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.
- Portfolio managers Jon Ingram, John Baker and Anis Lahlou-Abid leverage insights from over 50 European equity investment professionals.
- Unconstrained fund that invests in European stocks with attractive value, quality and momentum characteristics.
- Top-quintile performance for the five-year period, with top-decile batting average over five and 10 years.1
EXCESS GROWTH OF $100,000 OVER 10 YEARS
Compared to benchmark and category average, in thousands (difference vs. benchmark)
1Source: Morningstar as of 6/30/17. I Shares. Ranked: 1-yr. (42/134), 3-yrs. (47/97), 5-yrs. (12/79) and 10-yrs. (23/59). Batting average ranked: 1-yr. (39/141), 3-yrs. (55/107), 5-yrs. (4/99) and 10-yrs. (9/82). 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. Past performance does not guarantee future results.
Chart source: Morningstar, J.P. Morgan Asset Management; as of 6/30/17. Europe Stock category. Shown for the I 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.
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 1.50% for A Shares, 2.00% for C Shares, 1.25% for I Shares and 1.00% for L 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 2/28/2018 for A Shares, 2/28/2018 for C Shares, 2/28/2018 for I Shares and 2/28/2018 for L 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 MSCI Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index measuring the equity market performance of the developed markets in Europe. It consists of these 15 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
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 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.
International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns.
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.