Disciplined Value Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Disciplined Value Fund held 80 positions with $19.57B in net assets. Its ten largest holdings made up 28.9% of the fund. The JVLAX share class costs 0.96% a year. Over the 12 months to May 2026, JVLAX returned 32.3%, with dividends reinvested. In 2026 Q2 it added 6 new positions and exited 8.
The fund seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.
The fund invests at least 80% of assets in equity securities of companies with market capitalizations of $1 billion or greater that exhibit value characteristics, as identified through analysis of price-to-book and price-to-earnings ratios alongside fundamental metrics such as return on equity and cash flow. The fund may hold up to 20% in foreign currency-denominated securities and up to 15% in illiquid securities, and may participate in initial public offerings. Because security selection depends on the manager's continuous assessment of value metrics and company fundamentals, fund performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
AMZNAmazon.com Inc. | 6.08% | $1.19B | 5.0M | $238.34 |
3.97% | $776.46M | 2.4M | $327.33 | |
3.60% | $704.84M | 974.9K | $723.00 | |
2.64% | $517.61M | 448.4K | $1,154.29 | |
2.32% | $454.97M | 1.1M | $431.46 | |
2.18% | $426.18M | 2.4M | $180.91 | |
2.10% | $410.82M | 4.0M | $102.25 | |
2.05% | $401.57M | 3.8M | $107.00 | |
FLEXFlex Ltd. | 2.04% | $399.86M | 2.5M | $162.07 |
1.94% | $380.54M | 1.4M | $281.03 |
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 80 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 | 98.37% |
| Cash & short-term | 1.52% |
By sector
- Financials
- 20.2%
- Information Technology
- 16.7%
- Industrials
- 15.6%
- Health Care
- 9.4%
- 8 other sectors
- 38.2%
- Financials
- 20.2%
- Information Technology
- 16.7%
- Industrials
- 15.6%
- Health Care
- 9.4%
- Consumer Discretionary
- 8.2%
- Consumer Staples
- 6.3%
- Materials
- 5.3%
- Utilities
- 4.7%
- Energy
- 4.7%
- International
- 4.0%
- Communication Services
- 3.4%
- Cash
- 1.5%
How it has done
JVLAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.61%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.96% | +32.28% | +81.69% | +77.10% | -8.97% | |
| 1.71% | +31.27% | +77.61% | +70.60% | -9.26% | |
| 0.71% | +32.59% | +83.07% | +79.38% | -8.85% | |
| 0.85% | +32.36% | +82.16% | +78.10% | -8.92% | |
| 0.65% | +32.61% | +83.24% | +79.77% | -8.84% | |
| 0.60% | +32.76% | +83.67% | +80.29% | -8.80% | |
| 0.60% | +32.75% | +83.69% | +80.33% | -8.85% | |
| 1.10% | +32.06% | +80.98% | +75.92% | -9.01% |
These classes hold the same portfolio, so the 9.72pp spread over 5 years is the cost difference between them — roughly 1.94pp a year — not a difference in what they own.
Fees & fund details
Disciplined Value Fund is an actively managed U.S. equity fund. 11% of JVLAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 95% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.60% – 1.71%· JVLAX 0.96%
- Portfolio turnover
- 63.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
6 new
8 exited
Understand how this fund fits with the rest.
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