NAV
As of 03/27/2025
$23.95
Change$-0.12
YTD
As of 03/27/2025
at NAV2.71%
with Sales Charge-2.69%
FUND ASSETS
As of 03/27/2025
$43.90bn
Fund Facts
TickerOIEIX
CUSIP4812C0464
Share Class Number3158
Asset ClassU.S. Equity
Fund Inception Date07/02/1987
Share Class Inception Date02/18/1992
ESG Approach Integrated
Fund Stats
Fund Assets
As of 03/27/2025$43.90bn
As of 03/27/2025$43.90bn
Number of Holdings
As of 02/28/202587
As of 02/28/202587
30 Day SEC Yield
As of 02/28/20251.33%
As of 02/28/20251.33%
30 Day SEC Yield Unsubsidized
As of 02/28/20251.33%
As of 02/28/20251.33%
12-Month Rolling Dividend Yield
As of 02/28/20251.52%
As of 02/28/20251.52%
Minimum Investments
pdp-overview-minimum-investments-ira-sub-header
Minimum Investment$1,000
Subsequent Investment$50
pdp-overview-minimum-investments-regular-sub-header
Minimum Investment$1,000
Subsequent Investment$50
A conservative approach to equities pays dividends.
The Equity Income Fund, which focuses on high-quality U.S. companies with healthy and sustainable dividends, seeks to provide lower volatility access to stock market growth.
Expertise
- Experienced co-portfolio management team with an average of over 30 years of industry experience.
Portfolio
- Invests in high-quality U.S. companies with attractive valuations and healthy dividends.
Results
- Outperformed its benchmark 87% of the time for rolling 5-year periods over 10 years.1
- Equity Income has provided less exposure to the downside, with 88% down capture over 10 years compared to US Fund Large Value average of 96% downside.
Chart source: Morningstar, J.P. Morgan Asset Management; data as of 12/31/24. Morningstar L
Portfolio Managers
Portfolio Manager
36 years
In the industry
36 years
With J.P. Morgan
5 years
Managing this fund
Portfolio Manager
27 years
In the industry
25 years
With J.P. Morgan
5 years
Managing this fund
Morningstar Ratings: Large Value
As of date-format
Analyst Rating Overall Morningstar RatingTM for a fund is derived from a weighted average of the performanc
Lipper Rankings: Equity Income Funds
As of date-format
The ranking information is provided by Lipper Analytical Services. Past performance is no guar
Fund Facts
TickerOIEIX
CUSIP4812C0464
Share Class Number3158
Asset ClassU.S. Equity
Fund Inception Date07/02/1987
Share Class Inception Date02/18/1992
ESG Approach Integrated
Fund Stats
Fund Assets
As of 03/27/2025$43.90bn
As of 03/27/2025$43.90bn
Number of Holdings
As of 02/28/202587
As of 02/28/202587
30 Day SEC Yield
As of 02/28/20251.33%
As of 02/28/20251.33%
30 Day SEC Yield Unsubsidized
As of 02/28/20251.33%
As of 02/28/20251.33%
12-Month Rolling Dividend Yield
As of 02/28/20251.52%
As of 02/28/20251.52%
Minimum Investments
pdp-overview-minimum-investments-ira-sub-header
Minimum Investment$1,000
Subsequent Investment$50
pdp-overview-minimum-investments-regular-sub-header
Minimum Investment$1,000
Subsequent Investment$50
Performance
Monthly
As of 02/28/2025
Cumulative
As of 02/28/2025
Performance - MONTHLY
| 1 MONTH | 3 MONTHS | YTD | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | 15 YEARS | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|---|---|---|
| At NAV | 1.14% | -1.97% | 6.18% | 15.83% | 7.45% | 12.03% | 9.33% | 11.76% | 9.06% |
| With 5.25% max. sales charge | -4.17% | -7.11% | 0.59% | 9.74% | 5.54% | 10.83% | 8.74% | 11.36% | 8.90% |
| Russell 1000 Value Index | 0.41% | -2.13% | 5.05% | 15.75% | 8.65% | 12.51% | 8.95% | 11.10% | - |
Performance - CUMULATIVE
| 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | 15 YEARS | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|
| At NAV | 15.83% | 24.06% | 76.49% | 144.08% | 430.06% | 2520.14% |
| With 5.25% max. sales charge | 9.74% | 17.55% | 67.22% | 131.23% | 402.23% | 2383.53% |
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: 7/2/1987
The benchmark shown represents the Fund's performance benchmark, which is different from the Fund's regulatory benchmark. The Fund's regulatory benchmark is the Russell 1000 Index and is included in the Fund's prospectus and/or shareholder report. This document can be obtained here.
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
0.95%
Net Expenses
0.95%
Dividend Schedule
Capital Gains Schedule
Topline
As of 2024/12/31
Benchmark Russell 1000 Value Index
Markets The S&P 500 Index returned +2.41% in the fourth quarter of 2024. Consumer discretionary and communication services were the best-performing sectors, returning +14.25% and +8.87%, respectively. Materials and health care were the worst-performing, returning -12.44% and -10.30%, respectively.
Hurt Stock selection in technology detracted from performance.
Helped Stock selection in financials contributed to portfolio results.
Outlook Easing inflation and improved prospects for growth have helped fuel optimism for a soft landing. However, certain systematic risks like the policy impact of the new administration in the U.S., potentially slower pace of rate cuts and significant geopolitical tensions can cause markets to be volatile. Through the volatility, we continue to focus on high-conviction stocks and take advantage of market dislocations for compelling stock-selection opportunities.
Quarterly
As of 2024/12/31
- The JPMorgan Equity Income Fund (I Class Shares) underperformed the benchmark, the Russell 1000 Value Index, for the quarter ending December 31, 2024.
- Within technology, Microchip Technology Inc (0.84% portfolio weighting), a semiconductor manufacturer, was a top detractor after disappointing on the pace of recovery in end-market demand. Given these demand trends are not dissimilar to industry peers and largely attributed to a buildup of consumer inventory, we have confidence that Microchip is not losing market share, and a cyclical rebound should provide relief. Longer term, we maintain conviction in the company due to its excellent management team and distinctive culture that promotes strong collaboration across business lines. This collaborative environment puts the company in a strong position to continue capturing market share and achieve industry-leading margins.
- Within health care, Bristol-Myers Squibb Co (1.81% portfolio weighting) served as a top contributor to performance. Solid back-to-back quarterly earnings reports and improved outlooks further boosted investor sentiment. Bristol-Myers highlighted the acceleration of growth for its new product portfolio, notably oncology and schizophrenia, which is needed to offset upcoming patent expirations over the next several years. The company continues to be a leader within oncology, and we maintain conviction given an impressive balance sheet, healthy dividend and clear management commitment to margin expansion.
Looking Ahead
As of 2024/12/31
- The team is constructive given the expectation of continued earnings breadth outside of the Magnificent Seven. We see many examples of quality companies trading at compelling valuations, i.e., coiled springs.
- Financials: Banks sport undemanding valuations paired with improving fundamentals, supported by a steepening yield curve. We own diversified banks with a clear runway for operational improvement. Additionally, we favor alternative vs. traditional asset managers, given more sustainable growth characteristics, and select fintech companies at reasonable valuations.
- Consumer: The consumer remains healthy; however, clear performance bifurcations have created intra-sector opportunities. We have trimmed winners, recycling proceeds into quality businesses where valuations are more reflective of near-term headwinds versus long-term earnings power.
- Energy & Industrials: We’ve trimmed winners within energy after a multi-year runof outperformance and limited perceived upside for near-term demand. Alternatively, we feel the stronger opportunity is in rails, given a clear path to volume growth and improving earnings thanks to stimulus and reshoring.
Performance
Monthly
As of 02/28/2025
Cumulative
As of 02/28/2025
Performance - MONTHLY
| 1 MONTH | 3 MONTHS | YTD | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | 15 YEARS | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|---|---|---|
| At NAV | 1.14% | -1.97% | 6.18% | 15.83% | 7.45% | 12.03% | 9.33% | 11.76% | 9.06% |
| With 5.25% max. sales charge | -4.17% | -7.11% | 0.59% | 9.74% | 5.54% | 10.83% | 8.74% | 11.36% | 8.90% |
| Russell 1000 Value Index | 0.41% | -2.13% | 5.05% | 15.75% | 8.65% | 12.51% | 8.95% | 11.10% | - |
Performance - CUMULATIVE
| 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | 15 YEARS | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|
| At NAV | 15.83% | 24.06% | 76.49% | 144.08% | 430.06% | 2520.14% |
| With 5.25% max. sales charge | 9.74% | 17.55% | 67.22% | 131.23% | 402.23% | 2383.53% |
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: 7/2/1987
The benchmark shown represents the Fund's performance benchmark, which is different from the Fund's regulatory benchmark. The Fund's regulatory benchmark is the Russell 1000 Index and is included in the Fund's prospectus and/or shareholder report. This document can be obtained here.
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