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.



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

Source: J.P. Morgan Asset Management, Morningstar; as of 3/31/16. Morningstar Large Value Category. Returns shown are for the Select Share class. Other share classes may have higher expenses, which would result in lower returns. Since inception (2/28/05) with dividend 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

  • 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 and since inception.2

1  Source: Morningstar as of 3/31/16. Select Shares. Ranked as follows within the Morningstar Large Value category: one-year (1017/1390 funds), three-years (475/1207 funds), five-years (162/1051 funds), and 10-years (27/764 funds).

2 For information ratio, the excess return divided by tracking error, the Fund (Select Shares) ranked as follows within the Morningstar Large Value category: one year (1029/1,205 funds), three years (499/1,157 funds), five years (125/1,063 funds), 10 years (10/952 funds) and since inception (3/912 funds). Ratings based on risk-adjusted criteria.

Opportunistic approach to value

The Fund’s portfolio combines a substantial foundation of high-quality stocks trading at attractive valuations with stocks that are underappreciated by investors but we view as having improving fundamentals and prospects for adding upside to the Fund.

Through this disciplined approach, the Fund has performed consistently well across different market environments.3

3 Trailing five years relative to the Russell 3000 Value. Up-capture ratio: 94.75%; down-capture ratio: 89.31%. Up-capture ratio measures a fund’s performance relative to the index in up-markets, while down-capture ratio measures performance relative to the index in down-markets. For up-capture ratios, higher numbers are better. For down-capture ratios, lower numbers are better. Both are calculated by dividing the fund’s returns by the returns of the index for the time period and multiplying that factor by 100.


Chart source: Morningstar as of 3/31/16. Percentile ranking shown for Select Shares relative to the Morningstar Large Value category. The chart is shown for illustrative purposes only. Past performance is no guarantee of future results.



Value investing: Why flexibility matters

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


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Fees and Investment Minimums

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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 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.

Ā©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.
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.

Small-capitalization investments typically carry more risk than investments in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market 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.

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.