Skip to Content

JPMorgan Large Cap Value R6 JLVMX

Medalist Rating as of | See JPMorgan Investment Hub
  • NAV / 1-Day Return 20.32  /  +0.40 %
  • Total Assets 3.8 Bil
  • Adj. Expense Ratio
    0.440%
  • Expense Ratio 0.440%
  • Distribution Fee Level Low
  • Share Class Type Retirement, Large
  • Category Large Value
  • Investment Style Large Value
  • Min. Initial Investment 15.0 Mil
  • Status Open
  • TTM Yield 1.71%
  • Turnover 143%

USD | NAV as of Mar 28, 2024 | 1-Day Return as of Mar 28, 2024, 11:46 PM GMT+0

unlocked

Morningstar’s Analysis JLVMX

Medalist rating as of .

A strong management team and sound investment process underpin JPMorgan Large Cap Value R6's Morningstar Medalist Rating of Gold.

Our research team assigns Gold ratings to strategies that they have the most conviction will outperform a relevant index, or most peers, over a market cycle on a risk-adjusted basis.

A strong management team and sound investment process underpin JPMorgan Large Cap Value R6's Morningstar Medalist Rating of Gold.

null Morningstar Manager Research

Morningstar Manager Research

Summary

The portfolio maintains a sizable cost advantage over competitors, priced within the lowest fee quintile among peers.

The strategy's managers invest alongside shareholders, which helps it earn a High People Pillar rating. The strategy's effective investment approach earns an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a substantial overweight position in liquidity exposure and volatility exposure compared with category peers. High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And high volatility exposure is rooted in stocks that have a higher standard deviation of returns. The strategy's parent organization earns the firm an Above Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Rated on Published on

Morningstar's evaluation of this fund's process aims to determine how repeatable, consistent, and reliable it is, and whether management maintains a competitive advantage.

null Morningstar Manager Research

Morningstar Manager Research

Process

Above Average

JPMorgan Large Cap Value Fund earns an Above Average Process Pillar rating.

The primary contributor to the rating is the fund's excellent long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the managers have shown skill in their allocation of risk. The parent firm's five-year risk-adjusted success ratio of 57% also influences the rating. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. Their respectable success ratio suggests that the firm does well for investors and that this fund may benefit from that. Lastly, the process is limited by being an actively managed strategy. Historical data, such as Morningstar's Active/Passive Barometer, finds that actively managed funds have generally underperformed their passive counterparts, especially over longer time horizons.

This strategy tends to pick smaller market-cap firms compared with the average fund in its peer group, the Large Value Morningstar Category. But in terms of style (value/growth) exposure, it is similar. Examining additional factor exposure, this strategy has consistently tilted toward companies with relatively higher trading volumes in the last few years. This gives the managers more flexibility during bear markets to sell without adversely affecting prices. In recent months, the strategy was more exposed to the Liquidity factor compared with its Morningstar Category peers as well. This strategy has also exhibited a tilt toward high-volatility stocks over these years, meaning it has invested in companies that have a higher historical standard deviation of returns. This is a higher-risk, higher-reward approach. Compared with category peers, the strategy also had more exposure to the Volatility factor in the most recent month. This strategy also has tilted toward low-quality stocks, companies with higher financial leverage and lower profitability over these years. Lacking this ballast, the fund's prospects could rest on its ability to surpass peers during economic booms. In recent months, the strategy also had less Quality factor exposure than its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section.

The portfolio is overweight in industrials by 2.9 percentage points in terms of assets compared with the category average, and its communication services allocation is similar to the category. The sectors with low exposure compared to category peers are utilities and technology; however, the allocations are similar to the category. The strategy owns 94 securities and invests 26.4% of assets in its top 10 holdings, similar to the category average. And in closing, in terms of portfolio turnover, on a year-over-year basis, 143% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Rated on Published on

JPMorgan Large Cap Value Fund earns a High People Pillar rating.

null Morningstar Manager Research

Morningstar Manager Research

People

High

The main contributor to the rating is its parent firm's five-year success ratio of 57%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median return for the period. The portfolio managers' outperformance at the funds they run, as measured by their combined three-year manager excess returns, also influences the rating. Additionally, at least one manager has invested over$ 1 million in the strategy, which aligns their interests with fundholders.

Scott Blasdell, the longest-tenured manager on the strategy, provides strong guidance, offering over 25 years of listed portfolio management experience. The average Morningstar Rating of the strategies they currently manage is 3.1 stars, indicating that their risk-adjusted returns have been in line with the category average. Despite having a small team, the two listed managers boast 13 years of listed portfolio management experience. There has been limited turnover among the portfolio-management ranks, which has provided stability for the investment strategy. Stability tends to go hand in hand with positive results. There have been no documented departures within the past five years.

Rated on Published on

A well-resourced, thoughtful, and disciplined steward of client assets, JPMorgan Asset Management maintains an Above Average Parent rating.

Associate Director Emory Zink

Emory Zink

Associate Director

Parent

Above Average

As of 2022, this investment stalwart manages more than USD 2.5 trillion in AUM. Composed of various global cohorts and diverse asset classes, the firm has more tightly integrated its capabilities in recent years, notably through the development of proprietary analytical and risk systems. Investment teams are robustly staffed and helmed by seasoned contributors. The firm’s strategies tend to produce reliable portfolios, and several flagship offerings are Morningstar Medalists. Manager incentives align with fundholders'; compensation reflects longer-term performance factors, and portfolio managers invest in the firm’s strategies as part of their compensation plans.

The firm’s funds tend to be well-priced, but they aren’t as competitive as many highly regarded peers of similar scale. Recent product launches include thematic and single-country strategies, both of which carry the potential for volatile performance and flows, along with misuse by investors. The firm remains intrepid when it comes to developing an environmental, social, and governance-focused framework and continues to move into other areas such as direct indexing through its 55iP acquisition and China through its joint venture, but these complicated initiatives take time to assess any real and lasting effect.

Rated on Published on

Outpacing both its peers and the category benchmark, this strategy’s Retirement share class, has had a noteworthy track record.

null Morningstar Manager Research

Morningstar Manager Research

Performance

Over a 10-year period, this share class outpaced the category's average return by 2.2 percentage points annualized. And it also beat the category index, the Russell 1000 Value Index, by an annualized 2.0 percentage points over the same period.

The risk-adjusted performance only continues to make a case for this fund. The share class outstripped the index with a higher Sharpe ratio, a measure of risk-adjusted return, over the trailing 10-year period. However, these strong risk-adjusted results resulted in more volatility for investors. This strategy took on elevated risk, as measured by a higher standard deviation, 18.5%, compared to the benchmark's 15.3%. However, the share class proved itself ineffective as it was unable to generate alpha, over the same 10-year period, against the category group index: a benchmark that encapsulates the performance of the broader asset class.

Published on

Low-cost investments routinely outperform high-cost investments.

null Morningstar Manager Research

Morningstar Manager Research

Price

Thus, assessing cost is a critical step in any investment evaluation. This share class sits in the cheapest quintile of its Morningstar Category. Its attractive fee, paired with the fund’s People, Process, and Parent Pillars, suggests that this share class should be able to deliver positive alpha against its category benchmark, explaining its Morningstar Medalist Rating of Gold.

Published on

Portfolio Holdings JLVMX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 26.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Bank of America Corp

4.83 175.7 Mil
Financial Services

Chevron Corp

3.31 120.4 Mil
Energy

Berkshire Hathaway Inc Class B

2.84 103.3 Mil
Financial Services

Truist Financial Corp

2.58 93.8 Mil
Financial Services

Fiserv Inc

2.51 91.1 Mil
Technology

Medtronic PLC

2.22 80.7 Mil
Healthcare

AbbVie Inc

2.17 78.7 Mil
Healthcare

Citigroup Inc

2.15 78.2 Mil
Financial Services

Raymond James Financial Inc

1.93 70.2 Mil
Financial Services

Exxon Mobil Corp

1.88 68.2 Mil
Energy