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Name

As of 09/28/2023

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

JPMorgan Corporate Bond Fund

CBRAX | Fund

$7.86

$179 M

4.45%

$0.35

1.01%

Vitals

YTD Return

0.2%

1 yr return

3.6%

3 Yr Avg Return

-5.0%

5 Yr Avg Return

0.8%

Net Assets

$179 M

Holdings in Top 10

10.1%

52 WEEK LOW AND HIGH

$7.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.01%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 71.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/28/2023

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

JPMorgan Corporate Bond Fund

CBRAX | Fund

$7.86

$179 M

4.45%

$0.35

1.01%

CBRAX - Profile

Distributions

  • YTD Total Return 0.2%
  • 3 Yr Annualized Total Return -5.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.18%
DIVIDENDS
  • Dividend Yield 4.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Corporate Bond Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Mar 28, 2013
  • Shares Outstanding
    3154599
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lisa Coleman

Fund Description

The Fund mainly invests in corporate bonds that are rated investment grade by a nationally recognized statistical rating organization or in securities that are unrated but are deemed by the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality. Under normal circumstances, the Fund invests at least 80% of its assets in corporate bonds. “Assets” means net assets plus the amount of borrowings for investment purposes. A “corporate bond” is defined as a debt security issued by a corporation or non-governmental entity with a maturity of 90 days or more at the time of its issuance. As part of its principal strategy, the Fund invests in corporate bonds structured as corporate debt securities, debt securities of real estate investment trusts (REITs) and master limited partnerships (MLPs), public or private placements, restricted securities and other unregistered securities.The Fund is managed relative to the Bloomberg U.S. Corporate Index (the benchmark). Under normal circumstances, the Fund’s duration is the duration of the benchmark, plus or minus one year. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 31, 2023, the duration of the benchmark was 7.15 years. The Fund will not invest more than 25% of the value of its total assets in the securities of companies conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund’s benchmark at the time of investment, the Fund may invest up to 35% of its total assets in that industry.The Fund may invest in U.S. dollar-denominated securities of foreign issuers. In addition, up to 20% of the Fund’s total assets may be invested in securities rated below investment grade or unrated securities deemed by the adviser to be of comparable quality (also known as junk bonds or high yield bonds) and securities denominated in foreign currencies (some of which may be below investment grade securities). The Fund’s investments in high yield securities may include so-called “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. The Fund seeks to hedge its non-dollar investments back to the U.S. dollar, but may not always be able to do so.In addition to direct investments in securities, 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. The Fund may use futures contracts, options, swaps and currency derivatives as tools in the management of portfolio assets. The Fund may use derivatives to hedge various investments, for risk management and/or to increase income or gain to the Fund. In particular, the Fund may invest in futures and swaps structured as interest rate swaps to manage duration relative to the benchmark. The Fund may also utilize foreign currency derivatives such as currency forwards, futures, and foreign exchange swaps to hedge its non-dollar investments back to the U.S. dollar.Although the Fund predominantly invests in corporate bonds, the Fund may also invest in U.S. Treasury securities including for cash management purposes and for duration management.The adviser buys and sells investments for the Fund using a three part process that includes determining: (1) macro credit strategy, (2) sector strategy, and (3) security strategy. In establishing the Fund’s macro credit strategy, the adviser evaluates fundamental, technical and valuation factors, along with macro themes from the adviser’s broader fixed income team, to determine the view on risk for the Fund overall. In the second component of the process, the adviser evaluates sectors based on a blend of top down analysis, including relative value judgments, and bottom up fundamental analysis of companies and their respective sectors to determine sector weightings. The third component of the process focuses on an evaluation of individual companies based on fundamental credit metrics, as well as a review of each company’s competitive environment, event risk and technical factors such as supply, liquidity of debt issued by the company and equity performance. As part of its security strategy, 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 issuers 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. Based on the three part process, the adviser overweights and underweights its sector and security investments relative to the benchmark.As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents.
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CBRAX - Performance

Return Ranking - Trailing

Period CBRAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -27.3% 2.3% 73.50%
1 Yr 3.6% -11.1% 182.4% 30.50%
3 Yr -5.0%* -15.0% 31.6% 69.68%
5 Yr 0.8%* -7.6% 21.1% 66.67%
10 Yr 2.2%* -4.0% 9.7% 58.82%

* Annualized

Return Ranking - Calendar

Period CBRAX Return Category Return Low Category Return High Rank in Category (%)
2022 -19.3% -28.7% 144.0% 72.36%
2021 -8.2% -15.7% 13.1% 97.95%
2020 6.1% -13.0% 10.6% 37.43%
2019 11.4% -3.3% 13.4% 14.69%
2018 -6.7% -9.2% -2.0% 71.52%

Total Return Ranking - Trailing

Period CBRAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -27.3% 3.8% 73.50%
1 Yr 3.6% -7.4% 190.1% 30.50%
3 Yr -5.0%* -8.7% 39.0% 69.68%
5 Yr 0.8%* -2.6% 26.6% 66.67%
10 Yr 2.2%* 0.5% 14.3% 58.82%

* Annualized

Total Return Ranking - Calendar

Period CBRAX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.3% -25.6% 151.8% 66.33%
2021 -1.0% -15.7% 13.1% 69.23%
2020 10.0% -13.0% 116.0% 59.89%
2019 14.8% -3.3% 17.4% 33.90%
2018 -2.4% -6.9% 0.3% 28.48%

NAV & Total Return History

CBRAX - Holdings

Concentration Analysis

CBRAX Category Low Category High CBRAX % Rank
Net Assets 179 M 2.52 M 36.9 B 70.50%
Number of Holdings 687 5 9191 33.50%
Net Assets in Top 10 22.6 M -29.6 M 3.34 B 68.50%
Weighting of Top 10 10.07% 1.8% 100.0% 83.50%

Top 10 Holdings

  1. JPMorgan Prime Money Market Fund, Class Institutional 4.69%
  2. Citigroup, Inc. 0.94%
  3. Fells Point Funding Trust 0.70%
  4. Sabine Pass Liquefaction LLC 0.60%
  5. T-Mobile USA, Inc. 0.59%
  6. NextEra Energy Capital Holdings, Inc. 0.57%
  7. Wells Fargo Co. 0.53%
  8. Amgen, Inc. 0.49%
  9. Nordea Bank Abp 0.48%
  10. ITC Holdings Corp. 0.47%

Asset Allocation

Weighting Return Low Return High CBRAX % Rank
Bonds 		93.83% 15.65% 141.47% 65.50%
Convertible Bonds 		9.34% 0.00% 78.47% 4.50%
Cash 		5.46% -49.09% 10.75% 24.00%
Other 		0.71% -0.89% 3.98% 35.50%
Stocks 		0.00% 0.00% 4.39% 73.50%
Preferred Stocks 		0.00% 0.00% 9.18% 73.00%

Bond Sector Breakdown

Weighting Return Low Return High CBRAX % Rank
Corporate 		92.03% 41.80% 100.00% 35.00%
Cash & Equivalents 		5.20% 0.00% 11.30% 23.50%
Securitized 		0.85% 0.00% 23.18% 59.50%
Government 		0.45% 0.00% 25.63% 87.00%
Municipal 		0.11% 0.00% 3.62% 55.50%
Derivative 		0.06% 0.00% 27.02% 37.00%

Bond Geographic Breakdown

Weighting Return Low Return High CBRAX % Rank
US 		93.16% 15.65% 108.09% 65.00%
Non US 		0.67% 0.00% 47.05% 17.50%

CBRAX - Expenses

Operational Fees

CBRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.02% 5.60% 33.50%
Management Fee 0.30% 0.00% 1.35% 34.00%
12b-1 Fee 0.25% 0.00% 1.00% 43.33%
Administrative Fee 0.08% 0.02% 0.45% 54.12%

Sales Fees

CBRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 1.00% 4.75% 55.56%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

CBRAX 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.

CBRAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 71.00% 0.00% 259.00% 51.02%

CBRAX - Distributions

Dividend Yield Analysis

CBRAX Category Low Category High CBRAX % Rank
Dividend Yield 4.45% 0.00% 7.55% 90.00%

Dividend Distribution Analysis

CBRAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CBRAX Category Low Category High CBRAX % Rank
Net Income Ratio 2.18% 0.38% 5.93% 54.31%

Capital Gain Distribution Analysis

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

Distributions History

View More +

CBRAX - Fund Manager Analysis

Managers

Lisa Coleman

Start Date

Tenure

Tenure Rank

Mar 01, 2013

9.25

9.3%

Lisa Coleman, managing director, is the head of the Global Investment Grade Corporate Credit team in the Global Fixed Income, Currency & Commodities (GFICC) group. Prior to joining the firm in 2008, Lisa was at Schroders Investment Management for eight years, serving as the head of Global Credit Strategies and the head of European Fixed Income. Previously, she was at Allmerica Financial for six years, managing core and corporate bond portfolios.  Before this, Lisa was Deputy Manager of Global Fixed Income at Brown Brothers Harriman for five years, managing corporate bond, asset-backed security, mortgage-backed security and government bond portfolios.  Prior Brown Brothers Harriman, Lisa worked at Merrill Lynch in foreign exchange sales and at Travelers Insurance Company as an analyst and portfolio manager. Lisa began her career at the Federal Reserve Bank of New York, holding roles in the foreign exchange and foreign relations departments.  Lisa holds a B.A. in economics from Trinity College, Hartford, Connecticut and a M.A. in international banking and finance from the School of International and Public Affairs at Columbia University, New York.  In addition, she is a CFA charterholder and holds the Investment Management Certificate from the UK Society of Investment Professionals.

Lorenzo Napolitano

Start Date

Tenure

Tenure Rank

Oct 13, 2016

5.63

5.6%

Lorenzo Napolitano, Executive Director and CFA, are responsible for establishing and monitoring the overall duration, yield curve, sector allocation, the overweights and underweights of the Fund’s portfolio versus the benchmark. Mr. Napolitano is a member of GFICC and a portfolio manager within the Investment Grade Corporate Credit Team. Prior to joining J.P. Morgan Investment Management Inc. in 2012, he was an associate portfolio manager at Lord, Abbett & Co. LLC where he traded and provided research analysis for institutional and retail portfolios within Investment Grade Credit.

Raymond Keiser

Start Date

Tenure

Tenure Rank

Mar 27, 2019

3.18

3.2%

Raymond Keiser, Executive Director and CFA charterholder. Mr. Keiser is a member of the GFICC group and a portfolio manager within the Investment Grade Corporate Credit team managing a variety of different strategies. Mr. Keiser previously served as an analyst on the Fixed Income Date Integrity team and most recently was a portfolio manager on the short duration team where he focused primarily on investment grade credit.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.2 2.41

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