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JPPAX

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Global Value Fund

Defensive Global Value Equities
NAV As of 12/14/18 $14.39

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
06/29/01 Inception Date
$209.18M Total Net Assets (As of 11/30/18)
GROSS 0.94%
NET 0.94%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
World Stock Front Load
(out of 165 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-1.64% 1 Day Return
-4.95% YTD Return @NAV
-10.40% YTD Return @MOP
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

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

Why Invest in the Fund

    Attractive Reward/Risk

  1. Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.
  2. High-Conviction Process

  3. The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.
  4. Different Than the Benchmark

  5. The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Jun 29, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 3.89% 0.53% 5.01% 8.23% 5.95% 7.63% 6.37%
Class A Shares @MOP -2.06% -5.23% -1.00% 6.11% 4.70% 7.00% 6.00%
MSCI World Index℠ 4.98% 5.43% 11.24% 13.54% 9.28% 8.56% 6.17%
MSCI All Country World Index℠ 4.28% 3.83% 9.77% 13.40% 8.67% 8.19% 6.24%
Inception: Jun 29, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV -1.38% -1.19% -0.28% 5.99% 4.70% 10.39% 6.20%
Class A Shares @MOP -7.08% -6.85% -6.04% 3.92% 3.46% 9.74% 5.84%
MSCI World Index℠ -5.77% -1.20% 0.14% 8.50% 6.67% 10.89% 5.71%
MSCI All Country World Index℠ -5.73% -2.55% -0.98% 8.57% 6.16% 10.65% 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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class A 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 (%) 77 93 84 62 47
World Large Stock Category
Rank/Count
696/909 742/803 609/716 327/512 155/305
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 36 80 70 55 42
World Large Stock Category
Rank/Count
299/908 605/792 501/713 295/527 137/306

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 WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.54 -0.44
Alpha 0.45 0.20
Tracking Error 4.18 3.91
Beta 0.68 0.71
R-Squared (%) 83.34 88.96

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

3 YEAR 5 YEAR
Up Capture Ratio 68.75 72.95
Down Capture Ratio 68.02 75.38

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Value Fund 7.04 7.60
MSCI World Index℠ 9.47 10.16

SHARPE RATIO

3 YEAR 5 YEAR
Global Value Fund 0.75 0.58
MSCI World Index℠ 0.80 0.60

ANNUAL FEES & EXPENSES

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

CLASS A SHARES
Management Fees 0.49%
12b-1 Fees 0.25%
Other Expenses 0.20%
Total Gross Expenses 0.94%
Waivers -
Total Net Expenses 0.94%

Characteristics

Index represents the MSCI World Index℠.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Pfizer Inc 4.89
Johnson & Johnson 4.68
Oracle Corp 4.18
Wells Fargo & Co 4.06
Alphabet Inc 4.00
Procter & Gamble Co 3.72
Coca-Cola Co 3.23
PepsiCo Inc 2.91
Novartis AG 2.30
RenaissanceRe Holdings Ltd 2.20
TOTAL 36.17

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
78
1634
Market Capitalization
Weighted Average
$152.07B
$152.93B
Portfolio Turnover Rate
(1-year trailing)
19.99%
-
Price/Earnings Ratio
(1-year forward)
16.05
17.93
Price/Book Ratio
(1-year forward)
2.69
3.94
Earnings Growth Rate
(1-year forward)
9.58%
15.55%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 44.12 62.49
Non-U.S. Developed 41.43 37.47
Non-U.S. Emerging 4.50 0.04
Cash & Equivalents 9.95 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Health Care 18.06 13.55
Consumer Staples 18.05 8.55
Financials 14.19 16.51
Communication Services 9.41 8.21
Information Technology 7.39 15.04
Industrials 6.87 11.05
Consumer Discretionary 5.87 10.26
Utilities 3.43 3.20
Energy 3.14 6.05
Materials 2.07 4.47
Real Estate 1.57 3.11
Cash & Equivalents 9.95 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 43.56 37.19
$50B to $100B 8.69 18.29
$10B to $50B 17.86 35.75
$5B to $10B 8.12 7.00
$1B to $5B 7.56 1.53
$500M to $1B 1.25 -
$250M to $500M 2.01 -
$100M to $250M 1.00 -

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 45.58 65.82
Europe 28.66 21.48
Asia/Pacific Ex Japan 7.92 4.08
Japan 7.12 8.39
Latin America 0.77 0.04
Cash & Equivalents 9.95 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • U.S. equities are diverging in performance from other major markets as stimulus makes an impact
  • Trade tensions are escalating, especially between the U.S. and China.
  • Political developments in Italy highlight tensions in the EU.

Read The Full Commentary