JCONX Contrarian Fund

Invests with conviction where we believe the market misunderstands business models, assets or growth potential

NAV
$22.47
As of 09/18/2020

1-Day Change
-$0.26 (-1.14%)
As of 09/18/2020

YTD Return
5.25%
As of 09/18/2020

Morningstar Rating

As of 08/31/2020

Overview

ABOUT THIS FUND

A U.S.-centric equity fund, investing opportunistically in what we believe are mispriced business models, unconstrained by sector and with flexibility across market cap. Through deep fundamental analysis, we seek to identify misunderstood and underappreciated companies where we can invest with conviction to create longterm capital appreciation.

WHY INVEST IN THIS FUND

Thinking Independently
Expressing differentiated views by applying autonomous thinking

Multiple Avenues for Capital Appreciation
Seeking to invest in companies where there is potential for both the free cash flow of the company and the stock multiple to grow over time

Actively Different
This concentrated portfolio seeks to outperform the benchmark over time by leveraging the best ideas of our global research team to identify stocks trading at a discount to their intrinsic value across style, sector and market cap

Various Approaches to Investing
Investing with conviction where we believe the market either misunderstands the business model, undervalues the company’s assets or underappreciates the company’s growth potential

PORTFOLIO MANAGEMENT

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 06/30/2020)
Contrarian Fund - Class I Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - Class I Shares 25.96 -5.01 6.97 10.21 6.81 9.99 7.29
S&P 500® Index 20.54 -3.08 7.51 10.73 10.73 13.99 6.16
RETURNS (%) (As of 08/31/2020)
Contrarian Fund - Class I Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - Class I Shares 15.42 6.56 18.77 15.37 10.12 10.94 7.83
S&P 500® Index 15.48 9.74 21.94 14.52 14.46 15.16 6.75
CALENDAR YEAR RETURNS (%)
Contrarian Fund - Class I Shares S&P 500® Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Contrarian Fund - Class I Shares 11.29 -15.73 24.02 38.74 17.49 -13.00 8.25 5.41 -3.97 43.25
S&P 500® Index 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 1 1 14 57 48
Mid-Cap Blend Category|Rank/Count 5/414 7/392 39/342 153/292 67/157
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 2 1 12 55 44
Mid-Cap Blend Category|Rank/Count 13/409 2/387 40/339 149/288 65/158
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio 0.12 -0.55
Alpha -1.13 -5.22
Tracking Error 7.26 7.83
Beta 1.18 1.14
R-squared (%) 90.89 83.43
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 112.51 94.48
Down Capture Ratio 113.05 118.59
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 21.67 18.51
S&P 500® Index 17.51 14.80
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.63 0.48
S&P 500® Index 0.73 0.90
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.53%
12b-1 Fees -
Other Expenses 0.12%
Total Gross Expenses 0.65%
Waivers 0.00%
Total Net Expenses 0.65%

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 08/31/2020)
% of Fund
Crown Holdings Inc 6.66
VICI Properties Inc 5.10
T-Mobile US Inc 4.58
Horizon Therapeutics Plc 4.55
ServiceMaster Global Holdings Inc 4.31
Marvell Technology Group Ltd 4.01
Boston Scientific Corp 3.99
Amazon.com Inc 3.62
Freeport-McMoRan Inc 3.38
Sempra Energy 3.37
Total 43.57
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
43 505
Market Capitalization
Weighted Average
$94.59B $511.59B
Portfolio Turnover Rate
(1-year trailing)
70.50% -
Price/Earnings Ratio
(1-year forward)
34.70 31.29
Price/Book Ratio
(1-year forward)
3.29 6.18
Earnings Growth Rate
(1-year forward)
-10.99% -1.12%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
Health Care 16.56 13.99
Consumer Discretionary 15.69 11.44
Communication Services 12.90 11.10
Materials 12.56 2.49
Information Technology 11.60 28.72
Financials 7.77 9.62
Industrials 6.55 7.99
Utilities 6.53 2.83
Real Estate 5.09 2.61
Consumer Staples 1.61 6.89
Equity Other 0.65 -
US Industrials 1.76 -
Cash & Equivalents 0.73 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
North America 97.44 99.54
Europe 1.83 0.46
Cash & Equivalents 0.73 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 08/31/2020)
Over $100B 11.83 61.23
$50B to $100B 6.97 15.87
$10B to $50B 58.69 20.97
$5B to $10B 10.94 1.65
$1B to $5B 6.07 0.28
$500M to $1B 2.85
N/A 0.16
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
U.S. 97.44 99.54
Non-U.S. Developed 1.83 0.46
Cash & Equivalents 0.73 -

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