JPMorgan Intrepid European Fund


Selecting the best that Europe has to offer.

With an unconstrained approach to investing, the Intrepid European Fund is positioned to take advantage of compelling opportunities in a recovering European economy.

Fund Story   Commentary  



Compared to benchmark and category average, in thousands (difference vs. benchmark)

Source: J.P. Morgan Asset Management, Morningstar; as of 3/31/16. Europe Stock category. Shown for the Select Share class. Other share classes may have higher expenses, which would result in lower returns. Ten-year growth with dividends and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. The $0 value for benchmark growth is the baseline for the over and under comparison.

Key points

  • Unconstrained fund that invests in European stocks that possess attractive value, quality and momentum characteristics.
  • Portfolio managers Jon Ingram, John Baker and Anis Lahlou-Abid leverage insights from over 40 European equity specialists.
  • Top-quartile performance over the three- and five-year periods.1
  • Consistent outperformance: Batting average ranks first over the three-, five- and 10-year periods.2

1 Source: Morningstar as of 3/31/16. Select Shares. Ranked for the following time periods: 61/116 funds for the one-year, 19/91 for the three-year, 17/77 for the five-year and 29/63 for the 10-year.
2 Batting average: measures the manager’s ability to meet or beat the market consistently. It is calculated by dividing the number of quarters (or months) in which the manager beats or matches the index by the total number of quarters (or months) in the period. Ranked: one-year (56/119), three-year (2/105), five-year (1/92), 10-year (1/84). Past performance does not guarantee future results.

Standing the test of time

The portfolio management team, supported by a team of over 40 European equity investment professionals, employs a time-tested approach of identifying companies that possess attractive value, quality and momentum characteristics — a combination that has historically outperformed any one individual style.

The unconstrained nature of the fund provides the portfolio managers with the flexibility to capitalize on opportunities while managing risk.


Chart source: J.P. Morgan Asset Management; as of 3/31/16. Shown for illustrative purposes only. Past performance is no guarantee of future results. Chart shows the cumulative performance (rebased to 100 at Jan 1995 on a log scale) of inter-quintile spreads for each measure. Returns are in euros and are presented net of transaction costs (transaction costs are assumed to be 40 basis points per unit of turnover). Combined returns are based on top quintile minus bottom quintile ranked by value, quality and momentum. Universe is the S&P Europe BMI Index.


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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 MSCI Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. 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. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index.

The performance of the Lipper European Region 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. An individual cannot invest directly in an index.

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.

Ā©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.
International investing involves a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can affect returns.Because the Fund is concentrated in a single country or region, it is subject to the additional risk associated with a smaller number of issuers.
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.

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.

Beta measures a fund's volatility in comparison to the market as a whole. A beta of 1.00 indicates a fund has been exactly as volatile as the market.

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.