Download JPMorgan Large Cap Growth Fund

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JPMorgan Large Cap Growth Fund
As of June 30, 2017
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While market prices continue to hit record levels, corporate profits
have, too; record profitability has come with healthy balance sheets
GTM – U.S. | Page 7
Source: Compustat, FactSet, Standard & Poor’s, J.P. Morgan Asset Management, (Top right) Federal Reserve, S&P 500 individual company 10k filings, S&P Index Alert; as of 6/30/17. Shown for
illustrative purposes only. Past performance is no guarantee of future results. EPS levels are based on operating earnings per share. Earnings estimates are Standard & Poor’s consensus analyst
expectations. Past performance is not indicative of future returns. Currencies in the Trade Weighted U.S. Dollar Major Currencies Index are: British pound, euro, Swedish krona, Australian dollar,
Canadian dollar, Japanese yen and Swiss franc. *1Q17 earnings are calculated using actual earnings for 98.6% of S&P 500 market cap and earnings estimates for the remaining companies. **Year-overyear change is calculated using the quarterly average for each period. USD forecast assumes no change in the U.S. dollar from its June 30, 2017 level. Guide to the Markets – U.S. Please see the
disclosure page for index definitions.
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U.S. equities still look attractive relative to bonds
GTM – OTB | Page 3
Source: Standard & Poor’s, Reuters, FactSet, FRB, J.P. Morgan Asset Management; as of 6/30/17. Shown for illustrative purposes only. Past performance is no guarantee of
future results. Earnings yield is the forward earnings yield (consensus analyst estimates of EPS over the next 12 months divided by price) as provided by IBES since June 1989,
and FactSet for June 30, 2017. Guide to the Markets – U.S. Please see the disclosure page for index definitions.
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J.P. Morgan Equities – Deeply resourced and research led
See “Additional information” page at the back of this presentation for further information.
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Executive summary
JPMorgan Large Cap Growth Fund
As of June 30, 2017
Seasoned portfolio management team focused on growth
Expertise
Giri Devulapally, lead Portfolio Manager, has been on the team since 2003 and ran the strategy since August 2005
He is supported by 5 dedicated growth analysts with an average of 18 years of experience
Fundamental, bottom-up approach that focuses on stocks with strong growth potential
Seeks companies with large addressable markets undergoing meaningful change, a sustainable competitive
advantage and executing well, and strong price momentum
Portfolio
Diversified portfolio with a focus on risk management
Portfolio has delivered competitive performance over time
Results
Style pure, high growth approach
Top decile performance over the 10 year period
Source: J.P. Morgan Asset Management
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Expertise
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An experienced team dedicated to growth investing
Lee Spelman
Managing Director
Head of U.S. Equity
Experience: 41/28
Growth
Lead Portfolio Managers
Research Team
Large Cap Growth
Giri Devulapally
Managing Director
Experience: 25/14
Tim Parton
Managing Director
Eytan Shapiro
Managing Director
CIO Growth & Small Cap Team
Experience: 34/32
Mid/Small Cap Growth
Larry Lee ED
Financials /
Business
Services
Experience: 24/11
Felise Agranoff, MD
Energy/Industrials/
Financials
Experience: 13/13
Nancy Hoch, ED
Consumer
Experience: 23/15
Daniel Bloomgarden, ED
Consumer
Experience: 18/2
Experience: 31/31
Joe Wilson, ED
Technology
Experience: 12/3
Greg Tuorto, MD
Technology
Experience: 24/9
Holly Fleiss, ED
Healthcare
Experience: 13/5
Dr. Matt Cohen, MD
Healthcare
Experience: 20/12
Robert Maloney, VP
Industrials
Experience: 17/4
Client
Portfolio Managers
Michael Stein, VP
Industrials
Experience: 10/3
Jonathan Sherman
Managing Director
Experience: 19/12
James Connors
Executive Director
Experience: 13/13
Doug Stewart
Associate
Experience: 6/6
Nick Cangialosi
Associate
Experience: 7/6
Felise Agranoff is a Co-PM on the Mid & Small Cap Growth Strategies. Matt Cohen and Greg Tuorto are also Co-PMs on the Small Cap Growth Strategy.
As of June 2017. Years of experience: industry/firm. Note: MD = Managing Director; ED = Executive Director; VP = Vice President
There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or
success of any such professional serves as an indicator of such professional’s future performance or success.
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A dedicated portfolio team focused on Large Cap Growth
Also leverages the insights of the J.P. Morgan Equity organization, which includes over 40 research
analysts in the U.S. and over 200 globally
Giri Devulapally
Managing Director
Portfolio Manager
Experience: 25/14
Research Team
Larry Lee
Executive Director
Financials/Business
Services
Experience: 24/11
Nancy Hoch
Executive Director
Consumer
Experience: 23/15
Joe Wilson
Executive Director
Technology
Experience: 12/3
Robert Maloney
Vice President
Industrials
Experience: 17/4
As of June 30, 2017. Years of experience: industry/firm.
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Client Portfolio Managers
Holly Fleiss
Executive Director
Healthcare
Experience: 13/5
Jonathan Sherman
Managing Director
Experience: 19/12
James Connors
Executive Director
Experience: 13/13
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Portfolio
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Investment Philosophy
Giri Devulapally
Portfolio Manager
“We believe that long-term outperformance can be achieved by investing
in companies that have the ability to deliver significantly higher growth
than market expectations over the next 3-5 years.”
Risks that we seek to manage:
Don’t miss the truly outstanding stocks; it is difficult to
outperform if you don’t own the really big winners
Characteristics of great growth stocks:
A large addressable market undergoing meaningful change
Sustainable competitive advantage and strong execution
Avoid, or mitigate the impact of the big underperforming
stocks
Take greater active risk when finding a diversified group of
stocks that meet our investment criteria, however take less
active risk when we are having a more challenging time
finding those stocks
The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met.
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Good price momentum
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Our process is focused on identifying the stocks that meet our investment
criteria and constructing a diversified portfolio
Idea
Generation
Fundamental
Analysis
Run proprietary quantitative screens
on Russell 1000 Growth Index +
(Approx. 800 names)
Determine if a prolonged growth
opportunity exists
– Earnings revisions
Assess competitive dynamics
– Price momentum
– Valuation
Narrow investable universe to 150-200
companies
Company meetings
Industry conferences
Evaluate attractiveness of business
model
Track record of management’s ability
to execute
Potential for margin expansion
Balance sheet strength
Portfolio
Construction
Bottom-up, fundamental
Giri Devulapally utilizes the
fundamental analysis coupled with his
insights to create a diversified portfolio
of 60-90 stocks
Position sizes determined by
conviction level
– Quality of business
– Risk/reward
– Diversification impact on portfolio
Portfolio guidelines
– Stocks at + / - 5% relative to the
benchmark
For illustrative purposes only.
The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met.
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0903c0a81277240
MasterCard
Large addressable market (paper-to-plastic drives
market growth)
– 85% of payments around the world are still in cash/checks.
As these go increasingly electronic, payment networks like
MasterCard will be the primary beneficiaries.
Competition advantage (duopoly limits competition)
– MasterCard and Visa dominate the global payments market.
They control the bulk of the US credit and debit markets and
have majority shares in most international markets as well,
thus creating huge barriers to entry for the competition.
MA stock price, June 2014 - 2017
$135
$125
$115
$105
$95
$85
Jun-17
Apr-17
Feb-17
Dec-16
Oct-16
Aug-16
Jun-16
Apr-16
Feb-16
Dec-15
Oct-15
Aug-15
Jun-15
Apr-15
Feb-15
Dec-14
Oct-14
$65
Aug-14
– MasterCard’s business model has huge leverage, with
incremental margins per transaction close to 100%.
Combined with the strong secular growth trends, this should
drive robust earnings growth for years to come.
$75
Jun-14
Executing on competitive advantage (high operative
leverage)
Sources: FactSet, J.P. Morgan Asset Management
The security highlighted above has been selected based on its significance and is shown for illustrative purposes only. It should not be interpreted as a recommendation to buy or sell. It should not be
assumed that other securities in the portfolio have performed in a similar manner. Past performance is not indicative of future returns.. A complete list of portfolio holdings for the past year is available upon
request.
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The active risk profile of the portfolio fluctuates based on the conviction and
diversification of our ideas from the bottom up
Active share, quarterly since PM inception
80%
Active Share
Average
76%
75%
75%
74%
74%
73%
73%
73%
75%
74%74%
Average: 68%
73%
71%71%
70%
68%
69%
69%
68%
66%
67%
65%
66%
65%65%
66%67%66%
67%
61%
69%69%
69%
67%
66%
65%
64%
62%
61%
71%71%72%71%
64%
64%
63%63%
62%
62%
61%
60%
58%
55%
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
50%
Source: J.P. Morgan Asset Management, Frank Russell Company. For illustrative purposes only.
Active share relative to the Russell 1000 Growth Index
Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index; Active Share is calculated by taking the sum of the absolute value of the
differences of the weight of each holding in the manager's portfolio versus the weight of each holding in the benchmark index and dividing by two.
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Sector breakdown
JPMorgan Large Cap Growth Fund
As of June 30, 2017
Benchmark
Russell 1000 Growth Index
Absolute and relative sector positions
Absolute
Relative
35.1%
21.4%
15.7%
12.9%
8.3%
5.1%
4.9%
3.5%
2.3%
1.8%
-0.5%
Consumer
Discretionary
Financial
Services
Health Care
Producer
Durables
0.0%
0.0%
-0.8%
-1.0%
-4.5%
-4.9%
Technology
0.8%
Materials &
Processing
Consumer
Staples
Energy
Utilities
Source: J.P. Morgan Asset Management, Frank Russell Company.
The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. Past
performance is not an indication of current and future performance.
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Portfolio characteristics & top overweights
JPMorgan Large Cap Growth Fund
As of June 30, 2017
Benchmark
Portfolio
Portfolio
Index
Weighted Avg. Market Cap
$180.4bn
$190.7bn
21.0x
18.9x
Price / Earnings, 12-mth fwd1
19.1%
14.7%
Beta2
1.05
1.00
Tracking Error2
4.73
N/A
EPS Growth, 12-mth fwd
Turnover3
Active Share
Number of holdings
26%
Russell 1000 Growth Index
Portfolio
weight (%)
Benchmark
weight (%)
Active
position (%)
Intuitive Surgical
3.40
0.30
3.10
MasterCard
3.72
1.01
2.71
NVIDIA
3.43
0.72
2.71
Ulta Beauty
2.59
0.15
2.44
Delta Air Lines
2.43
0.00
2.43
Amazon.com
5.67
3.39
2.28
Charles Schwab
2.56
0.36
2.20
Home Depot
3.68
1.62
2.06
Activision Blizzard
2.32
0.37
1.95
Broadcom
2.57
0.82
1.75
Top Overweights
N/A
61%
N/A
62
557
The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell.
1. Excludes negatives.
2. Three-year trailing, calculated on a monthly basis
3. Average 12-month turnover over past three years
Source: FactSet, J.P. Morgan Asset Management, Frank Russell Company.
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BARRA tilts relative to benchmark
JPMorgan Large Cap Growth Fund
As of June 30, 2017
Benchmark
Russell 1000 Growth Index
BARRA tilts
Earnings variation
PREDICTED
TRACKING ERROR:
3.05
0.03
Earnings yield
-0.15
Growth
0.30
Leverage
-0.14
Momentum
PREDICTED BETA:
1.04
0.37
Size
0.05
Value
0.02
Volatility
Dividend Yield
-0.75
For illustrative purposes only.
Source: BARRA, J.P. Morgan Asset Management. Frank Russell Company.
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0.12
-0.32
-0.25
0.25
0.75
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Results
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Performance
JPMorgan Large Cap Growth Fund
For the periods ended June 30, 2017
Market value
Fund
$12,328m
Annualized performance at NAV (%)
YTD
1 Year
3 Years
5 Years
10 Years
Since Inception*
JPM Large Cap Growth Fund (I Shares)
21.09
27.65
11.41
13.86
9.39
9.52
Russell 1000 Growth Index
13.99
20.42
11.11
15.30
8.91
9.11
Excess Returns vs. Index
7.09
7.23
0.30
-1.45
0.48
0.41
--
7
13
54
9
15
Morningstar % Rank (Large Growth)
Calendar year performance (%)
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
JPM Large Cap Growth Fund (I Shares)
4.90
6.21
23.70
-39.56
34.81
22.63
2.90
12.11
32.69
10.86
7.61
-2.04
Russell 1000 Growth Index
5.26
9.07
11.81
-38.44
37.21
16.71
2.64
15.26
33.48
13.05
5.67
7.08
Excess Returns vs. Index
-0.36
-2.86
11.89
-1.12
-2.40
5.92
0.26
-3.15
-0.79
-2.19
1.94
-9.12
62
60
8
42
47
6
8
84
60
42
18
88
Morningstar % Rank (Large Growth)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For
performance current to the most recent month-end please call 1-800-338-4345.
Source: J.P. Morgan Asset Management, Morningstar, Frank Russell Company. Note: Performance is stated net of fees. The ranking information is provided by Morningstar. The performance quoted is past
performance and is not a guarantee of future results. As of 6/30/17 the Large Cap Growth Fund (I Shares) was ranked in the Morningstar Large Cap Growth category for the following time periods: 90 out of
1,426 for the one-year period, 163 out of 1,279 funds for the three-year period, 626 out of 1,154 funds for the five-year period, 74 out of 809 funds for the ten-year period and 102 out of 705 funds for the
since inception period. Past performance is no guarantee of future results. Different share classes may have different rankings. The Russell 1000 Growth Index ® measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted growth values. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales
charges or redemption fees.
* The Large Cap Growth Fund was launched February 28, 1992. Effective July 31, 2004, the current portfolio management team assumed responsibility of the portfolio and effective July 31, 2005, Giri
Devulapally became lead portfolio manager. Since PM Inception performance is shown from 7/31/2005.
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Appendix
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Large Cap Growth biographies
Giri Devulapally
Giri Devulapally, managing director, is a portfolio manager in the U.S. Equity Group. An employee since 2003, Giri is responsible for managing the Large
Cap Growth Strategy and the Dynamic Growth Strategy. Prior to joining the firm, he worked for T. Rowe Price for six years, where he was an analyst
specializing in technology and telecommunications. Giri received a B.S. in electrical engineering from the University of Illinois and an M.B.A. with a
concentration in finance from the University of Chicago. He is a CFA charterholder.
Larry H. Lee
Larry H. Lee, executive director, is a business services analyst within the U.S. Equity group. An employee since 2006, Larry is responsible for covering a
broad range of industries and companies. Prior to joining the firm, Larry spent 11 years as a sell side analyst at several firms, including CIBC World
Markets, Merrill Lynch and Banc of America Securities, primarily focused on the Business Services sector. He holds a B.A. in economics from Stanford
University and an M.B.A. from University of Chicago.
Nancy F. Hoch
Nancy F. Hoch, executive director, is a consumer analyst within the U.S. Equity group. Nancy joined the group in 2007 after spending five years as a sell
side analyst in the firm's Investment Bank, where she served as the lead associate on Broadlines Retailing team and later as the senior analyst covering
Small/Mid Cap Retailing. Prior to that, Nancy worked as a marketing consultant at the Hudson River Group and as a business analyst for Crabtree &
Evelyn. Nancy holds a B.A. in geography from Dartmouth College and an M.B.A. from Northwestern University's Kellogg School of Management. She is a
member of both the New York Society of Security Analysts and the CFA Institute and is a CFA charterholder.
Holly Fleiss
Holly Fleiss, executive director, is a health care analyst within the U.S. Equity group. Holly joined the group in 2012 after spending 5 years as a buy side
analyst at HealthCor Management, focusing on the biotechnology, specialty and pharmaceutical sectors. Prior to that, she spent 3 years at ThinkPanmure
and UBS, where she focused on biotechnology, specialty and pharmaceutical stocks as part of a specialized life sciences team advising institutional and
ultra high-net-worth brokerage clients. Holly holds a B.A. and M.A. in Psychological and Brain Sciences from The Johns Hopkins University.
Joseph Wilson
Joseph Wilson, executive director, is a research analyst and portfolio manager within the U.S. Equity group. An employee since 2014, Joe is responsible
for the technology sector for JPMorgan’s large cap growth portfolios. He is also a portfolio manager on the Dynamic Growth Fund and a co-portfolio
manager on the J.P. Morgan U.S. Technology Strategy. Prior to joining the firm, Joe spent six years as a buy side analyst for UBS Global Asset
Management, where he covered the technology sector for the Large Cap Growth team from 2010 to 2014, and the Mid Cap Growth team in 2009. Prior to
that, Joe worked at RBC Capital Markets as a sell side research associate covering enterprise, infrastructure, and security software. Joe holds a B.A. in
Finance from the University of St. Thomas and an M.B.A. from the University of St. Thomas Opus College of Business.
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Large Cap Growth biographies
Robert B. Maloney
Robert B. Maloney, vice president, is a research analyst within the U.S. Equity group. An employee since 2013, Robert is responsible for the industrials,
energy and materials sectors for JPMorgan’s large cap growth portfolios. Prior to joining the firm, Robert spent ten years as a sell side analyst at Morgan
Stanley and Credit Suisse. At Morgan Stanley he served as the lead associate on their Large Cap Industrials team and later as the senior analyst covering
Small/Mid Cap Industrials. Robert also worked as the Industrials trading desk analyst at Morgan Stanley and Credit Suisse covering a broad-range of
Industrial verticals. Prior to that Robert worked as a consultant to the US Department of Defense and the United Nations. Robert holds a B.A. in
International Politics from the Georgetown University School of Foreign Service. He is a member of the CFA Institute and a CFA charterholder.
Jonathan Sherman
Jonathan Sherman, managing director, is a member of the U.S. Equity Group and co-head of the U.S. Equity Client Portfolio Management team. An
employee since 2005, Jonathan covers U.S. domestic institutional and funds clients as a portfolio specialist for U.S. Equities. In that capacity, he is
responsible for communicating investment performance, outlook and strategy positioning on behalf of the US Equity portfolio management team.
Additionally, he has a specific focus on U.S. Equity Growth & Small Cap strategies. Previously, he worked as a Senior Client Portfolio Manager on the
Global Equities team. Prior to joining the firm, Jonathan worked as a director of Asset Allocation Product Management at UBS Global Asset Management
and as an analyst in the Equity Research and Global Economics Group at Merrill Lynch. Jonathan obtained a B.A. from Syracuse University and an
M.B.A. in finance from Fordham University. He holds Series 7 and 63 licenses.
James Connors
James Connors, executive director, is a client portfolio manager in the U.S. Equity group. An employee since 2005, James is responsible for
communicating investment performance, outlook and strategy for the firm's U.S. small cap and growth platform. He previously focused on the Large Cap
Core and Large Cap Core 130/30 strategies. He has a B.S. in finance from Eastern Illinois University and holds the Series 7 and 63 licenses. He also is a
member of the New York Society of Securities Analysts and is a CFA charterholder.
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Additional information
The number of ‘investment professionals’ includes portfolio managers, research analysts, traders and client portfolio managers with VP title and above. Sourced from J.P. Morgan
Asset Management; as of March 31, 2017.
‘Serving 68% of world’s largest pension plans, sovereign wealth funds and central banks’ is sourced from J.P. Morgan Asset Management; as of March 31, 2017.
Top 10 global equity manager’ sourced from Pensions & Investments as of December 31, 2015 based on firms self-reporting % of AUM in equity
2016 Markets Choice Awards is a peer-based survey of exchanges, sell-side desks, institutional buy-side investors, hedge funds and technology providers.
The “equity mutual funds rated 4 or 5 stars” analysis is sourced from Morningstar for Global Investment Management open-ended funds that are rated by the aforementioned source.
The equity classification used is based on J.P. Morgan’s own categorization. The share class with the highest Morningstar star rating represents its respective fund. Other share
classes may have different performance characteristics and may have different ratings; the highest rated share class may not be available to all investors. All star ratings sourced from
Morningstar reflect the Morningstar Overall RatingTM. Funds with fewer than three years of history are not rated by Morningstar and hence excluded from this analysis. Fund Other
funds which do not have a rating are also excluded from this analysis. Ratings are based on past performance and are not indicative of future results.
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Disclosures
Contact JPMorgan Distribution Services at 1-800-338-4345 for a fund prospectus. You can also visit us
at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and
expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read
the prospectus carefully before investing.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment
product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an
investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an
investor’s own situation.
Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We
believe the information provided here is reliable. These views and strategies described may not be suitable for all investors. References to specific securities, asset classes and financial
markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Past performance is no guarantee of future results.
RISK SUMMARY: 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.
There can be no assurance that the professionals currently employed by JPMAM will continue to be employed by JPMAM or that the past performance or success of any such professional
serves as an indicator of such professional’s future performance or success. Any securities/portfolio holdings mentioned throughout the presentation are shown for illustrative purposes
only and should not be interpreted as recommendations to buy or sell.
Past performance does not guarantee future results. Total returns assumes reinvestment of any income. Total return assumes reinvestment of dividends and capital gains distributions and
reflects the deduction of any sales charges. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees
had not been waived, performance would have been less favorable.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The Russell 1000 Growth Index is an unmanaged index measuring the
performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
The Morningstar Rating TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds,
closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative
purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis
on downward variations and rewarding consistent performance. The top 10% of products in each product category 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 managed product is derived from a weighted average of the performance
figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year
rating/40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three
rating periods. Rankings do not take sales loads into account.
JPMorgan Funds are distributed by JPMorgan Distribution Services, Inc. (JPMDS) and offered by J.P. Morgan Institutional Investments, Inc. (JPMII); both affiliates of JPMorgan Chase &
Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMDS and JPMII are both members of FINRA/SIPC.
J.P. Morgan Asset Management is the marketing name for investment management businesses of JPMorgan Chase & Co. and its affiliates worldwide.
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