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JAPIX

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Large Cap Value Fund

Defensive Large-Cap Value Equities
NAV As of 07/15/19 $14.04

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Fund Facts

Details Performance (As of 07/15/19) Morningstar (As of 06/30/19)
12/31/08 Inception Date
$100.23M Total Net Assets (As of 06/30/19)
GROSS 0.72%
NET 0.64%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 06/30/19)
Fee Level Group
Large Cap Institutional
(out of 1153 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.00% 1 Day Return
18.88% 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

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 40 to 60 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 06/30/2019)
(As of 06/30/2019)
Inception: Dec 31, 2008 3M YTD 1YR 3YR 5YR 10YR Since Inception
Large Cap Value Fund – I Shares 4.44% 17.44% 7.62% 9.80% 6.77% 11.12% 11.02%
Russell 1000® Value Index 3.84% 16.24% 8.46% 10.19% 7.46% 13.19% 12.22%
Inception: Dec 31, 2008 3M YTD 1YR 3YR 5YR 10YR Since Inception
Large Cap Value Fund – I Shares 4.44% 17.44% 7.62% 9.80% 6.77% 11.12% 11.02%
Russell 1000® Value Index 3.84% 16.24% 8.46% 10.19% 7.46% 13.19% 12.22%
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 06/30/2019)
(As of 06/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 36 64 53 81 74
Large Value Category
Rank/Count
463/1255 746/1189 559/1107 781/967 695/962
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 36 64 53 81 74
Large Value Category
Rank/Count
463/1255 746/1189 559/1107 781/967 695/962

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 06/30/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 1000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.15 -0.28
Alpha 0.20 -0.20
Tracking Error 2.56 2.51
Beta 0.94 0.94
R-Squared (%) 95.54 95.62

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

3 YEAR 5 YEAR
Up Capture Ratio 94.19 92.89
Down Capture Ratio 93.67 95.26

STANDARD DEVIATION

3 YEAR 5 YEAR
Large Cap Value Fund 11.67 11.41
Russell 1000® Value Index 12.11 11.93

SHARPE RATIO

3 YEAR 5 YEAR
Large Cap Value Fund 0.72 0.52
Russell 1000® Value Index 0.73 0.55

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.47%
12b-1 Fees -
Other Expenses 0.25%
Total Gross Expenses 0.72%
Waivers -0.08%
Total Net Expenses 0.64%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the Russell 1000® Value Index.

TOP HOLDINGS

(As of 06/30/2019)

% of Fund
Chubb Ltd 3.33
US Bancorp 3.15
Berkshire Hathaway Inc 3.05
Evergy, Inc. 3.03
Chevron Corp 2.88
Hartford Financial Services Group Inc 2.86
Oracle Corp 2.85
Equity Residential 2.79
Laboratory Corp of America Holdings 2.79
M&T Bank Corp 2.61
TOTAL 29.34

PORTFOLIO CHARACTERISTICS

(As of 06/30/19)

FUND INDEX
Number of Holdings
Equity Issues
55
722
Market Capitalization
Weighted Average
$103.47B
$129.76B
Portfolio Turnover Rate
(1-year trailing)
33.40%
-
Price/Earnings Ratio
(1-year forward)
16.44
17.75
Price/Book Ratio
(1-year forward)
3.40
2.89
Earnings Growth Rate
(1-year forward)
3.74%
3.33%

DEVELOPED VS. EMERGING MARKET

(As of 06/30/19)

% OF FUND % OF INDEX
U.S. 87.58 99.19
Non-U.S. Developed 7.13 0.67
Cash & Equivalents 5.29 -

SECTOR ALLOCATION

(As of 06/30/19)

% OF FUND % OF INDEX
Financials 28.61 22.51
Health Care 11.67 15.15
Consumer Staples 8.97 7.78
Energy 8.61 8.98
Information Technology 8.61 9.73
Industrials 8.06 8.00
Real Estate 7.12 5.04
Utilities 6.26 6.42
Communication Services 3.11 7.08
Materials 2.56 4.03
Consumer Discretionary 1.13 5.28
Cash & Equivalents 5.29 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 06/30/2019)

% OF FUND % OF INDEX
Over $100B 30.44 42.23
$50B to $100B 15.40 14.64
$10B to $50B 42.96 32.17
$5B to $10B 5.91 7.83

REGIONAL ALLOCATION

(As of 06/30/19)

% OF FUND % OF INDEX
North America 88.66 99.19
Europe 5.19 0.65
Africa/Mideast 0.86 -
Cash & Equivalents 5.29 -

Commentary & Literature