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JGVAX

)

Global Value Fund

Defensive Global Value Equities
NAV As of 04/23/19 $14.36

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Fund Facts

Details Performance (As of 04/23/19) Morningstar (As of 03/31/19)
06/29/01 Inception Date
$203.67M Total Net Assets (As of 03/31/19)
GROSS 0.87%
NET 0.87%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 03/31/19)
Fee Level Group
World Stock No Load
(out of 201 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.49% 1 Day Return
10.63% 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

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 03/31/2019)
(As of 03/31/2019)
Inception: Jun 29, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Value Fund – T Shares 8.63% 8.63% 3.84% 7.38% 4.43% 11.24% 6.39%
MSCI World Index℠ 12.48% 12.48% 4.01% 10.68% 6.78% 12.38% 5.83%
MSCI All Country World Index℠ 12.18% 12.18% 2.60% 10.67% 6.45% 11.98% 5.93%
Inception: Jun 29, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Value Fund – T Shares 8.63% 8.63% 3.84% 7.38% 4.43% 11.24% 6.39%
MSCI World Index℠ 12.48% 12.48% 4.01% 10.68% 6.78% 12.38% 5.83%
MSCI All Country World Index℠ 12.18% 12.18% 2.60% 10.67% 6.45% 11.98% 5.93%
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

MORNINGSTAR PERCENTILE

(As of 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 34 81 74 59 41
World Large Stock Category
Rank/Count
311/925 632/799 548/727 320/533 134/312
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 34 81 74 59 41
World Large Stock Category
Rank/Count
311/925 632/799 548/727 320/533 134/312

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 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.78 -0.57
Alpha -0.06 -0.36
Tracking Error 4.08 3.91
Beta 0.71 0.72
R-Squared (%) 86.12 91.39

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

3 YEAR 5 YEAR
Up Capture Ratio 68.05 71.03
Down Capture Ratio 69.32 76.62

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Value Fund 7.71 8.28
MSCI World Index℠ 10.06 10.98

SHARPE RATIO

3 YEAR 5 YEAR
Global Value Fund 0.82 0.46
MSCI World Index℠ 0.95 0.55

ANNUAL FEES & EXPENSES

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

CLASS T SHARES
Management Fees 0.49%
12b-1 Fees -
Other Expenses 0.38%
Total Gross Expenses 0.87%
Waivers -
Total Net Expenses 0.87%

Characteristics

Index represents the MSCI World Index℠.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
Oracle Corp 4.39
Johnson & Johnson 4.36
Alphabet Inc 4.20
Pfizer Inc 4.07
Wells Fargo & Co 3.84
Coca-Cola Co 3.08
PepsiCo Inc 2.89
Novartis AG 2.43
Sanofi 2.41
Nestle SA 2.09
TOTAL 33.76

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
82
1635
Market Capitalization
Weighted Average
$142.52B
$159.66B
Portfolio Turnover Rate
(1-year trailing)
20.90%
-
Price/Earnings Ratio
(1-year forward)
15.37
18.68
Price/Book Ratio
(1-year forward)
2.86
3.95
Earnings Growth Rate
(1-year forward)
3.21%
5.94%

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
Non-U.S. Developed 45.27 37.89
U.S. 43.39 62.06
Non-U.S. Emerging 3.96 0.05
Cash & Equivalents 7.38 -

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Health Care 17.11 12.85
Financials 15.79 15.59
Consumer Staples 15.31 8.63
Communication Services 9.20 8.27
Information Technology 7.99 15.86
Industrials 7.57 11.12
Consumer Discretionary 7.45 10.41
Real Estate 3.30 3.31
Energy 3.29 6.03
Utilities 3.01 3.38
Materials 2.60 4.55
Cash & Equivalents 7.38 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
Over $100B 40.82 38.23
$50B to $100B 7.37 16.74
$10B to $50B 23.88 37.07
$5B to $10B 7.21 6.30
$1B to $5B 8.66 1.45
$500M to $1B 2.06 -
$250M to $500M 1.79 -
$100M to $250M 0.83 -

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 44.45 65.51
Europe 30.77 21.75
Japan 8.65 8.19
Asia/Pacific Ex Japan 8.24 4.31
Latin America 0.51 0.05
Cash & Equivalents 7.38 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stock markets began 2019 in white-hot fashion with the MSCI World Index gaining 12.5% in the first quarter.
  • Most of the gains were driven by valuation multiple expansion, not growth in earnings.
  • We believe now is a time for caution, that avoiding losses will prove more important than maximizing gains in the coming years.

Read The Full Commentary