- Portfolio managers Tim Parton and Felise Agranoff are backed by a team of dedicated growth analysts.
- Seeks companies with large or growing addressable markets, a sustainable competitive advantage and strong management execution.
- Top-quartile performance over the five-year period and top-decile batting average over the five- and 10-year periods.1
GROWTH OF $100,000 OVER 10 YEARS
1Morningstar as of 12/31/16. Performance ranked: 1-yr. (588/644), 3-yrs. (248/588), 5-yrs. (109/504) and 10-yrs. (102/368). Batting average ranked: 1-yr. (270/667), 3-yrs.(19/639), 5-yrs. (22/596) and 10-yrs. (26/546). 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.
Chart source: Morningstar, J.P. Morgan Asset Management; as of 12/31/16. Mid-Cap Growth Category. Select Shares since inception 3/2/1989. Other share classes may have higher expenses, which would result in lower returns. Ten-year growth with dividends and capital gains reinvested. Past performance is no guarantee of future results.
The growth advantage strategy
Tim Parton, portfolio manager, suggests that by focusing on investment in the best companies regardless of capitalization, this innovative strategy offers two key advantages that make it stand out.
Management and Commentary
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 1.24% for A Shares, 1.74% for C Shares, 1.49% for R2 Shares, 1.24% for R3 Shares, 0.99% for R4 Shares, 0.79% for R5 Shares, 0.74% for R6 Shares and 0.93% for Select 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 10/31/2017 for A Shares, 10/31/2017 for C Shares, 10/31/2018 for R2 Shares, 10/31/2017 for R3 Shares, 10/31/2017 for R4 Shares, 10/31/2017 for R5 Shares, 10/31/2017 for R6 Shares and 10/31/2017 for Select 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 Midcap Growth Index is an unmanaged index measuring the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.
The performance of the Lipper Mid-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.
The performance of the Lipper Multi-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 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.
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.
Mid-cap funds typically carry more risk than funds investing in well-established "blue-chip" companies and have historically experienced a greater degree of volatility than the average stock.
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.
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.