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JAQAX

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Asia Equity Fund

All-Cap Asia Pacific Ex Japan Equities
NAV As of 12/14/18 $10.27

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
07/29/11 Inception Date
$22.02M Total Net Assets (As of 10/31/18)
GROSS 2.49%
NET 1.54%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
-1.82% 1 Day Return
-13.99% YTD Return @NAV
-18.94% YTD Return @MOP
Category
Pacific/Asia ex-Japan Stk
ic_star ic_star ic_star ic_star
73 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

This all-cap, Asia Pacific ex Japan fund aims to provide investors with a high-conviction portfolio focused on companies that enjoy strong franchise positions and a proven track record of both execution and high return on equity. We firmly believe that this approach combined with valuation discipline can generate competitive returns relative to our benchmark.

Why Invest in the Fund

    Best Ideas Portfolio

  1. We look to create a high-conviction Asia Pacific ex Japan portfolio without significant constraints at sector or country levels. We seek to achieve a truly active portfolio strategy with a focus on stock picking as the main driver of relative returns, characterized by a low portfolio turnover and a disciplined approach, supported by fundamental in-house research.
  2. Balance between Core and Dynamic Stocks

  3. The Fund seeks to consist of a core of quality stocks, with emphasis on companies with consistently high return on equity, strong franchise position and sustainability of returns, low levels of debt and a proven record of management and governance. The Fund will be supplemented by an allocation to dynamic stocks with the aim to diversify performance drivers and generate strong relative returns across different market conditions. Dynamic stocks are typically companies exhibiting “growth at reasonable price” (GARP) characteristics.
  4. Team-Based Approach

  5. Our Asia Pacific ex Japan Equities Team comprises a depth of talent, with expertise across Asia Pacific ex Japan. Synergies arise from the collaborative research process, collegial environment and the constructive challenging of existing views.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Jul 29, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV -1.21% -4.10% 2.75% 14.47% 8.02% - 4.80%
Class A Shares @MOP -6.91% -9.63% -3.17% 12.22% 6.74% - 3.94%
MSCI All Country Asia ex-Japan Index -1.57% -6.26% 1.45% 13.30% 6.64% 8.43% 4.37%
MSCI All Country Asia Pacific ex-Japan Index -1.44% -5.54% 1.95% 13.25% 5.66% 8.03% 4.21%
Inception: Jul 29, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV -9.39% -11.14% -9.53% 9.53% 5.34% - 3.61%
Class A Shares @MOP -14.57% -16.26% -14.76% 7.37% 4.09% - 2.77%
MSCI All Country Asia ex-Japan Index -7.41% -11.99% -9.61% 9.39% 4.37% 11.44% 3.38%
MSCI All Country Asia Pacific ex-Japan Index -7.55% -11.45% -8.71% 9.11% 3.57% 11.12% 3.20%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. 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 (%) 30 5 12 - 22
Pacific/Asia ex-Japan Stk Category
Rank/Count
20/88 7/82 10/67 -/- 15/62
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 40 16 31 - 39
Pacific/Asia ex-Japan Stk Category
Rank/Count
35/89 19/83 23/69 -/- 25/63

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).

RETURNS-BASED STATISTICS

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

RISK / REWARD
VS. MSCI ALL COUNTRY ASIA EX-JAPAN INDEX

3 YEAR 5 YEAR
Information Ratio 0.17 0.28
Alpha 0.69 1.10
Tracking Error 3.53 3.62
Beta 0.99 0.98
R-Squared (%) 94.44 93.94

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI ALL COUNTRY ASIA EX-JAPAN INDEX

3 YEAR 5 YEAR
Up Capture Ratio 97.00 97.12
Down Capture Ratio 93.24 92.03

STANDARD DEVIATION

3 YEAR 5 YEAR
Asia Equity Fund 14.95 14.68
MSCI All Country Asia ex-Japan Index 14.63 14.50

SHARPE RATIO

3 YEAR 5 YEAR
Asia Equity Fund 0.40 0.26
MSCI All Country Asia ex-Japan Index 0.37 0.19

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS A SHARES
Management Fees 1.00%
12b-1 Fees 0.25%
Other Expenses 1.24%
Total Gross Expenses 2.49%
Waivers -0.95%
Total Net Expenses 1.54%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI All Country Asia ex-Japan Index.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 6.38
Housing Development Finance Corp Ltd 4.99
HDFC Bank Ltd 4.82
AIA Group Ltd 3.88
Uni-President Enterprises Corp 3.63
Ayala Corp 3.56
Oversea-Chinese Banking Corp Ltd 3.53
Alibaba Group Holding Ltd (ADR) 3.16
Ping An Insurance Group Co of China Ltd 2.99
Infosys Ltd 2.89
TOTAL 39.83

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
39
953
Market Capitalization
Weighted Average
$74.30B
$85.69B
Portfolio Turnover Rate
(1-year trailing)
31.56%
-
Price/Earnings Ratio
(1-year forward)
17.80
16.01
Price/Book Ratio
(1-year forward)
3.39
2.83
Earnings Growth Rate
(1-year forward)
7.00%
7.36%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
Non-U.S. Emerging 76.22 84.69
Non-U.S. Developed 21.66 15.31
Cash & Equivalents 2.12 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Financials 35.05 24.01
Information Technology 24.51 17.71
Consumer Discretionary 13.16 11.93
Consumer Staples 12.51 4.95
Communication Services 4.94 12.45
Real Estate 4.76 5.91
Energy 1.65 5.04
Industrials 1.30 6.87
Cash & Equivalents 2.12 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 16.74 26.03
$50B to $100B 15.10 6.67
$10B to $50B 31.21 41.43
$5B to $10B 11.89 13.30
$1B to $5B 16.54 11.51
N/A 6.40 1.00

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Asia/Pacific Ex Japan 97.88 100.00
Cash & Equivalents 2.12 -

Commentary & Literature