JVGIX Adaptive Global Allocation Fund

This diversified global allocation fund is informed by views on extreme market movements, both negative and positive

NAV
$10.22
As of 10/15/2019

1 Day Change
$0.06 (0.59%)
As of 10/15/2019

YTD Return
8.26%
As of 10/15/2019

Morningstar Rating

As of 09/30/2019

Overview

ABOUT THIS FUND

This global allocation fund seeks to provide investors total return by dynamically allocating its assets across a portfolio of global equity and fixed income investments, which may involve the use of derivatives for hedging purposes. The Fund is designed to actively adapt based on forward-looking views on extreme market movements, both positive and negative, with the goal of minimizing the risk of significant loss in a major downturn while participating in the growth potential of capital markets.

WHY INVEST IN THIS FUND

Core Solution
With diversification across global assets and a philosophy concentrated on avoiding large drawdowns while participating in upward-moving markets, the Fund presents a potentially attractive anchor portfolio for an investor.

Looking Past the Average
Market environments are constantly changing and no two time periods will ever deliver the same experience. We embrace this concept and as such, do not use average risk/return measures in our process; rather, our major focus is on the dominant role played by tail risks in compounding returns. They are enhanced most by mitigation of tail losses and participation of tail gains, each period of time.

Adaptive Allocation
We measure both extreme positive and negative movements known as expected tail gain (ETG) and expected tail loss (ETL). Portfolio construction is driven by the ratio of ETG to ETL, while targeting a desired level of portfolio risk with the goal of maximizing terminal value to investors.

PORTFOLIO MANAGEMENT

Ashwin Alankar, Ph.D.

Head of Global Asset Allocation | Portfolio Manager

Industry since 2001. Joined Firm in 2014.

Enrique Chang

Global Chief Investment Officer | Portfolio Manager

Industry since 1988. Joined Firm in 2013.

Performance

RETURNS (%) (As of 09/30/2019)
Adaptive Global Allocation Fund - Class I Shares MSCI All Country World Index℠ Adaptive Global Allocation 60/40 Index Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(06/23/2015)
Adaptive Global Allocation Fund - Class I Shares -1.74% 7.73% 0.21% 6.31% - - 3.78%
MSCI All Country World Index℠ -0.03% 16.20% 1.38% 9.71% 6.65% 8.35% 6.27%
Adaptive Global Allocation 60/40 Index 1.05% 13.39% 5.38% 7.43% 5.82% 6.90% 5.74%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) 2.59% 8.75% 10.65% 3.65% 4.12% 4.17% 4.46%
RETURNS (%) (As of 09/30/2019)
Adaptive Global Allocation Fund - Class I Shares MSCI All Country World Index℠ Adaptive Global Allocation 60/40 Index Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(06/23/2015)
Adaptive Global Allocation Fund - Class I Shares -1.74% 7.73% 0.21% 6.31% - - 3.78%
MSCI All Country World Index℠ -0.03% 16.20% 1.38% 9.71% 6.65% 8.35% 6.27%
Adaptive Global Allocation 60/40 Index 1.05% 13.39% 5.38% 7.43% 5.82% 6.90% 5.74%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) 2.59% 8.75% 10.65% 3.65% 4.12% 4.17% 4.46%
CALENDAR YEAR RETURNS (%)
Adaptive Global Allocation Fund - Class I Shares MSCI All Country World Index℠
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Adaptive Global Allocation Fund - Class I Shares - - - - - - - 5.47 17.17 -6.28
MSCI All Country World Index℠ - - - - - - - 7.86 23.97 -9.42

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 75 22 - - 40
World Allocation Category|Rank/Count 367/461 90/415 -/- -/- 174/391
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 75 22 - - 40
World Allocation Category|Rank/Count 367/461 90/415 -/- -/- 174/391

RETURNS-BASED STATISTICS (As of 09/30/2019 Class I Shares)

Risk / Reward
vs. MSCI All Country World Index℠
3YR 5YR
Information Ratio -0.77 -
Alpha -0.09 -
Tracking Error 4.43 -
Beta 0.66 -
R-squared (%) 92.54 -
Up And Down Market Capture (%)
vs. MSCI All Country World Index℠
3YR 5YR
Up Capture Ratio 64.59 -
Down Capture Ratio 68.68 -
Standard Deviation 3YR 5YR
Adaptive Global Allocation Fund 7.73 -
MSCI All Country World Index℠ 11.32 11.71
Sharpe Ratio 3YR 5YR
Adaptive Global Allocation Fund 0.62 -
MSCI All Country World Index℠ 0.72 0.49
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2018)
CLASS I SHARES
Management Fees 0.75%
12b-1 Fees -
Other Expenses 0.73%
Total Gross Expenses 1.48%
Waivers -0.62%
Total Net Expenses 0.86%

Portfolio

Index represents the MSCI All Country World Index℠.

(As of 09/30/2019)
% of Fund
Vanguard FTSE All-World ex-US ETF 9.79
Vanguard FTSE Europe ETF 7.23
Vanguard Total International Bond ETF 6.59
Vanguard S&P 500 ETF 6.43
Vanguard FTSE Pacific ETF 5.50
iShares 7-10 Year Treasury Bond ETF 4.54
Vanguard FTSE Emerging Markets ETF 4.11
iShares iBoxx $ Investment Grade Corporate Bond ETF 4.06
Vanguard Mortgage-Backed Securities ETF 4.02
iShares Agency Bond ETF 3.88
Total: 56.15
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