A giant JPMorgan fund just reset its hedging strategy. What it did and what it means.

1. JHEQX implemented a new hedging strategy to manage downside risk. 2. The fund has $21 billion in assets, often underperforming in good times. 3. JHEQX lost 8% in 2022 compared to the 18% loss of the S&P 500. 4. This year, JHEQX is up 4% versus the S&P 500's 14% rise. 5. The strategy may influence broader market movements at quarter-end.