JPMorgan Large Cap Growth Fund - C - J.P. Morgan Asset Management

As of October 27, 2017, the JPMorgan Dynamic Growth Fund has merged into the JPMorgan Large Cap Growth Fund. Please see the prospectus for more details.


Invest in America’s biggest and best.

Targeting companies with large markets, sustainable competitive advantages and strong price momentum, the Large Cap Growth Fund seeks to harness the return potential of America’s fastest growing companies.

Fund Story  

Key Points

  • Experienced portfolio manager Giri Devulapally is supported by five dedicated growth analysts.
  • Style-pure large cap growth strategy that uses Russell 1000 Growth Index a fundamental, bottom-up approach to identify companies with strong growth potential.
  • Top-quintile performance, information ratio, and batting average over the 10-year period.1

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

1Source: Morningstar, I Shares as of 9/30/17. Large Growth Category. Ranked: 1-yr. (39/1398), 3 -yrs. (294/1259), 5-yrs. (508/1125) and 10-yrs. (110/800). Batting average measures manager’s ability to meet or beat the market consistently, calculated by dividing the number of quarters/months when the manager beats/matches the index by the total number of quarters/months in the period. 1-yr. (335/1458), 3-yrs. (260/1395), 5-yrs. (398/1372) and 10-yrs. (87/1157). For information ratio, the excess return vs. the benchmark divided by tracking error. 1-yr. (91/1458), 3-yrs. (321/1395), 5-yrs. (543/1372) and 10-yrs. (167/1157).

Chart source: Morningstar, J.P. Morgan Asset Management; as of 9/30/17. Morningstar Large Growth Category. Returns shown are for the I Shares. Other share classes may have higher expenses, resulting 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 $0 value for benchmark growth is the baseline for the over and under comparison.


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As of September 30, 2017

Quarter in review
  • The JPMorgan Large Cap Growth Fund (I Class Shares) underperformed the benchmark, the Russell 1000 Growth Index, for the quarter ended September 30, 2017.
  • An overweight position in NVIDIA (3.7% portfolio weighting) was the top contributor during the quarter. The company posted strong second-quarter results, with their gaming and datacenter segments generating year-over-year growth of 52% and 176%, respectively. We see potential for further upside as adoption of their graphics processing units (GPUs) within enterprise datacenters has more room to run. While NVIDIA remains a top position, we trimmed on strength as we have done throughout the year to manage risk in the position size.
  • An overweight position in MasterCard, Inc. (4.1% portfolio weighting) also contributed during the quarter. The stock traded higher as the company reported positive second quarter results. Revenue and earnings both topped expectations, primarily driven by accelerating U.S. purchase volume growth, resilient international volumes and a diminished foreign currency headwind. The company also hosted a bullish analyst day, which highlighted increases to its fiscal year and long-term targets.
  • An overweight position in Ulta Beauty, Inc. (1.6% portfolio weight) was the top detractor during the quarter. The stock traded lower despite the company announcing second-quarter earnings that actually came in ahead of consensus. The company reported same store sales growth of 11.7%, which slightly missed expectations of 12%, conjuring up fear that market share gains are slowing. While we pared back our position during the quarter, we continue to have a positive view of Ulta.
  • An overweight position in Delta Air Lines, Inc. (1.3% portfolio weighting) was a top detractor during the quarter. The stock traded lower as passenger revenue growth lagged expectations and investors expressed concern about industry capacity growth. We continue to expect that investors will come to realize the company’s strong market position against a backdrop of an improved industry structure. We continue to have a position, though we reduced it during the quarter.
Looking ahead
  • Information technology and financials remain the largest overweight exposures. Within financials, we continue to have a positive view towards companies with exposure to capital markets and interest rates. The information technology overweight continues to be driven by a variety of industries such as payments, semiconductors, video games, software and mobility.
  • The consumer staples and industrials sectors remain top underweight exposures.

Fees and Minimums

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Fund Managers



1Please refer to the prospectus for additional information about cut-off times.

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 0.94% for A Shares, 1.44% for C Shares, 0.69% for I Shares, 1.19% for R2 Shares, 0.94% for R3 Shares, 0.69% for R4 Shares, 0.54% for R5 Shares, 0.44% for R6 Shares and 0.94% for T 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 10/31/2019 for A Shares, 10/31/2019 for C Shares, 10/31/2019 for I Shares, 10/31/2019 for R2 Shares, 10/31/2019 for R3 Shares, 10/31/2019 for R4 Shares, 10/31/2019 for R5 Shares, 10/31/2019 for R6 Shares and 10/31/2019 for T 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 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The performance of the Lipper Large-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%.

©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.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.Rankings do not take sales loads into account.
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.

Effective November 22, 2017, the calendar year performance of the R3 share class, prior to the inception of the share class, was recalculated to take into consideration the expenses of the share class.

The prices of equity securities are sensitive to a wide range of factors, from economic to company-specific news, and can fluctuate rapidly and unpredictably, causing an investment to decrease in value.
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.