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JATIX

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Global Technology Fund

Investing in Companies that Benefit from Technology Innovation
NAV As of 02/22/18 $33.12

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Fund Facts

Details Performance (As of 02/22/18) Morningstar (As of 01/31/18)
12/31/98 Inception Date
$2.66B Total Net Assets (As of 01/31/18)
GROSS 0.75%
NET 0.75%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 01/31/18)
Fee Level Group
Specialty Institutional
(out of 409 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-0.15% 1 Day Return
6.60% YTD Return
Category
Technology
ic_star ic_star ic_star ic_star
185 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
bronze Analyst Rating
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

This global growth fund invests in companies that create and benefit from advances in technology. We invest in companies we believe to be resilient and also take smaller positions in companies that have optionality—meaning large potential upside under a specific scenario. This fund seeks to provide strong long-term returns with volatility characteristics on par with its peers.

Why Invest in the Fund

    Finding Growth Through Innovation

  1. Technology is dramatically impacting every sector of the global economy. The Fund seeks to invest in growth companies driving this innovation or benefiting from advances in technology. Common characteristics of an investment include a culture of innovation, long-term focus and attractive relative valuation.
  2. Dedicated Sector Experts

  3. Our dedicated team of technology analysts is embedded deeply within the sector, approaching research as an industry participant. In this complex and rapidly growing sector, it is critical to have experienced investors working to evaluate the impact of disruptive technologies and actively aim to identify both winners and losers.
  4. Deep and Disciplined

  5. The Fund takes a thoughtful approach to portfolio construction as the managers invest in companies believed to be resilient, as well as smaller positions in companies that have optionality—meaning large potential upside under a specific scenario. Through deep research and disciplined portfolio construction, the Fund seeks to deliver strong, risk-adjusted returns over time.

Disciplined Portfolio Construction Seeking to Balance Risk Between Resilience and Optionality

Chart: Disciplined Portfolio Construction Seeking to Balance Risk Between Resilience and Optionality

*Predicted Risk Contribution is calculated using the Barra risk model, which is multi-factor and based on long-term trends with the most weight given to the more recent data.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Technology Fund – I Shares 7.83% 44.88% 44.88% 19.97% 20.66% 11.91% 8.76%
S&P 500® Index 6.64% 21.83% 21.83% 11.41% 15.79% 8.50% 6.17%
MSCI All Country World Information Technology Index 8.10% 41.77% 41.77% 17.96% 19.06% 9.90% 5.41%
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Technology Fund – I Shares 10.28% 9.08% 48.48% 24.56% 22.14% 14.43% 9.22%
S&P 500® Index 10.18% 5.73% 26.41% 14.66% 15.91% 9.78% 6.46%
MSCI All Country World Information Technology Index 8.70% 7.67% 45.10% 21.77% 20.40% 12.11% 5.80%
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 (%) 15 21 39 26 23
Technology Category
Rank/Count
35/211 44/198 73/192 35/178 36/105
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 17 26 33 25 22
Technology Category
Rank/Count
40/212 45/196 61/190 27/176 33/103

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 INFORMATION TECHNOLOGY INDEX

3 YEAR 5 YEAR
Information Ratio 0.81 0.42
Alpha 1.92 0.85
Tracking Error 3.43 4.12
Beta 1.02 1.04
R-Squared (%) 94.74 90.55

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

3 YEAR 5 YEAR
Up Capture Ratio 106.01 107.07
Down Capture Ratio 93.82 102.65

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Technology Fund 14.90 13.32
MSCI All Country World Information Technology Index 14.16 12.21

SHARPE RATIO

3 YEAR 5 YEAR
Global Technology Fund 1.62 1.64
MSCI All Country World Information Technology Index 1.51 1.65

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.75%
Waivers 0.00%
Total Net Expenses 0.75%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI All Country World Information Technology Index℠.

TOP HOLDINGS

(As of 01/31/2018)

% of Fund
Microsoft Corp 6.22
Alphabet Inc 6.11
Tencent Holdings Ltd 4.36
salesforce.com Inc 3.85
Alibaba Group Holding Ltd (ADR) 3.61
Amphenol Corp 2.96
Amazon.com Inc 2.96
Microchip Technology Inc 2.80
Taiwan Semiconductor Manufacturing Co Ltd 2.77
Adobe Systems Inc 2.77
TOTAL 38.41

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Equity Issues
77
Market Capitalization
Weighted Average
$243.61B
Market Capitalization
Median
$82.28B
Portfolio Turnover Rate
(1-year trailing)
22.68%
Price/Earnings Ratio
(1-year forward)
38.38
Price/Book Ratio
(1-year forward)
9.30
Earnings Growth Rate
(1-year forward)
21.09%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND % OF INDEX
U.S. 74.79 69.59
Non-U.S. Emerging 16.49 18.41
Non-U.S. Developed 6.09 12.00
Restricted Cash 0.09 -
Cash & Equivalents 2.54 -

SECTOR ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
Information Technology 83.49 100.00
Consumer Discretionary 10.71 -
Real Estate 2.68 -
Industrials 0.49 -
Cash & Equivalents 2.54 -
Restricted Cash 0.09 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2018)

% OF FUND % OF INDEX
Over $100B 39.49 63.18
$50B to $100B 16.05 9.12
$10B to $50B 23.75 22.19
$5B to $10B 8.51 4.10
$1B to $5B 8.29 0.93
$500M to $1B 0.28 -
$250M to $500M 0.07 -
$100M to $250M 0.16 -
N/A 0.77 0.48

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
North America 75.72 70.16
Asia/Pacific Ex Japan 15.78 18.23
Europe 2.47 5.58
Japan 1.74 5.52
Latin America 1.26 0.30
Africa/Mideast 0.40 0.21
Cash & Equivalents 2.54 -
Restricted Cash 0.09 -

Commentary & Literature

4Q17 Portfolio Commentary Highlights

  • The technology sector led global stocks higher.
  • The Fund outperformed its primary benchmark.
  • We believe tax reform presents both opportunities and costs for technology companies.

Read The Full Commentary