# Product Snapshot - Undiscovered Managers Behavioral Value Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-15T12:33:41.557788461Z. ## Identity - **Fund Name**: Undiscovered Managers Behavioral Value Fund - **Share Class Name**: Undiscovered Managers Behavioral Value Fund-L - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/undiscovered-managers-behavioral-value-fund-l-904504842) - **Ticker Symbol**: UBVLX - **CUSIP**: 904504842 - **Fund Type**: MUTUAL FUND - **Asset Class**: U.S. Equity ## Overview ### Designed to provide long-term capital appreciation primarily through a portfolio of small-cap value stocks. Seeks to capitalize on behavioral biases that may cause the market to overreact to old, negative information or underreact to new, positive information on a company~~Looks for companies with significant insider buying or stock repurchases, evidence of overreaction that has caused devaluation, and attractive fundamentals~~Invests in stocks with market capitalizations similar to those in the Russell 2000 Value Index and real estate investment trusts (REITs) ## Fund Facts - **Ticker**: UBVLX - **CUSIP**: 904504842 - **Share Class Number**: 1368 - **Asset Class**: U.S. Equity - **Fund Inception Date**: 12/28/1998 - **Share Class Inception Date**: 12/28/1998 ## Fund Stats - **NAV As of 10/14/2026**: $83.15 - **NAV Change ($) As of 10/14/2026**: $-0.36 - **NAV Change (%) As of 10/14/2026**: -0.43% - **Fund Assets As of 10/14/2026**: $8.00bn - **Number of Holdings As of 09/30/2026**: 90 - **YTD As of 10/14/2026**: 6.21% ## Fees & Charges ### Fees - **Gross Expenses**: 0.94% - **Net Expenses**: 0.90% [Disclosure 1] ## Investment Terms ### Minimum Investments #### IRA - **Minimum Investment**: $3 Mn - **Subsequent Investment**: No Minimum #### Regular - **Minimum Investment**: $3 Mn - **Subsequent Investment**: No Minimum ## Portfolio Managers ### David Potter - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/david-potter/) - **In the industry**: 32 years - **With Fuller & Thaler Asset Management, Inc.**: 21 years - **Managing this fund**: 21 years ### Ryam Lee - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/ryam-lee/) - **In the industry**: 13 years - **With Fuller & Thaler Asset Management, Inc.**: 9 years - **Managing this fund**: 7 years ## Ratings ### Morningstar Overview Ratings - **Category: **: Small Value - **As of **: 09/30/2026 - **Overall**: 2 of 5 stars - **Funds in Category**: 455 Funds in Category - **3 Year**: 2 of 5 stars - **Funds in Category**: 455 Funds in Category - **5 Year**: 3 of 5 stars - **Funds in Category**: 437 Funds in Category - **10 Year**: 2 of 5 stars - **Funds in Category**: 369 Funds in Category [Disclosure 2] ### Morningstar Overview Ranking - **Category: **: Small Value - **As of **: 09/30/2026 - **1 Year**: Rank 446 - **Funds in Category**: 473 Funds in Category - **Group Percentile**: 94% - **3 Year**: Rank 374 - **Funds in Category**: 455 Funds in Category - **Group Percentile**: 84% - **5 Year**: Rank 230 - **Funds in Category**: 437 Funds in Category - **Group Percentile**: 56% - **10 Year**: Rank 169 - **Funds in Category**: 369 Funds in Category - **Group Percentile**: 51% [Disclosure 3] ### Morningstar Medalist Rating - **Morningstar Medalist Rating™**: Bronze - **As of **: 08/31/2026 - **Category: **: Small Value - **Analyst-Driven %: **: 10 - **Data Coverage %: **: 100 [Disclosure 4] ### Lipper Rankings: Small-Cap Core Funds - **As of**: 09/30/2026 - **1 Year**: Rank 201 - **Funds in Category**: 213 Funds in Category - **Group Percentile**: 94% - **3 Year**: Rank 173 - **Funds in Category**: 205 Funds in Category - **Group Percentile**: 84% - **5 Year**: Rank 123 - **Funds in Category**: 195 Funds in Category - **Group Percentile**: 63% - **10 Year**: Rank 90 - **Funds in Category**: 164 Funds in Category - **Group Percentile**: 55% [Disclosure 5] ## Portfolio ### Portfolio Stats - **Number of Holdings** (As of 09/30/2026): 90 - **Fund Assets** (As of 09/30/2026): $8.00bn - **Turnover Ratio (Trailing 12 month) (6/30/2025)**: 35.25% - **Wtd. Avg. Market Cap**: $3.14bn - **Median Market Cap**: $2.14bn - **P/B Ratio**: 1.23 [Disclosure 6] - **P/E Ratio (1 yr. forecast)**: 11.96 [Disclosure 7] - **P/E Ratio (1 yr. trailing)**: 14.34 [Disclosure 8] ### Top 10 Holdings _As of 09/30/2026_ | Holding | Weight | | --- | ---: | | Amcor plc | 5.9% | | Fidelity National Information Services, Inc. | 4.6% | | Healthpeak Properties, Inc. | 4.0% | | Old National Bancorp | 3.1% | | LKQ Corp. | 2.8% | | Sonoco Products Co. | 2.4% | | Primo Brands Corp. | 2.3% | | FNB Corp. | 2.1% | | Silgan Holdings, Inc. | 2.1% | | Americold Realty Trust, Inc. | 2.0% | | Total of top 10 | 31.3% | [Disclosure 9] ### Sector Breakdown _As of 09/30/2026_ | Sector | Fund | Index | | --- | ---: | ---: | | Communication Services | 0.0% | 2.5% | | Consumer Discretionary | 7.5% | 9.0% | | Consumer Staples | 4.7% | 2.2% | | Energy | 4.0% | 7.9% | | Financials | 23.6% | 28.4% | | Health Care | 10.6% | 12.1% | | Industrials | 15.7% | 12.1% | | Information Technology | 0.6% | 7.3% | | Materials | 16.7% | 4.0% | | Real Estate | 10.2% | 9.2% | | Short-Term Investments | 0.2% | 0.0% | | Utilities | 6.3% | 5.2% | [Disclosure 10] ### Risk Measures _As of 09/30/2026_ | Risk Measures | Risk Measures | | --- | ---: | | Alpha | -0.35 | | Beta | 0.85 | | Sharpe Ratio | 0.40 | | Standard Deviation | 17.12 | | Tracking Error | 6.80 | | R-squared | 87.00 | [Disclosure 11] ## Commentary **As of **: 09/30/2026 ### Topline Benchmark Russell 2000 Value IndexMarkets The average overweight to the materials sector contributed to the quarterly relative return, while the average underweight to the energy sector reduced the quarterly relative return.Helped The three largest, relative-return contributors were Avantor, SAIC and Devon Energy.Hurt The three largest, relative-return detractors were FIS, Primo Brands and Silgan.Outlook The Undiscovered Managers Behavioral Value Fund held 89 positions, with the top 10 accounting for 31% of the total and the top 25 accounting for 56%. ### Quarter in Review The Undiscovered Managers Behavioral Value Fund underperformed its benchmark, the Russell 2000 Value Index, for the quarter ended September 30, 2026. Avantor beat second quarter expectations and raised full-year guidance for organic growth and adjusted EPS, with its VWR (Van Waters and Rogers) distribution business returning to organic growth earlier than expected. SAIC beat second quarter estimates and raised full-year revenue and profit guidance and also disclosed a three-year margin goal of 11% versus mid-10% currently. Devon benefited from firmer commodity prices amid Iran-related geopolitical tensions. FIS reduced annual earnings guidance due to sales execution in its capital markets segment, although it increased free-cash-flow guidance. Primo Brands declined on concerns regarding its exposure to higher diesel and freight costs. Silgan reiterated guidance but cited soft market conditions in Brazil. ### Looking Ahead The Bloomberg forecast for one-year Beta is 0.93. ## Documents - [Factsheet: Undiscovered Managers Behavioral Value Fund (L)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-UMBV-L.PDF) - [Commentary: Undiscovered Managers Behavioral Value Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-UMBV.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 - Undiscovered Managers Behavioral Value Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-UMBV-1.pdf) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/904504842/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/904504842/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/904504842/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/904504842/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/904504842/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/904504842/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/904504842/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/904504842/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/904504842/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/904504842/NPX?site=JPMorganv3) ## Disclosures 1. 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 0.900% 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. 2. 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. 3. 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. 4. 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. 5. 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. 6. P/B ratio is the relationship between a stock's price and the book value of that stock. 7. 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. 8. 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. 9. 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. 10. Due to rounding, values may not total 100%. 11. 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.