(
JMGRX
)
Enterprise Fund
Moderate Mid-Cap Growth Equities
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Overview
Client Commitment
By taking a moderate approach to an asset class with potential for rapid growth, this mid-cap growth fund has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies exhibiting sustainable and durable growth.
Why Invest in the Fund
- The Fund’s investment approach focuses on long-duration, sustainable-growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.
- The Fund benefits from experienced Portfolio Managers with expertise in mid-cap investing; in-depth fundamental research conducted by a dedicated team of experts exclusively focused on small-mid-cap companies; and the broader support of an insightful team of equity investment professionals.
- The portfolio offers exposure to medium-size companies with resilient business models and is designed to weather a variety of market environments and take on moderately less risk than the index.
Smart Growth Approach
Deep, Specialized Team
Growth Potential with Tempered Volatility
Strong Risk-Adjusted Performance vs. Peers
3 Year Rankings in Morningstar Mid-Cap Growth Category (580 funds) as of 6/30/19
Past performance is no guarantee of future results.
Portfolio Management
Performance
RETURNS
| Inception: Sep 01, 1992 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Enterprise Fund – I Shares | 1.09% | 27.70% | 10.28% | 17.12% | 14.87% | 15.57% | 11.33% |
| Russell MidCap® Growth Index | -0.67% | 25.23% | 5.20% | 14.50% | 11.12% | 14.08% | 10.29% |
| Inception: Sep 01, 1992 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Enterprise Fund – I Shares | 1.09% | 27.70% | 10.28% | 17.12% | 14.87% | 15.57% | 11.33% |
| Russell MidCap® Growth Index | -0.67% | 25.23% | 5.20% | 14.50% | 11.12% | 14.08% | 10.29% |
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 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.
View Fees and Expenses
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.
CALENDAR YEAR PERFORMANCE
RETURNS-BASED STATISTICS
(As of 08/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
|---|---|---|
| Information Ratio | 0.59 | 1.12 |
| Alpha | 3.33 | 4.21 |
| Tracking Error | 3.22 | 2.99 |
| Beta | 0.88 | 0.88 |
| R-Squared (%) | 95.57 | 95.80 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 97.09 | 100.77 |
| Down Capture Ratio | 82.00 | 79.22 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Enterprise Fund | 12.88 | 12.33 |
| Russell MidCap® Growth Index | 14.33 | 13.67 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Enterprise Fund | 1.19 | 1.07 |
| Russell MidCap® Growth Index | 0.94 | 0.72 |
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 MidCap® Growth Index.
TOP HOLDINGS(As of 08/31/2019) |
% of Fund |
|---|---|
| Global Payments Inc | 2.30 |
| Constellation Software Inc/Canada | 2.27 |
| Nice Ltd (ADR) | 2.23 |
| Aon PLC | 2.19 |
| Boston Scientific Corp | 2.08 |
| Cooper Cos Inc | 2.00 |
| Microchip Technology Inc | 1.99 |
| TE Connectivity Ltd | 1.98 |
| WEX Inc | 1.86 |
| Verisk Analytics Inc | 1.83 |
| TOTAL | 20.73 |
PORTFOLIO CHARACTERISTICS(As of 08/31/19) |
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DEVELOPED VS. EMERGING MARKET(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| U.S. | 82.52 | 98.31 |
| Non-U.S. Developed | 10.68 | 1.01 |
| Cash & Equivalents | 6.80 | - |
SECTOR ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Information Technology | 31.49 | 32.78 |
| Industrials | 18.36 | 16.97 |
| Health Care | 16.23 | 14.82 |
| Financials | 11.27 | 4.48 |
| Consumer Discretionary | 8.26 | 15.24 |
| Real Estate | 3.35 | 2.97 |
| Energy | 1.78 | 1.24 |
| Communication Services | 1.24 | 5.09 |
| Materials | 1.22 | 3.02 |
| Cash & Equivalents | 6.80 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 08/31/2019) |
% OF FUND | % OF INDEX |
|---|---|---|
| $50B to $100B | 7.30 | 2.02 |
| $10B to $50B | 53.30 | 70.68 |
| $5B to $10B | 27.59 | 24.15 |
| $1B to $5B | 4.86 | 3.15 |
| N/A | 0.15 | - |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| North America | 88.53 | 98.31 |
| Africa/Mideast | 2.23 | - |
| Europe | 1.33 | 0.53 |
| Asia/Pacific Ex Japan | 1.11 | 1.16 |
| Cash & Equivalents | 6.80 | - |
Commentary & Literature
2Q19 Portfolio Commentary Highlights
- Stocks gained ground in the second quarter, but were volatile.
- The Fund outperformed its benchmark.
- We remain concerned about high valuations for pockets of the mid-cap market.