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JATIX

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Global Technology Fund

Investing in Companies that Benefit from Technology Innovation
NAV As of 08/23/19 $36.92

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Fund Facts

Details Performance (As of 08/23/19) Morningstar (As of 07/31/19)
12/31/98 Inception Date
$3.30B Total Net Assets (As of 07/31/19)
GROSS 0.75%
NET 0.75%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Specialty Institutional
(out of 409 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-2.51% 1 Day Return
25.49% YTD Return
Category
Technology
ic_star ic_star ic_star ic_star
190 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. The 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.

Balancing the Disruptive Nature of Tech Companies

Two distinct types of companies intended to balance risk and opportunity

**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 06/30/2019)
(As of 07/31/2019)
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Technology Fund – I Shares 5.10% 27.57% 13.09% 27.69% 18.28% 18.60% 9.43%
S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 14.70% 6.36%
MSCI All Country World Information Technology Index 5.22% 25.01% 9.88% 23.38% 15.48% 16.03% 5.85%
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Technology Fund – I Shares 1.50% 30.73% 13.86% 25.33% 19.33% 18.21% 9.51%
S&P 500® Index 1.69% 20.24% 7.99% 13.36% 11.34% 14.03% 6.41%
MSCI All Country World Information Technology Index 1.95% 28.50% 11.17% 21.42% 15.89% 15.27% 5.97%
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 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 13 19 28 17
Technology Category
Rank/Count
53/231 25/201 30/190 41/181 22/101
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 31 15 20 26 18
Technology Category
Rank/Count
76/233 29/202 30/190 34/181 25/101

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INFORMATION TECHNOLOGY INDEX

3 YEAR 5 YEAR
Information Ratio 0.96 0.84
Alpha 3.65 3.06
Tracking Error 4.06 4.08
Beta 0.98 1.00
R-Squared (%) 93.06 93.41

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

3 YEAR 5 YEAR
Up Capture Ratio 101.63 105.18
Down Capture Ratio 79.17 89.46

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Technology Fund 15.37 15.88
MSCI All Country World Information Technology Index 15.07 15.32

SHARPE RATIO

3 YEAR 5 YEAR
Global Technology Fund 1.56 1.16
MSCI All Country World Information Technology Index 1.33 0.98

ANNUAL FEES & EXPENSES

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

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 2/1/20.

Characteristics

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

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Microsoft Corp 7.96
Amazon.com Inc 4.19
Adobe Inc 4.03
Alibaba Group Holding Ltd (ADR) 3.93
salesforce.com Inc 3.91
Texas Instruments Inc 3.59
Mastercard Inc 3.46
ASML Holding NV 3.18
Taiwan Semiconductor Manufacturing Co Ltd 2.96
Tencent Holdings Ltd 2.36
TOTAL 39.57

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
72
264
Market Capitalization
Weighted Average
$264.05B
$344.83B
Portfolio Turnover Rate
(1-year trailing)
33.68%
-
Price/Earnings Ratio
(1-year forward)
39.57
23.76
Price/Book Ratio
(1-year forward)
9.30
7.59
Earnings Growth Rate
(1-year forward)
6.38%
4.25%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 78.07 76.57
Non-U.S. Emerging 12.57 10.14
Non-U.S. Developed 7.41 13.29
Cash & Equivalents 1.95 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Information Technology 71.18 100.00
Consumer Discretionary 11.19 -
Communication Services 9.63 -
Real Estate 4.43 -
Industrials 1.62 -
Cash & Equivalents 1.95 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
Over $100B 45.84 61.07
$50B to $100B 14.50 6.62
$10B to $50B 26.01 26.24
$5B to $10B 8.65 4.22
$1B to $5B 2.28 1.43
N/A 0.77 0.42

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 78.86 77.68
Asia/Pacific Ex Japan 12.44 10.22
Europe 3.99 6.73
Japan 1.01 4.83
Africa/Mideast 0.95 0.46
Latin America 0.80 0.08
Cash & Equivalents 1.95 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • After mid-period softness, the tech sector finished the period in positive territory.
  • The Fund outperformed its primary benchmark, but underperformed its secondary benchmark due to its allocation to interactive media.
  • While we see near-term clouds in the form of tariffs and increased Internet regulation, we believe the secular tailwinds propelling the sector remain intact

Read The Full Commentary