Fund Evaluator:

Johnson Enhanced Return Overview

Johnson Enhanced Return (JENHX) is an actively managed U.S. Equity Large Blend fund. Johnson Mutual Funds launched the fund in 2005.

The investment seeks to outperform the S&P 500 Index, over a full market cycle. The fund invests in the large cap equity market by using S&P 500 Index futures, combined with alpha generating short duration investment-grade fixed income securities. The advisor attempts to track an underlying equity index consisting of a representative sampling of the leading large capitalization companies in the leading industries in the U.S. economy.

About Johnson Enhanced Return (JENHX)

There are 5 members of the management team with an average tenure of 13.33 years: Michael Leisring (2005), Jason Jackman (2005), Brandon Zureick (2014), David Theobald (2016), Ryan Martin (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Johnson Enhanced Return has 114 securities in its portfolio. The top 10 holdings constitute 63.8% 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.

Johnson Enhanced Return is part of the Equity global asset class and is within the U.S. Equity fund group. Johnson Enhanced Return has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.9%. There is 0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 47.0% (47.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Johnson Enhanced Return has 2.9% of the portfolio in cash.

Assets Under Management

The fund has $289 million in total assets, which is below the $6 billion average for the Large Blend 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.

JENHX 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 Johnson Enhanced Return expense ratio is below average compared to funds in the Large Blend category. Johnson Enhanced Return has an expense ratio of 0.35%, which is 57% lower than its category average, making the fund expense ratio grade a A. 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. Johnson Enhanced Return has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Johnson Enhanced Return returned -0.3%, which earned it a grade of D, as the Large Blend category had an average return of 0.4%. 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.

Johnson Enhanced Return has a trailing yield of 3.49%, which is above the 0.56% category average. The fund normally distributes its income quarterly 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.

Johnson Enhanced Return Grades

Year to date, the fund has returned 8.3%, 1.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 17.7% over the past year (grade of C), 18.1% over the past three years (grade of C) and 10.1% per year over the past five years (grade of D) and 13.6% per year over the past 10 years (grade of D).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Johnson Enhanced Return, including its riskiness, submit your email to unlock the rest of the article.