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JDWNX

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Global Research Fund

Global Large-Cap Growth Utilizing Our Analysts' Best Ideas
NAV As of 12/07/18 $75.61

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
02/25/05 Inception Date
$2.67B Total Net Assets (As of 10/31/18)
GROSS 0.63%
NET 0.63%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
World Stock Institutional
(out of 344 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-1.91% 1 Day Return
-3.80% YTD Return
Category
World Large Stock
ic_star ic_star ic_star ic_star
735 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

By investing in the best ideas from each global research sector team, this global large-cap growth fund seeks long-term growth of capital with volatility similar to its peers. Our analysts scour the globe to identify industry-leading companies with brand power, enduring business models and strong competitive positioning.

    Why Invest in the Fund

    Managed by Sector Experts

  1. Our teams of dedicated sector specialists conduct independent, differentiated research to construct unique sector portfolios that are combined to form a diversified fund. This design allows investors to benefit directly from the insights and expertise of our equity research team.
  2. Pure Stock Picking Approach

  3. Each of our experienced global sector teams builds a high-conviction portfolio of their best ideas, regardless of market cap, geography or subsector. All ideas and position sizes are debated and fully vetted before entry into the portfolio.
  4. Minimize the Macro

  5. This Fund’s disciplined investment process is designed to minimize macro risks by aligning sector allocations with the benchmark. This allows fundamental, bottom-up stock selection within each sector to be the primary driver of returns.

Portfolio Management

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Research Fund – N Shares 5.18% 7.95% 13.42% 13.16% 9.57% 9.89% 9.23%
MSCI World Index℠ 4.98% 5.43% 11.24% 13.54% 9.28% 8.56% 6.81%
MSCI All Country World Index℠ 4.28% 3.83% 9.77% 13.40% 8.67% 8.19% 6.71%
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Research Fund – N Shares -6.66% 0.09% 1.38% 8.01% 6.64% 13.04% 8.51%
MSCI World Index℠ -5.77% -1.20% 0.14% 8.50% 6.67% 10.89% 6.22%
MSCI All Country World Index℠ -5.73% -2.55% -0.98% 8.57% 6.16% 10.65% 6.14%
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 N Shares that includes periods prior to 8/4/17 reflects the performance of another share class of the 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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 14 36 26 18 2
World Large Stock Category
Rank/Count
136/909 273/803 184/716 89/512 10/369
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 24 40 29 12 4
World Large Stock Category
Rank/Count
201/908 278/792 199/713 40/527 13/370

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.10 0.03
Alpha -1.17 -0.16
Tracking Error 3.19 3.13
Beta 1.13 1.05
R-Squared (%) 92.92 92.32

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

3 YEAR 5 YEAR
Up Capture Ratio 109.09 104.48
Down Capture Ratio 118.01 105.41

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Research Fund 11.10 11.14
MSCI World Index℠ 9.49 10.17

SHARPE RATIO

3 YEAR 5 YEAR
Global Research Fund 0.61 0.57
MSCI World Index℠ 0.74 0.62

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS N SHARES
Management Fees 0.53%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 0.63%
Waivers 0.00%
Total Net Expenses 0.63%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI World Index℠.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Alphabet Inc 3.06
Amazon.com Inc 2.47
Coca-Cola Co 2.25
JPMorgan Chase & Co 2.00
Safran SA 1.99
Mastercard Inc 1.75
Visa Inc 1.73
ASML Holding NV 1.69
Wells Fargo & Co 1.54
British American Tobacco PLC 1.52
TOTAL 20.00

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
100
1635
Market Capitalization
Weighted Average
$127.30B
$158.14B
Portfolio Turnover Rate
(1-year trailing)
33.50%
-
Price/Earnings Ratio
(1-year forward)
19.72
17.59
Price/Book Ratio
(1-year forward)
4.83
3.79
Earnings Growth Rate
(1-year forward)
19.29%
16.41%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 61.19 62.23
Non-U.S. Developed 32.00 37.73
Non-U.S. Emerging 6.32 0.04
Cash & Equivalents 0.49 -

RESEARCH SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Financials 21.27 21.28
Technology 19.55 20.20
Consumer 17.94 18.17
Industrials & Materials 17.81 17.57
Health Care 13.62 13.29
Energy & Utilities 9.32 9.49
Cash & Equivalents 0.49 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 30.56 36.20
$50B to $100B 31.26 19.04
$10B to $50B 31.26 35.98
$5B to $10B 5.81 6.99
$1B to $5B 0.62 1.55

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 64.23 65.57
Europe 22.74 21.73
Asia/Pacific Ex Japan 6.75 4.03
Japan 4.96 8.45
Latin America 0.83 0.04
Cash & Equivalents 0.49 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • Global equities rose during the period in U.S. dollar terms. Gains were concentrated in the U.S. and Japan, where economic data have been especially positive
  • The Fund outperformed its primary and secondary benchmarks.
  • While the equity market’s performance has been uneven lately, we think positive growth drivers exist throughout the global economy.

Read The Full Commentary