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JAVTX

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Venture Fund

Moderate Small-Cap Growth Equities
NAV As of 08/20/19 $78.09

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Fund Facts

Details Performance (As of 08/20/19) Morningstar (As of 07/31/19)
04/30/85 Inception Date
$3.58B Total Net Assets (As of 07/31/19)
GROSS 0.91%
NET 0.91%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Small Cap No Load
(out of 399 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.37% 1 Day Return
20.83% YTD Return
Category
Small Growth
ic_star ic_star ic_star ic_star
582 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 06/30/2019)
(As of 07/31/2019)
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Venture Fund – T Shares 3.46% 24.88% 4.90% 15.52% 10.63% 16.25% 12.23%
Russell 2000® Growth Index 2.75% 20.36% -0.49% 14.69% 8.63% 14.41% 8.31%
Russell 2000® Index 2.10% 16.98% -3.31% 12.30% 7.06% 13.45% 9.63%
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Venture Fund – T Shares 1.08% 25.75% 4.63% 13.65% 11.72% 15.67% 12.22%
Russell 2000® Growth Index 0.69% 21.54% -1.22% 12.66% 10.21% 13.67% 8.32%
Russell 2000® Index -0.69% 17.66% -4.42% 10.36% 8.53% 12.47% 9.62%
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 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 43 53 32 21 12
Small Growth Category
Rank/Count
327/688 371/665 215/636 124/568 7/50
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 45 57 39 19 12
Small Growth Category
Rank/Count
340/686 393/664 265/640 122/570 7/50

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.28 0.45
Alpha 2.46 2.43
Tracking Error 4.14 3.75
Beta 0.88 0.90
R-Squared (%) 94.73 95.47

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

3 YEAR 5 YEAR
Up Capture Ratio 88.73 94.28
Down Capture Ratio 77.53 85.10

STANDARD DEVIATION

3 YEAR 5 YEAR
Venture Fund 15.44 15.78
Russell 2000® Growth Index 17.16 17.10

SHARPE RATIO

3 YEAR 5 YEAR
Venture Fund 0.80 0.70
Russell 2000® Growth Index 0.66 0.55

ANNUAL FEES & EXPENSES

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

CLASS T SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.27%
Total Gross Expenses 0.91%
Waivers 0.00%
Total Net Expenses 0.91%
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 07/31/2019)

% of Fund
Nice Ltd (ADR) 2.68
HEICO Corp 2.62
Catalent Inc 2.56
ServiceMaster Global Holdings Inc 2.07
Euronet Worldwide Inc 2.06
LPL Financial Holdings Inc 2.05
STERIS PLC 1.88
Blackbaud Inc 1.81
j2 Global Inc 1.71
ON Semiconductor Corp 1.58
TOTAL 21.02

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
122
1148
Market Capitalization
Weighted Average
$5.40B
$2.60B
Portfolio Turnover Rate
(1-year trailing)
20.32%
-
Price/Earnings Ratio
(1-year forward)
32.20
28.29
Price/Book Ratio
(1-year forward)
5.12
4.97
Earnings Growth Rate
(1-year forward)
3.83%
11.74%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 88.62 99.56
Non-U.S. Developed 8.09 0.34
Non-U.S. Emerging 1.57 0.10
Cash & Equivalents 1.72 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Information Technology 33.25 18.39
Health Care 20.45 28.35
Industrials 16.57 19.08
Consumer Discretionary 9.81 12.25
Financials 8.08 5.96
Materials 4.38 3.20
Real Estate 1.83 4.51
Energy 1.57 0.72
Consumer Staples 1.52 3.23
Communication Services 0.82 2.70
Cash & Equivalents 1.72 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
$10B to $50B 11.80 0.13
$5B to $10B 30.72 3.47
$1B to $5B 47.84 82.43
$500M to $1B 6.21 9.15
$250M to $500M 1.64 3.49
Under $100M 0.07 0.03

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 91.02 99.68
Africa/Mideast 3.68 0.06
Europe 2.01 0.24
Asia/Pacific Ex Japan 1.57 0.02
Cash & Equivalents 1.72 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stocks gained ground in the second quarter, but were volatile.
  • The Fund outperformed its benchmarks during the period.
  • We see several potential sources of market volatility on the horizon, but will be opportunistic and seek to use volatility to our advantage.

Read The Full Commentary