JPM US Equity Income Fund C - Net Accumulation

US Equities

Rated Fund 2013-15, 2020. A conservative approach to US equity dampens volatility    

A proven, quality-oriented approach to US equity investing earns JPM US Equity Income a return to our Rated Funds for 2020. Clare Hart, who has been at the helm of this fund since its launch in 2008, has amassed a loyal following - the fund is £3.8 billion in size.

Hart focuses on high-quality US companies with healthy and sustainable dividends in order to get lower-volatility access to US stockmarket growth. She likes firms with durable franchises, consistent earnings streams to support the payout, high returns on invested capital, conservative financials and strong management. The long-tenured manager and sensible process make the fund one of the best of its kind. Morningstar raised its analyst rating to gold from silver in 2019.

Valuation is critical to Hart's buy and sell decisions. Metrics such as free cash flow yields and price/earnings ratios are also considered. She buys companies with attractive dividend yields of at least 2% at purchase. The resulting portfolio is diversified across 80-110 holdings, primarily large companies. The fund's yield is a relatively modest 2.2%, but what it lacks in yield it makes up for in risk/reward profile, as outperformance in down markets is accompanied by relatively low volatility.

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
Name
JPM US Equity Income Fund C - Net Accumulation
Manager
JPMorgan Funds Limited
Type
Open Ended Investment Company
ISIN
GB00B3FJQ482
Sector
North America
Launched
11/07/2011
OCF
0.79 %
Risk Rating
2
3 Year Sharpe
0.43
3 Year Alpha
2.77
Yield
2.5 %
Benchmark
S&P 500 TR (Net of 15% withholding tax)
The fund seeks to provide a portfolio designed to achieve income by investing primarily in US Equities in any economic sector whilst participating in long term capital growth.
Holding %
Bank of America Corp 2.90 %
Johnson & Johnson 2.69 %
Bristol-Myers Squibb Company 2.60 %
CME Group Inc Class A 2.48 %
Comcast Corp Class A 2.47 %
BlackRock Inc 2.34 %
Microsoft Corp 2.16 %
Analog Devices Inc 2.15 %
The Home Depot Inc 2.14 %
PNC Financial Services Group Inc 2.13 %
Region %
United States 99.18 %
Sector %
Financial Services 24.96 %
Healthcare 16.54 %
Industrials 11.55 %
Technology 10.62 %
Consumer Defensive 9.98 %
Utilities 6.13 %
Consumer Cyclical 6.09 %
Name
JPMorgan Funds Limited
Address
EC4Y 0JP, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Andrew Brandon
Joined 11/04/2019

An employee ofJ.P. Morgan Investment Management Inc. since 2000, Mr. Brandon has been an investment analyst in the since 2004 and a portfolio manager since 2018. He is a CFA charterholder.

David Silberman
Joined 11/04/2019

Dave Silberman, managing director, is a portfolio manager on the JPMorgan Equity Income and the JPMorgan Growth & Income Funds within the U.S. Equity Group. An employee since 1989, David assumed his current role in 2019. Prior to his current role, David was the Head of the Equity Investment Director and Corporate Governance teams globally and the lead U.S. Equity Investment Director since 2008. Previously, he was a portfolio manager in the U.S. Equity Group where he managed equity portfolios for private clients, endowments and foundations. He has also worked in the Emerging Markets Derivatives Group and attended the J.P. Morgan training program. David holds a B.A. in economics and political science from the State University of New York at Binghamton and an M.B.A. from the Stern School of Business at New York University.

Clare Hart
Joined 12/15/2008

Clare Hart, managing director, is a portfolio manager in JPMorgan’s U.S. Equity Group. An employee since 1999, Clare is the lead portfolio manager of the JPMorgan Equity Income Strategy and the JPMorgan Growth & Income Strategy. Prior to joining the team, Clare was with Salomon Smith Barney’s equity research division as a research associate covering Real Estate Investment Trusts. Ms. Hart began her career at Arthur Andersen, working as a public accountant.

Data provided by Morningstar.

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