Core exposure to U.S. insights.

With its proven, long-term investment philosophy, the U.S. Equity Fund is designed as a strong portfolio foundation for large-cap investors.

Fund Story   Commentary  



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

Source: J.P. Morgan Asset Management. Morningstar; as of 3/31/16. Large Blend Category. Shown for the 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.

Key points

  • Investment philosophy driven by a proprietary, robust investment process with proven long-term performance.
  • Experienced multi-manager approach, averaging 27 years of industry experience.
  • Top-decile performance for the 10-year period and top-quintile performance for the 3- and 5-year periods.1
  • Competitive risk-adjusted performance with 2nd percentile information ratio over the 10-year period.2

1 Morningstar as of 3/31/16. Ranked for the following time periods: 848/1,573 for the one-year, 179/1,398 for the three-year, 242/1,225 for the five-years and 31/893 for the 10-year.
2 Information Ratio: A risk-adjusted performance measure defined as excess return divided by tracking error. This ratio considers the annualized standard deviation of both series (measures of risks inherent in owning either a portfolio or the benchmark). Ranked as follows: 755/1584 for the one-year, 176/1493 for the three-year, 224/1,378 for the five-year and 21/1203 for the 10-year.


Rigorous research, repeatable results

The U.S. stock market provides a wealth of attractive opportunities that can be uncovered by experienced, skilled investors. The U.S. Equity Fund benefits from the stock ideas generated by the team of dedicated career analysts whose disciplined and repeatable research process has consistently identified stocks that have outperformed the S&P 500 Index since 1986.

The experienced portfolio management team then uses these stock valuation rankings, along with their own insights, to construct a portfolio capable of delivering strong, long-term performance. Forecasting company prospects over the upcoming eight years, also aids to better determine real potential and deliver an information advantage.


Chart source: J.P. Morgan Asset Management. January 1, 1986 – March 31, 2016. Shown for illustrative purposes only. Quintile performance represents the annualized returns of quintiles vs. the annualized return of the S&P 500 Index over the full time period. Quintile performance results have certain inherent limitations. Unlike an actual performance record, quintile results do not represent actual trading, liquidity constraints, fee schedules and transaction costs. No representation is being made that any portfolio will or is likely to achieve profits or losses similar to those shown. Past performance does not guarantee future results.


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Fund Managers

For more information about this fund, please see the commentary posted below. 
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Please refer to the prospectus for additional information about cut-off times.

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.

The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Index levels are in total return USD. The performance of the index does not reflect the deduction of expenses associated with a fund, such as management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Large-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.

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.

©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.
©2016, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar Rating™ metrics are calculated monthly by subtracting 90-day Treasury return from the fund's load-adjusted return and adjusting for risk. Stars are awarded as follows: top 10% of funds, 5 stars; next 22.5%, 4 stars; next 35%, 3 stars; next 22.5%, 2 stars; bottom 10%, 1 star. Morningstar Ratings are based on 3, 5 and 10 year metrics. Different share classes may have different ratings.
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.

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.