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JFNAX

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Global Life Sciences Fund

Sector Experts Seeking Growth through Innovation in Health Care
NAV As of 08/23/19 $54.80

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Fund Facts

Details Performance (As of 08/23/19) Morningstar (As of 07/31/19)
12/31/98 Inception Date
$3.90B Total Net Assets (As of 07/31/19)
GROSS 0.99%
NET 0.99%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Specialty Front Load
(out of 274 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-1.77% 1 Day Return
10.39% YTD Return @NAV
4.04% YTD Return @MOP
Category
Health
ic_star ic_star ic_star ic_star
135 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
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 global health care fund seeks consistent returns by investing in companies addressing unmet medical needs or making the health care system more efficient. We balance the portfolio across pharmaceuticals, biotechnology and services/devices sub-sectors in an effort to achieve consistent outperformance of the benchmark and peers.

Why Invest in the Fund

    Finding Growth in Health Care

  1. The long-term drivers of growth in the health care sector include rapidly accelerating innovation addressing unmet medical needs, powerful global demographic trends and the globalization of health care. Within this environment, the Fund seeks to invest in growth companies that are addressing unmet medical needs or making the health care system more efficient and cost effective.
  2. Dedicated Sector Experts

  3. Our dedicated team of analysts has 95 years of combined experience investing in health care companies. In this complex and rapidly growing sector, we believe it is critical to have an experienced team that seeks to understand both the science and the business of the companies in which they invest.
  4. Deep and Disciplined

  5. We believe the combination of deep, fundamental research and disciplined portfolio construction will lead to consistently strong results relative to both the health care sector and the broader equity market. The Fund is balanced across the sub-sectors of health care and diversified across market-cap segments and geographies.

Competitive Risk-Adjusted Performance

Risk-adjusted performance (alpha) compared to category average as of 6/30/19

Past performance is no guarantee of future results.
Alpha compares risk-adjusted performance of the Fund and Morningstar Peer Group to the MSCI World Health Care Index. Positive alpha means outperformance on a risk-adjusted basis.

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 2.14% 16.24% 11.03% 12.37% 10.68% 17.47% 11.34%
Class A Shares @MOP -3.74% 9.55% 4.64% 10.17% 9.38% 16.78% 11.02%
MSCI World Health Care Index 1.50% 9.76% 10.84% 8.48% 7.38% 13.10% 6.14%
S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 14.70% 6.36%
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 4.64% 15.41% 5.64% 9.50% 10.47% 16.61% 11.25%
Class A Shares @MOP -1.38% 8.77% -0.44% 7.36% 9.17% 15.92% 10.93%
MSCI World Health Care Index 3.03% 8.54% 3.26% 6.49% 7.29% 12.23% 6.06%
S&P 500® Index 1.69% 20.24% 7.99% 13.36% 11.34% 14.03% 6.41%
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
Performance for Class A 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 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 25 38 33 22 14
Health Category
Rank/Count
40/148 53/141 36/133 26/122 11/59
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 15 38 37 21 14
Health Category
Rank/Count
32/148 52/141 40/133 25/122 11/59

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. MSCI WORLD HEALTH CARE INDEX

3 YEAR 5 YEAR
Information Ratio 0.57 0.50
Alpha 2.54 2.14
Tracking Error 5.70 6.82
Beta 1.12 1.21
R-Squared (%) 86.78 85.16

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI WORLD HEALTH CARE INDEX

3 YEAR 5 YEAR
Up Capture Ratio 122.70 127.93
Down Capture Ratio 106.82 113.16

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Life Sciences Fund 15.08 16.37
MSCI World Health Care Index 12.50 12.52

SHARPE RATIO

3 YEAR 5 YEAR
Global Life Sciences Fund 0.55 0.60
MSCI World Health Care Index 0.41 0.51

ANNUAL FEES & EXPENSES

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

CLASS A SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.10%
Total Gross Expenses 0.99%
Waivers -
Total Net Expenses 0.99%

Characteristics

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Merck & Co Inc 4.39
Novartis AG (ADR) 4.18
Abbott Laboratories 3.68
UnitedHealth Group Inc 3.02
AstraZeneca PLC 3.00
Anthem Inc 2.70
Thermo Fisher Scientific Inc 2.70
Takeda Pharmaceutical Co Ltd 2.66
Humana Inc 2.56
Boston Scientific Corp 2.40
TOTAL 31.29

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
90
143
Market Capitalization
Weighted Average
$78.18B
$117.21B
Portfolio Turnover Rate
(1-year trailing)
36.39%
-
Price/Earnings Ratio
(1-year forward)
20.78
20.78
Price/Book Ratio
(1-year forward)
5.90
6.37
Earnings Growth Rate
(1-year forward)
9.30%
7.91%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 81.02 69.25
Non-U.S. Developed 18.66 30.75
Cash & Equivalents 0.32 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Health Care 99.48 100.00
US Industrials 0.20 -
Cash & Equivalents 0.32 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
Over $100B 30.61 48.63
$50B to $100B 19.10 21.01
$10B to $50B 19.03 25.97
$5B to $10B 9.26 3.86
$1B to $5B 13.47 0.39
$500M to $1B 1.68 -
$250M to $500M 0.77 -
N/A 5.56 0.14

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 81.05 69.67
Europe 15.48 22.20
Japan 3.15 5.90
Cash & Equivalents 0.32 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Although health care stocks experienced heightened volatility, the sector still delivered gains thanks to organic product growth and positive clinical data.
  • The Fund outperformed its primary benchmark, but underperformed its secondary benchmark.
  • We believe the sector offers a number of long-term growth opportunities and that recent volatility has created attractive valuations for some stocks.

Read The Full Commentary