Name
As of 11/20/2024Price
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
13.9%
1 yr return
14.0%
3 Yr Avg Return
7.1%
5 Yr Avg Return
7.2%
Net Assets
$244 M
Holdings in Top 10
29.8%
52 WEEK LOW AND HIGH
$13.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 3.59%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 307.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/20/2024Price
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
JMNCX - Profile
Distributions
- YTD Total Return 13.9%
- 3 Yr Annualized Total Return 7.1%
- 5 Yr Annualized Total Return 7.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -2.25%
- Dividend Yield 2.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameJPMorgan Research Market Neutral Fund
-
Fund Family NameJPMorgan Funds
-
Inception DateNov 03, 2009
-
Shares Outstanding104348
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSteven Lee
Fund Description
The Fund takes long and short positions in different securities, selecting from a universe of mid- to large-capitalization stocks with characteristics similar to those of the Russell 1000 and/or Standard & Poor’s 500 (S&P 500) Indexes, in an effort to insulate the Fund’s performance from the effects of general stock market movements. As of December 31, 2023, the market capitalization of the companies in the Russell 1000 Index ranged from $179.6 million to $2,835.6 billion. As of December 31, 2023, the market capitalization of the companies in the S&P 500 Index ranged from $2,952.8million to $2,835.6 billion.In rising markets, the Fund expects that the long positions will appreciate more rapidly than the short positions, and in declining markets that the short positions will decline faster than the long positions. The Fund expects that this difference in rates of appreciation, along with any returns on cash generated by short sales, will generate a positive return; the Fund pursues returns exceeding those of 90-day U.S. Treasury Bills.The Fund purchases securities that it believes are undervalued and sells short securities that it believes are overvalued. The long and short positions are matched on a variety of risk characteristics in order to limit exposure to macroeconomic factors.In each sector in which the Fund invests, it balances the dollars invested in long and short positions to remain sector neutral. In attempting to neutralize market and sector risks, the Fund emphasizes stock selection as the primary means of generating returns.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 will use futures contracts to more effectively gain targeted equity exposure from its cash positions.Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection.The research findings allow the adviser to rank the companies according to what it believes to be their relative value. The greater a company’s estimated worth compared to the current market price of its stock, the more undervalued the company. The valuation rankings are produced with the help of a variety of models that quantify the research team’s findings. 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 Fund buys and sells securities according to its own policies, using the research and valuation rankings as a basis. In general, the team selects securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the team often considers a number of other criteria:•catalysts that could trigger a rise in a stock’s price•impact on the overall risk of the portfolio relative to the benchmark•temporary mispricings caused by market overreactions
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JMNCX - Performance
Return Ranking - Trailing
| Period | JMNCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.9% | -11.6% | 15.8% | 79.00% |
| 1 Yr | 14.0% | -33.0% | 41.7% | 72.82% |
| 3 Yr | 7.1%* | -10.5% | 13.4% | 45.92% |
| 5 Yr | 7.2%* | -4.8% | 11.1% | 43.37% |
| 10 Yr | 3.4%* | -4.6% | 7.6% | 79.41% |
* Annualized
Return Ranking - Calendar
| Period | JMNCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.7% | -31.7% | 23.2% | 32.65% |
| 2022 | -2.8% | -20.7% | 10.7% | 100.00% |
| 2021 | 3.2% | -12.4% | 14.7% | 30.00% |
| 2020 | 2.6% | -13.2% | 12.9% | 43.04% |
| 2019 | -20.7% | -11.7% | 7.9% | 92.86% |
Total Return Ranking - Trailing
| Period | JMNCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.9% | -11.7% | 15.8% | 81.00% |
| 1 Yr | 14.0% | -33.0% | 41.7% | 70.87% |
| 3 Yr | 7.1%* | -10.5% | 13.4% | 40.82% |
| 5 Yr | 7.2%* | -4.8% | 11.1% | 40.96% |
| 10 Yr | 3.4%* | -4.6% | 7.6% | 76.47% |
* Annualized
Total Return Ranking - Calendar
| Period | JMNCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.4% | -31.7% | 23.2% | 32.65% |
| 2022 | -2.8% | -20.7% | 10.7% | 100.00% |
| 2021 | 3.2% | -12.4% | 14.7% | 35.56% |
| 2020 | 11.5% | -12.7% | 12.9% | 35.44% |
| 2019 | 0.4% | -11.5% | 13.2% | 92.86% |
NAV & Total Return History
JMNCX - Holdings
Concentration Analysis
| JMNCX | Category Low | Category High | JMNCX % Rank | |
|---|---|---|---|---|
| Net Assets | 244 M | 105 K | 12.6 B | 52.88% |
| Number of Holdings | 317 | 5 | 2526 | 36.54% |
| Net Assets in Top 10 | 81 M | -619 M | 6.53 B | 53.85% |
| Weighting of Top 10 | 29.80% | 7.6% | 96.1% | 71.95% |
Top 10 Holdings
- JPMorgan Prime Money Market Fund, Class Institutional 16.65%
- Mastercard, Inc., Class A 1.81%
- Aon plc, Class A 1.73%
- Meta Platforms, Inc., Class A 1.54%
- Corpay, Inc. 1.43%
- Salesforce, Inc. 1.41%
- Micron Technology, Inc. 1.32%
- Western Digital Corp. 1.31%
- Block, Inc. 1.29%
- Travelers Cos., Inc. (The) 1.29%
Asset Allocation
| Weighting | Return Low | Return High | JMNCX % Rank | |
|---|---|---|---|---|
| Cash | 96.37% | -225.56% | 102.75% | 25.96% |
| Stocks | 3.65% | -57.09% | 325.56% | 53.85% |
| Preferred Stocks | 0.00% | 0.00% | 5.67% | 71.15% |
| Convertible Bonds | 0.00% | 0.00% | 95.47% | 77.88% |
| Bonds | 0.00% | -1.04% | 63.30% | 76.92% |
| Other | -0.02% | -11.90% | 43.69% | 69.23% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | JMNCX % Rank | |
|---|---|---|---|---|
| Technology | 18.06% | 0.00% | 100.00% | 44.09% |
| Industrials | 14.62% | 0.00% | 27.58% | 45.16% |
| Healthcare | 14.45% | 0.00% | 27.28% | 40.86% |
| Financial Services | 12.87% | 0.00% | 98.37% | 64.52% |
| Consumer Cyclical | 11.16% | 0.00% | 29.06% | 36.56% |
| Energy | 6.86% | 0.00% | 53.30% | 13.98% |
| Communication Services | 6.58% | 0.00% | 33.72% | 11.83% |
| Utilities | 5.49% | 0.00% | 66.28% | 43.01% |
| Consumer Defense | 3.77% | 0.00% | 30.58% | 43.01% |
| Real Estate | 3.43% | 0.00% | 93.91% | 31.18% |
| Basic Materials | 2.72% | 0.00% | 42.74% | 30.11% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | JMNCX % Rank | |
|---|---|---|---|---|
| US | 3.65% | -55.82% | 325.56% | 52.88% |
| Non US | 0.00% | -7.09% | 86.98% | 26.92% |
JMNCX - Expenses
Operational Fees
| JMNCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 3.59% | 0.73% | 9.52% | 10.68% |
| Management Fee | 0.35% | 0.13% | 1.65% | 7.69% |
| 12b-1 Fee | 0.75% | 0.00% | 1.00% | 77.97% |
| Administrative Fee | 0.08% | 0.06% | 0.40% | 50.00% |
Sales Fees
| JMNCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.75% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 5.00% | 71.43% |
Trading Fees
| JMNCX 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.
| JMNCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 307.00% | 30.00% | 483.00% | 59.55% |
JMNCX - Distributions
Dividend Yield Analysis
| JMNCX | Category Low | Category High | JMNCX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.24% | 0.00% | 0.75% | 56.73% |
Dividend Distribution Analysis
| JMNCX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| JMNCX | Category Low | Category High | JMNCX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -2.25% | -2.49% | 4.20% | 99.03% |
Capital Gain Distribution Analysis
| JMNCX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 20, 2023 | $0.299 | OrdinaryDividend |
| Dec 11, 2020 | $0.915 | OrdinaryDividend |
| Aug 27, 2020 | $0.002 | CapitalGainLongTerm |
| Dec 12, 2019 | $1.483 | CapitalGainLongTerm |
| Oct 04, 2019 | $0.002 | CapitalGainLongTerm |
| Apr 25, 2019 | $1.319 | CapitalGainLongTerm |
| Dec 12, 2018 | $0.133 | CapitalGainLongTerm |
| Aug 29, 2018 | $0.000 | CapitalGainLongTerm |
| Dec 13, 2017 | $0.394 | CapitalGainLongTerm |
| Dec 12, 2014 | $0.390 | CapitalGainLongTerm |
| Dec 15, 2009 | $0.154 | CapitalGainShortTerm |
JMNCX - Fund Manager Analysis
Managers
Steven Lee
Start Date
Tenure
Tenure Rank
Feb 11, 2014
8.3
8.3%
Steven G. Lee, Managing Director, is a portfolio manager on the US Disciplined Equity Team and the lead portfolio manager for the Research 130/30 and Disciplined Equity strategies since February 2017. Additionally, he has been the lead portfolio manager for the Research Market Neutral and Research Long/Short strategies since January 2014. Prior to joining the firm in 2004, he was a research analyst covering the global chemicals sector at Sanford Bernstein Investment Research and Management. He previously held positions as a management consultant with Booz-Allen&Hamilton and as an engineer with Ford Motor Company. Steven graduated with a dual degree from the Management and Technology Program at the University of Pennsylvania with a B.S. in economics from the Wharton School of Business, majoring in finance, and a B.S. in engineering from the School of Engineering and Applied Science, majoring in economics. He also holds an M.S. in mechanical engineering from the Massachusetts Institute of Technology and an M.B.A. in finance from the University of Michigan.
Laura Huang
Start Date
Tenure
Tenure Rank
May 20, 2020
2.03
2.0%
Ms. Huang has been a portfolio manager on the U.S. Equity Group since October 2017. An employee of JPMIM since 2005, Ms. Huang spent the prior twelve years as a research analyst, specializing in fintech and payments, as well as a broad range of sub-sectors within healthcare, industrials and financials. Ms. Huang graduated from New York University’s Stern School of Business and is a CFA charterholder.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.59 | 6.3 | 9.42 |