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Select Value Fund

Defensive Opportunistic All-Cap Value Equities
NAV As of 02/14/19 $12.03

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Fund Facts

Details Performance (As of 02/14/19) Morningstar (As of 01/31/19)
12/15/11 Inception Date
$60.68M Total Net Assets (As of 01/31/19)
GROSS 2.39%
NET 2.07%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
-0.25% 1 Day Return
9.86% YTD Return @NAV
8.86% YTD Return @CDSC
Category
Mid-Cap 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

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 50 to 75 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 12/31/2018)
(As of 01/31/2019)
Inception: Dec 15, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -12.22% -8.04% -8.04% 7.05% 5.25% - 8.60%
Class C Shares @CDSC -12.98% -8.84% -8.84% 7.05% 5.25% - 8.60%
Russell 3000® Value Index -12.24% -8.58% -8.58% 7.01% 5.77% 11.12% 11.47%
Inception: Dec 15, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 1.12% 8.04% -2.51% 11.44% 7.19% - 9.68%
Class C Shares @CDSC 0.24% 7.04% -3.36% 11.44% 7.19% - 9.68%
Russell 3000® Value Index 0.26% 8.00% -4.76% 11.79% 8.20% 13.39% 12.54%
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

MORNINGSTAR PERCENTILE

(As of 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 19 39 41 - 85
Mid-Cap Blend Category
Rank/Count
70/473 115/424 132/389 -/- 307/366
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 22 55 54 - 88
Mid-Cap Blend Category
Rank/Count
88/474 201/425 185/396 -/- 320/366

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 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 3000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio 0.31 0.05
Alpha 1.25 1.04
Tracking Error 2.57 3.19
Beta 0.95 0.88
R-Squared (%) 94.95 92.25

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 3000® VALUE INDEX

3 YEAR 5 YEAR
Up Capture Ratio 99.08 91.90
Down Capture Ratio 90.52 86.61

STANDARD DEVIATION

3 YEAR 5 YEAR
Select Value Fund 11.20 10.45
Russell 3000® Value Index 11.43 11.35

SHARPE RATIO

3 YEAR 5 YEAR
Select Value Fund 1.03 0.74
Russell 3000® Value Index 0.94 0.67

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.80%
12b-1 Fees 1.00%
Other Expenses 0.59%
Total Gross Expenses 2.39%
Waivers -0.32%
Total Net Expenses 2.07%
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 3000® Value Index.

TOP HOLDINGS

(As of 01/31/2019)

% of Fund
Laboratory Corp of America Holdings 4.48
Oracle Corp 3.91
Johnson & Johnson 3.86
Lamar Advertising Co 3.05
Alphabet Inc 2.96
Cedar Fair LP 2.81
Pfizer Inc 2.77
US Bancorp 2.75
Equity Commonwealth 2.71
Colgate-Palmolive Co 2.71
TOTAL 32.01

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Equity Issues
56
2103
Market Capitalization
Weighted Average
$108.46B
$112.70B
Portfolio Turnover Rate
(1-year trailing)
58.10%
-
Price/Earnings Ratio
(1-year forward)
17.27
16.31
Price/Book Ratio
(1-year forward)
3.23
2.35
Earnings Growth Rate
(1-year forward)
8.41%
12.81%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
U.S. 90.87 99.25
Non-U.S. Developed 1.52 0.63
Cash & Equivalents 7.61 -

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Financials 22.20 23.15
Health Care 15.11 14.39
Information Technology 10.77 9.38
Industrials 10.03 7.95
Real Estate 9.51 5.65
Consumer Staples 7.13 7.42
Energy 5.75 9.31
Utilities 3.32 6.31
Communication Services 2.96 6.77
Consumer Discretionary 2.81 5.63
Materials 2.80 4.04
Cash & Equivalents 7.61 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2019)

% OF FUND % OF INDEX
Over $100B 26.73 37.66
$50B to $100B 13.05 15.18
$10B to $50B 18.95 28.78
$5B to $10B 10.84 7.95
$1B to $5B 20.92 8.79
$500M to $1B 1.90 0.98

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 90.87 99.28
Africa/Mideast 1.52 -
Cash & Equivalents 7.61 -

Commentary & Literature