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.

Key Points

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 12/31/15. Select Shares. Ranked as follows within the Morningstar Large Value category: one-year (852/1378 funds), three-years (390/1190 funds), five-years (164/1042 funds), and 10-years (11/754 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 (757/1,219 funds), three years (372/1,149 funds), five years (143/1,067 funds), 10 years (4/947 funds) and since inception (4/917 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: 94.24%; down-capture ratio: 86.03%. 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.


Performance widget loading ...

Fees and Investment Minimums

Fees widget loading ...


Portfolio widget loading ...


Fund Managers

For more information about this fund, please see the commentary posted below. 
View our library for the latest insights  


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 and/or its providers; (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 damage or losses arising from any use of this information. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

Mid-cap funds typically carry more risk than stock funds investing in well-established "blue-chip" companies. Historically, mid-cap companies' stock has experienced a greater degree of market volatility than the average stock.

The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing 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.

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.

EPS: Total earnings divided by the number of shares outstanding.