NAV
As of 03/28/2025
$50.49
Change$-0.98
YTD
As of 03/28/2025
at NAV-7.29%
FUND ASSETS
As of 03/28/2025
$3.87bn
Fund Facts
TickerVSEIX
CUSIP4812A1373
Share Class Number367
Asset ClassU.S. Equity
Fund Inception Date12/20/1994
Share Class Inception Date05/07/1996
ESG Approach Integrated
Fund Stats
Fund Assets
As of 03/28/2025$3.87bn
As of 03/28/2025$3.87bn
Number of Holdings
As of 02/28/2025100
As of 02/28/2025100
Minimum Investments
IRA
Minimum Investment$1 Mn
Subsequent InvestmentNo Minimum
Regular
Minimum Investment$1 Mn
Subsequent InvestmentNo Minimum
Designed to provide long-term capital growth primarily through a portfolio of U.S. small cap equity securities.
- Employs a fundamental bottom-up investment process to invest in a diversified portfolio of small cap stocks
- Seeks to invest in companies with leading competitive advantages, predictable and durable business models and a sustainable free cash flow
- Invests in stocks with market capitalizations similar to the Russell 2000 Index
Portfolio Managers
Portfolio Manager
28 years
In the industry
25 years
With J.P. Morgan
17 years
Managing this fund
Dan Percella
Portfolio Manager
23 years
In the industry
17 years
With J.P. Morgan
11 years
Managing this fund
Morningstar Ratings: Small Blend
As of 02/28/2025
Analyst Rating Overall Morningstar RatingTM for a fund is derived from a weighted average of the performanc
Lipper Rankings: Small-Cap Growth Funds
As of 02/28/2025
The ranking information is provided by Lipper Analytical Services. Past performance is no guar
Fund Facts
TickerVSEIX
CUSIP4812A1373
Share Class Number367
Asset ClassU.S. Equity
Fund Inception Date12/20/1994
Share Class Inception Date05/07/1996
ESG Approach Integrated
Fund Stats
Fund Assets
As of 03/28/2025$3.87bn
As of 03/28/2025$3.87bn
Number of Holdings
As of 02/28/2025100
As of 02/28/2025100
Minimum Investments
IRA
Minimum Investment$1 Mn
Subsequent InvestmentNo Minimum
Regular
Minimum Investment$1 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 | -4.75% | -8.69% | -1.36% | 6.01% | 3.34% | 9.06% | 8.12% | 11.41% | 12.06% |
| Russell 2000 Index | -5.35% | -10.89% | -2.87% | 6.69% | 3.34% | 9.39% | 7.23% | 10.07% | - |
Performance - CUMULATIVE
| 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|
| At NAV | 6.01% | 10.35% | 54.32% | 118.37% | 405.67% | 3009.60% |
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: 12/20/1994
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 3000 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
1.01%
Net Expenses
0.99%
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 0.990% 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 2000 Index
Markets After a November rally, small caps gave back much of those gains in December, finishing the quarter up 0.3%, lagging large caps. For the full year, small caps rose 11.5%, trailing large caps, which were driven mostly by mega cap stocks.
Helped Stock selection in health care and energy.
Hurt Stock selection in industrials and information technology.
Outlook Industrials is the biggest overweight, followed by consumer staples. Health care and communication services are top underweights.
Quarter in Review
As of 12/31/2024
- The JPMorgan Small Cap Equity Fund (I Class Shares) underperformed the benchmark, the Russell 2000 Index, for the quarter ending December 31, 2024.
- An overweight position in Brunswick Corp (1.14% portfolio weighting) was the top detractor. Brunswick manufactures recreational marine products, including engines, boats and parts. The company faced a challenging macro backdrop, with weaker demand. We’ve maintained our position as valuation looks more attractive, and we expect an eventual cyclical recovery.
- An overweight position in Janus International (0.84% portfolio weighting) also detracted. Janus International is a manufacturer and supplier of self-storage and building solutions. The company struggled with macroeconomic challenges, including tighter borrowing standards and interest-rate uncertainties. We’ve added to our position on weakness, as we don’t view any of these issues as company-specific and anticipate a recovery as conditions improve.
- An overweight position in DT Midstream Inc (1.07% portfolio weighting) was a top contributor. DT Midstream owns and operates natural gas midstream pipelines. The company reported solid earnings, supported by strong industry tailwinds such as increased power demand from data centers. The stock was also up on higher natural gas prices. We’ve trimmed our position on strength, but still view DT Midstream as a quality, defensive energy company.
- An overweight position in Planet Fitness Inc (1.29% portfolio weighting) also contributed. Planet Fitness is the largest gym franchise in the U.S., known for its affordable and accessible fitness centers. The stock benefited from better-than-expected, third-quarter results and successful initiatives launched by the new CEO. We continue to like the new leadership and see further stock upside potential.
Looking Ahead
As of 12/31/2024
- The team has continued to actively add high-quality cyclicals on weakness where there is long-term conviction. The adds have been across positions in industrials, consumer, and financials and have been funded by selling several larger names due to market cap as well as outperformance.
- Industrials remains the top overweight. The consumer and financial sector weightings increased due to the initiation of several new positions and outperformance. Health care remains the top underweight.
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 | -4.75% | -8.69% | -1.36% | 6.01% | 3.34% | 9.06% | 8.12% | 11.41% | 12.06% |
| Russell 2000 Index | -5.35% | -10.89% | -2.87% | 6.69% | 3.34% | 9.39% | 7.23% | 10.07% | - |
Performance - CUMULATIVE
| 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|
| At NAV | 6.01% | 10.35% | 54.32% | 118.37% | 405.67% | 3009.60% |
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: 12/20/1994
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 3000 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.
Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry change