(

JORRX

)

Global Select Fund

Global, All-Cap Equities
NAV As of 02/15/19 $14.09

Jump to a section

Fund Facts

Details Performance (As of 02/15/19) Morningstar (As of 01/31/19)
06/30/00 Inception Date
$2.01B Total Net Assets (As of 01/31/19)
GROSS 1.76%
NET 1.63%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
0.57% 1 Day Return
9.22% 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 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 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 12/31/2018)
(As of 01/31/2019)
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – R Shares -13.66% -10.52% -10.52% 6.21% 3.88% 9.02% 2.28%
MSCI All Country World Index℠ -12.75% -9.42% -9.42% 6.60% 4.26% 9.46% 3.73%
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – R Shares 2.15% 8.37% -8.07% 12.64% 6.16% 10.50% 2.72%
MSCI All Country World Index℠ 1.76% 7.90% -7.48% 11.62% 6.72% 11.28% 4.13%
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 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 60 41 50 56 91
World Large Stock Category
Rank/Count
561/929 291/795 358/730 299/524 245/275
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 59 17 51 61 90
World Large Stock Category
Rank/Count
529/933 135/798 367/735 332/530 247/281

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 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio 0.55 0.05
Alpha 1.18 -0.05
Tracking Error 3.45 3.82
Beta 1.06 1.05
R-Squared (%) 91.67 90.72

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

3 YEAR 5 YEAR
Up Capture Ratio 112.41 104.83
Down Capture Ratio 105.54 104.91

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Select Fund 11.79 12.37
MSCI All Country World Index℠ 10.69 11.18

SHARPE RATIO

3 YEAR 5 YEAR
Global Select Fund 1.06 0.51
MSCI All Country World Index℠ 0.99 0.54

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 01/31/2019)

% of Fund
Alphabet Inc 4.11
Citigroup Inc 4.07
NRG Energy Inc 4.04
Alibaba Group Holding Ltd (ADR) 3.97
Coca-Cola Co 3.62
Goldman Sachs Group Inc 3.04
Parker-Hannifin Corp 2.59
Takeda Pharmaceutical Co Ltd 2.46
Safran SA 2.45
Merck & Co Inc 2.41
TOTAL 32.76

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Equity Issues
60
2756
Market Capitalization
Weighted Average
$141.84B
$140.96B
Portfolio Turnover Rate
(1-year trailing)
36.56%
-
Price/Earnings Ratio
(1-year forward)
18.04
17.76
Price/Book Ratio
(1-year forward)
3.50
3.41
Earnings Growth Rate
(1-year forward)
7.03%
9.32%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
U.S. 51.12 54.28
Non-U.S. Developed 33.67 33.76
Non-U.S. Emerging 12.69 11.96
Cash & Equivalents 2.52 -

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Financials 19.67 17.27
Consumer Discretionary 14.32 10.61
Industrials 12.56 10.42
Information Technology 12.13 14.84
Health Care 11.89 11.80
Communication Services 8.10 9.09
Energy 5.17 6.32
Materials 4.88 4.93
Consumer Staples 4.72 8.20
Utilities 4.04 3.26
Cash & Equivalents 2.52 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2019)

% OF FUND % OF INDEX
Over $100B 34.07 34.56
$50B to $100B 22.74 17.61
$10B to $50B 28.11 36.42
$5B to $10B 6.25 8.12
$1B to $5B 5.36 2.59
$500M to $1B 0.49 -
N/A 0.46 0.70

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 54.72 57.35
Asia/Pacific Ex Japan 17.35 12.43
Europe 16.55 19.98
Japan 8.86 7.51
Cash & Equivalents 2.52 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Fears of slowing global economic growth and rising trade tensions between the U.S. and China drove stocks lower in the fourth quarter.
  • The Fund underperformed its benchmark.
  • Heading into 2019, both the economic growth and market performance hinge largely on the ability of China and the U.S. to resolve trade conflicts. Against this uncertain backdrop, we have marginally reduced the total number of stocks in our portfolio to focus on our highest-conviction ideas.

Read The Full Commentary