(
JCNNX
)
Contrarian Fund
Seeking Opportunity in Undervalued Business Models
NAV
As of 02/21/19
$19.45
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Fund Facts
Details | Performance (As of 02/21/19) | Morningstar (As of 01/31/19) |
---|---|---|
02/29/00
Inception Date
$2.48B
Total Net Assets
(As of 01/31/19)
(As of fiscal year end 09/30/18)
Morningstar Fee Level
(As of 01/31/19)
Fee Level Group Mid Cap Institutional (out of 436 funds) ![]() |
-0.56%
1 Day Return
16.89%
YTD Return
|
Category
Mid-Cap Blend
|
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
- Expressing differentiated views by applying autonomous thinking
- 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
- 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
- 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
Thinking Independently
Multiple Avenues for Capital Appreciation
Actively Different
Various Approaches to Value
Portfolio Management
Performance
RETURNS
Inception: Feb 29, 2000 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
---|---|---|---|---|---|---|---|
Contrarian Fund – N Shares | -16.22% | -3.91% | -3.91% | 2.94% | 2.14% | 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 – N Shares | 4.47% | 11.96% | 1.60% | 10.57% | 4.50% | 11.21% | 6.66% |
S&P 500® Index | 0.26% | 8.01% | -2.31% | 14.02% | 10.96% | 15.00% | 5.71% |
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 N Shares that includes periods prior to 8/4/17 reflects the performance of another share class of the Fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.
View Fees and Expenses
Performance for Class N Shares that includes periods prior to 8/4/17 reflects the performance of another share class of the Fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.
MORNINGSTAR PERCENTILE
1 YR | 3 YR | 5 YR | 10 YR | SINCE INCEPTION | |
---|---|---|---|---|---|
Percentile Ranking (%) | 6 | 82 | 81 | 89 | 62 |
Mid-Cap Blend Category Rank/Count |
21/473 | 338/424 | 308/389 | 296/333 | 112/175 |
1 YR | 3 YR | 5 YR | 10 YR | SINCE INCEPTION | |
---|---|---|---|---|---|
Percentile Ranking (%) | 3 | 64 | 85 | 89 | 62 |
Mid-Cap Blend Category Rank/Count |
14/474 | 243/425 | 332/396 | 297/333 | 110/175 |
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).
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).
RETURNS-BASED STATISTICS
(As of 01/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
---|---|---|
Information Ratio | -0.46 | -0.84 |
Alpha | -4.04 | -5.72 |
Tracking Error | 7.06 | 7.50 |
Beta | 1.11 | 1.03 |
R-Squared (%) | 76.19 | 70.39 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
---|---|---|
Up Capture Ratio | 81.11 | 70.21 |
Down Capture Ratio | 90.80 | 101.95 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
---|---|---|
Contrarian Fund | 14.24 | 13.77 |
S&P 500® Index | 11.18 | 11.25 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
---|---|---|
Contrarian Fund | 0.68 | 0.29 |
S&P 500® Index | 1.16 | 0.92 |
ANNUAL FEES & EXPENSES(As of Fiscal Year End, 09/30/18) |
CLASS N SHARES |
---|---|
Management Fees | 0.47% |
12b-1 Fees | - |
Other Expenses | 0.03% |
Total Gross Expenses | 0.50% |
Waivers | 0.00% |
Total Net Expenses | 0.50% |
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 01/31/2019) |
% of Fund |
---|---|
Alphabet Inc | 5.88 |
Abbott Laboratories | 5.73 |
TD Ameritrade Holding Corp | 5.66 |
Citigroup Inc | 5.08 |
Ultimate Software Group Inc | 4.78 |
Allergan PLC | 4.64 |
Vivendi SA | 4.27 |
Crown Holdings Inc | 3.37 |
Intercontinental Exchange Inc | 3.28 |
PacWest Bancorp | 3.22 |
TOTAL | 45.91 |
PORTFOLIO CHARACTERISTICS(As of 01/31/19) |
FUND | INDEX |
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DEVELOPED VS. EMERGING MARKET(As of 01/31/19) |
% OF FUND | % OF INDEX |
---|---|---|
U.S. | 87.98 | 99.56 |
Non-U.S. Developed | 6.90 | 0.44 |
Non-U.S. Emerging | 2.89 | - |
Cash & Equivalents | 2.23 | - |
SECTOR ALLOCATION(As of 01/31/19) |
% OF FUND | % OF INDEX |
---|---|---|
Financials | 21.78 | 13.45 |
Health Care | 16.22 | 15.12 |
Information Technology | 15.26 | 19.91 |
Materials | 12.93 | 2.67 |
Communication Services | 12.40 | 10.32 |
Industrials | 10.41 | 9.49 |
Consumer Discretionary | 3.19 | 10.15 |
Utilities | 2.94 | 3.18 |
Energy | 0.69 | 5.47 |
US Industrials | 1.95 | - |
Cash & Equivalents | 2.23 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 01/31/2019) |
% OF FUND | % OF INDEX |
---|---|---|
Over $100B | 19.29 | 50.37 |
$50B to $100B | 2.77 | 17.80 |
$10B to $50B | 39.65 | 29.35 |
$5B to $10B | 17.44 | 2.38 |
$1B to $5B | 15.37 | 0.10 |
$500M to $1B | 1.30 | - |
REGIONAL ALLOCATION(As of 01/31/19) |
% OF FUND | % OF INDEX |
---|---|---|
North America | 89.05 | 99.56 |
Europe | 5.83 | 0.44 |
Latin America | 2.89 | - |
Cash & Equivalents | 2.23 | - |
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.