JXBCX — JPMorgan Access Balanced Fund
Data updated: 2024-05-30
JXBCX — JPMorgan Access Balanced Fund. Market-Neutral · $314.02M AUM · 1.61% expense ratio · 14.8% 1-yr return. Holdings, fees, performance and SEC filings.
JXBCX Fund Overview
JXBCX — JPMorgan Access Balanced Fund is a US mutual fund managed by JPMorgan Trust I, categorised as Market-Neutral. 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: Market-Neutral
- Assets under management: $314.02M
- 1-year return: 14.8%
- Ticker: JXBCX
- SEC CIK: 0001217286
- SEC series ID: S000026374
- Share class ID: C000082418
JXBCX Investment Objective and Strategy
JPMorgan Access Balanced 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 total return.
Principal investment strategy
The Fund invests in a combination of domestic and international equity, fixed income, and alternative assets, as described below. The Fund invests in mutual funds and exchange-traded funds (ETFs) in the same group of investment companies (i.e., J.P. Morgan Funds). The Fund also invests in open-end and closed-end investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended) and ETFs that are managed by unaffiliated investment advisers (collectively, unaffiliated funds) and directly in individual securities. In addition, to the extent permitted by applicable law or the exemptive relief obtained from the Securities and Exchange Commission (SEC), the Fund invests directly in other financial instruments, including derivatives, such as futures, swaps and structured investments, to gain exposure to, or to overweight or underweight allocations among, various sectors or markets.
The Funds adviser is J.P. Morgan Investment Management Inc. (JPMIM or the Adviser) and it sets the Funds overall investment strategies. The Fund is managed by J.P. Morgan Private Investments Inc. (JPMPI). JPMPI utilizes an allocation process (Strategic Asset Allocations) to invest the Funds assets across the various asset classes and with various sub-advisers. JPMPI and JPMIM use rigorous criteria to select sub-advisers and underlying fund managers to manage certain portions of the Funds assets. In choosing whether to buy or sell an investment and to set their allocations, JPMPI considers the following factors: (1) market trends, (2) JPMPIs outlook for a market capitalization or investment style category, and (3) an underlying fund managers performance in various market conditions. JPMPI will also consider the advantages and disadvantages to the Fund of using actively versus passively managed investment vehicles.
By combining the strengths of different sub-advisers and underlying fund managers, the Fund seeks to benefit from a variety of investment selection processes and methodologies to achieve its investment objective. The descriptions below include both the range that the Fund may invest within a particular asset class and the various investments that the Fund may use to gain exposure to such asset class. JPMPI frequently monitors and may make tactical changes to the Strategic Asset Allocations, including shifts among the various asset classes and allocations to the other sub-advisers and underlying fund managers. U.S. and International Equity: The allocation range will typically be 30%75% of the Funds total assets. The Funds equity-related investments consist of J.P. Morgan Funds, unaffiliated funds and individual securities.
Whether investing through an investment company or directly in securities, the investments in this asset class are: common stock, preferred stock, structured investments, convertible securities, depositary receipts and warrants to buy common stocks. The Fund invests in foreign and emerging market securities. U.S. and International Fixed Income: The allocation range will typically be 25%60% of the Funds total assets. The Funds fixed income investments include J.P. Morgan Funds, unaffiliated funds and individual securities. Whether investing through an investment company or directly in securities, the investments in this asset class include: U.S. government securities (including agencies and instrumentalities), municipal bonds (including housing authority obligations), domestic and foreign corporate bonds, high yield securities (junk bonds), loan participations and assignments, debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, mortgage-backed and asset-backed securities, inflation-indexed bonds and Treasury Inflation Protected Securities (TIPS).
Alternative: The allocation range will typically be 0%30% of the Funds total assets. The Funds alternative-related investments include J.P. Morgan Funds and unaffiliated funds. Whether investing through a mutual fund or directly in securities, the investments in this asset class give the Fund exposure to: market neutral strategies, absolute return strategies, directional strategies, real estate (including REITs), private equity, mezzanine debt and commodities. The Fund will gain exposure to commodity markets primarily by investing in the Access Balanced Fund CS Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). The allocation range will typically be 0%10% of the Funds total assets. The Subsidiary is advised by JPMIM and sub-advised by JPMPI.
The Subsidiary (unlike the Fund) may invest without limitation in commodity-linked structured notes and other commodity-linked derivative instruments, including derivative instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund. The Subsidiary may use derivatives to obtain long exposure in an attempt to increase the Subsidiarys income or gain, to hedge various investments and for risk management. The Fund and the Subsidiary may invest in ETFs, including both JPMorgan ETFs and unaffiliated funds, in order to gain exposure to particular asset classes. An ETF is a registered investment company, depositary receipt or other pooled investment vehicle that typically seeks to track the performance of a particular market index or security.
These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. Ordinarily, the Funds investment in a single unaffiliated ETF is limited to 5% of its total assets and in all unaffiliated ETFs to 10% of its total assets. The SEC has issued exemptive orders to many ETFs that allow any fund investing in such ETFs to disregard these 5% and 10% limitations. The Fund intends to invest in unaffiliated ETFs that have received such exemptive orders and it may invest any amount of its total assets in a single ETF or in multiple ETFs. 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.
The Fund uses structured notes as tools in the management of portfolio assets. In particular, the Fund uses structured notes for risk management and to increase the Funds income or gain. To the extent that the Fund invests in underlying funds, such underlying funds may also use derivatives.
JXBCX Holdings
Top 10 holdings of JPMorgan Access Balanced Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| iShares Core S&P 500 ETF | 29.49% |
| Vanguard Total International Bond ETF | 14.34% |
| Six Circles US Unconstrained Equity Fund | 12.18% |
| Six Circles International Unconstrained Equity Fund | 8.10% |
| Vanguard Total Bond Market ETF | 7.51% |
| JPMorgan High Yield Fund | 3.02% |
| JPMorgan BetaBuilders Japan ETF | 2.99% |
| Vanguard Intermediate-Term Corporate Bond ETF | 2.96% |
| Vanguard Long-Term Treasury ETF | 2.03% |
| JPMorgan BetaBuilders Europe ETF | 2.00% |
JXBCX Portfolio Allocation
Asset-class allocation of JPMorgan Access Balanced Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Other | 98.5% |
| Cash & Equivalents | 1.6% |
JXBCX Performance
Total returns for JXBCX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 14.8% |
| 3 years (annualised) | 3.8% |
JXBCX Risk Information
Risk metrics for JXBCX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.4%
JXBCX Costs and Fees
JXBCX costs about $161 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.61%
- Gross expense ratio: 1.69%
- Portfolio turnover: 38%
- Brokerage commissions: 1.00 bps of average net assets (SEC N-CEN)
JXBCX Cashflows
Over the 12 months to 2024-03, JPMorgan Access Balanced Fund had net outflows of $63.41M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | −$26.30M |
| 2024-02 | −$6.73M |
| 2024-01 | $512.61K |
| 2023-12 | $3.34M |
| 2023-11 | −$5.75M |
| 2023-10 | −$1.57M |
JXBCX Debt Constituents
No individual debt constituents are reported in JPMorgan Access Balanced Fund's latest SEC N-PORT filing.
JXBCX Prospectus and SEC Filings
Official JPMorgan Access Balanced Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-10-24
- Prospectus (485BPOS) — filed 2022-10-25
- Prospectus (485BPOS) — filed 2021-10-22
- Portfolio holdings (N-PORT) — filed 2024-05-30
- Portfolio holdings (N-PORT) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2023-11-28
- Annual census (N-CEN) — filed 2023-09-13
- Annual census (N-CEN) — filed 2022-09-12
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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.