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Trending ETFs

JPMorgan Unconstrained Debt Fund

mutual fund
JISZX
Payout Change
Pending
Price as of:
$9.61 -0.01 -0.1%
primary theme
Bond Sector Diversified
JISZX (Mutual Fund)

JPMorgan Unconstrained Debt Fund

Payout Change
Pending
Price as of:
$9.61 -0.01 -0.1%
primary theme
Bond Sector Diversified
JISZX (Mutual Fund)

JPMorgan Unconstrained Debt Fund

Payout Change
Pending
Price as of:
$9.61 -0.01 -0.1%
primary theme
Bond Sector Diversified

Name

As of 06/14/2024

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

$9.61

$1.03 B

4.11%

$0.40

1.36%

Vitals

YTD Return

1.4%

1 yr return

5.6%

3 Yr Avg Return

1.4%

5 Yr Avg Return

2.5%

Net Assets

$1.03 B

Holdings in Top 10

31.0%

52 WEEK LOW AND HIGH

$9.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.36%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 103.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$9.61

$1.03 B

4.11%

$0.40

1.36%

JISZX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 2.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.57%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Unconstrained Debt Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Dec 02, 2010
  • Shares Outstanding
    86342
  • Share Class
    R2
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Michele

Fund Description

The Fund seeks to achieve its investment objective by investing opportunistically across different markets and sectors, based on the portfolio management team’s view of the markets and sectors. The Fund’s approach is flexible and it is not managed to or constrained by a benchmark. This allows the Fund to shift its allocations based on changing market conditions which may result in investing in a few or multiple markets and sectors. Total return in the Fund’s objective includes both current income and capital appreciation.Under normal circumstances, the Fund invests at least 80% of its Assets in debt investments. Debt investments include loan assignments and participations (Loans), commitments to purchase Loans, convertible securities, bonds, and all other types of debt securities and debt instruments. Debt investments also include money market investment companies. “Assets” means net assets plus the amount of borrowings for investment purposes.The Fund is unconstrained by sectors and strategies. The Fund has broad flexibility to invest in a wide variety of debt securities and instruments. As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in both U.S. and foreign markets including emerging markets. These securities may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks. The Fund may also invest in equity securities as a principal strategy.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. The Fund may use fixed income, currency and credit derivatives.Such derivatives may include futures contracts, options, swaps including credit default swaps, and forward contracts. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of derivatives including forward foreign currency contracts and other foreign currency transactions, but may not always do so. In addition to hedging non-dollar investments, the Fund may also use such derivatives for other hedging purposes (e.g., decreasing exposure to certain securities), to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.The Fund may invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities) by Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s Corporation (S&P), Fitch Rating (Fitch) or the equivalent by another national rating organization, or securities that are unrated but are deemed by the adviser to be of comparable quality. Below investment grade 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 restructuring or securities of issuer’s operating in troubled industries. Investment in distressed debt is not a principal investment strategy of the Fund.A significant portion of the Fund’s assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in structured investments and adjustable rate mortgage loans (ARMs). The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities.The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued 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 also invest in mortgage pass-through securities including mortgage TBAs. 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 inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers.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 municipal securities. The Fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities and deferred payment securities.The Fund may also invest in convertible securities and preferred securities that the adviser believes will produce income or generate return.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.In buying and selling investments for the Fund, the adviser uses an opportunistic strategy and uses both security selection and derivatives to allocate its investments among strategies and sectors. For each strategy/sector, dedicated sector specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical research. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers or countries 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 or countries 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 or countries that may be positively impacted by such factors. The Fund uses a flexible asset allocation approach that permits the adviser to invest in only a small number of strategies/ sectors from time to time although the Fund intends to invest in at least two sectors under normal market conditions. While the Fund seeks to mitigate downside risk, the Fund’s risk exposure may vary due to the Fund’s flexible allocation approach and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments.
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JISZX - Performance

Return Ranking - Trailing

Period JISZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -7.7% 410.0% 76.52%
1 Yr 5.6% -11.0% 435.7% 74.39%
3 Yr 1.4%* -18.2% 72.2% 25.04%
5 Yr 2.5%* -13.9% 43.6% 35.61%
10 Yr 2.1%* -13.8% 6.5% 52.42%

* Annualized

Return Ranking - Calendar

Period JISZX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -12.0% 15.7% 40.79%
2022 -5.7% -31.8% 18.4% 10.22%
2021 -2.0% -26.6% 25.7% 62.56%
2020 3.0% -49.2% 18.7% 36.81%
2019 4.0% -35.1% 15.3% 57.79%

Total Return Ranking - Trailing

Period JISZX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -7.7% 410.0% 76.52%
1 Yr 5.6% -11.0% 435.7% 74.39%
3 Yr 1.4%* -18.2% 72.2% 25.04%
5 Yr 2.5%* -13.9% 43.6% 35.61%
10 Yr 2.1%* -13.8% 6.5% 52.42%

* Annualized

Total Return Ranking - Calendar

Period JISZX Return Category Return Low Category Return High Rank in Category (%)
2023 6.6% -7.0% 22.2% 72.81%
2022 -3.3% -31.8% 21.1% 18.27%
2021 0.1% -13.5% 49.9% 78.24%
2020 6.0% -28.6% 24.1% 46.18%
2019 6.5% -4.8% 19.1% 72.42%

NAV & Total Return History


JISZX - Holdings

Concentration Analysis

JISZX Category Low Category High JISZX % Rank
Net Assets 1.03 B 2.53 M 143 B 40.81%
Number of Holdings 1274 2 9868 16.16%
Net Assets in Top 10 319 M -204 M 70.2 B 40.85%
Weighting of Top 10 30.95% 5.1% 271.9% 45.31%

Top 10 Holdings

  1. JPMorgan Prime Money Market Fund, Class Institutional 10.27%
  2. FNMA/FHLMC UMBS, Single Family, 30 Year 7.21%
  3. GNMA II, Single Family, 30 Year 4.92%
  4. FNMA/FHLMC UMBS, Single Family, 30 Year 2.25%
  5. Invesco Senior Loan ETF 1.89%
  6. Mex Bonos Desarr Fix Rt 1.12%
  7. FNMA UMBS, 30 Year 1.00%
  8. Notas do Tesouro Nacional 0.89%
  9. United Kingdom of Great Britain and Northern Ireland 0.78%
  10. Mex Bonos Desarr Fix Rt 0.63%

Asset Allocation

Weighting Return Low Return High JISZX % Rank
Bonds
82.49% 0.00% 215.76% 64.02%
Other
17.87% -66.66% 153.75% 13.72%
Cash
10.27% -94.66% 100.00% 17.07%
Convertible Bonds
9.27% 0.00% 33.50% 4.23%
Stocks
0.20% -4.18% 99.84% 53.51%
Preferred Stocks
0.02% 0.00% 28.28% 40.09%

Stock Sector Breakdown

Weighting Return Low Return High JISZX % Rank
Consumer Cyclical
89.95% 0.00% 89.95% 0.85%
Communication Services
10.05% 0.00% 100.00% 18.87%
Utilities
0.00% 0.00% 100.00% 73.24%
Technology
0.00% 0.00% 28.30% 68.73%
Real Estate
0.00% 0.00% 100.00% 72.96%
Industrials
0.00% 0.00% 100.00% 78.03%
Healthcare
0.00% 0.00% 18.60% 70.14%
Financial Services
0.00% 0.00% 100.00% 77.18%
Energy
0.00% 0.00% 100.00% 87.32%
Consumer Defense
0.00% 0.00% 99.97% 70.42%
Basic Materials
0.00% 0.00% 100.00% 71.83%

Stock Geographic Breakdown

Weighting Return Low Return High JISZX % Rank
US
0.20% -4.11% 99.84% 50.46%
Non US
0.00% -0.07% 17.73% 65.70%

Bond Sector Breakdown

Weighting Return Low Return High JISZX % Rank
Corporate
47.84% 0.00% 96.66% 36.32%
Securitized
41.50% 0.00% 99.65% 21.23%
Cash & Equivalents
10.27% 0.00% 99.66% 16.67%
Government
7.45% 0.00% 99.43% 60.85%
Municipal
0.00% 0.00% 54.26% 72.48%
Derivative
-0.55% -66.66% 153.75% 87.61%

Bond Geographic Breakdown

Weighting Return Low Return High JISZX % Rank
US
70.83% 0.00% 215.76% 60.82%
Non US
11.66% 0.00% 69.85% 28.20%

JISZX - Expenses

Operational Fees

JISZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.36% 0.03% 20.67% 42.25%
Management Fee 0.45% 0.00% 2.29% 16.94%
12b-1 Fee 0.50% 0.00% 1.00% 64.69%
Administrative Fee 0.08% 0.00% 0.70% 33.64%

Sales Fees

JISZX 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% 5.00% N/A

Trading Fees

JISZX 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.

JISZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 103.00% 0.00% 632.00% 66.11%

JISZX - Distributions

Dividend Yield Analysis

JISZX Category Low Category High JISZX % Rank
Dividend Yield 4.11% 0.00% 23.30% 83.69%

Dividend Distribution Analysis

JISZX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

JISZX Category Low Category High JISZX % Rank
Net Income Ratio 1.57% -1.55% 11.51% 85.76%

Capital Gain Distribution Analysis

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

Distributions History

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JISZX - Fund Manager Analysis

Managers

Robert Michele


Start Date

Tenure

Tenure Rank

Dec 01, 2010

11.5

11.5%

Robert Michele, CFA, managing director, is the Chief Investment Officer of the Global Fixed Income, Currency and Commodities (GFICC) group. Based in New York, Bob directs the global investment process and oversees the portfolio management and research functions. Prior to joining the firm in 2008, Bob was at Schroder Investment Management for ten years, most recently serving as the global head of fixed income. He also previously served as the head of Schroder’s U.S. Fixed Income Group, based in New York. Bob was at BlackRock from 1995 to 1998, responsible for managing core bond portfolios and d

Iain Stealey


Start Date

Tenure

Tenure Rank

Dec 01, 2010

11.5

11.5%

Iain Stealey, CFA, managing director, is the International Chief Investment Officer within the Global Fixed Income, Currency and Commodities (GFICC) group. Based in London, he is a portfolio manager focusing on multi-sector bond strategies for both segregated clients and pooled funds and serves on the Currency Investment Policy Committee (CIPC). Iain was previously Head of Global Aggregate Strategies and before that was responsible for the portfolio management of enhanced cash and short duration portfolios. Since 2002, he obtained a B.Sc. in Management Science from Loughborough University.

Andrew Headley


Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

Andrew Headley, managing director, is the Head of Securitized strategies within the Global Fixed Income, Currency & Commodities (GFICC) group and is a portfolio manager for several multi-sector fixed income strategies. Based in New York, he is responsible for overseeing management of dedicated strategies focused on agency & non-agency mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities as well as the development and implementation of securitized strategies for multi-sector portfolios.  An employee since 2005, Drew previously worked as a portfolio manager at Bear Stearns Asset Management, overseeing the securitized sectors for the core fixed income strategies.  Prior to this, Drew was a portfolio manager at Fischer Francis Trees & Watts (a subsidiary of BNP Paribas Asset Management) for eleven years, specializing in mortgage and broad market portfolios.  Drew holds a B.S. summa cum laude in economics from the Wharton School of the University of Pennsylvania and is a CFA charterholder.

Jeff Hutz


Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

Jeff Hutz, managing director, is a credit analyst within the Global High Yield team, responsible for analyzing and selecting high yield bonds in the consumer products and technology sectors as well as convertible securities.  Prior to joining the firm in 2004, Jeff was at 40|86 Advisors for five years, most recently serving as a senior analyst.  Previously, he spent two years as a design engineer with Onkyo America Inc., the U.S. division of a Japanese electronics company. Jeff holds a B.S. in electrical engineering and an M.B.A. from Washington University in St. Louis. He is a member of the CFA Society of Indianapolis and a CFA charterholder.

Lisa Coleman


Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19