JCONX Contrarian Fund

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

NAV
$21.48
As of 10/15/2019

1 Day Change
$0.09 (0.42%)
As of 10/15/2019

YTD Return
28.70%
As of 10/15/2019

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 09/30/2019)
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 2.36% 30.20% 9.05% 12.58% 5.62% 9.48% 7.25%
S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 6.10%
RETURNS (%) (As of 09/30/2019)
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 2.36% 30.20% 9.05% 12.58% 5.62% 9.48% 7.25%
S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 6.10%
CALENDAR YEAR RETURNS (%)
Contrarian Fund - Class I Shares S&P 500® Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Contrarian Fund - Class I Shares 37.02 11.29 -15.73 24.02 38.74 17.49 -13.00 8.25 5.41 -3.97
S&P 500® Index 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 3 8 70 82 55
Mid-Cap Blend Category|Rank/Count 12/432 18/405 250/360 242/305 83/158
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 3 8 70 82 55
Mid-Cap Blend Category|Rank/Count 12/432 18/405 250/360 242/305 83/158
GROWTH OF A HYPOTHETICAL INVESTMENT

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

Risk / Reward
vs. S&P 500® Index
3YR 5YR
Information Ratio -0.12 -0.68
Alpha -2.61 -5.02
Tracking Error 6.57 7.68
Beta 1.18 1.06
R-squared (%) 84.25 73.25
Up And Down Market Capture (%)
vs. S&P 500® Index
3YR 5YR
Up Capture Ratio 96.99 78.31
Down Capture Ratio 100.72 104.75
Standard Deviation 3YR 5YR
Contrarian Fund 15.63 14.78
S&P 500® Index 12.18 11.93
Sharpe Ratio 3YR 5YR
Contrarian Fund 0.71 0.32
S&P 500® Index 0.97 0.83
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.47%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 0.57%
Waivers 0.00%
Total Net Expenses 0.57%

Portfolio

Index represents the S&P 500® Index.

(As of 09/30/2019)
% of Fund
Crown Holdings Inc 5.76
TD Ameritrade Holding Corp 5.07
L3Harris Technologies Inc 4.39
GCI Liberty Inc 4.07
Vivendi SA 3.93
Apollo Global Management Inc 3.92
General Electric Co, 5.00%, 01/20/66 3.77
Liberty Media Corp-Liberty Formula One 3.56
Wabtec Corp 3.20
Sempra Energy 3.09
Total: 40.76
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Equity Issues
41 505
Market Capitalization
Weighted Average
$50.21B $249.07B
Portfolio Turnover Rate
(1-year trailing)
74.39% -
Price/Earnings Ratio
(1-year forward)
18.93 21.21
Price/Book Ratio
(1-year forward)
3.50 5.74
Earnings Growth Rate
(1-year forward)
7.71% 4.76%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Communication Services 18.29 10.36
Financials 15.73 12.94
Industrials 14.37 9.34
Materials 14.10 2.73
Information Technology 9.76 21.94
Utilities 8.22 3.59
Health Care 7.92 13.65
Consumer Discretionary 2.98 10.11
Real Estate 1.38 3.22
US Industrials 3.77 -
Cash & Equivalents 3.48 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
North America 87.24 99.54
Europe 6.23 0.46
Latin America 3.05 -
Cash & Equivalents 3.48 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
Over $100B 8.01 54.50
$50B to $100B 6.47 15.58
$10B to $50B 51.16 27.78
$5B to $10B 13.80 2.01
$1B to $5B 12.33 0.12
$250M to $500M 0.98
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
U.S. 87.24 99.54
Non-U.S. Developed 6.23 0.46
Non-U.S. Emerging 3.05 -
Cash & Equivalents 3.48 -

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