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JATTX

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Triton Fund

Moderate Small to Mid-Cap Growth Equities
NAV As of 12/07/18 $28.57

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
02/25/05 Inception Date
$10.76B Total Net Assets (As of 10/31/18)
GROSS 0.92%
NET 0.92%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Small Cap No Load
(out of 440 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-2.32% 1 Day Return
0.21% YTD Return
Category
Small Growth
ic_star ic_star ic_star ic_star ic_star
591 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 (660 funds) as of 9/30/18

3-Year risk/reward rankings in Morningstar Small Growth Category as of 9/30/18: Alpha – 13th percentile ranked 73 of 706 funds, Sharpe Ratio – 4th percentile ranked 21 of 706 funds, Standard Deviation – 93rd percentile ranked 643 of 706 funds and Beta – 80th percentile ranked 552 of 706 funds.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Triton Fund – T Shares 7.41% 17.99% 24.53% 20.60% 14.84% 16.18% 13.77%
Russell 2500™ Growth Index 7.17% 15.78% 23.13% 17.96% 12.88% 13.61% 10.54%
Russell 2000® Growth Index 5.52% 15.76% 21.06% 17.98% 12.14% 12.65% 9.92%
Inception: Feb 25, 2005 3M YTD 1YR 3YR 5YR 10YR Since Inception
Triton Fund – T Shares -10.42% 6.42% 6.96% 13.09% 11.32% 18.85% 12.74%
Russell 2500™ Growth Index -11.66% 3.80% 4.08% 10.99% 9.23% 16.66% 9.53%
Russell 2000® Growth Index -13.36% 2.69% 2.81% 9.97% 8.22% 15.55% 8.84%
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 47 22 11 4 2
Small Growth Category
Rank/Count
363/728 148/701 63/660 17/591 7/533
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 47 26 8 4 2
Small Growth Category
Rank/Count
336/693 176/670 49/629 18/566 7/507

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2500™ GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 1.12 0.91
Alpha 3.56 3.17
Tracking Error 2.42 2.79
Beta 0.89 0.91
R-Squared (%) 97.88 96.34

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

3 YEAR 5 YEAR
Up Capture Ratio 101.46 101.50
Down Capture Ratio 84.40 87.19

STANDARD DEVIATION

3 YEAR 5 YEAR
Triton Fund 12.78 12.85
Russell 2500™ Growth Index 14.20 13.93

SHARPE RATIO

3 YEAR 5 YEAR
Triton Fund 1.01 0.90
Russell 2500™ Growth Index 0.72 0.65

ANNUAL FEES & EXPENSES

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

CLASS T SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.28%
Total Gross Expenses 0.92%
Waivers 0.00%
Total Net Expenses 0.92%
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 10/31/2018)

% of Fund
Broadridge Financial Solutions Inc 2.52
HEICO Corp 2.28
SS&C Technologies Holdings Inc 2.18
Catalent Inc 1.88
ServiceMaster Global Holdings Inc 1.86
STERIS PLC 1.86
Euronet Worldwide Inc 1.75
Cadence Design Systems Inc 1.64
LPL Financial Holdings Inc 1.62
Sensient Technologies Corp 1.51
TOTAL 19.10

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
122
1493
Market Capitalization
Weighted Average
$5.67B
$5.06B
Portfolio Turnover Rate
(1-year trailing)
15.05%
-
Price/Earnings Ratio
(1-year forward)
24.70
26.27
Price/Book Ratio
(1-year forward)
5.10
6.74
Earnings Growth Rate
(1-year forward)
22.86%
29.69%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 93.00 99.88
Non-U.S. Developed 0.41 0.03
Non-U.S. Emerging 0.32 0.09
Cash & Equivalents 6.27 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Information Technology 23.98 23.48
Industrials 20.84 17.00
Health Care 20.03 22.48
Consumer Discretionary 12.34 15.46
Financials 5.87 7.15
Materials 3.90 4.51
Consumer Staples 2.08 2.14
Real Estate 1.69 2.64
Energy 1.54 1.50
Communication Services 1.46 3.38
Cash & Equivalents 6.27 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
$10B to $50B 11.31 9.04
$5B to $10B 38.95 35.42
$1B to $5B 40.84 47.38
$500M to $1B 2.37 5.41
$250M to $500M 0.23 2.00
N/A 0.03 0.05

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 93.00 99.90
Europe 0.41 0.02
Asia/Pacific Ex Japan 0.32 0.08
Cash & Equivalents 6.27 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • Small-cap stocks gained significant ground during the period.
  • The Fund outperformed its benchmark during the period.
  • We remain concerned about excessive valuations in pockets of the small-cap market.

Read The Full Commentary