(

JCNIX

)

Contrarian Fund

Seeking Opportunity in Undervalued Business Models
NAV As of 06/24/19 $20.58

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Fund Facts

Details Performance (As of 06/24/19) Morningstar (As of 05/31/19)
02/29/00 Inception Date
$2.57B Total Net Assets (As of 05/31/19)
GROSS 1.04%
NET 1.04%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
-1.06% 1 Day Return
23.90% 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 03/31/2019)
(As of 05/31/2019)
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – S Shares 18.24% 18.24% 9.37% 9.83% 4.26% 12.71% 6.58%
S&P 500® Index 13.65% 13.65% 9.50% 13.51% 10.91% 15.92% 5.94%
Inception: Feb 29, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Contrarian Fund – S Shares -1.77% 16.86% 2.86% 10.41% 3.47% 9.46% 6.46%
S&P 500® Index -0.67% 10.74% 3.78% 11.72% 9.66% 13.95% 5.74%
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 S 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 03/31/2019)
(As of 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 6 57 84 83 65
Mid-Cap Blend Category
Rank/Count
29/466 206/419 326/385 275/323 122/175
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 12 14 79 93 63
Mid-Cap Blend Category
Rank/Count
51/455 50/414 304/378 297/324 116/177

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 05/31/19 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.11 -0.75
Alpha -2.29 -5.26
Tracking Error 7.15 7.65
Beta 1.18 1.03
R-Squared (%) 80.10 71.52

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

3 YEAR 5 YEAR
Up Capture Ratio 96.86 73.57
Down Capture Ratio 100.84 102.86

STANDARD DEVIATION

3 YEAR 5 YEAR
Contrarian Fund 15.36 14.32
S&P 500® Index 11.69 11.72

SHARPE RATIO

3 YEAR 5 YEAR
Contrarian Fund 0.63 0.22
S&P 500® Index 0.89 0.76

ANNUAL FEES & EXPENSES

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

CLASS S SHARES
Management Fees 0.47%
12b-1 Fees 0.25%
Other Expenses 0.32%
Total Gross Expenses 1.04%
Waivers 0.00%
Total Net Expenses 1.04%
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 05/31/2019)

% of Fund
TD Ameritrade Holding Corp 4.87
Vivendi SA 4.55
Allergan PLC 4.14
Crown Holdings Inc 3.96
Harris Corp 3.60
Alphabet Inc 3.58
Walt Disney Co 3.51
Intercontinental Exchange Inc 3.39
Liberty Media Corp-Liberty Formula One 3.36
General Electric Co, 5.00%, 01/20/66 3.16
TOTAL 38.12

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
39
505
Market Capitalization
Weighted Average
$63.44B
$226.02B
Portfolio Turnover Rate
(1-year trailing)
61.72%
-
Price/Earnings Ratio
(1-year forward)
16.64
19.77
Price/Book Ratio
(1-year forward)
3.25
5.66
Earnings Growth Rate
(1-year forward)
8.20%
6.61%

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND % OF INDEX
U.S. 86.37 99.53
Non-U.S. Developed 6.20 0.47
Non-U.S. Emerging 2.78 -
Cash & Equivalents 4.65 -

SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Financials 19.32 13.16
Communication Services 18.02 10.40
Industrials 12.26 9.34
Health Care 12.04 14.23
Materials 11.76 2.61
Information Technology 7.43 21.13
Utilities 4.86 3.42
Consumer Discretionary 3.27 10.18
Energy 1.73 4.93
US Industrials 4.66 -
Cash & Equivalents 4.65 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
Over $100B 12.33 51.17
$50B to $100B 2.49 16.43
$10B to $50B 47.09 29.81
$5B to $10B 10.65 2.44
$1B to $5B 17.24 0.15
$250M to $500M 0.89 -

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
North America 86.37 99.53
Europe 6.20 0.47
Latin America 2.78 -
Cash & Equivalents 4.65 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stocks rebounded substantially in the first quarter after the Fed reversed course and indicated it would take a cautious approach to raising interest rates.
  • The Fund outperformed its benchmark. Relative outperformance was driven in part by moves in the fourth quarter to capitalize on market weakness.
  • We see opportunity in several areas, including companies with misunderstood business models, companies undergoing industry consolidation and also several cyclical companies that trade at low valuations.

Read The Full Commentary