JPMorgan Limited Duration Bond Fund
JUSUX
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- JPMorgan Limited Duration Bond Fund (JUSUX) is an open-end mutual fund that seeks a high level of current income consistent with low volatility of principal by investing primarily in investment-grade debt securities. The fund mainly invests in mortgage-backed securities, including agency mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs) comprising 25%-50% of assets; non-agency MBS, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), and collateralized loan obligations (CLOs) accounting for 40%-80% of assets; investment-grade corporate bonds representing 0%-15% of the portfolio; adjustable rate mortgages; and money market instruments. It maintains a short duration profile, with an average duration of approximately 1.86 years and average life of 2.91 years as of recent data, while employing active management to adjust allocations based on relative value opportunities across securitized and credit sectors. The fund operates within the short-term bond category, targeting institutional and retail investors seeking income with limited interest rate risk exposure, and is domiciled in the United States as part of JPMorgan Funds managed by J.P. Morgan Investment Management Inc., with headquarters in New York. Its predecessor strategy launched on February 2, 1993, with the R6 share class (JUSUX) among the offerings; as of September 2025, the fund holds approximately 586 securities with assets under management reflected in the broader strategy exceeding $2.9 billion prior to related changes. In a major strategic shift, the fund converted from a mutual fund structure to the JPMorgan Limited Duration Bond ETF (JPLD) on July 28, 2023, maintaining identical investment objectives and substantially similar strategies while transitioning to an exchange-traded format under J.P. Morgan Exchange-Traded Fund Trust; this reorganization enhanced liquidity and accessibility for investors. Management underwent recent transitions, including the addition of Sajjad Hussain as comanager in November 2024 and Cary Fitzgerald as comanager in April 2025, ahead of longtime lead manager Michael Sais's planned retirement in April 2026, ensuring continuity through J.P. Morgan's fixed-income expertise. Portfolio positioning evolved with increased allocations to corporate bonds (to about 7% from 3.9% a year prior) and select ABS backed by auto and consumer loans amid expectations of U.S. economic stability as of mid-2025.