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JPMORGAN INTREPID VALUE FUND

Capitalize on market inefficiencies.

With an eye towards capturing value opportunities that are often caused by irrational investing, the Intrepid Value Fund combines quantitative analytics with fundamental research based on behavior underpinnings to deliver consistent long-term results.

HIGHLIGHTS

Key points

  • Style-pure approach to value investing that focuses on consistency.
  • Differentiated approach combines quantitative and fundamental investing.
  • Outperformed benchmark in nine of 11 calendar years since inception.1
  • Top-quintile performance for the three- and five-year periods.1

1 Source: Morningstar as of 12/31/15. Select Shares. Ranked for the following time periods within the Morningstar Large Value category: 804/1384 funds for the one-year, 176/1211 funds for the three-year, 131/1071 funds for the five-year and 200/744 funds for the 10-year.


Finding value others may miss

The Fund’s experienced investment team uses a differentiated process that combines quantitative, based on behavioral finance principles, with fundamental research to validate stock selection.

Investor biases create the anomalies the Fund’s investment philosophy aims to exploit. The team seeks the opportunities that others might miss, by targeting companies with attractive valuations, superior quality, and strong momentum.

This approach has been time-tested, outperforming the Russell 1000 Value Index 97% of rolling 5-year periods since inception.

Performance

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Fees and Investment Minimums

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Portfolio

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Management

Fund Managers

For more information about this fund, please see the commentary posted below. 
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Disclaimer

Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

From 2/28/03 through 10/01/03, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund's performance may have been impacted.

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 Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. 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. Investors can not invest directly in an index.

The performance of the Lipper Large-Cap Value 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 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.
Behavioral finance strategies are not guaranteed to prevent the loss of capital.
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.