JPMorgan High Yield Fund
JPMorgan Trust II · 8 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
JPMorgan High Yield Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.
The fund invests in a diversified portfolio of below-investment-grade and unrated debt securities, selecting based on fundamental credit analysis of individual issuers' business prospects, capital structure, and covenant protections, with a weighted average maturity ordinarily between three and ten years. The fund may also hold senior and junior loans, convertible securities, preferred stock, and common stock acquired through workouts or conversions. Because security selection depends on the adviser's credit assessments, which may prove incorrect, the fund's returns will diverge from any benchmark. The fund may invest up to 100% of assets in below-investment-grade securities and up to 30% in loans and unfunded commitments.
| Share class | Gross | Net |
|---|---|---|
| OHYFX | 0.85% | 0.60% |
| OHYAX | 1.11% | 0.85% |
| OGHCX | 1.61% | 1.35% |
| JHYUX | 0.60% | 0.45% |
| JYHRX | 0.73% | 0.55% |
| JHYZX | 1.46% | 1.20% |
| JRJYX | 1.11% | 0.95% |
| JRJKX | 1.02% | 0.70% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 28.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 86.81% |
| Loans | 8.41% |
| Cash & short-term | 1.81% |
| Stocks | 1.44% |
| Other | 0.01% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 53.3% |
| International | 8.4% |
| Communication Services | 5.6% |
| Consumer Discretionary | 5.2% |
| 11 smaller | 27.5% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States of America ×3, Nexstar Media, Inc. ×2, PR RNO Property Owner 1 LLC, Meridian Arc Holdco LLC, Moran Foods LLC
Largest exited: iShares Broad USD High Yield Corporate Bond ETF, Cooper-Standard Automotive, Inc. ×2, Expand Energy Corp., Nexstar Media, Inc., Mallinckrodt plc, RHP Hotel Properties LP, Frontier Communications Holdings LLC
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 |
|---|---|---|---|---|---|
| +8.63% | +28.97% | +23.75% | 2.47% | -2.38% | |
| +8.44% | +28.07% | +22.07% | 2.51% | -2.28% | |
| +7.87% | +26.28% | +19.16% | 2.33% | -2.36% | |
| +8.95% | +29.72% | +24.67% | 2.38% | -2.19% | |
| +8.82% | +29.23% | +24.15% | 2.37% | -2.20% | |
| +8.08% | +26.79% | +19.98% | 2.50% | -2.34% | |
| +8.41% | +27.79% | +21.57% | 2.38% | -2.27% | |
| +8.69% | +28.76% | +23.13% | 2.45% | -2.23% |
These classes hold the same portfolio, so the 5.51pp spread over 5 years is the cost difference between them — roughly 1.10pp a year — not a difference in what they own.
May 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.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 90.4% |
| Floating rate | 9.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.6% |
| 1-3y | 26.8% |
| 3-5y | 35.3% |
| 5-10y | 33.1% |
| 10y+ | 0.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 50% |
| Interest rates | 50% |
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 | +2.36 yr |
| Investment grade | +0.12 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 | 0.03 yr | 1% |
| 1 yr | 0.65 yr | 27% |
| 5 yr | 1.41 yr | 58% |
| 10 yr | 0.36 yr | 15% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.63 yr | 25% |
| 5 yr | 1.78 yr | 72% |
| 10 yr | 0.06 yr | 2% |
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 | +0.03 | +0.00 | +0.01 | $1.7k | $7.6k |
| 1 yr | +0.65 | +0.04 | +0.59 | $24.8k | $386.1k |
| 5 yr | +1.41 | +0.06 | +1.71 | $41.0k | $1.12m |
| 10 yr | +0.36 | +0.01 | +0.05 | $8.8k | $30.4k |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
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 | Value | Shares |
|---|---|---|---|---|
| — | JPMorgan U.S. Government Money Market Fund | 1.80% | $117.85M | — |
| — | CCO Holdings LLC4.75% · due 2030-03-01 | 1.27% | $82.98M | — |
| — | United States of America4.38% · due 2036-05-15 | 0.99% | $64.66M | — |
| — | United States of America4.25% · due 2035-05-15 | 0.72% | $46.82M | — |
| — | United States of America4.00% · due 2032-04-30 | 0.71% | $46.79M | — |
| — | CCO Holdings LLC4.50% · due 2030-08-15 | 0.70% | $45.82M | — |
| — | CCO Holdings LLC4.25% · due 2031-02-01 | 0.64% | $41.85M | — |
| — | DISH DBS Corp.7.75% · due 2026-07-01 | 0.59% | $38.53M | — |
| — | DISH DBS Corp.5.25% · due 2026-12-01 | 0.59% | $38.56M | — |
| — | Nexstar Media, Inc.6.50% · due 2033-09-15 | 0.59% | $38.34M | — |
Top 10 positions are 8.59% of net assets, top 25 15.75%, across 407 issuers.
See more of this fund's book
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