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      "text": "1. Includes fee and non-fee earning assets. Product classifications are J.P. Morgan's own and are based on internal investment management structures; Strategic Insight Simfund categorization also used to classify Liquid Alternative strategies. Historical AUM restated to include products classified as Alternatives under current internal investment management structures\n2. Source: Morningstar. 5Y return is net of fees and for Institutional Share class as of December 31, 2019. Other share classes may have higher expenses, which would lower returns. Retrieved February 19, 2020. Benchmark is ICE Bank of America Merrill Lynch US 3-month Treasury Bill TR as of December 31, 2019\n3. Past performance is not a guarantee of comparable future results. Private Credit-Mortgage strategy is net of fees as of December 31, 2019. Net returns are based on Investment Share Class. Benchmark used is Bloomberg Barclays U.S. Aggregate Bond Index as of December 31, 2019\n4. Past performance is not a guarantee of comparable future results. U.S. Value-Add Real Estate strategy is net of fees as of December 31, 2019. Net returns are based on the highest applicable fee rate for this strategy. Benchmark used is NFI-ODCE (NCREIF Fund Index-Open End Diversified Core Equity) Index\n5. Performance as of September 30, 2019. Past performance is no guarantee of future results, and there can be no guarantee the performance shown will be achieved for vintage years that are not fully realized. Performance represents investment IRR (Internal Rate of Return) of underlying commitments in aggregate. Performance shown includes all private equity investments for all funds, separate accounts and employee account activated within the time period shown. Net performance is net of underlying fees and expenses, net of Advisor management and Advisor incentive fees. Net performance represents PEG Fund level cash flows and valuations, as experienced by the underlying investors in aggregate, and are inclusive of underlying fees and expenses as well as Advisor management and incentive fees. Benchmark return is Private Equity Net IRR minus Gredil-Griffiths-Stucke Direct Alpha (\"Direct Alpha\"). Direct Alpha is an IRR-based methodology used to compare private investments to public markets. The IRR calculated is an annualized excess return, representing the relative out-performance or under-performance of the private market investment to the MSCI World index as of the measurement date\n6. Source: NCREIF. Based on net asset value of member funds of NFI-ODCE index as of September 30, 2019",
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      "text": "Notes on slide 11 – Alternatives: Harnessing 50 years of innovation to drive growth",
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