For Financial Professionals in the US

JUCCX Absolute Return Income Opportunities Fund

An absolute return strategy that takes advantage of flexibility to express high-conviction active views through a macro lens

NAV
$8.68
As of 06/06/2023

1-Day Change
$0.00 (0.01%)
 As of 06/06/2023

YTD Return at NAV
2.09%
As of 06/06/2023

Overview

ABOUT THIS FUND

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

WHY INVEST IN THE PORTFOLIO

Experienced Investors
The investment team focuses on managing strategies with absolute return targets and an emphasis on capital preservation. The team has managed unconstrained, absolute return portfolios through marked periods of extreme volatility and stress.

Investment Flexibility
The Fund invests broadly across global fixed income markets and is not constrained by benchmark-specific guidelines. This latitude allows us to fully express our high-conviction, active views and potentially avoid benchmark biases.

Uncorrelated Sources of Return
This bond fund seeks to provide positive long-term returns through a combination of top-down and bottom-up investing. The result is a predominantly investment grade, absolute return-oriented global credit portfolio that is intended to provide diversification from traditional and non-traditional asset classes.

PORTFOLIO MANAGEMENT

Jason England

Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Daniel Siluk

Daniel Siluk

Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Dylan Bourke, CFA

Dylan Bourke, CFA

Portfolio Manager

Industry since 2009. Joined Firm in 2015.

Performance

RETURNS (%) (As of 03/31/2023)
Class C Shares @NAV Class C Shares @CDSC FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(05/27/2014)
Class C Shares @NAV 1.61 1.61 0.90 -0.09 -0.27 0.00
Class C Shares @CDSC 0.61 0.61 -0.09 -0.09 -0.27 0.00
FTSE 3-Month Treasury Bill Index 1.12 1.12 2.61 0.95 1.40 0.96
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 05/31/2023)
Class C Shares @NAV Class C Shares @CDSC FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(05/27/2014)
Class C Shares @NAV 0.86 2.03 2.16 -0.11 0.85 0.05
Class C Shares @CDSC -0.14 1.03 1.16 -0.11 0.85 0.05
FTSE 3-Month Treasury Bill Index 1.23 1.95 3.38 1.19 1.51 1.03
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Absolute Return Income Opportunities Fund - Class C Shares FTSE 3-Month Treasury Bill Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Absolute Return Income Opportunities Fund - Class C Shares -2.37 -1.39 2.57 2.53 -4.83 1.41 4.23 -1.47 0.00 0.00
FTSE 3-Month Treasury Bill Index 1.50 0.05 0.58 2.25 1.86 0.84 0.27 0.03 0.03
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.
GROWTH OF A HYPOTHETICAL INVESTMENT
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS C SHARES
Management Fees 0.65%
12b-1 Fees 1.00%
Other Expenses 0.48%
Total Gross Expenses 2.13%
Waivers -0.42%
Total Net Expenses 1.71%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index.

Top Holdings (As of 04/30/2023)
New Zealand Government Bond, 0.50%, 05/15/24
Macquarie Bank Ltd, 5.24%, 06/17/31
Bendigo & Adelaide Bank Ltd, 6.01%, 11/30/28
Heartland Australia Group Pty Ltd, 5.65%, 07/09/24
National Australia Bank Ltd, 5.49%, 11/18/31
Volkswagen Financial Services Australia Pty Ltd, 2.40%, 08/28/24
Athene Global Funding, 1.61%, 06/29/26
Westpac Banking Corp, 5.53%, 08/27/29
Liberty Financial Pty Ltd, 5.90%, 02/26/24
Vicinity Centres Trust, 4.00%, 04/26/27
Total 27.79
View full holdings
Portfolio Characteristics (As of 04/30/2023)
 
Number of Holdings
Debt Issues		 79
Portfolio Turnover Rate
(1-year trailing)		 34.81%
Weighted Average Maturity
(years)		 3.20
Effective Duration
(years)		 0.99
Yield to Worst
 6.61%

Yield to Worst calculation excludes cash.
Sector Allocation % OF FUND % OF FUND (As of 04/30/2023)
Regional Allocation % OF FUND % OF FUND (As of 04/30/2023)
Developed vs Emerging Markets % OF FUND % OF FUND (As of 04/30/2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 04/30/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of 04/30/2023)
Credit quality ratings reflect the lower rating received from Standard & Poor’s and/or Moody’s. Not rated securities are not rated by S&P or Moody’s but may be rated by other rating agencies. Ratings are measured on a scale that ranges from AAA (highest) to D (lowest).

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