JPM Multi-Asset Income C Inc


March 2026
 
  • Opinion
    Square Mile rating
  • Performance
    Yield
    4.07%
    % of time met performance objective over 5 years
    100.0%
  • Risks
    Risk of asset class
    1 2 3 4 5 6 7 8 9 10
    Risk of fund within asset class
    1 2 3 4 5
  • Costs
    Ongoing charges
    0.83%
    Transaction costs
    0.21%
    Total cost of investment
    1.04%
  • Responsible
    What type of investor are you?

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 31st January 2026.

Overview

To provide a sustainable level of income, which we expect to be between 3% to 5% p.a., by investing in a global portfolio of income generating securities. The fund also offers the potential for some growth in capital over a market cycle, however, this is only expected to be a modest level (1%-2% p.a.), as income is the primary objective. The managers aim to do this whilst looking to constrain the overall portfolio risk to a level that is similar or below that of a traditional 60% equity and 40% bond portfolio.

 

Square Mile’s Expected Outcome

We believe a sustainable yield of 3% - 5% p.a. is a reasonable expectation for this fund.

Square Mile’s Opinion

We believe that an organisation the size and breadth of JP Morgan has the capabilities in-house to successfully run a global multi-asset fund in this manner. The organisation has talented investment professionals operating in the main asset classes that this fund invests in, as well as having a credible global asset allocation process. The big team allows the fund managers to benefit from transitory yield opportunities in non-standard asset classes such as convertible bonds. The underlying investment teams, which often contain highly experienced specialists, provide input not only on which securities should be held in the fund but also guidance to the managers on the asset class and whether the level of exposure should be maintained. Although the fund generates sterling returns and income, this is derived from the hedging policy of the fund. The majority of the underlying investments are US dollar based and yields on these can be lower at times than those available on sterling denominated investments. However, investors might find this useful as a complementary fund to sit alongside more UK centric income generating investments. Historically, the managers have been successful in meeting the fund's target yield and have therefore always acheived the fund's expected outcome for investors.

Fund Manager’s Formal Objective

To provide income by investing primarily in a global portfolio of income generating securities, with a focus on risk-adjusted income.

Income UK
Active Composite: 40% MSCI World Index, 30% Bloomberg Barclays Global Credit Index, 30% Bloomberg Barclays Capital US Corporate High Yield – 2% Issuer Capped
Multi Asset IA Mixed Investment 20-60% Shares
4.07% £181M
Eric Bernbaum, Gary Herbert, Michael Schoenhaut January, April, July, October
1.1 Pounds Quarterly
GBP 25/04/2012
1.1 Pounds 31/01/2026
0.00% -
- -

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 31st January 2026
 
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JPM Multi-Asset Income C Inc
 
 

Asset Manager Overview

J.P. Morgan Asset Management is a global asset management business and is part of JPMorgan Chase & Co, a firm which has been around for over 150 years. It has offices spread across major investment hubs around the world providing local investment knowledge. As a business JPM believes in a team based investment approach and disciplined investment processes.

Fund Manager/Team Overview

The fund is managed by Michael Schoenhaut and Eric Bernbaum. Mr Schoenhaut is an experienced investor and has been with JP Morgan Asset Management ("JP Morgan") for over 20 years. He has overall responsibility for JP Morgan's global suite of multi-asset income strategies. Mr Bernbaum is a portfolio manager within the multi-asset solutions team. He has been at the firm since 2008. The pair are supported by JP Morgan's Global Multi-Asset Group (GMAG), which consists of circa 80 portfolio managers, analysts and strategists.

Investment Philosophy & Process Overview

The investment process begins with the GMAG analysing risk, return and yield characteristics of financial assets listed across global markets. The managers are seeking high yield opportunities and ideas are sourced from the team's analysis of markets and interaction with the investment professionals behind the wide array of strategies run by JP Morgan. The managers will then determine an asset allocation that they believe will provide the greatest sustainable income given the fund's risk constraints.

Mr Schoenhaut and Mr Bernbaum then assign part of the fund's capital to the most appropriate investment team at JP Morgan to manage the asset class exposure. Each investment team is given the flexibility to manage the assets in line with their particular style and approach with an emphasis on providing income within a predetermined risk and return remit. The two managers will dynamically adjust the fund's allocation based on the future outlook of the asset class from both an income and capital growth perspective.

The fund will invest in approximately 1,600 securities domiciled in over 50 countries. The fund is managed on a global basis (the strategy is distributed globally), which tends to result in a bias towards US dollar derived income flows. Any non-GBP exposure is hedged back into sterling with the exception of emerging markets investments.

The current neutral weighting for the fund is: 35% global equities, 35% high yield bonds, 10% property shares, 10% emerging market bonds and 10% investment grade bonds. The managers have wide discretion on where to invest and so other asset types such, as mortgage-backed securities, preference shares and convertible bonds may also play a role in income generation within the portfolio.

 
 
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JPM Multi-Asset Income C Inc
 
 

ESG Integration

Fund ESG Integration

This fund has no specific responsible objectives within its mandate and asset class selection does not consider ESG factors. However, the investment teams at JPM that are responsible for the underlying sleeves do take ESG considerations into account when selecting securities, but none of these mandates have any specific requirements from an ESG perspective and each manager is able to select securities based on their individual merit and opportunities. Therefore, the fund is likely to contain securities which score poorly from an ESG perspective but where the managers believe they are being adequately compensated for taking on the risk.

JPM has ESG integrated across its entire investment platform and asset class teams. This allows the managers within JPM and those running this fund to assess ESG risks at an underlying sleeve and security level using the group's tool, "Spectrum". Within the fund's risk and oversight process, securities which flag as representing high risk from a portfolio perspective, including where this may be on ESG grounds, will be challenged. Despite this, the portfolio managers do not seek to influence the security selection of the underlying managers.

 
 
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Risk Summary

The fund usually has significant exposure to equities and high yield bonds. These assets tend to move in the same direction as each other, so holders of the fund may find the diversification afforded by the strategy to be more limited than other multi-asset funds. This will be felt most keenly during an equity market sell-off when this fund may trail its peers.

 

Additional Information

8.11%
6.69%
-7.31%
7.37%
-4.73%
1.06
1.03

(3 years data to last month end unless otherwise stated)

Qualitative Risk Assessment

Significant Potentially Significant Not Significant

For the full summary of the risks, click here
 
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JPM Multi-Asset Income C Inc
 
 
 

Calendar Year Performance To Quarter End

Period Fund (%) Sector (%)
2025 11.8 10.2
2024 7.4 6.2
2023 7.0 6.9
2022 -11.9 -9.8
2021 9.3 7.6

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 30th March 2026

Value for Money

The Total Cost of Investing for the fund is below the peer group median. The transaction costs are above the median level, while the ongoing cost figure is well below. The sector contains a number of unfettered multi manager funds which have a dual layer of charges and therefore this pushes up the median charge. This fund's ability to utilise the global investment teams of the wider JP Morgan group and therefore keep costs down has provided investors with a fund that we think offers value for money.

Following the introduction of MiFID II regulations in January 2018, asset management firms are now required to disclose all costs and charges related to the running and administration of funds. This can include items outside of the OCF, such as research costs. As a result, JP Morgan Asset Management will be absorbing the costs associated with their research, which should slightly reduce the overall costs paid by investors.

OCF v Peer Group

0.83%
Transaction Costs v Peer Group

0.21%
TCI v Peer Group

1.04%

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 31st January 2026.
 
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JPM Multi-Asset Income C Inc
 
 

Rating Changes

The Square Mile ratings are reviewed every 6 months. For full details on the methodologies, click here.
For a full list of all Square Mile rated funds, click here.

Rating Changes over last 12 months Time & Date rating changed
 

Disclaimer

This document is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

Unless otherwise agreed by Square Mile, this factsheet is only for internal use by the permitted recipients and shall not be published or be provided to any third parties. This factsheet is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this factsheet shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This factsheet shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Unless indicated, all figures are sourced by LSEG Lipper (all rights reserved). Past performance is not a guide to future returns.

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