JPMorgan High Yield Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, JPMorgan High Yield Fund held 814 positions with $6.54B in net assets. Its ten largest holdings made up 8.6% of the fund. The OHYFX share class costs 0.6% a year. Over the 12 months to May 2026, OHYFX returned 7.5%, with dividends reinvested. In 2026 Q2 it added 58 new positions and exited 67.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
JPMorgan U.S. Government Money Market Fund | 1.80% | $117.85M | — |
CCO Holdings LLC 4.75% · due 2030-03-01 | 1.27% | $82.98M | — |
United States of America 4.38% · due 2036-05-15 | 0.99% | $64.66M | — |
United States of America 4.25% · due 2035-05-15 | 0.72% | $46.82M | — |
United States of America 4.00% · due 2032-04-30 | 0.71% | $46.79M | — |
CCO Holdings LLC 4.50% · due 2030-08-15 | 0.70% | $45.82M | — |
CCO Holdings LLC 4.25% · 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 | — |
The 200 largest of 814 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%.
| 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.
By sector
- Other
- 53.3%
- International
- 8.4%
- Communication Services
- 5.6%
- Consumer Discretionary
- 5.2%
- 11 other sectors
- 27.5%
- Other
- 53.3%
- International
- 8.4%
- Communication Services
- 5.6%
- Consumer Discretionary
- 5.2%
- Industrials
- 5.0%
- Information Technology
- 3.6%
- Energy
- 3.3%
- Government
- 3.2%
- Health Care
- 2.8%
- Financials
- 2.2%
- Materials
- 2.1%
- Cash
- 1.8%
- Consumer Staples
- 1.6%
- Utilities
- 1.6%
- Real Estate
- 0.2%
How it has done
OHYFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.33%. Past returns are a record, not a forecast.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.60% | +7.53% | +30.77% | +23.49% | -2.38% | |
| 0.85% | +7.50% | +29.86% | +22.17% | -2.28% | |
| 1.35% | +6.77% | +27.85% | +19.08% | -2.36% | |
| 0.45% | +7.68% | +31.31% | +24.58% | -2.19% | |
| 0.55% | +7.72% | +31.03% | +24.06% | -2.20% | |
| 1.20% | +6.97% | +28.36% | +19.90% | -2.34% | |
| 0.95% | +7.31% | +29.57% | +21.50% | -2.27% | |
| 0.70% | +7.58% | +30.55% | +23.04% | -2.23% |
These classes hold the same portfolio, so the 5.50pp spread over 5 years is the cost difference between them — roughly 1.10pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.45% – 1.35%· OHYFX 0.60%
- Portfolio turnover
- 28.00% a year · as of 2026 Q2
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.
58 new· the largest 5
67 exited· the largest 7
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.
Understand how this fund fits with the rest.
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