JNL/T. Rowe Price Capital Appreciation Fund
Aggressive allocation fund
The investment objective of the Fund is to seek long-term capital appreciation by investing primarily in common stocks. It may also hold fixed income and other securities to help preserve principal value.
The fund is managed by T. Rowe Price Associates as sub-adviser and invests at least 50% of assets in common stocks selected for low valuations relative to assets, earnings, or other measures, alongside a smaller allocation to opportunistic positions expected to appreciate near-term. The remainder is held in corporate and government debt, mortgage- and asset-backed securities, and bank loans, with up to 25% in foreign securities and no more than 30% in below-investment-grade debt and bank loans combined. Because security selection depends on the sub-adviser's identification of undervalued companies and attractive risk-reward opportunities, fund performance will diverge from broad market returns. The sub-adviser may establish relatively large positions in favored companies and concentrate significantly in particular sectors.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TRPGRIAT. Rowe Price Government Reserve Fund | 4.48% | $686.07M | — | — |
AMZNAmazon.com, Inc. | 3.55% | $543.38M | 2.3M | $238.34 |
3.50% | $535.40M | 1.4M | $373.02 | |
2.99% | $457.02M | 2.3M | $200.09 | |
GOOGLAlphabet Inc. | 2.78% | $425.80M | 1.2M | $357.37 |
AVGOBroadcom Inc. | 2.69% | $410.96M | 1.1M | $377.75 |
2.67% | $408.61M | 9.3M | $44.04 | |
2.65% | $405.19M | 719.3K | $563.29 | |
Treasury, United States Department of 3.50% · due 2031-02-28 | 2.50% | $382.35M | — | — |
2.33% | $356.47M | 613.6K | $580.91 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 171 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 63.47% |
| Bonds | 23.66% |
| Loans | 8.48% |
| Cash & short-term | 4.58% |
| Securitized | 0.04% |
| Derivatives | -0.55% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 18.8%
- Government
- 15.4%
- Other
- 13.1%
- Health Care
- 10.6%
- 11 other sectors
- 42.1%
- Information Technology
- 18.8%
- Government
- 15.4%
- Other
- 13.1%
- Health Care
- 10.6%
- Utilities
- 7.9%
- Communication Services
- 7.2%
- Consumer Discretionary
- 6.8%
- International
- 5.4%
- Financials
- 4.9%
- Cash
- 4.6%
- Industrials
- 2.7%
- Consumer Staples
- 1.7%
- Energy
- 0.5%
- Real Estate
- 0.3%
- Securitized
- 0.0%
How it has done
C000218188 share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.85%. Past returns are a record, not a forecast.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
JNL/T. Rowe Price Capital Appreciation Fund is an aggressive allocation fund. 19% of JNL/T. Rowe Price Capital Appreciation Fund ’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 90% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.67% – 0.97%
- Portfolio turnover
- 124.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
29 new· the largest 7
22 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 73.6% |
| Floating rate | 26.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 5.0% |
| 3-5y | 55.4% |
| 5-10y | 32.5% |
| 10y+ | 5.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 63% |
| Credit spreads | 37% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.48 yr |
| Investment grade | +0.13 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.07 yr | 7% |
| 5 yr | 0.70 yr | 68% |
| 10 yr | 0.16 yr | 16% |
| 30 yr | 0.09 yr | 9% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.07 yr | 12% |
| 5 yr | 0.39 yr | 64% |
| 10 yr | 0.05 yr | 9% |
| 30 yr | 0.09 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $669 | $634 |
| 1 yr | +0.07 | +0.01 | +0.07 | $11.2k | $100.3k |
| 5 yr | +0.70 | +0.03 | +0.36 | $39.6k | $552.9k |
| 10 yr | +0.16 | +0.01 | +0.04 | $14.6k | $68.5k |
| 30 yr | +0.09 | +0.08 | +0.00 | $129.9k | $6.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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