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Name

As of 11/01/2024

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

Six Circles U.S. Unconstrained Equity Fund

CUSUX | Fund

$18.17

$25.4 B

0.00%

0.27%

Vitals

YTD Return

22.4%

1 yr return

33.1%

3 Yr Avg Return

6.8%

5 Yr Avg Return

15.5%

Net Assets

$25.4 B

Holdings in Top 10

40.5%

52 WEEK LOW AND HIGH

$18.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.27%

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 11/01/2024

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

Six Circles U.S. Unconstrained Equity Fund

CUSUX | Fund

$18.17

$25.4 B

0.00%

0.27%

CUSUX - Profile

Distributions

  • YTD Total Return 22.4%
  • 3 Yr Annualized Total Return 6.8%
  • 5 Yr Annualized Total Return 15.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.26%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Six Circles U.S. Unconstrained Equity Fund
  • Fund Family Name
    JPMorgan
  • Inception Date
    Jul 09, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jeffrey Gaffney

Fund Description

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings) in equity securities issued by U.S. companies and other instruments with economic characteristics similar to equity securities issued by U.S. companies. Equity securities include common stock, preferred stock and securities or other instruments whose price is linked to the value of common or preferred stock. The Fund is generally unconstrained by any particular capitalization, style or industry sector. The Fund may also invest a portion of its assets in securities of real estate investment trusts (“REITs”) that own and/or manage properties. From time to time, the Fund may also use derivatives, including futures, forward contracts and swaps (including but not limited to total return swaps, some of which may be referred to as contracts for difference), to manage short-term liquidity and/or as substitutes for comparable market positions in the securities in the applicable Indexes (as defined below). For purposes of this 80% investment policy, the Fund will treat an investment in derivatives as an investment in the securities underlying such derivatives and will value such derivatives at market value.
The Fund will provide shareholders with at least 60 days’ prior notice of any change to its 80% investment policy.
The Fund is classified as a “non‑diversified” fund under the Investment Company Act of 1940, as amended. A non‑diversified
fund is permitted (but is not required) to invest a higher percentage of its assets in the securities of fewer issuers.
The Fund will likely engage in active and frequent trading. The frequency with which the Fund buys and sells securities will vary from year to year, depending on market conditions.
J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”), primarily seeks to achieve the Fund’s investment objective by actively allocating and reallocating the Fund’s assets among equity securities (or other instruments with economic characteristics similar to equity securities) in various U.S. industrial or economic sectors or sub‑sectors (such as, by way of example only, companies in the automotive or health care sector) that the Adviser believes provide attractive investment opportunities at that time. In doing so, the Adviser is not limited to any specific sectors and may choose to allocate and reallocate the Fund’s assets among any sectors or sub‑sectors the Adviser chooses at the time. In order to implement its allocation decisions, the Adviser selects various publicly available equity indexes (such as an index of the largest U.S. companies), or specific portions (sub‑indexes) of such an index (such as the automotive sector within the larger index) (together, the “Indexes”), that represent the sectors to which the Adviser desires to allocate the Fund’s assets. Generally, an Index will represent a certain industry, geographic region or other sector component of a publicly available U.S. equity index.
Once the Adviser has selected the desired Indexes, it determines how much of the Fund’s assets to allocate or reallocate to each Index and instructs the Fund’s current sub‑adviser, BlackRock Investment Management, LLC (the “Sub‑Adviser” or “BlackRock”), to invest the allocated assets in a manner that seeks to replicate the investment performance of the respective Indexes. We refer to an allocation of the Fund’s assets to a specific Index as an “indexed investment strategy.” As discussed in more detail below, BlackRock then seeks to manage each indexed investment strategy in a manner that will replicate the investment performance of the respective Index. The Adviser, depending on its investment views, may regularly allocate and reallocate the Fund’s assets among different or new indexed investment strategies and may cease allocating to existing indexed investment strategies. The Fund’s assets may be allocated to multiple indexed investment strategies at any time.
In addition to allocating and reallocating the Fund’s assets among one or more indexed investment strategies, the Adviser may also select securities of specific individual companies for the Fund to purchase or sell on an ongoing basis and the amount of the Fund’s assets to allocate to such securities. We refer collectively to the securities selected by the Adviser in this manner as the “Custom Equity Sleeve.” When the Adviser makes individual security selections in this manner for the
Custom Equity Sleeve, the securities will be publicly traded large capitalization U.S. equity securities and the securities may represent a variety of U.S. sectors, sub‑sectors or industries. These individual securities in the Custom Equity Sleeve will be selected by the Adviser based on its investment analysis in order to assist with portfolio construction, risk management, liquidity considerations or a combination thereof. For example, the Adviser may determine to invest in a specific security within a broader Index, if it believes doing so would be preferable from an investment perspective to investing in all of the companies within that Index. In order to implement these individual security selections within the Custom Equity Sleeve, the Adviser then directs the Sub‑Adviser to invest a specified allocation of the Fund’s assets so as to replicate the investment performance of the identified securities within the Custom Equity Sleeve. Currently, under normal market conditions, the Custom Equity Sleeve is not expected to constitute more than 45% of the Fund’s total assets. The Adviser is not obligated to select individual securities or to maintain a Custom Equity Sleeve and may allocate the Fund’s assets solely among indexed investment strategies.
In allocating the assets of the Fund among indexed investment strategies, or selecting individual securities within the Custom Equity Sleeve, the Adviser generally makes investment decisions based on a combination of financial analysis of individual companies, industries, sectors and geographies, such as financial modeling and individual company research. The Adviser also incorporates into its investment process macro-economic considerations, factors and trends, as well as analysis of risk, liquidity, potential for tracking error and other portfolio construction factors. The Adviser may, in its discretion, add to, delete from or modify the categories of indexed investment strategies employed by the Fund at any time or the securities within the Custom Equity Sleeve, or add other investment strategies, including active strategies, managed by one or more sub‑advisers at any time. As described in the box below, in making allocations among the indexed investment strategies and the Custom Equity Sleeve, and/or in changing the categories of indexed investment strategies and other investment strategies employed by the Fund, the Adviser also expects to take into account the investment goals of the broader investment programs administered by the Adviser or its affiliates, for whose use the Fund is exclusively designed. As such, the Fund may perform differently from a similar fund that is managed without regard to such broader investment programs.
BlackRock
BlackRock, the Sub‑Adviser, manages each individual indexed investment strategy (and the Custom Equity Sleeve) to which the Adviser has allocated Fund assets with the goal of replicating the performance of the respective Index (and the
individual securities within the Custom Equity Sleeve). BlackRock also facilitates the transition among indexed investment strategies as directed by the Adviser. BlackRock seeks to manage each of the indexed investment strategies by replicating the Index fully when applicable or investing in a quantitatively selected portfolio of securities with characteristics expected to match the performance of the applicable Index, including through the use of derivatives such as futures, forwards and swaps (including but not limited to total return swaps, some of which may be referred to as contracts for difference). The securities selected for each indexed investment strategy are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the applicable Index. The Fund may or may not hold all of the securities in an applicable Index and BlackRock is free to use its discretion as to how best to replicate the performance of each applicable Index.
General Information
The Adviser may adjust allocations to the Sub‑Adviser and any additional sub‑adviser of the Fund at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the “Board”) with respect to the hiring, termination or replacement of a Sub‑Adviser. As such, the identity of the Fund’s Sub‑Adviser or Sub‑Advisers, or the portion of the Fund allocated to it or them, may change over time. Generally, except in the case of the Custom Equity Sleeve, the Sub‑Adviser is responsible for deciding which securities to purchase and sell for the Fund. Additionally, the Sub‑Adviser is generally responsible for placing orders for the Fund’s transactions. However, the Adviser reserves the right to instruct the Sub‑Adviser as needed on Fund transactions and manage a portion of the Fund’s portfolio directly, either by instructing the Sub‑Adviser or otherwise, including without limitation, when it has high conviction views, for portfolio hedging, to adjust the Fund’s overall market exposure or to temporarily manage assets as a result of a Sub‑Adviser’s resignation or removal.
Read More

CUSUX - Performance

Return Ranking - Trailing

Period CUSUX Return Category Return Low Category Return High Rank in Category (%)
YTD 22.4% 3.2% 34.6% 13.84%
1 Yr 33.1% 6.3% 52.4% 33.17%
3 Yr 6.8%* -12.2% 14.4% 56.50%
5 Yr 15.5%* -8.3% 109.5% 11.08%
10 Yr N/A* -0.4% 52.2% N/A

* Annualized

Return Ranking - Calendar

Period CUSUX Return Category Return Low Category Return High Rank in Category (%)
2023 28.8% -42.6% 47.4% 2.77%
2022 -23.3% -56.3% -4.2% 67.60%
2021 11.7% -27.2% 537.8% 71.00%
2020 20.9% -22.5% 2181.7% 5.10%
2019 22.9% -13.5% 40.4% 52.63%

Total Return Ranking - Trailing

Period CUSUX Return Category Return Low Category Return High Rank in Category (%)
YTD 22.4% 3.2% 34.6% 13.84%
1 Yr 33.1% 6.3% 52.4% 33.17%
3 Yr 6.8%* -12.2% 14.4% 56.50%
5 Yr 15.5%* -8.3% 109.5% 11.08%
10 Yr N/A* -0.4% 52.2% N/A

* Annualized

Total Return Ranking - Calendar

Period CUSUX Return Category Return Low Category Return High Rank in Category (%)
2023 28.8% -5.0% 47.4% 9.78%
2022 -21.2% -36.8% -2.2% 89.17%
2021 27.6% 3.0% 537.8% 38.75%
2020 22.8% -15.8% 2266.0% 9.00%
2019 24.9% -0.4% 241.3% 88.11%

NAV & Total Return History

CUSUX - Holdings

Concentration Analysis

CUSUX Category Low Category High CUSUX % Rank
Net Assets 25.4 B 2.34 M 1.55 T 10.32%
Number of Holdings 608 2 3963 8.37%
Net Assets in Top 10 9.97 B 1.07 M 517 B 9.50%
Weighting of Top 10 40.48% 0.3% 112.9% 31.08%

Top 10 Holdings

  1. MICROSOFT CORP 0.00000000 7.66%
  2. NVIDIA CORP 0.00000000 6.23%
  3. AMAZON.COM INC 0.00000000 5.43%
  4. APPLE INC 0.00000000 5.31%
  5. UNITEDHEALTH GROUP INC 0.00000000 3.66%
  6. META PLATFORMS INC-CLASS A 0.00000000 3.45%
  7. UNITED PARCEL SERVICE-CL B 0.00000000 2.55%
  8. ELI LILLY CO 0.00000000 2.32%
  9. ALPHABET INC-CL A 0.00000000 1.95%
  10. BANK OF AMERICA CORP 0.00000000 1.93%

Asset Allocation

Weighting Return Low Return High CUSUX % Rank
Stocks 		97.06% 0.00% 105.85% 80.99%
Other 		2.84% -13.91% 100.00% 5.12%
Cash 		0.09% 0.00% 99.07% 86.43%
Preferred Stocks 		0.00% 0.00% 2.53% 13.89%
Convertible Bonds 		0.00% 0.00% 5.54% 9.21%
Bonds 		0.00% 0.00% 94.06% 16.73%

Stock Sector Breakdown

Weighting Return Low Return High CUSUX % Rank
Technology 		22.72% 0.00% 48.94% 62.53%
Healthcare 		19.71% 0.00% 52.29% 7.61%
Financial Services 		15.01% 0.00% 55.59% 30.36%
Communication Services 		13.64% 0.00% 27.94% 5.05%
Consumer Cyclical 		11.83% 0.00% 30.33% 23.66%
Industrials 		11.08% 0.00% 29.90% 24.32%
Consumer Defense 		4.63% 0.00% 47.71% 88.50%
Real Estate 		0.43% 0.00% 31.91% 84.20%
Energy 		0.40% 0.00% 41.64% 83.95%
Utilities 		0.29% 0.00% 20.91% 82.30%
Basic Materials 		0.26% 0.00% 25.70% 93.47%

Stock Geographic Breakdown

Weighting Return Low Return High CUSUX % Rank
US 		97.06% 0.00% 105.85% 69.78%
Non US 		0.00% 0.00% 64.54% 26.97%

CUSUX - Expenses

Operational Fees

CUSUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.27% 0.01% 19.75% 85.53%
Management Fee 0.25% 0.00% 1.90% 25.80%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.00% 0.85% 1.08%

Sales Fees

CUSUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CUSUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

CUSUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 268.00% 85.40%

CUSUX - Distributions

Dividend Yield Analysis

CUSUX Category Low Category High CUSUX % Rank
Dividend Yield 0.00% 0.00% 25.47% 90.39%

Dividend Distribution Analysis

CUSUX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Annual

Net Income Ratio Analysis

CUSUX Category Low Category High CUSUX % Rank
Net Income Ratio 1.26% -54.00% 2.44% 16.43%

Capital Gain Distribution Analysis

CUSUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

CUSUX - Fund Manager Analysis

Managers

Jeffrey Gaffney

Start Date

Tenure

Tenure Rank

Jul 09, 2018

3.9

3.9%

Mr. Gaffney is an Executive Director and the Head of Multi-Asset Portfolio Management–Americas for J.P. Morgan Private Bank, based in New York. He is responsible for constructing efficient multi-asset class portfolios for clients across the spectrum of investment objectives, risk tolerances, and liquidity constraints. Mr. Gaffney has been with J.P. Morgan since 2009, and has been a member of the Private Bank CIO Team since 2011. He chairs the WM U.S. Investment Committee and is a member of the Global Investment Committee. In addition, Mr. Gaffney serves as a portfolio manager for several J.P. Morgan asset allocation strategies. Mr. Gaffney holds a Bachelor of Science in Engineering degree from Princeton University in Operations Research and Financial Engineering. He also holds a Masters of Business Administration from Yale University with an emphasis in Finance.

Richard Madigan

Start Date

Tenure

Tenure Rank

Jul 09, 2018

3.9

3.9%

Madigan is a portfolio manager with Offitbank, his employer since 1998. Previously, he was vice president and principal of the emerging markets fixed income institutional sales group at JP Morgan Securities from 1996 to 1998. Prior to that, from 1994 to 1996, he was vice president and principal of the cross border finance group at Citicorp Securities. From 1990 to 1994, he was a corporate banker with Citibank. Mr. Madigan is the Chief Investment Officer for J.P. Morgan’s Private Bank, based in New York. In his role, he and his team (the “Private Bank CIO Team”) are responsible for the development of investment strategy, tactical and strategic asset allocation for $1 trillion in private bank and institutional client assets. Mr. Madigan is chair of the Private Bank’s Global Investment Committee. Previously, Mr. Madigan was the Chief Investment Officer for J.P. Morgan’s Global Access Portfolios, where he and his team managed in excess of $16 billion in client assets across 35 countries. Prior to his roles at J.P. Morgan, Mr. Madigan held the title of Managing Director, Head of Emerging Markets Investments and Senior Portfolio Manager at Offitbank, a New York-based wealth management boutique, where he managed peak assets in excess of $1 billion in both domestic and offshore portfolios, including the firm’s flagship emerging markets mutual fund. He was also a senior member of the firm’s investment committee. Before joining Offitbank, Mr. Madigan worked for J.P. Morgan’s Investment Banking division in New York in the emerging markets securities business. He previously spent six years with Citicorp first as a banker in Mexico, and then in the firm’s international corporate finance division in New York.

Miles Wixon

Start Date

Tenure

Tenure Rank

Jul 09, 2018

3.9

3.9%

Mr. Wixon is a Managing Director and the Head of Equity for the J.P. Morgan Private Bank CIO Team, based in New York. He also is a member of the Global Investment Committee. Mr. Wixon is responsible for coordinating the Private Bank CIO Team’s research and strategy efforts across global equity markets. Mr. Wixon joined J.P. Morgan in 2016 with 20 years of capital markets experience and brings substantial expertise in bottom-up, fundamental equity research and portfolio management. Previously, Mr. Wixon was a Portfolio Manager at McKinley Capital Management where he managed international equity strategies. Prior to joining McKinley, Mr. Wixon was a Senior Vice President and Portfolio Manager for Oppenheimer’s Global Equity Strategy where he co-managed a team of international sector analysts dedicated to a bottom-up, fundament investment process. He was also a Managing Director at Rockefeller & Company where co-managed global, international and U.S. equity strategies. Mr. Wixon began his career as a Japanese Financial sector analyst at Nikko Salomon Smith Barney in Tokyo.

Jennifer Hsui

Start Date

Tenure

Tenure Rank

Jul 09, 2018

3.9

3.9%

Jennifer Hsui, Managing Director & Portfolio Manager at BlackRock Investment Management LLC has been employed by BlackRock Fund Advisors as a senior portfolio manager since 2007. Prior to that, Ms. Hsui was a portfolio manager from 2006 to 2007 for BGFA. She was a research analyst for RBC Capital Markets from 2003 to 2006.

Amy Whitelaw

Start Date

Tenure

Tenure Rank

Jul 09, 2018

3.9

3.9%

Amy Whitelaw is Managing Director of BlackRock, Inc. since 2013 and was Director of the firm from 2009 to 2012. Ms. Whitelaw's service with the firm dates back to 1998, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Ms. Whitelaw served as Principal of BGI from 2000 to 2009. Previously Ms. Whitelaw worked in the Transition Services group as a transition manager and strategist, and was also an international equity trader on BGI’s trading desk.

Suzanne Henige

Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Mrs. Henige is a Director and member of BlackRock’s Index Equity Portfolio Management team. Her service with the firm dates back to 2009.

Paul Whitehead

Start Date

Tenure

Tenure Rank

Jan 04, 2022

0.4

0.4%

Paul Whitehead is responsible for supporting the day-to-day management of the MML Blend Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. Whitehead is a Managing Director of BlackRock, Inc., Co-Head of Index Equity, and Co-Head of BlackRock’s ETF and Index Investments business. Mr. Whitehead also oversees the management of BlackRock’s Institutional and iShares funds. Mr. Whitehead was previously the Global Head of Equity Trading and the Global Head of Transition Management within BlackRock’s Global Trading Group. Mr. Whitehead’s service with the firm dates back to 1996, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Prior to his current role, Mr. Whitehead was Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates. Mr. Whitehead represents BlackRock on the board of Luminex, a buy-side owned Alternative Trading System launched in 2015.

Peter Sietsema

Start Date

Tenure

Tenure Rank

Jan 04, 2022

0.4

0.4%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.24 2.42

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