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      "text": "Example: 2017: Stocks with positive momentum characteristics performed well; Companies with strong fundamentals were generally rewarded, especially in the technology sector and other tech-enabled segments of the market",
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      "text": "Environments in which the portfolio tends to struggle: Valuation tends to be more important than fundamentals; Stocks with poor price momentum tend to outperform",
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      "text": "Example: 2016: Price momentum was not rewarded as a shift in market leadership began in the first quarter; Growth characteristics were out of favor while stocks with either low valuations or very defensive characteristics outperformed significantly",
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      "text": "J.P. Morgan Large Cap Growth Strategy SMA",
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