# Product Facts - JPMorgan Equity Income Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-02T07:30:59.139405513Z. ## Identity - **Fund Name**: JPMorgan Equity Income Fund - **Share Class Name**: JPMorgan Equity Income Fund-R3 - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-income-fund-r3-4812c2122) - **Ticker**: OIEPX - **CUSIP**: 4812C2122 - **Fund Type**: MUTUAL FUND - **Asset Class**: U.S. Equity - **Fund Inception Date**: 07/02/1987 - **Share Class Inception Date**: 09/09/2016 - **Investment Objective**: The Fund seeks capital appreciation and current income. ## Fund Facts - **Ticker**: OIEPX - **CUSIP**: 4812C2122 - **Share Class Number**: 2346 - **Asset Class**: U.S. Equity - **Fund Inception Date**: 07/02/1987 - **Share Class Inception Date**: 09/09/2016 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 10/01/2026**: $27.08 - **NAV Change ($) As of 10/01/2026**: $-0.06 - **NAV Change (%) As of 10/01/2026**: -0.22% - **30 Day SEC Yield As of 08/31/2026**: 0.80% - **30 Day SEC Yield Unsubsidized As of 08/31/2026**: 0.80% - **12-Month Rolling Dividend Yield As of 08/31/2026**: 1.26% - **Fund Assets As of 10/01/2026**: $41.80bn - **Number of Holdings As of 08/31/2026**: 82 - **YTD As of 10/01/2026**: 13.25% ## Portfolio Managers ### David Silberman - **In the industry**: 37 years - **With J.P. Morgan**: 37 years - **Managing this fund**: 6 years ### Andrew Brandon - **In the industry**: 28 years - **With J.P. Morgan**: 26 years - **Managing this fund**: 6 years ## Commentary **As of **: 06/30/2026 ### Topline Benchmark Russell 1000 Value Index Markets The S&P 500 Index gained 15.20% in the second quarter of 2026. Within the index, information technology and industrials were the best performing sectors, returning 31.79% and 14.88%, respectively, while energy and utilities were the worst performing sectors, returning -13.45% and -0.53%, respectively. Hurt Stock selection in technology hurt performance. Helped Stock selection in health care contributed to portfolio results. Outlook The U.S. equity market remains constructive amid evolving macroeconomic and geopolitical conditions. Continued strength in corporate earnings, coupled with robust AI-related investment, continue to support the outlook for equities. However, narrow market leadership and heightened return dispersion reinforce the case for active stock selection. We remain focused on high-conviction stocks and seek to take advantage of market dislocations for compelling stock selection opportunities. ### Quarter in Review The JPMorgan Equity Income Fund (I Class Shares) underperformed the benchmark, the Russell 1000 Value Index, for the quarter ending June 30, 2026. Within technology, underperformance was largely driven by an underweight to the highest-beta pockets of the AI trade within technology, such as Micron, as the stock rose more than 230% in the quarter. Enthusiasm was fueled by AI-driven demand and emerging bottlenecks in memory, while hyperscaler CapEx continued to climb. Stock selection in health care was a bright spot, particularly led by CVS Health. The company delivered a strong earnings beat and raised guidance, driven primarily by better-than-expected results in its managed care business, Aetna, as Medicare Advantage margins continued to recover. We appreciate the company's diversified business model across insurance, pharmacy benefits and retail pharmacy, which provides multiple avenues for earnings growth. While we trimmed the position as shares have appreciated, we maintain conviction as CVS continues to execute on its multi-year earnings recovery, with significant embedded upside remaining as Aetna profitability normalizes toward historical levels. ### Looking Ahead We believe wide valuation spreads and robust and improving earnings breadth provide a constructive backdrop for alpha generation. We've taken advantage of the opportunity set, initiating 13 new positions, year to date (most since 2021). Health care: Managed care specifically presents an interesting opportunity, as the broader backdrop is more favorable on the underwriting cycle, valuations are undemanding, and there's a component of improving execution. Stable businesses with underappreciated AI tailwinds: We identified a leader within paints and coatings, given its industry leadership (relationships across 19 of the top 20 U.S. homebuilders), and also an emerging AI opportunity to provide coatings to data centers. Underappreciated AI disruptors: We’ve added to a bank, given improving margins and profits through 140 AI agents that work alongside humans (20% faster onboarding and 80% faster inquiry investigation). ## Documents - [Factsheet: JPMorgan Equity Income Fund (R3)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-EINC-R3.PDF) - [Fund Story: Equity Income Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-EINC.pdf) - [Commentary: Equity Income Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-EINC.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) - [Russell Rebalance Notification (May 2026) - Equity Income Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/russell-rebalance-notification-equity-income-fund.pdf) - [Supplemental Data Sheet - Equity Income Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-EINC-1.PDF) - [Supplemental Data Sheet - Equity Income Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-EINC-2.PDF) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812C2122/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.