PGMIX - JPMorgan Market Expansion Index Select

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JPMorgan Market Expansion Index Select (PGMIX)
Expense Ratio: 0.57%
Expected Lifetime Fees: $17,751.17

The JPMorgan Market Expansion Index Select fund (PGMIX) is a Mid-Cap Blend fund started on 07/31/1998 and has $1.10 billion in assets under management. The current manager has been running JPMorgan Market Expansion Index Select since 01/23/2001. The fund is rated by Morningstar. This fund does not charge 12b-1 fees.

MarketRiders Prefers The Following ETF

Vanguard Extended Market Index ETF (VXF)
Expense Ratio: 0.10%
Expected Lifetime Fees: $3,271.86

The Vanguard Extended Market Index ETF (VXF) is an Exchange Traded Fund. It is a "basket" of securities that index the Mid-Cap Blend investment strategy and is an alternative to a Mid-Cap Blend mutual fund. Fees are very low compared to a comparable mutual fund like JPMorgan Market Expansion Index Select because computers automatically manage the stocks.

The Following Mid-Cap Blend Funds Have Lower Fees Than JPMorgan Market Expansion Index Select (PGMIX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
Columbia Mid Cap Index A NTIAX 15.0% 2,000 0.45%
Columbia Mid Cap Index Z NMPAX 15.0% 2,000 0.20%
DFA T.A. US Core Equity 2 Instl DFTCX 6.0% 2,600 0.24%
DFA US Core Equity 2 I DFQTX 9.0% 6,200 0.22%
DFA US Social Core Equity 2 DFUEX 12.0% 195 0.35%
Dreyfus MidCap Index PESPX 19.4% 2,400 0.50%
Federated Mid-Cap Index Svc FMDCX 8.0% 949 0.55%
Fidelity Spartan Extended Mkt Index Inv FSEMX 11.0% 6,300 0.10%
Fidelity Spartan Extnd Mkt Idx Advtg FSEVX 11.0% 6,300 0.07%
Northern Mid Cap Index NOMIX 12.1% 628 0.15%
Nuveen Mid Cap Index I FIMEX 23.0% 349 0.51%
Principal MidCap S&P 400 Index Inst MPSIX 15.8% 507 0.27%
Principal MidCap S&P 400 Index R5 PMFPX 15.8% 507 0.43%
T. Rowe Price Extended Equity Market Idx PEXMX 18.9% 382 0.42%
Vanguard Extended Market Idx Instl VIEIX 14.0% 21,300 0.12%
Vanguard Extended Market Idx Inv VEXMX 14.0% 21,300 0.28%
Vanguard Extended Market Idx Signal VEMSX 14.0% 21,300 0.14%
Vanguard Mid Cap Index Ins VMCIX 22.0% 28,600 0.08%
Vanguard Mid Cap Index Inv VIMSX 22.0% 28,600 0.24%
Vanguard Mid Cap Index Signal VMISX 22.0% 28,600 0.10%
Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares VSPMX 26.0% 112 0.10%
Vanguard Strategic Equity Inv VSEQX 73.0% 3,100 0.33%

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Why Are These Metrics Important?

Turnover represents how much of a mutual fund's holdings are changed over the course of a year through buying and selling. Active mutual funds have an average turnover rate of about 85%, meaning that funds are turning over nearly all of their holdings every year. A high turnover means you could make lower returns because: 1) buying and selling stocks costs money through commissions and spreads and 2) the fund will distribute yearly capital gains which increases your taxes. Look for funds with turnover rates below 50%. For comparison, ETF turnover rates average around 10% or lower.

Generally, smaller funds do better than larger ones. The more assets in a mutual fund, the lower the chance that it will beat its index. Managers outperform an index by choosing stocks that are undervalued. In order to find these undervalued stocks, the manager has to know more than his competitors to develop an "edge." There are only a finite number of stocks a mutual fund manager can reasonably analyze and actively track to gain such a competitive edge. When the fund has more assets, the manager must analyze large companies because he needs to take larger positions. Large companies are more efficiently priced in the market and it becomes increasingly difficult to get an edge.