This share class currently has a limited offering, please see prospectus for more details on the offering.
- Portfolio management team is led by Jonathan Simon, an experienced value manager with over 36 years of industry experience — all at J.P. Morgan.
- Seeks to identify high quality companies that appear to be undervalued and have the potential for capital appreciation.
- Top-quintile performance for the 3- and 5-year periods, and only fund in its category to produce positive returns in 17 out of 19 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 12/31/16. Mid-Cap Blend Category. Select Shares. Ranked as follows: 1-yr. (240/427), 3-yrs. (54/371), 5-yrs.(47/332) and 10-yrs. (48/219). Past performance does not guarantee future results.
Chart source: Morningstar, J.P. Morgan Asset Management; as of 12/31/16. US OE Mid-Cap Blend category. 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.
Value investing: Why flexibility mattersFebruary 29, 2016
Value Advantage PM Jonathan Simon explains how market cap flexibility helps him access today's opportunities.
Management and Commentary
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.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
The Russell Midcap Value Index is an unmanaged index measuring the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.
The performance of the Lipper Mid-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.
The performance of the Lipper Multi-Cap Core 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.
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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.
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.
Average Life: The length of time the principal of a debt issue is expected to be outstanding.
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.