JPMorgan SmartRetirement® 2060 Fund Class R2 JAKZX

Despite manager turnover, the JPMorgan SmartRetirement target-date series is still run by a proven team employing a rigorous process.

A bevy of veteran investors supports this series, most notably manager Daniel Oldroyd and team lead Ove Fladberg (named to that role earlier this year). Oldroyd served as the deputy to former lead skipper Anne Lester from 2010 through May 2020 and heads the retirement research effort. Two of the series’ five portfolio managers as of July 2025 have departed or soon will: Silvia Trillo left in August 2025 (her role, focused on the tactical-allocation process, had shrunk), though she remains at the firm. And Jeffrey Geller, who provided oversight but wasn’t involved on a day-to-day basis, is slated to retire in early 2026. However, the managers are still backed by experienced personnel in retirement research, as well as two other areas of focus—tactical allocation and manager selection. The team also brought in Anshul Mohan, a veteran multi-asset portfolio manager at the firm, in 2023 to assist its efforts. Michael Conrath, who led the firm's 529 plan group for more than a decade, also took over as chief retirement strategist in 2023.

The team’s retirement research process uses a multitude of participant data from Chase Bank, as well as the Employee Benefit Research Institute, to help formulate its glidepath. That led to the development of its SmartSpending program, woven into this series in 2021-22 to help investors fund discretionary spending throughout retirement. The program is geared for the investor to sell off shares annually. Starting in November 2024, each fund in the series now merges into the Income fund several years after the target date—but participants can still get targeted annual spend-down advice through the firm’s online tools.

Tactical-allocation calls were once a positive here, but they have generally detracted value since 2018. At times, the series has been too conservative, missing out on equity rallies such as the one in 2023. But it was also overweight stocks coming into 2022, when stocks declined. The team did add value in 2020's up-and-down market. But the team’s recent decisions to extend the time horizon of its calls and limit both the size and scope of its moves are prudent. Tactical calls have had a neutral impact since the start of 2024.

A disciplined, research-heavy approach to this series’ glidepath and strategic asset allocation earns a Process Pillar rating of Above Average.

The 2021-22 incorporation of SmartSpending into the glidepath marked the most significant adjustment to this series since its 2006 inception, and while that element is less of a focus in 2025, the team has a history of thoughtful, smaller changes. Such adjustments are rooted in the pioneering participant research the team has conducted. The team's partnerships with outside parties such as Chase retail bank have spurred insights into participant behavior, including its finding that retirees' spending is most volatile during the early years and tapers off later on. The target-date franchise adapted its postretirement allocations to account for this insight in 2021-22, aiming to fund investors' withdrawals until age 100. The portfolios now merge into the Income fund a few years after hitting their target dates, but investors can still get spend-down guidance through the firm’s online tools.

The team previously had a long history of making savvy tactical-allocation calls, but they have generally detracted value since 2018. At times, the series has missed out on equity rebounds by being too conservative, as in the first half of 2023. But it was also overweight stocks coming into 2022, which hurt in the early stages of the bear market. The team did add value in 2020’s up-and-down market, but it’s for the best that it has recently limited its tactical calls to broad asset classes and made smaller shifts. Indeed, the tactical piece’s impact has recently been neutral.

This series' makeup stands out without being extreme. In 2021, manager Daniel Oldroyd found that suppressed wage growth and increased spending rates had depressed retirement savings, which led him to boost strategic equity exposure by 3 percentage points to 94% of assets for young investors. The glidepath’s landing point also rose by 7.5 percentage points to 40% in stocks, modestly flattening the glidepath overall. The series trimmed equities by 2 percentage points in 2024 for investors in the portfolios dated 2035 or later because of the findings that investors don’t need to take quite as much risk to reach their goals. But the series is still generally overweight equities compared with its typical peer from inception until 10 years before retirement by as much as 8 percentage points. However, at retirement, it is underweight stocks by 2 percentage points to reduce risk. Because the weighting then stays at 40%, the series is once again a bit heavier in equity by five years after retirement.

The team seeks to add additional value through careful manager selection and a tactical-allocation process. With close to USD 100 billion in assets, the target-date franchise isn't as nimble as it once was, which could limit the team’s ability to implement its tactical views. That said, the team has lately focused almost entirely on asset-class shifts, eschewing sector-based and regional tilts that can require more capacity

The team uses roughly 20 underlying strategies in the SmartRetirement series, including three small-cap stock portfolios and three emerging-markets equity funds, because the team wants to smooth returns in volatile areas.

While it will soon have two fewer managers than it did in mid-2025, the well-resourced team behind this series still earns an Above Average People Pillar rating.

Ove Fladberg became the head of the target-date team in early 2025. Though he joined this team in 2022, he’s a veteran of the firm’s target-risk group—as is comanager Anshul Mohan, who joined the series in 2023. Importantly, Daniel Oldroyd, who took the reins of the team in mid-2020 when longtime lead manager Anne Lester retired, remains on board and leads the research agenda. Oldroyd has been a comanager nearly since the series' 2006 launch.

Two other portfolio managers have left or soon will: Silvia Trillo departed in August 2025 (her role, focused on the tactical-allocation process, had shrunk), though she remains at the firm. And Jeff Geller, who provided oversight but wasn’t involved on a day-to-day basis, is slated to retire in early 2026. That said, the three remaining managers are well-regarded and have long-tenured veteran colleagues to rely on for retirement research, tactical-allocation calls, and manager selection, including Chief Retirement Strategist Michael Conrath. The standout multi-asset solutions group numbers more than 100. The portfolio is also stocked with some of J.P. Morgan's many building blocks. The resulting lineup is strong: As of September 2025, 18 of the 21 core holdings earned higher-conviction Morningstar Medalist Ratings.

J.P. Morgan continues to build a track record of strong stewardship, supporting a Parent rating upgrade to High from Above Average.

With more than USD 4 trillion in assets under management (including USD 1.3 trillion in money market funds) and a broad reach, J.P. Morgan is among the largest active asset managers in the US, Europe, and Asia. Although some multi-asset offerings have struggled over the past five years, prompting new leadership to make changes to investment teams, its equity and fixed-income teams boast long-tenured portfolio managers who practice repeatable investment processes that have generally produced strong long-term results. Most of its funds are core building blocks with long lifetimes, though its lineup around the world also includes more-specialized options: Two options-based equity-income exchange-traded funds, launched in 2020 and 2022, are now among the firm’s largest. J.P. Morgan has been an early mover in offering active ETFs, having converted 12 of its open-end mutual funds to the structure and launching others. It isn’t always at the forefront of emerging trends. While it has filed registration statements with the Securities and Exchange Commission for an interval fund and an ETF investing in private markets, it hasn’t yet introduced such an option for all investors, whether on its own or in partnership with another asset manager, unlike some of its closest competitors.

To support the firm’s diverse investment offerings, J.P. Morgan has invested heavily in both portfolio management tools and its client organization. Over the past 10 years, the firm has developed robust proprietary technology with advanced analytics and broad buy-in from investment analysts, portfolio traders, and portfolio managers, all of whom have easy access to the platform. The firm also stands apart for its demonstrated commitment to clients. In the early 2000s, J.P. Morgan began pivoting its engagement with financial advisors to adopt a more consultative approach, supported by its sought-after Guide to the Markets research series that focuses on investor education, not product pitches. This perspective can help clients stay the course, supporting positive investor outcomes.

Incentives reinforce alignment with fundholders. Beginning more than 10 years ago, investment team compensation is tied to three-, five-, and 10-year performance, and portfolio managers must invest at least half of their deferred compensation in J.P. Morgan strategies. Many firms encourage portfolio managers to invest alongside fundholders, but J.P. Morgan goes a step further in requiring client-facing individuals to invest substantial portions of their incentive compensation in the funds.

Although some funds still face high cost hurdles, more than half of share classes charge competitive fees relative to peers.

This series boasts a solid long-term record.

This target-date series has often delivered, though tactical calls may not be much of a driver as they were in the first decade of the series’ history. Of the seven portfolios with at least 15 years’ history, four beat their average Morningstar Category peer and category benchmark during that period through August 2025 on both total and risk-adjusted returns (the latter as measured by alpha), while a fifth won on the latter measure. Ten-year returns are weaker, driven by a bad run of tactical-allocation calls by the team. But three- and five-year returns were nevertheless buoyed by strong security selection at the underlying holdings, most notably J.P. Morgan’s US large-cap equity funds, as well as less negative impact from the tactical side—in part because the team now makes more limited calls. Over the trailing three years, all nine portfolios beat both the category and benchmark on risk-adjusted measures. However, one-year performance was subpar, in large part due to weak stock-picking by underlying large-cap funds.

The team’s tactical calls were largely successful before the fallow period starting in 2018. Tactical shifts added value virtually every year from the series’ 2006 launch through 2017.

JPMorgan SmartRetirement® 2060 R2's Prospectus Adjusted Expense Ratio is 1.14% per year. It places it in the most expensive quintile of the Morningstar US Fund Target-Date 2060 Category, where the median fee is 0.61% per year. This cost positioning translates into a Medalist Rating Price Score of -1.82, which reflects its relative price positioning within the category. The Price Score ranges from -2.50 (most expensive) to +2.50 (cheapest), with higher scores indicating better cost competitiveness.