# Product Facts - JPMorgan Emerging Markets Equity Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-02T13:05:57.928934754Z. ## Identity - **Fund Name**: JPMorgan Emerging Markets Equity Fund - **Share Class Name**: JPMorgan Emerging Markets Equity Fund-I - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-emerging-markets-equity-fund-i-4812a0623) - **Ticker**: JEMSX - **CUSIP**: 4812A0623 - **Fund Type**: MUTUAL FUND - **Asset Class**: International Equity - **Fund Inception Date**: 11/15/1993 - **Share Class Inception Date**: 09/10/2001 - **Investment Objective**: The Fund seeks to provide high total return from a portfolio of equity securities from emerging market issuers. ## Fund Facts - **Ticker**: JEMSX - **CUSIP**: 4812A0623 - **Share Class Number**: 1235 - **Asset Class**: International Equity - **Fund Inception Date**: 11/15/1993 - **Share Class Inception Date**: 09/10/2001 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 10/01/2026**: $52.29 - **NAV Change ($) As of 10/01/2026**: $0.19 - **NAV Change (%) As of 10/01/2026**: 0.36% - **Fund Assets As of 10/01/2026**: $10.48bn - **Number of Holdings As of 08/31/2026**: 82 - **YTD As of 10/01/2026**: 25.61% ## Portfolio Managers ### Leon Eidelman - **In the industry**: 24 years - **With J.P. Morgan**: 24 years - **Managing this fund**: 13 years ### Austin Forey - **In the industry**: 38 years - **With J.P. Morgan**: 38 years - **Managing this fund**: 21 years ### John Citron - **In the industry**: 17 years - **With J.P. Morgan**: 17 years - **Managing this fund**: 1 year ### Amit Mehta - **In the industry**: 26 years - **With J.P. Morgan**: 15 years - **Managing this fund**: 13 years ## Commentary **As of **: 06/30/2026 ### Topline Benchmark MSCI Emerging Markets Index Markets Q2 2026 was defined by a powerful AI-driven memory upcycle that propelled North Asian technology, alongside persistent geopolitical crosscurrents. South Korea and Taiwan led markets higher as memory pricing surged, and AI infrastructure demand accelerated. China was mixed but relatively resilient. Latin America lagged, as energy names reversed and commodity-linked sentiment softened, while an oil-price overhang weighed on energy-import-sensitive markets. Market concentration rose sharply, with a handful of technology mega-caps driving an outsized share of index returns. Helped Stock selection in information technology and China. Hurt Stock selection in industrials and energy. Outlook A multiyear U.S. dollar bear cycle, ongoing deficit spending in major economies and an extended AI and infrastructure CapEx cycle create a constructive backdrop for emerging markets, underpinning earnings growth across markets. Market leadership remains concentrated, but the rally continues to be driven primarily by earnings growth rather than multiple expansion alone, particularly within AI-related sectors. ### Quarter in Review The JPMorgan Emerging Markets Equity Fund (I Class Shares) outperformed the benchmark, the MSCI Emerging Markets Index (net of foreign withholding taxes), for the quarter ended June 30, 2026. Stock selection in information technology contributed to performance, as the AI-driven memory upcycle persisted, driven by acute supply tightness and robust demand for AI equipment. In South Korea, overweight exposure to SK Hynix, a memory chip maker, was by far the largest contributor, following exceptional share-price performance on surging memory pricing and AI-related demand. Montage Technology, a Chinese integrated circuit design company, further added to returns, as memory-interface demand tracked the broader upcycle. Additionally, Elite Material, a global supplier of circuit board materials, benefited from capacity expansion to meet growing demand. Stock selection in China added to returns, driven largely by benchmark-relative positioning in internet and platform names. In particular, the Fund’s underweight exposure to Alibaba benefited relative performance, as the stock declined over the quarter due to earnings pressure and weaker consumer demand. Stock selection in industrials detracted from performance. The quarter proved challenging for the fund's defense and capital-goods holdings after a strong prior run, as profit-taking and a rotation away from richly valued names weighed on sentiment. Overweight exposure to Hanwha Aerospace, a South Korean company specializing in aerospace and defense technologies, was the largest detractor, as the stock saw some profit taking despite no change to its underlying order book. Sieyuan Electric, a Chinese power-equipment maker, further weighed on returns amid concerns of near-term earnings dilution due to a corporate action. Stock selection in energy also detracted. Energy names reversed during the quarter, as oil-price volatility and a rollback of the earlier commodity rally soured sentiment toward the sector. Vista Energy, an Argentine shale producer, declined as enthusiasm around Latin American energy faded, while Petroleo Brasil, a Brazilian state-owned energy company, underperformed on softer oil-linked returns and renewed concerns about fiscal and policy interference. ### Looking Ahead A softer USD and easier financial conditions have supported emerging markets (EM), reinforcing risk appetite alongside the multi-year AI and infrastructure CapEx cycle. But leadership is increasingly concentrated in a small set of AI winners, raising rotation risk even if earnings stay constructive. Key swing factors are rates, inflation persistence, USD strength and geopolitics. Ex-China EM remains inflationary, favoring industrials, defense and commodities, while China shows early deflation exit signs. North Asia remains central to the AI supply chain, semiconductors, memory and enablers, such as networking, optical components, testing and packaging, thus supporting earnings momentum. The memory upcycle is intact, and hyperscaler CapEx forecasts keep moving higher, underpinning demand durability. However, leadership is narrow, and valuations are elevated in parts of the chain. China remains a two-speed market. Domestic demand is still subdued, and low rates favor higher yielding equities, while clearer opportunities are emerging in technology and industrial upgrading, including semiconductor localization, advanced manufacturing, industrial automation and AI infrastructure. ## Documents - [Factsheet: JPMorgan Emerging Markets Equity Fund (I)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/international-equity/FS-EME-I.PDF) - [Commentary: Emerging Markets Equity Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-EME.PDF) - [Section 19a Notice - December 2025](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/section-19-notices/section-19a-notice-aa-funds-12-2025.pdf) - [Supplemental Data Sheet - Emerging Markets Equity Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-EME-1.pdf) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A0623/NPX?site=JPMorganv3) ## Disclosures 1. This Fund considers financially material environmental, social and governance ("ESG") factors as part of the Fund's investment process. In actively managed assets deemed by J.P. Morgan Asset Management to be ESG integrated under our governance process, we systematically assess financially material ESG factors amongst other factors in our investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not change a strategy's investment objective, exclude specific types of companies or constrain a strategy's investable universe.