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JORRX

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Global Select Fund

Global, All-Cap Equities
NAV As of 12/14/18 $15.37

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
06/30/00 Inception Date
$2.02B Total Net Assets (As of 11/30/18)
GROSS 1.45%
NET 1.45%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
-1.41% 1 Day Return
-8.40% 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 09/30/2018)
(As of 11/30/2018)
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – R Shares 4.07% 3.64% 9.32% 12.95% 8.76% 6.51% 3.14%
MSCI All Country World Index℠ 4.28% 3.83% 9.77% 13.40% 8.67% 8.19% 4.56%
Inception: Jun 30, 2000 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Select Fund – R Shares -7.26% -4.05% -3.44% 7.89% 5.66% 10.58% 2.68%
MSCI All Country World Index℠ -5.73% -2.55% -0.98% 8.57% 6.16% 10.65% 4.16%
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 46 43 43 84 90
World Large Stock Category
Rank/Count
419/909 326/803 306/716 435/512 244/277
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 71 46 53 53 91
World Large Stock Category
Rank/Count
634/908 334/792 369/713 283/527 247/278

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 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio 0.03 0.08
Alpha -0.98 0.08
Tracking Error 3.93 3.85
Beta 1.15 1.05
R-Squared (%) 90.43 89.02

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

3 YEAR 5 YEAR
Up Capture Ratio 113.14 104.45
Down Capture Ratio 120.99 103.60

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Select Fund 11.77 11.51
MSCI All Country World Index℠ 9.73 10.34

SHARPE RATIO

3 YEAR 5 YEAR
Global Select Fund 0.66 0.51
MSCI All Country World Index℠ 0.79 0.54

ANNUAL FEES & EXPENSES

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

CLASS R SHARES
Management Fees 0.64%
12b-1 Fees 0.50%
Other Expenses 0.31%
Total Gross Expenses 1.45%
Waivers 0.00%
Total Net Expenses 1.45%
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 11/30/2018)

% of Fund
NRG Energy Inc 5.02
Citigroup Inc 3.96
Alibaba Group Holding Ltd (ADR) 3.93
Alphabet Inc 3.79
Coca-Cola Co 3.77
Goldman Sachs Group Inc 2.91
Safran SA 2.72
Parker-Hannifin Corp 2.69
Merck & Co Inc 2.65
Air Products & Chemicals Inc 2.65
TOTAL 34.09

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
59
2784
Market Capitalization
Weighted Average
$136.33B
$145.22B
Portfolio Turnover Rate
(1-year trailing)
41.05%
-
Price/Earnings Ratio
(1-year forward)
17.48
17.83
Price/Book Ratio
(1-year forward)
3.70
3.69
Earnings Growth Rate
(1-year forward)
18.92%
15.21%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 54.32 55.46
Non-U.S. Developed 32.77 33.27
Non-U.S. Emerging 11.53 11.27
Cash & Equivalents 1.38 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Financials 19.21 17.43
Industrials 14.60 10.42
Consumer Discretionary 14.15 10.28
Health Care 11.86 12.35
Information Technology 10.27 15.00
Communication Services 7.38 8.86
Materials 6.23 4.81
Energy 5.11 6.29
Utilities 5.01 3.13
Consumer Staples 4.80 8.33
Cash & Equivalents 1.38 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 31.57 35.75
$50B to $100B 24.60 17.30
$10B to $50B 29.05 35.61
$5B to $10B 7.30 7.88
$1B to $5B 5.13 2.81
$500M to $1B 0.51 0.01
N/A 0.46 0.64

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 57.51 58.42
Europe 19.54 19.80
Asia/Pacific Ex Japan 15.77 11.88
Japan 5.80 7.45
Cash & Equivalents 1.38 -

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.
  • The Fund outperformed its benchmark.
  • The market seems to be trading on macroeconomic factors and fears rather than company-specific fundamentals. While the market’s disregard for fundamentals has been frustrating, it hasn’t changed our conviction in the companies we own.

Read The Full Commentary