JPMORGAN UNCONSTRAINED DEBT FUND
Loosen the constraints of your bond portfolio.
With a focus on mitigating downside risk, the Unconstrained Debt Fund targets attractive risk-adjusted returns in different market and interest rate environments by investing flexibly across global fixed income markets.
Fund Story >
- Highly experienced portfolio managers Bob Michele, Nick Gartside and Iain Stealey leverage the proprietary research of a globally integrated team of over 280 investment professionals.
- An unconstrained, best ideas fund with the ability increase to shift allocations and interest rate sensitivity dynamically as market conditions change.
- Delivered positive returns 100% of the time over rolling 3-year periods since inception.1
- Top-quintile Sharpe ratio over the three- and five-year periods and since inception.2
PERFORMANCE DURING PERIODS OF RISING RATES
1Source: Morningstar as of 9/30/17. Nontraditional Bond category. I Shares. Ranked: 1-yr. (214/349), 3-yrs. (99/264), 5-yrs. (45/160) and 10-yrs. (n/a).
2Sharpe ratio measures a manager’s excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation; I Shares ranked: 1-yr. (224/362), 3-yrs. (47/291), 5-yrs. (31/184), since inception (25/134) and 10-yrs. n/a. Past performance does not guarantee future results.
Chart source: Morningstar, Bloomberg; as of 9/30/17. Fund performance for I Shares with income reinvested. Fund rebased to 100 at Fund inception (12/1/10). Shown for illustrative purposes only.
Fees and Minimums
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 0.90% for A Shares, 1.40% for C Shares, 0.65% for I Shares, 1.25% for R2 Shares, 0.55% for R5 Shares and 0.50% 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 R2 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.
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.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities.
The BofA Merrill Lynch US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date.
The performance of the Lipper Alternative Credit Focus 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.
Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops.
Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment-grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk.
International investing bears greater risk due to social, economic, regulatory and political instability in countries in "emerging markets." This makes emerging market securities more volatile and less liquid developed market securities. Changes in exchange rates and differences in accounting and taxation policies outside the U.S. can also affect returns.
Total return assumes reinvestment of income.
Duration: Measures price sensitivity of fixed income securities to interest rate changes.
Average Life: The length of time the principal of a debt issue is expected to be outstanding.