JCONX Contrarian Fund

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

NAV
$16.21
As of 03/30/2020

1-Day Change
$0.29 (1.82%)
As of 03/30/2020

YTD Return
-24.07%
As of 03/30/2020

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 12/31/2019)
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 10.03 43.25 43.25 13.19 6.43 9.98 7.76
S&P 500® Index 9.07 31.49 31.49 15.27 11.70 13.56 6.49
RETURNS (%) (As of 02/29/2020)
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 -6.49 -7.78 11.03 8.90 4.64 9.04 7.26
S&P 500® Index -5.50 -8.27 8.19 9.87 9.23 12.65 5.97
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 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 1 7 70 78 54
Mid-Cap Blend Category|Rank/Count 2/409 22/389 219/342 221/296 76/154
(As Of 02/29/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 1 3 48 70 52
Mid-Cap Blend Category|Rank/Count 4/405 10/386 140/339 189/294 77/154
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 02/29/2020 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio -0.15 -0.59
Alpha -1.71 -4.33
Tracking Error 6.60 7.78
Beta 1.12 1.05
R-squared (%) 84.14 73.64
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 96.81 81.79
Down Capture Ratio 101.63 106.08
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 16.08 15.11
S&P 500® Index 13.16 12.36
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.45 0.23
S&P 500® Index 0.62 0.66
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 02/29/2020)
% of Fund
Crown Holdings Inc 5.86
L3Harris Technologies Inc 4.91
TD Ameritrade Holding Corp 4.17
Microchip Technology Inc 4.05
ServiceMaster Global Holdings Inc 3.89
Vivendi SA 3.64
GCI Liberty Inc 3.58
General Electric Co, 5.00%, 01/20/66 3.48
Liberty Media Corp-Liberty Formula One 3.31
Sempra Energy 3.19
Total 40.08
View full holdings
Portfolio Characteristics (As of 02/29/2020)
  FUND INDEX
Number of Holdings
Equity Issues
43 505
Market Capitalization
Weighted Average
$54.66B $288.31B
Portfolio Turnover Rate
(1-year trailing)
70.89% -
Price/Earnings Ratio
(1-year forward)
18.82 20.25
Price/Book Ratio
(1-year forward)
3.80 5.91
Earnings Growth Rate
(1-year forward)
0.81% 9.56%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
Communication Services 18.41 10.71
Industrials 14.38 8.90
Information Technology 13.89 24.41
Materials 12.12 2.49
Health Care 11.25 14.03
Financials 9.48 12.20
Consumer Discretionary 7.41 9.90
Utilities 4.78 3.47
Real Estate 2.11 3.07
Consumer Staples 1.73 7.24
US Industrials 3.48 -
Cash & Equivalents 0.96 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
North America 90.13 99.56
Europe 6.30 0.44
Latin America 2.61 -
Cash & Equivalents 0.96 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 02/29/2020)
Over $100B 8.60 56.32
$50B to $100B 4.19 15.31
$10B to $50B 46.57 26.02
$5B to $10B 20.26 2.18
$1B to $5B 13.40 0.17
$500M to $1B 1.85
$250M to $500M 0.19
N/A 0.50
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
U.S. 89.27 99.56
Non-U.S. Developed 7.16 0.44
Non-U.S. Emerging 2.61 -
Cash & Equivalents 0.96 -

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