JPMorgan Hedged Equity Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, JPMorgan Hedged Equity Fund held 153 positions with $18.52B in net assets. Its ten largest holdings made up 42.0% of the fund. The JHQAX share class costs 0.82% a year. Over the 12 months to May 2026, JHQAX returned 7.2%, with dividends reinvested. In 2026 Q2 it added 14 new positions and exited 22.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp. | 8.01% | $1.48B | 7.4M | $200.09 |
AAPLApple, Inc. | 6.46% | $1.20B | 4.1M | $289.36 |
MGMXXJPMorgan U.S. Government Money Market Fund | 5.55% | $1.03B | — | — |
MSFTMicrosoft Corp. | 4.77% | $884.41M | 2.4M | $373.02 |
AMZNAmazon.com, Inc. | 4.13% | $765.05M | 3.2M | $238.34 |
GOOGLAlphabet, Inc. | 3.33% | $616.21M | 1.7M | $357.37 |
AVGOBroadcom, Inc. | 2.98% | $552.43M | 1.5M | $377.75 |
GOOGAlphabet, Inc. | 2.39% | $443.49M | 1.3M | $353.33 |
2.29% | $424.69M | 367.9K | $1,154.29 | |
2.05% | $379.21M | 673.2K | $563.29 |
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 153 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 | 98.49% |
| 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.
By sector
- Information Technology
- 34.7%
- Financials
- 11.4%
- Consumer Discretionary
- 10.0%
- Communication Services
- 9.1%
- 10 other sectors
- 34.9%
- Information Technology
- 34.7%
- Financials
- 11.4%
- Consumer Discretionary
- 10.0%
- Communication Services
- 9.1%
- Health Care
- 8.2%
- Industrials
- 6.7%
- Cash
- 5.4%
- International
- 3.5%
- Consumer Staples
- 3.2%
- Energy
- 2.8%
- Utilities
- 2.1%
- Real Estate
- 1.7%
- Materials
- 1.4%
- Other
- 0.1%
How it has done
JHQAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.48%. 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 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.82% | +7.17% | +31.78% | +38.53% | -6.97% | |
| 1.32% | +6.62% | +29.80% | +35.07% | -7.17% | |
| 0.57% | +7.41% | +32.76% | +40.28% | -6.85% | |
| 0.43% | +7.56% | +33.27% | +41.23% | -6.80% | |
| 0.32% | +7.69% | +33.78% | +42.05% | -6.78% |
These classes hold the same portfolio, so the 6.98pp spread over 5 years is the cost difference between them — roughly 1.40pp a year — not a difference in what they own.
Fees & fund details
JPMorgan Hedged Equity Fund is an actively managed U.S. equity fund. 22% of JHQAX’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
- 0.32% – 1.32%· JHQAX 0.82%
- Portfolio turnover
- 29.00% a year · as of 2025 Q4
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.
14 new· the largest 8
22 exited· the largest 8
Understand how this fund fits with the rest.
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