# Product Snapshot - JPMorgan U.S. Large Cap Core Plus Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-18T04:59:17.737753378Z.

## Identity

- **Fund Name**: JPMorgan U.S. Large Cap Core Plus Fund
- **Share Class Name**: JPMorgan U.S. Large Cap Core Plus Fund-R5
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-u-s-large-cap-core-plus-fund-r5-4812a3734)
- **Ticker Symbol**: JCPRX
- **CUSIP**: 4812A3734
- **Fund Type**: MUTUAL FUND
- **Asset Class**: U.S. Equity

## Media

### Broaden your opportunity set through a long/short core strategy.

The U.S. Large Cap Core Plus Fund aims to maximize exposure to research analysts’ insights, while seeking to provide greater return potential than traditional long-only strategies.

Expertise
- Experienced portfolio managers complemented by a dedicated team of senior U.S. equity career analysts who average 25+ years’ investment experience.

Portfolio
- Utilizes a long/short (130/30) strategy that combines an actively managed 100% long portfolio with an active equity long/short overlay portfolio.
- Captures the full breadth of our research analysts’ insights to maximize the impact of over- and undervalued stocks.

Results
- Delivered 2nd percentile excess return more consistently than its peers since inception, as illustrated by the Fund’s 3rd percentile batting average.
- Outperformed the benchmark S&P 500 Index over the latest 5-year, 10-year and since inception time periods.

Delivered 1st percentile excess return more consistently than its peers since inception

- **Image**: [This chart illustrates the attractive performance of the Fund since its inception versus the Morningstar large blend peer group median. The Fund provided excess returns and a higher batting average than its peers. Batting average is a measure of a manager's a](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/npe-featured-images/sto-uslccp_2q26_charts.svg)

 [Disclosure 1]

## Fund Facts

- **Ticker**: JCPRX
- **CUSIP**: 4812A3734
- **Share Class Number**: 2000
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 11/01/2005
- **Share Class Inception Date**: 05/15/2006
- **ESG Approach**: Integrated [Disclosure 2]

## Fund Stats

- **NAV  As of 10/16/2026**: $25.70
- **NAV Change ($) As of 10/16/2026**: $-0.33
- **NAV Change (%) As of 10/16/2026**: -1.27%
- **Fund Assets As of 10/16/2026**: $3.63bn
- **Number of Holdings As of 09/30/2026**: 271
- **YTD  As of 10/16/2026**: 7.22%

## Fees & Charges

### Fees

- **Gross Expenses**: 1.54%
- **Net Expenses**: 1.44%
 [Disclosure 3]

## Portfolio Managers

### Susan Bao

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/susan-bao/)
- **In the industry**: 29 years
- **With J.P. Morgan**: 29 years
- **Managing this fund**: 20 years

### Timothy Woodhouse

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/timothy-woodhouse/)
- **In the industry**: 18 years
- **With J.P. Morgan**: 18 years
- **Managing this fund**: 1 year

### Andrew Stern

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/andrew-stern/)
- **In the industry**: 18 years
- **With J.P. Morgan**: 18 years
- **Managing this fund**: 1 year

## Ratings

### Morningstar Overview Ratings

- **Category: **: Large Blend
- **As of **: 09/30/2026
- **Overall**: 4 of 5 stars
- **Funds in Category**: 1209 Funds in Category
- **3 Year**: 3 of 5 stars
- **Funds in Category**: 1209 Funds in Category
- **5 Year**: 4 of 5 stars
- **Funds in Category**: 1122 Funds in Category
- **10 Year**: 5 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 946
- **Funds in Category**: 1325 Funds in Category
- **Group Percentile**: 72%
- **3 Year**: Rank 568
- **Funds in Category**: 1209 Funds in Category
- **Group Percentile**: 49%
- **5 Year**: Rank 208
- **Funds in Category**: 1122 Funds in Category
- **Group Percentile**: 20%
- **10 Year**: Rank 55
- **Funds in Category**: 898 Funds in Category
- **Group Percentile**: 8%
 [Disclosure 5]

### Morningstar Summary Rating

- **Category: **: Large Blend
- **As of **: 09/30/2026
- **Overall**: 4 of 5 stars
- **Funds in Category**: 1209 Funds in Category
 [Disclosure 6]

### Morningstar Medalist Rating

- **Morningstar Medalist Rating™**: Silver
- **As of **: 04/27/2026
- **Category: **: Large Blend
- **Analyst-Driven %: **: 100
- **Data Coverage %: **: 100
 [Disclosure 7]

### Lipper Rankings: Alternative Active Extension Funds

- **As of**: 09/30/2026
- **1 Year**: Rank 9
- **Funds in Category**: 14 Funds in Category
- **Group Percentile**: 60%
- **3 Year**: Rank 5
- **Funds in Category**: 11 Funds in Category
- **Group Percentile**: 42%
- **5 Year**: Rank 4
- **Funds in Category**: 11 Funds in Category
- **Group Percentile**: 34%
- **10 Year**: Rank 1
- **Funds in Category**: 8 Funds in Category
- **Group Percentile**: 12%
 [Disclosure 8]

## Portfolio

### Portfolio Stats

- **Number of Holdings** (As of 09/30/2026): 271
- **Fund Assets** (As of 09/30/2026): $3.69bn
- **Gross Exposure (Long + Short)**: 141.83%
- **Net Exposure (Long - Short)**: 99.99%
- **Turnover Ratio**: Turnover Ratio - Long (Trailing 12 month) (6/30/2025): 70.61%; Turnover Ratio - Short (Trailing 12 month) (6/30/2025): 100.30%
- **Wtd. Avg. Market Cap**: $1.61tn
- **Median Market Cap**: $63.25bn
- **P/B Ratio**: 7.01 [Disclosure 9]
- **P/E Ratio (1 yr. forecast)**: 22.89 [Disclosure 10]
- **P/E Ratio (1 yr. trailing)**: 26.33 [Disclosure 11]
- **Percentage of holdings**: LONG: 120.91%; SHORT: -20.92%


### Top 10 Holdings

_As of 09/30/2026_

| Holding | Weight |
| --- | ---: |
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 6.4% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 5.3% |
| Alphabet, Inc., Class A | 4.6% |
| Meta Platforms, Inc., Class A | 3.5% |
| Broadcom, Inc. | 3.1% |
| Lam Research Corp. | 2.6% |
| Mastercard, Inc., Class A | 2.6% |
| Micron Technology, Inc. | 2.3% |
| Total of top 10 | 45.6% |
 [Disclosure 12]

### Sector Breakdown

_As of 09/30/2026_

| Sector | Fund | Index |
| --- | ---: | ---: |
| Communication Services | 11.0% | 9.9% |
| Consumer Discretionary | 12.1% | 8.6% |
| Consumer Staples | 3.2% | 4.4% |
| Energy | 4.4% | 3.4% |
| Financials | 14.3% | 11.4% |
| Health Care | 12.3% | 9.3% |
| Industrials | 11.3% | 8.0% |
| Information Technology | 42.8% | 39.7% |
| Materials | 1.5% | 1.6% |
| Real Estate | 1.9% | 1.7% |
| Short-Term Investments | 1.3% | 0.0% |
| Utilities | 4.7% | 1.9% |
 [Disclosure 13]

### Risk Measures

_As of 09/30/2026_

| Risk Measures | Risk Measures |
| --- | ---: |
| Alpha | -0.06 |
| Beta | 1.02 |
| Sharpe Ratio | 1.28 |
| Standard Deviation | 12.98 |
| Tracking Error | 2.92 |
| R-squared | 95.00 |
 [Disclosure 14]

### Top 5 Quarterly Contributors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Contributors |
| --- | ---: |
| DoorDash, Inc., Class A | 0.42% |
| Oracle Corp. | 0.20% |
| RTX Corp. | 0.17% |
| Expedia Group, Inc. | 0.16% |
| Hewlett Packard Enterprise Co. | 0.14% |


### Top 5 Quarterly Detractors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Detractors |
| --- | ---: |
| Moderna, Inc. | -0.33% |
| NXP Semiconductors NV | -0.21% |
| Burlington Stores, Inc. | -0.20% |
| Aon plc, Class A | -0.13% |
| Target Corp. | -0.11% |


## 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 semiconductors & hardware and software & services sectors added the most value.

Hurt The consumer discretionary and payments & business services sector 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 Large Cap Core Plus Fund (I Shares) underperformed the benchmark, the S&P 500 Total Return Index, for the quarter ended June 30, 2026.

A short position in SanDisk, a provider of NAND flash memory and storage solutions serving consumer, enterprise and cloud markets, detracted from performance during the period. The stock outperformed due to strong pricing-driven revenue growth, significantly bolstering both margins and earnings power, alongside strategic multi-year customer partnerships that management believes will help suppress the significant historical cyclicality endemic to the industry.

An underweight position in Intel, a leading semiconductor manufacturer focused on computing, data center and foundry technologies, detracted from performance during the period. The stock outperformed as server CPU demand accelerated, driving improved pricing power, and preliminary foundry engagements with Apple and Tesla provided optimism that Intel’s manufacturing turnaround is taking shape.

An overweight position in Lam Research, a leading provider of wafer fabrication equipment (WFE) and services to the semiconductor industry, contributed to performance during the period. The stock outperformed due to record revenue growth, exceptional gross margin expansion and raised 2026 guidance signaling strong execution. Investors remain enthusiastic regarding industrywide WFE spending and Lam’s opportunity to outgrow the market due to its strong position in memory, where capacity-add expectations continue to trend meaningfully higher amid a historic supply shortage, along with a strengthening position in foundry/logic.

An overweight position in Western Digital, a leading provider of hard disk drive and flash storage solutions for data-intensive applications, contributed to performance during the period. The stock outperformed due to strong earnings execution, significant gross margin expansion and robust cloud demand growth driven by AI infrastructure build-out. Management guided above expectations with confidence in sustained exabyte growth exceeding 25% annually through technology innovations, including higher-capacity drives and accelerated 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. Large Cap Core Plus Fund (R5)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-USLCCP-R5.PDF)
- [Fund Story: U.S. Large Cap Core Plus Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-USLCCP.pdf)
- [Commentary: U.S. Large Cap Core Plus Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-USLCCP.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. Large Cap Core Plus Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-USLCCP-2.PDF)
- [Supplemental Data Sheet - U.S. Large Cap Core Plus Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-USLCCP-1.pdf)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A3734/NPX?site=JPMorganv3)

## Disclosures

1. Source: Morningstar, J.P. Morgan Asset Management; data as of 6/30/26. Fund inception: 11/1/05. Morningstar category: Large Blend. As of 6/30/26, the Fund’s (I shares) returns were ranked: 1-yrs. (930/1306), 3-yrs. (378/1203), 5-yrs. (175/1123), 10-yrs. (46/889) and since inception (9/781). Batting average was ranked: 1-yrs. (774/1323), 3-yrs. (382/1244), 5-yrs. (115/1170), 10-yrs. (72/1017) and since inception (19/781). Batting average is a measure of a manager’s ability to consistently beat the market. It is calculated by dividing the number of months in which the manager beat or matched the fund’s primary benchmark index by the total number of months in the period. Past performance is not indicative of future results.

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 0.750% 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. Net expenses may include short dividend expense. See prospectus for details.

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. Morningstar overall rating 4 stars, Class R5; Large Blend Category; 1209 funds. Three-year rating 3 stars; 1209 funds. Five-year rating 4 stars; 1122 funds. Ten-year rating 5 stars; 898 funds. Ratings reflect risk-adjusted performance. 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.

7. The Morningstar Medalist RatingTM is a summary expression of Morningstar's forward-looking analysis of investment strategies using a rating scale of Gold, Silver, Bronze, Neutral and Negative. Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with fees, forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating assigned. Products are sorted by expected performance into rating groups defined by their Morningstar Category and their active or passive status. Analyst-covered products are assigned the three pillar ratings based on the analyst's qualitative assessment, subject to the Analyst Rating Committee's oversight, monitored and reevaluated at least every 14 months. Ratings are assigned monthly for vehicles covered either indirectly by analysts or by algorithm. For more detailed information including methodology, please go to global.morningstar.com/managerdisclosures.Ratings and rankings should not be used as the sole basis in evaluating an investment product and should not be considered an offer or solicitation to buy or sell the investment product.©2026Morningstar Inc. All rights reserved. Morningstar information is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete or timely.

8. 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.

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

10. 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.

11. 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.

12. 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.

13. Based on net assets.

14. 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.