# Product Snapshot - JPMorgan U.S. Equity Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-26T01:19:44.938194734Z.

## Identity

- **Fund Name**: JPMorgan U.S. Equity Fund
- **Share Class Name**: JPMorgan U.S. Equity Fund-C
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-u-s-equity-fund-c-4812a1167)
- **Ticker Symbol**: JUECX
- **CUSIP**: 4812A1167
- **Fund Type**: MUTUAL FUND
- **Asset Class**: U.S. Equity

## Media

### High-conviction, style-agnostic core equity exposure.

With its proven, long-term investment philosophy, the U.S. Equity Fund is designed as a strong portfolio foundation for large cap investors.

Expertise
- Experienced portfolio managers who leverage the fundamental insights of over 20 dedicated U.S. Equity career analysts.

Portfolio
- Leverages a time-tested, fundamental stock ranking process based on expected returns to identify companies where we have insight, conviction and a valuation signal.

Results
- Top third decile returns over the five- and ten-year periods.1
- Top quartile Sharpe ratio over the five and ten year periods.2

- **Image**: [Featured image](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/npe-featured-images/STO_USE_3Q25_Chart.svg)

 [Disclosure 1]

## Fund Facts

- **Ticker**: JUECX
- **CUSIP**: 4812A1167
- **Share Class Number**: 1499
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 09/17/1993
- **Share Class Inception Date**: 09/10/2001
- **ESG Approach**: Integrated [Disclosure 2]

## Fund Stats

- **NAV  As of 10/23/2026**: $26.08
- **NAV Change ($) As of 10/23/2026**: $-0.16
- **NAV Change (%) As of 10/23/2026**: -0.61%
- **Fund Assets As of 10/23/2026**: $30.44bn
- **Number of Holdings As of 09/30/2026**: 68
- **YTD  As of 10/23/2026**: 3.95%
- **YTD (Total Return w/Load) As of 10/23/2026**: 2.95%

## Fees & Charges

### Fees

- **Gross Expenses**: 1.46%
- **Net Expenses**: 1.44%
 [Disclosure 3]

## Investment Terms

### Minimum Investments

#### IRA

- **Minimum Investment**: $1,000
- **Subsequent Investment**: $50

#### Regular

- **Minimum Investment**: $1,000
- **Subsequent Investment**: $50



## Portfolio Managers

### Scott Davis

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/scott-davis/)
- **In the industry**: 31 years
- **With J.P. Morgan**: 20 years
- **Managing this fund**: 12 years

### David  Maccarrone

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/david-maccarrone/)
- **In the industry**: 31 years
- **With J.P. Morgan**: 16 years
- **Managing this fund**: Less than one year

## Ratings

### Morningstar Overview Ratings

- **Category: **: Large Blend
- **As of **: 09/30/2026
- **Overall**: 3 of 5 stars
- **Funds in Category**: 1209 Funds in Category
- **3 Year**: 2 of 5 stars
- **Funds in Category**: 1209 Funds in Category
- **5 Year**: 2 of 5 stars
- **Funds in Category**: 1122 Funds in Category
- **10 Year**: 3 of 5 stars
- **Funds in Category**: 898 Funds in Category
 [Disclosure 4]

### Morningstar Overview Ranking

- **Category: **: Large Blend
- **As of **: 09/30/2026
- **1 Year**: Rank 1238
- **Funds in Category**: 1325 Funds in Category
- **Group Percentile**: 93%
- **3 Year**: Rank 945
- **Funds in Category**: 1209 Funds in Category
- **Group Percentile**: 77%
- **5 Year**: Rank 812
- **Funds in Category**: 1122 Funds in Category
- **Group Percentile**: 72%
- **10 Year**: Rank 508
- **Funds in Category**: 898 Funds in Category
- **Group Percentile**: 57%
 [Disclosure 5]

### Lipper Rankings: Large-Cap Core Funds

- **As of**: 09/30/2026
- **1 Year**: Rank 656
- **Funds in Category**: 699 Funds in Category
- **Group Percentile**: 94%
- **3 Year**: Rank 500
- **Funds in Category**: 642 Funds in Category
- **Group Percentile**: 78%
- **5 Year**: Rank 422
- **Funds in Category**: 594 Funds in Category
- **Group Percentile**: 71%
- **10 Year**: Rank 261
- **Funds in Category**: 475 Funds in Category
- **Group Percentile**: 55%
 [Disclosure 6]

## Portfolio

### Portfolio Stats

- **Number of Holdings** (As of 09/30/2026): 68
- **Fund Assets** (As of 09/30/2026): $31.17bn
- **Turnover Ratio (Trailing 12 month) (6/30/2025)**: 39.32%
- **Wtd. Avg. Market Cap**: $1.55tn
- **Median Market Cap**: $132.44bn
- **P/B Ratio**: 5.94 [Disclosure 7]
- **P/E Ratio (1 yr. forecast)**: 21.23 [Disclosure 8]
- **P/E Ratio (1 yr. trailing)**: 24.14 [Disclosure 9]


### Top 10 Holdings

_As of 09/30/2026_

| Holding | Weight |
| --- | ---: |
| NVIDIA Corp. | 9.1% |
| Alphabet, Inc., Class A | 6.3% |
| Apple, Inc. | 6.2% |
| Microsoft Corp. | 5.1% |
| Amazon.com, Inc. | 4.7% |
| Broadcom, Inc. | 3.4% |
| Mastercard, Inc., Class A | 3.2% |
| Meta Platforms, Inc., Class A | 3.0% |
| Micron Technology, Inc. | 2.7% |
| Wells Fargo & Co. | 2.5% |
| Total of top 10 | 46.2% |
 [Disclosure 10]

### Sector Breakdown

_As of 09/30/2026_

| Sector | Fund | Index |
| --- | ---: | ---: |
| Communication Services | 11.6% | 9.9% |
| Consumer Discretionary | 10.6% | 8.6% |
| Consumer Staples | 2.8% | 4.4% |
| Energy | 2.8% | 3.4% |
| Financials | 14.0% | 11.4% |
| Health Care | 7.4% | 9.3% |
| Industrials | 6.2% | 8.0% |
| Information Technology | 38.2% | 39.7% |
| Materials | 1.4% | 1.6% |
| Real Estate | 0.8% | 1.7% |
| Short-Term Investments | 0.7% | 0.0% |
| Utilities | 3.6% | 1.9% |
 [Disclosure 11]

### Risk Measures

_As of 09/30/2026_

| Risk Measures | Risk Measures |
| --- | ---: |
| Alpha | -0.32 |
| Beta | 1.05 |
| Sharpe Ratio | 1.07 |
| Standard Deviation | 13.27 |
| Tracking Error | 2.30 |
| R-squared | 97.00 |
 [Disclosure 12]

### Top 5 Quarterly Contributors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Contributors |
| --- | ---: |
| Mastercard, Inc., Class A | 0.39% |
| Arthur J Gallagher & Co. | 0.27% |
| Blackstone, Inc. | 0.24% |
| Wells Fargo & Co. | 0.21% |
| DoorDash, Inc., Class A | 0.16% |


### Top 5 Quarterly Detractors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Detractors |
| --- | ---: |
| NXP Semiconductors NV | -0.53% |
| Alphabet, Inc., Class A | -0.45% |
| Corning, Inc. | -0.23% |
| Broadcom, Inc. | -0.22% |
| Oracle Corp. | -0.16% |


## Commentary

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

### Topline

Benchmark S&P 500 Total Return 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.

Helped The industrials and real estate sectors added the most value.

Hurt The information technology and financials sectors weighed the most on performance.

Outlook We continue to focus on the fundamentals of the economy and company earnings. Our analysts’ estimates for S&P 500 Index earnings project 27% growth for 2026 and 23% growth for 2027. While subject to revision, this forecast reflects our best analysis of earnings expectations.

### Quarter in Review

The JPMorgan U.S. Equity Fund (I Class Shares) underperformed the benchmark, the S&P 500 Index, for the quarter ended September 30, 2026.

No position in Applied Materials, a semiconductor process equipment manufacturer, contributed to performance during the period. Additionally,no position in KLA, a semiconductor process control and yield analytics company, benefitted results. Both stocks underperformed due to cyclical concerns around semiconductor capital equipment spending and broader investor caution regarding AI CapEx sustainability.

An underweight position in Microsoft, a leading cloud computing and software company, detracted from performance during the period. Relative performance reflected persistent valuation pressures from elevated expectations around cloud growth and AI adoption, competitive intensity in enterprise cloud markets, and margin concerns from heightened infrastructure investment requirements.

An overweight position in Western Digital, a data storage and semiconductor company, detracted from performance during the period, despite strong demand recovery in enterprise storage driven by data center expansions, improved pricing environment for NAND flash products and operational efficiency supporting margin recovery. The stock underperformed amid the broader memory sector sell-off.

### Looking Ahead

The U.S. equity market outlook remains constructive but more balanced amid higher term premiums, geopolitical uncertainty and uneven market breadth.

Continued AI-related investment and earnings resilience support equities, while rapid moves in discount rates, higher refined-product costs and seasonal shifts in liquidity may create further volatility.

These conditions reinforce the case for active stock selection. We remain focused on high-conviction stocks and seek to take advantage of market dislocations that create compelling stock-selection opportunities.

## Documents

- [Factsheet: JPMorgan U.S. Equity Fund (C)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-USE-C.PDF)
- [Commentary: U.S. Equity Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-USE.PDF)
- [Brochure: Diversify your U.S. equity strategy](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/brochure/PI-EQUITY-BLEND.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 - U.S. Equity Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-USE-1-quarterly.pdf)
- [Supplemental Data Sheet - U.S. Equity Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-USE-2.PDF)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A1167/NPX?site=JPMorganv3)

## Disclosures

1. Chart source: Morningstar, J.P. Morgan Asset Management; as of 9/30/25. Large Blend Category. I shares. Minimum eligibility requirements for the I share class apply; please see prospectus for further details. Other share classes may have higher expenses, which would result in lower returns. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. The $0 value for benchmark growth is the baseline for the over and under comparison. 1 Morningstar; as of 9/30/25. Ranked: 5-yrs. (314/1183) and 10-yrs. (61/1018). 2 Risk-adjusted return measured by Sharpe ratio, the excess portfolio return over the risk-free rate relative to its standard deviation. Ranked: 5-yrs. (310/1183) and 10-yrs. (148/1018).

2. 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.

3. 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 1.440% 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. 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.

4. 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.

5. 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.

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.