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JMVIX

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Mid Cap Value Fund

Defensive Mid-Cap Value Equities
NAV As of 12/14/18 $15.36

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
08/12/98 Inception Date
$3.41B Total Net Assets (As of 11/30/18)
GROSS 1.18%
NET 1.18%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
-0.97% 1 Day Return
-9.91% YTD Return
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 09/30/2018)
(As of 11/30/2018)
Inception: Aug 12, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Mid Cap Value Fund – S Shares 2.49% 1.58% 6.76% 12.38% 8.86% 8.66% 11.20%
Russell Midcap® Value Index 3.30% 3.13% 8.81% 13.09% 10.72% 11.29% 9.78%
Inception: Aug 12, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Mid Cap Value Fund – S Shares -5.08% -3.52% -3.47% 7.88% 6.65% 10.81% 10.82%
Russell Midcap® Value Index -5.73% -2.00% -0.79% 8.90% 8.39% 14.84% 9.42%
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 S 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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 71 55 68 87 7
Mid-Cap Value Category
Rank/Count
295/433 188/407 235/368 283/319 12/130
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 73 52 56 91 5
Mid-Cap Value Category
Rank/Count
289/422 176/398 182/358 288/309 10/119

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 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.23 -0.49
Alpha 0.09 -0.46
Tracking Error 2.60 2.73
Beta 0.92 0.90
R-Squared (%) 93.83 93.06

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

3 YEAR 5 YEAR
Up Capture Ratio 88.47 85.19
Down Capture Ratio 85.97 88.19

STANDARD DEVIATION

3 YEAR 5 YEAR
Mid Cap Value Fund 9.98 9.63
Russell Midcap® Value Index 10.45 10.31

SHARPE RATIO

3 YEAR 5 YEAR
Mid Cap Value Fund 0.74 0.67
Russell Midcap® Value Index 0.76 0.76

ANNUAL FEES & EXPENSES

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

CLASS S SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.29%
Total Gross Expenses 1.18%
Waivers 0.00%
Total Net Expenses 1.18%
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 11/30/2018)

% of Fund
Equity LifeStyle Properties Inc 4.23
Evergy Inc 3.61
Crown Holdings Inc 3.35
Equity Commonwealth 3.28
Torchmark Corp 3.12
RenaissanceRe Holdings Ltd 2.87
First Horizon National Corp 2.77
Lamar Advertising Co 2.71
Graphic Packaging Holding Co 2.61
NewMarket Corp 2.57
TOTAL 31.12

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
57
590
Market Capitalization
Weighted Average
$9.53B
$14.59B
Portfolio Turnover Rate
(1-year trailing)
37.95%
-
Price/Earnings Ratio
(1-year forward)
18.13
18.49
Price/Book Ratio
(1-year forward)
3.39
2.43
Earnings Growth Rate
(1-year forward)
19.62%
15.81%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 94.07 99.35
Non-U.S. Developed 2.51 0.29
Cash & Equivalents 3.42 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Financials 23.55 17.94
Industrials 15.06 12.09
Materials 14.09 6.08
Real Estate 12.84 13.85
Utilities 6.86 11.08
Consumer Staples 5.82 5.10
Consumer Discretionary 5.61 8.85
Energy 4.74 6.27
Information Technology 4.71 8.60
Health Care 3.30 6.85
Cash & Equivalents 3.42 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
$10B to $50B 32.98 63.26
$5B to $10B 34.02 25.02
$1B to $5B 29.58 11.24

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 95.37 99.35
Africa/Mideast 1.21 -
Cash & Equivalents 3.42 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • We remain focused on limiting downside in what we view as a richly valued equity market.
  • During the quarter, we added to consumer discretionary on price weakness and trimmed industrials and technology on strength
  • We believe value is in the early stages of improving performance relative to growth.

Read The Full Commentary