JPMorgan Chinese is an actively managed portfolio of stocks listed in China, including Hong Kong, and Taiwan. Stocks are selected on a bottom up basis for their long-term growth potential, and the portfolio is tilted to domestic Chinese consumption. Managers Howard Wang and Rebecca Jiang are able to call on the research of dedicated sector specialists focused on China as well as the industry specialists in the wider GEMs team. JPMorgan now has analysts on the ground in Shanghai to add to the team in Hong Kong. Performance was particularly strong in 2017 thanks to the bias to consumption-driven sectors, and Howard and Rebecca continue to find long-term growth ideas here and in information technology and healthcare companies. The trust does pay a dividend, and although it is not a focus of the trust the board aspires to make it a consistent payment by building up a revenue reserve. Gearing is used opportunistically, and has built up steadily to 17% over the past year. Although alpha generation has been strong over the short and long run, the trust narrowly survived a continuation vote in January in which institutional value investors voted against the resolution. The discount has moved out since then to around 14%, close to that of the other Chinese-focused trust, Fidelity China Special Situations.