JPMorgan SmartSpending 2020 R3
Name
As of 03/30/2022Price
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
-6.1%
1 yr return
-1.2%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$26 M
Holdings in Top 10
64.7%
52 WEEK LOW AND HIGH
$15.4
$15.08
$17.30
Expenses
OPERATING FEES
Expense Ratio 0.69%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/30/2022Price
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
JTQNX - Profile
Distributions
- YTD Total Return -6.1%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.44%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameJPMorgan SmartSpending 2020 Fund
-
Fund Family NameJ.P. Morgan
-
Inception DateJul 01, 2020
-
Shares Outstanding1419
-
Share ClassRetirement
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerKatherine Santiago
Fund Description
The Fund is intended for investors who retired on or around the year 2020 and intend to spend down their holdings in the Fund. The Fund will invest in J.P. Morgan Funds and directly in securities and other financial instruments according to an investment strategy that seeks to achieve a level of total return that supports shareholders systematically redeeming, or spending down, a portion of their investment in the Fund each year until December 31, 2055 (the Fund’s maturity date). In implementing the Fund’s investment strategy, J.P. Morgan Investment Management Inc., the Fund’s investment adviser (the Adviser), will take into account both a “sample spend down amount” and related long-term risk and return targets. The sample spend down amount is a generic hypothetical example produced by the Adviser each year that seeks to estimate a percentage of a shareholder’s investment in the Fund as of the beginning of the year that theoretically could be redeemed by a shareholder during that year while still allowing for redemptions in future years through the maturity date. It attempts to balance income needs in the current year against longevity needs (i.e., the need for income in the future). The related long-term risk and return targets represent the investment return the Adviser seeks to achieve over the long-term and the risk level (i.e., the volatility of the Fund achieved by balancing between asset classes) the Adviser seeks to take to achieve that long-term return in light of the sample spend down amount. The sample spend down amount will be made available in January of each year on the Fund’s website at www.jpmorganfunds.com and by calling 1-800-480-4111.In determining investments, the Adviser will employ a multi-step process that utilizes both quantitative and qualitative inputs. First, on a date within 60 days prior to the start of each calendar year (the calculation date), the Adviser will use a quantitative methodology that takes into account various factors, such as past market performance, assumptions regarding future market performance, remaining time to the maturity date and data on the spending behavior of retirees in the market, to produce a preliminary sample spend down amount and associated long-term risk and return targets for the Fund. Second, the Adviser will conduct a qualitative review of the preliminary sample spend down amount and long-term risk and return targets based on its capital market views, the yield and volatility environment and retiree spending habits in the market as of the relevant calculation date, among other things, and finalize each for the relevant year. The Adviser will then actively manage the Fund’s portfolio, including the allocations between asset classes and investments, in an effort to seek to achieve the long-term risk and return targets and provide for the sample spend down amount.The process described above will be repeated on an annual basis. Because the Adviser will review the sample spend down amount and long-term risk and return targets on an annual basis taking into account the factors noted above, asset allocations are not expected to be static from year to year. Rather, the Adviser expects that allocations between asset classes will vary and typically fall within the following ranges:Global Equity20–50%Global Fixed Income50–70%Alternatives0–20%Cash & Cash Equivalents0–20%In addition to the annual review, the Adviser will actively review the allocations between asset classes during the year in an effort to manage the Fund’s overall volatility. In doing so, the Adviser may deviate from the expected allocation ranges noted above by +/-15% based on the Adviser’s market outlook and/or in response to market conditions. For example, the Adviser may, among other things, seek to increase allocations to the global fixed income asset class based on its market outlook in an effort to decrease the Fund’s volatility and preserve capital. The Adviser may also, among other things, seek to increase allocations to the global equity asset class to take advantage of what it believes is an investment opportunity, provided the Adviser believes the Fund’s expected volatility level as a result of the investment will be at a level consistent with the long-term risk and return targets. In instances where the Adviser believes that conditions are not favorable and substantial de-risking is necessary to preserve capital, deviations beyond +/-15% may occur. Updated information concerning the Fund’s allocations will be available in the Fund’s shareholder reports and on the Fund’s website at www.jpmorganfunds.com from time to time.The Fund gains exposure to the asset classes noted above through investments in mutual funds and exchange traded funds (ETFs) within the same group of investment companies (i.e., J.P. Morgan Funds), market cap weighted index ETFs that are managed by unaffiliated investment advisers for the limited purposes described below (unaffiliated passive ETFs) (collectively with the J.P. Morgan Funds, the underlying funds) and/or through direct investments in securities and other financial instruments. The Adviser currently anticipates that the Fund’s investments will consist mainly of J.P. Morgan Funds and unaffiliated passive ETFs, with a majority in J.P. Morgan Funds. However, the amount of the Fund’s assets allocated to J.P. Morgan Funds, unaffiliated passive ETFs and direct investments will vary over time and the Fund may be invested entirely in J.P. Morgan Funds, unaffiliated passive ETFs or direct investments at any given point in time. In selecting underlying funds, the Adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For actively-managed underlying funds, the Adviser limits its selection to J.P. Morgan Funds. For passive ETFs, the Adviser expects to use a J.P. Morgan ETF unless the Adviser determines the investment is not available. To the extent the Adviser determines in its sole discretion that an investment in a J.P. Morgan passive ETF is not available, only then will the Adviser consider an unaffiliated underlying fund. The Fund may invest in securities denominated in any currency and may invest in both developed and emerging market countries. Developed countries include the United States, Australia, Canada, Japan, New Zealand, the United Kingdom, most of the countries of Western Europe and Hong Kong; emerging market countries include most of the other countries in the world.With respect to its global equity investments, the Fund may invest in common stock, preferred stock, convertible securities, depositary receipts, warrants to buy common stocks, and underlying funds.With respect to its global fixed income investments, the Fund may invest in bank obligations, convertible securities, U.S. government securities (including agencies and instrumentalities), asset-backed securities, mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities (junk bonds), loan assignments and participations (Loans), debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, floating rate securities, inflation-indexed bonds and inflation-linked securities such as Treasury Inflation Protected Securities (TIPS), and underlying funds.The Fund’s alternative investments may include individual securities, underlying funds, and exchange traded notes (ETNs). The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, merger arbitrage strategies, real estate (including real estate investment trusts (REITs)), currencies and commodities. The Fund may also invest in derivatives, which are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives, such as futures contracts, options and forwards, to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund’s gain. For example, the Fund may utilize exchange traded futures and options to gain exposure to, or to overweight or underweight its investments among, the various asset classes and for interest rate risk management to adjust the duration position of the Fund. The Fund may also use exchange traded futures for cash management purposes. Forward currency transactions may be utilized to hedge exposure to non-dollar investments back to the U.S. dollar. Futures and options used to adjust the duration position of the Fund are not subject to or included as part of the Fund’s stated fixed income ranges. Underlying funds in which the Fund may invest may also use derivatives.The Fund may enter into short sales. In short selling transactions, the Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. The underlying funds in which the Fund may invest may also enter into short sales.The Fund is not a target date fund that follows a “glidepath” in which the mix of investments among asset classes becomes more conservative over time according to a predetermined path. Rather, the Fund’s allocations among asset classes will vary from year to year and may become more conservative or more aggressive in any given year based upon the Adviser’s annual review, but without regard to any particular shareholder’s behavior.Because it is assumed that shareholders will be spending down amounts invested in the Fund each year until the maturity date, the Fund’s assets are expected to decline over time and approach zero on the maturity date, at which time it is expected that the Fund will be liquidated. The Adviser anticipates that the sample spend down amount will increase as a percentage of a shareholder’s investment in the several years immediately preceding the maturity date and that the sample spend down amount will be 100% of a shareholder’s investment in the year 2055. As a result, the Fund and the sample spend down amount may be less useful for those who invest closer to the maturity date.The sample spend down amount is not expected to be level from year to year and instead will likely vary each year based upon changes in the underlying considerations noted above. The long-term risk and return targets of the Fund in any given year, including any income and gain from investments earned by the Fund, is not designed to be equal to or greater than the sample spend down amount for such year. This means that if you choose to follow the sample spend down amount, you will likely be redeeming shares and your investment in the Fund will be reduced. The sample spend down amount assumes the reinvestment of distributions in additional shares of the Fund. As a result, if distributions are not reinvested, following the sample spend down amount without adjusting for distributions not reinvested will increase the likelihood that a shareholder will (i) have insufficient shares for redemption in future years and (ii) exhaust his or her assets in the Fund prior to the maturity date. The sample spend down amount is not designed to comply with any required minimum distribution rules applicable to tax-deferred retirement accounts nor does it take into account any tax considerations to shareholders (including, for example, any early withdrawal penalties that may be imposed on shareholders in tax-deferred retirement accounts). Shareholders investing through a tax-deferred retirement account subject to a required minimum distribution who redeem shares of the Fund from such account will need to include such redemption amount, as appropriate, in the computation of any annual required minimum distribution. Many of the assumptions and factors upon which the sample spend down amount will be based are the result of estimates and judgment calls by the Adviser. If those assumptions and factors are inaccurate or incomplete, the sample spend down amount may not accurately reflect the amount that a shareholder could redeem during the year while still allowing for redemptions in future years. Shareholders should not consider the Fund as a complete solution for his or her investment or retirement income needs or as a guarantee of income. In making a decision about your investment in the Fund in your individual situation, or in assessing the adequacy of estimated distributions that you may receive at any particular time, you should consider all of your other assets, income and investments in addition to your investment in the Fund.The provision of a sample spend down amount is for the purpose of outlining a possible theoretical course of action. The sample spend down amount is a generic hypothetical example as of a specific calculation date that does not consider, nor is it based upon, a shareholder’s specific circumstances including his or her age, financial needs, risk tolerance, required minimum distribution amount under the Internal Revenue Code with respect to any year, if any, other assets and overall investment objectives. No suggestion is offered herein that any particular redemption amount is advisable under the circumstances outlined in the sample spend down amount, and, more generally, there is no recommendation herein regarding any particular course of conduct in any particular situation or with respect to any particular shareholder. The sample spend down amount does not constitute and is not intended to constitute a suggestion, recommendation or impartial advice of any kind. Instead, it will be presented merely for educational purposes so as to give an indication as to the kinds of approaches that may be possible, and each investor should make an independent decision regarding how to proceed based on the investor’s own independent analysis, taking into account whatever independent advice from the investor’s professional adviser, tax adviser or other third parties that the investor may regard as necessary or appropriate to obtain.
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JTQNX - Performance
Return Ranking - Trailing
| Period | JTQNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -6.1% | -12.7% | -5.5% | 6.18% |
| 1 Yr | -1.2% | -1.5% | 6.6% | 98.87% |
| 3 Yr | N/A* | 1.6% | 9.7% | N/A |
| 5 Yr | N/A* | 2.7% | 8.5% | N/A |
| 10 Yr | N/A* | 3.9% | 8.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | JTQNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.6% | -57.2% | 12.0% | 47.06% |
| 2022 | N/A | -12.1% | 12.6% | N/A |
| 2021 | N/A | -0.2% | 15.6% | N/A |
| 2020 | N/A | -16.8% | -5.1% | N/A |
| 2019 | N/A | -13.1% | 12.5% | N/A |
Total Return Ranking - Trailing
| Period | JTQNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -6.1% | -12.7% | -5.5% | 6.18% |
| 1 Yr | -1.2% | -5.9% | 6.6% | 86.93% |
| 3 Yr | N/A* | 1.6% | 9.7% | N/A |
| 5 Yr | N/A* | 2.7% | 8.5% | N/A |
| 10 Yr | N/A* | 3.9% | 8.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | JTQNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.6% | -57.2% | 12.0% | 47.06% |
| 2022 | N/A | -12.1% | 12.6% | N/A |
| 2021 | N/A | -0.2% | 15.6% | N/A |
| 2020 | N/A | -16.8% | -2.7% | N/A |
| 2019 | N/A | -13.1% | 15.7% | N/A |
NAV & Total Return History
JTQNX - Holdings
Concentration Analysis
| JTQNX | Category Low | Category High | JTQNX % Rank | |
|---|---|---|---|---|
| Net Assets | 26 M | 261 K | 49.9 B | 78.77% |
| Number of Holdings | 404 | 7 | 570 | 5.03% |
| Net Assets in Top 10 | 17.1 M | 157 K | 49.2 B | 78.77% |
| Weighting of Top 10 | 64.69% | 46.0% | 100.0% | 78.29% |
Top 10 Holdings
- JPMorgan Equity Index R6 14.25%
- JPMorgan BetaBuilders Intl Eq ETF 9.41%
- Federal National Mortgage Association 2% 8.42%
- JPMorgan Short Duration Core Plus R6 8.28%
- JPMorgan Inflation Managed Bond R6 7.90%
- JPMorgan US Aggregate Bond ETF 6.85%
- JPMorgan US Government MMkt IM 4.40%
- JPMorgan High Yield Research Enh ETF 4.18%
- JPMorgan High Yield R6 3.65%
- iShares Core MSCI Emerging Markets ETF 3.19%
Asset Allocation
| Weighting | Return Low | Return High | JTQNX % Rank | |
|---|---|---|---|---|
| Bonds | 60.90% | 22.04% | 75.26% | 6.70% |
| Stocks | 31.91% | 0.00% | 52.89% | 91.06% |
| Cash | 6.21% | 0.76% | 53.93% | 44.69% |
| Convertible Bonds | 0.95% | 0.00% | 1.78% | 21.79% |
| Preferred Stocks | 0.02% | 0.00% | 1.48% | 53.63% |
| Other | 0.02% | -0.48% | 9.54% | 56.98% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | JTQNX % Rank | |
|---|---|---|---|---|
| Technology | 17.85% | 0.02% | 23.93% | 69.27% |
| Financial Services | 14.55% | 0.00% | 19.14% | 63.13% |
| Healthcare | 11.42% | 0.00% | 15.12% | 73.18% |
| Consumer Cyclical | 10.94% | 0.00% | 12.89% | 53.63% |
| Industrials | 10.25% | 0.00% | 12.76% | 62.57% |
| Real Estate | 9.22% | 1.77% | 99.14% | 27.37% |
| Communication Services | 7.46% | 0.84% | 9.97% | 50.28% |
| Consumer Defense | 6.91% | 0.00% | 10.57% | 34.08% |
| Basic Materials | 4.71% | 0.00% | 6.96% | 40.22% |
| Energy | 3.87% | 0.00% | 8.02% | 55.87% |
| Utilities | 2.82% | 0.00% | 7.69% | 40.22% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | JTQNX % Rank | |
|---|---|---|---|---|
| US | 19.30% | 0.00% | 39.24% | 88.27% |
| Non US | 12.61% | 0.00% | 26.39% | 63.13% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | JTQNX % Rank | |
|---|---|---|---|---|
| Corporate | 36.28% | 0.00% | 51.34% | 26.26% |
| Securitized | 29.53% | 0.00% | 34.00% | 4.47% |
| Government | 24.97% | 19.31% | 97.92% | 82.68% |
| Cash & Equivalents | 9.15% | 1.80% | 57.35% | 67.60% |
| Municipal | 0.07% | 0.00% | 16.32% | 83.80% |
| Derivative | 0.00% | 0.00% | 17.28% | 78.21% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | JTQNX % Rank | |
|---|---|---|---|---|
| US | 53.08% | 19.83% | 75.26% | 7.82% |
| Non US | 7.82% | 0.00% | 15.98% | 40.22% |
JTQNX - Expenses
Operational Fees
| JTQNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.69% | 0.06% | 1.59% | 37.08% |
| Management Fee | 0.15% | 0.00% | 0.62% | 50.00% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 50.00% |
| Administrative Fee | N/A | 0.01% | 0.28% | N/A |
Sales Fees
| JTQNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| JTQNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | 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.
| JTQNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 5.00% | 137.00% | N/A |
JTQNX - Distributions
Dividend Yield Analysis
| JTQNX | Category Low | Category High | JTQNX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 0.00% | 49.72% |
Dividend Distribution Analysis
| JTQNX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Monthly | Annually |
Net Income Ratio Analysis
| JTQNX | Category Low | Category High | JTQNX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.44% | 0.03% | 6.66% | 54.86% |
Capital Gain Distribution Analysis
| JTQNX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Monthly | Semi-Annually |
JTQNX - Fund Manager Analysis
Managers
Katherine Santiago
Start Date
Tenure
Tenure Rank
Jul 01, 2020
1.75
1.8%
Katherine Santiago, executive director, is a portfolio manager in the Multi-Asset Solutions team in the Global Multi-Asset Research group, based in London. An employee since 2005, she currently focuses on alternative beta, tactical asset allocation and strategic portfolio construction across multi-asset class accounts and retirement research. She holds a B.A. in Mathematics from Bowdoin College, a M.S. in Mathematics in Finance from New York University and is a CFA charterholder.
Daniel Oldroyd
Start Date
Tenure
Tenure Rank
Jul 01, 2020
1.75
1.8%
Daniel Oldroyd, CFA, CAIA, Managing Director, is a portfolio manager for the Global Multi-Asset Group, focusing on the JPMorgan SmartRetirement target-date funds. An employee since 2000, he has held several positions including that of investment strategist for JPMorgan Retirement Plan Services responsible for communicating investment management information to Retirement Plan Services' clients and providing ongoing monitoring of plan's investment options. Prior to this, he was responsible for manager research of nonproprietary investment managers for JPMorgan Retirement Plan Services. Dan holds a B.S. with honors in finance and international business from Georgetown University. Dan is a CFA and CAIA charterholder, holds NASD Series 7 and 63 licenses, and is a member of NYSSA, The CFA Institute, and the CAIA Association.
Silvia Trillo
Start Date
Tenure
Tenure Rank
Jul 01, 2020
1.75
1.8%
Ms. Trillo, Managing Director, has been an employee of J.P. Morgan Investment Management Inc. and a member of Multi-Asset Solutions since 2011 and a portfolio manager of the Fund since 2019.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 16.51 | 5.45 | 2.25 |