# Product Facts - JPMorgan U.S. Value Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-02T11:41:50.110118059Z. ## Identity - **Fund Name**: JPMorgan U.S. Value Fund - **Share Class Name**: JPMorgan U.S. Value Fund-R4 - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-u-s-value-fund-r4-48123x702) - **Ticker**: JGRUX - **CUSIP**: 48123X702 - **Fund Type**: MUTUAL FUND - **Asset Class**: U.S. Equity - **Fund Inception Date**: 09/23/1987 - **Share Class Inception Date**: 07/31/2017 - **Investment Objective**: The Fund seeks to provide capital growth over the long-term and earn income from dividends. ## Fund Facts - **Ticker**: JGRUX - **CUSIP**: 48123X702 - **Share Class Number**: 2715 - **Asset Class**: U.S. Equity - **Fund Inception Date**: 09/23/1987 - **Share Class Inception Date**: 07/31/2017 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 10/01/2026**: $100.42 - **NAV Change ($) As of 10/01/2026**: $-0.19 - **NAV Change (%) As of 10/01/2026**: -0.19% - **Fund Assets As of 10/01/2026**: $6.73bn - **Number of Holdings As of 08/31/2026**: 89 - **YTD As of 10/01/2026**: 12.82% ## Portfolio Managers ### Andrew Brandon - **In the industry**: 28 years - **With J.P. Morgan**: 26 years - **Managing this fund**: 7 years ### David Silberman - **In the industry**: 37 years - **With J.P. Morgan**: 37 years - **Managing this fund**: 6 years ## 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 (R4)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-USV-R4.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/48123X702/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/48123X702/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.