JAQIX Asia Equity Fund

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

NAV
$10.73
As of 10/15/2019

1 Day Change
$0.09 (0.85%)
As of 10/15/2019

YTD Return
13.42%
As of 10/15/2019

Morningstar Rating

As of 09/30/2019

Overview

ABOUT THIS FUND

This all-cap, Asia Pacific ex Japan fund aims to provide investors with a high-conviction portfolio focused on companies that enjoy strong franchise positions and a proven track record of both execution and high return on equity. We firmly believe that this approach combined with valuation discipline can generate competitive returns relative to our benchmark.

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 portfolio strategy 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. Dynamic stocks are typically companies exhibiting “growth at reasonable price” (GARP) characteristics.

Team-Based Approach
Our Asia Pacific ex Japan Equities 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 09/30/2019)
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 10YR Since Inception
(07/29/2011)
Asia Equity Fund - Class I Shares -1.77% 11.42% -0.68% 8.09% 6.29% - 4.39%
MSCI All Country Asia ex-Japan Index -4.50% 5.71% -3.44% 6.32% 4.23% 5.53% 3.38%
MSCI All Country Asia Pacific ex-Japan Index -3.96% 7.81% -1.77% 6.52% 4.07% 5.40% 3.46%
RETURNS (%) (As of 09/30/2019)
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 10YR Since Inception
(07/29/2011)
Asia Equity Fund - Class I Shares -1.77% 11.42% -0.68% 8.09% 6.29% - 4.39%
MSCI All Country Asia ex-Japan Index -4.50% 5.71% -3.44% 6.32% 4.23% 5.53% 3.38%
MSCI All Country Asia Pacific ex-Japan Index -3.96% 7.81% -1.77% 6.52% 4.07% 5.40% 3.46%
CALENDAR YEAR RETURNS (%)
Asia Equity Fund - Class I Shares MSCI All Country Asia ex-Japan Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Asia Equity Fund - Class I Shares - - - 28.89 -1.31 8.31 -7.36 6.55 39.64 -14.26
MSCI All Country Asia ex-Japan Index - - - 22.36 3.07 4.80 -9.17 5.44 41.72 -14.37

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 59 23 16 - 31
Pacific/Asia ex-Japan Stk Category|Rank/Count 57/89 22/87 14/78 -/- 18/68
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 59 23 16 - 31
Pacific/Asia ex-Japan Stk Category|Rank/Count 57/89 22/87 14/78 -/- 18/68
GROWTH OF A HYPOTHETICAL INVESTMENT

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

Risk / Reward
vs. MSCI All Country Asia ex-Japan Index
3YR 5YR
Information Ratio 0.47 0.55
Alpha 2.00 2.11
Tracking Error 3.78 3.72
Beta 0.95 0.98
R-squared (%) 93.31 94.29
Up And Down Market Capture (%)
vs. MSCI All Country Asia ex-Japan Index
3YR 5YR
Up Capture Ratio 97.14 99.61
Down Capture Ratio 87.85 90.04
Standard Deviation 3YR 5YR
Asia Equity Fund 14.36 15.51
MSCI All Country Asia ex-Japan Index 14.59 15.36
Sharpe Ratio 3YR 5YR
Asia Equity Fund 0.46 0.34
MSCI All Country Asia ex-Japan Index 0.33 0.21
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.94%
12b-1 Fees -
Other Expenses 0.50%
Total Gross Expenses 1.44%
Waivers -0.28%
Total Net Expenses 1.16%

Portfolio

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

(As of 09/30/2019)
% of Fund
Tencent Holdings Ltd 5.34
Alibaba Group Holding Ltd (ADR) 5.11
AIA Group Ltd 4.97
Taiwan Semiconductor Manufacturing Co Ltd 4.97
HDFC Bank Ltd 4.75
Housing Development Finance Corp Ltd 4.61
Samsung Electronics Co Ltd 4.29
Ayala Corp 4.03
Uni-President Enterprises Corp 3.76
Treasury Wine Estates Ltd 3.64
Total: 45.47
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Equity Issues
33 983
Market Capitalization
Weighted Average
$103.37B $101.26B
Portfolio Turnover Rate
(1-year trailing)
32.91% -
Price/Earnings Ratio
(1-year forward)
20.39 18.87
Price/Book Ratio
(1-year forward)
4.09 3.05
Earnings Growth Rate
(1-year forward)
12.61% 4.20%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Financials 28.93 23.39
Information Technology 20.16 17.85
Consumer Discretionary 15.18 13.59
Consumer Staples 14.05 5.38
Industrials 6.79 6.87
Communication Services 5.35 11.98
Real Estate 5.06 5.99
Cash & Equivalents 4.48 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Asia/Pacific Ex Japan 95.52 99.90
Cash & Equivalents 4.48 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
Over $100B 27.27 31.11
$50B to $100B 6.69 3.75
$10B to $50B 30.64 40.79
$5B to $10B 20.68 13.41
$1B to $5B 5.95 10.05
N/A 4.29 0.87
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Non-U.S. Emerging 76.29 85.39
Non-U.S. Developed 19.23 14.51
Cash & Equivalents 4.48 -

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