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JGDAX

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Global Income Managed Volatility Fund

Dynamic Beta for Managing Equity Volatility
NAV As of 12/14/18 $13.25

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
12/15/11 Inception Date
$255.25M Total Net Assets (As of 11/30/18)
GROSS 1.03%
NET 0.87%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
World Stock Front Load
(out of 165 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
3.04% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 2.80%
Without Waivers 2.54%
Monthly Distribution Frequency
Performance (As of 12/14/18)
-0.60% 1 Day Return %
-0.03% YTD Return @NAV
-5.77% YTD Return @MOP
Category
World Large Stock
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

This long-only, global developed-markets equity fund seeks smaller drawdowns and a smoother ride over time by balancing downside mitigation with upside participation for any market environment. The Fund employs a systematic “dynamic beta” investment approach designed to adjust to changing risk environments, seeking up to 45% less volatility versus the MSCI World High Dividend Yield IndexSM.

Why Invest in the Fund

    Dynamic Beta Positioning

  1. As risk in the market increases, the portfolio shifts to take a more defensive posture, targeting a lower beta than the index. When risk levels decrease, the portfolio migrates to a more market-like stance, targeting a higher beta, allowing for the full potential to benefit from the upward trend in the market.
  2. 30+ Years of Volatility Research

  3. The Intech® dedicated volatility management team, with more than 30 years’ experience, is comprised of experts who have dedicated their life’s work, academic research and careers to developing this disciplined, repeatable and unemotional process based on the sole input of volatility.
  4. Focus on Risk-Adjusted Return + Monthly Income

  5. Our process is designed to construct a portfolio of long-only stocks with the highest return potential and lowest risk. By seeking a smoother ride, the fund may help investors maintain equity market exposure and have the opportunity to build more wealth over time. Additionally, it may serve as a complementary income source to traditional fixed income.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Dec 15, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 3.94% 1.13% 3.38% 8.76% 7.05% - 9.31%
Class A Shares @MOP -2.06% -4.68% -2.55% 6.62% 5.79% - 8.36%
MSCI World Index℠ 4.98% 5.43% 11.24% 13.54% 9.28% 8.56% 12.25%
MSCI World High Dividend Yield Index 4.79% 1.25% 4.80% 11.00% 6.62% 7.25% 9.42%
Inception: Dec 15, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV -0.46% 0.73% 0.98% 7.56% 5.93% - 9.01%
Class A Shares @MOP -6.22% -5.06% -4.82% 5.47% 4.69% - 8.09%
MSCI World Index℠ -5.77% -1.20% 0.14% 8.50% 6.67% 10.89% 10.90%
MSCI World High Dividend Yield Index -1.21% -0.94% -0.07% 8.03% 5.21% 10.11% 8.84%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 88 91 69 - 82
World Large Stock Category
Rank/Count
771/909 718/803 505/716 -/- 498/611
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 27 53 48 - 68
World Large Stock Category
Rank/Count
227/908 387/792 333/713 -/- 416/611

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 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI WORLD HIGH DIVIDEND YIELD INDEX

3 YEAR 5 YEAR
Information Ratio -0.03 0.18
Alpha 2.83 2.73
Tracking Error 5.46 5.92
Beta 0.62 0.67
R-Squared (%) 56.09 61.58

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI WORLD HIGH DIVIDEND YIELD INDEX

3 YEAR 5 YEAR
Up Capture Ratio 75.87 76.44
Down Capture Ratio 56.05 58.86

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Income Managed Volatility Fund 6.77 8.09
MSCI World High Dividend Yield Index 8.17 9.49

SHARPE RATIO

3 YEAR 5 YEAR
Global Income Managed Volatility Fund 1.02 0.70
MSCI World High Dividend Yield Index 0.87 0.49

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS A SHARES
Management Fees 0.55%
12b-1 Fees 0.25%
Other Expenses 0.23%
Total Gross Expenses 1.03%
Waivers -0.16%
Total Net Expenses 0.87%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the MSCI World High Dividend Yield Index℠.

TOP HOLDINGS

(As of 11/30/2018)

CLP Holdings Ltd
CME Group Inc
Consolidated Edison Inc
Daito Trust Construction Co Ltd
Darden Restaurants Inc
Kimberly-Clark Corp
Lockheed Martin Corp
McDonald's Corp
Power Assets Holdings Ltd
Procter & Gamble Co
TOTAL 37.94

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
136
277
Market Capitalization
Weighted Average
$49.63B
$119.80B
Portfolio Turnover Rate
(1-year trailing)
52.60%
-
Price/Earnings Ratio
(1-year forward)
17.37
15.48
Price/Book Ratio
(1-year forward)
2.50
3.39
Earnings Growth Rate
(1-year forward)
9.83%
10.86%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 58.16 53.08
Non-U.S. Developed 40.65 46.92
Cash & Equivalents 1.19 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Utilities 29.41 7.87
Consumer Discretionary 15.84 7.79
Consumer Staples 10.65 18.35
Communication Services 10.59 9.55
Industrials 10.13 9.03
Financials 9.09 11.17
Real Estate 5.33 0.95
Health Care 4.24 19.17
Energy 2.46 7.20
Information Technology 1.00 5.41
Materials 0.07 3.51
Cash & Equivalents 1.19 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 12.50 46.94
$25B to $100B 43.07 35.77
$15B to $25B 10.00 7.09
$2B to $15B 33.24 10.15

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 62.83 58.03
Asia/Pacific Ex Japan 19.74 5.24
Japan 14.02 3.78
Europe 2.22 32.95
Cash & Equivalents 1.19 -

Commentary & Literature