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
$47.45
As of 09/18/2020

1-Day Change
-$0.66 (-1.37%)
As of 09/18/2020

YTD Return
21.14%
As of 09/18/2020

Morningstar Rating

As of 08/31/2020

Morningstar Analyst Rating
Morningstar Analyst Rating				Bronze
As of 08/31/2020

Overview

Navigate Uncertainty

Watch now for a current market perspective and outlook from the investment team

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 06/30/2020)
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 26.69 10.77 23.00 19.30 16.21 16.35 12.21
Russell 1000® Growth Index 27.84 9.81 23.28 18.99 15.89 17.23 8.62
S&P 500® Index 20.54 -3.08 7.51 10.73 10.73 13.99 8.05
RETURNS (%) (As of 08/31/2020)
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 23.34 30.46 40.49 24.15 20.34 18.28 12.90
Russell 1000® Growth Index 23.98 30.47 44.34 24.18 20.66 19.02 9.36
S&P 500® Index 15.48 9.74 21.94 14.52 14.46 15.16 8.57
CALENDAR YEAR RETURNS (%)
Forty Fund - Class I Shares Russell 1000® Growth Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Forty Fund - Class I Shares 6.06 -6.96 24.15 32.21 8.88 12.20 2.37 29.60 1.50 36.86
Russell 1000® Growth Index 16.71 2.64 15.26 33.48 13.05 5.67 7.08 30.21 -1.51 36.39

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 24 24 15 31 4
Large Growth Category|Rank/Count 335/1366 337/1315 191/1251 338/1100 16/587
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 34 20 19 26 4
Large Growth Category|Rank/Count 470/1356 280/1306 222/1247 281/1094 16/584
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio -0.01 -0.09
Alpha 1.30 0.43
Tracking Error 2.92 3.31
Beta 0.94 0.96
R-squared (%) 97.71 95.65
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 92.97 97.01
Down Capture Ratio 87.20 95.89
STANDARD DEVIATION 3YR 5YR
Forty Fund 17.68 15.62
Russell 1000® Growth Index 18.66 15.85
SHARPE RATIO 3YR 5YR
Forty Fund 1.27 1.23
Russell 1000® Growth Index 1.21 1.23
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.63%
12b-1 Fees -
Other Expenses 0.09%
Total Gross Expenses 0.72%
Waivers 0.00%
Total Net Expenses 0.72%

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 08/31/2020)
% of Fund
Amazon.com Inc 9.27
Microsoft Corp 7.95
Mastercard Inc 6.47
Apple Inc 6.14
Facebook Inc 4.50
Total 34.33
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
39 434
Market Capitalization
Weighted Average
$629.45B $755.26B
Portfolio Turnover Rate
(1-year trailing)
40.15% -
Price/Earnings Ratio
(1-year forward)
55.07 47.08
Price/Book Ratio
(1-year forward)
16.97 16.70
Earnings Growth Rate
(1-year forward)
4.62% 11.43%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
Information Technology 38.40 44.95
Consumer Discretionary 18.16 16.69
Communication Services 15.79 11.31
Health Care 13.58 13.47
Industrials 4.53 4.44
Real Estate 2.28 1.78
Consumer Staples 2.27 4.58
Financials 1.88 1.91
Materials 1.74 0.78
Cash & Equivalents 1.37 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
North America 94.18 99.54
Europe 3.86 0.21
Asia/Pacific Ex Japan 0.59 0.16
Cash & Equivalents 1.37 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 08/31/2020)
Over $100B 73.56 70.56
$50B to $100B 13.78 11.03
$10B to $50B 11.29 15.67
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
U.S. 94.18 99.53
Non-U.S. Developed 3.86 0.35
Non-U.S. Emerging 0.59 0.12
Cash & Equivalents 1.37 -

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