(

JCONX

)

Contrarian Fund

Seeking Opportunity in Undervalued Business Models
NAV As of 03/19/19 $20.18

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Fund Facts

Details Performance (As of 03/19/19) Morningstar (As of 02/28/19)
02/29/00 Inception Date
$2.63B Total Net Assets (As of 02/28/19)
GROSS 0.57%
NET 0.57%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 02/28/19)
Fee Level Group
Mid Cap Institutional
(out of 433 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
0.20% 1 Day Return
20.91% YTD Return
Category
Mid-Cap Blend
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

A U.S.-centric equity fund, investing opportunistically in what we believe are mispriced business models, unconstrained by sector and with flexibility across market cap. Through deep fundamental analysis, we seek to identify misunderstood and underappreciated companies where we can invest with conviction to create long-term capital appreciation.

Why Invest in the Fund

    Thinking Independently

  1. Expressing differentiated views by applying autonomous thinking
  2. Multiple Avenues for Capital Appreciation

  3. Seeking to invest in companies where there is potential for both the free cash flow of the company and the stock multiple to grow over time
  4. Actively Different

  5. This concentrated portfolio seeks to outperform the benchmark over time by leveraging the best ideas of our global research team to identify stocks trading at a discount to their intrinsic value across style, sector and market cap
  6. Various Approaches to Investing

  7. Investing with conviction where we believe the market either misunderstands the business model, undervalues the company’s assets or underappreciates the company’s growth potential

Performance

RETURNS

(As of 12/31/2018)
(As of 02/28/2019)
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – I Shares -16.24% -3.97% -3.97% 3.10% 2.29% 9.34% 6.06%
S&P 500® Index -13.52% -4.38% -4.38% 9.26% 8.49% 13.12% 5.30%
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – I Shares 7.45% 18.99% 10.53% 12.33% 4.73% 13.54% 6.98%
S&P 500® Index 1.42% 11.48% 4.68% 15.28% 10.67% 16.67% 5.86%
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 I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 12/31/2018)
(As of 02/28/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 6 82 80 89 62
Mid-Cap Blend Category
Rank/Count
23/473 337/424 304/389 295/333 111/175
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 3 58 82 82 60
Mid-Cap Blend Category
Rank/Count
12/476 223/426 317/394 277/333 107/175

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 02/28/19 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.41 -0.78
Alpha -4.16 -5.40
Tracking Error 7.21 7.63
Beta 1.14 1.03
R-Squared (%) 76.63 69.53

UP AND DOWN MARKET CAPTURE (%)
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Up Capture Ratio 86.67 71.64
Down Capture Ratio 98.39 101.95

STANDARD DEVIATION

3 YEAR 5 YEAR
Contrarian Fund 14.57 13.81
S&P 500® Index 11.21 11.18

SHARPE RATIO

3 YEAR 5 YEAR
Contrarian Fund 0.77 0.29
S&P 500® Index 1.26 0.89

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS I SHARES
Management Fees 0.47%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 0.57%
Waivers 0.00%
Total Net Expenses 0.57%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the S&P 500® Index.

TOP HOLDINGS

(As of 02/28/2019)

% of Fund
Alphabet Inc 5.57
TD Ameritrade Holding Corp 5.39
Abbott Laboratories 5.00
Citigroup Inc 4.76
Vivendi SA 4.62
Allergan PLC 4.19
Crown Holdings Inc 3.38
PacWest Bancorp 3.23
Intercontinental Exchange Inc 3.11
Harris Corp 3.11
TOTAL 42.36

PORTFOLIO CHARACTERISTICS

(As of 02/28/19)

FUND INDEX
Number of Holdings
Equity Issues
42
505
Market Capitalization
Weighted Average
$83.73B
$216.28B
Portfolio Turnover Rate
(1-year trailing)
55.34%
-
Price/Earnings Ratio
(1-year forward)
18.30
19.14
Price/Book Ratio
(1-year forward)
3.10
4.51
Earnings Growth Rate
(1-year forward)
10.54%
6.55%

DEVELOPED VS. EMERGING MARKET

(As of 02/28/19)

% OF FUND % OF INDEX
U.S. 87.23 99.55
Non-U.S. Developed 7.31 0.45
Non-U.S. Emerging 3.44 -
Cash & Equivalents 2.02 -

SECTOR ALLOCATION

(As of 02/28/19)

% OF FUND % OF INDEX
Financials 21.31 13.34
Health Care 15.09 14.82
Communication Services 14.12 10.10
Information Technology 13.29 20.62
Materials 13.19 2.67
Industrials 11.21 9.80
Consumer Discretionary 3.12 9.90
Utilities 2.83 3.25
Energy 0.60 5.39
US Industrials 3.22 -
Cash & Equivalents 2.02 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 02/28/2019)

% OF FUND % OF INDEX
Over $100B 17.83 51.25
$50B to $100B 2.68 16.81
$10B to $50B 43.37 29.64
$5B to $10B 18.31 2.24
$1B to $5B 10.98 0.06
$500M to $1B 1.59 -

REGIONAL ALLOCATION

(As of 02/28/19)

% OF FUND % OF INDEX
North America 88.23 99.55
Europe 6.31 0.45
Latin America 3.44 -
Cash & Equivalents 2.02 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Fears of slowing global economic growth, rising trade tensions between the U.S. and China, and continued increases in the fed funds rate drove stocks lower in the fourth quarter.
  • The Fund underperformed its benchmark during the quarter.
  • While global economic growth is slowing, we believe U.S. consumer strength will continue to support the domestic economy in early 2019.

Read The Full Commentary