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JPMorgan Income Fund

mutual fund
JMSFX
Payout Change
Pending
Price as of:
$8.39 -0.01 -0.12%
primary theme
Bond Sector Diversified
JMSFX (Mutual Fund)

JPMorgan Income Fund

Payout Change
Pending
Price as of:
$8.39 -0.01 -0.12%
primary theme
Bond Sector Diversified
JMSFX (Mutual Fund)

JPMorgan Income Fund

Payout Change
Pending
Price as of:
$8.39 -0.01 -0.12%
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

JPMorgan Income Fund

JMSFX | Fund

$8.39

$9.22 B

6.10%

$0.51

0.39%

Vitals

YTD Return

3.2%

1 yr return

8.1%

3 Yr Avg Return

0.4%

5 Yr Avg Return

2.4%

Net Assets

$9.22 B

Holdings in Top 10

19.6%

52 WEEK LOW AND HIGH

$8.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 54.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$15,000,000

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

JPMorgan Income Fund

JMSFX | Fund

$8.39

$9.22 B

6.10%

$0.51

0.39%

JMSFX - Profile

Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.79%
DIVIDENDS
  • Dividend Yield 6.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Income Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Jun 02, 2014
  • Shares Outstanding
    361168446
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    J. Andrew Norelli

Fund Description

The Fund seeks to achieve its objective by investing opportunistically among multiple debt markets and sectors that the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) believes have high potential to produce income and have low correlations to each other in order to manage risk. The Fund is flexible and not managed to a benchmark. This allows the Fund to shift its allocations based on changing market conditions, which may result in investing in a single or multiple markets and sectors. The Fund also uses a strategy of managing distributions throughout the year to help reduce fluctuations in monthly dividends. “Income” in the Fund’s name refers to the Fund’s strategy of seeking to provide a predictable level of dividend income by investing opportunistically across different markets and sectors and utilizing income management strategies. The capital appreciation sought by the Fund generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security.The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity. The Fund may invest in fixed and floating rate debt securities issued in both U.S. and foreign markets, including countries whose economies are less developed (emerging markets). The Fund invests primarily in U.S. dollar denominated securities, although the Fund may also invest in non-dollar denominated securities. The Fund currently anticipates that it will invest no more than 10% of its total assets in non-dollar denominated securities, although, from time to time, the Fund may invest a greater percentage of its assets in non-dollar denominated securities to take advantage of market conditions.In connection with managing volatility, the Fund seeks to maintain a duration of ten years or less, although, under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Fund’s duration may be longer than ten years. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve).Although the Fund has the flexibility to invest above 65% of its total assets in investments that are rated below investment grade (also known as junk bonds or high yield securities) or the unrated equivalent to take advantage of market opportunities, under normal market conditions the Fund invests at least 35% of its total assets in investments that, at the time of purchase, are rated investment grade or the unrated equivalent.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 restructurings or securities of issuers operating in troubled industries.A significant portion of the Fund’s assets may be invested in asset-backed securities, mortgage-related securities and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations (CMOs) 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 also may invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. 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 securities eligible to be sold on the “to-be-announced” or TBA market (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 participations and assignments (Loans) and commitments to purchase Loans (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 also invest in convertible securities and preferred stock that the adviser believes will produce income or generate return. The Fund also may use bank obligations, commercial paper, corporate debt securities, custodial receipts, inverse floating rate instruments, municipal securities, private placements, restricted securities and other unregistered securities, real estate investment trusts (REITs), short-term funding agreements, when-issued securities, delayed delivery securities and forward commitments, and zero-coupon, pay-in-kind and deferred payment securities. The securities in which the Fund invests may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks.The Fund has flexibility to utilize derivatives and at times, use of such derivatives may be a principal strategy. Derivatives are instruments that have a value based on another instrument, exchange rate or index. Derivatives will be used primarily for hedging, including duration hedging, but may also be used as substitutes for securities in which the Fund can invest. Such derivatives may include futures contracts, options, swaps including interest rate and credit default swaps, and forward contracts. The Fund may also use derivatives for other hedging purposes (e.g., decreasing or increasing exposure to certain securities), to increase income and gain to the Fund, as part of its risk management process by establishing or adjusting exposure to particular securities, markets or currencies and/or to manage cash flows.As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s assets may be invested in cash and cash equivalents.In buying and selling investments for the Fund, the adviser uses a flexible, opportunistic approach that combines strategy and sector rotation (asset allocation). Strategy rotation refers to the shifting of investments among the multiple debt markets in which the Fund may invest. Sector rotation refers to the shifting of investments from one or more sectors (for example, high yield) into one or more other sectors (for example, emerging markets). For each strategy/sector, dedicated specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical analysis, including the expected potential to generate income. As part of its risk management strategy, the adviser typically will invest in multiple strategies/sectors, but, as part of the Fund’s opportunistic strategy, the adviser has flexibility to invest in a single or small number of strategies/sectors from time to time. Due to the Fund’s flexible asset allocation approach, the Fund’s risk exposure may vary 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. Generally, the adviser will sell a security when, based on fundamental, quantitative and technical analysis and the considerations described above, the adviser believes the issuer’s credit quality will deteriorate materially or when the adviser believes that there is better relative value available in the market in securities of comparable quality. 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.
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JMSFX - Performance

Return Ranking - Trailing

Period JMSFX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -7.7% 410.3% 26.21%
1 Yr 8.1% -10.6% 434.6% 34.70%
3 Yr 0.4%* -18.2% 72.0% 44.85%
5 Yr 2.4%* -13.8% 43.6% 42.25%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period JMSFX Return Category Return Low Category Return High Rank in Category (%)
2023 1.6% -12.0% 15.7% 68.13%
2022 -12.5% -31.8% 18.4% 44.74%
2021 -0.4% -26.6% 25.7% 28.32%
2020 -2.1% -49.2% 18.7% 76.22%
2019 6.2% -35.1% 15.3% 29.64%

Total Return Ranking - Trailing

Period JMSFX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -7.7% 410.3% 26.21%
1 Yr 8.1% -10.6% 434.6% 34.70%
3 Yr 0.4%* -18.2% 72.0% 44.85%
5 Yr 2.4%* -13.8% 43.6% 42.25%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period JMSFX Return Category Return Low Category Return High Rank in Category (%)
2023 7.7% -7.0% 22.2% 54.38%
2022 -8.1% -31.8% 21.1% 44.43%
2021 4.0% -13.5% 49.9% 19.52%
2020 3.5% -28.6% 24.1% 68.23%
2019 12.3% -4.8% 19.1% 13.13%

NAV & Total Return History


JMSFX - Holdings

Concentration Analysis

JMSFX Category Low Category High JMSFX % Rank
Net Assets 9.22 B 2.53 M 143 B 8.41%
Number of Holdings 1978 2 9868 4.42%
Net Assets in Top 10 1.8 B -204 M 70.2 B 8.69%
Weighting of Top 10 19.57% 5.1% 271.9% 72.20%

Top 10 Holdings

  1. GNMA II, Single Family, 30 Year 5.46%
  2. GNMA II, Single Family, 30 Year 5.27%
  3. JPMorgan Prime Money Market Fund, Class Institutional 2.19%
  4. GNMA II, Single Family, 30 Year 2.17%
  5. Invesco Senior Loan ETF 1.53%
  6. GNMA II, 30 Year 0.87%
  7. Multi-Family Connecticut Avenue Securities Trust, Series 2020-01, Class M10 0.60%
  8. DISH DBS Corp. 0.56%
  9. FHLMC Multiclass Certificates, Series 2023-RR21, Class X 0.47%
  10. Multi-Family Connecticut Avenue Securities Trust, Series 2019-01, Class M10 0.45%

Asset Allocation

Weighting Return Low Return High JMSFX % Rank
Bonds
84.74% 0.00% 215.76% 61.43%
Other
15.19% -66.66% 153.75% 19.36%
Cash
2.19% -94.66% 100.00% 64.02%
Convertible Bonds
1.83% 0.00% 33.50% 42.57%
Stocks
0.26% -4.18% 99.84% 51.37%
Preferred Stocks
0.07% 0.00% 28.28% 35.21%

Stock Sector Breakdown

Weighting Return Low Return High JMSFX % Rank
Energy
97.60% 0.00% 100.00% 10.99%
Communication Services
2.40% 0.00% 100.00% 34.37%
Utilities
0.00% 0.00% 100.00% 52.11%
Technology
0.00% 0.00% 28.30% 41.13%
Real Estate
0.00% 0.00% 100.00% 49.30%
Industrials
0.00% 0.00% 100.00% 57.18%
Healthcare
0.00% 0.00% 18.60% 41.97%
Financial Services
0.00% 0.00% 100.00% 59.44%
Consumer Defense
0.00% 0.00% 99.97% 42.25%
Consumer Cyclical
0.00% 0.00% 89.95% 51.83%
Basic Materials
0.00% 0.00% 100.00% 44.79%

Stock Geographic Breakdown

Weighting Return Low Return High JMSFX % Rank
US
0.26% -4.11% 99.84% 48.93%
Non US
0.00% -0.07% 17.73% 28.96%

Bond Sector Breakdown

Weighting Return Low Return High JMSFX % Rank
Securitized
61.14% 0.00% 99.65% 11.16%
Corporate
32.25% 0.00% 96.66% 55.03%
Government
4.38% 0.00% 99.43% 69.50%
Cash & Equivalents
2.19% 0.00% 99.66% 61.47%
Municipal
0.16% 0.00% 54.26% 31.29%
Derivative
-0.63% -66.66% 153.75% 89.14%

Bond Geographic Breakdown

Weighting Return Low Return High JMSFX % Rank
US
84.74% 0.00% 215.76% 41.92%
Non US
0.00% 0.00% 69.85% 71.80%

JMSFX - Expenses

Operational Fees

JMSFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.39% 0.03% 20.67% 97.87%
Management Fee 0.30% 0.00% 2.29% 2.42%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.00% 0.70% 29.44%

Sales Fees

JMSFX 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

JMSFX 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.

JMSFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 54.00% 0.00% 632.00% 27.81%

JMSFX - Distributions

Dividend Yield Analysis

JMSFX Category Low Category High JMSFX % Rank
Dividend Yield 6.10% 0.00% 23.30% 53.47%

Dividend Distribution Analysis

JMSFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

JMSFX Category Low Category High JMSFX % Rank
Net Income Ratio 3.79% -1.55% 11.51% 22.14%

Capital Gain Distribution Analysis

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

Distributions History

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JMSFX - Fund Manager Analysis

Managers

J. Andrew Norelli


Start Date

Tenure

Tenure Rank

Jun 02, 2014

8.0

8.0%

Mr. Norelli has managed the Fund since its inception and is an employee of the JPMIM since 2012. As part of that responsibility, the portfolio managers establish and monitor the overall duration, yield curve, and sector allocation strategies for the Fund. Mr. Norelli is a portfolio manager within the GFICC’s investment team, where he focuses on multi-asset class portfolios, asset allocation, macroeconomic strategy, and global market dynamics.Prior to joining JPMIM in 2012, Andrew was at Morgan Stanley for eleven years where he most recently served as co-head of the firm emerging markets credit trading desk. Andrew holds an A.B. in economics from Princeton University.

Andrew Headley


Start Date

Tenure

Tenure Rank

Mar 29, 2017

5.18

5.2%

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.

Thomas Hauser


Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

Thomas Hauser, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Indianapolis, he is the co-lead portfolio manager within the High Yield Fixed Income Team and is responsible for overseeing high yield total return strategies, sub-advised mutual fund assets and absolute return credit products. Prior to joining the firm in 2004, Thomas was at 40|86 Advisors, most recently serving as a co-portfolio manager on three mutual funds and as the co-head of the Collateralized Bond Obligation (CBO) Group.

Tenure Analysis

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