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JSHNX

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Short-Term Bond Fund

25 Years of Fundamental Fixed Income Investing
NAV As of 12/14/18 $2.97

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
09/01/92 Inception Date
$1.43B Total Net Assets (As of 10/31/18)
GROSS 0.50%
NET 0.44%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
2.76% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 3.08%
Without Waivers 2.93%
Monthly Distribution Frequency
Performance (As of 12/14/18)
0.01% 1 Day Return %
0.92% YTD Return
Category
Short-Term Bond
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

This dynamic, short duration bond fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

Why Invest in the Fund

    Dynamic Core Short-Duration Bond Holding

  1. The Fund emphasizes risk-adjusted returns and capital preservation while seeking to identify the best opportunities across fixed income sectors using a bottom-up, fundamentally driven investment process.
  2. Integrated Research

  3. Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free cash flow generation, quality of management and security valuation.
  4. Sophisticated Risk Management

  5. Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

The Fund Has Delivered Positive Calendar Year Returns for More Than Two Decades

Calendar Year Returns – Class I Shares (1993 – 2017)

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Short-Term Bond Fund – N Shares 0.93% 0.71% 0.87% 1.18% 1.15% 2.45% 3.76%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.33% 0.41% 0.20% 0.73% 0.83% 1.67% 3.77%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Short-Term Bond Fund – N Shares 0.29% 0.82% 1.01% 1.25% 1.05% 2.31% 3.74%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.33% 0.81% 0.85% 0.94% 0.85% 1.57% 3.76%
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 N Shares that includes periods prior to 5/31/12 reflects the performance of one or more share classes of the Fund or a predecessor fund.  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 (%) 25 57 53 37 38
Short-Term Bond Category
Rank/Count
124/546 259/520 221/463 142/389 44/148
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 53 53 57 38
Short-Term Bond Category
Rank/Count
114/545 239/517 224/462 216/386 45/149

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS 1-3 YEAR U.S. GOVERNMENT/CREDIT INDEX

3 YEAR 5 YEAR
Information Ratio 0.39 0.23
Alpha 0.49 0.26
Tracking Error 0.67 0.67
Beta 0.71 0.87
R-Squared (%) 40.46 44.92

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS 1-3 YEAR U.S. GOVERNMENT/CREDIT INDEX

3 YEAR 5 YEAR
Up Capture Ratio 99.03 113.76
Down Capture Ratio 56.79 105.88

STANDARD DEVIATION

3 YEAR 5 YEAR
Short-Term Bond Fund 0.82 0.89
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.74 0.69

SHARPE RATIO

3 YEAR 5 YEAR
Short-Term Bond Fund 0.21 0.50
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index -0.12 0.42

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.44%
12b-1 Fees -
Other Expenses 0.06%
Total Gross Expenses 0.50%
Waivers -0.06%
Total Net Expenses 0.44%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
United States Treasury Note/Bond, 2.62%, 08/31/20 4.15
United States Treasury Note/Bond, 2.75%, 09/30/20 3.57
Kinder Morgan Inc/DE, 3.05%, 12/01/19 1.80
Citigroup Inc, 2.45%, 01/10/20 1.74
United States Treasury Note/Bond, 2.62%, 07/31/20 1.66
United States Treasury Note/Bond, 3.38%, 11/15/19 1.57
Ball Corp, 4.38%, 12/15/20 1.56
United States Treasury Note/Bond, 2.88%, 09/30/23 1.50
Citibank Credit Card Issuance Trust, 1.80%, 09/20/21 1.45
Citibank NA, 1.85%, 09/18/19 1.44
TOTAL 20.44

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Debt Issues
201
1562
Portfolio Turnover Rate
(1-year trailing)
86.97%
-
Weighted Average Maturity
(years)
2.43
1.91
Effective Duration
(years)
1.46
1.84

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 89.55 87.24
Non-U.S. Developed 8.72 7.70
Non-U.S. Emerging 1.26 1.06
Cash & Equivalents 0.47 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
Aaa 26.60 72.12
Aa 5.73 6.80
A 11.99 11.06
Baa 32.03 10.02
Ba 17.90 -
B 3.58 -
Caa 0.05 -
NOT RATED 1.65 -
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Credit-Investment Grade 43.71 24.22
Credit-High Yield 18.79 -
Treasuries 17.65 64.11
ABS 12.35 -
Bank Loans 4.51 -
CMBS 1.05 -
MBS 0.48 -
Government Related 0.38 11.17
CMO 0.32 -
Non-US Collateralized 0.29 -
Cash & Equivalents 0.47 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
< 1 yr 18.80 3.91
1 - 3 yrs 60.88 95.95
3 - 5 yrs 12.00 0.13
5 - 7 yrs 6.46 -
7 - 10 yrs 0.78 -
> 20 yrs 0.61 0.01

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 92.03 88.93
Europe 3.09 4.89
Asia/Pacific Ex Japan 1.40 1.05
Africa/Mideast 1.39 -
Japan 0.86 0.66
Latin America 0.76 0.47
Cash & Equivalents 0.47 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The Fund outperformed its benchmark during the quarter.
  • Our corporate credit positioning drove relative outperformance.
  • We remain constructive on the U.S. economy and intend to remain opportunistic; however, given the late stages of the credit cycle, we believe some caution is warranted.

Read The Full Commentary