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JAVTX

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Venture Fund

Moderate Small-Cap Growth Equities
NAV As of 12/14/18 $73.55

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
04/30/85 Inception Date
$3.29B Total Net Assets (As of 11/30/18)
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
-1.55% 1 Day Return
-3.73% YTD Return
Category
Small Growth
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-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.

Top Quintile Risk-Adjusted Returns with Lower Volatility than a Majority of Peers

5 year risk/reward rankings in Morningstar Small Growth Category (660 funds) as of 9/30/18

As of 9/30/18, Venture Fund Class I Shares 3-year percentile rankings in the Morningstar Small Growth category (706 funds): 42nd for Alpha, 31st for Sharpe Ratio, 74th for Standard Deviation and 64th for Beta.
Closed to certain new investors.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Venture Fund – T Shares 5.57% 17.28% 21.95% 18.06% 13.06% 14.98% 12.54%
Russell 2000® Growth Index 5.52% 15.76% 21.06% 17.98% 12.14% 12.65% 8.70%
Russell 2000® Index 3.58% 11.51% 15.24% 17.12% 11.07% 11.11% 10.08%
Inception: Apr 30, 1985 3M YTD 1YR 3YR 5YR 10YR Since Inception
Venture Fund – T Shares -11.80% 4.90% 5.08% 10.07% 9.54% 18.25% 12.11%
Russell 2000® Growth Index -13.36% 2.69% 2.81% 9.97% 8.22% 15.55% 8.26%
Russell 2000® Index -11.62% 0.98% 0.57% 10.08% 7.50% 14.04% 9.70%
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 (%) 58 50 27 9 21
Small Growth Category
Rank/Count
448/728 350/701 167/660 64/591 10/53
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 59 68 27 8 14
Small Growth Category
Rank/Count
436/693 458/670 174/629 43/566 8/49

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 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 2000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.07 0.36
Alpha 1.47 2.29
Tracking Error 3.75 4.10
Beta 0.86 0.88
R-Squared (%) 94.82 93.13

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

3 YEAR 5 YEAR
Up Capture Ratio 87.94 94.41
Down Capture Ratio 81.60 85.70

STANDARD DEVIATION

3 YEAR 5 YEAR
Venture Fund 13.59 13.99
Russell 2000® Growth Index 15.36 15.33

SHARPE RATIO

3 YEAR 5 YEAR
Venture Fund 0.68 0.65
Russell 2000® Growth Index 0.59 0.50

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 2000® Growth Index.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Nice Ltd (ADR) 2.24
Euronet Worldwide Inc 2.23
HEICO Corp 2.22
SS&C Technologies Holdings Inc 2.04
STERIS PLC 2.01
ServiceMaster Global Holdings Inc 1.90
Catalent Inc 1.84
LPL Financial Holdings Inc 1.62
Broadridge Financial Solutions Inc 1.48
Sensient Technologies Corp 1.47
TOTAL 19.05

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
131
1239
Market Capitalization
Weighted Average
$4.45B
$2.50B
Portfolio Turnover Rate
(1-year trailing)
27.31%
-
Price/Earnings Ratio
(1-year forward)
26.62
27.27
Price/Book Ratio
(1-year forward)
4.56
5.57
Earnings Growth Rate
(1-year forward)
24.59%
31.80%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 90.61 99.90
Non-U.S. Developed 7.25 0.06
Non-U.S. Emerging 0.93 0.04
Cash & Equivalents 1.21 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Information Technology 30.29 17.45
Health Care 23.50 26.93
Industrials 17.71 18.02
Consumer Discretionary 10.31 14.82
Financials 6.65 7.67
Materials 4.45 3.43
Real Estate 1.94 2.81
Energy 1.81 1.94
Consumer Staples 1.57 3.03
Communication Services 0.56 3.29
Cash & Equivalents 1.21 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
$10B to $50B 9.00 0.11
$5B to $10B 26.27 6.19
$1B to $5B 52.03 78.64
$500M to $1B 9.72 9.58
$250M to $500M 1.18 4.02
$100M to $250M 0.45 1.21
Under $100M 0.11 0.10
N/A 0.03 0.15

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 92.46 99.95
Africa/Mideast 3.05 -
Europe 2.35 0.03
Asia/Pacific Ex Japan 0.93 0.02
Cash & Equivalents 1.21 -

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