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
$32.71
As of 10/22/2021

1-Day Change
-$0.35 (-1.06%)
As of 10/22/2021

YTD Return
21.87%
As of 10/22/2021

Morningstar Rating

As of 09/30/2021

Morningstar Analyst Rating
Morningstar Analyst Rating				Bronze
As of 09/30/2021

Overview

Quarterly Update

Watch the investment team recap this quarter.

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

RATINGS AND AWARDS

PORTFOLIO MANAGEMENT

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 09/30/2021)
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 -0.66 17.55 42.18 21.74 18.74 16.28 9.15
S&P 500® Index 0.58 15.92 30.00 15.99 16.90 16.63 7.51
RETURNS (%) (As of 09/30/2021)
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 -0.66 17.55 42.18 21.74 18.74 16.28 9.15
S&P 500® Index 0.58 15.92 30.00 15.99 16.90 16.63 7.51
CALENDAR YEAR RETURNS (%)
Contrarian Fund - Class I Shares S&P 500® Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Contrarian Fund - Class I Shares -15.73 24.02 38.74 17.49 -13.00 8.25 5.41 -3.97 43.25 27.92
S&P 500® Index 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40

MORNINGSTAR PERCENTILE

(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 38 1 1 2 43
Mid-Cap Blend Category|Rank/Count 151/400 2/369 2/345 9/273 57/142
(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 38 1 1 2 43
Mid-Cap Blend Category|Rank/Count 151/400 2/369 2/345 9/273 57/142
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2021 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio 0.67 0.24
Alpha 3.33 -0.01
Tracking Error 8.51 7.66
Beta 1.15 1.13
R-squared (%) 87.98 84.35
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 122.36 105.93
Down Capture Ratio 106.78 99.39
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 23.12 18.71
S&P 500® Index 18.81 15.20
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.89 0.94
S&P 500® Index 0.79 1.04
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/20)
CLASS I SHARES
Management Fees 0.55%
Other Expenses 0.12%
Total Gross Expenses 0.67%
Waivers 0.00%
Total Net Expenses 0.67%

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 09/30/2021)
% of Fund
Crown Holdings Inc 7.04
Caesars Entertainment Inc 5.71
Horizon Therapeutics Plc 5.25
VICI Properties Inc 4.60
Freeport-McMoRan Inc 4.46
Morgan Stanley 3.62
Boston Scientific Corp 3.54
Analog Devices Inc 3.19
Amazon.com Inc 3.19
Snap Inc 3.15
Total 43.75
View Full Holdings
Portfolio Characteristics (As of 09/30/2021)
  FUND INDEX
Number of Holdings
Equity Issues
41 505
Market Capitalization
Weighted Average
$93.29B $563.59B
Portfolio Turnover Rate
(1-year trailing)
33.34% -
Price/Earnings Ratio
(1-year forward)
21.49 27.74
Price/Book Ratio
(1-year forward)
5.33 7.71
Earnings Growth Rate
(1-year forward)
26.42% 33.62%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
Health Care 16.57 13.25
Consumer Discretionary 16.55 12.36
Materials 15.38 2.48
Information Technology 12.59 27.63
Financials 11.68 11.39
Industrials 7.67 8.04
Communication Services 7.10 11.29
Real Estate 4.60 2.58
Utilities 4.21 2.46
Consumer Staples 1.01 5.77
Cash & Equivalents 2.64 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
North America 93.12 99.59
Europe 4.24 0.41
Cash & Equivalents 2.64 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2021)
Over $100B 12.93 65.54
$50B to $100B 11.62 12.39
$10B to $50B 51.33 21.39
$5B to $10B 12.74 0.67
$1B to $5B 8.14
$500M to $1B 0.60
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
U.S. 92.68 99.59
Non-U.S. Developed 4.68 0.41
Cash & Equivalents 2.64 -

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