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JPMorgan Global Allocation Fund

mutual fund
GAORX
Payout Change
Pending
Price as of:
$20.15 +0.0 +0.0%
primary theme
N/A
GAORX (Mutual Fund)

JPMorgan Global Allocation Fund

Payout Change
Pending
Price as of:
$20.15 +0.0 +0.0%
primary theme
N/A
GAORX (Mutual Fund)

JPMorgan Global Allocation Fund

Payout Change
Pending
Price as of:
$20.15 +0.0 +0.0%
primary theme
N/A

Name

As of 05/17/2024

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

$20.15

$3.09 B

2.01%

$0.40

0.82%

Vitals

YTD Return

5.6%

1 yr return

13.6%

3 Yr Avg Return

0.2%

5 Yr Avg Return

6.0%

Net Assets

$3.09 B

Holdings in Top 10

19.5%

52 WEEK LOW AND HIGH

$20.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.82%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 101.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/17/2024

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

$20.15

$3.09 B

2.01%

$0.40

0.82%

GAORX - Profile

Distributions

  • YTD Total Return 5.6%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 6.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.43%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    JPMorgan Global Allocation Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    May 31, 2011
  • Shares Outstanding
    3529
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jeffrey Geller

Fund Description

The Fund has significant flexibility to invest in a broad range of equity, fixed income and alternative asset classes in the U.S. and other markets throughout the world, both developed and emerging. J.P. Morgan Investment Management Inc. (JPMIM or adviser) uses a flexible asset allocation approach in constructing the Fund’s portfolio. Under normal circumstances, the Fund will invest at least 40% of its total assets in countries other than the United States (Non-U.S. Countries) unless the adviser determines, in its sole discretion, that conditions are not favorable. If the adviser determines that conditions are not favorable, the Fund may invest under 40% of its total assets in Non-U.S. Countries provided that the Fund will not invest less than 30% of its total assets in Non-U.S. Countries under normal circumstances except for temporary defensive purposes. In managing the Fund, the adviser will invest in issuers in at least three countries other than the U.S. under normal circumstances. The Fund will invest across the full range of asset classes. Ranges for broad asset classes are:Global Equity10–90%Global Fixed Income10–90%Alternatives0–60%Cash and Cash Equivalents0–80%The Fund’s equity investments may include common stock, preferred stock, convertible securities, depositary receipts, warrants to buy common stocks, master limited partnerships (MLPs), exchange traded funds (ETFs) and mutual funds within the same group of investment companies (i.e., J.P. Morgan Funds) and, for the limited purposes described below, passive ETFs that are managed by unaffiliated investment advisers (unaffiliated passive ETFs) (together with J.P. Morgan Funds, underlying funds). A passive ETF is a registered investment company that seeks to track the performance of a particular market index. These indices include not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, factors, regions or industries. The Fund is generally unconstrained by any particular capitalization with regard to its equity investments.The Fund’s fixed income investments may include bank obligations, convertible securities, U.S. government securities (including agencies and instrumentalities), mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities (junk bonds), loan assignments and participations (Loans), debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, floating rate securities, inflation-indexed bonds, inflation-linked securities such as Treasury Inflation Protected Securities (TIPS), J.P. Morgan Funds and, for the limited purposes described below, unaffiliated passive ETFs. The Fund is generally unconstrained with regard to the duration of its fixed income investments.The Fund’s alternative investments include securities that are not a part of the Fund’s global equity or global fixed income investments. These investments may include individual securities (such as convertible securities, inflation-sensitive securities and preferred stock), exchange traded notes (ETNs), exchange traded commodities (ETCs), J.P. Morgan Funds, and, for the limited purposes described below, unaffiliated passive ETFs. The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, real estate (including real estate investment trusts (REITS)), currencies and commodities.To the extent the Fund invests in underlying funds, the adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For passive ETFs, the adviser expects to use a J.P. Morgan ETF unless the adviser determines the investment is not available. To the extent the adviser determines in its sole discretion that an investment in a J.P. Morgan passive ETF is not available, only then will the adviser consider an unaffiliated passive ETF. For actively-managed underlying funds, the adviser limits its selection to J.P. Morgan Funds. The Fund expects that, to the extent it invests in ETFs, it will primarily invest in passive ETFs. In addition, the Fund may seek to gain passive exposure to one or more markets by investing directly in the securities underlying a particular index.In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. For example, in implementing equity market neutral strategies and macro based strategies, the Fund may use a total return swap to establish both long and short positions in order to gain the desired exposure rather than physically purchasing and selling short each instrument. The Fund may use futures contracts, options, forwards, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund’s gain. The Fund may use futures contracts, forward contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may utilize exchange traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. To the extent that the Fund does not utilize underlying funds to gain exposure to commodities, it may utilize commodity linked derivatives or commodity swaps to gain exposure to commodities.The Fund may invest in securities denominated in any currency. The Fund may utilize forward currency transactions to hedge exposure to non-dollar investments back to the U.S. dollar.As part of the underlying strategies, the Fund may enter into short sales. In short selling transactions, the Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement.The Fund will likely engage in active and frequent trading.Investment Process: As attractive investments across asset classes and strategies arise, the adviser attempts to capture these opportunities and has wide latitude to allocate the Fund’s assets among strategies and asset classes. The adviser establishes the strategic and tactical allocation for the Fund and makes decisions concerning strategies, sectors, and overall portfolio construction. The adviser develops its investment insights through the combination of top-down macro views, together with the bottom-up views of the separate asset class specialists within J.P. Morgan Asset Management globally.In buying and selling investments for the Fund, the adviser employs a continuous four-step process: (1) making asset allocation decisions based on JPMIM’s assessment of the intermediate term (6–18 months) market outlook; (2) constructing the portfolio after considering the Fund’s risk and return target, by determining the weightings of the asset classes, selecting the underlying securities, funds and other instruments; (3) for the Fund’s investments in securities issued by other funds, analyzing the investment capabilities of the underlying portfolio managers and funds, and (4) monitoring portfolio exposures and weightings and rebalancing portfolio exposures and weightings in response to market price action and changes in JPMIM’s shorter term market outlook.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.
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GAORX - Performance

Return Ranking - Trailing

Period GAORX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -23.7% 16.4% 83.26%
1 Yr 13.6% -8.9% 48.3% 74.25%
3 Yr 0.2%* -2.2% 16.4% 33.41%
5 Yr 6.0%* -0.7% 13.4% 21.96%
10 Yr N/A* 0.9% 11.8% 13.93%

* Annualized

Return Ranking - Calendar

Period GAORX Return Category Return Low Category Return High Rank in Category (%)
2023 12.8% -40.8% 20.6% 75.61%
2022 -22.3% -21.0% 24.5% 4.56%
2021 -0.7% -24.2% 27.8% 44.86%
2020 13.5% -23.1% 11.7% N/A
2019 13.2% -100.0% 20.6% N/A

Total Return Ranking - Trailing

Period GAORX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -23.7% 16.4% 82.40%
1 Yr 13.6% -12.8% 48.3% 65.47%
3 Yr 0.2%* -3.4% 16.4% 29.26%
5 Yr 6.0%* -1.1% 13.4% 20.59%
10 Yr N/A* 0.9% 11.8% 12.98%

* Annualized

Total Return Ranking - Calendar

Period GAORX Return Category Return Low Category Return High Rank in Category (%)
2023 17.3% -40.8% 20.6% 75.61%
2022 -17.6% -21.0% 24.5% 4.56%
2021 10.3% -24.2% 27.8% 44.86%
2020 17.1% -23.1% 11.7% N/A
2019 18.1% -2.9% 23.1% N/A

NAV & Total Return History


GAORX - Holdings

Concentration Analysis

GAORX Category Low Category High GAORX % Rank
Net Assets 3.09 B 1.12 M 110 B 17.49%
Number of Holdings 1919 2 10961 2.92%
Net Assets in Top 10 595 M -31.7 M 22 B 19.42%
Weighting of Top 10 19.54% 10.8% 100.0% 59.87%

Top 10 Holdings

  1. JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares 3.58%
  2. iShares iBoxx $ Investment Grade Corporate Bond ETF 3.49%
  3. Microsoft Corp. 2.62%
  4. JPMorgan Prime Money Market Fund, Class Institutional 2.10%
  5. Amazon.com, Inc. 1.79%
  6. NVIDIA Corp. 1.50%
  7. ASML Holding NV 1.14%
  8. Taiwan Semiconductor Manufacturing Co. Ltd. 1.12%
  9. Mastercard, Inc., Class A 1.11%
  10. UnitedHealth Group, Inc. 1.10%

Asset Allocation

Weighting Return Low Return High GAORX % Rank
Stocks
50.17% -45.72% 98.42% 71.40%
Bonds
42.90% -39.76% 93.84% 48.85%
Cash
6.67% -97.12% 185.58% 13.57%
Other
0.65% -1.25% 197.12% 67.85%
Convertible Bonds
0.26% 0.00% 25.49% 52.40%
Preferred Stocks
0.00% -0.03% 14.00% 87.89%

Stock Sector Breakdown

Weighting Return Low Return High GAORX % Rank
Technology
18.99% 0.00% 39.48% 33.97%
Financial Services
17.39% 0.00% 30.34% 25.05%
Consumer Cyclical
14.34% 0.00% 20.84% 11.46%
Healthcare
13.90% 0.00% 30.30% 36.52%
Industrials
10.68% 0.09% 32.39% 38.43%
Communication Services
6.09% 0.00% 28.59% 58.39%
Consumer Defense
5.61% 0.00% 31.85% 42.25%
Energy
4.93% 0.00% 38.61% 65.39%
Basic Materials
3.28% 0.00% 60.23% 85.35%
Utilities
2.51% 0.00% 40.29% 60.30%
Real Estate
2.27% 0.00% 90.14% 80.68%

Stock Geographic Breakdown

Weighting Return Low Return High GAORX % Rank
US
31.58% -4.82% 95.75% 50.73%
Non US
18.58% -46.69% 57.06% 68.89%

Bond Sector Breakdown

Weighting Return Low Return High GAORX % Rank
Government
42.58% 0.00% 98.64% 37.58%
Corporate
39.04% 0.00% 99.90% 55.95%
Cash & Equivalents
6.67% 0.10% 100.00% 23.80%
Securitized
6.45% 0.00% 83.28% 68.89%
Derivative
0.65% 0.00% 41.88% 80.38%
Municipal
0.02% 0.00% 31.28% 74.95%

Bond Geographic Breakdown

Weighting Return Low Return High GAORX % Rank
US
28.61% -177.12% 87.76% 71.19%
Non US
14.29% -39.00% 137.36% 19.62%

GAORX - Expenses

Operational Fees

GAORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.82% 0.16% 2.71% 81.21%
Management Fee 0.55% 0.00% 1.70% 37.04%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.01% 0.70% 35.26%

Sales Fees

GAORX 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% 5.50% N/A

Trading Fees

GAORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

GAORX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 101.00% 0.00% 441.00% 76.79%

GAORX - Distributions

Dividend Yield Analysis

GAORX Category Low Category High GAORX % Rank
Dividend Yield 2.01% 0.00% 10.92% 14.14%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

GAORX Category Low Category High GAORX % Rank
Net Income Ratio 1.43% -5.20% 6.33% 52.07%

Capital Gain Distribution Analysis

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

Distributions History

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GAORX - Fund Manager Analysis

Managers

Jeffrey Geller


Start Date

Tenure

Tenure Rank

May 31, 2011

11.01

11.0%

Jeffrey Geller, CFA, managing director, is a Chief Investment Officer of Multi-Asset Solutions, where he is responsible for investment oversight of all mandates managed in New York. This includes providing oversight with respect to manager and strategy suitability and fit and ensuring that the team's asset allocation views are reflected appropriately across a diverse set of mandates. Jeff is also a portfolio manager for less constrained multi-asset class portfolios as well as portfolios with alternatives exposure. Before joining the firm in 2006, Jeff was director of Hedge Fund Investments at Russell Investment Group and served as chairman of the Firm's hedge fund investment committee. Prior to that, he was a senior partner at Credit Suisse Asset Management's BEA Associates unit where he had responsibility for managing equity, currency overlay and relative value arbitrage strategies. Jeff earned a Bachelor of Arts in Government from Clark University and an M.B.A. in Finance from the University of Chicago Graduate School Of Business. He is a CFA charterholder and is Series 24, 7, and 63 licensed

Grace Koo


Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

Grace Koo, Ph.D., executive director, is a portfolio manager and quantitative research analyst in Multi-Asset Solutions, based in New York. Since joining the team in 2011, Grace has focused on the development of quantitative multi-asset portfolio strategies, global tactical asset allocation, dynamic asset allocation and Multi-Asset Solutions’ long-term capital market assumptions. Prior to joining the team, Grace was a strategist in the global asset allocation and alternative investments team for J.P. Morgan’s Investment Bank based in London. In this role, she researched and developed trading ideas across different asset classes and contributed to publications such as The JPMorgan View, Flows & Liquidity, Global Markets Outlook and Strategy (“GMOS”) and Investment Strategies. She joined J.P. Morgan in 2007 after receiving her Ph.D. in Finance from Kellogg School of Management at Northwestern University. Prior to joining the Firm, Ms. Koo taught finance at Northwestern University. She received a Bachelor of Commerce in commerce and economics, and a M.A. in economics from the University of British Columbia.

Eric Bernbaum


Start Date

Tenure

Tenure Rank

Dec 09, 2014

7.48

7.5%

Eric Bernbaum, executive director, is a portfolio manager for J.P. Morgan Asset Management's Multi-Asset Solutions team based in New York. An employee since 2008, Eric is responsible for manager selection and portfolio construction. He focuses on portfolio management and the interpretation and implementation of tactical asset allocation strategy across multi-asset class portfolios, with a specific focus on income strategies. Eric holds a B.S. in Applied Economics and Management with a concen-tration in Business and Finance from Cornell University and is a CFA charterholder.

Michael Feser


Start Date

Tenure

Tenure Rank

Nov 02, 2020

1.58

1.6%

Michael Feser, managing director, is a portfolio manager on the Multi-Asset Solutions team based in New York. In this role, Michael is responsible for managing portfolios and expanding the Multi-Asset Solutions team’s capabilities in the sub-advisory segment. A particular area of focus is the design and management of risk/volatility controlled investment strategies. In addition, Michael also serves on JPMAM’s long-term capital markets assumptions committee and advises clients on investment strategy design and strategic asset allocation issues. An employee since 1994, Michael has more than two decades of markets, multi-asset and fixed income research and investment experience. Previously, Michael served as the Global Investment Director of Global Investment Management Solutions, where he oversaw the investment activities of the group’s portfolio managers, new product development and worked with the Funds’ boards globally. Prior to this, Michael held a number of roles across global investment management, including leading Multi-Asset Solution’s quantitative research and portfolio management team, and heading fixed income quantitative research and portfolio management functions in London. Michael obtained an M.A. in business administration from the University of Cologne. He is a CFA charterholder and is Series 3, 7 and 63 licensed.

Philip Camporeale


Start Date

Tenure

Tenure Rank

Nov 02, 2020

1.58

1.6%

Mr. Camporeale joined the J.P. Morgan Investment Management Inc. in 2000. Prior to joining JPMIM’s Multi-Asset Solutions Team in 2011, Mr. Camporeale was a portfolio manager in the global fixed income currency and commodity team. Mr. Camporeale is responsible for developing and implementing global macro investment insights.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.03 30.27 6.52 9.25