JPMorgan International Focus Fund
IUESX
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- JPMorgan International Focus Fund (IUESX) is an open-end mutual fund managed by J.P. Morgan Asset Management that seeks long-term capital appreciation primarily through a concentrated portfolio of equity securities from foreign companies in developed and emerging markets outside the United States; it employs a bottom-up, active investment approach leveraging insights from a global team of fundamental research analysts to construct a high-conviction portfolio of approximately 40-50 holdings, with flexible allocations across sectors, regions, and styles while aiming to minimize unintended biases relative to the MSCI ACWI ex USA Index. The fund offers multiple share classes including A Shares (IUAEX), C Shares (IUCEX), I Shares (IUESX), R2 Shares (IUERX), R5 Shares (IUEFX), and R6 Shares (IUENX), with the I Shares featuring a net expense ratio of 0.75%, a minimum initial investment of $1 million, and total net assets of approximately $1.6 billion as of September 2025. Core holdings as of late 2025 typically include leading positions in Tencent Holdings Ltd., Shell plc, Sony Group Corp., Taiwan Semiconductor Manufacturing Co. Ltd., Alibaba Group Holding Ltd., Safran SA, Siemens AG, Air Liquide SA, and DBS Group Holdings Ltd., with sector exposures emphasizing financials (around 29%), industrials (19%), consumer discretionary (13%), information technology (12%), and communication services (7%); regional allocations feature Europe (31%), emerging markets (27%), Japan (14%), North America (14%), the United Kingdom (7%), and Pacific ex-Japan (7%). Launched on November 30, 2011, and domiciled in the United States with portfolio management based in London, the fund targets institutional and high-net-worth investors seeking exposure to large-cap blend foreign equities in the Morningstar Foreign Large Blend category. In a significant operational change effective September 30, 2025, J.P. Morgan restructured its international equity management teams across strategies including International Focus to align with distinct style focuses; lead manager Thomas Murray (29 years of experience) continues on International Focus with support from new co-manager Lucy Parken (25 years of experience, J.P. Morgan employee since 2005), while co-manager Shane Duffy transitions primarily to growth-oriented strategies, maintaining the fund's Above Average People Pillar rating per Morningstar analysis. This adjustment builds on prior team evolutions, such as the May 2024 disbandment of the global sector specialist group in favor of a unified global research framework and enhanced research platform, preserving access to extensive worldwide analyst resources. The fund maintains a Morningstar Silver Medalist Rating as of March 2025 and focuses on companies exhibiting strong balance-sheet strength, profitability, management quality, and attractive valuations, with about two-thirds allocated to "premium" and "quality" names per the firm's strategic classification framework.