(

JDSNX

)

Small Cap Value Fund

Defensive Small-Cap Value Equities
NAV As of 02/20/19 $20.98

Jump to a section

Fund Facts

Details Performance (As of 02/20/19) Morningstar (As of 01/31/19)
10/21/87 Inception Date
$2.83B Total Net Assets (As of 01/31/19)
GROSS 0.81%
NET 0.81%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 01/31/19)
Fee Level Group
Small Cap Institutional
(out of 597 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
0.82% 1 Day Return
13.96% YTD Return
Category
Small Value
ic_star ic_star ic_star ic_star ic_star
384 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 405 Funds as of 12/31/18

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 12/31/2018)
(As of 01/31/2019)
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small Cap Value Fund – N Shares -13.91% -12.97% -12.97% 7.54% 5.48% 10.98% N/A
Russell 2000® Value Index -18.67% -12.86% -12.86% 7.37% 3.61% 10.40% N/A
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small Cap Value Fund – N Shares 1.87% 8.80% -5.35% 12.26% 7.92% 13.00% N/A
Russell 2000® Value Index -0.90% 10.94% -4.51% 13.76% 6.62% 13.28% 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
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 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 15 2 44 N/A
Small Value Category
Rank/Count
92/423 55/404 8/375 128/326 N/A
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 34 38 9 56 N/A
Small Value Category
Rank/Count
132/436 137/414 36/385 186/336 N/A

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

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

RISK / REWARD
VS. RUSSELL 2000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.32 0.24
Alpha 1.45 2.49
Tracking Error 5.05 4.92
Beta 0.76 0.77
R-Squared (%) 93.82 93.27

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

3 YEAR 5 YEAR
Up Capture Ratio 77.43 81.30
Down Capture Ratio 72.49 72.31

STANDARD DEVIATION

3 YEAR 5 YEAR
Small Cap Value Fund 12.92 12.49
Russell 2000® Value Index 16.42 15.77

SHARPE RATIO

3 YEAR 5 YEAR
Small Cap Value Fund 0.86 0.57
Russell 2000® Value Index 0.77 0.38

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.77%
12b-1 Fees -
Other Expenses 0.04%
Total Gross Expenses 0.81%
Waivers 0.00%
Total Net Expenses 0.81%
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 01/31/2019)

% of Fund
Cedar Fair LP 3.59
UniFirst Corp/MA 3.06
Equity Commonwealth 2.67
Nomad Foods Ltd 2.67
Hanover Insurance Group Inc 2.60
Black Hills Corp 2.27
Sun Communities Inc 2.24
RenaissanceRe Holdings Ltd 2.22
Graphic Packaging Holding Co 2.15
Prosperity Bancshares Inc 2.14
TOTAL 25.61

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Equity Issues
74
1379
Market Capitalization
Weighted Average
$3.12B
$2.04B
Portfolio Turnover Rate
(1-year trailing)
47.73%
-
Price/Earnings Ratio
(1-year forward)
15.59
17.09
Price/Book Ratio
(1-year forward)
1.99
1.67
Earnings Growth Rate
(1-year forward)
11.75%
11.73%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
U.S. 88.33 98.96
Non-U.S. Developed 7.20 0.84
Cash & Equivalents 4.47 -

SECTOR ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
Financials 30.94 28.94
Industrials 15.30 11.68
Real Estate 8.75 12.15
Materials 8.58 4.33
Information Technology 7.97 11.07
Consumer Staples 7.35 2.58
Consumer Discretionary 6.69 9.37
Energy 3.96 5.66
Utilities 3.89 6.86
Equity Other 1.18 -
Health Care 0.92 4.37
Cash & Equivalents 4.47 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2019)

% OF FUND % OF INDEX
$5B to $10B 10.11 1.39
$1B to $5B 74.58 75.59
$500M to $1B 8.29 13.69
$250M to $500M 1.37 6.65
N/A 1.18 -

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 90.87 99.31
Europe 2.68 0.57
Africa/Mideast 1.98 0.04
Cash & Equivalents 4.47 -

Commentary & Literature

4Q18 Portfolio Commentary Highlights

  • Outperformance during the quarter was driven by broad-based stock selection.
  • We have been selective buyers on market weakness, but we believe patience is key given high volatility and economic uncertainty.
  • We remain overweight consumer staples, financials, industrials and materials.

Read The Full Commentary