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JATNX

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Global Technology Fund

Investing in Companies that Benefit from Technology Innovation
NAV As of 12/07/18 $32.04

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
12/31/98 Inception Date
$2.76B Total Net Assets (As of 10/31/18)
GROSS 0.69%
NET 0.69%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Specialty Institutional
(out of 421 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-2.82% 1 Day Return
4.26% YTD Return
Category
Technology
ic_star ic_star ic_star ic_star
181 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

**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 09/30/2018)
(As of 11/30/2018)
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Technology Fund – N Shares 5.89% 20.57% 30.04% 28.99% 20.17% 17.08% 9.44%
S&P 500® Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 6.47%
MSCI All Country World Information Technology Index 6.05% 13.64% 22.84% 25.19% 19.05% 14.77% 5.89%
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Technology Fund – N Shares -9.32% 9.18% 9.36% 19.89% 16.45% 20.16% 8.81%
S&P 500® Index -4.40% 5.11% 6.27% 12.16% 11.12% 14.32% 6.15%
MSCI All Country World Information Technology Index -11.00% 1.94% 2.01% 16.62% 14.86% 17.18% 5.26%
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 N Shares that includes periods prior to 1/27/17 reflects the performance of another share class of the Fund. 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 (%) 33 19 41 37 16
Technology Category
Rank/Count
64/210 36/194 78/187 56/172 21/97
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 33 14 36 31 16
Technology Category
Rank/Count
62/212 20/197 68/190 48/174 22/98

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 10/31/18 CLASS I SHARES)

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

3 YEAR 5 YEAR
Information Ratio 0.74 0.31
Alpha 2.24 0.72
Tracking Error 4.01 4.06
Beta 1.03 1.03
R-Squared (%) 92.70 92.04

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

3 YEAR 5 YEAR
Up Capture Ratio 105.09 104.52
Down Capture Ratio 89.43 99.74

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Technology Fund 14.78 14.30
MSCI All Country World Information Technology Index 13.85 13.30

SHARPE RATIO

3 YEAR 5 YEAR
Global Technology Fund 1.31 1.15
MSCI All Country World Information Technology Index 1.18 1.15

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.05%
Total Gross Expenses 0.69%
Waivers 0.00%
Total Net Expenses 0.69%
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 10/31/2018)

% of Fund
Microsoft Corp 6.23
Alphabet Inc 5.81
Alibaba Group Holding Ltd (ADR) 3.03
salesforce.com Inc 2.98
Texas Instruments Inc 2.98
Tencent Holdings Ltd 2.95
Amazon.com Inc 2.81
Gartner Inc 2.74
Adobe Inc 2.62
Apple Inc 2.60
TOTAL 34.75

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
79
291
Market Capitalization
Weighted Average
$222.77B
$362.62B
Portfolio Turnover Rate
(1-year trailing)
21.29%
-
Price/Earnings Ratio
(1-year forward)
33.33
21.27
Price/Book Ratio
(1-year forward)
8.39
7.27
Earnings Growth Rate
(1-year forward)
22.58%
19.28%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 77.13 74.55
Non-U.S. Emerging 12.87 14.37
Non-U.S. Developed 7.50 11.08
Restricted Cash 0.20 -
Cash & Equivalents 2.30 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Information Technology 57.41 79.04
Communication Services 22.75 18.47
Consumer Discretionary 12.25 2.49
Real Estate 3.98 -
Industrials 1.11 -
Cash & Equivalents 2.30 -
Restricted Cash 0.20 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 39.61 62.27
$50B to $100B 14.23 8.90
$10B to $50B 28.40 22.69
$5B to $10B 10.91 4.05
$1B to $5B 3.08 1.69
$500M to $1B 0.26 0.01
$250M to $500M 0.20 -
N/A 0.81 0.39

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 77.82 75.21
Asia/Pacific Ex Japan 12.18 14.30
Europe 3.60 5.41
Japan 2.33 4.63
Latin America 1.12 0.21
Africa/Mideast 0.45 0.24
Cash & Equivalents 2.30 -
Restricted Cash 0.20 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The tech sector generated positive returns, with cloud-based service providers among the strongest performers.
  • The Fund underperformed its benchmarks, led by underweights to certain megacap names that we view as more fully valued than the broader market.
  • We believe that when focusing on secular earnings drivers, we must accept occasional underperformance driven by what we consider short-term market noise.

Read The Full Commentary