Fund Evaluator:
JPMorgan Managed Income L (JMGIX)
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Fund Details
JPMorgan Managed Income L Overview
JPMorgan Managed Income L (JMGIX) is an actively managed Taxable Bond Ultrashort Bond fund. JPMorgan launched the fund in 2010.
The investment seeks current income while seeking to maintain a low volatility of principal. The fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. The adviser will concentrate its investments in the banking industry. Therefore, under normal conditions, the fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.
About JPMorgan Managed Income L (JMGIX)
There are 4 members of the management team with an average tenure of 9.35 years: David Martucci (2010), Kyongsoo Noh (2013), Cecilia Junker (2022), James McNerny (2022). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. JPMorgan Managed Income L has 430 securities in its portfolio. The top 10 holdings constitute 9.3% 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 Managed Income L is part of the Fixed Income global asset class and is within the Taxable Bond fund group. JPMorgan Managed Income L has 29.6% 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 77.4% (47.8% domestic bond, 29.6% foreign bond and 0.0% convertible bond). JPMorgan Managed Income L has 22.6% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is above the $950 million average for the Ultrashort Bond 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.
JMGIX 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 Managed Income L expense ratio is below average compared to funds in the Ultrashort Bond category. JPMorgan Managed Income L has an expense ratio of 0.25%, which is 44% 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. JPMorgan Managed Income L has a portfolio turnover rate of 98%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, JPMorgan Managed Income L returned 0.3%, which earned it a grade of B, as the Ultrashort Bond category had an average return of 0.3%. 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 Managed Income L has a trailing yield of 4.08%, which is below the 4.21% 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 Managed Income L Grades
Year to date, the fund has returned 1.9%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.0% over the past year (grade of D), 5.0% over the past three years (grade of D) and 3.6% per year over the past five years (grade of D) and 2.6% per year over the past 10 years (grade of C).
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JMGIX 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 |
|
| JMGIX Return (NAV) | 0.3% | 0.9% | 4.0% | 5.0% | 3.6% | 2.6% |
| JMGIX Grade | B | C | D | D | D | C |
| +/- Category | 0.0% | -0.0% | -0.1% | -0.2% | -0.0% | -0.0% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| JMGIX Tax Cost Ratio | na | na | 1.6% | 1.9% | 1.4% | 1.1% |
JMGIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JMGIX Return (NAV) | 1.9% | 4.9% | 5.3% | 5.0% | 1.1% | 0.1% | 1.3% | 3.0% | 2.1% | 1.3% | 1.1% |
| JMGIX Grade | D | C | D | F | A | C | C | C | A | D | D |
| +/- Category | -0.1% | 0.0% | -0.5% | -0.9% | 1.3% | -0.1% | -0.2% | -0.1% | 0.4% | -0.3% | -0.4% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.5% |
| Total Risk Index: | 0.04 - Low |
| Category Risk Index: | 0.81 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 0.05 |
| R-Squared: | 47% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5048 Mil |
| Fund Total Assets: | $4,948 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 98% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 15.8 years | |||
| Average Tenure: 9.4 years | |||
| Managers (Year): Martucci David (2010), Noh Kyongsoo (2013), Junker Cecilia (2022), McNerny James (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 430 |
| % in Top 10 Holdings: | 9.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 29.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 47.8% |
| Foreign Bond: | 29.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 22.6% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-766-7722 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | September 30, 2010 |
| Min. Initial Purchase: | $3,000,000 |
| 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 (%): | 0.25% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | JPMorgan Managed Income L |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
