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JUCSX

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Absolute Return Income Opportunities Fund

Global Macro-Driven Bond Fund Seeking Absolute Returns
NAV As of 07/15/19 $8.93

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Fund Facts

Details Yields Morningstar (As of 06/30/19)
05/27/14 Inception Date
$151.86M Total Net Assets (As of 05/31/19)
GROSS 1.29%
NET 1.26%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
1.93% Distribution Yield at NAV
(As of 06/30/19)
30 Day SEC Yield (As of 06/30/19)
With Waivers 1.46%
Without Waivers -0.45%
Monthly Distribution Frequency
Performance (As of 07/15/19)
0.12% 1 Day Return %
1.39% 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 managers 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 06/30/2019)
(As of 06/30/2019)
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Absolute Return Income Opportunities Fund – S Shares 1.12% 1.42% 3.58% 0.15% 0.15% - 0.17%
FTSE 3-Month Treasury Bill Index 0.61% 1.21% 2.30% 1.36% 0.84% 0.46% 0.83%
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Absolute Return Income Opportunities Fund – S Shares 1.12% 1.42% 3.58% 0.15% 0.15% - 0.17%
FTSE 3-Month Treasury Bill Index 0.61% 1.21% 2.30% 1.36% 0.84% 0.46% 0.83%
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

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 06/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 58 98 93 - 93
Nontraditional Bond Category
Rank/Count
171/307 289/295 222/234 -/- 222/234
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 58 98 93 - 93
Nontraditional Bond Category
Rank/Count
171/307 289/295 222/234 -/- 222/234

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 S SHARES
Management Fees 0.63%
12b-1 Fees 0.25%
Other Expenses 0.41%
Total Gross Expenses 1.29%
Waivers -0.03%
Total Net Expenses 1.26%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the FTSE 3-Month US Treasury Bill Index.

TOP HOLDINGS

(As of 05/31/2019)

Horse Gallop Finance Ltd (Long), 3.78%, 06/28/21
Liberty Series 2018-1 SME (Long), 3.12%, 07/10/50
RedZed Trust Series 2018-1 (Long), 4.07%, 03/09/50
Pepper I-Prime 2018-1 Trust (Long), 3.13%, 11/23/49
La Trobe Financial Capital Markets Trust 2017-2 (Long), 3.57%, 01/12/49
La Trobe Financial Capital Markets Trust 2017-2 (Long), 4.07%, 01/12/49
CNOOC Curtis Funding No 1 Pty Ltd (Long), 4.50%, 10/03/23
Sydney Airport Finance Co Pty Ltd (Long), 3.62%, 04/28/26
Azure Orbit III International Finance Ltd (Long), 2.62%, 03/21/21
Commonwealth Bank of Australia (Long), 4.53%, 06/03/26

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

Number of Holdings
Debt Issues
63
Portfolio Turnover Rate
(1-year trailing)
-
Weighted Average Maturity
(years)
3.42
Effective Duration
(years)
2.11

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND
Non-U.S. Developed 67.18
Non-U.S. Emerging 18.10
U.S. 11.82
Currency 2.26
Cash & Equivalents 0.64

S&P QUALITY RATING OF FIXED INCOME HOLDINGS

(As of 05/31/19)

% OF FUND
AAA 16.38
AA 8.66
A 16.38
BBB 44.74
NOT RATED 10.94
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 05/31/19)

% OF FUND
Non-US Credit 46.68
Securitized 27.99
US Credit-Investment Grade 11.80
Non-US Governments-Agencies 10.63
Currency 2.26
US Treasury & Related 0.00
Other 0.00
Cash & Equivalents 0.64

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 05/31/19)

% OF FUND
< 1 yr 1.03
1 - 3 yrs 46.16
3 - 5 yrs 14.55
5 - 7 yrs 19.12
7 - 10 yrs 16.25
10 - 20 yrs 0.00
Currency 2.26

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND
Asia-Pacific Ex Japan 76.09
North America 11.82
Europe 9.19
Currency 2.26
Cash & Equivalents 0.64

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Global bond markets rallied during the period in anticipation of a continuation of accommodative monetary policy.
  • The Fund outperformed its benchmark, led by its allocation to corporate credit.
  • We believe well-contained inflation will allow central bankers to ease monetary policy as concerns about worldwide economic growth mount.

Read The Full Commentary