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JVSNX

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Small-Mid Cap Value Fund

Defensive Opportunistic Small-Mid Cap Value Equities
NAV As of 08/16/19 $12.94

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Fund Facts

Details Performance (As of 08/16/19) Morningstar (As of 07/31/19)
12/15/11 Inception Date
$59.12M Total Net Assets (As of 07/31/19)
GROSS 1.12%
NET 0.93%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
1.57% 1 Day Return
14.41% YTD Return
Category
Mid-Cap Blend
ic_star ic_star ic_star ic_star
359 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
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

  • Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.
  • High-Conviction Process

  • The portfolio typically holds between 30 to 50 stocks with business fundamentals considered more important than fluctuations in the wider economy.
  • Different Than the Benchmark

  • The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Dec 15, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small-Mid Cap Value Fund – N Shares 4.09% 17.06% 7.73% 11.61% 8.51% - 11.27%
Russell 2500™ Value Index 1.89% 15.26% -1.92% 8.98% 5.55% 13.28% 11.94%
Russell 3000® Value Index 3.68% 16.05% 7.34% 10.19% 7.31% 13.14% 12.89%
Inception: Dec 15, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Small-Mid Cap Value Fund – N Shares 1.36% 18.21% 5.16% 10.87% 9.36% - 11.28%
Russell 2500™ Value Index -0.92% 16.01% -3.21% 7.60% 6.73% 12.26% 11.89%
Russell 3000® Value Index 0.89% 16.96% 4.23% 9.36% 7.93% 12.31% 12.85%
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 8/4/17 reflects the performance of another share class of the 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 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 19 31 15 - 73
Mid-Cap Blend Category
Rank/Count
68/444 111/403 43/367 -/- 226/335
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 28 16 - 72
Mid-Cap Blend Category
Rank/Count
106/443 101/402 47/369 -/- 224/337

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 3000® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio 0.55 0.46
Alpha 2.05 2.27
Tracking Error 2.73 3.13
Beta 0.93 0.88
R-Squared (%) 95.13 93.66

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 3000® VALUE INDEX

3 YEAR 5 YEAR
Up Capture Ratio 99.70 95.93
Down Capture Ratio 87.94 83.82

STANDARD DEVIATION

3 YEAR 5 YEAR
Small-Mid Cap Value Fund 11.66 10.89
Russell 3000® Value Index 12.28 12.05

SHARPE RATIO

3 YEAR 5 YEAR
Small-Mid Cap Value Fund 0.81 0.78
Russell 3000® Value Index 0.65 0.58

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.80%
12b-1 Fees -
Other Expenses 0.32%
Total Gross Expenses 1.12%
Waivers -0.19%
Total Net Expenses 0.93%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the Russell 3000® Value Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Laboratory Corp of America Holdings 4.85
US Bancorp 3.16
Lamar Advertising Co 2.96
Chubb Ltd 2.95
Equity LifeStyle Properties Inc 2.94
Berkshire Hathaway Inc 2.89
PepsiCo Inc 2.88
Equity Commonwealth 2.68
Merck & Co Inc 2.68
Cedar Fair LP 2.63
TOTAL 30.62

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
57
1788
Market Capitalization
Weighted Average
$102.20B
$5.09B
Portfolio Turnover Rate
(1-year trailing)
35.79%
-
Price/Earnings Ratio
(1-year forward)
18.60
17.65
Price/Book Ratio
(1-year forward)
4.11
1.90
Earnings Growth Rate
(1-year forward)
6.56%
-0.87%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 94.91 99.07
Non-U.S. Developed 0.93 0.88
Cash & Equivalents 4.16 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Financials 24.12 23.87
Health Care 14.03 5.78
Industrials 11.84 13.16
Real Estate 11.27 14.38
Information Technology 10.04 8.91
Consumer Staples 8.52 3.13
Utilities 4.61 5.83
Energy 3.63 4.89
Consumer Discretionary 2.63 10.28
Materials 2.61 6.31
Communication Services 2.54 3.46
Cash & Equivalents 4.16 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
Over $100B 24.03 -
$50B to $100B 11.43 -
$10B to $50B 29.48 8.08
$5B to $10B 11.11 38.48
$1B to $5B 18.42 44.18
$500M to $1B 1.37 5.52

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 94.91 99.18
Africa/Mideast 0.93 0.01
Cash & Equivalents 4.16 -

Commentary & Literature