JMGRX Enterprise Fund

A differentiated mid-cap growth strategy that takes a moderate approach to an asset class known for rapid growth potential

NAV
$143.44
As of 11/14/2019

1 Day Change
$0.47 (0.33%)
As of 11/14/2019

YTD Return
30.26%
As of 11/14/2019

Morningstar Rating

As of 10/31/2019

Morningstar Analyst Rating
Morningstar Analyst Rating				 Silver
As of 10/31/2019

Overview

ABOUT THIS FUND

By taking a moderate approach to an asset class with potential for rapid growth, this mid-cap growth fund has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies exhibiting sustainable and durable growth.

WHY INVEST IN THIS FUND

Smart Growth Approach
The Fund’s investment approach focuses on long-duration, sustainable-growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.

Deep, Specialized Team
The Fund benefits from experienced Portfolio Managers with expertise in mid-cap investing; in-depth fundamental research conducted by a dedicated team of experts exclusively focused on small-mid-cap companies; and the broader support of an insightful team of equity investment professionals.

Growth Potential with Tempered Volatility
The portfolio offers exposure to medium-size companies with resilient business models and is designed to weather a variety of market environments and take on moderately less risk than the index.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in Morningstar Mid-Cap Growth Category (581 funds) as of 9/30/19

Enterprise Fund Pr

Past performance is no guarantee of future results.

Enterprise Fund Recap and Outlook

Portfolio Managers Brian Demain and Cody Wheaton provide perspective on current market dynamics, their outlook and portfolio performance.

Key Takeaways

  • Market Environment: In a market characterized by two distinct periods, Brian and Cody began to observe a change in the outperformance of growth versus value.
  • Performance Update: The Managers provide a recap on some of technology growth drivers within the portfolio and share their positioning around recent volatility, particularly within the health care sector.
  • Outlook: Brian and Cody remain disciplined around valuations given continued uncertainty around trade, interest rates and a delicate political landscape.

PORTFOLIO MANAGEMENT

Brian Demain, CFA

Portfolio Manager

Industry since 1999. Joined Firm in 1999.

Philip Cody Wheaton, CFA

Portfolio Manager | Research Analyst

Industry since 2001. Joined Firm in 2001.

Performance

RETURNS (%) (As of 09/30/2019)
Enterprise Fund - Class I Shares Russell MidCap® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Enterprise Fund - Class I Shares 1.09% 27.70% 10.28% 17.12% 14.87% 15.57% 11.33%
Russell MidCap® Growth Index -0.67% 25.23% 5.20% 14.50% 11.12% 14.08% 10.29%
RETURNS (%) (As of 10/31/2019)
Enterprise Fund - Class I Shares Russell MidCap® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Enterprise Fund - Class I Shares -0.83% 27.45% 19.92% 18.56% 14.14% 15.94% 11.29%
Russell MidCap® Growth Index -1.14% 27.56% 18.93% 16.81% 10.92% 14.76% 10.33%
CALENDAR YEAR RETURNS (%)
Enterprise Fund - Class I Shares Russell MidCap® Growth Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Enterprise Fund - Class I Shares 42.90 26.06 -1.65 17.83 30.86 12.01 3.49 12.08 26.53 -0.90
Russell MidCap® Growth Index 46.29 26.38 -1.65 15.81 35.74 11.90 -0.20 7.33 25.27 -4.75

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 5 11 4 4 22
Mid-Cap Growth Category|Rank/Count 31/610 69/581 22/553 21/506 28/132
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 16 14 4 7 23
Mid-Cap Growth Category|Rank/Count 120/627 100/595 23/561 31/514 30/137
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. Russell MidCap® Growth Index
3YR 5YR
Information Ratio 0.48 0.98
Alpha 3.62 4.19
Tracking Error 3.66 3.28
Beta 0.86 0.88
R-squared (%) 93.77 94.71
UP/DOWN MARKET CAPTURE (%)
VS. Russell MidCap® Growth Index
3YR 5YR
Up Capture Ratio 94.30 98.51
Down Capture Ratio 75.74 75.97
STANDARD DEVIATION 3YR 5YR
Enterprise Fund 12.53 12.21
Russell MidCap® Growth Index 14.04 13.58
SHARPE RATIO 3YR 5YR
Enterprise Fund 1.36 1.08
Russell MidCap® Growth Index 1.09 0.73
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.75%
Waivers 0.00%
Total Net Expenses 0.75%

Portfolio

Index represents the Russell MidCap® Growth Index.

(As of 10/31/2019)
% of Fund
Global Payments Inc 2.32
Constellation Software Inc/Canada 2.28
Nice Ltd (ADR) 2.26
Aon PLC 2.14
Microchip Technology Inc 2.14
Boston Scientific Corp 2.00
TE Connectivity Ltd 1.91
SS&C Technologies Holdings Inc 1.87
Cooper Cos Inc 1.85
Sensata Technologies Holding PLC 1.78
Total 20.55
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  FUND INDEX
Number of Holdings
Equity Issues
83 401
Market Capitalization
Weighted Average
$18.27B $19.00B
Portfolio Turnover Rate
(1-year trailing)
9.51% -
Price/Earnings Ratio
(1-year forward)
23.27 28.75
Price/Book Ratio
(1-year forward)
5.36 8.93
Earnings Growth Rate
(1-year forward)
7.94% 12.01%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Information Technology 32.43 33.09
Industrials 18.11 17.22
Health Care 16.59 14.81
Financials 11.06 4.49
Consumer Discretionary 7.53 15.41
Real Estate 3.28 2.91
Energy 1.67 1.22
Materials 1.26 2.94
Communication Services 1.24 4.65
Cash & Equivalents 6.83 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
North America 88.39 98.36
Africa/Mideast 2.26 -
Europe 1.54 0.57
Asia/Pacific Ex Japan 0.98 1.07
Cash & Equivalents 6.83 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2019)
$50B to $100B 9.37 3.68
$10B to $50B 51.03 69.94
$5B to $10B 27.40 22.77
$1B to $5B 5.21 3.61
N/A 0.16
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
U.S. 82.66 98.37
Non-U.S. Developed 10.51 0.99
Cash & Equivalents 6.83 -

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