(

JVTIX

)

Venture Fund

Moderate Small-Cap Growth Equities
NAV As of 06/24/19 $80.83

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Fund Facts

Details Performance (As of 06/24/19) Morningstar (As of 05/31/19)
04/30/85 Inception Date
$3.35B Total Net Assets (As of 05/31/19)
GROSS 0.75%
NET 0.75%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 05/31/19)
Fee Level Group
Small Cap Institutional
(out of 589 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-1.02% 1 Day Return
22.77% YTD Return
Category
Small Growth
ic_star ic_star ic_star ic_star
576 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 05/31/2019)
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Venture Fund – I Shares 20.75% 20.75% 8.91% 16.07% 11.11% 18.78% 12.22%
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
Venture Fund – I Shares -1.80% 17.76% 0.14% 13.49% 10.74% 16.19% 12.07%
Russell 2000® Growth Index -5.89% 11.76% -6.88% 11.72% 8.32% 13.93% 8.10%
Russell 2000® Index -6.64% 9.26% -9.04% 9.75% 6.71% 12.84% 9.43%
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 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 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 42 47 14 8 8
Small Growth Category
Rank/Count
296/691 330/666 99/639 43/562 5/49
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 37 50 28 11 8
Small Growth Category
Rank/Count
266/684 344/658 191/633 68/558 5/50

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 05/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.44 0.64
Alpha 2.87 2.97
Tracking Error 4.06 3.77
Beta 0.88 0.90
R-Squared (%) 94.80 95.55

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

3 YEAR 5 YEAR
Up Capture Ratio 89.84 95.33
Down Capture Ratio 76.47 84.17

STANDARD DEVIATION

3 YEAR 5 YEAR
Venture Fund 15.41 15.93
Russell 2000® Growth Index 17.04 17.27

SHARPE RATIO

3 YEAR 5 YEAR
Venture Fund 0.79 0.62
Russell 2000® Growth Index 0.61 0.44

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.75%
Waivers 0.00%
Total Net Expenses 0.75%
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 05/31/2019)

% of Fund
Nice Ltd (ADR) 2.64
HEICO Corp 2.62
Euronet Worldwide Inc 2.33
ServiceMaster Global Holdings Inc 2.26
Catalent Inc 2.22
LPL Financial Holdings Inc 2.10
STERIS PLC 1.93
SS&C Technologies Holdings Inc 1.80
j2 Global Inc 1.66
Blackbaud Inc 1.63
TOTAL 21.19

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
122
1230
Market Capitalization
Weighted Average
$5.01B
$2.75B
Portfolio Turnover Rate
(1-year trailing)
25.00%
-
Price/Earnings Ratio
(1-year forward)
27.70
26.31
Price/Book Ratio
(1-year forward)
4.80
4.80
Earnings Growth Rate
(1-year forward)
6.85%
8.20%

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND % OF INDEX
U.S. 88.06 99.95
Non-U.S. Developed 8.38 0.01
Non-U.S. Emerging 1.35 0.04
Cash & Equivalents 2.21 -

SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Information Technology 32.93 18.74
Health Care 20.56 26.07
Industrials 16.62 18.12
Consumer Discretionary 9.95 14.83
Financials 7.92 7.24
Materials 4.01 3.15
Real Estate 1.75 3.33
Energy 1.68 1.64
Consumer Staples 1.49 3.00
Communication Services 0.88 3.33
Cash & Equivalents 2.21 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
$10B to $50B 10.99 0.51
$5B to $10B 28.29 9.71
$1B to $5B 45.99 73.30
$500M to $1B 11.36 11.26
$250M to $500M 1.08 3.57
Under $100M 0.08 0.23

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
North America 90.63 99.96
Africa/Mideast 3.60 -
Europe 2.21 0.03
Asia/Pacific Ex Japan 1.35 0.01
Cash & Equivalents 2.21 -

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