JNL/T. Rowe Price Capital Appreciation Fund
JNL Series Trust · Series S000068115
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio | As of |
|---|---|---|
| C000218188 | 0.67% | 2025 Q2 |
| C000218189 | 0.97% | 2025 Q2 |
Portfolio turnover 124.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 4.48% | — | $686.07M | — |
| AMZN | Amazon.com, Inc.AMZN | 3.55% | $238.34 | $543.38M | 2.3M |
| MSFT | Microsoft CorporationMSFT | 3.50% | $373.02 | $535.40M | 1.4M |
| NVDA | NVIDIA CorporationNVDA | 2.99% | $200.09 | $457.02M | 2.3M |
| GOOGL | Alphabet Inc.GOOGL | 2.78% | $357.37 | $425.80M | 1.2M |
| AVGO | Broadcom Inc.AVGO | 2.69% | $377.75 | $410.96M | 1.1M |
| CNP | CenterPoint Energy, Inc.CNP | 2.67% | $44.04 | $408.61M | 9.3M |
| META | Meta Platforms, Inc.META | 2.65% | $563.29 | $405.19M | 719.3K |
| — | Treasury, United States Department of3.50% · due 2031-02-28 | 2.50% | — | $382.35M | — |
| AMD | Advanced Micro Devices, Inc.AMD | 2.33% | $580.91 | $356.47M | 613.6K |
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.
Top 10 positions are 30.14% of net assets, top 25 55.69%, across 118 issuers.
See more of this fund's book
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