JPMorgan Opportunistic Equity Long/Short Fund
Name
As of 09/18/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-0.8%
1 yr return
-2.9%
3 Yr Avg Return
3.5%
5 Yr Avg Return
4.5%
Net Assets
$260 M
Holdings in Top 10
76.0%
52 WEEK LOW AND HIGH
$16.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.94%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/18/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
JOECX - Profile
Distributions
- YTD Total Return -0.8%
- 3 Yr Annualized Total Return 3.5%
- 5 Yr Annualized Total Return 4.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -2.57%
- Dividend Yield 0.0%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameJPMorgan Opportunistic Equity Long/Short Fund
-
Fund Family NameJPMorgan Funds
-
Inception DateAug 29, 2014
-
Shares Outstanding310569
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRick Singh
Fund Description
Under normal circumstances, the Fund will invest at least 80% of its Assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 and/ or S&P 500 Index, at the time of purchase. As of December 31, 2022, the market capitalization of the companies in the Russell 1000 Index ranged from $306 million to $2,088 billion. As of December 31, 2022, the market capitalization of the companies in the S&P 500 Index ranged from $3.64 billion to $2,088 billion. “Assets” means net assets plus the amount of borrowings for investment purposes.Part of the Fund’s investment strategy is to attempt to achieve lower volatility than that of its primary benchmark, the S&P 500 Index. Volatility management starts during the stock selection research process before inclusion in the portfolio. The Fund’s adviser will employ a number of strategies to manage the Fund’s volatility, including altering the Fund’s portfolio composition, adjusting the Fund’s gross exposure or net exposure, holding significant cash balances, or investing in options (to attempt to limit losses from stock positions). In implementing its strategy, the Fund primarily will buy or sell short common stocks, including real estate investment trusts (REITs) and depositary receipts.As the set of investment opportunities is constantly evolving, the Fund’s net exposure (the value of the Fund’s aggregate long positions minus its short positions) will vary over time. While in most instances the net exposure will be positive (more long exposure than short exposure), it is possible that the investment opportunities result in a net short exposure. Net exposure will range from -30% to +80%. The Fund’s gross equity market exposure is limited to 200%.Short sales involve the sale of a security which the Fund does not own in hopes of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund.Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use equity index futures contracts and options, both long and short, to gain or reduce exposure to specific investments or the overall equity market. The Fund may also invest in exchange traded funds (ETFs) for these purposes.The Fund is non-diversified.Investment Process: J.P. Morgan Investment Management Inc., (JPMIM or the adviser) employs a process that combines research, valuation and stock selection to identify investments. Long and short positions are vetted through a disciplined research process and valuation framework which leverages the insights of the adviser’s fundamental analyst platform that actively analyzes approximately 800 stocks. The adviser buys long positions in companies with strong management teams, strong competitive positions and earnings growth rates in excess of peers. Long purchases may also be companies that the adviser believes have improving investment factors, such as business drivers (revenues, profitability, capital intensity, and capital allocation), industry structure, regulatory environment and/or legal risk. Short sales generally are characterized by companies with deteriorating incremental changes in such investment factors. The adviser may also take short positions as part of its volatility management. The adviser may sell a long position or cover a short position due to a change in the company’s fundamentals, a change in the original reason for purchase of an investment, or if the adviser no longer considers the security to be reasonably valued. Investments may also be sold or covered if the adviser identifies another investment that it believes offers a better opportunity. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund invests. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuersmay be purchased and retained by the Fund for reasons other than material ESG factors while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors.
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JOECX - Performance
Return Ranking - Trailing
| Period | JOECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.8% | -13.0% | 24.5% | 82.02% |
| 1 Yr | -2.9% | -19.1% | 18.1% | 94.15% |
| 3 Yr | 3.5%* | -27.9% | 29.2% | 69.03% |
| 5 Yr | 4.5%* | -14.2% | 16.2% | 47.45% |
| 10 Yr | N/A* | -8.0% | 5.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | JOECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -20.0% | -54.0% | 17.4% | 85.19% |
| 2022 | 0.2% | -40.0% | 54.1% | 71.15% |
| 2021 | 21.1% | -47.6% | 88.4% | 14.67% |
| 2020 | 1.3% | -20.3% | 62.6% | 87.94% |
| 2019 | -3.4% | -53.1% | 12.7% | 22.06% |
Total Return Ranking - Trailing
| Period | JOECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.8% | -13.0% | 24.5% | 82.02% |
| 1 Yr | -2.9% | -9.9% | 27.3% | 94.15% |
| 3 Yr | 3.5%* | -27.5% | 49.9% | 69.03% |
| 5 Yr | 4.5%* | -6.5% | 28.4% | 47.45% |
| 10 Yr | N/A* | -3.7% | 9.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | JOECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -20.0% | -54.0% | 50.3% | 92.59% |
| 2022 | 22.9% | -40.0% | 61.6% | 32.05% |
| 2021 | 31.5% | -29.9% | 91.0% | 13.33% |
| 2020 | 1.3% | -17.9% | 79.4% | 91.49% |
| 2019 | -1.6% | -47.8% | 12.7% | 22.06% |
NAV & Total Return History
JOECX - Holdings
Concentration Analysis
| JOECX | Category Low | Category High | JOECX % Rank | |
|---|---|---|---|---|
| Net Assets | 260 M | 1.78 M | 147 B | 29.44% |
| Number of Holdings | 50 | 3 | 2670 | 67.23% |
| Net Assets in Top 10 | 197 M | -175 M | 1.1 B | 23.16% |
| Weighting of Top 10 | 75.97% | 1.5% | 100.0% | 20.90% |
Top 10 Holdings
- JPMorgan Prime Money Market Fund, Class Institutional 31.44%
- UnitedHealth Group, Inc. 8.25%
- PGE Corp. 7.32%
- Fiserv, Inc. 5.88%
- Walmart, Inc. 4.54%
- SPDR SP 500 ETF Trust 4.15%
- NXP Semiconductors NV 3.99%
- Berkshire Hathaway, Inc., Class B 3.91%
- Taiwan Semiconductor Manufacturing Co. Ltd. 3.56%
- NVIDIA Corp. 2.93%
Asset Allocation
| Weighting | Return Low | Return High | JOECX % Rank | |
|---|---|---|---|---|
| Cash | 48.33% | -67.46% | 106.99% | 28.81% |
| Stocks | 47.39% | -2.90% | 119.13% | 71.75% |
| Other | 0.13% | -35.22% | 39.56% | 36.16% |
| Preferred Stocks | 0.00% | 0.00% | 7.08% | 15.25% |
| Convertible Bonds | 0.00% | -0.02% | 4.48% | 4.68% |
| Bonds | 0.00% | -48.31% | 85.44% | 28.81% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | JOECX % Rank | |
|---|---|---|---|---|
| Healthcare | 24.40% | 0.00% | 100.00% | 9.93% |
| Consumer Defense | 17.27% | 0.00% | 33.38% | 4.64% |
| Technology | 17.24% | 0.00% | 43.24% | 56.29% |
| Industrials | 16.97% | 0.00% | 31.93% | 11.26% |
| Consumer Cyclical | 14.22% | 0.00% | 88.83% | 15.89% |
| Financial Services | 3.34% | 0.00% | 83.83% | 92.72% |
| Utilities | 2.79% | 0.00% | 21.71% | 36.42% |
| Real Estate | 2.36% | 0.00% | 10.93% | 39.07% |
| Communication Services | 1.41% | 0.00% | 32.32% | 88.74% |
| Energy | 0.00% | 0.00% | 32.57% | 85.43% |
| Basic Materials | 0.00% | 0.00% | 28.58% | 90.73% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | JOECX % Rank | |
|---|---|---|---|---|
| US | 47.39% | -24.26% | 116.70% | 66.67% |
| Non US | 0.00% | -43.01% | 95.82% | 28.81% |
JOECX - Expenses
Operational Fees
| JOECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.94% | 0.44% | 13.51% | 18.33% |
| Management Fee | 1.05% | 0.00% | 2.50% | 35.56% |
| 12b-1 Fee | 0.75% | 0.00% | 1.00% | 77.55% |
| Administrative Fee | 0.08% | 0.03% | 1.54% | 21.74% |
Sales Fees
| JOECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.50% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 4.00% | 10.53% |
Trading Fees
| JOECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| JOECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 479.00% | 98.63% |
JOECX - Distributions
Dividend Yield Analysis
| JOECX | Category Low | Category High | JOECX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 9.38% | 24.44% |
Dividend Distribution Analysis
| JOECX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annually | Annually | Annually |
Net Income Ratio Analysis
| JOECX | Category Low | Category High | JOECX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -2.57% | -3.33% | 2.16% | 97.75% |
Capital Gain Distribution Analysis
| JOECX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
JOECX - Fund Manager Analysis
Managers
Rick Singh
Start Date
Tenure
Tenure Rank
Aug 29, 2014
7.76
7.8%
Mr. Singh, is a senior member of the U.S. Equity Core team and has worked as a portfolio manager for J.P. Morgan Investment Management Inc. since 2013. Prior to joining the firm, Mr. Singh was a partner/Managing Director at 3G Capital, Standard Pacific and Karsch Capital. Mr. Singh began his investment career in 2000 and earned a B.S. in Commerce from University of Virginia.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 23.55 | 5.96 | 7.93 |