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JIFNX

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International Value Fund

Defensive International Value Equities

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
04/01/13 Inception Date
$41.62M Total Net Assets (As of 10/31/18)
GROSS 1.11%
NET 0.87%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
-0.29% 1 Day Return
-11.20% YTD Return
Category
Foreign Large Value
ic_star ic_star ic_star ic_star
275 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

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: Apr 01, 2013 3M YTD 1YR 3YR 5YR 10YR Since Inception
International Value Fund – N Shares 1.53% -2.76% 0.90% 6.74% 3.89% - 5.34%
MSCI EAFE® Index 1.35% -1.43% 2.74% 9.23% 4.42% 5.38% 5.99%
MSCI All Country World ex-U.S. Index℠ 0.71% -3.09% 1.76% 9.97% 4.12% 5.18% 5.05%
Inception: Apr 01, 2013 3M YTD 1YR 3YR 5YR 10YR Since Inception
International Value Fund – N Shares -6.13% -9.04% -7.94% 3.35% 1.88% - 3.94%
MSCI EAFE® Index -7.28% -9.39% -7.94% 4.12% 1.84% 7.47% 4.25%
MSCI All Country World ex-U.S. Index℠ -6.84% -10.13% -8.12% 5.43% 1.79% 7.66% 3.51%
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 37 76 28 - 37
Foreign Large Value Category
Rank/Count
77/323 211/309 76/274 -/- 94/269
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 30 60 15 - 32
Foreign Large Value Category
Rank/Count
53/322 133/307 53/273 -/- 81/267

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 0.00
Alpha -0.17 0.39
Tracking Error 3.83 3.92
Beta 0.78 0.76
R-Squared (%) 89.56 91.19

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

3 YEAR 5 YEAR
Up Capture Ratio 77.94 79.68
Down Capture Ratio 81.63 79.80

STANDARD DEVIATION

3 YEAR 5 YEAR
International Value Fund 9.12 9.16
MSCI EAFE® Index 11.08 11.58

SHARPE RATIO

3 YEAR 5 YEAR
International Value Fund 0.20 0.16
MSCI EAFE® Index 0.25 0.13

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.80%
12b-1 Fees -
Other Expenses 0.31%
Total Gross Expenses 1.11%
Waivers -0.24%
Total Net Expenses 0.87%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI EAFE® Index.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Sanofi 4.23
Roche Holding AG 3.79
Nestle SA 3.53
Novartis AG 3.44
BAE Systems PLC 3.16
Singapore Telecommunications Ltd 3.02
GlaxoSmithKline PLC 2.94
Orkla ASA 2.55
Danone SA 2.46
BP PLC (ADR) 2.26
TOTAL 31.38

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
64
921
Market Capitalization
Weighted Average
$60.93B
$58.85B
Portfolio Turnover Rate
(1-year trailing)
21.55%
-
Price/Earnings Ratio
(1-year forward)
14.74
15.96
Price/Book Ratio
(1-year forward)
1.88
2.30
Earnings Growth Rate
(1-year forward)
8.02%
8.26%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
Non-U.S. Developed 84.91 100.00
Non-U.S. Emerging 6.66 -
Cash & Equivalents 8.43 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Consumer Staples 17.20 11.56
Health Care 16.50 11.42
Industrials 14.97 14.28
Consumer Discretionary 10.05 10.91
Communication Services 8.62 5.41
Materials 6.12 7.61
Financials 5.96 19.70
Information Technology 4.02 6.05
Energy 3.94 6.21
Real Estate 3.21 3.46
Utilities 0.98 3.39
Cash & Equivalents 8.43 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 18.30 14.85
$50B to $100B 14.90 22.84
$10B to $50B 28.15 45.99
$5B to $10B 12.12 12.25
$1B to $5B 11.11 3.38
$500M to $1B 2.01 -
$250M to $500M 2.72 -
$100M to $250M 2.26 -

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Europe 59.58 63.15
Japan 13.55 24.58
Asia/Pacific Ex Japan 12.91 11.74
North America 4.45 -
Latin America 1.08 -
Cash & Equivalents 8.43 -

Commentary & Literature