# Product Snapshot - JPMorgan U.S. Value Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-15T10:49:43.084922634Z.

## Identity

- **Fund Name**: JPMorgan U.S. Value Fund
- **Share Class Name**: JPMorgan U.S. Value Fund-I
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-u-s-value-fund-i-4812a1464)
- **Ticker Symbol**: VGIIX
- **CUSIP**: 4812A1464
- **Fund Type**: MUTUAL FUND
- **Asset Class**: U.S. Equity

## Media

### Broadening the scope of high-quality value investing.

The U.S. Value Fund utilizes a bottom-up stock selection process targeting high-quality U.S. companies with attractive valuations.
- Experienced co-portfolio management team with an average of over 30 years of industry experience.
- Targets high-quality companies with consistent earnings and strong management teams.
- Outperformed its benchmark 100% of the time for rolling 5-year periods over 10 years.1

- **Image**: [Featured image](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/npe-featured-images/sto-usv-3q25-charts.svg)

 [Disclosure 1]

## Fund Facts

- **Ticker**: VGIIX
- **CUSIP**: 4812A1464
- **Share Class Number**: 366
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 09/23/1987
- **Share Class Inception Date**: 01/25/1996
- **ESG Approach**: Integrated [Disclosure 2]

## Fund Stats

- **NAV  As of 10/14/2026**: $102.68
- **NAV Change ($) As of 10/14/2026**: $-0.11
- **NAV Change (%) As of 10/14/2026**: -0.11%
- **Fund Assets As of 10/14/2026**: $6.88bn
- **Number of Holdings As of 09/30/2026**: 89
- **YTD  As of 10/14/2026**: 15.35%

## Fees & Charges

### Fees

- **Gross Expenses**: 0.74%
- **Net Expenses**: 0.69%
 [Disclosure 3]

## Investment Terms

### Minimum Investments

#### IRA

- **Minimum Investment**: $1 Mn
- **Subsequent Investment**: No Minimum

#### Regular

- **Minimum Investment**: $1 Mn
- **Subsequent Investment**: No Minimum



## Portfolio Managers

### Andrew Brandon

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/andrew-brandon/)
- **In the industry**: 28 years
- **With J.P. Morgan**: 26 years
- **Managing this fund**: 7 years

### David Silberman

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/david-silberman/)
- **In the industry**: 37 years
- **With J.P. Morgan**: 37 years
- **Managing this fund**: 6 years

## Ratings

### Morningstar Overview Ratings

- **Category: **: Large Value
- **As of **: 09/30/2026
- **Overall**: 4 of 5 stars
- **Funds in Category**: 1055 Funds in Category
- **3 Year**: 3 of 5 stars
- **Funds in Category**: 1055 Funds in Category
- **5 Year**: 3 of 5 stars
- **Funds in Category**: 994 Funds in Category
- **10 Year**: 4 of 5 stars
- **Funds in Category**: 842 Funds in Category
 [Disclosure 4]

### Morningstar Overview Ranking

- **Category: **: Large Value
- **As of **: 09/30/2026
- **1 Year**: Rank 437
- **Funds in Category**: 1117 Funds in Category
- **Group Percentile**: 40%
- **3 Year**: Rank 559
- **Funds in Category**: 1055 Funds in Category
- **Group Percentile**: 53%
- **5 Year**: Rank 399
- **Funds in Category**: 994 Funds in Category
- **Group Percentile**: 44%
- **10 Year**: Rank 184
- **Funds in Category**: 842 Funds in Category
- **Group Percentile**: 25%
 [Disclosure 5]

### Morningstar Summary Rating

- **Category: **: Large Value
- **As of **: 09/30/2026
- **Overall**: 4 of 5 stars
- **Funds in Category**: 1055 Funds in Category
 [Disclosure 6]

### Morningstar Medalist Rating

- **Morningstar Medalist Rating™**: Silver
- **As of **: 09/10/2026
- **Category: **: Large Value
- **Analyst-Driven %: **: 100
- **Data Coverage %: **: 100
 [Disclosure 7]

### Lipper Rankings: Large-Cap Value Funds

- **As of**: 09/30/2026
- **1 Year**: Rank 91
- **Funds in Category**: 225 Funds in Category
- **Group Percentile**: 41%
- **3 Year**: Rank 129
- **Funds in Category**: 205 Funds in Category
- **Group Percentile**: 63%
- **5 Year**: Rank 111
- **Funds in Category**: 198 Funds in Category
- **Group Percentile**: 56%
- **10 Year**: Rank 61
- **Funds in Category**: 176 Funds in Category
- **Group Percentile**: 35%
 [Disclosure 8]

## Portfolio

### Portfolio Stats

- **Number of Holdings** (As of 09/30/2026): 89
- **Fund Assets** (As of 09/30/2026): $6.74bn
- **Turnover Ratio (Trailing 12 month) (6/30/2025)**: 21.65%
- **Wtd. Avg. Market Cap**: $856.23bn
- **Median Market Cap**: $147.94bn
- **P/B Ratio**: 3.40 [Disclosure 9]
- **P/E Ratio (1 yr. forecast)**: 18.10 [Disclosure 10]
- **P/E Ratio (1 yr. trailing)**: 21.19 [Disclosure 11]


### Top 10 Holdings

_As of 09/30/2026_

| Holding | Weight |
| --- | ---: |
| Amazon.com, Inc. | 6.1% |
| Microsoft Corp. | 5.9% |
| Apple, Inc. | 4.2% |
| Johnson & Johnson | 2.2% |
| Philip Morris International, Inc. | 2.2% |
| Chevron Corp. | 2.1% |
| Wells Fargo & Co. | 2.1% |
| Bank of America Corp. | 2.0% |
| Thermo Fisher Scientific, Inc. | 2.0% |
| Citigroup, Inc. | 1.8% |
| Total of top 10 | 30.6% |
 [Disclosure 12]

### Sector Breakdown

_As of 09/30/2026_

| Sector | Fund | Index |
| --- | ---: | ---: |
| Communication Services | 3.7% | 3.4% |
| Consumer Discretionary | 11.6% | 10.2% |
| Consumer Staples | 5.2% | 7.3% |
| Energy | 5.2% | 6.2% |
| Financials | 19.0% | 18.3% |
| Health Care | 14.3% | 13.3% |
| Industrials | 11.9% | 10.5% |
| Information Technology | 18.7% | 20.6% |
| Materials | 3.2% | 3.4% |
| Real Estate | 2.7% | 3.4% |
| Short-Term Investments | 0.8% | 0.0% |
| Utilities | 3.6% | 3.4% |
 [Disclosure 13]

### Risk Measures

_As of 09/30/2026_

| Risk Measures | Risk Measures |
| --- | ---: |
| Alpha | -0.03 |
| Beta | 0.92 |
| Sharpe Ratio | 1.10 |
| Standard Deviation | 11.54 |
| Tracking Error | 2.65 |
| R-squared | 96.00 |
 [Disclosure 14]

### Top 5 Quarterly Contributors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Contributors |
| --- | ---: |
| Microsoft Corp. | 1.37% |
| Apple, Inc. | 0.47% |
| Bank of America Corp. | 0.42% |
| Thermo Fisher Scientific, Inc. | 0.38% |
| Merck & Co., Inc. | 0.36% |


### Top 5 Quarterly Detractors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Detractors |
| --- | ---: |
| Alphabet, Inc., Class C | -0.32% |
| International Business Machines Corp. | -0.30% |
| NXP Semiconductors NV | -0.28% |
| Analog Devices, Inc. | -0.21% |
| Texas Instruments, Inc. | -0.19% |


## Commentary

**As of **: 03/31/2026

### Topline

Benchmark Russell 1000 Value Index

Markets The S&P 500 Index declined -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 detracted from 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 U.S. Value Fund (I Class Shares) underperformed the benchmark, the Russell 1000 Value Index, for the quarter ending March 31, 2026.

Financials were the worst-performing sector, facing multiple headwinds, including private credit concerns, AI-related job loss fears that could pressure consumer credit and robo-advice gradually encroaching on parts of wealth management. Despite poor sentiment, fundamentals continue to be strong with double-digit earnings growth, a favorable regulatory environment, benign credit and relatively low risk of recession. Stock selection and an overweight allocation hurt performance, most notably Wells Fargo. Despite weak stock performance, the company delivered a strong first quarter, with improving loan and deposit growth, as its core engine reaccelerates post–asset cap, while management’s investment banking outlook remains upbeat, and buybacks, though slower, are still meaningful.

Stock selection in technology was a bright spot, led by Western Digital, a leading data storage company. Results were strong as AI adoption and data-center build-outs drove demand, and robust free cash flow underpins a shareholder-friendly capital return plan (dividends and buybacks, targeting 100% of excess cash. We trimmed on strength but remain constructive. Western Digital is well positioned at the center of a duopolistic hard disk drive industry that has reversed course from secular decline. This was driven by consumer electronics to positive long-term growth led by data centers, with structurally improved margins and a solidified balance sheet, all of which should support an improved through-cycle multiple going forward.

### Looking Ahead

We believe wide valuation spreads and broadly healthy earnings provide a constructive backdrop for alpha generation on the value team.

Technology: The “SAAS-pocalypse” created an opportunity for new idea generation, such as stocks, where earnings have doubled since 2021, yet the stock trades at the same price, given AI disruption fears

Healthcare: We are finding compelling opportunities to bolster our exposure to defensive, quality companies with a runway for multiple expansion. For example, Johnson & Johnson, is supported by strong earnings visibility, a strengthening pipeline, attractive valuation and a solid dividend yield.

Trimmed AI beneficiary winners after their strong run in performance over the last year.

Financials: The sector remains our largest absolute weight, though we are moderating position sizes, given risk management, as credit risk prompts heightened concerns. A healthy economy and friendlier regulatory backdrop should continue to drive improved M&A, increased capital return and stronger loan origination. These trends should benefit our largest bank holdings.

## Documents

- [Factsheet: JPMorgan U.S. Value Fund (I)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-USV-I.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. Value Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-USV-1.PDF)
- [Supplemental Data Sheet - U.S. Value Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-USV-2.PDF)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A1464/NPX?site=JPMorganv3)

## Disclosures

1. Source: Morningstar, J.P. Morgan Asset Management; data as of 9/30/25. Morningstar Large Value Category. Returns for I Share class. Rating, risk and return values are relative to the Morningstar Large Value Category. Past performance is no guarantee of future results. All data as of 9/30/25. 1 Ranked: 1-yr. (850/1138), 3-yrs. (719/1086), 5-yrs. (462/1025), 10-yrs. (200/842).

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 0.690% 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. Morningstar overall rating 4 stars, Class I; Large Value Category; 1055 funds. Three-year rating 3 stars; 1055 funds. Five-year rating 3 stars; 994 funds. Ten-year rating 4 stars; 842 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. Due to rounding, values may not total 100%.

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.