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JMRNX

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International Managed Volatility Fund

Dynamic Beta for Managing Equity Volatility
NAV As of 12/14/18 $8.60

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
05/02/07 Inception Date
$110.50M Total Net Assets (As of 10/31/18)
GROSS 0.78%
NET 0.78%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Foreign Large Cap No Load
(out of 312 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-1.04% 1 Day Return
-7.03% 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 – N Shares 2.93% 2.38% 7.33% 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 – N Shares -6.20% -5.19% -3.52% 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 N Shares that includes periods prior to 10/28/16 reflects the performance of a share class of the Fund or a predecessor 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 (%) 20 42 37 67 61
Foreign Large Growth Category
Rank/Count
94/440 159/394 143/378 209/319 163/286
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 13 28 34 64 55
Foreign Large Growth Category
Rank/Count
51/454 112/405 130/386 203/323 155/290

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI EAFE® INDEX

3 YEAR 5 YEAR
Information Ratio 0.24 0.28
Alpha 2.23 1.91
Tracking Error 5.80 5.36
Beta 0.76 0.77
R-Squared (%) 72.83 78.61

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

3 YEAR 5 YEAR
Up Capture Ratio 76.64 81.22
Down Capture Ratio 64.29 72.00

STANDARD DEVIATION

3 YEAR 5 YEAR
International Managed Volatility Fund 9.93 10.06
MSCI EAFE® Index 11.08 11.58

SHARPE RATIO

3 YEAR 5 YEAR
International Managed Volatility Fund 0.42 0.30
MSCI EAFE® Index 0.25 0.13

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.23%
Total Gross Expenses 0.78%
Waivers 0.00%
Total Net Expenses 0.78%
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 10/31/2018)

CLP Holdings Ltd
Check Point Software Technologies Ltd
Hang Seng Bank Ltd
Hong Kong & China Gas Co Ltd
Link REIT
Neste Oyj
Partners Group Holding AG
Recruit Holdings Co Ltd
Sika AG
Thales SA
TOTAL 14.79

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
333
921
Market Capitalization
Weighted Average
$22.22B
$58.85B
Portfolio Turnover Rate
(1-year trailing)
84.51%
-
Price/Earnings Ratio
(1-year forward)
20.74
15.96
Price/Book Ratio
(1-year forward)
2.95
2.30
Earnings Growth Rate
(1-year forward)
9.68%
8.26%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
Non-U.S. Developed 98.51 100.00
U.S. 0.09 -
Cash & Equivalents 1.40 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Industrials 16.15 14.28
Consumer Discretionary 13.86 10.91
Financials 13.46 19.70
Consumer Staples 12.55 11.56
Utilities 9.50 3.39
Real Estate 8.56 3.46
Health Care 8.26 11.42
Communication Services 4.69 5.41
Materials 4.18 7.61
Information Technology 4.03 6.05
Energy 3.36 6.21
Cash & Equivalents 1.40 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 1.37 14.85
$25B to $100B 25.63 46.30
$15B to $25B 22.08 13.82
$2B to $15B 49.21 24.33
N/A 0.31 0.69

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Europe 39.24 63.15
Japan 32.85 24.58
Asia/Pacific Ex Japan 22.07 11.74
Africa/Mideast 4.35 0.53
North America 0.09 -
Cash & Equivalents 1.40 -

Commentary & Literature