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JPMorgan Equity Index C OEICX

Medalist Rating as of | See JPMorgan Investment Hub
  • NAV / 1-Day Return 76.14  /  +0.79 %
  • Total Assets 9.6 Bil
  • Adj. Expense Ratio
    1.130%
  • Expense Ratio 1.130%
  • Distribution Fee Level Low
  • Share Class Type Level Load
  • Category Large Blend
  • Investment Style Large Growth
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 0.53%
  • Turnover 15%

USD | NAV as of Mar 02, 2024 | 1-Day Return as of Mar 02, 2024, 12:00 AM GMT+0

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Morningstar’s Analysis OEICX

Medalist rating as of .

JPMorgan Equity Index C’s management team is rated Average, but a solid investment process still helps this strategy retain its Morningstar Medalist Rating of Bronze.

Our research team assigns Bronze ratings to strategies they’re confident will outperform a relevant index, or most peers, over a market cycle on a risk-adjusted basis.

JPMorgan Equity Index C’s management team is rated Average, but a solid investment process still helps this strategy retain its Morningstar Medalist Rating of Bronze.

null Morningstar Manager Research

Morningstar Manager Research

Summary

Fees are a weakness here. The strategy's lofty fees are a high hurdle to clear, as it is priced within the most expensive quintile among peers.

The strategy merits a High Process Pillar rating. The strategy’s management team earns an Average People Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People, Process and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Rated on Published on

The portfolio managers reinvest dividends as they are paid and use derivatives to equitize cash to keep pace with the benchmark.

Associate Analyst Mo'ath Almahasneh

Mo'ath Almahasneh

Associate Analyst

Process

High

Securities lending has historically been employed by the fund to generate additional income, which has helped reduce some of its annual expense ratio.

The fund’s portfolio closely resembles its average category peer in both style and sector allocations. Capturing the same opportunity set as its active peers emphasizes the effect of the fund’s low fee, giving it a durable advantage over the long run.

This fund is well diversified compared with its peers. Its top 10 holdings represent 24% of the portfolio, much lower than its average peer. However, the portfolio can become top-heavy during the market’s manic episodes, though it remains more diversified than the category average. Over shorter time frames, investors’ enthusiasm for a particular stock or sector can make the portfolio top-heavy as it tilts toward recent winners. For example, the fund’s top 10 holdings ballooned to 30% of the portfolio in November 2021 before markets reversed in 2022.

Note: The Process Pillar rating and analysis are indirectly assigned by an analyst. When an analyst covers a passively managed vehicle that tracks a particular index, Morningstar associates the Process Pillar rating assigned to that vehicle with the index concerned. Morningstar then maps the Process Pillar associated with a given index to any other uncovered passive strategies that track the same index. This ensures that the analyst’s view is leveraged whenever available and promotes consistency when analyzing passive vehicles associated with a given index.

Rated on Published on

JPMorgan’s equity team is comparable to peers, resulting in an Average People Pillar rating.

null Morningstar Manager Research

Morningstar Manager Research

People

Average

There are four managers listed on the fund: Michael Loeffler, Oliver Furby, Nicholas D'Eramo, Alex Hamilton. Experience on the team is abundant, with 16 years of average portfolio management experience. Together, they manage a total of five strategies, with a Silver asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate. This group has been working together for a while and has been successful in retaining talent compared to peers, with no departures in the last five years.

Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

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

This strategy’s C share class' long-term performance is mixed depending on its comparison point.

null Morningstar Manager Research

Morningstar Manager Research

Performance

It has provided superior returns compared with peers, but subpar returns compared with the category benchmark. This share class led its average peer by an annualized excess return of 1.0 percentage point over a 10-year period. However, it was not able to clear the hurdle of outperforming the category index, Russell 1000 Index. It trailed by an annualized 94 basis points over the same period.

When adjusting for risk, this fund is not compelling. The share class had a lower Sharpe ratio, a measure of risk-adjusted returns, than the index over the trailing 10-year period. But notably, these subpar risk-adjusted results have not come with more volatility than the benchmark, as measured by standard deviation. Finally, 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

By minimizing costs, investors can maximize their expected returns.

null Morningstar Manager Research

Morningstar Manager Research

Price

This fund levies a fee that places it in its Morningstar Category's highest quintile. Even with this fee, the fund’s People, Process, and Parent Pillars suggest this share class should be able to deliver positive alpha relative to the lesser of its median category peer or category benchmark, garnering a Morningstar Medalist Rating of Bronze.

Published on

Portfolio Holdings OEICX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 31.0
Top 10 Holdings
% Portfolio Weight
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