# Product Facts - JPMorgan U.S. Equity Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-02T12:10:39.318450767Z.

## Identity

- **Fund Name**: JPMorgan U.S. Equity Fund
- **Share Class Name**: JPMorgan U.S. Equity Fund-I
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-u-s-equity-fund-i-4812a1159)
- **Ticker**: JUESX
- **CUSIP**: 4812A1159
- **Fund Type**: MUTUAL FUND
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 09/17/1993
- **Share Class Inception Date**: 09/10/2001
- **Investment Objective**: Seeks to provide high total return from a portfolio of selected equity securities.

## Fund Facts

- **Ticker**: JUESX
- **CUSIP**: 4812A1159
- **Share Class Number**: 1224
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 09/17/1993
- **Share Class Inception Date**: 09/10/2001
- **ESG Approach**: Integrated [Disclosure 1]

## Fund Stats

- **NAV  As of 10/01/2026**: $28.25
- **NAV Change ($) As of 10/01/2026**: $0.02
- **NAV Change (%) As of 10/01/2026**: 0.07%
- **Fund Assets As of 10/01/2026**: $31.16bn
- **Number of Holdings As of 08/31/2026**: 68
- **YTD  As of 10/01/2026**: 5.34%

## Portfolio Managers

### Scott Davis

- **In the industry**: 31 years
- **With J.P. Morgan**: 20 years
- **Managing this fund**: 12 years

### David  Maccarrone

- **In the industry**: 31 years
- **With J.P. Morgan**: 16 years
- **Managing this fund**: Less than one year

## Commentary

**As of **: 06/30/2026

### Topline

Benchmark S&P 500 Total Return Index

Markets The S&P 500 Index® gained 15.20% in the second quarter of 2026. Within the index, information technology and industrials were the best-performing sectors, returning 31.79% and 14.88%, respectively, while energy and utilities were the worst-performing sectors, returning -13.45% and -0.53%, respectively.

Helped The communication services and materials sectors added the most value.

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

Outlook We continue to focus on fundamentals of the economy and company earnings. Our analysts’ estimates for S&P 500 Index® earnings project 26% for 2026 and 22% for 2027. While subject to revision, this forecast includes 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 June 30, 2026.

Our overweight in Intuit detracted from performance during the quarter. The stock underperformed as TurboTax revenue growth disappointed investors, declining roughly 50% year to date (through May 2026) before falling an additional 10%–14% following Q3 earnings, driven by weakness among price-sensitive DIY tax filers and a 17% workforce reduction announced in May.

Having no position in Intel detracted from performance during the quarter. The company outperformed as server CPU demand accelerated, driving improved pricing power, and preliminary foundry engagements with Apple and Tesla sowed optimism that Intel’s manufacturing turnaround is taking shape.

An overweight in Micron Technology contributed to performance during the quarter. The company outperformed due to exceptional financial results, record revenue growth and strategic customer agreements securing long-term demand visibility. Strong pricing power and margin expansion drove significant outperformance.

An overweight in Western Digital contributed to performance this quarter. The stock outperformed due to strong earnings execution, gross margin expansion and robust cloud demand growth driven by AI infrastructure buildout. Management guided above expectations with confidence in sustained exabyte growth exceeding 25% annually through technology innovations, including higher-capacity drives and accelerated heat-assisted magnetic recording ("HAMR") qualification with major hyperscaler customers.

### Looking Ahead

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.

## Documents

- [Factsheet: JPMorgan U.S. Equity Fund (I)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-USE-I.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/4812A1159/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A1159/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.