# Product Snapshot - JPMorgan International Equity Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-25T00:04:40.166878331Z. ## Identity - **Fund Name**: JPMorgan International Equity Fund - **Share Class Name**: JPMorgan International Equity Fund-R5 - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-international-equity-fund-r5-4812a3742) - **Ticker Symbol**: JIERX - **CUSIP**: 4812A3742 - **Fund Type**: MUTUAL FUND - **Asset Class**: International Equity ## Overview ### Designed to provide total return from a portfolio of foreign companies across a range of countries and sectors. Invests primarily in companies across foreign developed markets~~Leverages insights from a global team of fundamental research analysts located around the world~~Employs a bottom-up, active approach focusing on proprietary fundamental research ## Fund Facts - **Ticker**: JIERX - **CUSIP**: 4812A3742 - **Share Class Number**: 1130 - **Asset Class**: International Equity - **Fund Inception Date**: 01/01/1997 - **Share Class Inception Date**: 05/15/2006 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 10/23/2026**: $23.77 - **NAV Change ($) As of 10/23/2026**: $-0.18 - **NAV Change (%) As of 10/23/2026**: -0.75% - **Fund Assets As of 10/23/2026**: $4.71bn - **Number of Holdings As of 09/30/2026**: 82 - **YTD As of 10/23/2026**: 7.56% ## Fees & Charges ### Fees - **Gross Expenses**: 0.71% - **Net Expenses**: 0.60% [Disclosure 2] ## Portfolio Managers ### Thomas Murray - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/thomas-murray/) - **In the industry**: 30 years - **With J.P. Morgan**: 30 years - **Managing this fund**: 22 years ### James Sutton - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/james-sutton/) - **In the industry**: 16 years - **With J.P. Morgan**: 16 years - **Managing this fund**: 5 years ### Zenah Shuhaiber - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/zenah-shuhaiber/) - **In the industry**: 21 years - **With J.P. Morgan**: 21 years - **Managing this fund**: 3 years ## Ratings ### Morningstar Overview Ratings - **Category: **: Foreign Large Blend - **As of **: 09/30/2026 - **Overall**: 2 of 5 stars - **Funds in Category**: 640 Funds in Category - **3 Year**: 2 of 5 stars - **Funds in Category**: 640 Funds in Category - **5 Year**: 2 of 5 stars - **Funds in Category**: 604 Funds in Category - **10 Year**: 2 of 5 stars - **Funds in Category**: 486 Funds in Category [Disclosure 3] ### Morningstar Overview Ranking - **Category: **: Foreign Large Blend - **As of **: 09/30/2026 - **1 Year**: Rank 562 - **Funds in Category**: 672 Funds in Category - **Group Percentile**: 85% - **3 Year**: Rank 516 - **Funds in Category**: 640 Funds in Category - **Group Percentile**: 83% - **5 Year**: Rank 503 - **Funds in Category**: 604 Funds in Category - **Group Percentile**: 86% - **10 Year**: Rank 310 - **Funds in Category**: 486 Funds in Category - **Group Percentile**: 69% [Disclosure 4] ### Morningstar Medalist Rating - **Morningstar Medalist Rating™**: Gold - **As of **: 04/27/2026 - **Category: **: Foreign Large Blend - **Analyst-Driven %: **: 100 - **Data Coverage %: **: 100 [Disclosure 5] ### Lipper Rankings: International Large-Cap Growth - **As of**: 09/30/2026 - **1 Year**: Rank 310 - **Funds in Category**: 369 Funds in Category - **Group Percentile**: 84% - **3 Year**: Rank 277 - **Funds in Category**: 351 Funds in Category - **Group Percentile**: 79% - **5 Year**: Rank 290 - **Funds in Category**: 338 Funds in Category - **Group Percentile**: 86% - **10 Year**: Rank 177 - **Funds in Category**: 274 Funds in Category - **Group Percentile**: 65% [Disclosure 6] ## Portfolio ### Portfolio Stats - **Number of Holdings** (As of 09/30/2026): 82 - **Fund Assets** (As of 09/30/2026): $4.85bn - **Turnover Ratio (Trailing 12 month) (10/31/2025)**: 44.00% - **Wtd. Avg. Market Cap**: $167.78bn - **Median Market Cap**: $72.34bn - **P/B Ratio**: 2.91 [Disclosure 7] - **P/E Ratio (1 yr. forecast)**: 16.31 [Disclosure 8] - **P/E Ratio (1 yr. trailing)**: 17.76 [Disclosure 9] ### Top 10 Holdings _As of 09/30/2026_ | Holding | Weight | | --- | ---: | | ASML Holding NV | 4.0% | | Mitsubishi UFJ Financial Group, Inc. | 3.2% | | Siemens AG (Registered) | 2.5% | | Roche Holding AG | 2.4% | | Shell plc | 2.2% | | Banco Santander SA | 2.1% | | British American Tobacco plc | 2.1% | | Sony Group Corp. | 2.1% | | DBS Group Holdings Ltd. | 2.0% | | AstraZeneca plc | 1.9% | | Total of top 10 | 24.5% | [Disclosure 10] ### Sector Breakdown _As of 09/30/2026_ | Sector | Fund | Index | | --- | ---: | ---: | | Communication Services | 2.5% | 3.9% | | Consumer Discretionary | 11.0% | 8.1% | | Consumer Staples | 6.5% | 6.5% | | Energy | 3.8% | 3.9% | | Financials | 26.2% | 26.3% | | Health Care | 7.0% | 10.0% | | Industrials | 20.9% | 18.9% | | Information Technology | 11.3% | 11.2% | | Materials | 5.1% | 6.0% | | Real Estate | 0.7% | 1.5% | | Short-Term Investments | 0.6% | 0.0% | | Utilities | 4.4% | 3.7% | [Disclosure 11] ### Risk Measures _As of 09/30/2026_ | Risk Measures | Risk Measures | | --- | ---: | | Alpha | 0.05 | | Beta | 0.88 | | Sharpe Ratio | 0.98 | | Standard Deviation | 11.97 | | Tracking Error | 3.83 | | R-squared | 91.00 | [Disclosure 12] ## Commentary **As of **: 09/30/2026 ### Topline Benchmark MSCI EAFE Index Markets After a buoyant second quarter, developed international market equities rose in Q3, supported by resilient growth and strong corporate earnings despite inflation, geopolitical risks, energy shocks and fiscal pressures keeping rates elevated. This backdrop helped global equities reach record highs and absorb higher bond yields. Helped Positive contributors to relative returns included stock selection in industrials and financials. Hurt Detractors included stock selection and an overweight position in information technology and stock selection in consumer staples. Outlook There has been no shortage of economic and geopolitical events in 2026. Equity markets have remained resilient despite a steady stream of economic and geopolitical developments in 2026. The key question for the rest of the year is whether optimism can hold amid ongoing geopolitical uncertainty, evolving monetary policy and elevated valuations. ### Quarter in Review The JPMorgan International Equity Fund (I Class Shares) underperformed (on a net of fee basis) the benchmark, the MSCI EAFE Index, for the quarter that ended September 30, 2026. An overweight position in DBS, a leading Singapore bank with significant wealth management and transaction banking operations across Asia, contributed to performance during the period. The stock outperformed due to strong non-interest income growth driven by record wealth management fees and robust transaction banking revenues, while management raised full-year guidance and maintained disciplined capital returns through dividends and buybacks. An overweight position in Recruit, a global job board and staffing company leveraging AI to enhance hiring efficiency, contributed to performance during the period. The stock outperformed due to strong HR technology earnings growth, driven by continued monetization improvements within Indeed and supported by the adoption of AI-enabled products. Performance was further aided by management's upward revision of full-year guidance, reflecting stronger-than-expected business momentum and profitability. An overweight position in Infineon Technologies, a German semiconductor manufacturer specializing in power semiconductors and automotive components, detracted from performance during the period. The stock faced headwinds from a sector-wide correction, AI investment concerns and crowded positioning, which outweighed solid fundamentals. An underweight position in SAP, a enterprise software leader specializing in cloud-based ERP and business applications, detracted from performance during the period. The stock outperformed due to strong cloud customer-base growth, robust cloud revenue growth, successful Autonomous Enterprise and AI platform launches with positive customer feedback, and strategic acquisitions enhancing data and AI capabilities. ### Looking Ahead Ongoing geopolitical uncertainty —particularly in the Middle East—alongside evolving monetary policy and elevated valuations will be key swing factors for risk sentiment, though the base case remains gradual de-escalation with manageable spillovers. Global earnings expectations continue to strengthen, supported by robust AI infrastructure investment and a broad-based expansion across regions and sectors. Outside the U.S., earnings momentum remains supportive: Emerging markets should benefit from the AI supply chain, while Europe’s earnings outlook is improving as fiscal support and stabilizing industries help offset subdued growth. AI remains a key long-term theme, but with outcomes becoming more differentiated and valuations already optimistic in some areas, bottom-up stock selection should be increasingly important. With macro volatility likely to persist, the focus remains on identifying high-quality companies where share prices have become disconnected from long-term fundamentals, supported by ongoing AI-led investment and improved opportunities for active selection. ## Documents - [Factsheet: JPMorgan International Equity Fund (R5)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/international-equity/FS-INTE-R5.PDF) - [Commentary: International Equity Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-INTE.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 - International Equity Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-INTE-1.pdf) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A3742/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. The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 0.600% of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. These waivers are in effect through 2/28/2027, at which time the adviser will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. 3. Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. 4. The ranking information is provided by Morningstar. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Morningstar category. Different share classes may have different rankings. 5. The Morningstar Medalist RatingTM is a summary expression of Morningstar's forward-looking analysis of investment strategies using a rating scale of Gold, Silver, Bronze, Neutral and Negative. Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with fees, forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating assigned. Products are sorted by expected performance into rating groups defined by their Morningstar Category and their active or passive status. Analyst-covered products are assigned the three pillar ratings based on the analyst's qualitative assessment, subject to the Analyst Rating Committee's oversight, monitored and reevaluated at least every 14 months. Ratings are assigned monthly for vehicles covered either indirectly by analysts or by algorithm. For more detailed information including methodology, please go to global.morningstar.com/managerdisclosures.Ratings and rankings should not be used as the sole basis in evaluating an investment product and should not be considered an offer or solicitation to buy or sell the investment product.©2026Morningstar Inc. All rights reserved. Morningstar information is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete or timely. 6. The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. 7. P/B ratio is the relationship between a stock's price and the book value of that stock. 8. The number by which earnings per share is multiplied to estimate a stock's value based on the forecasted earnings for the next 12 months. 9. The number by which earnings per share is multiplied to estimate a stock's value based on the actual earnings over the last 12 months. 10. The top 10 holdings listed exclude cash and money markets. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. 11. Due to rounding, values may not total 100%. 12. All risk measures are based on a 3 year time period. Risk measures are calculated based upon the broad-based index as stated in the prospectus.