NAV
As of 04/15/2025
$22.51
Change$-0.07
YTD
As of 04/15/2025
at NAV-8.94%
with Sales Charge-13.72%
FUND ASSETS
As of 04/15/2025
$28.67bn
Fund Facts
TickerJUEAX
CUSIP4812A1183
Share Class Number1651
Asset ClassU.S. Equity
Fund Inception Date09/17/1993
Share Class Inception Date09/10/2001
ESG Approach Integrated
Fund Stats
Fund Assets
As of 04/15/2025$28.67bn
As of 04/15/2025$28.67bn
Number of Holdings
As of 03/31/202551
As of 03/31/202551
Minimum Investments
IRA
Minimum Investment$1,000
Subsequent Investment$50
Regular
Minimum Investment$1,000
Subsequent Investment$50
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 decile returns over the five and ten year periods.1
- Top quintile Sharpe ratio over the five and ten year periods.2
Chart source: Morningstar, J.P. Morgan Asset Management; as of 12/31/24. Large Blend Catego
Portfolio Managers
Portfolio Manager
30 years
In the industry
19 years
With J.P. Morgan
10 years
Managing this fund
Portfolio Manager
20 years
In the industry
20 years
With J.P. Morgan
3 years
Managing this fund
Morningstar Ratings: Large Blend
As of 03/31/2025
Analyst Rating Overall Morningstar RatingTM for a fund is derived from a weighted average of the performanc
Lipper Rankings: Large-Cap Core Funds
As of 03/31/2025
The ranking information is provided by Lipper Analytical Services. Past performance is no guar
Fund Facts
TickerJUEAX
CUSIP4812A1183
Share Class Number1651
Asset ClassU.S. Equity
Fund Inception Date09/17/1993
Share Class Inception Date09/10/2001
ESG Approach Integrated
Fund Stats
Fund Assets
As of 04/15/2025$28.67bn
As of 04/15/2025$28.67bn
Number of Holdings
As of 03/31/202551
As of 03/31/202551
Minimum Investments
IRA
Minimum Investment$1,000
Subsequent Investment$50
Regular
Minimum Investment$1,000
Subsequent Investment$50
Performance
Monthly
As of 03/31/2025
Cumulative
As of 03/31/2025
Performance - MONTHLY
| 1 Month | 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|---|---|---|
| At NAV | -6.01% | -5.74% | -5.74% | 4.88% | 7.77% | 18.41% | 12.13% | 12.85% | 10.94% |
| With 5.25% max. sales charge | -10.93% | -10.69% | -10.69% | -0.62% | 5.85% | 17.13% | 11.53% | 12.45% | 10.79% |
| S&P 500 Index | -5.63% | -4.27% | -4.27% | 8.25% | 9.06% | 18.59% | 12.50% | 13.15% | - |
Performance - CUMULATIVE
| 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception* | |
|---|---|---|---|---|---|---|
| At NAV | 4.88% | 25.18% | 132.80% | 214.30% | 513.36% | 6107.56% |
| With 5.25% max. sales charge | -0.62% | 18.61% | 120.51% | 197.74% | 481.43% | 5783.93% |
Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.
*Fund performance inception: 6/27/1985
The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
Fees
Gross Expenses
0.97%
Net Expenses
0.94%
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 0.940% 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. This waiver is in effect through 10/31/2025, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements.
Dividend Schedule
Capital Gains Schedule
Topline
As of 2025/03/31
Benchmark S&P 500 Total Return Index
Markets The S&P 500 Index returned -4.27% in the first quarter of 2025. Within the index, consumer discretionary and information technology were the worst performing sectors, returning -13.83% and -12.65%, respectively. Energy and health care were the best performing sectors, returning 10.21% and 6.54%, respectively.
Helped The energy and consumer discretionary sectors added the most value.
Hurt The consumer staples and information technology sectors weighed the most on performance.
Outlook Looming tariff threats, trade wars, deregulation and other fiscal policies by the new U.S. administration have contributed to market volatility. While the fundamental economic picture in the U.S. remains strong, confidence surveys have begun to show signs of impact.
Quarterly
As of 2025/03/31
- The JPMorgan U.S. Equity Fund (I Class Shares) underperformed the benchmark, the S&P 500 Index, for the quarter that ended March 31, 2025.
- Within financials, our underweight in Berkshire Hathaway (portfolio weightings 0.00%) detracted from performance during the quarter. Stock performance was bolstered by strong financial results, particularly in its insurance segment, which saw significant improvements in underwriting earnings and investment income. GEICO, their insurance-based subsidiary, performance notably improved, contributing to overall growth. The company also reported record cash levels and reduced its equity stake in major holdings. Its cash stockpile ended 2024 at a hefty $334 billion, or nearly 30% of the investment company's total assets.
- Within industrials, our overweight in Eaton Corp (portfolio weightings 2.08%) detracted from performance during the quarter. The share decline was driven by rising concerns regarding the longer-term growth outlook for data center spending.
- Within financials, our overweight in Arthur J. Gallagher & Co (portfolio weightings 2.42%) contributed to performance during the quarter. The company reported strong financial results with double-digit revenue growth and improved margins. However, organic growth in both the brokerage and risk management segments was slightly below expectations.
- Within energy, our overweight in Baker Hughes (portfolio weightings 2.89%) contributed to performance during the quarter. The company reported strong financial performance with year-over-year and quarter-over-quarter improvements in revenues and earnings, achieving solid quarterly EBITDA margins. Additionally, Baker opened a new facility in Namibia to support the local energy industry, contributing positively to stock performance. Despite a CFO transition, the company reaffirmed its financial outlook, maintaining investor confidence.
Looking Ahead
As of 2025/03/31
- We continue to focus on fundamentals of the economy and company earnings. As the effects of policy measures in countries affected by tariffs are yet to be fully realized, leading to anticipated volatility, we remain focused on high-conviction stocks and aim to capitalize on market dislocations for compelling stock-selection opportunities.
Performance
Monthly
As of 03/31/2025
Cumulative
As of 03/31/2025
Performance - MONTHLY
| 1 MONTH | 3 MONTHS | YTD | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | 15 YEARS | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|---|---|---|
| At NAV | -6.01% | -5.74% | -5.74% | 4.88% | 7.77% | 18.41% | 12.13% | 12.85% | 10.94% |
| With 5.25% max. sales charge | -10.93% | -10.69% | -10.69% | -0.62% | 5.85% | 17.13% | 11.53% | 12.45% | 10.79% |
| S&P 500 Index | -5.63% | -4.27% | -4.27% | 8.25% | 9.06% | 18.59% | 12.50% | 13.15% | - |
Performance - CUMULATIVE
| 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | 15 YEARS | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|
| At NAV | 4.88% | 25.18% | 132.80% | 214.30% | 513.36% | 6107.56% |
| With 5.25% max. sales charge | -0.62% | 18.61% | 120.51% | 197.74% | 481.43% | 5783.93% |
Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.
*Fund performance inception: 6/27/1985
The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
Documents
Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.
The price of equity securities may fluctuate rapidly or unpredictably due to factors affecting individual companies, as well as changes in e