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JCAPX
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Forty Fund
High-Conviction Large-Cap Growth Equities
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Overview
Client Commitment
Concentrated large-cap growth fund, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess returns over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.
Why Invest in the Portfolio
- Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.
- Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.
- Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.
High-Conviction Approach
Innovative Wide-Moat Companies
Stock Selection Drives Return
Active Approach has Delivered Solid Returns
Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 6/30/19
Past performance is no guarantee of future results.
Portfolio Management
Performance
RETURNS
| Inception: May 01, 1997 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Forty Fund – I Shares | 2.68% | 26.56% | 8.06% | 18.00% | 15.32% | 13.44% | 11.44% |
| Russell 1000® Growth Index | 1.49% | 23.30% | 3.71% | 16.89% | 13.39% | 14.94% | 7.98% |
| S&P 500® Index | 1.70% | 20.55% | 4.25% | 13.39% | 10.84% | 13.24% | 8.06% |
| Inception: May 01, 1997 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Forty Fund – I Shares | 2.68% | 26.56% | 8.06% | 18.00% | 15.32% | 13.44% | 11.44% |
| Russell 1000® Growth Index | 1.49% | 23.30% | 3.71% | 16.89% | 13.39% | 14.94% | 7.98% |
| S&P 500® Index | 1.70% | 20.55% | 4.25% | 13.39% | 10.84% | 13.24% | 8.06% |
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 | 0.43 | 0.62 |
| Alpha | 2.11 | 2.02 |
| Tracking Error | 3.11 | 3.40 |
| Beta | 0.94 | 0.99 |
| R-Squared (%) | 94.54 | 93.44 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 96.38 | 103.87 |
| Down Capture Ratio | 83.10 | 91.69 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Forty Fund | 12.84 | 13.28 |
| Russell 1000® Growth Index | 13.28 | 12.92 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Forty Fund | 1.32 | 1.07 |
| Russell 1000® Growth Index | 1.17 | 0.94 |
ANNUAL FEES & EXPENSES(As of Fiscal Year End, 09/30/18) |
CLASS I SHARES |
|---|---|
| Management Fees | 0.64% |
| 12b-1 Fees | - |
| Other Expenses | 0.08% |
| Total Gross Expenses | 0.72% |
| Waivers | 0.00% |
| Total Net Expenses | 0.72% |
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.
Characteristics
Index represents the Russell 1000® Growth Index.
TOP HOLDINGS(As of 08/31/2019) |
% of Fund |
|---|---|
| Microsoft Corp | 7.63 |
| Mastercard Inc | 5.96 |
| Alphabet Inc | 5.32 |
| salesforce.com Inc | 4.41 |
| Amazon.com Inc | 3.97 |
| TOTAL | 27.29 |
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. | 92.63 | 99.63 |
| Non-U.S. Emerging | 3.18 | 0.16 |
| Non-U.S. Developed | 2.11 | 0.21 |
| Cash & Equivalents | 2.08 | - |
SECTOR ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Information Technology | 35.05 | 37.36 |
| Communication Services | 13.46 | 11.49 |
| Health Care | 12.78 | 14.41 |
| Consumer Discretionary | 10.31 | 14.48 |
| Industrials | 9.00 | 9.77 |
| Financials | 8.00 | 3.21 |
| Materials | 5.92 | 1.45 |
| Real Estate | 3.40 | 2.62 |
| Cash & Equivalents | 2.08 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 08/31/2019) |
% OF FUND | % OF INDEX |
|---|---|---|
| Over $100B | 59.40 | 58.22 |
| $50B to $100B | 22.88 | 13.53 |
| $10B to $50B | 14.22 | 22.44 |
| $5B to $10B | 1.42 | 5.14 |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| North America | 92.64 | 99.63 |
| Europe | 2.11 | 0.11 |
| Latin America | 1.66 | 0.01 |
| Asia/Pacific Ex Japan | 1.51 | 0.25 |
| Cash & Equivalents | 2.08 | - |
Commentary & Literature
2Q19 Portfolio Commentary Highlights
- Stocks gained ground in the second quarter, but were volatile.
- The Fund outperformed its benchmark.
- Going forward, we like how our portfolio is positioned for the current market backdrop. We believe there is less economic sensitivity in our portfolio than the broader index.