JP Morgan Chase 2003 Annual Report Download - page 39

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J.P. Morgan Chase & Co. / 2003 Annual Report 37
Total investment portfolio by industry at December 31,
2003
Technology 9%
Industrial 28%
Consumer retail
& services 15%
Funds 15%
Financial services 11%
Life sciences 4%
Media 4%
Real estate 3%
Industrial includes:
Packaging 6%
General manufacturing 6%
Industrial services 5%
Automotive 3%
Other 8%
Life sciences 2%
Healthcare infrastructure 6%
Telecommunications 5%
2002
Technology 10%
Industrial 27%
Consumer retail
& services 12%
Funds 22%
Financial services 8%
Media 3%
Real estate 5%
Industrial includes:
Packaging 6%
General manufacturing 6%
Industrial services 4%
Distribution 3%
Other 8%
Healthcare infrastructure 6%
Telecommunications 5%
JPM P investment portfolio 2003 2002
December 31, (in millions) Carrying value Cost Carrying value Cost
Direct investm ent s:
Public securities (51 companies)(a)(b) $643 $ 451 $520 $ 663
Private direct securities (822 companies)(b) 5,508 6,960 5,865 7,316
Private third-party fund investments (252 funds)(b)(c) 1,099 1,736 1,843 2,333
Total investment portfolio $7,250 $ 9,147 $8,228 $ 10,312
% of portfolio to the Firm’s common equity(d) 15% 20%
(a) The quoted public values were $994 million and $761 million at December 31, 2003 and 2002, respectively.
(b) Represents the number of companies and funds at December 31, 2003.
(c) Unfunded commitments to private equity funds were $1.3 billion and $2.0 billion at December 31, 2003 and 2002, respectively.
(d) For purposes of calculating this ratio, the carrying value excludes the post–December 31, 2002 impact of public MTM valuation adjustments, and the Firm’s common equity excludes SFAS 115
equity balances.
Direct investment portfolio by
geographic region at December 31, 2003 Direct investment portfolio by
investment stage at December 31, 2003
JPM P's diversified investment portfolio (% of carrying value)
Buyout 41%
Grow th equity 37%
Europe, Middle East
& Africa
Latin America 5%
Asia/Pacific 3%
17%
North America 75%
Venture 22%