(

JSMGX

)

Triton Fund

Moderate Small to Mid-Cap Growth Equities
NAV As of 02/22/18 $29.97

Jump to a section

Fund Facts

Details Performance (As of 02/22/18) Morningstar (As of 01/31/18)
02/25/05 Inception Date
$10.20B Total Net Assets (As of 01/31/18)
GROSS 0.77%
NET 0.77%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 01/31/18)
Fee Level Group
Small Cap Institutional
(out of 592 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-0.27% 1 Day Return
3.77% YTD Return
Category
Small Growth
ic_star ic_star ic_star ic_star ic_star
607 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
bronze 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

A moderately positioned, small-mid-cap growth fund seeking to provide consistent relative returns with lower volatility than the index. The Fund invests in small-cap companies with differentiated business models and sustainable competitive advantages that are positioned to grow market share regardless of economic conditions.

Why Invest in the Fund

    Unique Business Models

  1. Seeks small-cap companies that stand out from competitors – through differentiated business models, innovative approaches or unique products or services – that are using their competitive advantages to grow over a multi-year time frame.
  2. Deep, Specialized Team

  3. In-depth fundamental research supported by a team of analysts, a team of small-mid cap specialists and a portfolio management team with experience looking for small-cap companies early in their life cycle that have the potential to grow into mid-sized companies.
  4. Moderate Approach to Growth

  5. The Fund offers the potential for capital appreciation through exposure to small companies having the potential to quickly grow into mid-size companies with a focus on resilient business models positioned to weather a variety of market environments.

Top Decile Risk-Adjusted Performance with Bottom Quartile Volatility

5 Year Risk/reward rankings in Morningstar Small Growth Category (665 funds) as of 12/31/17

Chart: Triton Fund 5 Year Risk/reward rankings in Morningstar Small Growth Category (665 funds) as of 12/31/17

3-Year risk/reward rankings in Morningstar Small Growth Category as of 12/31/17: Alpha – 17th percentile ranked 102 of 708 funds, Sharpe Ratio – 10th percentile ranked 66 of 708 funds, Standard Deviation – 83rd percentile ranked 578 of 708 funds and Beta – 66th percentile ranked 499 of 708 funds.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Triton Fund – I Shares 5.61% 27.07% 27.07% 12.51% 16.33% 11.47% 13.16%
Russell 2500™ Growth Index 6.35% 24.46% 24.46% 10.88% 15.47% 9.62% 9.92%
Russell 2000® Growth Index 4.59% 22.17% 22.17% 10.28% 15.21% 9.19% 9.27%
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Triton Fund – I Shares 8.57% 5.16% 30.51% 15.15% 16.17% 12.95% 13.51%
Russell 2500™ Growth Index 8.75% 4.99% 27.65% 13.28% 15.06% 11.09% 10.27%
Russell 2000® Growth Index 7.00% 3.90% 24.90% 12.56% 14.62% 10.67% 9.53%
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 I 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 12/31/2017)
(As of 01/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 20 19 15 3 1
Small Growth Category
Rank/Count
156/728 113/708 88/665 12/583 4/543
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 14 16 12 3 1
Small Growth Category
Rank/Count
104/727 106/708 74/665 13/586 4/542

Calendar Year Performance

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

RETURNS-BASED STATISTICS

(As of 01/31/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2500™ GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.85 0.38
Alpha 2.56 2.42
Tracking Error 2.22 2.94
Beta 0.93 0.90
R-Squared (%) 97.46 95.08

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 2500™ GROWTH INDEX

3 YEAR 5 YEAR
Up Capture Ratio 101.80 97.60
Down Capture Ratio 89.89 87.56

STANDARD DEVIATION

3 YEAR 5 YEAR
Triton Fund 12.53 11.80
Russell 2500™ Growth Index 13.34 12.84

SHARPE RATIO

3 YEAR 5 YEAR
Triton Fund 1.18 1.35
Russell 2500™ Growth Index 0.96 1.15

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.13%
Total Gross Expenses 0.77%
Waivers 0.00%
Total Net Expenses 0.77%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the Russell 2500™ Growth Index.

TOP HOLDINGS

(As of 01/31/2018)

% of Fund
SS&C Technologies Holdings Inc 2.35
Broadridge Financial Solutions Inc 2.27
ON Semiconductor Corp 2.18
ServiceMaster Global Holdings Inc 2.01
HEICO Corp 1.90
Blackbaud Inc 1.84
Catalent Inc 1.77
Cadence Design Systems Inc 1.75
Belden Inc 1.69
STERIS PLC 1.63
TOTAL 19.39

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Equity Issues
125
Market Capitalization
Weighted Average
$5.93B
Market Capitalization
Median
$5.27B
Portfolio Turnover Rate
(1-year trailing)
21.75%
Price/Earnings Ratio
(1-year forward)
31.12
Price/Book Ratio
(1-year forward)
6.03
Earnings Growth Rate
(1-year forward)
14.01%

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND % OF INDEX
U.S. 94.58 99.41
Non-U.S. Developed 0.66 0.37
Non-U.S. Emerging 0.51 0.22
Cash & Equivalents 4.25 -

SECTOR ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
Information Technology 28.18 26.27
Health Care 19.54 18.22
Industrials 18.48 19.06
Consumer Discretionary 12.41 14.56
Financials 7.64 7.57
Materials 4.07 6.25
Real Estate 1.84 3.24
Consumer Staples 1.64 2.21
Energy 0.98 1.48
Equity Other 0.97 0.02
Cash & Equivalents 4.25 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 01/31/2018)

% OF FUND % OF INDEX
$10B to $50B 15.10 20.26
$5B to $10B 34.25 31.87
$1B to $5B 43.06 41.90
$500M to $1B 1.18 3.99
$250M to $500M 0.09 1.48
$100M to $250M 0.10 0.46
N/A 1.97 0.02

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND % OF INDEX
North America 94.58 99.43
Europe 0.66 0.12
Asia/Pacific Ex Japan 0.51 0.43
Cash & Equivalents 4.25 -

Commentary & Literature

4Q17 Portfolio Commentary Highlights

  • U.S. small-cap stocks ended the year with another quarter of strong gains, driven by the anticipation that corporate tax reform will boost future earnings for small-cap companies.
  • The Fund underperformed its benchmark.
  • After impressive gains in 2017, we would expect lower returns from small-cap stocks this year.

Read The Full Commentary