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
$44.08
As of 07/02/2020

1-Day Change
$0.14 (0.32%)
As of 07/02/2020

YTD Return
12.54%
As of 07/02/2020

Morningstar Rating

As of 05/31/2020

Morningstar Analyst Rating
Morningstar Analyst Rating				 Bronze
As of 05/31/2020

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.

Active Approach has Delivered Solid Returns

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 3/31/20

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 06/30/2020)
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 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
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 03/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 7 19 12 37 3
Large Growth Category|Rank/Count 81/1379 257/1318 143/1260 388/1100 12/590
(As Of 05/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 28 23 18 32 3
Large Growth Category|Rank/Count 407/1372 326/1321 225/1256 352/1105 14/592
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 05/31/2020 Class I Shares)

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio 0.13 0.07
Alpha 1.35 0.72
Tracking Error 2.87 3.33
Beta 0.93 0.96
R-squared (%) 97.51 95.40
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 92.52 98.01
Down Capture Ratio 86.23 95.42
STANDARD DEVIATION 3YR 5YR
Forty Fund 16.62 15.28
Russell 1000® Growth Index 17.60 15.49
SHARPE RATIO 3YR 5YR
Forty Fund 0.95 0.89
Russell 1000® Growth Index 0.88 0.86
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 05/31/2020)
% of Fund
Microsoft Corp 8.17
Amazon.com Inc 8.01
Mastercard Inc 6.13
Apple Inc 5.64
Alphabet Inc 4.91
Total 32.86
View full holdings
Portfolio Characteristics (As of 05/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
40 532
Market Capitalization
Weighted Average
$456.55B $463.19B
Portfolio Turnover Rate
(1-year trailing)
41.33% -
Price/Earnings Ratio
(1-year forward)
38.96 33.34
Price/Book Ratio
(1-year forward)
11.97 10.67
Earnings Growth Rate
(1-year forward)
-1.51% -2.02%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
Information Technology 38.98 40.17
Consumer Discretionary 15.32 14.82
Communication Services 13.99 11.91
Health Care 13.65 14.70
Industrials 5.64 7.57
Materials 3.09 1.26
Real Estate 2.99 2.33
Financials 2.47 2.89
Consumer Staples 1.92 4.19
Cash & Equivalents 1.95 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
North America 93.80 99.57
Europe 4.25 0.15
Cash & Equivalents 1.95 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 05/31/2020)
Over $100B 70.02 62.31
$50B to $100B 13.21 14.55
$10B to $50B 11.72 19.13
$5B to $10B 3.10 3.10
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
U.S. 93.80 99.57
Non-U.S. Developed 4.25 0.29
Cash & Equivalents 1.95 -

Documents

TOP