For Financial Professionals in the US

JAQCX Asia Equity Fund

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

NAV
$9.31
As of 06/05/2023

1-Day Change
-$0.06 (-0.64%)
 As of 06/05/2023

YTD Return at NAV
3.56%
As of 06/05/2023

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

Daniel J. Graña, CFA

Daniel J. Graña, CFA

Portfolio Manager, Emerging Market Equity

Industry since 1995. Joined Firm in 2019.

Matthew Culley

Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 03/31/2023)
Class C Shares @NAV Class C Shares @CDSC MSCI All Country Asia ex-Japan Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/29/2011)
Class C Shares @NAV 6.90 6.90 -9.08 3.59 -2.35 2.43 1.90
Class C Shares @CDSC 5.90 5.90 -9.99 3.59 -2.35 2.43 1.90
MSCI All Country Asia ex-Japan Index 4.34 4.34 -8.90 6.95 0.07 4.06 3.32
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 MSCI All Country Asia ex-Japan Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/29/2011)
Class C Shares @NAV -1.30 1.22 -9.54 -1.61 -3.01 1.99 1.40
Class C Shares @CDSC -2.29 0.22 -10.45 -1.61 -3.01 1.99 1.40
MSCI All Country Asia ex-Japan Index -0.53 0.30 -8.08 2.97 -0.59 3.60 2.93
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 (%)
Asia Equity Fund - Class C Shares MSCI All Country Asia ex-Japan Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Asia Equity Fund - Class C Shares -25.89 -11.90 25.86 19.83 -15.21 38.36 5.37 -8.30 7.15 -2.27
MSCI All Country Asia ex-Japan Index -19.67 -4.72 25.02 18.17 -14.37 41.72 5.44 -9.17 4.80 3.07
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 73 96 96 84 82
Pacific/Asia ex-Japan Stk | Rank/Count 43/53 45/49 47/48 34/38 33/36
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 76 96 100 84 94
Pacific/Asia ex-Japan Stk | Rank / Count 45/53 45/49 48/48 34/38 35/36
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).

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD
VS. MSCI All Country Asia ex-Japan Index		 3YR 5YR
Information Ratio -0.69 -0.28
Alpha -3.17 -1.12
Tracking Error 4.83 4.74
Beta 1.04 1.04
R-squared (%) 95.02 94.95
UP/DOWN MARKET CAPTURE (%)
VS. MSCI All Country Asia ex-Japan Index		 3YR 5YR
Up Capture Ratio 105.10 104.57
Down Capture Ratio 116.54 107.96
STANDARD DEVIATION 3YR 5YR
Asia Equity Fund 21.30 20.81
MSCI All Country Asia ex-Japan Index 19.91 19.49
SHARPE RATIO 3YR 5YR
Asia Equity Fund -0.06 -0.16
MSCI All Country Asia ex-Japan Index 0.11 -0.10
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)
CLASS C SHARES
Management Fees 0.79%
12b-1 Fees 1.00%
Other Expenses 1.66%
Total Gross Expenses 3.45%
Waivers -1.53%
Total Net Expenses 1.92%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

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

Top Holdings (As of 04/30/2023)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 9.71
Samsung Electronics Co Ltd 9.67
AIA Group Ltd 4.16
Tencent Holdings Ltd 3.81
HDFC Bank Ltd 2.98
Telkom Indonesia Persero Tbk PT 2.93
CITIC Securities Co Ltd 2.81
ICICI Bank Ltd 2.65
New Horizon Health Ltd 2.63
BDO Unibank Inc 2.58
Total 43.93
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 51 1186
Market Capitalization
Weighted Average		 $99.99B $78.91B
Portfolio Turnover Rate
(1-year trailing)		 77.45% -
Price/Earnings Ratio
(1-year forward)		 16.05 12.56
Price/Book Ratio
 2.43 1.77
Earnings Growth Rate
(1-year forward)		 23.61% 22.78%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)

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