JAQIX Asia Equity Fund

Focuses on Asian companies believed to have strong franchise positions and enduring track records of execution

NAV
$11.02
As of 07/02/2020

1-Day Change
$0.28 (2.61%)
As of 07/02/2020

YTD Return
-2.82%
As of 07/02/2020

Overview

ABOUT THIS FUND

This is an all-cap, high-conviction Asia Pacific ex Japan fund focused on companies with strong franchises, high return on equity and management with a proven track record of execution. We believe that high-quality companies, if bought at the right price, should produce out performance relative to the market over a three- to five-year time horizon.

WHY INVEST IN THIS FUND

Best Ideas Portfolio
We look to create a high-conviction Asia Pacific ex-Japan portfolio without significant constraints at sector or country levels. We seek to achieve a truly active fund with a focus on stock picking as the main driver of relative returns, characterized by a low portfolio turnover and a disciplined approach,supported by fundamental in-house research.

Balance between Core and Dynamic Stocks
The Fund seeks to consist of a core of quality stocks, with emphasis on companies with consistently high return on equity, strong franchise position and sustainability of returns, low levels of debt and a proven record of management and governance. The Fund will be supplemented by an allocation to dynamic stocks with the aim to diversify performance drivers and generate strong relative returns across different market conditions. These stocks are typically companies exhibiting “growth at reasonable price” (GARP) characteristics.

Team-Based Approach
Our team comprises a depth of talent, with expertise across Asia Pacific ex Japan. Synergies arise from the collaborative research process, collegial environment and the constructive challenging of existing views.

PORTFOLIO MANAGEMENT

Andrew Gillan

Head of Asia ex Japan Equities |Portfolio Manager

Industry since 2000. Joined Firm in 2014.

Mervyn Koh, CFA

Portfolio Manager

Industry since 2006. Joined Firm in 2015.

Performance

RETURNS (%) (As of 06/30/2020)
Asia Equity Fund - Class I Shares MSCI All Country Asia ex-Japan Index MSCI All Country Asia Pacific ex-Japan Index
 
3M YTD 1YR 3YR 5YR Since Inception
(07/29/2011)
Asia Equity Fund - Class I Shares 18.80 -5.82 0.36 2.98 4.50 4.26
MSCI All Country Asia ex-Japan Index 16.71 -4.74 1.69 3.61 4.41 3.82
MSCI All Country Asia Pacific ex-Japan Index 18.42 -6.11 -0.33 3.26 4.31 3.60
RETURNS (%) (As of 06/30/2020)
Asia Equity Fund - Class I Shares MSCI All Country Asia ex-Japan Index MSCI All Country Asia Pacific ex-Japan Index
 
3M YTD 1YR 3YR 5YR Since Inception
(07/29/2011)
Asia Equity Fund - Class I Shares 18.80 -5.82 0.36 2.98 4.50 4.26
MSCI All Country Asia ex-Japan Index 16.71 -4.74 1.69 3.61 4.41 3.82
MSCI All Country Asia Pacific ex-Japan Index 18.42 -6.11 -0.33 3.26 4.31 3.60
CALENDAR YEAR RETURNS (%)
Asia Equity Fund - Class I Shares MSCI All Country Asia ex-Japan Index
 
  2012 2013 2014 2015 2016 2017 2018 2019
Asia Equity Fund - Class I Shares 28.89 -1.31 8.31 -7.36 6.55 39.64 -14.26 20.87
MSCI All Country Asia ex-Japan Index 22.36 3.07 4.80 -9.17 5.44 41.72 -14.37 18.17

MORNINGSTAR PERCENTILE

(As Of 03/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 56 45 37 - 44
Pacific/Asia ex-Japan Stk Category|Rank/Count 49/80 39/78 27/71 -/- 29/61
(As Of 05/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 48 46 33 - 40
Pacific/Asia ex-Japan Stk Category|Rank/Count 46/77 43/75 30/71 -/- 28/61
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 05/31/2020 Class I Shares)

RISK / REWARD
VS. MSCI All Country Asia ex-Japan Index
3YR 5YR
Information Ratio -0.03 0.17
Alpha -0.01 0.68
Tracking Error 4.31 3.70
Beta 1.01 1.02
R-squared (%) 94.10 95.67
UP/DOWN MARKET CAPTURE (%)
VS. MSCI All Country Asia ex-Japan Index
3YR 5YR
Up Capture Ratio 93.97 99.36
Down Capture Ratio 95.34 96.96
STANDARD DEVIATION 3YR 5YR
Asia Equity Fund 17.74 17.70
MSCI All Country Asia ex-Japan Index 17.10 16.94
SHARPE RATIO 3YR 5YR
Asia Equity Fund -0.03 0.08
MSCI All Country Asia ex-Japan Index -0.02 0.05
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.97%
12b-1 Fees -
Other Expenses 1.36%
Total Gross Expenses 2.33%
Waivers -1.11%
Total Net Expenses 1.22%

Portfolio

Index represents the MSCI All Country Asia ex-Japan Index.

Top Holdings (As of 05/31/2020)
% of Fund
Tencent Holdings Ltd 8.85
Alibaba Group Holding Ltd (ADR) 8.62
Samsung Electronics Co Ltd 6.43
Taiwan Semiconductor Manufacturing Co Ltd 5.39
Uni-President Enterprises Corp 4.03
AIA Group Ltd 3.81
HDFC Bank Ltd 3.52
Ping An Insurance Group Co of China Ltd 3.38
Housing Development Finance Corp Ltd 3.19
Ayala Corp 3.11
Total 50.33
View full holdings
Portfolio Characteristics (As of 05/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
30 1187
Market Capitalization
Weighted Average
$166.65B $129.81B
Portfolio Turnover Rate
(1-year trailing)
48.05% -
Price/Earnings Ratio
(1-year forward)
22.26 21.38
Price/Book Ratio
(1-year forward)
4.54 3.02
Earnings Growth Rate
(1-year forward)
7.12% 3.60%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
Consumer Discretionary 21.41 16.20
Information Technology 21.34 18.75
Financials 20.18 20.19
Consumer Staples 11.99 5.65
Communication Services 8.85 13.23
Industrials 6.88 6.21
Materials 2.52 4.09
Cash & Equivalents 6.83 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
Asia/Pacific Ex Japan 93.17 99.86
Cash & Equivalents 6.83 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 05/31/2020)
Over $100B 31.16 32.02
$50B to $100B 12.66 5.11
$10B to $50B 32.26 38.81
$5B to $10B 7.24 12.91
$1B to $5B 3.42 10.25
N/A 6.43 0.84
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
Non-U.S. Emerging 85.16 87.97
Non-U.S. Developed 8.01 11.89
Cash & Equivalents 6.83 -

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