# Product Facts - JPMorgan Global Bond Opportunities Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-02T02:38:45.676523594Z. ## Identity - **Fund Name**: JPMorgan Global Bond Opportunities Fund - **Share Class Name**: JPMorgan Global Bond Opportunities Fund-R6 - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-global-bond-opportunities-fund-r6-46637k679) - **Ticker**: GBONX - **CUSIP**: 46637K679 - **Fund Type**: MUTUAL FUND - **Asset Class**: Fixed Income Taxable - **Fund Inception Date**: 09/04/2012 - **Share Class Inception Date**: 09/04/2012 - **Investment Objective**: The Fund seeks to provide total return. ## Fund Facts - **Ticker**: GBONX - **CUSIP**: 46637K679 - **Share Class Number**: 3295 - **Asset Class**: Fixed Income Taxable - **Fund Inception Date**: 09/04/2012 - **Share Class Inception Date**: 09/04/2012 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 10/01/2026**: $9.47 - **NAV Change ($) As of 10/01/2026**: $-0.02 - **NAV Change (%) As of 10/01/2026**: -0.21% - **30 Day SEC Yield As of 08/31/2026**: 5.46% - **30 Day SEC Yield Unsubsidized As of 08/31/2026**: 5.39% - **12-Month Rolling Dividend Yield As of 08/31/2026**: 4.79% - **Yield to Maturity Gross As of 08/31/2026**: 6.35% [Disclosure 2] - **Yield to Maturity Net As of 08/31/2026**: 5.85% [Disclosure 2] - **Fund Assets As of 10/01/2026**: $4.14bn - **Number of Holdings As of 08/31/2026**: 1,515 - **YTD As of 10/01/2026**: -1.43% ## Portfolio Managers ### Robert Michele - **In the industry**: 45 years - **With J.P. Morgan**: 18 years - **Managing this fund**: 14 years ### Iain Trevor Stealey - **In the industry**: 24 years - **With J.P. Morgan**: 24 years - **Managing this fund**: 14 years ### Andrew Headley - **In the industry**: 32 years - **With J.P. Morgan**: 21 years - **Managing this fund**: 6 years ### Jeffrey Hutz - **In the industry**: 27 years - **With J.P. Morgan**: 22 years - **Managing this fund**: 6 years ### Andreas Michalitsianos - **In the industry**: 24 years - **With J.P. Morgan**: 24 years - **Managing this fund**: 1 year ## Commentary **As of **: 03/31/2026 ### Topline Benchmark Bloomberg Multiverse Index. Markets In March, escalating tensions in the Middle East led to a global bond market sell-off, as investors focused more on inflation risks than on growth concerns. Helped High yield and securitized products contributed to returns. Hurt The Fund’s government-rates positioning, emerging markets debt, foreign exchange positioning, and investment-grade credit detracted from returns. Outlook The Fund’s outlook remains tilted toward subtrend growth. However, against the backdrop of a geopolitical and energy market shock, we have significantly reduced the probability of economic expansion and increased the likelihood of contraction. ### Quarter in Review The JPMorgan Global Bond Opportunities Fund (I Share Class) returned -1.25% for the quarter ended March 31, 2026. The Fund’s government-rates positioning was the primary detractor. Government bonds sold off across developed market economies in March led by shorter maturities, which are more sensitive to monetary policy, as elevated energy prices from the geopolitical shock in the Middle East caused inflationary concerns to mount; interest-rate expectations rose sharply. Emerging markets debt detracted from returns, primarily local currency government bonds. The magnitude and duration of oil-price increases remains uncertain, and investors repriced the interest-rate outlook across most markets. Similarly, hard currency sovereigns and corporates detracted. The Fund’s foreign exchange positioning was a negative contributor. The Fund’s short U.S. dollar position versus a diversified basket of developed and emerging markets currencies detracted from returns, as the dollar strengthened in March, given its positive correlation to oil prices in recent years. Investment-grade credit posted negative returns, primarily due to the rates component, as core yields moved higher in March, while spreads widened over the month but remained relatively contained. High yield contributed to returns. The sector had positive returns earlier in the period that were not entirely offset by the sector’s underperformance in March. Securitized products modestly contributed to returns. The Fund’s exposure is primarily concentrated in agency mortgage-backed securities. The Fund maintained its headline duration at 5.0 years. The team increased the Fund’s short U.S. Treasury and long Australia government bond positions, reduced its long U.K. Gilt position, and maintained its long Canada and Italy government bond positions. The team also shifted from short to neutral Japan government bonds and short to long German Bund positions. The Fund maintained its exposure to emerging markets debt at 21% and securitized products at 11%. The Fund decreased its investment-grade credit exposure from 34% to 32% and high yield from 23% to 19%, primarily in Europe by adding iTraxx crossover protection. ### Looking Ahead The Fund’s base case remains in subtrend growth, but against the backdrop of a geopolitical and energy market shock, we have significantly reduced the probability of economic expansion and increased the likelihood of contraction. Despite strong private sector balance sheets and tailwinds from the One Big Beautiful Bill Act, as well and technology and defense-related capital expenditure, there is only marginal capacity for the economy to absorb a prolonged period of higher energy prices before consumer demand is destroyed, corporate earnings inflect negatively, and recession ensues. We believe a supply-led, oil price shock could ultimately weigh onfinal demand and, if prolonged, could necessitate cuts in policy rates. The path for growth will depend on whether the current energy-supply shock proves temporary or more prolonged. The U.S. Federal Reserve is expected to remain on hold as it assesses the impact of the conflict on both the price stability and full employment aspects of its dual mandate. In an era of economic and market volatility, our bias is to remain active and capitalize on recent market movements. In portfolios, we see better risk-reward at the front end of government yield curves, and there are opportunities to move up in credit quality as spreads generally remain narrow relative to history. ## Documents - [Factsheet: JPMorgan Global Bond Opportunities Fund (R6)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/taxable-fixed-income/FS-GBO-R6.PDF) - [Commentary: Global Bond Opportunities Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-GBO.PDF) - [Supplemental Data Sheet - Global Bond Opportunities Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-GBO-1.PDF) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/46637K679/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. 2. Yield to maturity (YTM): is the estimated total return anticipated on a bond or other obligation if the obligation is held until maturity and if all payments are made as scheduled. Gross YTM is calculated by averaging the YTM of each obligation held in the portfolio (including, if any, convertible bonds, preferred securities and derivatives) on a market weighted basis without the deduction of fees and expenses. Unlike SEC Yield, Gross YTM is a representation of the estimated total return of the bonds and other obligations held in the portfolio as of the month-end shown, whereas SEC Yield approximates the current income generated by the obligations held in the portfolio over a historical 30-day period after the deduction of fees and expenses. Unlike SEC Yield, Gross YTM takes into account derivatives. Gross YTM and SEC Yield are not a guarantee nor necessarily indicative of future performance or income generation. Net YTM is calculated in the same way as Gross YTM except that Net YTM reflects the deduction of fund-level fees, expenses and, if applicable, hedging costs. Net YTM is not a guarantee nor necessarily indicative of future performance or income generation. Certain other funds may calculate YTM differently (e.g., certain other funds may include only certain types of derivatives in the calculation of YTM, whereas the YTM calculation for this fund includes all types of derivatives), and such differences could significantly impact the calculation of YTM, and therefore decrease comparability between YTM for this fund and YTM for other funds.