(

JCNNX

)

Contrarian Fund

Seeking Opportunity in Undervalued Business Models
NAV As of 08/20/19 $21.13

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Fund Facts

Details Performance (As of 08/20/19) Morningstar (As of 07/31/19)
02/29/00 Inception Date
$2.88B Total Net Assets (As of 07/31/19)
GROSS 0.50%
NET 0.50%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Mid Cap Institutional
(out of 433 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-0.47% 1 Day Return
26.98% 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 06/30/2019)
(As of 07/31/2019)
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – N Shares 7.51% 27.28% 14.07% 14.95% 5.14% 10.82% 7.22%
S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 14.70% 6.09%
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – N Shares 3.72% 30.65% 11.94% 14.02% 6.07% 10.32% 7.33%
S&P 500® Index 1.69% 20.24% 7.99% 13.36% 11.34% 14.03% 6.14%
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.

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 1 3 68 86 58
Mid-Cap Blend Category
Rank/Count
2/444 15/403 239/367 270/313 94/166
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 1 3 67 85 58
Mid-Cap Blend Category
Rank/Count
7/443 13/402 234/369 263/315 94/168

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio 0.12 -0.66
Alpha -1.07 -4.82
Tracking Error 6.96 7.74
Beta 1.17 1.05
R-Squared (%) 82.03 72.71

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

3 YEAR 5 YEAR
Up Capture Ratio 104.08 77.81
Down Capture Ratio 100.84 102.17

STANDARD DEVIATION

3 YEAR 5 YEAR
Contrarian Fund 15.67 14.77
S&P 500® Index 12.10 11.99

SHARPE RATIO

3 YEAR 5 YEAR
Contrarian Fund 0.82 0.36
S&P 500® Index 0.99 0.87

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 07/31/2019)

% of Fund
Crown Holdings Inc 5.55
TD Ameritrade Holding Corp 4.95
L3Harris Technologies Inc 4.36
Vivendi SA 3.97
Summit Materials Inc 3.79
Allergan PLC 3.51
Walt Disney Co 3.40
Liberty Media Corp-Liberty Formula One 3.37
GCI Liberty, Inc. Class A 3.25
Intercontinental Exchange Inc 3.24
TOTAL 39.39

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
39
505
Market Capitalization
Weighted Average
$53.63B
$249.56B
Portfolio Turnover Rate
(1-year trailing)
69.12%
-
Price/Earnings Ratio
(1-year forward)
18.18
21.16
Price/Book Ratio
(1-year forward)
3.67
5.80
Earnings Growth Rate
(1-year forward)
9.22%
5.31%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 89.19 99.46
Non-U.S. Developed 6.14 0.54
Non-U.S. Emerging 2.98 -
Cash & Equivalents 1.69 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Financials 17.68 13.23
Communication Services 17.57 10.45
Industrials 15.44 9.30
Materials 15.10 2.74
Health Care 13.07 13.77
Information Technology 9.37 21.83
Utilities 4.14 3.25
Consumer Discretionary 2.93 10.15
US Industrials 3.01 -
Cash & Equivalents 1.69 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
Over $100B 10.17 54.60
$50B to $100B 9.35 15.34
$10B to $50B 43.31 27.81
$5B to $10B 16.95 2.20
$1B to $5B 14.54 0.06
$250M to $500M 0.98 -

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 89.19 99.46
Europe 6.14 0.54
Latin America 2.98 -
Cash & Equivalents 1.69 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Stocks gained ground in the second quarter, but were volatile.
  • The portfolio outperformed its benchmark, the S&P 500 Index, during the quarter. Some of our top contributors were acquisition targets.
  • Given the uncertainty of geopolitical risk and trade tensions, we are keeping our focus on the core of our process: finding those companies with misunderstood business models where management execution is the driver of performance.

Read The Full Commentary