NAV
As of 03/28/2025
$77.14
Change$-1.99
YTD
As of 03/28/2025
at NAV-7.88%
FUND ASSETS
As of 03/28/2025
$97.13bn
Fund Facts
TickerJLGMX
CUSIP48121L841
Share Class Number2148
Asset ClassU.S. Equity
Fund Inception Date02/28/1992
Share Class Inception Date11/30/2010
ESG Approach Integrated
Fund Stats
Fund Assets
As of 03/28/2025$97.13bn
As of 03/28/2025$97.13bn
Number of Holdings
As of 02/28/202577
As of 02/28/202577
Minimum Investments
IRA
Minimum Investment$15 Mn
Subsequent InvestmentNo Minimum
Regular
Minimum Investment$15 Mn
Subsequent InvestmentNo Minimum
Invest in America’s biggest and best.
Targeting companies with large markets, sustainable competitive advantages and strong price momentum, the Large Cap Growth Fund seeks to harness the return potential of America’s fastest-growing companies.
Expertise
- Dedicated and experienced team of portfolio managers and research analysts headed by lead portfolio manager Giri Devulapally.
Portfolio
- Style-pure large cap growth strategy that uses a fundamental and adaptable approach to identify companies with underappreciated growth potential.
- Focuses on risk management, which is critical for capturing large outperforming stocks and mitigating the impact of large underperforming stocks.
Results
- Top quintile returns and risk-adjusted returns over the 3-year, 5-year,10-year and since inception periods.1
- Differentiated return profile with top quartile up capture and down capture statistics since inception.2
Source: Morningstar, I Shares as of 12/31/24. Minimum eligibility requirements for the I share
Portfolio Managers
Portfolio Manager
33 years
In the industry
22 years
With J.P. Morgan
20 years
Managing this fund
Holly Morris
Portfolio Manager
21 years
In the industry
13 years
With J.P. Morgan
4 years
Managing this fund
Portfolio Manager
32 years
In the industry
19 years
With J.P. Morgan
4 years
Managing this fund
Portfolio Manager
20 years
In the industry
11 years
With J.P. Morgan
4 years
Managing this fund
Robert Maloney
Portfolio Manager
25 years
In the industry
12 years
With J.P. Morgan
2 years
Managing this fund
Morningstar Ratings: Large Growth
As of 02/28/2025
Analyst Rating Overall Morningstar RatingTM for a fund is derived from a weighted average of the performanc
Lipper Rankings: Large-Cap Growth Funds
As of 02/28/2025
The ranking information is provided by Lipper Analytical Services. Past performance is no guar
Fund Facts
TickerJLGMX
CUSIP48121L841
Share Class Number2148
Asset ClassU.S. Equity
Fund Inception Date02/28/1992
Share Class Inception Date11/30/2010
ESG Approach Integrated
Fund Stats
Fund Assets
As of 03/28/2025$97.13bn
As of 03/28/2025$97.13bn
Number of Holdings
As of 02/28/202577
As of 02/28/202577
Minimum Investments
IRA
Minimum Investment$15 Mn
Subsequent InvestmentNo Minimum
Regular
Minimum Investment$15 Mn
Subsequent InvestmentNo Minimum
Performance
Monthly
As of 02/28/2025
Cumulative
As of 02/28/2025
Performance - MONTHLY
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|---|---|---|
| At NAV | -3.32% | -0.57% | -0.18% | 17.85% | 15.79% | 20.60% | 17.17% | 17.54% | 11.25% |
| Russell 1000 Growth Index | -3.59% | -0.82% | -1.69% | 19.75% | 14.84% | 19.71% | 16.01% | 16.41% | - |
Performance - CUMULATIVE
| 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|
| At NAV | 17.85% | 55.26% | 155.10% | 387.78% | 1029.10% | 3271.71% |
Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.
*Fund performance inception: 2/28/1992
The benchmark shown represents the Fund's performance benchmark, which is different from the Fund's regulatory benchmark. The Fund's regulatory benchmark is the Russell 1000 Index and is included in the Fund's prospectus and/or shareholder report. This document can be obtained here.
The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
Fees
Gross Expenses
0.50%
Net Expenses
0.44%
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 0.440% 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. This waiver is in effect through 10/31/2025, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements.
Dividend Schedule
Capital Gains Schedule
Topline
As of 12/31/2024
Benchmark Russell 1000 Growth Index
Markets U.S. equity markets ended the fourth quarter higher despite a weak December, with the S&P 500 Index returning 2.4%. Growth extended its lead over value, with the Russell 1000 Growth Index returning 7.1% vs. -2.0% for the Russell 1000 Value Index.
Helped The information technology and communication services sectors.
Hurt Stock selection in consumer discretionary and an overweight allocation to health care.
Outlook Positioning evolved in 2024. Consistent with the process, the team has reassessed portfolio exposure in areas of the market that have experienced a significant run of outperformance. The focus has shifted toward opportunities where the team sees stable or improving fundamentals and lower expectations that haven’t kept pace with the market over the last few years.
Quarter in Review
As of 12/31/2024
- The JPMorgan Large Cap Growth Fund (I Class Shares) underperformed the benchmark, the Russell 1000 Growth Index, for the quarter ended December 31, 2024.
- An overweight position in D.R. Horton Inc (1.49% portfolio weighting) was a top detractor. Weakness in the first half of the fourth quarter was attributable to weaker demand outlooks provided by the company, while weakness in the second half was driven by potential implications of fewer interest rate cuts from the Fed going forward.
- An overweight position in Regeneron Pharmaceuticals (0.31% portfolio weighting) also detracted. Shares declined, primarily due to concerns over the competitive positioning of its eye drug, Eylea, and the potential launch of Amgen's biosimilar version. Despite reporting strong 3Q revenue and earnings growth, the slower-than-expected conversion to Eylea HD and the threat of biosimilar competition created uncertainty. We reduced our position in Regeneron during the quarter.
- An overweight position in Netflix Inc (3.23% portfolio weighting) was the top contributor. Solid third quarter results, better-than-expected 2025 guidance and continued success with new content all drove the stock higher during the quarter. The stock remains a high-conviction holding, ending 2024 as the top overweight.
- An underweight in Merck (0.0% portfolio weighting) also contributed as shares underperformed.
Looking Ahead
As of 12/31/2024
- Positioning evolved in 2024. Consistent with the process, the team has reassessed portfolio exposure in areas of the market that have experienced a significant run of outperformance. The focus has shifted toward opportunities where the team sees stable or improving fundamentals and lower expectations that haven’t kept pace with the market over the last few years.
- The information technology sector is one example, where a reduction in perceived artificial intelligence (AI) winners, coupled with an aggregate underweight to the mega-cap companies, has driven the relative weight from near neutral at the start of the year to over 1,000 basis-point underweight at the end. It's worth noting that the sector still represents about 50% of the portfolio's absolute weight. More recently, opportunities in software have emerged where expectations are more modest.
- A relative overweight for much of the year, health care is also an area that has been actively reduced.
- Newer opportunities are being built across financials, parts of consumer and industrials.
Performance
Monthly
As of 02/28/2025
Cumulative
As of 02/28/2025
Performance - MONTHLY
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|---|---|---|
| At NAV | -3.32% | -0.57% | -0.18% | 17.85% | 15.79% | 20.60% | 17.17% | 17.54% | 11.25% |
| Russell 1000 Growth Index | -3.59% | -0.82% | -1.69% | 19.75% | 14.84% | 19.71% | 16.01% | 16.41% | - |
Performance - CUMULATIVE
| 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|
| At NAV | 17.85% | 55.26% | 155.10% | 387.78% | 1029.10% | 3271.71% |
Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.
*Fund performance inception: 2/28/1992
The benchmark shown represents the Fund's performance benchmark, which is different from the Fund's regulatory benchmark. The Fund's regulatory benchmark is the Russell 1000 Index and is included in the Fund's prospectus and/or shareholder report. This document can be obtained here.
The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
Documents
Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.
The price of equity securities may fluctuate rapidly or unpredictably due to factors affecting individual companies, as well as changes in e