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JORFX

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Global Select Fund

Global, All-Cap Equities
NAV As of 02/22/18 $17.15

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Fund Facts

Details Performance (As of 02/22/18) Morningstar (As of 01/31/18)
06/30/00 Inception Date
$2.34B Total Net Assets (As of 01/31/18)
GROSS 0.73%
NET 0.73%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 01/31/18)
Fee Level Group
World Stock Institutional
(out of 332 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
0.12% 1 Day Return
1.60% YTD Return
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

A global equity fund seeking to grow capital by investing with conviction in companies worldwide where the portfolio manager believes the market underestimates free cash flow growth. The Fund considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of market conditions.

Why Invest in the Fund

    Flexible Global All Cap Equities

  1. The portfolio manager has the flexibility to invest in 40 to 70 companies across the globe, market cap and style spectrum where free cash flow growth is believed to be underestimated by the market. The portfolio manager searches for both growing companies and attractive valuations.
  2. Differentiated Insights

  3. The intersection of independent viewpoints and differentiated perspectives between the portfolio manager and research analysts should lead to potentially greater and more consistent excess returns over time.
  4. Exacting Portfolio Construction

  5. Taking a prudent approach to portfolio construction and risk management, the portfolio manager aims to drive superior risk-adjusted returns over the full market cycle through stock selection in an effort to avoid persistent biases.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – I Shares 5.65% 31.20% 31.20% 9.07% 12.07% 3.42% 3.58%
MSCI All Country World Index℠ 5.73% 23.97% 23.97% 9.30% 10.80% 4.65% 4.53%
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – I Shares 8.04% 5.57% 32.78% 11.70% 11.94% 4.86% 3.88%
MSCI All Country World Index℠ 9.42% 5.64% 27.48% 11.90% 11.02% 6.13% 4.84%
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.
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 12/31/2017)
(As of 01/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 13 46 28 77 78
World Large Stock Category
Rank/Count
123/902 347/804 177/701 376/488 221/288
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 17 44 35 75 76
World Large Stock Category
Rank/Count
149/902 329/793 229/694 368/486 214/284

Calendar Year Performance

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

RETURNS-BASED STATISTICS

(As of 01/31/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.05 0.23
Alpha -1.02 0.16
Tracking Error 4.10 4.08
Beta 1.09 1.08
R-Squared (%) 89.61 87.86

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

3 YEAR 5 YEAR
Up Capture Ratio 105.67 108.23
Down Capture Ratio 112.92 106.59

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Select Fund 12.37 11.50
MSCI All Country World Index℠ 10.78 10.02

SHARPE RATIO

3 YEAR 5 YEAR
Global Select Fund 0.91 1.02
MSCI All Country World Index℠ 1.07 1.07

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.09%
Total Gross Expenses 0.73%
Waivers 0.00%
Total Net Expenses 0.73%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI All Country World Index℠.

TOP HOLDINGS

(As of 01/31/2018)

% of Fund
Citigroup Inc 3.95
Alibaba Group Holding Ltd (ADR) 3.91
Estee Lauder Cos Inc 3.04
Alphabet Inc 3.03
Goldman Sachs Group Inc 2.99
Coca-Cola Co 2.81
Tencent Holdings Ltd 2.60
GVC Holdings PLC 2.57
NRG Energy Inc 2.46
Adobe Systems Inc 2.39
TOTAL 29.75

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Equity Issues
67
Market Capitalization
Weighted Average
$128.52B
Market Capitalization
Median
$63.80B
Portfolio Turnover Rate
(1-year trailing)
39.36%
Price/Earnings Ratio
(1-year forward)
21.87
Price/Book Ratio
(1-year forward)
4.65
Earnings Growth Rate
(1-year forward)
18.24%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND % OF INDEX
U.S. 44.66 52.17
Non-U.S. Developed 37.93 35.66
Non-U.S. Emerging 16.19 12.17
Cash & Equivalents 1.22 -

SECTOR ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
Financials 22.01 18.99
Information Technology 20.13 18.42
Consumer Discretionary 11.22 12.24
Industrials 10.51 10.92
Health Care 8.28 10.66
Consumer Staples 7.18 8.43
Energy 5.89 6.29
Materials 5.68 5.50
Utilities 3.62 2.73
Telecommunication Services 3.43 2.90
Real Estate 0.83 2.92
Cash & Equivalents 1.22 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2018)

% OF FUND % OF INDEX
Over $100B 34.32 37.33
$50B to $100B 19.24 17.21
$10B to $50B 28.12 36.08
$5B to $10B 10.22 6.94
$1B to $5B 6.44 1.76
N/A 0.44 0.68

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
North America 47.13 55.16
Europe 21.22 21.65
Asia/Pacific Ex Japan 18.72 12.73
Japan 10.02 7.81
Latin America 1.69 1.53
Cash & Equivalents 1.22 -

Commentary & Literature

4Q17 Portfolio Commentary Highlights

  • Global stocks rose in the quarter, buttressed by synchronous growth across major economies.
  • The Fund underperformed its benchmark.
  • We see encouraging signs that a global economic expansion is gaining steam.

Read The Full Commentary