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JMIIX

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International Managed Volatility Fund

Dynamic Beta for Managing Equity Volatility
NAV As of 12/14/18 $8.61

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
05/02/07 Inception Date
$110.69M Total Net Assets (As of 11/30/18)
GROSS 0.87%
NET 0.87%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
-1.03% 1 Day Return
-7.02% YTD Return
Category
Foreign Large Growth
ic_star ic_star ic_star ic_star
358 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
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 long-only, international developed-markets equity fund seeks smaller drawdowns and a smoother ride over time by balancing downside mitigation with upside participation for any market environment. The Fund employs a systematic “dynamic beta” investment approach designed to adjust to changing risk environments, seeking up to 45% less volatility than the MSCI EAFE® Index.

Why Invest in the Fund

    Dynamic Beta Positioning

  1. As risk in the market increases, the portfolio shifts to take a more defensive posture, targeting a lower beta than the index. When risk levels decrease, the portfolio migrates to a more market-like stance, targeting a higher beta, allowing for the full potential to benefit from the upward trend in the market.
  2. 30+ Years of Volatility Research

  3. The Intech® dedicated volatility management team, with more than 30 years’ experience, is comprised of experts who have dedicated their life’s work, academic research and careers to developing this disciplined, repeatable and unemotional process based on the sole input of volatility.
  4. Focus on Risk-Adjusted Return

  5. Our process is designed to construct a portfolio of long-only stocks with the highest return potential and lowest risk. By seeking a smoother ride, the fund may help investors maintain equity market exposure and have the opportunity to build more wealth over time.

Navigating Many Different Market Environments

3 Year Fund and Benchmark Cumulative Returns (as of 9/30/18)

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: May 02, 2007 3M YTD 1YR 3YR 5YR 10YR Since Inception
International Managed Volatility Fund – I Shares 2.93% 2.38% 7.16% 10.16% 5.88% 5.85% 2.55%
MSCI EAFE® Index 1.35% -1.43% 2.74% 9.23% 4.42% 5.38% 1.77%
Inception: May 02, 2007 3M YTD 1YR 3YR 5YR 10YR Since Inception
International Managed Volatility Fund – I Shares -6.20% -5.18% -3.55% 5.65% 3.42% 8.11% 1.84%
MSCI EAFE® Index -7.28% -9.39% -7.94% 4.12% 1.84% 7.47% 1.00%
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 20 45 37 67 62
Foreign Large Growth Category
Rank/Count
97/440 169/394 146/378 212/319 167/286
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 13 29 35 66 56
Foreign Large Growth Category
Rank/Count
52/454 116/405 136/386 206/323 159/290

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 EAFE® INDEX

3 YEAR 5 YEAR
Information Ratio 0.26 0.29
Alpha 2.47 1.97
Tracking Error 5.81 5.37
Beta 0.76 0.77
R-Squared (%) 72.44 78.50

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI EAFE® INDEX

3 YEAR 5 YEAR
Up Capture Ratio 76.64 80.38
Down Capture Ratio 61.98 70.70

STANDARD DEVIATION

3 YEAR 5 YEAR
International Managed Volatility Fund 9.90 10.06
MSCI EAFE® Index 11.03 11.57

SHARPE RATIO

3 YEAR 5 YEAR
International Managed Volatility Fund 0.48 0.28
MSCI EAFE® Index 0.29 0.11

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS I SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.32%
Total Gross Expenses 0.87%
Waivers 0.00%
Total Net Expenses 0.87%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the MSCI EAFE® Index.

TOP HOLDINGS

(As of 11/30/2018)

Bank Leumi Le-Israel BM
CLP Holdings Ltd
Check Point Software Technologies Ltd
Daiichi Sankyo Co Ltd
FamilyMart UNY Holdings Co Ltd
Hang Seng Bank Ltd
Hong Kong & China Gas Co Ltd
Link REIT
Neste Oyj
Recruit Holdings Co Ltd
TOTAL 15.36

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
315
921
Market Capitalization
Weighted Average
$23.43B
$58.68B
Portfolio Turnover Rate
(1-year trailing)
84.68%
-
Price/Earnings Ratio
(1-year forward)
21.39
16.14
Price/Book Ratio
(1-year forward)
2.97
2.25
Earnings Growth Rate
(1-year forward)
8.81%
7.64%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
Non-U.S. Developed 98.87 100.00
Cash & Equivalents 1.13 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Industrials 16.56 14.35
Consumer Staples 13.50 11.47
Financials 12.73 19.73
Consumer Discretionary 11.34 10.97
Utilities 10.44 3.51
Health Care 9.60 11.68
Real Estate 9.33 3.58
Communication Services 5.21 5.62
Information Technology 4.01 5.98
Materials 3.28 7.32
Energy 2.87 5.79
Cash & Equivalents 1.13 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 2.01 15.63
$25B to $100B 26.68 45.90
$15B to $25B 21.49 13.40
$2B to $15B 48.39 24.35
N/A 0.30 0.70

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Europe 38.05 62.64
Japan 34.73 24.76
Asia/Pacific Ex Japan 21.40 12.04
Africa/Mideast 4.69 0.56
Cash & Equivalents 1.13 -

Commentary & Literature