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JISCX

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Small Cap Value Fund

Defensive Small-Cap Value Equities
NAV As of 04/22/19 $21.08

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Fund Facts

Details Performance (As of 04/22/19) Morningstar (As of 03/31/19)
10/21/87 Inception Date
$2.97B Total Net Assets (As of 03/31/19)
GROSS 1.30%
NET 1.30%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
-0.52% 1 Day Return
15.44% YTD Return
Category
Small Value
ic_star ic_star ic_star ic_star ic_star
393 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 (405 funds) as of 3/31/19

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 03/31/2019)
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small Cap Value Fund – S Shares 12.05% 12.05% 0.21% 9.82% 6.96% 13.28% N/A
Russell 2000® Value Index 11.93% 11.93% 0.17% 10.86% 5.59% 14.12% N/A
Inception: Oct 21, 1987 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small Cap Value Fund – S Shares 12.05% 12.05% 0.21% 9.82% 6.96% 13.28% N/A
Russell 2000® Value Index 11.93% 11.93% 0.17% 10.86% 5.59% 14.12% 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 S 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 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 20 24 10 65 N/A
Small Value Category
Rank/Count
80/444 98/423 43/394 231/346 N/A
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 20 24 10 65 N/A
Small Value Category
Rank/Count
80/444 98/423 43/394 231/346 N/A

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.12 0.36
Alpha 1.85 2.82
Tracking Error 5.17 4.96
Beta 0.75 0.77
R-Squared (%) 93.21 93.13

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

3 YEAR 5 YEAR
Up Capture Ratio 77.16 81.75
Down Capture Ratio 70.15 71.21

STANDARD DEVIATION

3 YEAR 5 YEAR
Small Cap Value Fund 12.54 12.54
Russell 2000® Value Index 16.12 15.81

SHARPE RATIO

3 YEAR 5 YEAR
Small Cap Value Fund 0.72 0.53
Russell 2000® Value Index 0.60 0.31

ANNUAL FEES & EXPENSES

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

CLASS S SHARES
Management Fees 0.77%
12b-1 Fees 0.25%
Other Expenses 0.28%
Total Gross Expenses 1.30%
Waivers 0.00%
Total Net Expenses 1.30%
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 03/31/2019)

% of Fund
UniFirst Corp/MA 3.46
Cedar Fair LP 3.26
Nomad Foods Ltd 2.71
Hanover Insurance Group Inc 2.68
Equity Commonwealth 2.58
Black Hills Corp 2.36
Sun Communities Inc 2.30
RenaissanceRe Holdings Ltd 2.20
STAG Industrial Inc 2.17
Union Bankshares Corp 2.10
TOTAL 25.82

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
75
1366
Market Capitalization
Weighted Average
$3.28B
$2.08B
Portfolio Turnover Rate
(1-year trailing)
42.23%
-
Price/Earnings Ratio
(1-year forward)
15.32
16.54
Price/Book Ratio
(1-year forward)
1.86
1.64
Earnings Growth Rate
(1-year forward)
6.55%
0.97%

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
U.S. 88.40 99.03
Non-U.S. Developed 7.01 0.77
Cash & Equivalents 4.59 -

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Financials 30.20 28.25
Industrials 15.03 11.27
Real Estate 9.69 12.38
Materials 7.77 4.30
Consumer Discretionary 7.71 9.29
Information Technology 7.67 11.51
Consumer Staples 7.31 2.61
Energy 4.58 5.74
Utilities 3.96 7.31
Equity Other 1.17 -
Health Care 0.32 4.29
Cash & Equivalents 4.59 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
$10B to $50B 2.30 -
$5B to $10B 9.09 2.09
$1B to $5B 73.01 75.39
$500M to $1B 8.88 13.02
$250M to $500M 0.96 6.91
N/A 1.17 -

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 90.77 99.30
Europe 2.71 0.58
Africa/Mideast 1.93 0.04
Cash & Equivalents 4.59 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • The Fund outperformed for the quarter, driven by stock selection in staples, industrials and financials.
  • We added to select banks and consumer discretionary and trimmed packaging and consumer staples on strength.
  • We continue to focus on stocks with durable competitive advantages and strong balance sheets, trading at attractive prices.

Read The Full Commentary