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JCNCX

)

Contrarian Fund

Seeking Opportunity in Undervalued Business Models
NAV As of 12/07/18 $17.74

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
02/29/00 Inception Date
$2.43B Total Net Assets (As of 10/31/18)
GROSS 1.61%
NET 1.61%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Mid Cap Level Load
(out of 190 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-2.10% 1 Day Return
0.11% YTD Return @NAV
-0.89% YTD Return @CDSC
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 Value

  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 09/30/2018)
(As of 11/30/2018)
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 6.67% 13.77% 16.16% 9.37% 7.52% 6.94% 6.22%
Class C Shares @CDSC 5.67% 12.77% 15.16% 9.37% 7.52% 6.94% 6.22%
S&P 500® Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 6.20%
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -7.62% 5.36% 5.72% 5.28% 3.77% 10.64% 5.73%
Class C Shares @CDSC -8.54% 4.36% 4.74% 5.28% 3.77% 10.64% 5.73%
S&P 500® Index -4.40% 5.11% 6.27% 12.16% 11.12% 14.32% 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.
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
Performance for Class C 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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 13 87 86 97 85
Mid-Cap Blend Category
Rank/Count
51/472 368/416 330/387 317/327 145/164
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 7 87 89 92 87
Mid-Cap Blend Category
Rank/Count
32/477 364/428 354/393 315/340 157/175

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.84 -0.73
Alpha -6.29 -4.36
Tracking Error 7.07 7.73
Beta 1.11 0.95
R-Squared (%) 69.08 60.61

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

3 YEAR 5 YEAR
Up Capture Ratio 70.39 67.99
Down Capture Ratio 105.71 93.16

STANDARD DEVIATION

3 YEAR 5 YEAR
Contrarian Fund 12.58 12.29
S&P 500® Index 9.39 10.06

SHARPE RATIO

3 YEAR 5 YEAR
Contrarian Fund 0.37 0.42
S&P 500® Index 1.14 1.07

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.45%
12b-1 Fees 1.00%
Other Expenses 0.16%
Total Gross Expenses 1.61%
Waivers 0.00%
Total Net Expenses 1.61%
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 S&P 500® Index.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Ball Corp 7.01
Abbott Laboratories 5.53
Citigroup Inc 5.49
TD Ameritrade Holding Corp 5.35
Alphabet Inc 5.13
Allergan PLC 4.54
NRG Energy Inc 4.04
Vivendi SA 3.71
Intercontinental Exchange Inc 3.60
PacWest Bancorp 3.33
TOTAL 47.73

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
45
505
Market Capitalization
Weighted Average
$81.16B
$228.44B
Portfolio Turnover Rate
(1-year trailing)
58.47%
-
Price/Earnings Ratio
(1-year forward)
18.58
18.96
Price/Book Ratio
(1-year forward)
4.19
5.20
Earnings Growth Rate
(1-year forward)
20.48%
21.57%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 89.97 99.55
Non-U.S. Developed 5.29 0.45
Non-U.S. Emerging 3.97 -
Cash & Equivalents 0.77 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Financials 22.36 13.57
Health Care 16.00 15.02
Materials 15.00 2.56
Information Technology 14.52 20.75
Communication Services 12.27 10.10
Industrials 9.07 9.28
Consumer Discretionary 4.78 9.79
Utilities 4.04 3.09
Energy 1.19 5.69
Cash & Equivalents 0.77 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 19.72 51.30
$50B to $100B 8.03 17.72
$10B to $50B 41.05 28.60
$5B to $10B 19.56 2.24
$1B to $5B 8.68 0.14
$500M to $1B 1.24 -
N/A 0.95 -

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 89.97 99.55
Europe 5.29 0.45
Latin America 2.97 -
Asia/Pacific Ex Japan 1.00 -
Cash & Equivalents 0.77 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • U.S. stocks delivered strong gains during the period.
  • 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