# Product Facts - JPMorgan Small Cap Equity Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-01T08:01:02.720876568Z. ## Identity - **Fund Name**: JPMorgan Small Cap Equity Fund - **Share Class Name**: JPMorgan Small Cap Equity Fund-A - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-small-cap-equity-fund-a-4812a1365) - **Ticker**: VSEAX - **CUSIP**: 4812A1365 - **Fund Type**: MUTUAL FUND - **Asset Class**: U.S. Equity - **Fund Inception Date**: 12/20/1994 - **Share Class Inception Date**: 12/20/1994 - **Investment Objective**: The Fund seeks capital growth over the long term. ## Fund Facts - **Ticker**: VSEAX - **CUSIP**: 4812A1365 - **Share Class Number**: 361 - **Asset Class**: U.S. Equity - **Fund Inception Date**: 12/20/1994 - **Share Class Inception Date**: 12/20/1994 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 09/30/2026**: $33.34 - **NAV Change ($) As of 09/30/2026**: $-0.23 - **NAV Change (%) As of 09/30/2026**: -0.69% - **Fund Assets As of 09/30/2026**: $2.26bn - **Number of Holdings As of 08/31/2026**: 125 - **YTD As of 09/30/2026**: 3.06% - **YTD (Total Return w/Load) As of 09/30/2026**: -2.34% ## Portfolio Managers ### Don San Jose - **In the industry**: 29 years - **With J.P. Morgan**: 26 years - **Managing this fund**: 18 years ### Dan Percella - **In the industry**: 24 years - **With J.P. Morgan**: 18 years - **Managing this fund**: 12 years ## Commentary **As of **: 03/31/2026 ### Topline Benchmark The Russell 2000 Index Markets The S&P 500 Index® returned -4.33% in the first quarter of 2026. Within the index, financials and consumer discretionary were the worst performing sectors, returning -9.35% and -9.19% respectively, while energy and materials were the best performing sectors, returning +38.25% and +9.73%, respectively. Hurt Stock selection in financials hurt performance. Helped Stock selection in technology contributed to portfolio results. Outlook The U.S. equity market remains cautious amid volatility and return dispersion. Additionally, elevated uncertainty around the global macro backdrop and shifting market leadership, particularly the rotation away from the largest technology names, reinforces 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 Small Cap Equity Fund (I Class Shares) underperformed the benchmark, the Russell 2000 Index, for the quarter ended March 31, 2026. Hayward, a leading supplier of swimming pool equipment, was a top detractor within industrials. The stock weakened with other housing- and renovation-exposed names, as higher rates and higher gas prices pressured sentiment and raised concerns about new pool demand. We maintain conviction. Hayward is a clear market share leader with a strong brand and solid margins. Importantly, the business is tied more to the higher-end consumer and to replacement/upgrade demand, which tends to hold up better through the cycle, supporting the longer-term compounding story. On the positive side, stock selection in technology contributed meaningfully. Modine Manufacturing, which provides cooling systems for many industries, including data centers, was a standout beneficiary of the ongoing AI-infrastructure build-out. The stock was further supported by management’s plan to spin off its auto and power-generation cooling unit, simplifying the story and positioning the company as a more focused climate-solutions company anchored by data center cooling (over 45% of revenue) and commercial HVAC. Following the strong move higher, we trimmed the position to manage sizing, while maintaining it as a high-conviction holding across the funds. ### Looking Ahead We are seeing ample opportunities in small- and mid-cap companies, specifically focused on companies in industries with secular growth tailwinds that are profitable and proven to be excellent allocators of capital. New idea generation amid AI uncertainty: The "SaaS-pocalypse" and volatility created an opportunity for new idea generation, and the team initiated 12 new positions during the quarter. We added the largest provider of software solutions to state and local governments. We also selectively initiated positions in profitable businesses at still-reasonable valuations with emerging AI tailwinds. Quality remains attractively valued: We continue to find compelling opportunities in high-quality franchises trading at reasonable valuations. Trimming cyclical winners on strength: Consistent with our disciplined approach, we trimmed top-performing cyclical holdings that had appreciated meaningfully during the quarter. ## Documents - [Factsheet: JPMorgan Small Cap Equity Fund (A)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-SCE-A.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 - Small Cap Equity Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-SCE-1.pdf) - [Supplemental Data Sheet - Small Cap Equity Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-SCE-2.PDF) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A1365/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.