JPMorgan Hedged Equity Fund
JPMorgan Trust I · Series S000043249 · 5 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q4
The Fund seeks to provide capital appreciation.
The fund invests in large-cap U.S. equities selected for relative value within each sector, maintaining weightings similar to the S&P 500 Index while modestly overweighting securities deemed undervalued and underweighting those appearing overvalued. It overlays a Put/Spread Collar strategy—buying index put options for downside protection while selling index call options to offset costs—that typically caps upside at 3.5–5.5% while protecting against declines of 5–20%, with the collar reset quarterly. Because the call options limit gains once the market rises to their strike price, the fund will underperform traditional long-only equity strategies in rising markets. The options overlay exposes the fund to changes in volatility, interest rates, and time decay in addition to equity market risk.
| Share class | Expense ratio |
|---|---|
| JHQAX | 0.82% |
| JHQCX | 1.32% |
| JHEQX | 0.57% |
| JHQPX | 0.43% |
| JHQRX | 0.32% |
Portfolio turnover 29.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 98.49% |
| Cash & short-term | 5.61% |
| Derivatives | -9.20% |
These positions come to 94.90% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
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
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +11.27% | +32.82% | +39.65% | 8.02% | -6.97% | |
| +10.73% | +30.85% | +36.20% | 8.05% | -7.17% | |
| +11.58% | +33.85% | +41.47% | 8.04% | -6.85% | |
| +11.69% | +34.38% | +42.44% | 8.05% | -6.80% | |
| +11.83% | +34.80% | +43.17% | 8.03% | -6.78% |
These classes hold the same portfolio, so the 6.97pp spread over 5 years is the cost difference between them — roughly 1.39pp a year — not a difference in what they own.
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.
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 |
|---|---|---|---|---|---|
| NVDA | NVIDIA Corp.NVDA | 8.01% | $200.09 | $1.48B | 7.4M |
| AAPL | Apple, Inc.AAPL | 6.46% | $289.36 | $1.20B | 4.1M |
| MGMXX | JPMorgan U.S. Government Money Market FundMGMXX | 5.55% | — | $1.03B | — |
| MSFT | Microsoft Corp.MSFT | 4.77% | $373.02 | $884.41M | 2.4M |
| AMZN | Amazon.com, Inc.AMZN | 4.13% | $238.34 | $765.05M | 3.2M |
| GOOGL | Alphabet, Inc.GOOGL | 3.33% | $357.37 | $616.21M | 1.7M |
| AVGO | Broadcom, Inc.AVGO | 2.98% | $377.75 | $552.43M | 1.5M |
| GOOG | Alphabet, Inc.GOOG | 2.39% | $353.33 | $443.49M | 1.3M |
| MU | Micron Technology, Inc.MU | 2.29% | $1,154.29 | $424.69M | 367.9K |
| META | Meta Platforms, Inc.META | 2.05% | $563.29 | $379.21M | 673.2K |
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 41.97% of net assets, top 25 59.64%, across 151 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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