December was a difficult month for the JPM Cautious Total Return Fund as it fell 1.5% on the A share class. This can be compared to returns for global equities (MSCI World Index) of 0.5% hedged to sterling (1.3% unhedged) and global bonds (JPM GBI) of 1.8% hedged to sterling (2.2% unhedged) during the month.
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