# Product Snapshot - JPMorgan Mid Cap Value Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-23T22:21:21.508775472Z.

## Identity

- **Fund Name**: JPMorgan Mid Cap Value Fund
- **Share Class Name**: JPMorgan Mid Cap Value Fund-R2
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-mid-cap-value-fund-r2-48121a209)
- **Ticker Symbol**: JMVZX
- **CUSIP**: 48121A209
- **Fund Type**: MUTUAL FUND
- **Asset Class**: U.S. Equity

## Overview

### Designed to provide capital appreciation primarily through a portfolio of high-quality U.S. mid-cap value equity securities.

Employs a bottom-up approach to invest in mid-cap stocks with attractive fundamentals ~~Looks for companies with a competitive advantage, low cyclicality, significant free cash flow, strong management and attractive valuation ~~Seeks to identify high quality companies that appear to be undervalued and have the potential for capital appreciation



## Fund Facts

- **Ticker**: JMVZX
- **CUSIP**: 48121A209
- **Share Class Number**: 4009
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 11/13/1997
- **Share Class Inception Date**: 11/03/2008
- **ESG Approach**: Integrated [Disclosure 1]

## Fund Stats

- **NAV  As of 10/22/2026**: $31.09
- **NAV Change ($) As of 10/22/2026**: $0.44
- **NAV Change (%) As of 10/22/2026**: 1.44%
- **Fund Assets As of 10/22/2026**: $10.47bn
- **Number of Holdings As of 09/30/2026**: 114
- **YTD  As of 10/22/2026**: 13.72%

## Fees & Charges

### Fees

- **Gross Expenses**: 1.48%
- **Net Expenses**: 1.35%
 [Disclosure 2]

## Portfolio Managers

### Lawrence Playford

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/lawrence-playford/)
- **In the industry**: 33 years
- **With J.P. Morgan**: 33 years
- **Managing this fund**: 22 years

### Ryan Jones

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/ryan-jones/)
- **In the industry**: 20 years
- **With J.P. Morgan**: 10 years
- **Managing this fund**: 2 years

### Jeremy Miller

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/jeremy-miller/)
- **In the industry**: 26 years
- **With J.P. Morgan**: 10 years
- **Managing this fund**: 2 years

## Ratings

### Morningstar Overview Ratings

- **Category: **: Mid-Cap Value
- **As of **: 09/30/2026
- **Overall**: 2 of 5 stars
- **Funds in Category**: 378 Funds in Category
- **3 Year**: 2 of 5 stars
- **Funds in Category**: 378 Funds in Category
- **5 Year**: 2 of 5 stars
- **Funds in Category**: 353 Funds in Category
- **10 Year**: 2 of 5 stars
- **Funds in Category**: 296 Funds in Category
 [Disclosure 3]

### Morningstar Overview Ranking

- **Category: **: Mid-Cap Value
- **As of **: 09/30/2026
- **1 Year**: Rank 347
- **Funds in Category**: 396 Funds in Category
- **Group Percentile**: 86%
- **3 Year**: Rank 286
- **Funds in Category**: 378 Funds in Category
- **Group Percentile**: 76%
- **5 Year**: Rank 303
- **Funds in Category**: 353 Funds in Category
- **Group Percentile**: 86%
- **10 Year**: Rank 258
- **Funds in Category**: 296 Funds in Category
- **Group Percentile**: 89%
 [Disclosure 4]

### Lipper Rankings: Mid-Cap Core Funds

- **As of**: 09/30/2026
- **1 Year**: Rank 284
- **Funds in Category**: 353 Funds in Category
- **Group Percentile**: 81%
- **3 Year**: Rank 247
- **Funds in Category**: 326 Funds in Category
- **Group Percentile**: 76%
- **5 Year**: Rank 252
- **Funds in Category**: 312 Funds in Category
- **Group Percentile**: 81%
- **10 Year**: Rank 243
- **Funds in Category**: 269 Funds in Category
- **Group Percentile**: 90%
 [Disclosure 5]

## Portfolio

### Portfolio Stats

- **Number of Holdings** (As of 09/30/2026): 114
- **Fund Assets** (As of 09/30/2026): $9.88bn
- **Turnover Ratio (Trailing 12 month) (6/30/2025)**: 38.59%
- **Wtd. Avg. Market Cap**: $30.79bn
- **Median Market Cap**: $23.96bn
- **P/B Ratio**: 2.40 [Disclosure 6]
- **P/E Ratio (1 yr. forecast)**: 13.16 [Disclosure 7]
- **P/E Ratio (1 yr. trailing)**: 18.49 [Disclosure 8]


### Top 10 Holdings

_As of 09/30/2026_

| Holding | Weight |
| --- | ---: |
| Ameriprise Financial, Inc. | 2.0% |
| IQVIA Holdings, Inc. | 1.9% |
| M&T Bank Corp. | 1.7% |
| Omnicom Group, Inc. | 1.7% |
| GE HealthCare Technologies, Inc. | 1.6% |
| Marathon Petroleum Corp. | 1.6% |
| Hartford Insurance Group, Inc. (The) | 1.5% |
| Quest Diagnostics, Inc. | 1.5% |
| CMS Energy Corp. | 1.4% |
| Healthpeak Properties, Inc. | 1.4% |
| Total of top 10 | 16.3% |
 [Disclosure 9]

### Sector Breakdown

_As of 09/30/2026_

| Sector | Fund | Index |
| --- | ---: | ---: |
| Communication Services | 2.7% | 2.5% |
| Consumer Discretionary | 7.5% | 7.7% |
| Consumer Staples | 3.8% | 6.1% |
| Energy | 7.4% | 7.3% |
| Financials | 15.6% | 16.8% |
| Health Care | 12.4% | 11.9% |
| Industrials | 14.7% | 16.4% |
| Information Technology | 9.5% | 11.3% |
| Materials | 7.9% | 5.6% |
| Real Estate | 8.3% | 7.8% |
| Short-Term Investments | 2.8% | 0.0% |
| Utilities | 7.4% | 6.5% |
 [Disclosure 10]

### Risk Measures

_As of 09/30/2026_

| Risk Measures | Risk Measures |
| --- | ---: |
| Alpha | -0.19 |
| Beta | 0.93 |
| Sharpe Ratio | 0.66 |
| Standard Deviation | 13.77 |
| Tracking Error | 3.60 |
| R-squared | 94.00 |
 [Disclosure 11]

### Top 5 Quarterly Contributors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Contributors |
| --- | ---: |
| IQVIA Holdings, Inc. | 0.91% |
| Zebra Technologies Corp., Class A | 0.55% |
| Marathon Petroleum Corp. | 0.49% |
| Ameriprise Financial, Inc. | 0.42% |
| Omnicom Group, Inc. | 0.37% |


### Top 5 Quarterly Detractors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Detractors |
| --- | ---: |
| ON Semiconductor Corp. | -0.42% |
| Albertsons Cos., Inc., Class A | -0.23% |
| Jabil, Inc. | -0.21% |
| MKS, Inc. | -0.17% |
| NiSource, Inc. | -0.16% |


## Commentary

**As of **: 09/30/2026

### Topline

Benchmark Russell Mid Cap Value Index

Markets The S&P 500 Index gained 2.30% during the quarter ending September 30, 2026. Within the index, energy and information technology were the best performing sectors, returning 17.23% and 7.32%, respectively, while utilities and industrials were the weakest sectors, returning -12.39% and -9.65%, respectively.

Hurt Stock selection in information technology detracted from performance.

Helped Stock selection in consumer discretionary 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, continues 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 Mid Cap Value Fund (I shares) underperformed the benchmark, the Russell Mid Cap Value Index, for the quarter ending September 30, 2026.

Stock selection within information technology hurt results, with MKS Instruments serving as a top detractor. Shares cooled following a strong first half of 2026, as an earnings beat and raise didn’t meet investor expectations. We maintain our position, given its impressive fundamentals and ability to benefit from higher AI CapEx growth trends, but we have meaningfully trimmed our position due to lofty expectations within a more cyclical business.

Stock selection within consumer discretionary was a bright spot, withUlta Beauty serving as a top contributor. Shares rallied on the heels of a strong earnings beat and raise, renewing investor confidence in the resiliency of beauty products demand. We maintain conviction in Ulta’s ability to generate stable earnings growth, highlighting its path to taking market share and increasing share buybacks.

### Looking Ahead

Turnover is 3x historical three-year average year to date due to: 1) the enhanced focus on the anti-portfolio and 2) the historic Russell benchmark rebalance.

In contrast to a few years ago when quality traded at a premium, the team is excited to see plenty of quality companies trading at reasonable valuations, given the market’s myopic focus on AI, which creates idiosyncratic opportunities.

Perceived AI disruption: One of the largest U.S. advertising agency trades at 7x P/E with a 4% dividend yield despite solid earnings growth.

Healthcare: We are finding opportunities to invest in defensive quality at reasonable valuations.

## Documents

- [Factsheet: JPMorgan Mid Cap Value Fund (R2)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-MCV-R2.PDF)
- [Commentary: Mid Cap Value Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-MCV.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 - Mid Cap Value Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-MCV-1.PDF)
- [Supplemental Data Sheet - Mid Cap Value Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-MCV-2.PDF)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/48121A209/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 1.350% 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 10/31/2026, 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 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.

6. P/B ratio is the relationship between a stock's price and the book value of that stock.

7. 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.

8. 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.

9. 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.

10. Due to rounding, values may not total 100%.

11. 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.