(

JVTAX

)

Venture Fund

Moderate Small-Cap Growth Equities
NAV As of 04/24/19 $79.13

Jump to a section

Fund Facts

Details Performance (As of 04/24/19) Morningstar (As of 03/31/19)
04/30/85 Inception Date
$3.45B Total Net Assets (As of 03/31/19)
GROSS 1.01%
NET 1.01%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 03/31/19)
Fee Level Group
Small Cap Front Load
(out of 250 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-0.15% 1 Day Return
24.36% YTD Return @NAV
17.21% YTD Return @MOP
Category
Small Growth
ic_star ic_star ic_star ic_star
588 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 U.S. small-cap growth fund seeking to provide consistent relative returns with lower volatility than the index. Invests in small-cap companies with differentiated business models and sustainable competitive advantages that we believe are positioned to grow market share regardless of economic conditions.

Why Invest in the Fund

    Unique Business Models

  1. Seeks small-cap companies that are differentiated from competitors – differentiated business model, innovative approach 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 broad team of analysts and team of small-mid cap specialists, and a portfolio management team with experience identifying small-cap companies early in their life cycle.
  4. Moderate Approach to Growth

  5. Offers potential for capital appreciation through exposure to small and fast growing companies with a focus on resilient business models positioned to weather a variety of market environments.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 03/31/2019)
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 20.67% 20.67% 8.61% 15.76% 10.80% 18.53% 12.04%
Class A Shares @MOP 13.73% 13.73% 2.37% 13.50% 9.49% 17.83% 11.84%
Russell 2000® Growth Index 17.14% 17.14% 3.85% 14.87% 8.41% 16.52% 8.29%
Russell 2000® Index 14.58% 14.58% 2.05% 12.92% 7.05% 15.36% 9.63%
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 20.67% 20.67% 8.61% 15.76% 10.80% 18.53% 12.04%
Class A Shares @MOP 13.73% 13.73% 2.37% 13.50% 9.49% 17.83% 11.84%
Russell 2000® Growth Index 17.14% 17.14% 3.85% 14.87% 8.41% 16.52% 8.29%
Russell 2000® Index 14.58% 14.58% 2.05% 12.92% 7.05% 15.36% 9.63%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class A Shares that includes periods prior to 5/6/11, reflects the performance of one or more share classes 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 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 43 50 18 12 15
Small Growth Category
Rank/Count
310/691 353/666 125/639 72/562 9/49
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 43 50 18 12 15
Small Growth Category
Rank/Count
310/691 353/666 125/639 72/562 9/49

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 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.31 0.71
Alpha 2.54 3.23
Tracking Error 3.91 3.80
Beta 0.89 0.90
R-Squared (%) 94.56 95.30

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

3 YEAR 5 YEAR
Up Capture Ratio 90.65 96.50
Down Capture Ratio 76.81 83.91

STANDARD DEVIATION

3 YEAR 5 YEAR
Venture Fund 14.90 15.77
Russell 2000® Growth Index 16.27 17.05

SHARPE RATIO

3 YEAR 5 YEAR
Venture Fund 1.00 0.66
Russell 2000® Growth Index 0.84 0.45

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS A SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.12%
Total Gross Expenses 1.01%
Waivers 0.00%
Total Net Expenses 1.01%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the Russell 2000® Growth Index.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
SS&C Technologies Holdings Inc 2.55
HEICO Corp 2.35
Nice Ltd (ADR) 2.24
Euronet Worldwide Inc 2.08
STERIS PLC 1.96
Catalent Inc 1.92
ServiceMaster Global Holdings Inc 1.89
LPL Financial Holdings Inc 1.77
Cadence Design Systems Inc 1.76
Blackbaud Inc 1.64
TOTAL 20.16

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
123
1239
Market Capitalization
Weighted Average
$5.06B
$2.67B
Portfolio Turnover Rate
(1-year trailing)
27.84%
-
Price/Earnings Ratio
(1-year forward)
27.76
25.25
Price/Book Ratio
(1-year forward)
5.11
4.77
Earnings Growth Rate
(1-year forward)
8.26%
8.66%

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
U.S. 89.67 99.94
Non-U.S. Developed 7.72 0.01
Non-U.S. Emerging 1.33 0.05
Cash & Equivalents 1.28 -

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Information Technology 32.95 19.33
Health Care 21.95 26.81
Industrials 16.56 17.34
Consumer Discretionary 9.74 14.43
Financials 7.54 6.94
Materials 3.87 3.41
Energy 1.81 1.80
Real Estate 1.78 3.16
Consumer Staples 1.67 2.95
Communication Services 0.85 3.31
Cash & Equivalents 1.28 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
$10B to $50B 12.62 0.12
$5B to $10B 24.76 8.83
$1B to $5B 49.25 75.76
$500M to $1B 10.50 10.09
$250M to $500M 1.49 3.71
Under $100M 0.10 0.11

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 91.93 99.96
Africa/Mideast 3.02 -
Europe 2.44 0.03
Asia/Pacific Ex Japan 1.33 0.01
Cash & Equivalents 1.28 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stocks rebounded in the first quarter after the Federal Reserve indicated it would take a cautious approach to raising interest rates.
  • The Fund outperformed its primary benchmark during the quarter.
  • We remain concerned about excessive valuations in pockets of the small-cap market.

Read The Full Commentary