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JPMorgan Value Advantage Fund
(JVAIX)
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JPMORGAN VALUE ADVANTAGE FUND

The freedom to find value.

Anchored in large-cap value stocks, the Value Advantage Fund has the flexibility to pursue compelling value opportunities across all market capitalizations.

Fund Story   Commentary  

Key Points

  • Portfolio management team is led by Jonathan Simon, an experienced value manager with over 35 years of industry experience—all at J.P. Morgan.
  • Invests primarily in high-quality companies with attractive valuations, strong competitive positions, and good prospects for long-term share price appreciation.
  • Top-decile performance vs. peers over the 10-year period and top-quintile performance over the 5-year period.1
  • Strong risk-adjusted returns: top-decile information ratio over 10 years.2
EXCESS GROWTH OF $100,000 over 10 years

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

Source: Morningstar, J.P. Morgan Asset Management; as of 6/30/16. Morningstar Large Value Category. Select Shares.Other share classes may have higher expenses, resulting 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.

1Source: Morningstar as of 6/30/16. Select Shares. Ranked as follows within the Morningstar Large Value category: 1-yr. (875/1368 funds), 3-yrs. (539/1169 funds), 5-yrs. (157/1030 funds) and 10-yrs. (32/756 funds).

2For information ratio, the excess return vs. the Russell 3000 Value divided by tracking error, the Fund (Select Shares) ranked within Morningstar Large Value category: 1 yr. (925/1156 funds), 3-yrs. (607/1108 funds), 5-yrs. (170/1,036 funds), 10 yrs. (36/923 funds) and since inception (4/877 funds).

Value investing: Why flexibility matters

Value Advantage PM Jonathan Simon explains how market cap flexibility helps him access today's opportunities.

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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Documents

Disclaimer

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

Total return assumes reinvestment of income.

The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. 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 fund expenses, including sales charges if applicable. An investor can not invest directly in an index.

The performance of the Lipper Multi-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.

©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.
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.

Total return assumes reinvestment of income.

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.