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JUCRX

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Absolute Return Income Opportunities Fund

Global Macro-Driven Bond Fund Seeking Absolute Returns
NAV As of 05/20/19 $8.90

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Fund Facts

Details Yields Morningstar (As of 04/30/19)
05/27/14 Inception Date
$208.67M Total Net Assets (As of 04/30/19)
GROSS 1.55%
NET 1.51%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
2.07% Distribution Yield at NAV
(As of 04/30/19)
30 Day SEC Yield (As of 04/30/19)
With Waivers 1.05%
Without Waivers 0.52%
Monthly Distribution Frequency
Performance (As of 05/20/19)
-0.11% 1 Day Return %
0.66% YTD Return
Category
Nontraditional Bond
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

Why Invest in the Fund

    Experienced Investment Team

  1. The portfolio manager and supporting team have been focused on managing strategies with absolute return targets and an emphasis on capital preservation. The team has managed unconstrained, absolute return portfolios through marked periods of extreme volatility and stress.
  2. Investment Flexibility

  3. The Fund invests broadly across global fixed income markets and is not constrained by benchmark- specific guidelines. This latitude allows us to fully express our high-conviction, active views and potentially avoid benchmark biases.
  4. Uncorrelated Sources of Return

  5. This bond fund seeks to provide positive long-term returns through a combination of top-down and bottom-up investing. The result is a predominantly investment grade, absolute return-oriented global credit portfolio that is intended to provide diversification from traditional and non-traditional asset classes.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 04/30/2019)
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Absolute Return Income Opportunities Fund – R Shares 0.27% 0.27% -3.73% -0.10% - - -0.27%
3-Month USD LIBOR 0.72% 0.72% 2.48% 1.47% 0.99% 0.70% 1.02%
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Absolute Return Income Opportunities Fund – R Shares 0.52% 0.44% -2.98% -0.19% - - -0.23%
3-Month USD LIBOR 0.69% 0.94% 2.52% 1.53% 1.03% 0.71% 1.05%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses
Performance for Class R Shares that includes periods prior to 2/6/15 reflects the performance of the Fund's Class I Shares, adjusted, where applicable and permitted, for differing fees and expenses.

MORNINGSTAR PERCENTILE

(As of 03/31/2019)
(As of 04/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 96 99 - - 93
Nontraditional Bond Category
Rank/Count
297/317 305/307 -/- -/- 227/238
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 92 99 - - 94
Nontraditional Bond Category
Rank/Count
278/300 289/291 -/- -/- 227/234

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS R SHARES
Management Fees 0.63%
12b-1 Fees 0.50%
Other Expenses 0.42%
Total Gross Expenses 1.55%
Waivers -0.04%
Total Net Expenses 1.51%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 04/30/2019)

Horse Gallop Finance Ltd (Long), 3.78%, 06/28/21
General Motors Financial Co Inc (Long), 3.20%, 07/06/21
Liberty Series 2018-1 (Long), 3.36%, 10/10/49
Liberty Series 2018-1 SME (Long), 3.16%, 07/10/50
La Trobe Financial Capital Markets Trust 2017-2 (Long), 3.60%, 01/12/49
RedZed Trust Series 2018-1 (Long), 4.11%, 03/09/50
SMHL Series Securitisation Fund 2014-1 (Long), 3.09%, 02/23/46
Pepper I-Prime 2018-1 Trust (Long), 3.34%, 11/23/49
La Trobe Financial Capital Markets Trust 2017-2 (Long), 4.09%, 01/12/49
Liberty Series 2018-3 (Long), 3.50%, 10/25/50

PORTFOLIO CHARACTERISTICS

(As of 04/30/19)

Number of Holdings
Debt Issues
70
Portfolio Turnover Rate
(1-year trailing)
-
Weighted Average Maturity
(years)
4.37
Effective Duration
(years)
1.53

DEVELOPED VS. EMERGING MARKET

(As of 04/30/19)

% OF FUND
Non-U.S. Developed 61.85
Non-U.S. Emerging 13.08
U.S. 11.09
Currency 0.36
Cash & Equivalents 13.62

S&P QUALITY RATING OF FIXED INCOME HOLDINGS

(As of 04/30/19)

% OF FUND
AAA 24.71
AA 6.24
A 11.86
BBB 34.10
NOT RATED 9.11
Bond ratings provided by Standard & Poor's. Not rated securities are not rated by S&P but may be rated by other rating agencies.
Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

SECTOR ALLOCATION

(As of 04/30/19)

% OF FUND
Non-US Credit 34.11
Securitized 33.17
US Credit-Investment Grade 11.11
Non-US Governments-Agencies 7.67
Currency 0.36
US Treasury & Related 0.00
Other -0.03
Cash & Equivalents 13.62

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 04/30/19)

% OF FUND
< 1 yr 0.75
1 - 3 yrs 37.61
3 - 5 yrs 20.57
5 - 7 yrs 14.11
7 - 10 yrs 13.01
10 - 20 yrs 0.00
Other -0.03
Currency 0.36

REGIONAL ALLOCATION

(As of 04/30/19)

% OF FUND
Asia-Pacific Ex Japan 68.17
North America 11.09
Europe 6.76
Currency 0.36
Cash & Equivalents 13.62

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Global bond yields fell as major central banks backed away from their respective normalization programs.
  • The Fund underperformed its benchmark, primarily due to interest rate positioning.
  • We believe that with inflationary pressures limited, one can identify attractively yielding corporate bonds within a global opportunity set.

Read The Full Commentary