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JMVCX

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Mid Cap Value Fund

Defensive Mid-Cap Value Equities
NAV As of 06/14/19 $14.65

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Fund Facts

Details Performance (As of 06/14/19) Morningstar (As of 05/31/19)
08/12/98 Inception Date
$3.08B Total Net Assets (As of 05/31/19)
GROSS 1.78%
NET 1.78%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 05/31/19)
Fee Level Group
Mid Cap Level Load
(out of 187 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.20% 1 Day Return
16.83% YTD Return @NAV
15.83% YTD Return @CDSC
Category
Mid-Cap Value
bronze Analyst Rating
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 03/31/2019)
(As of 05/31/2019)
Inception: Aug 12, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 13.80% 13.80% 0.36% 8.19% 5.69% 10.85% 10.13%
Class C Shares @CDSC 12.80% 12.80% -0.52% 8.19% 5.69% 10.85% 10.13%
Russell Midcap® Value Index 14.37% 14.37% 2.89% 9.50% 7.22% 16.39% 9.39%
Inception: Aug 12, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -1.89% 11.88% -2.82% 6.52% 5.03% 8.98% 9.95%
Class C Shares @CDSC -2.87% 10.88% -3.67% 6.52% 5.03% 8.98% 9.95%
Russell Midcap® Value Index -2.85% 10.56% -2.09% 6.92% 6.05% 13.84% 9.13%
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class C 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 03/31/2019)
(As of 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 50 64 56 97 19
Mid-Cap Value Category
Rank/Count
210/424 234/396 188/366 306/315 25/117
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 49 48 96 20
Mid-Cap Value Category
Rank/Count
126/411 183/384 158/362 296/303 26/116

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 05/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio 0.23 -0.03
Alpha 0.87 0.34
Tracking Error 2.57 2.65
Beta 0.95 0.93
R-Squared (%) 95.91 95.58

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

3 YEAR 5 YEAR
Up Capture Ratio 92.95 89.65
Down Capture Ratio 86.17 87.49

STANDARD DEVIATION

3 YEAR 5 YEAR
Mid Cap Value Fund 12.39 11.87
Russell Midcap® Value Index 12.70 12.50

SHARPE RATIO

3 YEAR 5 YEAR
Mid Cap Value Fund 0.50 0.44
Russell Midcap® Value Index 0.44 0.42

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.64%
12b-1 Fees 1.00%
Other Expenses 0.14%
Total Gross Expenses 1.78%
Waivers 0.00%
Total Net Expenses 1.78%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the Russell MidCap® Value Index.

TOP HOLDINGS

(As of 05/31/2019)

% of Fund
Evergy, Inc. 3.76
Equity LifeStyle Properties Inc 3.21
RenaissanceRe Holdings Ltd 3.13
Torchmark Corp 3.12
Laboratory Corp of America Holdings 2.93
Hartford Financial Services Group Inc 2.87
Equity Commonwealth 2.87
Waste Connections Inc 2.71
M&T Bank Corp 2.54
Axis Capital Holdings Ltd 2.53
TOTAL 29.67

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
61
587
Market Capitalization
Weighted Average
$11.44B
$14.98B
Portfolio Turnover Rate
(1-year trailing)
37.91%
-
Price/Earnings Ratio
(1-year forward)
17.39
19.09
Price/Book Ratio
(1-year forward)
3.32
2.42
Earnings Growth Rate
(1-year forward)
7.37%
2.98%

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND % OF INDEX
U.S. 94.85 99.27
Non-U.S. Developed 0.94 0.31
Cash & Equivalents 4.21 -

SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Financials 24.92 17.92
Real Estate 15.27 14.78
Industrials 14.29 12.25
Materials 10.47 5.79
Utilities 8.25 11.72
Information Technology 6.94 8.79
Consumer Discretionary 4.19 8.33
Health Care 3.68 6.91
Energy 3.61 5.36
Consumer Staples 2.83 4.90
Communication Services 1.34 3.25
Cash & Equivalents 4.21 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
$10B to $50B 44.94 63.75
$5B to $10B 24.10 24.92
$1B to $5B 26.75 11.27

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
North America 94.85 99.27
Africa/Mideast 0.94 -
Cash & Equivalents 4.21 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • The Fund captured most of the benchmark’s upside, led by positive stock selection.
  • Materials and consumer discretionary stocks contributed most to relative performance.
  • We continue to focus on stocks with strong balance sheets and durable competitive advantages trading at attractive valuations.

Read The Full Commentary