As of April 3, 2017, this fund's Select share class has been renamed to I. Please see the prospectus for more details.
- Experienced portfolio manager Tim Parton is supported by 10 dedicated growth analysts.
- Seeks companies with large or growing addressable markets, a sustainable competitive advantage and strong management execution.
- Flexibility to invest in the best growth companies regardless of market capitalization.
- Top-decile performance, batting average and information ratio over the 5- and 10-yr. periods.1
EXCESS GROWTH OF $100,000 over 10 years
Compared to benchmark and category average, in thousands (difference vs. benchmark)
Source: Morningstar, J.P. Morgan Asset Management; as of 6/30/17. Morningstar Large Growth Category. Returns shown are for the I Share class. Other share classes may have higher expenses, which would result in lower returns. Returns with dividend and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. The Fund changed its investment strategy from a mid-cap to multi-cap fund on 8/31/05. There can be no assurance that the current portfolio manager will continue to manage the fund or that past performance is an indicator of future performance. The $0 value for benchmark growth is the baseline for the over and under comparison.
1 The Fund (I Shares) was ranked: 1-yr. (193/1424), 3-yrs. (222/1277), 5-yrs. (63/1152) and 10-yrs. (50/803). Batting average measures consistency—calculated by dividing the number of months where the manager beats/matches the index by the total number of months in the period: 1-yr. (1/1459), 3-yrs. (6/1410), 5-yrs. (8/1388) and 10-yrs. (24/1162). For information ratio, the excess return vs. the benchmark divided by tracking error. 1 yr. (110//1459), 3-yrs. (261/1410), 5-yrs. (85/1388) and 10-yrs. (61/1162). Past performance does not guarantee future results.
The growth advantage strategy
Tim Parton, portfolio manager, suggests that by focusing on investment in the best companies regardless of capitalization, this innovative strategy offers two key advantages that make it stand out.
Fees and Minimums
Total return assumes reinvestment of income.
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 1.24% for A Shares, 1.74% for C Shares, 0.99% for I Shares, 1.25% for R3 Shares, 1.00% for R4 Shares, 0.85% for R5 Shares and 0.75% for R6 Shares 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 10/31/2018 for A Shares, 10/31/2018 for C Shares, 10/31/2018 for I Shares, 5/31/2018 for R3 Shares, 5/31/2018 for R4 Shares, 10/31/2018 for R5 Shares and 10/31/2018 for R6 Shares, 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.
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.
The Russell 3000 Growth Index is an unmanaged index measuring the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values.
The performance of the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.
Total return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%.
Â©2017, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.
Small-capitalization investments typically carry more risk than investments in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock.
The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. 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.
P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value.
P/B ratio: the relationship between a stock's price and the book value of that stock.
Sharpe ratio measures the fund's excess return compared to a risk-free investment. The higher the Sharpe ratio, the better the returns relative to the risk taken.
Tracking Error: The active risk of the portfolio, which determines the annualized standard deviation of the excess returns between the portfolio and the benchmark.
Alpha: The relationship between the performance of the Fund and its beta over a three-year period of time.
Standard deviation/Volatility: A statistical measure of the degree to which the Fund's returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund's monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.
R2: The percentage of a Fund's movements that result from movements in the index ranging from 0 to 100. A Fund with an R2 of 100 means that 100 percent of the Fund's movement can completely be explained by movements in the Fund's external index benchmark.
EPS: Total earnings divided by the number of shares outstanding.
Risk measures are calculated based upon the Funds' broad-based index as stated in the prospectus.