(

JORRX

)

Global Select Fund

Global, All-Cap Equities
NAV As of 04/24/19 $14.81

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Fund Facts

Details Performance (As of 04/24/19) Morningstar (As of 03/31/19)
06/30/00 Inception Date
$2.04B Total Net Assets (As of 03/31/19)
GROSS 1.76%
NET 1.63%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
-0.60% 1 Day Return
14.81% 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 prevailing market conditions.

Why Invest in the Fund

    Flexible Global All-Cap Equities

  1. The portfolio managers have 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 managers search for both growing companies and attractive valuations.
  2. Differentiated & Uncorrelated Insights

  3. The intersection of independent viewpoints and differentiated perspectives between the portfolio managers 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 managers aim 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 03/31/2019)
(As of 03/31/2019)
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – R Shares 10.85% 10.85% -2.15% 11.41% 5.75% 10.77% 2.82%
MSCI All Country World Index℠ 12.18% 12.18% 2.60% 10.67% 6.45% 11.98% 4.31%
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – R Shares 10.85% 10.85% -2.15% 11.41% 5.75% 10.77% 2.82%
MSCI All Country World Index℠ 12.18% 12.18% 2.60% 10.67% 6.45% 11.98% 4.31%
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 R 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 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 81 25 52 66 90
World Large Stock Category
Rank/Count
764/925 229/799 389/727 364/533 250/284
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 81 25 52 66 90
World Large Stock Category
Rank/Count
764/925 229/799 389/727 364/533 250/284

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 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio 0.46 0.03
Alpha 1.07 -0.17
Tracking Error 3.46 3.81
Beta 1.05 1.06
R-Squared (%) 90.32 90.72

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

3 YEAR 5 YEAR
Up Capture Ratio 109.49 104.28
Down Capture Ratio 101.57 104.91

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Select Fund 11.01 12.31
MSCI All Country World Index℠ 10.01 11.06

SHARPE RATIO

3 YEAR 5 YEAR
Global Select Fund 1.01 0.47
MSCI All Country World Index℠ 0.95 0.52

ANNUAL FEES & EXPENSES

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

CLASS R SHARES
Management Fees 0.64%
12b-1 Fees 0.50%
Other Expenses 0.62%
Total Gross Expenses 1.76%
Waivers -0.13%
Total Net Expenses 1.63%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI All Country World Index℠.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
Alphabet Inc 4.25
Alibaba Group Holding Ltd (ADR) 4.24
NRG Energy Inc 4.13
Citigroup Inc 3.87
Coca-Cola Co 3.48
Goldman Sachs Group Inc 2.90
Merck & Co Inc 2.66
Microsoft Corp 2.64
ASML Holding NV 2.51
Takeda Pharmaceutical Co Ltd 2.45
TOTAL 33.13

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
62
2771
Market Capitalization
Weighted Average
$151.00B
$151.97B
Portfolio Turnover Rate
(1-year trailing)
33.20%
-
Price/Earnings Ratio
(1-year forward)
18.67
18.59
Price/Book Ratio
(1-year forward)
3.23
3.55
Earnings Growth Rate
(1-year forward)
4.53%
6.26%

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
U.S. 50.92 54.77
Non-U.S. Developed 34.74 33.46
Non-U.S. Emerging 12.71 11.77
Cash & Equivalents 1.63 -

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Financials 19.15 16.58
Consumer Discretionary 14.85 10.76
Information Technology 12.51 15.72
Health Care 12.08 11.65
Industrials 11.61 10.44
Communication Services 8.09 8.74
Consumer Staples 5.78 8.37
Energy 5.12 6.28
Materials 5.05 4.88
Utilities 4.13 3.28
Cash & Equivalents 1.63 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
Over $100B 33.84 36.95
$50B to $100B 23.22 15.52
$10B to $50B 29.08 37.01
$5B to $10B 4.53 7.30
$1B to $5B 6.88 2.59
$500M to $1B 0.37 -
N/A 0.45 0.63

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 54.44 57.82
Asia/Pacific Ex Japan 17.75 12.53
Europe 17.61 19.93
Japan 8.57 7.23
Cash & Equivalents 1.63 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stocks rebounded in January and February after the Fed indicated it would take a cautious approach to raising interest rates.
  • The Fund underperformed its benchmark.
  • While economic growth is slow, we don’t see the signs of excess that traditionally derail economic or stock market expansions.

Read The Full Commentary