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
$39.03
As of 10/15/2019

1 Day Change
$0.32 (0.83%)
As of 10/15/2019

YTD Return
27.67%
As of 10/15/2019

Morningstar Rating

As of 09/30/2019

Morningstar Analyst Rating
Morningstar Analyst Rating				 Bronze
As of 09/30/2019

Overview

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.

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 09/30/2019)
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 2.68% 26.56% 8.06% 18.00% 15.32% 13.44% 11.44%
Russell 1000® Growth Index 1.49% 23.30% 3.71% 16.89% 13.39% 14.94% 7.98%
S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 8.06%
RETURNS (%) (As of 09/30/2019)
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 2.68% 26.56% 8.06% 18.00% 15.32% 13.44% 11.44%
Russell 1000® Growth Index 1.49% 23.30% 3.71% 16.89% 13.39% 14.94% 7.98%
S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 8.06%
CALENDAR YEAR RETURNS (%)
Forty Fund - Class I Shares Russell 1000® Growth Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Forty Fund - Class I Shares 44.21 6.06 -6.96 24.15 32.21 8.88 12.20 2.37 29.60 1.50
Russell 1000® Growth Index 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08 30.21 -1.51

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 9 11 3 46 3
Large Growth Category|Rank/Count 120/1407 141/1346 28/1287 527/1126 9/603
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 9 11 3 46 3
Large Growth Category|Rank/Count 120/1407 141/1346 28/1287 527/1126 9/603
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2019 Class I Shares)

Risk / Reward
vs. Russell 1000® Growth Index
3YR 5YR
Information Ratio 0.36 0.57
Alpha 1.89 1.85
Tracking Error 3.12 3.41
Beta 0.94 0.99
R-squared (%) 94.49 93.38
Up And Down Market Capture (%)
vs. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 95.60 103.47
Down Capture Ratio 83.10 92.06
Standard Deviation 3YR 5YR
Forty Fund 12.87 13.25
Russell 1000® Growth Index 13.30 12.88
Sharpe Ratio 3YR 5YR
Forty Fund 1.28 1.08
Russell 1000® Growth Index 1.16 0.97
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.08%
Total Gross Expenses 0.72%
Waivers 0.00%
Total Net Expenses 0.72%

Portfolio

Index represents the Russell 1000® Growth Index.

(As of 09/30/2019)
% of Fund
Microsoft Corp 7.72
Mastercard Inc 5.77
Alphabet Inc 5.47
salesforce.com Inc 4.50
Apple Inc 3.74
Total: 27.20
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Equity Issues
39 531
Market Capitalization
Weighted Average
$307.09B $328.44B
Portfolio Turnover Rate
(1-year trailing)
43.20% -
Price/Earnings Ratio
(1-year forward)
33.76 28.30
Price/Book Ratio
(1-year forward)
9.34 9.61
Earnings Growth Rate
(1-year forward)
10.70% 8.85%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Information Technology 35.84 37.57
Communication Services 12.87 11.41
Health Care 12.83 14.23
Consumer Discretionary 10.49 14.43
Industrials 9.53 9.97
Financials 7.14 3.16
Materials 5.95 1.45
Real Estate 3.16 2.58
Cash & Equivalents 2.19 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
North America 92.46 99.65
Europe 2.13 0.10
Asia/Pacific Ex Japan 1.67 0.24
Latin America 1.55 0.01
Cash & Equivalents 2.19 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
Over $100B 62.54 59.17
$50B to $100B 21.82 13.39
$10B to $50B 12.15 21.57
$5B to $10B 1.30 5.21
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
U.S. 92.46 99.65
Non-U.S. Emerging 3.22 0.16
Non-U.S. Developed 2.13 0.19
Cash & Equivalents 2.19 -

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