JPMorgan High Yield Fund


High time for high yield.

Driven by macro insights and bottom-up fundamental credit research, the High Yield Fund aims to deliver greater income and return potential than core bond holdings, with less risk than stocks.



Source: Morningstar; as of 3/31/16. Shown for illustrative purposes only; calculated using monthly returns since 12/1/08 – 3/31/16. Past performance is no guarantee of future results.

Key points

  • Experienced management team has worked together through multiple market cycles over 25 years, including three recessions.
  • Combines bottom-up analysis with top-down insight to actively manage credit profile against market risk.
  • Delivered high relative returns through market cycles with lower-than-market volatility.
  • Top-quintile performance 100% of the time versus Morningstar High Yield Category over rolling 10-year periods.

A time-tested investment philosophy

The opportunity in today’s high yield market is driven by two related factors:

  • High spreads: The difference in yield between High Yield bonds and U.S. Treasuries is twice the 25-year average.
  • Lower default rates: Default rates remain well below long-term averages so investors are well-compensated for the additional risks vs. Treasuries.

The Fund’s experienced management team seeks to take advantage of this opportunity by combining fundamental credit research and security selection with top-down insight to actively manage the portfolio through economic cycles. The goal is to identify opportunities while minimizing the possibility of credit deterioration. The result is a fund that has experienced default rates that are approximately half the industry average.


Source: As of 3/31/16. J.P Morgan Asset Management, Moody’s Investors Service. Past performance is no guarantee of future results.


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Fund Managers

For more information about this fund, please see the commentary posted below. 
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Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

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.

The Barclays U.S. Corporate High Yield - 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper High Yield Bond 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 assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

©2016, 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.
©2016, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar Rating™ metrics are calculated monthly by subtracting 90-day Treasury return from the fund's load-adjusted return and adjusting for risk. Stars are awarded as follows: top 10% of funds, 5 stars; next 22.5%, 4 stars; next 35%, 3 stars; next 22.5%, 2 stars; bottom 10%, 1 star. Morningstar Ratings are based on 3, 5 and 10 year metrics. Different share classes may have different ratings.
The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus.

Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops.

Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment-grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher rated securities, they tend to carry greater risk.

The Fund has the ability to invest 100% of its total assets in high yield securities.

Investments in derivatives may be riskier than other types of investments. They may be more sensitive to changes in economic or market conditions than other types of investments. Many derivatives create leverage, which could lead to greater volatility and losses that significantly exceed the original investment.
Total return assumes reinvestment of income.

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.

The rate of return anticipated on a bond if it is held until the maturity date.