Fund Evaluator:
JPMorgan Government Bond I (HLGAX)
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Best Performing in Intermediate Government Over the Last Year
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Fund Details
JPMorgan Government Bond I Overview
JPMorgan Government Bond I (HLGAX) is an actively managed Taxable Bond Intermediate Government fund. JPMorgan launched the fund in 1993.
The investment seeks a high level of current income with liquidity and safety of principal. The fund principally invests in securities issued by the U.S. government and its agencies and instrumentalities and related to securities issued by the U.S. government and its agencies and instrumentalities. It mainly invests in government bonds with intermediate to long remaining maturities. The fund's average weighted maturity will ordinarily range between three and 15 years, taking into account expected prepayment of principal on certain investments.
About JPMorgan Government Bond I (HLGAX)
There are 2 members of the management team with an average tenure of 7.21 years: Edward Fitzpatrick (2025), Robert Manning (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Government TR USD index with a weighting of 100%. JPMorgan Government Bond I has 318 securities in its portfolio. The top 10 holdings constitute 23.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
JPMorgan Government Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. JPMorgan Government Bond I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.2% (98.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). JPMorgan Government Bond I has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $741 million in total assets, which is below the $942 million average for the Intermediate Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HLGAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JPMorgan Government Bond I expense ratio is average compared to funds in the Intermediate Government category. JPMorgan Government Bond I has an expense ratio of 0.45%, which is 26% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. JPMorgan Government Bond I has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 99% for the Intermediate Government category.
Recently, in the month of July 2026, JPMorgan Government Bond I returned -1.1%, which earned it a grade of B, as the Intermediate Government category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
JPMorgan Government Bond I has a trailing yield of 3.55%, which is above the 3.55% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JPMorgan Government Bond I Grades
Year to date, the fund has returned -0.7%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 2.6% over the past year (grade of A), 3.4% over the past three years (grade of B) and -0.5% per year over the past five years (grade of B) and 1.0% per year over the past 10 years (grade of B).
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HLGAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HLGAX Return (NAV) | -1.1% | -0.8% | 2.6% | 3.4% | -0.5% | 1.0% |
| HLGAX Grade | B | B | A | B | B | B |
| +/- Category | 0.0% | 0.1% | 0.5% | 0.3% | 0.2% | 0.3% |
| Intermediate Government Avg | -1.2% | -1.0% | 2.0% | 3.1% | -0.8% | 0.7% |
| HLGAX Tax Cost Ratio | na | na | 1.4% | 1.3% | 1.1% | 1.0% |
HLGAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HLGAX Return (NAV) | -0.7% | 7.0% | 1.3% | 4.4% | -11.9% | -2.1% | 6.9% | 6.6% | 0.8% | 2.4% | 1.5% |
| HLGAX Grade | B | C | A | A | C | C | C | A | B | A | A |
| +/- Category | 0.3% | 0.1% | 0.5% | 0.6% | -0.1% | -0.1% | -0.3% | 0.7% | 0.3% | 0.6% | 0.6% |
| Intermediate Government Avg | -1.1% | 6.9% | 0.7% | 3.8% | -11.8% | -2.0% | 7.2% | 5.9% | 0.5% | 1.8% | 0.8% |
| Risk Measures | |
| Standard Deviation: | 5.3% |
| Total Risk Index: | 0.43 - Low |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 0.93 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1897 Mil |
| Fund Total Assets: | $ 741 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.1 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Manning Robert (2013), Fitzpatrick Edward (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 318 |
| % in Top 10 Holdings: | 23.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4111 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | February 8, 1993 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.45% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.61% |
| Share Class: | JPMorgan Government Bond I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
