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JCSCX

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Small Cap Value Fund

Defensive Small-Cap Value Equities
NAV As of 12/07/18 $19.99

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
10/21/87 Inception Date
$2.87B Total Net Assets (As of 10/31/18)
GROSS 1.91%
NET 1.91%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Small Cap Level Load
(out of 224 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.79% 1 Day Return
-8.64% YTD Return @NAV
-9.55% YTD Return @CDSC
Category
Small Value
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367 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
silver 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.

Competitive Risk-Adjusted Returns with Less Risk than the Vast Majority of Peers

3 Year Reward/Risk Measures in the Morningstar Small Value Category 391 Funds as of 9/30/18

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 0.32% 0.27% 5.14% 13.01% 9.52% 9.40% N/A
Class C Shares @CDSC -0.68% -0.73% 4.17% 13.01% 9.52% 9.40% N/A
Russell 2000® Value Index 1.60% 7.14% 9.33% 16.12% 9.91% 9.52% N/A
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -7.67% -4.75% -4.70% 8.24% 7.00% 11.52% N/A
Class C Shares @CDSC -8.59% -5.71% -5.58% 8.24% 7.00% 11.52% N/A
Russell 2000® Value Index -9.78% -0.88% -1.83% 10.08% 6.71% 12.50% N/A
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 84 62 36 68 N/A
Small Value Category
Rank/Count
359/421 237/391 136/363 224/316 N/A
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 57 36 17 82 N/A
Small Value Category
Rank/Count
236/421 133/398 77/375 278/327 N/A

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.32 0.13
Alpha 0.99 2.18
Tracking Error 4.75 4.67
Beta 0.75 0.75
R-Squared (%) 92.88 92.11

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 2000® VALUE INDEX

3 YEAR 5 YEAR
Up Capture Ratio 74.89 79.75
Down Capture Ratio 71.78 71.34

STANDARD DEVIATION

3 YEAR 5 YEAR
Small Cap Value Fund 11.31 11.14
Russell 2000® Value Index 14.57 14.16

SHARPE RATIO

3 YEAR 5 YEAR
Small Cap Value Fund 0.72 0.65
Russell 2000® Value Index 0.66 0.47

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.77%
12b-1 Fees 1.00%
Other Expenses 0.14%
Total Gross Expenses 1.91%
Waivers 0.00%
Total Net Expenses 1.91%
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 2000® Value Index.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Cedar Fair LP 3.40
Nomad Foods Ltd 2.74
Hanover Insurance Group Inc 2.50
UniFirst Corp/MA 2.42
Prosperity Bancshares Inc 2.41
Equity Commonwealth 2.24
Graphic Packaging Holding Co 2.15
NewMarket Corp 2.15
Argo Group International Holdings Ltd 2.13
Black Hills Corp 2.09
TOTAL 24.23

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
75
1374
Market Capitalization
Weighted Average
$3.00B
$1.99B
Portfolio Turnover Rate
(1-year trailing)
47.62%
-
Price/Earnings Ratio
(1-year forward)
15.84
17.57
Price/Book Ratio
(1-year forward)
2.06
1.70
Earnings Growth Rate
(1-year forward)
17.18%
16.34%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 88.14 98.65
Non-U.S. Developed 7.27 1.14
Cash & Equivalents 4.59 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Financials 30.04 28.81
Industrials 15.25 11.54
Materials 9.72 4.19
Consumer Staples 8.08 2.65
Real Estate 7.51 11.50
Consumer Discretionary 7.39 9.71
Information Technology 7.28 10.25
Energy 4.76 7.02
Utilities 3.56 6.44
Equity Other 1.18 -
Health Care 0.64 4.88
Cash & Equivalents 4.59 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
$5B to $10B 7.28 0.11
$1B to $5B 76.26 75.86
$500M to $1B 10.16 14.90
$250M to $500M 0.53 6.80
N/A 1.18 0.02

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 90.83 99.06
Europe 2.75 0.67
Africa/Mideast 1.83 0.20
Cash & Equivalents 4.59 -

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 real estate, information technology and select consumer discretionary positions.
  • We believe value is in the early stages of improving performance relative to growth.

Read The Full Commentary