For Financial Professionals in the US

JARTX 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
$40.88
As of 09/26/2023

1-Day Change
-$0.69 (-1.66%)
 As of 09/26/2023

YTD Return
-
As of 09/26/2023

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.

 

Active approach has delivered solid returns

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 6/30/23

Forty Fund Q2 2023

Past performance is no guarantee of future results.

PORTFOLIO MANAGEMENT

Doug Rao

Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht

Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

RETURNS (%) (As of 08/31/2023)
Forty Fund - Class S Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class S Shares 8.65 29.49 23.22 3.81 11.18 14.04 11.56
Russell 1000® Growth Index 9.45 32.17 21.94 8.26 13.81 15.63 9.23
S&P 500® Index 8.28 18.73 15.94 10.53 11.12 12.81 8.79
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
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 06/30/2023)
Forty Fund - Class S Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class S Shares 11.00 26.51 27.24 8.75 12.11 14.37 11.54
Russell 1000® Growth Index 12.81 29.02 27.11 13.74 15.14 15.75 9.19
S&P 500® Index 8.74 16.89 19.59 14.61 12.31 12.86 8.78
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
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 (%)
Forty Fund - Class S Shares Russell 1000® Growth Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Forty Fund - Class S Shares -33.81 22.48 38.60 36.30 1.04 29.10 1.92 11.75 8.57 31.73
Russell 1000® Growth Index -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67 13.05 33.48

MORNINGSTAR PERCENTILE

(As Of 06/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 25 67 42 25 5
Large Growth | Rank/Count 283/1225 709/1151 447/1101 255/1013 18/497
(As Of 08/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 19 70 40 27 6
Large Growth | Rank / Count 199/1224 779/1155 410/1102 290/1015 22/501
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 08/31/2023 Class I Shares)

RISK / REWARD
VS. Russell 1000 Growth TR Index		 3YR 5YR
Information Ratio -0.86 -0.50
Alpha -3.64 -1.59
Tracking Error 4.33 3.81
Beta 0.99 0.97
R-squared (%) 95.69 96.72
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000 Growth TR Index		 3YR 5YR
Up Capture Ratio 88.08 91.40
Down Capture Ratio 101.88 98.40
STANDARD DEVIATION 3YR 5YR
Forty Fund 20.99 20.84
Russell 1000 Growth TR Index 20.74 21.09
SHARPE RATIO 3YR 5YR
Forty Fund 0.12 0.47
Russell 1000 Growth TR Index 0.31 0.57
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS S SHARES
Management Fees 0.55%
12b-1 Fees 0.25%
Other Expenses 0.27%
Total Gross Expenses 1.07%
Waivers 0.00%
Total Net Expenses 1.07%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 08/31/2023)
% of Fund
Microsoft Corp 9.89
Amazon.com Inc 8.02
Apple Inc 7.35
Mastercard Inc 6.15
Alphabet Inc 4.82
NVIDIA Corp 4.55
Meta Platforms Inc 4.30
Workday Inc 4.02
UnitedHealth Group Inc 3.06
Danaher Corp 2.95
Total 55.11
View full holdings
Portfolio Characteristics (As of 08/31/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 38 444
Market Capitalization
Weighted Average		 $815.27B $994.57B
Portfolio Turnover Rate
(1-year trailing)		 37.91% -
Price/Earnings Ratio
(1-year forward)		 25.36 25.80
Price/Book Ratio
 7.48 11.02
Earnings Growth Rate
(1-year forward)		 26.71% 23.79%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)

Documents

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