As of April 3, 2017, this fund's Select share class has been renamed to I. Please see the prospectus for more details.
- Portfolio management team led by experienced value manager Jonathan Simon.
- 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 five-year period.1
- Strong risk-adjusted returns: top-decile information ratio over 10-year period.2
EXCESS GROWTH OF $100,000 over 10 years
Compared to benchmark and category average, in thousands (difference vs. benchmark)
Chart source: Morningstar, J.P. Morgan Asset Management; as of 3/31/17. Morningstar Large Value Category. I Shares. Other share classes may have higher expenses, resulting in lower returns. 10-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 3/31/17. I Shares. Ranked as follows within the Morningstar Large Value category: 1-yr. (333/1258), 3-yrs. (411/1084), 5-yrs. (146/936) and 10-yrs. (17/679).
2For information ratio, the excess return vs. the Russell 3000 Value divided by tracking error, the Fund(I Shares) ranked within Morningstar Large Value category: 1 yr. (373//1301), 3-yrs. (559/1205), 5-yrs. (198/1106) and 10-yrs. (22/957).
Value investing: Why flexibility mattersFebruary 29, 2016
Value Advantage PM Jonathan Simon explains how market cap flexibility helps him access today's opportunities.
Fees and Minimums
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, 0.99% for I Shares, 0.75% for L Shares, 1.25% for R3 Shares, 1.00% for R4 Shares, 0.85% for R5 Shares and 0.75% for R6 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 10/31/2018 for A Shares, 10/31/2018 for C Shares, 10/31/2018 for I Shares, 10/31/2018 for L Shares, 10/31/2018 for R3 Shares, 10/31/2018 for R4 Shares, 10/31/2018 for R5 Shares and 10/31/2018 for R6 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.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
The Russell 3000 Value Index is an unmanaged index measuring 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 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 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%.
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.
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.
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.