(

JMGRX

)

Enterprise Fund

Moderate Mid-Cap Growth Equities
NAV As of 04/22/19 $133.34

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Fund Facts

Details Performance (As of 04/22/19) Morningstar (As of 03/31/19)
09/01/92 Inception Date
$19.77B Total Net Assets (As of 03/31/19)
GROSS 0.75%
NET 0.75%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 03/31/19)
Fee Level Group
Mid Cap Institutional
(out of 433 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.10% 1 Day Return
21.09% YTD Return
Category
Mid-Cap Growth
ic_star ic_star ic_star ic_star ic_star
555 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
bronze Analyst Rating
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

By taking a moderate approach to an asset class with potential for fast growth, this mid-cap growth fund has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies exhibiting sustainable and durable growth.

Why Invest in the Fund

    “Smart Growth” Approach

  • The Fund’s investment approach focuses on long duration, sustainable growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.
  • Deep, Specialized Team

  • The Fund benefits from in-depth fundamental research, supported by a broad team of analysts, a team of small-mid-cap specialists, and a portfolio management team with experience in the mid-cap space.

    Growth Potential with Tempered Volatility

  • Offering exposure to medium-sized companies with resilient business models, this equity fund is designed to weather a variety of market environments and take on moderately less risk than the index.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in Morningstar Mid-Cap Growth Category (595 funds) as of 3/31/19

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 03/31/2019)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Enterprise Fund – I Shares 17.84% 17.84% 11.30% 17.24% 13.46% 18.63% 11.23%
Russell MidCap® Growth Index 19.62% 19.62% 11.51% 15.06% 10.89% 17.60% 10.30%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Enterprise Fund – I Shares 17.84% 17.84% 11.30% 17.24% 13.46% 18.63% 11.23%
Russell MidCap® Growth Index 19.62% 19.62% 11.51% 15.06% 10.89% 17.60% 10.30%
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 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 18 4 5 30
Mid-Cap Growth Category
Rank/Count
186/623 114/595 23/562 18/502 37/127
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 18 4 5 30
Mid-Cap Growth Category
Rank/Count
186/623 114/595 23/562 18/502 37/127

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 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.71 0.87
Alpha 3.36 3.43
Tracking Error 3.04 2.95
Beta 0.90 0.89
R-Squared (%) 95.07 95.46

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Up Capture Ratio 100.21 100.35
Down Capture Ratio 82.08 82.80

STANDARD DEVIATION

3 YEAR 5 YEAR
Enterprise Fund 12.21 12.09
Russell MidCap® Growth Index 13.29 13.26

SHARPE RATIO

3 YEAR 5 YEAR
Enterprise Fund 1.31 1.05
Russell MidCap® Growth Index 1.04 0.77

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.75%
Waivers 0.00%
Total Net Expenses 0.75%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the Russell MidCap® Growth Index.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
Global Payments Inc 2.18
SS&C Technologies Holdings Inc 2.14
Constellation Software Inc/Canada 2.14
Aon PLC 2.06
Cooper Cos Inc 2.06
Boston Scientific Corp 2.01
Microchip Technology Inc 2.01
TD Ameritrade Holding Corp 1.93
Nice Ltd (ADR) 1.92
PerkinElmer Inc 1.91
TOTAL 20.36

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
87
417
Market Capitalization
Weighted Average
$16.87B
$17.44B
Portfolio Turnover Rate
(1-year trailing)
10.79%
-
Price/Earnings Ratio
(1-year forward)
21.78
26.14
Price/Book Ratio
(1-year forward)
5.27
7.72
Earnings Growth Rate
(1-year forward)
10.05%
9.47%

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
U.S. 83.16 99.53
Non-U.S. Developed 10.95 0.36
Cash & Equivalents 5.89 -

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Information Technology 32.73 33.21
Industrials 18.12 15.72
Health Care 17.33 14.42
Financials 10.96 6.44
Consumer Discretionary 8.33 16.12
Real Estate 3.42 2.28
Materials 1.52 3.55
Communication Services 1.21 3.76
Energy 0.49 1.47
Cash & Equivalents 5.89 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
$50B to $100B 5.67 -
$10B to $50B 55.95 72.19
$5B to $10B 26.73 22.94
$1B to $5B 5.55 4.87
N/A 0.21 -

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 88.80 99.53
Africa/Mideast 1.92 -
Europe 1.84 -
Asia/Pacific Ex Japan 1.55 0.47
Cash & Equivalents 5.89 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stocks rebounded in the first quarter after the Federal Reserve indicated it would take a cautious approach to raising interest rates while inflation remained low.
  • The Fund underperformed its benchmark.
  • After a sharp market rebound, we are once again concerned about high valuations for pockets of the mid-cap market.

Read The Full Commentary