10 Nov 2026
With more than a decade of investment innovation, disciplined execution and consistent long-term performance, the JPM UK Equity Plus Fund continues to demonstrate its ability to adapt and thrive in changing market environments.
Source: J.P. Morgan Asset Management. For illustrative purposes only.
The JPM UK Equity Plus Fund’s core investment process is designed to identify stocks that are likely to outperform or underperform. By using an active extension structure, the fund can express negative conviction across a broader range of stocks than its long-only peers. This flexibility has been key to its success, helping the fund generate differentiated alpha.
The investment philosophy focuses on three core questions: Is it a good business? Is it attractively valued? Is the outlook improving? This practical approach helps keep the fund aligned with its long-term objectives.
Source: FactSet, J.P. Morgan Asset Management. Annual returns relative to an equal weighted FTSE All-Share ex Investment Trusts universe from 1 January 1995 to 30 June 2026. Past performance is not a reliable indicator of current and future results.
The fund’s active extension structure is a clear differentiator for this strategy. It provides greater exposure to the portfolio managers’ insights while maintaining the same net market exposure as traditional long-only portfolios. This approach has enabled the fund to achieve meaningful underweight positions in unattractive stocks, regardless of their benchmark weights, enhancing its alpha generation potential. By shorting stocks that are expensive, of poor quality and have weak operational momentum, the fund can capitalise on falls in their share prices, turning potential risks into opportunities.
*For illustrative purposes only. Past performance is not a reliable indicator of current and future results.
Its differentiated approach has allowed the fund to deliver strong returns over the past decade, outperforming the FTSE All-Share Index over that period. Alongside its annualised outperformance of 1.42% over the benchmark since inception, the fund has delivered similarly convincing returns over longer-term time periods.
If you had invested GBP 1,000 on 8 September 2015 in the JPM UK Equity Plus Fund, your investment would now have been worth close to GBP 3,000 as of 31 August 2026. That is approximately GBP 400 more than an equivalent investment in the broad UK market.
Source: J.P. Morgan Asset Management as of 31 August 2026. Fund performance is shown based on the Performance NAV of Share Class C (acc), in GBP including ongoing charges, excluding any entry and exit charges, with any income (gross) reinvested. Excess return calculated geometrically. Past performance is not a reliable indicator of current and future results.
This has resulted in strong performance relative to its peer group, placing the fund in the third percentile of all funds within the Europe, Africa and Asia (EAA) Fund UK Large-Cap Equity Morningstar universe since its inception. It has achieved this with a realised tracking error of 4.6% and an information ratio in the 10th percentile relative to peers over the same period.
While the 10-year performance record is strong, it is also important to recognise the consistency with which these returns have been delivered. Looking at the rolling three-year peer group ranking on a quarterly basis, the fund has been in the top quartile in 70% of quarters and has never fallen below the second quartile. This range of outcomes reflects the strength of the active extension structure, the effectiveness of the core investment process in different market environments and the fund’s risk management.
Source: J.P. Morgan Asset Management, Morningstar as at 30 June 2026. Fund and share class were launched on 8 September 2025, *Morningstar peer percentile ranking for share class C vs. IA UK All Companies universe until March 2026 and thereafter, Morningstar category percentile ranking is for share class C vs. EEA Fund UK Large-Cap Equity universe. Morningstar TM rankings/universe: 2026 Morningstar. All rights reserved.
The fund’s risk-adjusted performance is a testament to two distinctive features. The first is its robust core investment process, which efficiently identifies both attractive and unattractive stocks and works well in different market environments.
The second is its ability to manage risk by utilising short positions to mitigate incidental risks such as size or macro risks. By combining the two, the portfolio managers can identify winners and losers at the stock level, while managing many of the incidental risks for which they are not rewarded.
Return versus FTSE All-Share Index (Net)
Source: J.P. Morgan Asset Management as of 31 August 2026. Fund performance is shown based on the Performance NAV of Share Class C (acc), in GBP including ongoing charges, excluding any entry and exit charges, with any income (gross) reinvested. Excess return calculated geometrically. *Morningstar category percentile ranking and medalist rating is for share class C vs.EAA Fund UK Large-Cap Equity universe. Morningstar™ rankings/universe: © Morningstar. All Rights Reserved. Past performance is not a reliable indicator of current and future results.
Benchmark
FTSE All-Share Index (Net)
Quarterly rolling 12 months
As of 30/09/2026
Calendar year
As of 31/10/2026
Cumulative
As of 31/10/2026
Annualised
As of 31/10/2026
| 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 | |
|---|---|---|---|---|---|
| JPM C - Net Acc - GBP | -7.55% | 16.15% | 18.37% | 16.37% | 20.19% |
| Benchmark | -4.04% | 13.80% | 13.36% | 16.12% | 16.80% |
| Excess return (geometric) | -3.66% | 2.07% | 4.42% | 0.21% | 2.90% |
Past performance is not a guide to current and future performance. The value of your investments and any income from them may fall as well as rise and you may not get back the full amount you invested.
Source: J.P. Morgan Asset Management. Share class performance is shown based on the NAV (net asset value) of the share class with income (gross) reinvested including actual ongoing charges excluding any entry and exit fees.
Benchmark Source: FTSE® is a trade mark of London Stock Exchange Limited and The Financial Times Limited and is used by FTSE International Limited under license.
The Benchmark is a performance comparator and the Fund may bear little resemblance to its Benchmark. The Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund.
Indices do not include fees or operating expenses and you cannot invest in them.
The fund's consistent performance is supported by a highly experienced portfolio management team, backed by a global network of equity professionals. With a focus on value, quality, and momentum stocks, the fund has demonstrated its ability to outperform through market cycles, while seeking to deliver consistent long-term returns. The integration of machine learning models further supports the fund's ability to identify compelling investment opportunities and generate returns.
Building on more than a decade of achievement, the JPM UK Equity Plus Fund looks ahead from a position of strength, underpinned by the investment team’s enduring commitment to innovation and excellence. Its differentiated strategy and strong track record leave it well placed to continue navigating the complexities of the UK equity market and capturing compelling investment opportunities.