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JAOSX

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Overseas Fund

Non-U.S. All Cap Equities
NAV As of 02/15/19 $29.49

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Fund Facts

Details Performance (As of 02/15/19) Morningstar (As of 01/31/19)
05/02/94 Inception Date
$1.36B Total Net Assets (As of 01/31/19)
GROSS 0.77%
NET 0.77%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 01/31/19)
Fee Level Group
Foreign Large Cap No Load
(out of 314 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.27% 1 Day Return
7.82% YTD Return
Category
Foreign Large Blend
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

An international equity fund seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio manager believes the market underestimates free-cash-flow growth. The Fund considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of market conditions.

Why Invest in the Fund

    Flexible International All-Cap Equities

  1. The portfolio managers have the flexibility to invest in 30 to 60 companies outside the U.S. and across the market cap and style spectrum where free-cash-flow growth is believed to be underestimated by the market. The portfolio managers search for both growing companies and attractive valuations.
  2. Differentiated Insights

  3. The intersection of independent viewpoints and differentiated perspectives between the portfolio managers and research analysts should lead to potentially greater and more consistent excess returns over time.
  4. Exacting Portfolio Construction

  5. Taking a prudent approach to portfolio construction and risk management, the portfolio managers aim to drive superior risk-adjusted returns over the full market cycle through stock selection in an effort to avoid persistent biases.

Featured Insights

Performance

RETURNS

(As of 12/31/2018)
(As of 01/31/2019)
Inception: May 02, 1994 3M YTD 1YR 3YR 5YR 10YR Since Inception
Overseas Fund – T Shares -14.04% -15.36% -15.36% 1.11% -4.00% 3.91% 7.06%
MSCI All Country World ex-U.S. Index℠ -11.46% -14.20% -14.20% 4.48% 0.68% 6.57% -
Inception: May 02, 1994 3M YTD 1YR 3YR 5YR 10YR Since Inception
Overseas Fund – T Shares 1.25% 7.31% -14.54% 7.61% -1.37% 4.75% 7.34%
MSCI All Country World ex-U.S. Index℠ 3.66% 7.56% -12.58% 9.59% 3.11% 8.35% -
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 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 64 81 100 92 13
Foreign Large Blend Category
Rank/Count
418/763 537/710 614/619 488/521 20/134
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 73 43 100 96 13
Foreign Large Blend Category
Rank/Count
484/764 240/713 617/623 507/522 20/135

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD EX-U.S. INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.38 -0.60
Alpha -2.34 -4.44
Tracking Error 4.82 7.23
Beta 1.09 1.20
R-Squared (%) 87.52 82.18

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI ALL COUNTRY WORLD EX-U.S. INDEX℠

3 YEAR 5 YEAR
Up Capture Ratio 102.51 108.92
Down Capture Ratio 117.75 134.69

STANDARD DEVIATION

3 YEAR 5 YEAR
Overseas Fund 13.32 16.12
MSCI All Country World ex-U.S. Index℠ 11.44 12.18

SHARPE RATIO

3 YEAR 5 YEAR
Overseas Fund 0.50 -0.12
MSCI All Country World ex-U.S. Index℠ 0.75 0.20

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS T SHARES
Management Fees 0.48%
12b-1 Fees -
Other Expenses 0.29%
Total Gross Expenses 0.77%
Waivers 0.00%
Total Net Expenses 0.77%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI All Country World ex-U.S. Index℠.

TOP HOLDINGS

(As of 01/31/2019)

% of Fund
Alibaba Group Holding Ltd (ADR) 4.56
Safran SA 4.37
Diageo PLC 4.17
AIA Group Ltd 4.05
Rio Tinto Ltd 3.83
Takeda Pharmaceutical Co Ltd 3.77
ASML Holding NV 3.71
Tencent Holdings Ltd 3.52
NN Group NV 3.49
BNP Paribas SA 3.40
TOTAL 38.87

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Equity Issues
44
2136
Market Capitalization
Weighted Average
$99.01B
$66.56B
Portfolio Turnover Rate
(1-year trailing)
27.15%
-
Price/Earnings Ratio
(1-year forward)
16.98
16.42
Price/Book Ratio
(1-year forward)
2.87
2.48
Earnings Growth Rate
(1-year forward)
3.77%
6.07%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
Non-U.S. Developed 76.11 73.75
Non-U.S. Emerging 20.48 26.23
U.S. 0.32 0.02
Cash & Equivalents 3.09 -

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Financials 23.99 22.14
Consumer Discretionary 15.66 10.71
Information Technology 10.68 8.13
Industrials 10.05 11.66
Materials 9.64 7.65
Health Care 9.10 8.20
Consumer Staples 8.31 9.62
Energy 5.96 7.44
Communication Services 3.52 7.64
Cash & Equivalents 3.09 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2019)

% OF FUND % OF INDEX
Over $100B 25.50 18.49
$50B to $100B 33.37 17.92
$10B to $50B 24.21 43.60
$5B to $10B 7.84 12.97
$1B to $5B 4.90 5.48
$500M to $1B 1.09 -

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Europe 44.72 43.43
Asia/Pacific Ex Japan 30.25 27.33
Japan 15.23 16.51
North America 6.71 6.81
Cash & Equivalents 3.09 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Fears of slowing global economic growth and rising trade tensions between the U.S. and China drove stocks lower in the fourth quarter.
  • The Fund underperformed its benchmark.
  • Heading into 2019, both the economic growth and market performance hinge largely on the ability of China and the U.S. to resolve trade conflicts. Against this uncertain backdrop, we have marginally reduced the total number of stocks in our portfolio to focus on our highest-conviction ideas

Read The Full Commentary