For Financial Professionals in the US

JADFX Flexible Bond Fund

A flexible core plus fixed income portfolio that leverages a research-driven investment process in seeking to identify the best opportunities across fixed income sectors

NAV
$9.36
As of 06/02/2023

1-Day Change
-$0.06 (-0.63%)
 As of 06/02/2023

YTD Return
1.87%
As of 06/02/2023

Overview

ABOUT THIS FUND

Using our broad global research capabilities, we strive to exploit fixed income market inefficiencies by building a structural foundation that we believe serves as a better starting point than traditional benchmarks. We aim to generate outperformance through sector rotation and security selection and by seeking to take the right amount of risk at each point in the cycle.

WHY INVEST IN THIS FUND

Our Team: A culture of collaboration, global integration and a research-first mentality is the cornerstone to our team’s process.

Disciplined Risk Budgeting: We target repeatable performance by building a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction: We dynamically allocate risk across market cycles and invest with conviction, with bottom-up research expected to drive excess returns.

COMPETITIVE RISK-ADJUSTED RETURNS

10-Year Risk/Reward – Fund vs. Index and Peers as of 3/31/23

Flexible Bond Fund Proof Point Chart Q1 23

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 03/31/2023)
Flexible Bond Fund - Class S Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class S Shares 2.89 2.89 -5.62 -1.22 1.09 1.26 5.59
Bloomberg U.S. Aggregate Bond Index 2.96 2.96 -4.78 -2.77 0.91 1.36 5.49
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 S 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)
Flexible Bond Fund - Class S Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class S Shares 1.40 2.26 -2.83 -3.03 1.00 1.26 5.55
Bloomberg U.S. Aggregate Bond Index 2.04 2.46 -2.14 -3.65 0.81 1.39 5.45
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 S 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 (%)
Flexible Bond Fund - Class S Shares Bloomberg U.S. Aggregate Bond Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Flexible Bond Fund - Class S Shares -14.09 -1.22 10.40 9.10 -1.31 3.20 2.16 -0.17 4.55 -0.42
Bloomberg U.S. Aggregate Bond Index -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55 5.97 -2.02

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 61 52 43 76 38
Intermediate Core-Plus Bond | Rank/Count 306/617 294/566 216/543 329/468 38/89
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 68 64 42 74 38
Intermediate Core-Plus Bond | Rank / Count 365/627 351/565 218/543 321/467 38/89
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. Bloomberg U.S. Aggregate Bond Index		 3YR 5YR
Information Ratio 1.17 0.34
Alpha 1.61 0.60
Tracking Error 1.25 1.81
Beta 1.03 1.02
R-squared (%) 96.33 90.44
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index		 3YR 5YR
Up Capture Ratio 120.13 110.94
Down Capture Ratio 97.75 102.92
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 6.47 5.85
Bloomberg U.S. Aggregate Bond Index 6.19 5.45
SHARPE RATIO 3YR 5YR
Flexible Bond Fund -0.42 0.06
Bloomberg U.S. Aggregate Bond Index -0.68 -0.05
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS S SHARES
Management Fees 0.41%
12b-1 Fees 0.25%
Other Expenses 0.29%
Total Gross Expenses 0.95%
Waivers 0.00%
Total Net Expenses 0.95%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

Top Holdings (As of 04/30/2023)
% of Fund
United States Treasury Note/Bond, 3.88%, 02/15/43 4.23
United States Treasury Note/Bond, 4.00%, 11/15/52 4.04
United States Treasury Note/Bond, 4.00%, 11/15/42 3.58
United States Treasury Note/Bond, 3.50%, 02/15/33 3.38
United States Treasury Note/Bond, 4.00%, 02/29/28 3.27
United States Treasury Note/Bond, 1.12%, 08/31/28 1.97
United States Treasury Note/Bond, 3.50%, 04/30/30 1.95
United States Treasury Note/Bond, 3.50%, 04/30/28 1.88
United States Treasury Note/Bond, 3.62%, 03/31/28 1.76
United States Treasury Note/Bond, 3.75%, 04/15/26 1.73
Total 27.79
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Debt Issues		 508 13275
Portfolio Turnover Rate
(1-year trailing)		 159.66% -
Weighted Average Maturity
(years)		 8.17 13.05
Effective Duration
(years)		 6.21 6.30
Yield to Worst
 4.73% 4.36%

Yield to Worst calculation excludes cash.
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)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

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