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Six Circles International Unconstrained Equity Fund
mutual fund
CIUEX
Payout Change
Pending
Price as of:
$10.67
-0.04
-0.37%
primary theme
International Large-Cap Blend Equity
share class
CIUEX (Mutual Fund)
Six Circles International Unconstrained Equity Fund
Payout Change
Pending
Price as of:
$10.67
-0.04
-0.37%
primary theme
International Large-Cap Blend Equity
share class
CIUEX (Mutual Fund)
Six Circles International Unconstrained Equity Fund
Payout Change
Pending
Price as of:
$10.67
-0.04
-0.37%
primary theme
International Large-Cap Blend Equity
share class
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.4%
1 yr return
3.2%
3 Yr Avg Return
2.6%
5 Yr Avg Return
5.1%
Net Assets
$15.2 B
Holdings in Top 10
34.1%
52 WEEK LOW AND HIGH
$10.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.28%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 61.71%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CIUEX - Profile
Distributions
- YTD Total Return 2.4%
- 3 Yr Annualized Total Return 2.6%
- 5 Yr Annualized Total Return 5.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.61%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameSix Circles International Unconstrained Equity Fund
-
Fund Family NameJPMorgan
-
Inception DateJul 09, 2018
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAmy Whitelaw
Fund Description
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings) in equity securities and other instruments with economic characteristics similar to equity securities. Equity securities include common stock, preferred stock and securities or other instruments whose price is linked to the value of common or preferred stock. The Fund primarily invests in the equity securities of non‑U.S. companies and is generally unconstrained by any particular capitalization, style or sector or non‑U.S. country. Non‑U.S. companies can be companies where: (i) the relevant security is issued outside the United States; (ii) the principal trading market for the relevant security is outside the United States; (iii) the company is organized under the laws of a non‑U.S. country; (iv) the company derives at least 50% of its revenues or profits from a non‑U.S. country or has at least 50% of its total assets situated in a non‑U.S. country; or (v) the company is a foreign government (or any political subdivision, agency, authority or instrumentality of such government). In addition to equity securities issued by companies in developed countries, which will be the Fund’s focus, the Fund may also invest in companies in emerging markets or developing countries, U.S. dollar-denominated securities issued by foreign entities, and American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”), including unsponsored ADRs or GDRs. The Fund may also invest a portion of its assets in securities of real
estate investment trusts (“REITs”) that own and/or manage properties. From time to time, the Fund may also use derivatives, including futures, forward contracts and swaps (including but not limited to total return swaps, some of which may be referred to as contracts for difference), to manage short-term liquidity and/or as substitutes for comparable market positions in the securities in the applicable Indexes (as defined below). For purposes of this 80% investment policy, the Fund will treat an investment in derivatives as an investment in the securities underlying such derivatives and will value such derivatives at market value.
The Fund will provide shareholders with at least 60 days’ prior notice of any change to its 80% investment policy.
The Fund is classified as a “non‑diversified” fund under the Investment Company Act of 1940, as amended. A non‑diversified fund is permitted (but is not required) to invest a higher percentage of its assets in the securities of fewer issuers.
The Fund will likely engage in active and frequent trading. The frequency with which the Fund buys and sells securities will vary from year to year, depending on market conditions.
J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”), actively allocates the Fund’s investments among a range of indexed investment strategies that are managed by the current sub‑adviser, BlackRock Investment Management, LLC (the “Sub‑Adviser” or “BlackRock”). For each indexed investment strategy, the Sub‑Adviser seeks to replicate the performance of an index or sub‑index (“Index”) selected by the Adviser. Generally, an Index will represent a certain industry, geographic region or other sector component of a public non‑U.S. equity index. By way of example, an indexed investment strategy could consist of an instruction given by the Adviser to a Sub‑Adviser to replicate the performance of a public broad-based non‑U.S. equity index, or a sub-index that includes securities classified by an index provider into a specific industry, sector or geographic region, such as a European Mid‑Cap Index, with respect to a portion of the Fund’s assets. This example should not be construed as an indication that the Adviser will use this or a similar instruction as an indexed investment strategy for the Fund.
In allocating the assets of the Fund, the Adviser generally makes tactical allocation decisions by directing shifts in allocations among the various investment strategies represented by Indexes. The Adviser will review and determine the allocations among the indexed investment strategies and will make changes to these allocations when it believes it is beneficial to the Fund. The Adviser may, in its discretion, add to, delete from or modify the categories of indexed investment strategies employed by the Fund at any time, or add other investment strategies, including active strategies, managed by
the Sub‑Advisers at any time. In making allocations among such indexed investment strategies and/or in changing the categories of indexed investment strategies and other investment strategies employed by the Fund, the Adviser expects to take into account the investment goals of the broader investment programs administered by the Adviser or its affiliates, for whose use the Fund is exclusively designed. As such, the Fund may perform differently from a similar fund that is managed without regard to such broader investment programs.
BlackRock
BlackRock, the Sub‑Adviser, manages each individual indexed investment strategy with the goal of replicating the performance of the applicable Index selected by the Adviser, and also facilitates the transition among indexed investment strategies as directed by the Adviser. BlackRock seeks to manage each of the indexed investment strategies by investing in a quantitatively selected portfolio of securities with characteristics expected to match the performance of the applicable Index, including through the use of derivatives such as futures, forwards and swaps (including but not limited to total return swaps, some of which may be referred to as contracts for difference). The securities selected for each indexed investment strategy are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the applicable Index. The Fund may or may not hold all of the securities in an applicable Index and BlackRock is free to use its discretion as to how best to replicate the performance of each applicable Index.
General Information
The Adviser may adjust allocations to the Sub‑Adviser and any additional sub‑adviser of the Fund at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the “Board”) with respect to the hiring, termination or replacement of a Sub‑Adviser. As such, the identity of the Fund’s Sub‑Adviser or Sub‑Advisers, or the portion of the Fund allocated to it or them, may change over time. Generally, the Sub‑Adviser is responsible for deciding which securities to purchase and sell for the Fund and for placing orders for the Fund’s transactions. However, the Adviser reserves the right to instruct the Sub‑Adviser as needed on Fund transactions and manage a portion of the Fund’s portfolio directly, either by instructing the Sub‑Adviser or otherwise, including without limitation, when it has high conviction views, for portfolio hedging, to adjust the Fund’s overall market exposure or to temporarily manage assets as a result of a Sub‑Adviser’s resignation or removal.
CIUEX - Performance
Return Ranking - Trailing
| Period | CIUEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.4% | -8.8% | 23.2% | 73.73% |
| 1 Yr | 3.2% | -6.7% | 27.0% | 71.84% |
| 3 Yr | 2.6%* | -13.6% | 46.8% | 24.88% |
| 5 Yr | 5.1%* | -34.2% | 73.4% | 29.71% |
| 10 Yr | N/A* | 0.9% | 32.0% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CIUEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.6% | -1.4% | 22.0% | 19.97% |
| 2022 | -16.2% | -43.6% | 71.3% | 23.56% |
| 2021 | 11.2% | -28.5% | 18.9% | 4.40% |
| 2020 | 4.1% | -90.1% | 992.1% | 88.11% |
| 2019 | 15.5% | -1.9% | 38.8% | 88.99% |
Total Return Ranking - Trailing
| Period | CIUEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.4% | -8.8% | 23.2% | 73.73% |
| 1 Yr | 3.2% | -6.7% | 27.0% | 71.84% |
| 3 Yr | 2.6%* | -13.6% | 46.8% | 24.88% |
| 5 Yr | 5.1%* | -34.2% | 73.4% | 29.71% |
| 10 Yr | N/A* | 0.9% | 32.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CIUEX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 19.0% | 3.2% | 23.8% | 16.04% |
| 2022 | -13.6% | -43.6% | 144.8% | 19.87% |
| 2021 | 14.0% | -22.6% | 56.0% | 8.63% |
| 2020 | 5.7% | -89.7% | 1010.8% | 88.44% |
| 2019 | 18.9% | 4.3% | 38.8% | 87.57% |
NAV & Total Return History
CIUEX - Holdings
Concentration Analysis
| CIUEX | Category Low | Category High | CIUEX % Rank | |
|---|---|---|---|---|
| Net Assets | 15.2 B | 3.3 M | 443 B | 8.91% |
| Number of Holdings | 635 | 1 | 10481 | 19.84% |
| Net Assets in Top 10 | 5.47 B | 1.01 M | 47.5 B | 5.47% |
| Weighting of Top 10 | 34.10% | 4.6% | 147.7% | 18.08% |
Top 10 Holdings
- SAP SE /EUR/ 0.00000000 6.59%
- ASML HOLDING NV /EUR/ 0.00000000 6.49%
- NOVO NORDISK A/S-B /DKK/ 0.00000000 6.09%
- NESTLE SA-REG /CHF/ 0.00000000 4.88%
- DIAGEO PLC /GBP/ 0.00000000 2.00%
- HSBC HOLDINGS PLC /GBP/ 0.00000000 1.76%
- TAIWAN SEMICONDUCTOR MANUFAC /TWD/ 0.00000000 1.76%
- LVMH MOET HENNESSY LOUIS VUI /EUR/ 0.00000000 1.61%
- SHELL PLC-NEW /GBP/ 0.00000000 1.47%
- AIR LIQUIDE SA /EUR/ 0.00000000 1.45%
Asset Allocation
| Weighting | Return Low | Return High | CIUEX % Rank | |
|---|---|---|---|---|
| Stocks | 98.37% | 0.00% | 102.63% | 34.69% |
| Other | 0.90% | -2.12% | 47.54% | 16.25% |
| Cash | 0.68% | 0.00% | 44.84% | 84.22% |
| Preferred Stocks | 0.06% | -0.05% | 6.89% | 52.50% |
| Convertible Bonds | 0.00% | 0.00% | 4.18% | 48.28% |
| Bonds | 0.00% | 0.00% | 95.29% | 50.78% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CIUEX % Rank | |
|---|---|---|---|---|
| Financial Services | 20.55% | 0.00% | 47.75% | 18.43% |
| Healthcare | 19.79% | 0.00% | 20.35% | 1.44% |
| Technology | 13.02% | 0.00% | 36.32% | 34.46% |
| Industrials | 10.28% | 5.17% | 99.49% | 91.83% |
| Consumer Defense | 10.07% | 0.00% | 32.29% | 38.62% |
| Consumer Cyclical | 9.71% | 0.00% | 36.36% | 67.63% |
| Utilities | 8.76% | 0.00% | 13.68% | 1.92% |
| Basic Materials | 3.34% | 0.00% | 23.86% | 91.35% |
| Communication Services | 2.15% | 0.00% | 21.69% | 94.23% |
| Energy | 1.86% | 0.00% | 16.89% | 87.82% |
| Real Estate | 0.47% | 0.00% | 14.59% | 70.51% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CIUEX % Rank | |
|---|---|---|---|---|
| Non US | 97.88% | 0.00% | 99.44% | 9.84% |
| US | 0.49% | 0.00% | 102.01% | 90.47% |
CIUEX - Expenses
Operational Fees
| CIUEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.28% | 0.01% | 19.62% | 88.73% |
| Management Fee | 0.25% | 0.00% | 1.65% | 15.41% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.01% | 0.01% | 1.00% | 0.48% |
Sales Fees
| CIUEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| CIUEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CIUEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 61.71% | 2.00% | 247.00% | 76.23% |
CIUEX - Distributions
Dividend Yield Analysis
| CIUEX | Category Low | Category High | CIUEX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.23% | 0.00% | 17.49% | 29.84% |
Dividend Distribution Analysis
| CIUEX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| CIUEX | Category Low | Category High | CIUEX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.61% | -0.93% | 6.38% | 11.22% |
Capital Gain Distribution Analysis
| CIUEX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 13, 2024 | $0.346 | OrdinaryDividend |
| Dec 14, 2023 | $0.310 | OrdinaryDividend |
| Dec 15, 2022 | $0.292 | OrdinaryDividend |
| Dec 17, 2021 | $0.271 | OrdinaryDividend |
| Dec 17, 2020 | $0.159 | OrdinaryDividend |
| Dec 19, 2019 | $0.275 | OrdinaryDividend |
CIUEX - Fund Manager Analysis
Managers
Amy Whitelaw
Start Date
Tenure
Tenure Rank
Jul 09, 2018
3.9
3.9%
Amy Whitelaw is Managing Director of BlackRock, Inc. since 2013 and was Director of the firm from 2009 to 2012. Ms. Whitelaw's service with the firm dates back to 1998, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Ms. Whitelaw served as Principal of BGI from 2000 to 2009. Previously Ms. Whitelaw worked in the Transition Services group as a transition manager and strategist, and was also an international equity trader on BGI’s trading desk.
Miles Wixon
Start Date
Tenure
Tenure Rank
Jul 09, 2018
3.9
3.9%
Mr. Wixon is a Managing Director and the Head of Equity for the J.P. Morgan Private Bank CIO Team, based in New York. He also is a member of the Global Investment Committee. Mr. Wixon is responsible for coordinating the Private Bank CIO Team’s research and strategy efforts across global equity markets. Mr. Wixon joined J.P. Morgan in 2016 with 20 years of capital markets experience and brings substantial expertise in bottom-up, fundamental equity research and portfolio management. Previously, Mr. Wixon was a Portfolio Manager at McKinley Capital Management where he managed international equity strategies. Prior to joining McKinley, Mr. Wixon was a Senior Vice President and Portfolio Manager for Oppenheimer’s Global Equity Strategy where he co-managed a team of international sector analysts dedicated to a bottom-up, fundament investment process. He was also a Managing Director at Rockefeller & Company where co-managed global, international and U.S. equity strategies. Mr. Wixon began his career as a Japanese Financial sector analyst at Nikko Salomon Smith Barney in Tokyo.
Jennifer Hsui
Start Date
Tenure
Tenure Rank
Jul 09, 2018
3.9
3.9%
Jennifer Hsui, Managing Director & Portfolio Manager at BlackRock Investment Management LLC has been employed by BlackRock Fund Advisors as a senior portfolio manager since 2007. Prior to that, Ms. Hsui was a portfolio manager from 2006 to 2007 for BGFA. She was a research analyst for RBC Capital Markets from 2003 to 2006.
Jeffrey Gaffney
Start Date
Tenure
Tenure Rank
Jul 09, 2018
3.9
3.9%
Mr. Gaffney is an Executive Director and the Head of Multi-Asset Portfolio Management–Americas for J.P. Morgan Private Bank, based in New York. He is responsible for constructing efficient multi-asset class portfolios for clients across the spectrum of investment objectives, risk tolerances, and liquidity constraints. Mr. Gaffney has been with J.P. Morgan since 2009, and has been a member of the Private Bank CIO Team since 2011. He chairs the WM U.S. Investment Committee and is a member of the Global Investment Committee. In addition, Mr. Gaffney serves as a portfolio manager for several J.P. Morgan asset allocation strategies. Mr. Gaffney holds a Bachelor of Science in Engineering degree from Princeton University in Operations Research and Financial Engineering. He also holds a Masters of Business Administration from Yale University with an emphasis in Finance.
Richard Madigan
Start Date
Tenure
Tenure Rank
Jul 09, 2018
3.9
3.9%
Madigan is a portfolio manager with Offitbank, his employer since 1998. Previously, he was vice president and principal of the emerging markets fixed income institutional sales group at JP Morgan Securities from 1996 to 1998. Prior to that, from 1994 to 1996, he was vice president and principal of the cross border finance group at Citicorp Securities. From 1990 to 1994, he was a corporate banker with Citibank. Mr. Madigan is the Chief Investment Officer for J.P. Morgan’s Private Bank, based in New York. In his role, he and his team (the “Private Bank CIO Team”) are responsible for the development of investment strategy, tactical and strategic asset allocation for $1 trillion in private bank and institutional client assets. Mr. Madigan is chair of the Private Bank’s Global Investment Committee. Previously, Mr. Madigan was the Chief Investment Officer for J.P. Morgan’s Global Access Portfolios, where he and his team managed in excess of $16 billion in client assets across 35 countries. Prior to his roles at J.P. Morgan, Mr. Madigan held the title of Managing Director, Head of Emerging Markets Investments and Senior Portfolio Manager at Offitbank, a New York-based wealth management boutique, where he managed peak assets in excess of $1 billion in both domestic and offshore portfolios, including the firm’s flagship emerging markets mutual fund. He was also a senior member of the firm’s investment committee. Before joining Offitbank, Mr. Madigan worked for J.P. Morgan’s Investment Banking division in New York in the emerging markets securities business. He previously spent six years with Citicorp first as a banker in Mexico, and then in the firm’s international corporate finance division in New York.
Suzanne Henige
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Mrs. Henige is a Director and member of BlackRock’s Index Equity Portfolio Management team. Her service with the firm dates back to 2009.
Paul Whitehead
Start Date
Tenure
Tenure Rank
Jan 04, 2022
0.4
0.4%
Paul Whitehead is responsible for supporting the day-to-day management of the MML Blend Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. Whitehead is a Managing Director of BlackRock, Inc., Co-Head of Index Equity, and Co-Head of BlackRock’s ETF and Index Investments business. Mr. Whitehead also oversees the management of BlackRock’s Institutional and iShares funds. Mr. Whitehead was previously the Global Head of Equity Trading and the Global Head of Transition Management within BlackRock’s Global Trading Group. Mr. Whitehead’s service with the firm dates back to 1996, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Prior to his current role, Mr. Whitehead was Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates. Mr. Whitehead represents BlackRock on the board of Luminex, a buy-side owned Alternative Trading System launched in 2015.
Peter Sietsema
Start Date
Tenure
Tenure Rank
Jan 04, 2022
0.4
0.4%
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.35 | 6.32 | 3.25 |
