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Will J.P. Morgan Woes Whack Fund Investors?

It’s not just J.P. Morgan Chase (JPM) shareholders who are cringing today, following reports yesterday of the bank’s $2 billion in trading losses on bad derivatives bets. The stock plunged 8% Friday morning – which could impact the millions of investors who indirectly own the stock through mutual funds and exchange-traded funds.

Spencer Platt/Getty Images

Some investors might be surprised to learn just how exposed they are to the bank, which Thursday said the losses came from a series of complex wagers on the economic recovery that went wrong. According to research from S&P Capital IQ, 16% of domestic stock funds have the bank listed as one of their top 10 holdings. As of the funds’ most recent filings, that includes:

  • $16 billion Fidelity Magellan (FMAGX), which had 2.5% stake in J.P. Morgan.
  • $191 billion Vanguard Total Stock Market Index (VTSAX), invested 1.1% in the bank.
  • $3.2 billion Oakmark Select (OAKLX) invested 5% in J.P. Morgan.
  • $1.5 billion Oppenheimer Main Street Select (OMSOX) had a 5.7% stake in the bank.

Index funds and exchange-traded funds also own J.P. Morgan, from broad-market indexes to financial-sector funds. Those offerings that track the Standard & Poor’s 500-stock index typically have only 1.3% of assets allocated to J.P. Morgan — not enough to drag down them even down, says Jeff Tjornehoj, a senior research analyst at fund tracker Lipper. But funds with more concentrated bets, he says, could have more on the line. For example, the $298 million iShares Dow Jones US Financial Services Index fund (IYG) recently had a 12.4% stake in J.P. Morgan, while the $6.4 billion Financial Select Sector SPDR (XLF) invested 8.8% in the bank, according to  Lipper data.

A tool like Morningstar’s Instant X-Ray can tell you how much J.P. Morgan you hold in your mutual funds. If you learn you’re holding more of any one stock than you’re comfortable with, experts say it you might want to opt for a more diversified fund. Choosing more diversified funds over those that make concentrated bets on certain sectors or companies may help you minimize volatility, adds Rosenbluth. For instance, shares of J.P. Morgan fell today, but the overall market gained  – meaning well-diversified stock funds likley held up well, he says.

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    • By WebOsPublisher

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      Your Signature/Avatar icons may [b]NOT[/b] be the same as someone elses. So if you wanted to use Padme, Sorry! I got to it first. The next post will be a list of icons you may not use![/color][/quote]ExpandCharacters Remaining: Disable Smilies: If this box is checked, smiley emoticons will be disabled in your message.shortcuts: hit alt+s to send, alt+p to preview, alt+c to spell check, or alt+r to reset Topic SummaryPosted by Girlie Woodstalker on Aug 7, 2003, 1:26pmWould you like an icon on your signature or underneath your name?Well! For the low, low, low price of: NOTHING!I will tell you how!Find the icon you would like to use. It must be on a server, meaning it has to be on the internet. Then you right click on the wanted picture and a menu pops up!At the bottom of this menu is something that says, Properties.Click on that a another menu come up, about in the middle of this is the picture’s URL or web address.Highlight and right click on this! Pick Copy on this menu.Now! Go to your Can You Hear Me? profile.Down, down, down it should say Avatar.There is a box with a checkmark and a place to type in. Paste the URL in that box and click in the check box.There you go! You now have an Avatar! Mine Is Padme Amidala, nice, no?Signature Icons-Get the picture in the same way explained above. Except this time when you go to your profile page you want to find the largest typing box called: Signature.Now You have to do this.[*img]URL[*/img] Please remove stars for use! That was so you could see! Otherwise it would have tried to make URL a pic! You place the pics’ URL in whee it says URL. And you have a signature pic!——–RULES!Your Signature/Avatar icons may NOT be the same as someone elses. So if you wanted to use Padme, Sorry! I got to it first. The next post will be a list of icons you may not use!Posted by Girlie Woodstalker on Aug 7, 2003, 1:34pmPadme AmidalaButtercupSleeping BeautyWhatever Kinght of Ni’s is. . .Pirates of the Caribbean – Orlando BloomElijah WoodEwan McGregorCalvin and Hobbes…and the list grows…Now! Go find original ones! Go!Posted by Phoenix on Aug 17, 2003, 9:36pmHey, I was thinkin (WOW, what an improvement!!!), since you’re gonna be mean and selfish and say that nobody can use the same kind of icon at the same time, why don’t we say that people can reserve a type of icon, for example…If Jedi had an Aragorn icon, and I wanted one, then I could "reserve" it so that whenever he changed it to, say, a Mario icon, I could get an Aragorn icon without anyone else giving me grief about wanting one… just a thought.Of course, I don’t like this little rule about no one sharing the same kind of icon anyways, but whatever. 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    • Why do neo-conservatives object to governmment regulation of practices? The responsibilities of government include protection of its citizens. Government representatives are elected by those citizens in the hopes that what they promise to deliver in termms of econommic growth, defense, social issues and needs…. Unfortunatly, many GOP officials have participated in obstruction of fulfilling those objectives.

      What does these have to do with the question?
      The housing, stock market, financial disasters that took place during a Republican admministration where enforcement of SEC market regulations, AIG insurance of derivatives, Freddie Mac and Fannie Mae and other financial institutions involved in the housing debacles… it is obvious where this is going, and NOW we have JP MORGAN CHASE PULLING THE SAME shinnagans again. Why? It seems that they fear the “natural free market pitfalls” by insuring against rate issues. Why not let the “natural free market” correct itself and take the risks of regulated interest rates losses or gains as has been the case for a couple of hundred years of American enterpreneurship/investments. What it amounts to is greed. I find it is useless to criticize our present state of the economy because I have not money to buy or rent a congressma; No wait I will continue to protest…I am an independent and will vote straight Democrate… I just remembered….American companies have moved their manufacturing and industrial capacities overseas thus leaving unemployed Americans who cannot purchase those products produced in China for example. Why did they move? No regulations in those foreign countries, cheap labor, human rights violations, no corportae taxes…American corportions are participate in the last three. Is JP MORGAN CHASE lending money to small businesses to create more jobs. If so, how much….gonna have to research this one as their proift margin is in the billions….(Now tongue in cheek)…..lHHHMMMMMMMMMMMM?

    • High finance still looks like a crap shoot. The banks pay 0% interest on depositors’ hard earned money. Then, they gamble with other peoples’ money hoping for a fat return for themselves. They put society at risk while the government just looks on.

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