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
$25.30
As of 06/05/2023

1-Day Change
$0.07 (0.28%)
 As of 06/05/2023

YTD Return
10.10%
As of 06/05/2023

Morningstar Rating

As of 04/30/2023

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

AN UNCOMPROMISING APPROACH

Equity markets may shift.
Our focus never does.

Learn more
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PORTFOLIO MANAGEMENT

Nick Schommer, CFA

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 03/31/2023)
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 9.36 9.36 -12.13 20.76 12.07 10.20 7.95
S&P 500® Index 7.50 7.50 -7.73 18.60 11.19 12.24 6.90
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.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 05/31/2023)
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 -2.94 6.27 -4.00 11.82 10.32 9.51 7.76
S&P 500® Index 5.75 9.65 2.92 12.92 11.01 11.99 6.94
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.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Contrarian Fund - Class I Shares S&P 500® Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Contrarian Fund - Class I Shares -21.53 20.99 27.92 43.25 -3.97 5.41 8.25 -13.00 17.49 38.74
S&P 500® Index -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 90 41 1 16 49
Mid-Cap Blend | Rank/Count 358/413 130/383 3/361 36/284 73/158
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 48 40 2 18 50
Mid-Cap Blend | Rank / Count 188/418 135/391 5/369 44/292 75/162
GROWTH OF A HYPOTHETICAL INVESTMENT
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. S&P 500® Index		 3YR 5YR
Information Ratio 0.09 0.07
Alpha 1.20 0.05
Tracking Error 9.70 9.08
Beta 1.00 1.10
R-squared (%) 77.60 84.37
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index		 3YR 5YR
Up Capture Ratio 98.07 107.67
Down Capture Ratio 94.23 106.29
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 20.50 22.42
S&P 500® Index 18.03 18.64
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.70 0.47
S&P 500® Index 0.75 0.54
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)
CLASS I SHARES
Management Fees 0.70%
Other Expenses 0.13%
Total Gross Expenses 0.83%
Waivers 0.00%
Total Net Expenses 0.83%
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 S&P 500® Index.

Top Holdings (As of 04/30/2023)
% of Fund
Howmet Aerospace Inc 5.71
Crown Holdings Inc 5.60
Caesars Entertainment Inc 5.46
Occidental Petroleum Corp 4.19
Advanced Micro Devices Inc 3.72
Catalent Inc 3.31
Amazon.com Inc 3.21
Sempra Energy 3.09
Freeport-McMoRan Inc 3.02
Horizon Therapeutics Plc 3.00
Total 40.31
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 42 503
Market Capitalization
Weighted Average		 $65.99B $549.12B
Portfolio Turnover Rate
(1-year trailing)		 51.46% -
Price/Earnings Ratio
(1-year forward)		 16.92 18.32
Price/Book Ratio
 3.12 3.83
Earnings Growth Rate
(1-year forward)		 19.17% 13.00%
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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