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Name

As of 11/21/2024

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

JPMorgan Strategic Income Opportunities Fund

JSORX | Fund

$11.48

$10.2 B

4.78%

$0.55

0.76%

Vitals

YTD Return

4.9%

1 yr return

5.6%

3 Yr Avg Return

3.6%

5 Yr Avg Return

2.7%

Net Assets

$10.2 B

Holdings in Top 10

67.2%

52 WEEK LOW AND HIGH

$11.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 134.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

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

JPMorgan Strategic Income Opportunities Fund

JSORX | Fund

$11.48

$10.2 B

4.78%

$0.55

0.76%

JSORX - Profile

Distributions

  • YTD Total Return 4.9%
  • 3 Yr Annualized Total Return 3.6%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.69%
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Strategic Income Opportunities Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Jan 02, 2009
  • Shares Outstanding
    7614455
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    William Eigen

Fund Description

The Fund has an absolute return orientation which means that it is not managed relative to an index. The Fund attempts to achieve a positive total return in diverse market environments over time. In connection with this strategy, the Fund has flexibility to allocate its assets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectors including cash, money market instruments (including money market funds) and short-term investments. In particular, the Fund may invest all or substantially all of its assets in cash and short-term investments consistent with its absolute return orientation. Total return is a combination of capital appreciation and current income. “Strategic” in the Fund’s name means that the Fund, in addition to seeking current income as an element of total return, will also seek capital appreciation as an element of total return. The Fund may invest in a wide range of debt securities of issuers from the U.S. and other markets, both developed and emerging, as well as derivatives. Investments may be issued or guaranteed by a wide variety of entities including governments and their agencies, corporations, financial institutions and supranational organizations that the Fund believes have the potential to provide a high total return over time. The Fund may also invest in convertible securities, preferred securities, and equity securities that the adviser believes will produce income or generate return.The Fund may also use futures contracts, options, swaps, and foreign currency transactions for hedging, risk management, or to attempt to increase income and gain to the Fund. Swaps may be structured as credit default swaps (CDSs) on individual securities or a basket or index of securities, interest rate swaps, total return swaps and price lock swaps.The Fund may invest up to 100% of its total assets in securities that are rated below investment grade (junk bonds) or the unrated equivalent.The adviser uses the following six strategy/sector allocations in managing the Fund.●Cash — includes cash, money market instruments, and other short-term investments of high quality.●Rates management — includes traditional fixed income securities as well as derivatives to actively manage duration, yields and the effect changes in interest rates may have.●Credit securities — includes the full spectrum of investment and non-investment grade debt securities. Ordinarily, the Fund will invest no more than 75% of its total assets in credit securities.●Relative value strategies — includes fixed income relative value strategies such as credit-oriented trades, mortgage dollar rolls, derivatives, long/short strategies, and other combinations of fixed income securities and derivatives.●Foreign and emerging market securities — includes the full range of securities of issuers from developed and emerging markets. Ordinarily, the Fund will invest no more than 50% of its total assets in foreign and emerging market securities.●Non-traditional income — includes convertible securities, preferred securities, and equity stocks that the adviser believes will produce income or generate return. Ordinarily, the Fund will invest no more than 35% of its total assets in such securities.In buying and selling investments for the Fund, the adviser uses both security selection and derivatives to adjust allocations among each of the above strategies/sectors with an absolute return orientation. For each strategy/sector, sector specialists provide security research and recommendations to the lead portfolio managers. The Fund’s investments will not necessarily be allocated among all six strategies/sectors at any given time. Rather, the Fund uses a flexible asset allocation approach that permits the adviser to invest in a single strategy/sector or only a few strategies/sectors, consistent with the limitations identified above. Due to the Fund’s flexible allocation approach, the Fund’s risk exposure may vary and a risk associated with an individual strategy/sector may become more pronounced when the Fund utilizes a single strategy/sector or only a few strategies/sectors. As part of its security selection process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers 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.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 uses derivatives structured as futures, options, swaps and price locks as part of its rate management and relative value strategies and to gain or adjust exposure to markets, sectors, securities, and currencies. The Fund uses CDSs to initiate long exposures (overweights) in areas of the market that the adviser believes are attractively valued and short positions (underweights) in areas that the adviser believes are not attractive from a valuation perspective. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also utilize foreign currency transactions including currency options and forward foreign currency contracts to hedge non-dollar investments or to establish or adjust exposure to particular foreign securities, markets or currencies.The Fund may also use derivatives either alone or in combination with securities as part of its “relative value” strategies. Relative value strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund’s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a CDS related to one bond or set of bonds and selling a CDS on a similar bond or set of bonds, (2) mortgage-dollar rolls in which the Fund sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/return between the maturity dates, and (4) other combinations of fixed income securities and derivatives.The Fund may invest in mortgage-related securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. These may include investments in collateralized mortgage obligations, principal-only and interest-only stripped mortgage-backed securities and mortgage pass-through securities including mortgage TBAs. The Fund may also invest in asset-backed securities and structured investments issued by private issuers and issuers identified with the U.S. government. The Fund may also invest in credit risk transfer securities and credit-linked notes.The Fund may invest in a broad variety of securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued or guaranteed by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short.The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior (Junior Loans) and bridge loans. The Fund may invest in common shares or preferred shares of unaffiliated closed-end funds.The Fund may invest any portion of its total assets in cash and cash equivalents.The Fund may invest in exchange traded funds (ETFs) in order to gain exposure to particular foreign markets or asset classes. The ETFs in which the Fund may invest include registered investment companies that seek to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries.The Fund may invest in municipal securities and inflation-linked securities such as Treasury Inflation Protected Securities (TIPS).The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending.
Read More

JSORX - Performance

Return Ranking - Trailing

Period JSORX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.9% -10.1% 17.5% 68.06%
1 Yr 5.6% -6.8% 20.9% 91.67%
3 Yr 3.6%* -16.6% 16.3% 13.45%
5 Yr 2.7%* -14.2% 14.0% 38.85%
10 Yr 2.9%* -7.1% 6.8% 39.84%

* Annualized

Return Ranking - Calendar

Period JSORX Return Category Return Low Category Return High Rank in Category (%)
2023 0.4% -12.0% 8.9% 80.74%
2022 -1.3% -31.8% 18.4% 2.69%
2021 0.1% -16.2% 25.7% 23.37%
2020 0.3% -31.1% 18.7% 64.30%
2019 1.1% -6.1% 15.3% 85.80%

Total Return Ranking - Trailing

Period JSORX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.9% -10.1% 17.5% 68.06%
1 Yr 5.6% -6.8% 20.9% 91.67%
3 Yr 3.6%* -16.6% 16.3% 13.45%
5 Yr 2.7%* -14.2% 14.0% 38.85%
10 Yr 2.9%* -7.1% 6.8% 39.84%

* Annualized

Total Return Ranking - Calendar

Period JSORX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -6.9% 22.2% 84.28%
2022 0.5% -31.8% 21.1% 4.27%
2021 0.8% -13.5% 49.9% 69.12%
2020 1.7% -28.6% 24.1% 79.40%
2019 4.2% -4.8% 19.1% 88.29%

NAV & Total Return History

JSORX - Holdings

Concentration Analysis

JSORX Category Low Category High JSORX % Rank
Net Assets 10.2 B 2.63 M 143 B 7.78%
Number of Holdings 576 4 9195 44.48%
Net Assets in Top 10 6.74 B -204 M 80.4 B 2.80%
Weighting of Top 10 67.21% 5.8% 265.8% 15.83%

Top 10 Holdings

  1. JPMorgan Prime Money Market Fund, Class IM 55.39%
  2. FNMA/FHLMC UMBS, Single Family, 30 Year 7.81%
  3. Merrill Lynch Pierce Fenner Smith, Inc. 0.65%
  4. Credit Agricole SA 0.59%
  5. General Motors Financial Co., Inc. 0.55%
  6. Mercedes-Benz Finance North America LLC 0.45%
  7. Toronto-Dominion Bank (The) 0.45%
  8. Georgia Power Co. 0.45%
  9. Mitsubishi UFJ Financial Group, Inc. 0.44%
  10. U.S. Treasury Bills 0.42%

Asset Allocation

Weighting Return Low Return High JSORX % Rank
Cash 		57.40% -94.66% 99.97% 1.24%
Bonds 		41.24% 0.00% 199.60% 87.09%
Convertible Bonds 		3.11% 0.00% 33.50% 30.83%
Other 		1.07% -73.61% 147.15% 63.61%
Stocks 		0.27% -6.18% 99.66% 54.43%
Preferred Stocks 		0.03% 0.00% 26.42% 37.01%

Stock Sector Breakdown

Weighting Return Low Return High JSORX % Rank
Utilities 		0.00% 0.00% 100.00% 38.42%
Technology 		0.00% 0.00% 28.30% 81.43%
Real Estate 		0.00% 0.00% 100.00% 14.52%
Industrials 		0.00% 0.00% 100.00% 85.48%
Healthcare 		0.00% 0.00% 18.60% 81.99%
Financial Services 		0.00% 0.00% 100.00% 86.95%
Energy 		0.00% 0.00% 100.00% 26.84%
Communication Services 		0.00% 0.00% 100.00% 5.88%
Consumer Defense 		0.00% 0.00% 99.97% 81.07%
Consumer Cyclical 		0.00% 0.00% 89.95% 85.66%
Basic Materials 		0.00% 0.00% 100.00% 82.17%

Stock Geographic Breakdown

Weighting Return Low Return High JSORX % Rank
US 		0.27% -6.18% 99.66% 52.26%
Non US 		0.00% -0.26% 17.73% 66.25%

Bond Sector Breakdown

Weighting Return Low Return High JSORX % Rank
Cash & Equivalents 		55.81% 0.00% 94.89% 0.78%
Corporate 		19.48% 0.00% 96.66% 69.18%
Securitized 		11.79% 0.00% 99.65% 63.08%
Municipal 		0.00% 0.00% 54.26% 73.35%
Government 		0.00% 0.00% 99.43% 92.94%
Derivative 		-0.35% -73.61% 147.15% 85.02%

Bond Geographic Breakdown

Weighting Return Low Return High JSORX % Rank
US 		40.79% 0.00% 199.60% 81.49%
Non US 		0.45% 0.00% 74.14% 63.92%

JSORX - Expenses

Operational Fees

JSORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.03% 20.67% 77.83%
Management Fee 0.45% 0.00% 2.29% 16.51%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.00% 0.70% 32.39%

Sales Fees

JSORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 1.50% N/A

Trading Fees

JSORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

JSORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 134.00% 0.00% 632.00% 78.38%

JSORX - Distributions

Dividend Yield Analysis

JSORX Category Low Category High JSORX % Rank
Dividend Yield 4.78% 0.00% 23.30% 46.53%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

JSORX Category Low Category High JSORX % Rank
Net Income Ratio 0.69% -1.55% 11.51% 94.79%

Capital Gain Distribution Analysis

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

Distributions History

View More +

JSORX - Fund Manager Analysis

Managers

William Eigen

Start Date

Tenure

Tenure Rank

Oct 10, 2008

13.65

13.7%

William Eigen, Managing Director and CFA charterholder, is the lead portfolio manager who has been primarily responsible for the day-to-day management of the Fund since its inception.. In his role as lead portfolio manager for the Fund, he is responsible for establishing and monitoring the strategy allocation for the Fund within and among sectors and utilizing the research and insight of dedicated sector specialists in making day-to-day decisions regarding securities to be bought or sold by the Fund. Information on Mr. Eigen is described under the Total Return Fund. He holds a B.S. in finance from the University of Rhode Island and is a CFA charterholder. Bill has served on the Board of Directors of the Boston Security Analysts Society and is a current member of its Education Board.

Jarred Sherman

Start Date

Tenure

Tenure Rank

Mar 23, 2009

13.2

13.2%

Jarred A. Sherman, executive director, is a portfolio manager in the Absolute Return and Opportunistic Fixed Income Team at J.P. Morgan Asset Management. Prior to taking on this role, Jarred was a lead portfolio manager responsible for the strategy development and management of the enhanced cash and short duration portfolios within the U.S Fixed Income Group. An employee since 1999, Jarred has also served as an investment analyst within the Short Term Fixed Income Product Group. Jarred holds a B.A. in economics from the University of Pennsylvania and an M.B.A. from Columbia University. He is also a CFA charterholder.

Jeffrey Wheeler

Start Date

Tenure

Tenure Rank

Oct 31, 2015

6.59

6.6%

Mr. Wheeler heads the securitized asset team and focuses on the analysis and trading of non-agency mortgage-backed securities and consumer asset-backed securities.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19

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