Fund Evaluator:
JPMorgan Floating Rate Income C (JPHCX)
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Best Performing in Bank Loan Over the Last Year
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Fund Details
JPMorgan Floating Rate Income C Overview
JPMorgan Floating Rate Income C (JPHCX) is an actively managed Taxable Bond Bank Loan fund. JPMorgan launched the fund in 2011.
The investment seeks to provide current income with a secondary objective of capital appreciation. The fund invests mainly in floating rate debt instruments issued by corporations. It normally invests at least 80% of its assets in floating rate instruments including Loans, convertible securities, corporate bonds, preferred shares and other floating rate debt instruments. The fund may invest up to 100% of its total assets in below investment grade securities or unrated securities that the adviser deems to be of equivalent quality. Up to 20% of the fund's total assets may be invested in non-U.S. dollar denominated securities in foreign and "emerging markets."
About JPMorgan Floating Rate Income C (JPHCX)
There are 2 members of the management team with an average tenure of 7.07 years: Alexander Sammarco (2019), Thomas Davis (2020). 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 S&P UBS Leveraged Loan TR USD index with a weighting of 100%. JPMorgan Floating Rate Income C has 212 securities in its portfolio. The top 10 holdings constitute 13.7% 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 Floating Rate Income C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. JPMorgan Floating Rate Income C has 9.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.8%. 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 92.3% (83.3% domestic bond, 9.0% foreign bond and 0.0% convertible bond). JPMorgan Floating Rate Income C has 6.8% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $344 million average for the Bank Loan 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.
JPHCX 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 Floating Rate Income C expense ratio is high compared to funds in the Bank Loan category. JPMorgan Floating Rate Income C has an expense ratio of 1.52%, which is 44% higher than its category average, making the fund expense ratio grade a D. 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 Floating Rate Income C 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 62% for the Bank Loan category.
Recently, in the month of July 2026, JPMorgan Floating Rate Income C returned 0.5%, which earned it a grade of D, as the Bank Loan category had an average return of 0.6%. 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 Floating Rate Income C has a trailing yield of 6.69%, which is below the 6.73% 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 Floating Rate Income C Grades
Year to date, the fund has returned 2.0%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 2.7% over the past year (grade of F), 4.3% over the past three years (grade of F) and 3.4% per year over the past five years (grade of F) and 3.1% per year over the past 10 years (grade of F).
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JPHCX 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 |
|
| JPHCX Return (NAV) | 0.5% | 1.2% | 2.7% | 4.3% | 3.4% | 3.1% |
| JPHCX Grade | D | C | F | F | F | F |
| +/- Category | -0.1% | -0.0% | -1.1% | -2.3% | -1.8% | -1.4% |
| Bank Loan Avg | 0.6% | 1.2% | 3.8% | 6.6% | 5.2% | 4.4% |
| JPHCX Tax Cost Ratio | na | na | 2.7% | 2.9% | 2.5% | 2.0% |
JPHCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JPHCX Return (NAV) | 2.0% | 0.8% | 6.5% | 10.3% | -3.0% | 3.8% | 0.5% | 6.5% | -1.2% | 2.3% | 7.9% |
| JPHCX Grade | C | F | F | F | D | D | D | F | F | F | D |
| +/- Category | 0.0% | -4.3% | -1.7% | -1.8% | -0.6% | -0.9% | -0.7% | -1.1% | -0.8% | -1.4% | -1.3% |
| Bank Loan Avg | 1.9% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 2.0% |
| Total Risk Index: | 0.16 - Low |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (60% Rank) |
| Beta: | 0.06 |
| R-Squared: | 3% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | Low Quality Limited Sensitivity |
| Yield: | 6.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $159 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Sammarco Alexander (2019), Davis Thomas (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 212 |
| % in Top 10 Holdings: | 13.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.8% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 83.3% |
| Foreign Bond: | 9.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.8% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4111 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | June 1, 2011 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.75% |
Expenses and Fees | |
| Expense Ratio (%): | 1.52% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | JPMorgan Floating Rate Income I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
