UBVFX
Undiscovered Managers Behavioral Value Fund
UNDISCOVERED MANAGERS FUNDS
Expense ratio1
0.80%
Net assets2
$8.64B
Holdings2
90
Category
US Equity
2025 return3
1.84%

Investment objective & strategy

As of Oct. 22, 2025 · prospectus

Objective. Capital appreciation.

Strategy. The Fund seeks to achieve its objective by investing in common stocks of U.S. companies that the Funds sub-adviser, Fuller & Thaler Asset Management, Inc. (FullerThaler), believes have value characteristics. Such common stocks often include, but are not limited to, stocks of small capitalization companies, similar to those that are included in the Russell 2000 Value Index. FullerThaler's strategy focuses on, but is not limited to, the Fund investing in small capitalization companies; additionally, the Fund may buy, continue to hold, as well as make additional investments in, a stock if it is above, or has appreciated beyond the market capitalization of the largest company included in the Russell 2000 Value Index. The Fund may also invest in real estate … The Fund seeks to achieve its objective by investing in common stocks of U.S. companies that the Funds sub-adviser, Fuller & Thaler Asset Management, Inc. (FullerThaler), believes have value characteristics. Such common stocks often include, but are not limited to, stocks of small capitalization companies, similar to those that are included in the Russell 2000 Value Index. FullerThaler's strategy focuses on, but is not limited to, the Fund investing in small capitalization companies; additionally, the Fund may buy, continue to hold, as well as make additional investments in, a stock if it is above, or has appreciated beyond the market capitalization of the largest company included in the Russell 2000 Value Index. The Fund may also invest in real estate investment trusts (REITs). A REIT is a pooled investment vehicle that generally invests in income-producing real estate or real estate-related loans or interests. REITs are classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. In selecting stocks for the Fund, FullerThaler applies principles based on behavioral finance. FullerThaler believes that behavioral biases on the part of investors may cause the market to overreact to old, negative information and underreact to new, positive information concerning a company. In an effort to take advantage of such behavioral biases, FullerThaler generally utilizes a three-pronged approach that includes (i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company, (ii) evidence of overreaction due to behavioral factors that have resulted in an absolute or relative decline in valuation and (iii) analysis of the company fundamentals with regard to business model, valuation and credit risk.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
AMCOR PLC $423.38M 4.90%
HEALTHPEAK PROPERTIES INC $374.28M 4.33%
JPMorgan Prime Money Market Fund, IM Shares $285.28M 3.30%
OLD NATL BANCORP $271.26M 3.14%
LKQ CORP $230.09M 2.66%
PRIMO BRANDS CORP A $209.45M 2.42%
SONOCO PRODUCTS CO $205.43M 2.38%
FNB CORP PA $201.64M 2.33%
DEVON ENERGY CORP $197.41M 2.28%
CELANESE CORP $190.42M 2.20%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
2
Exited
4
Increased
15
Decreased
73
Unchanged
0

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

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Advisers

As of June 30, 2025 · N-CEN
FirmRole
J.P. Morgan Investment Management, Inc. Adviser
Fuller & Thaler Asset Management, Inc. Sub-adviser

Footnotes

  1. Expense ratio as of October 22, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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