For Financial Professionals in the US

JCAPX Forty Fund

We believe our differentiated view from the market identifies growth where growth is scarce, positioning our investments to outperform the index over time

NAV
$61.63
As of 09/22/2021

1-Day Change
$0.58 (0.95%)
As of 09/22/2021

YTD Return
21.70%
As of 09/22/2021

Morningstar Rating

As of 08/31/2021

Morningstar Analyst Rating
Morningstar Analyst Rating				Bronze
As of 08/31/2021

Overview

Investment Update

Watch the investment team update for this quarter.

ABOUT THIS FUND

Concentrated large-cap growth fund, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess returns over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.

WHY INVEST IN THIS FUND

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

Active Approach has Delivered Solid Returns

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 6/30/21

 

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 6/30/21

Past performance is no guarantee of future results.

PORTFOLIO MANAGEMENT

Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 06/30/2021)
Forty Fund - Class I Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class I Shares 12.74 14.85 44.33 26.08 24.50 18.32 13.38
Russell 1000® Growth Index 11.93 12.99 42.50 25.14 23.66 17.87 9.85
S&P 500® Index 8.55 15.25 40.79 18.67 17.65 14.84 9.24
RETURNS (%) (As of 08/31/2021)
Forty Fund - Class I Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class I Shares 12.61 23.12 31.38 26.25 25.07 19.98 13.61
Russell 1000® Growth Index 13.88 21.08 28.53 24.60 24.35 19.45 10.09
S&P 500® Index 7.95 21.58 31.17 18.07 18.02 16.34 9.42
CALENDAR YEAR RETURNS (%)
Forty Fund - Class I Shares Russell 1000® Growth Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Forty Fund - Class I Shares -6.96 24.15 32.21 8.88 12.20 2.37 29.60 1.50 36.86 39.21
Russell 1000® Growth Index 2.64 15.26 33.48 13.05 5.67 7.08 30.21 -1.51 36.39 38.49

MORNINGSTAR PERCENTILE

(As Of 06/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 24 15 19 15 4
Large Growth Category|Rank/Count 268/1259 188/1194 235/1150 152/1012 13/515
(As Of 08/31/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 27 13 17 13 4
Large Growth Category|Rank/Count 265/1252 161/1183 204/1140 132/1009 13/509
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2021 Class I Shares)

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio 0.51 0.22
Alpha 2.74 2.00
Tracking Error 3.25 3.23
Beta 0.94 0.94
R-squared (%) 97.44 96.01
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 95.23 94.45
Down Capture Ratio 84.93 83.04
STANDARD DEVIATION 3YR 5YR
Forty Fund 18.69 15.33
Russell 1000® Growth Index 19.72 16.06
SHARPE RATIO 3YR 5YR
Forty Fund 1.34 1.56
Russell 1000® Growth Index 1.19 1.45
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/20)
CLASS I SHARES
Management Fees 0.65%
Other Expenses 0.09%
Total Gross Expenses 0.74%
Waivers 0.00%
Total Net Expenses 0.74%

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 08/31/2021)
% of Fund
Microsoft Corp 8.47
Facebook Inc 6.46
Amazon.com Inc 5.76
Apple Inc 5.03
Mastercard Inc 4.80
Total 30.52
View Full Holdings
Portfolio Characteristics (As of 08/31/2021)
  FUND INDEX
Number of Holdings
Equity Issues
41 496
Market Capitalization
Weighted Average
$719.27B $891.22B
Portfolio Turnover Rate
(1-year trailing)
30.60% -
Price/Earnings Ratio
(1-year forward)
41.98 37.78
Price/Book Ratio
(1-year forward)
18.45 18.31
Earnings Growth Rate
(1-year forward)
39.42% 41.29%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2021)
Information Technology 36.92 44.57
Communication Services 19.85 13.02
Health Care 13.23 9.32
Consumer Discretionary 12.19 17.87
Industrials 4.55 5.96
Financials 4.40 2.41
Materials 2.95 1.01
Real Estate 2.23 1.72
Consumer Staples 1.72 3.81
Cash & Equivalents 1.96 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 08/31/2021)
North America 90.96 99.65
Europe 5.62 0.16
Asia/Pacific Ex Japan 1.46 0.01
Cash & Equivalents 1.96 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 08/31/2021)
Over $100B 73.06 71.67
$50B to $100B 17.45 11.56
$10B to $50B 6.82 14.75
$500M to $1B 0.23
N/A 0.48
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2021)
U.S. 90.12 99.65
Non-U.S. Developed 6.46 0.22
Non-U.S. Emerging 1.46 0.13
Cash & Equivalents 1.96 -

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