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Trending ETFs

Name

As of 03/27/2024

Price

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

$16.64

$158 M

2.30%

$0.38

1.06%

Vitals

YTD Return

6.7%

1 yr return

12.2%

3 Yr Avg Return

4.4%

5 Yr Avg Return

5.0%

Net Assets

$158 M

Holdings in Top 10

20.5%

52 WEEK LOW AND HIGH

$16.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.06%

SALES FEES

Front Load 5.25%

Deferred Load N/A

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 03/27/2024

Price

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

$16.64

$158 M

2.30%

$0.38

1.06%

JIHAX - Profile

Distributions

  • YTD Total Return 6.7%
  • 3 Yr Annualized Total Return 4.4%
  • 5 Yr Annualized Total Return 5.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.85%
DIVIDENDS
  • Dividend Yield 2.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    JPMorgan International Hedged Equity Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Mar 15, 2019
  • Shares Outstanding
    330975
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Hamilton Reiner

Fund Description

The Fund seeks to provide capital appreciation through participation in international equity markets while hedging overall market exposure relative to traditional long-only equity strategies.Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities. “Assets” means net assets plus the amount of borrowings for investment purposes. The Fund primarily invests in equity securities of foreign companies across all market capitalizations, including foreign subsidiaries of U.S. companies. The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, depositary receipts, privately placed securities and real estate investment trusts. In implementing its strategy, the Fund constructs a portfolio of long holdings that seeks to outperform the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index1 (net total return) (the Index) over time while maintaining similar risk characteristics, including sector and geographic risk. The Fund primarily invests in securities included within the universe of the Index, however, the Fund may also invest in securities not included within the Index.Within each sector, the Fund may modestly overweight equity securities that it considers undervalued while modestly underweighting or not holding equity securities that appear overvalued. By emphasizing investment in equity securities that appear undervalued or fairly valued, the Fund seeks to constitute a portfolio of long holdings with returns that modestly exceed those of the Index over the long term with a modest level of volatility.The Fund’s options overlay strategy is intended to provide the Fund with downside protection, while foregoing some upside potential. The Fund will also systematically purchase and sell exchange traded put options and sell exchange traded call options, employing an option overlay known as a “Put/Spread Collar” strategy. A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy, a security at a specified price at a future date. The options may be based on the Index or on exchange-traded funds (ETFs) that seek to provide investment returns linked to the performance of the Index. The combination of the diversified portfolio of equity securities, the downside protection from put options and the income from the index call options is intended to provide the Fund with a portion of the returns associated with its long investments while exposing investors to less risk than traditional long-only equity strategies. Specifically, the Fund seeks to provide a competitive risk adjusted return over a full market cycle (defined as three to five years) relative to the Index with lower volatility than traditional long-only equity strategies.The Fund may invest in securities denominated in any currency and may from time to time hedge a portion of its foreign currency exposure using currency forwards. An issuer of a security will be deemed to be located in a particular country if: (i) the principal trading market for the security is in such country, (ii) the issuer is organized under the laws of such country or (iii) the issuer derives at least 50% of its revenues or profits from such country or has at least 50% of its total assets situated in such country.The Fund constructs a Put/Spread Collar by buying a put option on the Index or an ETF at a higher strike price and writing (or selling) a put option on the same instrument at a relatively lower strike price, resulting in what is known as a put option spread, while simultaneously selling an Index or ETF call option. The Fund may elect to construct additional Put/Spread Collars if the size of the Fund increases, either through purchases or appreciation. A put option spread seeks to protect the Fund against a decline in price, but only to the extent of the difference between the strike prices of the put option purchased and the put option sold. Entering into put option spreads is typically less expensive than a strategy of only purchasing put options and may benefit the Fund in a flat to upwardly moving market by reducing the cost of the downside protection; the downside protection of the put option spread, however, is limited as compared to just owning a put option. The premiums received from writing call options are intended to provide income which substantially offsets the cost of the put option spread, but writing the call options also reduces the Fund’s ability to profit from increases in the value of its equity portfolio because in rising markets the call option will be exercised once the market price rises to the option’s strike price.In addition to the use of the Put/Spread Collar strategy described above, the Fund may use exchange-traded futures, primarily futures on indexes, to more effectively gain targeted equity exposure from its cash positions and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy and efficient management of cash flows.Investment Process — Long Portfolio: In constructing its long portfolio, the adviser combines fundamental research with a disciplined portfolio construction process. The adviser utilizes proprietary research, risk management techniques and individual security selection in constructing the Fund’s portfolio. In-depth, fundamental research into individual securities is conducted by research analysts who emphasize each issuer’s long-term prospects. This research allows the adviser to rank issuers within each sector group according to what it believes to be their relative value. 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 may invest. 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 issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors.The adviser will ordinarily overweight securities which it deems to be attractive and underweight or not hold those securities which it believes are unattractive. The adviser may sell a security as its valuations or rankings change or if more attractive investments become available.In managing the Fund, the adviser will seek to help manage risk in the Fund’s portfolio by investing in issuers in at least three foreign countries. However, the Fund may invest a substantial part of its assets in just one country.Investment Process — Options Overlay Strategy: To implement the Put/Spread Collar strategy, the adviser utilizes exchange traded equity options based either on the Index or on ETFs that seek to provide investment returns linked to the performance of the Index. The Put/Spread Collar is constructed by buying a put option at a higher strike price while writing a put option at a relatively lower strike price and simultaneously selling a call option that substantially offsets the cost of the put option spread. The Put/Spread Collar strategy is an actively managed process and is designed to provide a continuous market hedge for the portfolio. The put option spread is generally maintained at a level whereby the Fund is protected from a decrease in the market of five to twenty percent. The options are reset on at least a quarterly basis to seek to better capitalize on current market conditions and opportunities while seeking to provide predictable returns in all market cycles.
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JIHAX - Performance

Return Ranking - Trailing

Period JIHAX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -2.8% 240.8% 48.62%
1 Yr 12.2% -4.3% 140.6% 85.22%
3 Yr 4.4%* -8.3% 18.3% N/A
5 Yr 5.0%* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period JIHAX Return Category Return Low Category Return High Rank in Category (%)
2023 8.9% -34.1% 904.0% 79.28%
2022 -11.8% -28.6% 438.4% N/A
2021 7.2% -93.5% 8.2% N/A
2020 -3.7% -38.9% 19.8% N/A
2019 N/A -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period JIHAX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.7% -2.7% 244.0% 49.80%
1 Yr 12.2% -4.3% 140.6% 91.30%
3 Yr 4.4%* -8.3% 18.3% N/A
5 Yr 5.0%* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period JIHAX Return Category Return Low Category Return High Rank in Category (%)
2023 11.6% -34.1% 904.0% 79.28%
2022 -9.8% -5.9% 438.4% N/A
2021 9.8% -81.2% 8.2% N/A
2020 -2.0% -29.0% 19.8% N/A
2019 N/A -10.9% 12.8% N/A

NAV & Total Return History


JIHAX - Holdings

Concentration Analysis

JIHAX Category Low Category High JIHAX % Rank
Net Assets 158 M 25 17.4 B 37.08%
Number of Holdings 200 2 508 14.89%
Net Assets in Top 10 29.9 M -6.66 M 5.12 B 76.72%
Weighting of Top 10 20.51% 11.3% 100.0% 91.33%

Top 10 Holdings

  1. Novo Nordisk A/S, Class B 2.68%
  2. JPMorgan U.S. Government Money Market Fund, Class Institutional 2.49%
  3. Nestle SA (Registered) 2.43%
  4. ASML Holding NV 2.20%
  5. Shell plc 2.01%
  6. LVMH Moet Hennessy Louis Vuitton SE 1.90%
  7. AstraZeneca plc 1.84%
  8. MSCI EAFE Index 1.79%
  9. Roche Holding AG 1.70%
  10. BP plc 1.46%

Asset Allocation

Weighting Return Low Return High JIHAX % Rank
Stocks
94.98% -3.92% 100.76% 64.12%
Cash
3.80% -0.76% 100.29% 34.73%
Other
1.22% 0.00% 45.92% 14.12%
Preferred Stocks
0.00% 0.00% 3.08% 74.05%
Convertible Bonds
0.00% 0.00% 20.91% 75.19%
Bonds
0.00% 0.00% 97.96% 75.95%

Stock Sector Breakdown

Weighting Return Low Return High JIHAX % Rank
Financial Services
18.42% 0.00% 29.60% 6.30%
Healthcare
14.00% 0.00% 25.91% 83.61%
Industrials
13.04% 1.41% 43.91% 9.24%
Consumer Defense
10.98% 0.00% 22.87% 13.03%
Consumer Cyclical
9.79% 0.00% 19.02% 81.09%
Technology
9.16% 0.00% 44.43% 86.55%
Basic Materials
8.12% 0.00% 60.58% 5.04%
Communication Services
5.13% 0.00% 21.22% 89.08%
Energy
4.43% 0.00% 69.54% 19.75%
Utilities
4.00% 0.00% 13.35% 15.97%
Real Estate
2.93% 0.00% 9.74% 61.34%

Stock Geographic Breakdown

Weighting Return Low Return High JIHAX % Rank
Non US
94.88% -2.17% 99.33% 6.11%
US
0.10% -3.89% 100.00% 81.68%

JIHAX - Expenses

Operational Fees

JIHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.06% 0.20% 6.78% 38.68%
Management Fee 0.25% 0.20% 1.75% 4.85%
12b-1 Fee 0.25% 0.00% 1.00% 78.74%
Administrative Fee 0.08% 0.02% 0.28% 18.37%

Sales Fees

JIHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.25% 4.75% 5.75% 88.89%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

JIHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

JIHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 456.80% 73.21%

JIHAX - Distributions

Dividend Yield Analysis

JIHAX Category Low Category High JIHAX % Rank
Dividend Yield 2.30% 0.00% 3.76% 76.58%

Dividend Distribution Analysis

JIHAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

JIHAX Category Low Category High JIHAX % Rank
Net Income Ratio 1.85% -2.54% 14.24% 13.93%

Capital Gain Distribution Analysis

JIHAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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JIHAX - Fund Manager Analysis

Managers

Hamilton Reiner


Start Date

Tenure

Tenure Rank

Mar 15, 2019

3.21

3.2%

Hamilton Reiner, a Managing Director of J.P. Morgan Investment Management, Inc., is responsible for implementing the Fund’s overlay options strategy and for providing insight with respect to the impact to the options strategy of purchasing certain securities. Mr. Reiner has been the head of U.S. Equity Derivatives at JPMIM since 2012. He joined JPMorgan Chase in 2009 and from 2009 to 2012, he was a portfolio manager and head of U.S. Equity Derivatives at JPMorgan Chase. Prior to joining the firm, Mr. Reiner was head of the Equity Long/Short Prime Brokerage platform at Barclays Capital.

Nicholas Farserotu


Start Date

Tenure

Tenure Rank

Sep 16, 2020

1.7

1.7%

Nicholas Farserotu, a Vice President, is a portfolio manager within the International Equity Group focusing on the International Research Enhanced strategies. An employee since 2015, Mr. Farserotu was previously an investment analyst at SphereInvest Group in Geneva. Mr. Farserotu obtained an MSc. in Financial Engineering from Imperial College London (with Distinction) and also holds an MSc. and a BSc. in Economics from the University of Geneva. He is a CFA charterholder.

Piera Grassi


Start Date

Tenure

Tenure Rank

Sep 16, 2020

1.7

1.7%

Piera Elisa Grassi, managing director, is the lead portfolio manager for the Global and International REI (Research Enhanced Index) strategies within the International Equity Group, based in London. An employee since 2004, Piera Elisa was previously a portfolio manager and quantitative analyst in Global REI. Prior to joining, Piera Elisa was as a bond quantitative analyst and risk analyst at Foreign and Colonial Asset Management. Before this, she worked for BARRA in London, focusing on equity risk management and portfolio construction. Piera Elisa obtained a Laurea from Bocconi University in Milan.

Winnie Cheung


Start Date

Tenure

Tenure Rank

Sep 16, 2020

1.7

1.7%

Winnie Cheung, a Vice President, is a portfolio manager in the International Equity Group focusing on the International Research Enhanced strategies. An employee since 2012, Ms. Cheung was previously a performance analyst. Ms. Cheung obtained a MSc in Finance from Cass Business School in London.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67