Analyysi: JPM US Value

Rahaston arvosana on Bronze. Salkunhoitaja on erittäin kokenut.

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JPM US Value A (Dist) -osuusluokan Morningstar-sivu:


Analyytikko Thomas Lancereaun, CFA, arvio 18.1.2017:


JPM US Value earns a Morningstar Analyst Rating of Bronze. It benefits from the vast experience of lead manager Jonathan Simon, who has built an impressive performance record on US-domiciled, Gold-rated JPMorgan Mid Cap Value FLMVX. 

On JPM US Value, Simon invests in mid-caps and large caps and aims at beating the Russell 1000 Value Index. There is no formal limit regarding exposure to mid-caps, but Simon says it should skew toward large caps. The portfolio as of the end of November 2016 had only a modest overweighting to mid-caps relative to the index and peers. Despite this trait, the fund has not been unduly volatile as Simon tends to favour higher-quality stocks. Here, however, he is willing to invest opportunistically across the market-cap spectrum in companies with weaker (but improving) business fundamentals when their valuations are compelling. This flexibility allows Simon's high convictions to be on full display, and the portfolio bears little resemblance to the index or the competition. It is built from the bottom up but has significant overweightings in financial services and consumer discretionary. 

Such latitude might not be placed in anyone's hands, but, during Simon's tenure, the fund has produced good results for investors. In 2016, it comfortably outpaced the category's average return, although it failed to beat its benchmark as its sector positioning proved detrimental. Over time, however, performance has been consistent, and the fund has outperformed peers over three, five, and 10 years through December 2016. Relative to its Russell 1000 Value Index benchmark, the fund has also outperformed over the long haul, although it has trailed its performance over five years. We think the fund’s strong performance success over the longer term testifies to the expertise of Simon as well as to the solid support he receives from the stable and experienced value team that has been working together for over a decade.

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Tietoja kirjoittajasta

Thomas Lancereau, CFA

Thomas Lancereau, CFA  vastaa Morningstarin rahastotutkimuksesta Ranskassa.

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