Fund Evaluator:

Undiscovered Managers Behavioral Val L Overview

Undiscovered Managers Behavioral Val L (UBVLX) is an actively managed U.S. Equity Small Value fund. JPMorgan launched the fund in 1998.

The investment seeks capital appreciation. The fund seeks to achieve its objective by investing in common stocks of U.S. companies that the fund's sub-adviser believes have value characteristics. Such common stocks include, but are not limited to, stocks of small capitalization companies, similar to those that are included in the Russell 2000 Value Index. In selecting stocks for the fund, the sub-adviser applies principles based on behavioral finance.

About Undiscovered Managers Behavioral Val L (UBVLX)

There are 2 members of the management team with an average tenure of 13.98 years: Ryam Lee (2019), David Potter (2005). 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 2000 Value TR USD index with a weighting of 100%. Undiscovered Managers Behavioral Val L has 88 securities in its portfolio. The top 10 holdings constitute 32.2% 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.

Undiscovered Managers Behavioral Val L is part of the Equity global asset class and is within the U.S. Equity fund group. Undiscovered Managers Behavioral Val L has 5.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.1%. There is 5.7% 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). Undiscovered Managers Behavioral Val L has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $417 million average for the Small 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.

UBVLX 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 Undiscovered Managers Behavioral Val L expense ratio is high compared to funds in the Small Value category. Undiscovered Managers Behavioral Val L has an expense ratio of 0.90%, which is 23% 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. Undiscovered Managers Behavioral Val L has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 128% for the Small Value category.

Recently, in the month of July 2026, Undiscovered Managers Behavioral Val L returned 1.7%, which earned it a grade of A, as the Small Value 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.

Undiscovered Managers Behavioral Val L has a trailing yield of 1.58%, which is above the 0.77% 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.

Undiscovered Managers Behavioral Val L Grades

Year to date, the fund has returned 14.2%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 17.6% over the past year (grade of F), 10.1% over the past three years (grade of F) and 9.3% per year over the past five years (grade of C) and 10.3% per year over the past 10 years (grade of B).

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 Undiscovered Managers Behavioral Val L, including its riskiness, submit your email to unlock the rest of the article.