Fund Evaluator:
JPMorgan SMID Cap Equity A (PECAX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
JPMorgan SMID Cap Equity A Overview
JPMorgan SMID Cap Equity A (PECAX) is an actively managed U.S. Equity Mid-Cap Blend fund. JPMorgan launched the fund in 1992.
The investment seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations. Under normal circumstances, at least 80% of the fund's assets will be invested in equity securities of small- to mid-cap companies. "Assets" means net assets, plus the amount of borrowings for investment purposes. Small- to mid-cap companies are generally considered to be those companies with market capitalizations similar to those within the universe of the Russell 2500® Index at the time of purchase.
About JPMorgan SMID Cap Equity A (PECAX)
There are 2 members of the management team with an average tenure of 5.75 years: Don San Jose (2020), Daniel Percella (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. JPMorgan SMID Cap Equity A has 116 securities in its portfolio. The top 10 holdings constitute 16.9% 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 SMID Cap Equity A is part of the Equity global asset class and is within the U.S. Equity fund group. JPMorgan SMID Cap Equity A has 4.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.3%. There is 4.4% 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 SMID Cap Equity A has 4.3% of the portfolio in cash.
Assets Under Management
The fund has $105 million in total assets, which is below the $1 billion average for the Mid-Cap 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.
PECAX 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 SMID Cap Equity A expense ratio is high compared to funds in the Mid-Cap Blend category. JPMorgan SMID Cap Equity A has an expense ratio of 1.09%, which is 12% 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 SMID Cap Equity A has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.
Recently, in the month of July 2026, JPMorgan SMID Cap Equity A returned -2.9%, which earned it a grade of D, as the Mid-Cap Blend category had an average return of -1.8%. 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 SMID Cap Equity A has a trailing yield of 0.15%, which is below the 0.48% 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 SMID Cap Equity A Grades
Year to date, the fund has returned 8.7%, 4.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 6.5% over the past year (grade of F), 5.8% over the past three years (grade of F) and 2.5% per year over the past five years (grade of F) and 6.7% per year over the past 10 years (grade of F).
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PECAX 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 |
|
| PECAX Return (NAV) | -2.9% | 2.7% | 6.5% | 5.8% | 2.5% | 6.7% |
| PECAX Grade | D | D | F | F | F | F |
| +/- Category | -1.0% | -1.1% | -11.3% | -6.9% | -5.2% | -3.6% |
| Mid-Cap Blend Avg | -1.8% | 3.9% | 17.8% | 12.7% | 7.6% | 10.3% |
| PECAX Tax Cost Ratio | na | na | 1.9% | 0.8% | 2.3% | 2.3% |
PECAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PECAX Return (NAV) | 8.7% | -3.0% | 10.4% | 13.0% | -19.2% | 23.0% | 9.9% | 25.9% | -11.9% | 16.7% | 11.8% |
| PECAX Grade | F | F | D | D | F | D | D | D | D | C | D |
| +/- Category | -4.4% | -10.9% | -3.1% | -3.3% | -4.2% | -1.3% | -3.4% | -2.6% | -1.6% | 0.6% | -2.8% |
| Mid-Cap Blend Avg | 13.0% | 7.9% | 13.5% | 16.4% | -15.1% | 24.3% | 13.3% | 28.5% | -10.3% | 16.1% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 15.9% |
| Total Risk Index: | 1.29 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (56% Rank) |
| Beta: | 0.98 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $241 Mil |
| Fund Total Assets: | $ 105 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): San Jose Don (2020), Percella Daniel (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 116 |
| % in Top 10 Holdings: | 16.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.4% |
Portfolio Allocation |
|
| Domestic Stock: | 91.3% |
| Foreign Stock: | 4.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.3% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4111 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | May 1, 1992 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | JPMorgan SMID Cap Equity I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
