) Global 2024 rankings By Asset Class1,2 By Client Segment1 $205 Alternatives #1 Active Flows6 $1,160 $1,203 Equities Liquidity Solutions $925 $1,70
Slide 5: Global Fixed Income, Currency & Commodities
J.P. Morgan Asset Management Global Fixed Income, Currency & Commodities A globally integrated, research-driven fixed income organization Deep research Information advantage Over 70 career research Collaboration across functions, deep analysts* connected across a market access, and proprietary data
Slide 6: A leader in active fixed income with deep global expertise
A leader in active fixed income with deep global expertise 310+ 22 years 90% $920+bn Investment professionals* Average industry tenure for of Platform AUM AUM Globally across in 5 countries globally GFICC investment professionals outperforming benchmark 75+ strategies over 5- and 10-year periods Lia
Slide 7: Fully integrated investment process drives a collaborative approach
Fully integrated investment process drives a collaborative approach Portfolio management Research • 155 portfolio managers across 4 countries • 70+ career research analysts across 4 countries • 22 years of average industry experience • 19 years of average industry experience • Collaborative focus to
Slide 8: A common research language and collaboration are key to driving alpha
A common research language and collaboration are key to driving alpha We emphasize collaboration, leveraging global connections & research-driven insights to foster a repeatable process Common research language to analyze sectors and individual securities Fundamentals Q uantitative (valuations) T ec
Slide 9: Robust, multi-layered risk management supported by proprietary technology
Robust, multi-layered risk management supported by proprietary technology Spectrum gives our investment teams a holistic view of markets Portfolio Management and agility to act fast, especially during times of volatility Day-to-day responsibility for portfolio risk and adherence Tailored solutions w
Slide 10: Market Update
Market Update 10 For institutional use only | Not for public distribution
Slide 11: Yield to worst across fixed income sectors
Yield to worst across fixed income sectors Percent, past 15 years Axis Core sectors Extended sectors 8.0% 16.0% 15-year range 15-year median Current 7.0% 14.0% 6.0% 12.0% 6.2% 4.8% 5.0% 10.0% 4.2% 4.8% 8.3% 4.7% 4.6% 4.0% 8.0% 7.1% 3.9% 6.7% 6.3% 2.9% 5.9% 5.7% 3.4% 2.8% 3.0% 6.5% 6.0% 2.5% 6.1% 3.1
Slide 12: Fixed income returns in different interest rate scenarios
Yield Return Fixed income returns in different interest rate scenarios Avg. Correlation Correlation Total return, assumes a parallel shift in the yield curve U.S. Treasuries 9/30/2025 12/31/2024 2025 Maturity to 10-year to S&P 500 5.5% 2yr UST 3.6% 2-Year 3.60% 4.25% 3.79% 2 years 0.74 0.02 1.7% 8.3
Slide 13: Muni tax-equivalent and Treasury yield curves
Muni tax-equivalent and Treasury yield curves State and local, federal and corporate debt 9% % of GDP, 1988 - 2024, end of fiscal year 8.6% 120% FY24: 8.2% 97.4% BBB Muni tax-equivalent yield curve 100% 8% Federal debt AAA Muni tax-equivalent 80% FY24: yield curve Nonfinancial 47.8% 7.2% 60% corpora
Slide 14: Municipal Expertise
Municipal Expertise 14 FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION
Slide 15: J.P. Morgan manages municipal assets across a wide variety of strategies
J.P. Morgan manages municipal assets across a wide variety of strategies ULTRA-SHORT SHORT-INTERMEDIATE INTERMEDIATE LONGER-TERM 0.5–2 Year 2 - 4 Years 5 – 6 Year 6+ Years DURATION SMA: SMA: SMA: SMA: Managed Liquidity 1-5 Year Actively Managed 1-17 Year Actively Managed Taxable Municipal Strategy L
Slide 16: Disciplined and repeatable investment process
Disciplined and repeatable investment process Experienced Municipal Investors ● Portfolio Managers: 25 Portfolio Managers averaging 24 years of industry experience ● Research: 11 Credit Analysts averaging 16 years of industry experience Streamlined investment process ● GFICC-wide framework assesses
Slide 17: Experienced municipal team with proven track record
Experienced municipal team with proven track record Portfolio Management Municipal Trading Access to a wide range of JPMAM Rachel Betton Municipal Chief Investment Officer Nicholas Haggarty research and investment platforms Trader 19 Years 8 Years Municipals Platform Michelle Hallam Portfolio Manage
Slide 18: Municipal Research Team: Deep proprietary research
Municipal Research Team: Deep proprietary research Samrawit Soquar Neene Jenkins Head of Research Head of Municipal Credit Research London, 24 years Healthcare, High Yield, Education New York, 19 years Municipal Research Team Adarsh Doshi David Gao Robert Herndon Bryan Laing Tax Supported, Education
Slide 19: Our investment process integrates credit views, liquidity and relative valuations
Our investment process integrates credit views, liquidity and relative valuations into holistic portfolio construction Macro and Technical Fundamental Portfolio View Analysis Construction ● Macroeconomic thesis ● Credit research team ● Experienced PM team M acr o and and technical analysis specializ
Slide 20: Risk management is the foundation of our investment process
Risk management is the foundation of our investment process Three Tiers of Risk Management Portfolio Management Investment Directors Independent Risk ● Has day-to-day responsibility for portfolio risk ● Provide portfolio management oversight by ● Provides credible challenge to the business and and a
Slide 21: Independent, forward-looking ratings
Independent, forward-looking ratings Internal Rating Process Municipal Research Coverage ● Forward-looking ratings reflect issuer Geographic Coverage probability of default/distance from distress over 3–5 year time horizon State Level Security Provisions Regional Economic Drivers Local Government Fu
Slide 22: Centralized proprietary solutions to shape holistic market views
Centralized proprietary solutions to shape holistic market views Spectrum centralizes our best thinking from across the globe in a single proprietary platform, giving our investment teams the agility to act fast, especially during times of volatility Investor Insights Risk Management Research Firm-w
Slide 23: Performance and Characteristics
Performance and Characteristics 23 FOR INSTITUTIONAL / WHOLESALE / PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION
Slide 24: Executive summary
Executive summary The Short-Intermediate Municipal Bond Fund seeks to deliver high level of federal tax exempt current income while maintaining stability of principal. Expertise Portfolio Success JP Morgan leverages broad Research-driven approach focuses A disciplined process seeks to experience and
Slide 25: JPMorgan Short-Intermediate Municipal Bond Fund: Characteristics
JPMorgan Short-Intermediate Municipal Bond Fund: Characteristics JPMorgan Short- Portfolio statistics Intermediate Bloomberg U.S. 1-5 Quality distribution*** Municipal Bond Year Blend (1-6) Fund Municipal Bond Index Difference Fund Benchmark Gross YTW 2.92% 2.69% +0.23% 58 30-Day SEC Yield 2.61% - -
Slide 26: JPMorgan Short-Intermediate Municipal Bond Fund: Characteristics
JPMorgan Short-Intermediate Municipal Bond Fund: Characteristics DURATION DISTRIBUTION (%MV) Fund Benchmark 47 39 35 37 19 11 6 5 1 0 1 0 0 to 1 1 to 3 3 to 5 5 to 7 7 to 10 10+ MATURITY DISTRIBUTION (%MV) Fund Benchmark 39 40 36 29 20 15 13 6 2 0 0 0 0 0 0 0 0 to 1 1 to 3 3 to 5 5 to 7 7 to 10 10-2
Slide 27: Investment Performance as of September 30, 2025
JPMorgan Short-Intermediate Municipal Bond Fund Investment Performance as of September 30, 2025 Morningstar* I Shares, Muni National Short Category 3 year rating: 3 stars; 213 Funds 5 year rating: 3 stars; 197 Funds 10 year rating: 4 stars; 155 funds 4.06 3.74 3.84 3.90 4 3.19 3.27 3 1.66 1.69
Slide 28: Calendar Year Returns
JPMorgan Short-Intermediate Municipal Bond Fund Calendar Year Returns 6.00 5.11 4.84 5.00 4.03 3.84 3.76 4.00 3.74 3.58 3.46 3.15 3.00 2.71 2.45 2.35 2.06 1.91 2.09 1.80 1.78 1.75 1.76 1.86 2.00 1.49 1.46 1.50 1.25 1.03 1.00 0.43 0.52 0.25 0.43 0.03 0.00 -0.02 -0.12 -0.27 -1.00 -2.00 -3.00 -4.00 -3.
Slide 29: Appendix
Appendix 4a 7 J.PMorgan ASSET MANAGEMENT
Slide 30: Biographies
Biographies Curtis White Executive Director Member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Curt is a portfolio manager for the Tax Aware Strategies Team. An employee since 1997, Curt was previously a portfolio manager for the Global Liquidity team and man
Slide 31: J.P. Morgan Asset Management
J.P. Morgan Asset Management This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you a
Slide 32: J.P. Morgan Asset Management
J.P. Morgan Asset Management The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange
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