JPMorgan Growth Advantage remains a great option in the large-growth arena.
This best-ideas strategy benefits from a deep and accomplished roster of analysts and portfolio managers. As an all-cap offering aiming to beat the Russell 3000 Growth Index, it harvests and combines 60 plus top picks from JPMorgan Large Cap Growth, JPMorgan Mid Cap Growth, and JPMorgan Small Cap Growth. The various teams supporting these strategies, as well as former lead manager Tim Parton, deserve credit for consistently identifying their better ideas for inclusion in this vehicle. It has outperformed a combination of the underlying strategies weighted in proportion to this strategy’s market-cap breakout. JPMorgan’s talented core research team also offers insights that contribute to this strategy.
Current lead manager Felise Agranoff is still a relative newcomer to the large-cap scene, but she had comanaged the strategy for more than three years before assuming control in March 2024. She also has deep familiarity with the JPMorgan research platform given her two decades at the firm, much of which she spent focused on mid-caps and comanaging JPMorgan Mid Cap Growth, which landed in the top quartile of its peer group over the past five years.
The strategy’s flexibility to invest across market caps has been a boon to performance historically, and that will remain a feature in addition to relatively low turnover and a slight momentum bias. An acute awareness of factor exposures and positioning relative to the benchmark will also remain consistent.
A significant development could take effect in December 2024 if fundholders approve the mutual fund’s change to nondiversified status for regulatory purposes. This change would remove limits on how much capital could be invested in stocks representing 5% or more of assets. With a handful of index constituents larger than this threshold, such a move would afford greater freedom to express active bets, which would be an incremental positive.