JSCOX Small Cap Value Fund

Defensive-minded specialists aiming to identify undervalued small-cap opportunities

NAV
$22.43
As of 11/14/2019

1 Day Change
$0.03 (0.13%)
As of 11/14/2019

YTD Return
21.51%
As of 11/14/2019

Morningstar Rating

As of 10/31/2019

Morningstar Analyst Rating
Morningstar Analyst Rating				 Silver
As of 10/31/2019

Overview

ABOUT THIS FUND

As defensive value specialists, we look to invest in high quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

WHY INVEST IN THIS FUND

Attractive Reward/Risk
Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process
The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark
The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in the Morningstar Small Value Category (415 funds) as of 9/30/19

Past performance is no guarantee of future results.

PORTFOLIO MANAGEMENT

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Craig Kempler, CFA

Portfolio Manager

Industry since 2001. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2019)
Small Cap Value Fund - Class I Shares Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/21/1987)
Small Cap Value Fund - Class I Shares 1.21% 17.88% 1.49% 8.44% 8.83% 10.11% N/A
Russell 2000® Value Index -0.57% 12.82% -8.24% 6.54% 7.17% 10.06% N/A
RETURNS (%) (As of 10/31/2019)
Small Cap Value Fund - Class I Shares Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/21/1987)
Small Cap Value Fund - Class I Shares 2.13% 19.45% 11.89% 9.71% 8.16% 10.44% N/A
Russell 2000® Value Index 1.67% 15.55% 3.22% 8.60% 6.24% 11.08% N/A
CALENDAR YEAR RETURNS (%)
Small Cap Value Fund - Class I Shares Russell 2000® Value Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Small Cap Value Fund - Class I Shares 36.59 18.13 -3.28 9.13 29.82 7.42 -2.56 26.45 12.81 -13.04
Russell 2000® Value Index 20.58 24.50 -5.50 18.05 34.52 4.22 -7.47 31.74 7.84 -12.86

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 3 8 5 39 N/A
Small Value Category|Rank/Count 7/430 36/415 30/389 131/339 N/A
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 4 13 3 47 N/A
Small Value Category|Rank/Count 21/435 55/421 21/393 173/345 N/A

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. Russell 2000® Value Index
3YR 5YR
Information Ratio 0.21 0.41
Alpha 2.79 3.00
Tracking Error 5.24 4.72
Beta 0.77 0.78
R-squared (%) 94.46 93.58
UP/DOWN MARKET CAPTURE (%)
VS. Russell 2000® Value Index
3YR 5YR
Up Capture Ratio 80.63 83.34
Down Capture Ratio 71.21 71.57
STANDARD DEVIATION 3YR 5YR
Small Cap Value Fund 13.82 12.84
Russell 2000® Value Index 17.54 15.84
SHARPE RATIO 3YR 5YR
Small Cap Value Fund 0.59 0.56
Russell 2000® Value Index 0.40 0.33
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.15%
Total Gross Expenses 0.79%
Waivers 0.00%
Total Net Expenses 0.79%

Portfolio

Index represents the Russell 2000® Value Index.

(As of 10/31/2019)
% of Fund
UniFirst Corp/MA 3.17
Hanover Insurance Group Inc 2.73
Cedar Fair LP 2.42
Nomad Foods Ltd 2.29
STAG Industrial Inc 2.23
Atlantic Union Bankshares Corp 2.22
Prosperity Bancshares Inc 2.16
Equity Commonwealth 2.16
Black Hills Corp 2.10
Bank of Hawaii Corp 1.98
Total 23.46
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  FUND INDEX
Number of Holdings
Equity Issues
79 1395
Market Capitalization
Weighted Average
$3.46B $2.10B
Portfolio Turnover Rate
(1-year trailing)
36.83% -
Price/Earnings Ratio
(1-year forward)
18.06 17.59
Price/Book Ratio
(1-year forward)
2.40 1.57
Earnings Growth Rate
(1-year forward)
-2.46% -2.83%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Financials 30.01 30.50
Industrials 16.90 12.62
Consumer Discretionary 9.31 9.74
Real Estate 8.71 11.70
Materials 8.54 4.50
Consumer Staples 7.95 2.49
Information Technology 5.95 9.06
Energy 3.78 5.53
Utilities 3.00 6.29
Health Care 0.83 5.13
Equity Other 0.82 -
Communication Services 0.36 2.44
Cash & Equivalents 3.84 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
North America 93.88 99.35
Europe 2.28 0.53
Cash & Equivalents 3.84 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2019)
$10B to $50B 0.81
$5B to $10B 16.14 2.85
$1B to $5B 69.42 71.86
$500M to $1B 7.98 15.11
$250M to $500M 0.68 7.24
$100M to $250M 0.31 2.80
N/A 0.82
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
U.S. 92.59 99.00
Non-U.S. Developed 3.57 0.83
Cash & Equivalents 3.84 -

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