A strategy that aims to pay dividends for your clients - now with a Silver Morningstar OBSR Analyst Rating

The JPM US Equity Income Fund focuses on high-quality companies with sustainable dividend yields providing an ideal way for your clients to share in the attractive long-term returns from the US stock market.

"The fund shares in the profits of corporate America by investing in high-quality US companies that have strong brands, stable profits and the ability to return cash to shareholders through a sustainable dividend." Clare Hart, portfolio manager


Talking Points

Dividend investing can increase long-term returns

Dividends have historically contributed significantly to overall US stock market returns.

We believe a focus on investing in high-quality companies with sustainable dividend yields can generate strong returns over time and help reduce overall volatility.

Invest in the best of corporate America

  • Half of the top 100 global brands are American
  • US corporations dominate nearly half of the world market cap (MSCI as at 30 Sept 2014)
  • US companies play an integral part in all our daily lives

Square Mile’s Talking Factsheet

Talking Factsheets is a service for users of Square Mile’s Academy of Funds. They combine Square Mile’s independent, qualitative fund research with user-friendly video content, providing viewers with the opportunity to see and hear Square Mile’s fund analysts giving first-hand, expert perspectives on the funds. For more information, visit Square Mile’s website.

Source: Square Mile Academy of Funds December 2015. All data has been sourced independently by Square Mile. The content has been reproduced with permission from Square Mile and all opinions are their own. This video has been produced for information purposes only and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the viewer.


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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2015)

US equity markets, as measured by the S&P 500, suffered their worst quarterly loss since the third quarter of 2011, as Chinese equity market volatility spread throughout the globe. Just when it appeared that US equity markets could recover some of August's losses, markets again began to decline as the Federal Reserve held interest rates flat.

Stock selection in the consumer discretionary and information technology sectors proved lacklustre in the quarter. Lack of exposure to non-dividend payers Google and detracted from performance. On the other hand, stock selection in the financials and consumer staples sectors was strong. In particular, an overweight position in Altria in the consumer staples sector was the largest positive contributor for the period. Shares of Altria rallied on news of a potential Anheuser Bush InBev/SABMiller merger. Altria will play a meaningful role in this merger as it controls around 27% of SABMiller and has two seats on the company's board.

Commentary highlights (as of 30 Sep 2015)

We acknowledge that the slowdown in China poses a much greater risk to our fundamental outlook compared to the European crisis surrounding Greece. A recession in the US is not our base-case scenario and recession indicators—with the exception of elevated high yield spreads—are not even flashing yellow. However, if economic data in China does not stabilise and Chinese policymakers decide to devalue the Chinese renminbi once again, volatility may persist.


* Rayner Spencer Mills rating as at July 2015. Copyright - © 2015 Morningstar, Inc. All Rights Reserved. Morningstar Rating™ as at July 2015, in the US Large-Cap Value Equity category™. FE Trustnet crown rating as at July 2015. Square Mile Research rating as at July 2015. The value of investments and the income from them may fall as well as rise and investors may not get back the full amount invested.
FX Adjusted returns have been calculated by J.P. Morgan Asset Management. Blended benchmarks have been calculated by J.P. Morgan Asset Management. Sector Average-Copyright © 2015 Morningstar, Inc. All Rights Reserved.
Please note that the performance for the D share class is calculated when capital becomes available, which may not necessarily coincide with the launch date.
All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise.
All performance returns are calculated using the quoted price of shares with net income reinvested. Quoted price can swing between the NAV, Bid price and Offer price depending on the cash flow movements of the fund.