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JSIVX

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Small Cap Value Fund

Defensive Small-Cap Value Equities
NAV As of 08/20/19 $21.56

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Fund Facts

Details Performance (As of 08/20/19) Morningstar (As of 07/31/19)
10/21/87 Inception Date
$3.26B Total Net Assets (As of 07/31/19)
GROSS 1.02%
NET 1.02%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
-0.46% 1 Day Return
13.53% YTD Return
Category
Small Value
ic_star ic_star ic_star ic_star ic_star
380 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.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in the Morningstar Small Value Category (408 funds) as of 6/30/19

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small Cap Value Fund – L Shares 3.85% 16.54% 0.97% 10.48% 7.62% 11.91% N/A
Russell 2000® Value Index 1.38% 13.47% -6.24% 9.81% 5.39% 12.40% N/A
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small Cap Value Fund – L Shares 0.04% 17.11% -0.87% 9.24% 8.67% 11.02% N/A
Russell 2000® Value Index -2.16% 13.65% -7.71% 7.96% 6.74% 11.19% 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.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 5 12 3 49 N/A
Small Value Category
Rank/Count
20/421 56/408 15/380 163/332 N/A
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 5 10 4 46 N/A
Small Value Category
Rank/Count
22/422 45/408 18/382 153/332 N/A

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio 0.23 0.37
Alpha 2.67 3.06
Tracking Error 5.03 4.94
Beta 0.77 0.77
R-Squared (%) 94.46 93.38

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

3 YEAR 5 YEAR
Up Capture Ratio 81.87 82.52
Down Capture Ratio 72.19 71.02

STANDARD DEVIATION

3 YEAR 5 YEAR
Small Cap Value Fund 13.63 12.93
Russell 2000® Value Index 17.12 16.14

SHARPE RATIO

3 YEAR 5 YEAR
Small Cap Value Fund 0.57 0.59
Russell 2000® Value Index 0.38 0.36

ANNUAL FEES & EXPENSES

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

CLASS L SHARES
Management Fees 0.77%
12b-1 Fees -
Other Expenses 0.25%
Total Gross Expenses 1.02%
Waivers 0.00%
Total Net Expenses 1.02%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.
Class L Shares have a voluntarily agreed administrative fee waiver, which could be changed or terminated at any time.

Characteristics

Index represents the Russell 2000® Value Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
UniFirst Corp/MA 3.74
Hanover Insurance Group Inc 2.87
Cedar Fair LP 2.73
Nomad Foods Ltd 2.68
Equity Commonwealth 2.41
Atlantic Union Bankshares Corp 2.34
Black Hills Corp 2.19
Argo Group International Holdings Ltd 2.14
Prosperity Bancshares Inc 2.12
STAG Industrial Inc 2.08
TOTAL 25.30

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
82
1392
Market Capitalization
Weighted Average
$3.37B
$2.00B
Portfolio Turnover Rate
(1-year trailing)
36.74%
-
Price/Earnings Ratio
(1-year forward)
16.32
16.63
Price/Book Ratio
(1-year forward)
2.25
1.54
Earnings Growth Rate
(1-year forward)
5.52%
-1.81%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 90.35 99.06
Non-U.S. Developed 5.41 0.78
Cash & Equivalents 4.24 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Financials 32.09 30.81
Industrials 16.20 12.60
Real Estate 9.00 11.01
Consumer Discretionary 8.02 9.62
Consumer Staples 7.96 2.46
Materials 7.14 4.52
Information Technology 5.53 8.69
Energy 4.29 6.80
Utilities 3.12 6.14
Equity Other 1.19 -
Health Care 0.92 4.89
Communication Services 0.30 2.46
Cash & Equivalents 4.24 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
$10B to $50B 1.16 -
$5B to $10B 11.49 0.39
$1B to $5B 72.44 73.95
$500M to $1B 8.18 15.27
$250M to $500M 1.07 7.18
$100M to $250M 0.23 3.16
N/A 1.19 -

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 92.26 99.38
Europe 2.68 0.51
Africa/Mideast 0.82 0.03
Cash & Equivalents 4.24 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • The Fund outperformed, driven by stock selection in financials, consumer staples, materials and industrials.
  • We added to select banks and trimmed technology on strength.
  • We remain focused on higher-quality companies with strong balance sheets, and diversified earnings streams at attractive prices.

Read The Full Commentary