(
JVTIX
)
Venture Fund
Moderate Small-Cap Growth Equities
Jump to a section
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
- 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.
- 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.
- 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.
Unique Business Models
Deep, Specialized Team
Moderate Approach to Growth
Portfolio Management
Performance
RETURNS
| Inception: Apr 30, 1985 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Venture Fund – I Shares | -3.29% | 20.85% | -3.82% | 11.58% | 10.96% | 14.12% | 12.03% |
| Russell 2000® Growth Index | -4.17% | 15.34% | -9.63% | 9.79% | 9.08% | 12.25% | 8.11% |
| Russell 2000® Index | -2.40% | 14.18% | -8.89% | 8.23% | 8.19% | 11.19% | 9.47% |
| Inception: Apr 30, 1985 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Venture Fund – I Shares | -3.29% | 20.85% | -3.82% | 11.58% | 10.96% | 14.12% | 12.03% |
| Russell 2000® Growth Index | -4.17% | 15.34% | -9.63% | 9.79% | 9.08% | 12.25% | 8.11% |
| Russell 2000® Index | -2.40% | 14.18% | -8.89% | 8.23% | 8.19% | 11.19% | 9.47% |
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.
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.
CALENDAR YEAR PERFORMANCE
RETURNS-BASED STATISTICS
(As of 08/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
|---|---|---|
| Information Ratio | 0.26 | 0.57 |
| Alpha | 2.16 | 2.62 |
| Tracking Error | 4.13 | 3.68 |
| Beta | 0.88 | 0.91 |
| R-Squared (%) | 94.95 | 95.65 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 87.70 | 95.35 |
| Down Capture Ratio | 78.61 | 85.32 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Venture Fund | 15.70 | 15.87 |
| Russell 2000® Growth Index | 17.45 | 17.12 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Venture Fund | 0.65 | 0.58 |
| Russell 2000® Growth Index | 0.52 | 0.42 |
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 08/31/2019) |
% of Fund |
|---|---|
| Nice Ltd (ADR) | 2.82 |
| HEICO Corp | 2.60 |
| Catalent Inc | 2.50 |
| ServiceMaster Global Holdings Inc | 2.32 |
| Euronet Worldwide Inc | 2.20 |
| STERIS PLC | 1.93 |
| LPL Financial Holdings Inc | 1.92 |
| Blackbaud Inc | 1.89 |
| Broadridge Financial Solutions Inc | 1.72 |
| j2 Global Inc | 1.69 |
| TOTAL | 21.59 |
PORTFOLIO CHARACTERISTICS(As of 08/31/19) |
FUND | INDEX |
|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEVELOPED VS. EMERGING MARKET(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| U.S. | 88.75 | 99.57 |
| Non-U.S. Developed | 7.68 | 0.33 |
| Non-U.S. Emerging | 1.56 | 0.10 |
| Cash & Equivalents | 2.01 | - |
SECTOR ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Information Technology | 33.52 | 18.48 |
| Health Care | 20.57 | 28.26 |
| Industrials | 15.67 | 18.84 |
| Consumer Discretionary | 9.93 | 12.34 |
| Financials | 7.90 | 5.90 |
| Materials | 4.68 | 2.97 |
| Real Estate | 1.81 | 4.73 |
| Consumer Staples | 1.55 | 3.50 |
| Energy | 1.47 | 0.63 |
| Communication Services | 0.89 | 2.57 |
| Cash & Equivalents | 2.01 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 08/31/2019) |
% OF FUND | % OF INDEX |
|---|---|---|
| $10B to $50B | 10.76 | 0.13 |
| $5B to $10B | 30.71 | 3.54 |
| $1B to $5B | 48.21 | 80.69 |
| $500M to $1B | 6.96 | 10.37 |
| $250M to $500M | 1.16 | 3.96 |
| $100M to $250M | 0.15 | 1.22 |
| Under $100M | 0.04 | 0.06 |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| North America | 91.11 | 99.70 |
| Africa/Mideast | 3.76 | 0.07 |
| Asia/Pacific Ex Japan | 1.56 | 0.02 |
| Europe | 1.56 | 0.21 |
| Cash & Equivalents | 2.01 | - |
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.