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JAVCX

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Adaptive Global Allocation Fund

Global Allocation Fund Informed by Views on Extreme Market Movements
NAV As of 12/07/18 $9.95

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
06/23/15 Inception Date
$73.40M Total Net Assets (As of 10/31/18)
GROSS 2.44%
NET 1.83%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
World Allocation Level Load
(out of 79 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.90% 1 Day Return
-5.78% YTD Return @NAV
-6.72% YTD Return @CDSC
Category
World Allocation
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
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 global allocation fund seeks to provide investors total return by dynamically allocating its assets across a portfolio of global equity and fixed income investments, which may involve the use of derivatives for hedging purposes. The Fund is designed to actively adapt based on forward-looking views on extreme market movements, both positive and negative, with the goal of minimizing the risk of significant loss in a major downturn while participating in the growth potential of capital markets.

Why Invest in the Fund

    Core Solution

  1. With diversification across global assets and a philosophy concentrated on avoiding large drawdowns while participating in upwards moving markets, the Fund presents a potentially attractive anchor portfolio for an investor.
  2. Looking Past the Average:

  3. Market environments are constantly changing and no two time periods will ever deliver the same experience. We embrace this concept and as such, do not use average risk/return measures in our process, rather our major focus is on the dominant role played by tail risks in compounding returns. They are enhanced most by mitigation of tail losses and participation of tail gains, each period of time.
  4. Adaptive Allocation

  5. We measure both extreme positive and negative movements known as expected tail gain (ETG) and expected tail loss (ETL). Portfolio construction is driven by the ratio of ETG to ETL, while targeting a desired level of portfolio risk with the goal of maximizing terminal value to investors.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Jun 23, 2015 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 2.13% 0.09% 4.05% 7.61% - - 3.88%
Class C Shares @CDSC 1.13% -0.91% 3.08% 7.61% - - 3.88%
MSCI All Country World Index℠ 4.28% 3.83% 9.77% 13.40% 8.67% 8.19% 7.81%
Adaptive Global Allocation 60/40 Index 2.54% 2.38% 6.21% 8.98% 6.55% 6.86% 5.86%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) -0.05% 0.02% 0.82% 2.35% 3.13% 4.07% 2.63%
Inception: Jun 23, 2015 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -4.25% -4.07% -3.05% 4.65% - - 2.41%
Class C Shares @CDSC -5.21% -5.03% -3.95% 4.65% - - 2.41%
MSCI All Country World Index℠ -5.73% -2.55% -0.98% 8.57% 6.16% 10.65% 5.45%
Adaptive Global Allocation 60/40 Index -3.45% -1.26% -0.21% 6.16% 5.04% 8.18% 4.46%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) -0.09% 0.31% 0.54% 2.33% 3.04% 3.89% 2.59%
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 45 44 - - 49
World Allocation Category
Rank/Count
197/481 173/447 -/- -/- 205/444
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 56 50 - - 51
World Allocation Category
Rank/Count
257/470 208/438 -/- -/- 219/427

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.60 -
Alpha 0.30 -
Tracking Error 4.10 -
Beta 0.64 -
R-Squared (%) 89.84 -

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI ALL COUNTRY WORLD INDEX℠

3 YEAR 5 YEAR
Up Capture Ratio 63.89 -
Down Capture Ratio 64.00 -

STANDARD DEVIATION

3 YEAR 5 YEAR
Adaptive Global Allocation Fund 6.57 -
MSCI All Country World Index℠ 9.76 10.34

SHARPE RATIO

3 YEAR 5 YEAR
Adaptive Global Allocation Fund 0.67 -
MSCI All Country World Index℠ 0.70 0.54

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.75%
12b-1 Fees 1.00%
Other Expenses 0.69%
Total Gross Expenses 2.44%
Waivers -0.61%
Total Net Expenses 1.83%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the MSCI All Country World Index℠.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Vanguard Total International Bond ETF 5.23
Vanguard FTSE All-World ex-US ETF 4.12
Vanguard Financials ETF 3.59
Vanguard Industrials ETF 3.40
iShares Currency Hedged MSCI Japan ETF 3.15
Vanguard FTSE Emerging Markets ETF 3.07
Vanguard S&P 500 ETF 2.78
iShares Agency Bond ETF 2.38
Vanguard Mid-Cap ETF 2.38
Invesco QQQ Trust Series 1 2.38
TOTAL 32.48

Commentary & Literature