For Financial Professionals in the US

JCONX Contrarian Fund

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

NAV
$26.28
As of 11/27/2020

1-Day Change
$0.14 (0.54%)
As of 11/27/2020

YTD Return
23.09%
As of 11/27/2020

Morningstar Rating

As of 10/31/2020

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 09/30/2020)
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 11.34 5.76 16.37 14.20 11.34 9.93 7.76
S&P 500® Index 8.93 5.57 15.15 12.28 14.15 13.74 6.52
RETURNS (%) (As of 10/31/2020)
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 7.75 8.06 17.38 14.98 11.17 9.74 7.84
S&P 500® Index 0.37 2.77 9.71 10.42 11.71 13.01 6.36
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 09/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 2 1 4 48 44
Mid-Cap Blend Category|Rank/Count 15/407 2/389 18/343 126/289 63/155
(As Of 10/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 1 1 2 45 42
Mid-Cap Blend Category|Rank/Count 2/410 2/390 8/346 117/289 60/155
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2020 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio 0.59 -0.07
Alpha 3.26 -1.55
Tracking Error 7.76 7.75
Beta 1.14 1.14
R-squared (%) 88.57 83.19
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 115.60 98.87
Down Capture Ratio 99.50 101.59
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 21.69 18.24
S&P 500® Index 17.86 14.61
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.62 0.55
S&P 500® Index 0.49 0.72
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.53%
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 10/31/2020)
% of Fund
Crown Holdings Inc 7.34
VICI Properties Inc 5.17
Horizon Therapeutics Plc 4.48
Terminix Global Holdings Inc 4.27
American Electric Power Co Inc 4.12
Marvell Technology Group Ltd 4.09
T-Mobile US Inc 3.94
Freeport-McMoRan Inc 3.71
Amazon.com Inc 3.33
Boston Scientific Corp 3.29
Total 43.74
View full holdings
Portfolio Characteristics (As of 10/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
42 505
Market Capitalization
Weighted Average
$81.13B $433.49B
Portfolio Turnover Rate
(1-year trailing)
62.20% -
Price/Earnings Ratio
(1-year forward)
30.54 27.13
Price/Book Ratio
(1-year forward)
3.71 6.61
Earnings Growth Rate
(1-year forward)
-8.34% 4.20%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2020)
Consumer Discretionary 17.33 11.57
Health Care 15.58 14.07
Materials 13.95 2.67
Information Technology 11.83 27.46
Communication Services 11.79 11.15
Utilities 7.20 3.20
Industrials 6.22 8.38
Financials 5.50 9.87
Real Estate 5.16 2.62
Consumer Staples 1.29 7.00
Equity Other 0.65 -
US Industrials 1.84 -
Cash & Equivalents 1.66 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2020)
North America 96.24 99.56
Europe 2.10 0.44
Cash & Equivalents 1.66 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2020)
Over $100B 8.78 58.77
$50B to $100B 6.22 16.24
$10B to $50B 60.26 22.94
$5B to $10B 13.34 1.76
$1B to $5B 4.76 0.29
$500M to $1B 2.69
N/A 0.45
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 10/31/2020)
U.S. 96.24 99.56
Non-U.S. Developed 2.10 0.44
Cash & Equivalents 1.66 -

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