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JAPIX

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Large Cap Value Fund

Defensive Large-Cap Value Equities
NAV As of 02/22/18 $15.33

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Fund Facts

Details Performance (As of 02/22/18) Morningstar (As of 01/31/18)
12/31/08 Inception Date
$142.79M Total Net Assets (As of 01/31/18)
GROSS 0.71%
NET 0.69%
Annual Expense Ratio
(As of fiscal year end 06/30/17)
Morningstar Fee Level (As of 01/31/18)
Fee Level Group
Large Cap Institutional
(out of 1111 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.00% 1 Day Return
-1.10% YTD Return
Category
Large Value
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 defensive large-cap value fund seeks to provide attractive returns over a full market cycle by mitigating losses in down markets while participating in up markets. The strategy focuses on high-quality companies with strong balance sheets and stable earnings, trading at attractive valuations.

    Why Invest in the Fund

    Participate and Mitigate

  1. Our disciplined valuation process measures downside risk before upside potential and invests in companies with favorable reward/risk ratios. With this approach we seek to limit losses during market downturns and participate during up markets.
  2. High-Quality on Sale

  3. The Fund seeks to buy high-quality companies trading at a discount that can withstand an economic downturn given their balance sheet strength, earnings stability and operating efficiency.
  4. Results with Historically Less Volatility

  5. Focused on mitigating losses in down market conditions while participating in up markets, the Fund is designed to compound strong returns over a full market cycle with lower volatility than the index.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: Dec 31, 2008 3M YTD 1YR 3YR 5YR 10YR Since Inception
Large Cap Value Fund – I Shares 5.06% 14.57% 14.57% 7.49% 11.93% - 12.08%
Russell 1000® Value Index 5.33% 13.66% 13.66% 8.65% 14.04% 7.10% 13.58%
Inception: Dec 31, 2008 3M YTD 1YR 3YR 5YR 10YR Since Inception
Large Cap Value Fund – I Shares 7.34% 3.74% 17.42% 10.25% 11.44% - 12.41%
Russell 1000® Value Index 8.61% 3.87% 17.22% 11.54% 13.47% 7.95% 13.92%
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 12/31/2017)
(As of 01/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 68 79 85 - 80
Large Value Category
Rank/Count
900/1322 943/1218 954/1141 -/- 802/1022
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 75 79 87 - 81
Large Value Category
Rank/Count
983/1303 929/1203 981/1136 -/- 811/1010

Calendar Year Performance

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

RETURNS-BASED STATISTICS

(As of 01/31/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 1000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.56 -0.89
Alpha -0.14 -0.32
Tracking Error 2.32 2.28
Beta 0.90 0.88
R-Squared (%) 94.96 95.01

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 1000® VALUE INDEX

3 YEAR 5 YEAR
Up Capture Ratio 91.93 86.94
Down Capture Ratio 97.21 91.98

STANDARD DEVIATION

3 YEAR 5 YEAR
Large Cap Value Fund 9.36 8.75
Russell 1000® Value Index 10.10 9.70

SHARPE RATIO

3 YEAR 5 YEAR
Large Cap Value Fund 1.05 1.28
Russell 1000® Value Index 1.10 1.36

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/17)

CLASS I SHARES
Management Fees 0.49%
12b-1 Fees -
Other Expenses 0.22%
Total Gross Expenses 0.71%
Waivers -0.02%
Total Net Expenses 0.69%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/18.

Characteristics

Index represents the Russell 1000® Value Index.

TOP HOLDINGS

(As of 01/31/2018)

% of Fund
US Bancorp 3.89
Berkshire Hathaway Inc 3.25
Johnson & Johnson 3.24
Pfizer Inc 3.22
Oracle Corp 3.11
Crown Holdings Inc 3.01
Wells Fargo & Co 2.88
Occidental Petroleum Corp 2.83
Citigroup Inc 2.75
Great Plains Energy Inc 2.66
TOTAL 30.84

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Equity Issues
54
Market Capitalization
Weighted Average
$126.85B
Market Capitalization
Median
$57.46B
Portfolio Turnover Rate
(1-year trailing)
38.28%
Price/Earnings Ratio
(1-year forward)
19.43
Price/Book Ratio
(1-year forward)
3.36
Earnings Growth Rate
(1-year forward)
10.03%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND % OF INDEX
U.S. 91.30 99.74
Non-U.S. Developed 4.63 0.24
Cash & Equivalents 4.07 -

SECTOR ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
Financials 27.71 27.28
Health Care 12.94 13.69
Information Technology 10.37 8.72
Energy 9.30 10.99
Consumer Staples 9.20 8.41
Industrials 8.90 8.33
Materials 5.77 2.99
Consumer Discretionary 4.39 6.83
Utilities 4.15 5.52
Real Estate 2.48 4.39
Telecommunication Services 0.72 2.85
Cash & Equivalents 4.07 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2018)

% OF FUND % OF INDEX
Over $100B 36.94 43.50
$50B to $100B 14.45 14.99
$10B to $50B 33.27 30.70
$5B to $10B 10.53 7.43
$1B to $5B 0.74 3.32

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
North America 92.59 99.75
Europe 1.98 0.20
Africa/Mideast 1.36 -
Cash & Equivalents 4.07 -

Commentary & Literature

4Q17 Portfolio Commentary Highlights

  • The Fund underperformed its benchmark during the quarter.
  • Stock selection in industrials and consumer staples aided relative returns, while our financials and utilities holdings detracted.
  • We believe defensively oriented value strategies are well positioned for today’s complacent market environment.

Read The Full Commentary