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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 03/22/19 $8.87

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Fund Facts

Details Yields Morningstar (As of 02/28/19)
05/27/14 Inception Date
$830.49M Total Net Assets (As of 02/28/19)
GROSS 1.29%
NET 1.26%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
2.16% Distribution Yield at NAV
(As of 02/28/19)
30 Day SEC Yield (As of 02/28/19)
With Waivers 1.64%
Without Waivers 1.27%
Monthly Distribution Frequency
Performance (As of 03/22/19)
0.23% 1 Day Return %
0.02% YTD Return
Category
Nontraditional Bond
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 12/31/2018)
(As of 02/28/2019)
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Absolute Return Income Opportunities Fund – S Shares 2.12% -4.55% -4.55% 0.68% - - -0.12%
3-Month USD LIBOR 0.57% 2.08% 2.08% 1.28% 0.86% 0.67% 0.91%
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Absolute Return Income Opportunities Fund – S Shares 0.11% -0.59% -5.29% 0.23% - - -0.24%
3-Month USD LIBOR 0.72% 0.49% 2.36% 1.41% 0.95% 0.69% 0.99%
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 12/31/2018)
(As of 02/28/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 92 88 - - 88
Nontraditional Bond Category
Rank/Count
285/314 268/302 -/- -/- 213/235
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 96 98 - - 94
Nontraditional Bond Category
Rank/Count
304/317 303/307 -/- -/- 225/237

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

TOP HOLDINGS

(As of 02/28/2019)

United States Treasury Note-Bond (Long), 2.88%, 10/31/20
Goldman Sachs Group Inc (Long), 2.55%, 10/23/19
Liberty Series 2018-1 (Long), 3.62%, 10/10/49
La Trobe Financial Capital Markets Trust 2017-2 (Long), 3.88%, 01/12/49
ICBCIL Finance Co Ltd (Long), 2.38%, 05/19/19
Morgan Stanley (Long), 5.62%, 09/23/19
Pepper I-Prime 2018-1 Trust (Long), 3.51%, 11/23/49
Energy Transfer Operating LP (Long), 9.00%, 04/15/19
RedZed Trust Series 2018-1 (Long), 4.38%, 03/09/50
American Express Credit Corp (Long), 1.70%, 10/30/19

PORTFOLIO CHARACTERISTICS

(As of 02/28/19)

Number of Holdings
Debt Issues
99
Portfolio Turnover Rate
(1-year trailing)
-
Weighted Average Maturity
(years)
2.04
Effective Duration
(years)
0.66

DEVELOPED VS. EMERGING MARKET

(As of 02/28/19)

% OF FUND
U.S. 30.90
Non-U.S. Developed 20.35
Non-U.S. Emerging 6.23
Currency 0.41
Cash & Equivalents 42.11

S&P QUALITY RATING OF FIXED INCOME HOLDINGS

(As of 02/28/19)

% OF FUND
AAA 9.28
AA 15.40
A 7.21
BBB 21.34
BB 0.46
NOT RATED 3.78
CCC 0.00
Currency 0.41
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 02/28/19)

% OF FUND
US Credit-Investment Grade 17.14
US Treasury & Related 13.07
Securitized 12.25
Non-US Credit 9.71
Non-US Governments/Agencies 4.63
Currency 0.41
US Credit-High Yield 0.37
Other 0.32
Cash & Equivalents 42.11

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 02/28/19)

% OF FUND
< 1 yr 17.61
1 - 3 yrs 23.72
3 - 5 yrs 5.38
5 - 7 yrs 7.75
7 - 10 yrs 2.40
10 - 20 yrs 0.30
Other 0.32
Currency 0.41

REGIONAL ALLOCATION

(As of 02/28/19)

% OF FUND
North America 30.90
Asia/Pacific Ex Japan 23.56
Europe 3.03
Currency 0.41
Cash & Equivalents 42.11

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Rising market volatility and global growth concerns led to gains in safe-haven government bonds, while riskier assets sold off.
  • The Fund outperformed its benchmark, the 3-month USD London Interbank Offered Rate (LIBOR).
  • Volatility sales across a range of asset classes were key contributors to performance.

Read The Full Commentary