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JCONX

)

Contrarian Fund

Seeking Opportunity in Undervalued Business Models
NAV As of 02/22/18 $19.43

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Fund Facts

Details Performance (As of 02/22/18) Morningstar (As of 01/31/18)
02/29/00 Inception Date
$2.66B Total Net Assets (As of 01/31/18)
GROSS 0.56%
NET 0.56%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 01/31/18)
Fee Level Group
Mid Cap Institutional
(out of 418 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-0.26% 1 Day Return
2.75% 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. 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.
  2. Multiple Avenues of Growth

  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 leverage 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, seeking to provide benchmark outperformance.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – I Shares 2.35% 5.41% 5.41% -0.24% 10.10% 2.83% 6.66%
S&P 500® Index 6.64% 21.83% 21.83% 11.41% 15.79% 8.50% 5.87%
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – I Shares 8.25% 5.87% 10.92% 2.96% 10.34% 3.61% 6.97%
S&P 500® Index 10.18% 5.73% 26.41% 14.66% 15.91% 9.78% 6.17%
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 12/31/2017)
(As of 01/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 98 98 91 98 73
Mid-Cap Blend Category
Rank/Count
454/467 391/409 342/386 306/318 122/170
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 95 98 87 98 68
Mid-Cap Blend Category
Rank/Count
430/462 385/403 324/380 300/312 116/165

Calendar Year Performance

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

RETURNS-BASED STATISTICS

(As of 01/31/18 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -1.51 -0.75
Alpha -8.92 -3.68
Tracking Error 7.75 7.39
Beta 0.91 0.93
R-Squared (%) 58.93 59.44

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

3 YEAR 5 YEAR
Up Capture Ratio 50.60 72.69
Down Capture Ratio 114.87 92.24

STANDARD DEVIATION

3 YEAR 5 YEAR
Contrarian Fund 12.01 11.56
S&P 500® Index 10.15 9.54

SHARPE RATIO

3 YEAR 5 YEAR
Contrarian Fund 0.21 0.87
S&P 500® Index 1.40 1.64

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.45%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.56%
Waivers 0.00%
Total Net Expenses 0.56%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the S&P 500® Index.

TOP HOLDINGS

(As of 01/31/2018)

% of Fund
Citigroup Inc 6.12
Allergan PLC 5.14
Ball Corp 4.93
Ultimate Software Group Inc 3.90
Abbott Laboratories 3.81
Stanley Black & Decker Inc 3.52
Alphabet Inc 3.35
Intercontinental Exchange Inc 3.15
TD Ameritrade Holding Corp 3.10
Oracle Corp 3.04
TOTAL 40.06

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Equity Issues
49
Market Capitalization
Weighted Average
$77.59B
Market Capitalization
Median
$22.27B
Portfolio Turnover Rate
(1-year trailing)
107.43%
Price/Earnings Ratio
(1-year forward)
23.19
Price/Book Ratio
(1-year forward)
4.07
Earnings Growth Rate
(1-year forward)
14.89%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND % OF INDEX
U.S. 88.95 99.94
Non-U.S. Developed 6.65 0.06
Other 1.69 -
Non-U.S. Emerging 0.86 -
Cash & Equivalents 1.85 -

SECTOR ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
Financials 23.08 14.90
Information Technology 20.99 24.21
Health Care 16.94 13.89
Materials 12.00 2.95
Consumer Discretionary 10.57 12.62
Industrials 10.26 10.27
Utilities 1.99 2.69
Energy 1.69 5.97
Consumer Staples 0.63 7.87
Cash & Equivalents 1.85 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2018)

% OF FUND % OF INDEX
Over $100B 19.87 53.61
$50B to $100B 5.14 16.40
$10B to $50B 34.92 28.02
$5B to $10B 21.79 1.85
$1B to $5B 12.76 0.12
$500M to $1B 0.86 -
N/A 2.81 -

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
North America 88.95 99.94
Europe 6.65 0.06
Other 1.69 -
Latin America 0.86 -
Cash & Equivalents 1.85 -

Commentary & Literature

4Q17 Portfolio Commentary Highlights

  • The S&P 500 Index notched strong gains in the fourth quarter.
  • The Fund underperformed its benchmark.
  • We see buying opportunities in the financial sector and in a few industries where we believe consolidation will lead to greater profitability than the market appreciates.

Read The Full Commentary