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JAENX

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Enterprise Fund

Moderate Mid-Cap Growth Equities
NAV As of 02/15/19 $125.96

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Fund Facts

Details Performance (As of 02/15/19) Morningstar (As of 01/31/19)
09/01/92 Inception Date
$18.28B Total Net Assets (As of 01/31/19)
GROSS 0.91%
NET 0.91%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 01/31/19)
Fee Level Group
Mid Cap No Load
(out of 338 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.95% 1 Day Return
15.68% YTD Return
Category
Mid-Cap Growth
ic_star ic_star ic_star ic_star ic_star
547 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.

Top Decile Risk-Adjusted Performance with Bottom Decile Volatility

3 Year Risk/Reward Rankings in Morningstar Mid-Cap Growth Category (591 funds) as of 12/31/18

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 12/31/2018)
(As of 01/31/2019)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Enterprise Fund – T Shares -13.68% -1.05% -1.05% 11.84% 10.10% 15.93% 10.65%
Russell MidCap® Growth Index -15.99% -4.75% -4.75% 8.59% 7.42% 15.12% 9.65%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Enterprise Fund – T Shares 3.45% 9.98% 2.44% 17.84% 12.48% 17.70% 11.01%
Russell MidCap® Growth Index 3.95% 11.49% 0.51% 15.60% 10.26% 16.92% 10.07%
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

MORNINGSTAR PERCENTILE

(As of 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 14 6 3 7 29
Mid-Cap Growth Category
Rank/Count
89/617 36/590 17/562 29/501 36/127
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 17 13 5 6 29
Mid-Cap Growth Category
Rank/Count
116/619 93/592 24/564 27/504 38/127

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 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.81 0.76
Alpha 3.63 3.36
Tracking Error 2.97 3.09
Beta 0.89 0.87
R-Squared (%) 95.50 95.29

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

3 YEAR 5 YEAR
Up Capture Ratio 101.11 98.60
Down Capture Ratio 82.08 81.88

STANDARD DEVIATION

3 YEAR 5 YEAR
Enterprise Fund 12.32 11.96
Russell MidCap® Growth Index 13.46 13.35

SHARPE RATIO

3 YEAR 5 YEAR
Enterprise Fund 1.37 1.00
Russell MidCap® Growth Index 1.08 0.72

ANNUAL FEES & EXPENSES

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

CLASS T SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.27%
Total Gross Expenses 0.91%
Waivers 0.00%
Total Net Expenses 0.91%
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 01/31/2019)

% of Fund
TD Ameritrade Holding Corp 2.33
Boston Scientific Corp 2.16
Microchip Technology Inc 2.10
Cooper Cos Inc 2.10
TE Connectivity Ltd 2.04
Aon PLC 2.04
Constellation Software Inc/Canada 2.04
Sensata Technologies Holding PLC 1.95
Global Payments Inc 1.94
PerkinElmer Inc 1.94
TOTAL 20.64

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Equity Issues
89
417
Market Capitalization
Weighted Average
$15.73B
$16.21B
Portfolio Turnover Rate
(1-year trailing)
11.13%
-
Price/Earnings Ratio
(1-year forward)
21.56
24.67
Price/Book Ratio
(1-year forward)
5.21
7.50
Earnings Growth Rate
(1-year forward)
17.82%
18.79%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
U.S. 83.55 99.57
Non-U.S. Developed 11.03 0.34
Cash & Equivalents 5.42 -

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Information Technology 31.88 32.11
Industrials 18.45 15.73
Health Care 18.44 14.96
Financials 11.25 6.55
Consumer Discretionary 8.33 16.18
Real Estate 3.43 2.28
Materials 1.41 3.59
Communication Services 1.30 4.01
Energy 0.09 1.55
Cash & Equivalents 5.42 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2019)

% OF FUND % OF INDEX
$50B to $100B 4.02 -
$10B to $50B 49.50 68.97
$5B to $10B 35.38 25.11
$1B to $5B 5.45 5.92
N/A 0.23 -

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 89.21 99.57
Europe 1.92 -
Africa/Mideast 1.87 -
Asia/Pacific Ex Japan 1.58 0.43
Cash & Equivalents 5.42 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Equity markets were volatile and ended the period with major indices near correction territory.
  • The Fund outperformed its benchmark. Stock selection in the health care and financial sectors contributed to relative performance.
  • We maintain an underweight to the consumer staples sector, and believe many companies within the sector are not as “defensive” as the market perceives.

Read The Full Commentary