JOELX — JPMorgan Opportunistic Equity Long/Short Fund
Data updated: 2023-09-28
JOELX — JPMorgan Opportunistic Equity Long/Short Fund. Global (incl. US) Real Estate · $207.99M AUM. Holdings, fees, performance and SEC filings.
JOELX Fund Overview
JOELX — JPMorgan Opportunistic Equity Long/Short Fund is a US mutual fund managed by JPMorgan Trust I, categorised as Global (incl. US) Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: JPMorgan Trust I
- Category: Global (incl. US) Real Estate
- Assets under management: $207.99M
- 1-year return: -1.9%
- Ticker: JOELX
- SEC CIK: 0001217286
- SEC series ID: S000046345
- Share class ID: C000144854
JOELX Investment Objective and Strategy
JPMorgan Opportunistic Equity Long/Short Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by JPMorgan Trust I.
Investment objective
The Fund seeks capital appreciation.
Principal investment strategy
Under normal circumstances, the Fund will invest at least 80% of its Assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 and/ or S&P 500 Index, at the time of purchase. As of the reconstitution of the Russell 1000 Index on October 16, 2017, the companies in the index included companies with market capitalizations ranging from $1.55 billion to $581.60 billion. As of the reconstitution of the S&P 500 Index on September 15, 2017 the companies in the index included companies with market capitalizations of $3.63 billion to $819.57 billion. Assets means net assets plus the amount of borrowings for investment purposes. Part of the Funds investment strategy is to attempt to achieve lower volatility than that of its primary benchmark, the S&P 500 Index.
Volatility management starts during the stock selection research process before inclusion in the portfolio. The Funds adviser will employ a number of strategies to manage the Funds volatility, including altering the Funds portfolio composition, adjusting the Funds gross exposure or net exposure, holding significant cash balances, or investing in options (to attempt to limit losses from stock positions). In implementing its strategy, the Fund primarily will buy or sell short common stocks, including real estate investment trusts (REITs) and depositary receipts. As the set of investment opportunities is constantly evolving, the Funds net exposure (the value of the Funds aggregate long positions minus its short positions) will vary over time. While in most instances the net exposure will be positive (more long exposure than short exposure), it is possible that the investment opportunities result in a net short exposure.
Net exposure will range from -30% to +80%. The Funds gross equity market exposure is limited to 200%. Short sales involve the sale of a security which the Fund does not own in hopes of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use equity index futures contracts and options, both long and short, to gain or reduce exposure to specific investments or the overall equity market.
The Fund may also invest in exchange traded funds (ETFs) for these purposes. The Fund is non-diversified. Investment Process: J.P. Morgan Investment Management Inc., the Funds adviser, employs a process that combines research, valuation and stock selection to identify investments. Long and short positions are vetted through a disciplined research process and valuation framework which leverages the insights of the advisers fundamental analyst platform that actively analyzes approximately 800 stocks. The adviser buys long positions in companies with strong management teams, strong competitive positions and earnings growth rates in excess of peers. Long purchases may also be companies that the adviser believes have improving investment factors, such as business drivers (revenues, profitability, capital intensity, and capital allocation), industry structure, regulatory environment and/or legal risk.
Short sales generally are characterized by companies with deteriorating incremental changes in such investment factors. The adviser may also take short positions as part of its volatility management. The adviser may sell a long position or cover a short position due to a change in the companys fundamentals, a change in the original reason for purchase of an investment, or if the adviser no longer considers the security to be reasonably valued. Investments may also be sold or covered if the adviser identifies another investment that it believes offers a better opportunity.
JOELX Performance
Total returns for JOELX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -1.9% |
| 3 years (annualised) | 1.7% |
JOELX Risk Information
Risk metrics for JOELX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.6%
JOELX Costs and Fees
JOELX costs about $204 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.04%
- Gross expense ratio: 2.44%
- Portfolio turnover: 186400%
- Brokerage commissions: 41.31 bps of average net assets (SEC N-CEN)
JOELX Cashflows
Over the 12 months to 2023-07, JPMorgan Opportunistic Equity Long/Short Fund had net outflows of $308.45M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-07 | −$12.40M |
| 2023-06 | −$13.25M |
| 2023-05 | −$40.30M |
| 2023-04 | −$49.99M |
| 2023-03 | −$31.06M |
| 2023-02 | −$40.65M |
JOELX Debt Constituents
No individual debt constituents are reported in JPMorgan Opportunistic Equity Long/Short Fund's latest SEC N-PORT filing.
JOELX Prospectus and SEC Filings
Official JPMorgan Opportunistic Equity Long/Short Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-23
- Prospectus (485BPOS) — filed 2022-02-25
- Prospectus supplement (497) — filed 2022-09-12
- Portfolio holdings (N-PORT) — filed 2023-09-28
- Portfolio holdings (N-PORT) — filed 2023-06-27
- Portfolio holdings (N-PORT) — filed 2023-03-27
- Annual census (N-CEN) — filed 2023-01-12
- Annual census (N-CEN) — filed 2022-01-13
Related Funds
Other Global (incl. US) Real Estate funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.