Fund Evaluator:

JPMorgan Developed International Value L Overview

JPMorgan Developed International Value L (JNUSX) is an actively managed International Equity Foreign Large Value fund. JPMorgan launched the fund in 1993.

The investment seeks to provide long-term capital appreciation. Under normal circumstances, the fund will invest at least 80% of the value of its assets in securities of issuers in foreign developed countries, including foreign subsidiaries of U.S. issuers. An issuer of a security will be deemed to be located in a particular country if: (i) the principal trading market for the security is in such country, (ii) the issuer is organized under the laws of such country or (iii) the issuer derives at least 50% of its revenues or profits from such country or has at least 50% of its total assets situated in such country.

About JPMorgan Developed International Value L (JNUSX)

There are 4 members of the management team with an average tenure of 8.21 years: Ian Butler (2018), Thomas Buckingham (2018), Kyle Williams (2018), Michael Barakos (2018). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and MSCI EAFE Value NR USD index with a weighting of 100%. JPMorgan Developed International Value L has 263 securities in its portfolio. The top 10 holdings constitute 21.9% 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 Developed International Value L is part of the Equity global asset class and is within the International Equity fund group. JPMorgan Developed International Value L has 95.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.0%. There is 95.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). JPMorgan Developed International Value L has 3.7% of the portfolio in cash.

Assets Under Management

The fund has $13 million in total assets, which is below the $976 million average for the Foreign Large Value 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.

JNUSX 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 Developed International Value L expense ratio is above average compared to funds in the Foreign Large Value category. JPMorgan Developed International Value L has an expense ratio of 0.79%, which is 25% lower than its category average, making the fund expense ratio grade a B. 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 Developed International Value L has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.

Recently, in the month of July 2026, JPMorgan Developed International Value L returned 6.3%, which earned it a grade of A, as the Foreign Large Value category had an average return of 3.8%. 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 Developed International Value L has a trailing yield of 2.50%, which is below the 2.78% category average. The fund normally distributes its income annually 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 Developed International Value L Grades

Year to date, the fund has returned 16.7%, 1.7 percentage points better than the category, which translates into a grade of B. The fund has returned 37.5% over the past year (grade of A), 25.6% over the past three years (grade of A) and 17.0% per year over the past five years (grade of A) and 11.3% per year over the past 10 years (grade of A).

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