For Financial Professionals in the US

JSCOX Small Cap Value Fund

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

NAV
$21.86
As of 06/05/2023

1-Day Change
-$0.36 (-1.62%)
 As of 06/05/2023

YTD Return
-0.59%
As of 06/05/2023

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.

PORTFOLIO MANAGEMENT

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager, Team Leader

Industry since 2000. Joined Firm in 2004.

Craig Kempler, CFA

Craig Kempler, CFA

Portfolio Manager

Industry since 2001. Joined Firm in 2005.

Performance

RETURNS (%) (As of 03/31/2023)
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 0.77 0.77 -4.28 15.54 3.30 7.10 N/A
Russell 2000® Value Index -0.66 -0.66 -12.96 21.01 4.55 7.22 N/A
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 05/31/2023)
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 -9.72 -3.73 -4.51 9.06 1.71 6.47 N/A
Russell 2000® Value Index -11.27 -5.04 -11.50 13.60 2.09 6.43 N/A
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Small Cap Value Fund - Class I Shares Russell 2000® Value Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Small Cap Value Fund - Class I Shares -9.84 22.72 -6.76 26.11 -13.04 12.81 26.45 -2.56 7.42 29.82
Russell 2000® Value Index -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47 4.22 34.52

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 28 98 88 64 77
Small Value | Rank/Count 101/478 450/463 391/450 258/408 307/398
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 26 98 83 51 78
Small Value | Rank / Count 109/484 451/462 364/448 221/407 310/398

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD
VS. Russell 2000® Value Index		 3YR 5YR
Information Ratio -0.67 -0.14
Alpha -2.09 -0.61
Tracking Error 6.86 6.59
Beta 0.85 0.84
R-squared (%) 90.89 93.91
UP/DOWN MARKET CAPTURE (%)
VS. Russell 2000® Value Index		 3YR 5YR
Up Capture Ratio 79.89 82.65
Down Capture Ratio 90.53 87.88
STANDARD DEVIATION 3YR 5YR
Small Cap Value Fund 19.91 21.49
Russell 2000® Value Index 22.28 24.73
SHARPE RATIO 3YR 5YR
Small Cap Value Fund 0.49 0.06
Russell 2000® Value Index 0.65 0.09
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS I SHARES
Management Fees 0.58%
Other Expenses 0.16%
Total Gross Expenses 0.74%
Waivers 0.00%
Total Net Expenses 0.74%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell 2000® Value Index.

Top Holdings (As of 04/30/2023)
% of Fund
Chord Energy Corp 2.70
STAG Industrial Inc 2.52
Black Hills Corp 2.52
Hillenbrand Inc 2.48
ChampionX Corp 2.42
Boyd Group Services Inc 1.97
Gulfport Energy Corp 1.80
Commercial Metals Co 1.79
Coca-Cola Consolidated Inc 1.77
Ameris Bancorp 1.76
Total 21.73
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 83 1356
Market Capitalization
Weighted Average		 $3.34B $2.16B
Portfolio Turnover Rate
(1-year trailing)		 44.21% -
Price/Earnings Ratio
(1-year forward)		 11.97 10.91
Price/Book Ratio
 1.71 1.20
Earnings Growth Rate
(1-year forward)		 6.09% 8.67%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
The value of small caps for the road ahead
Mar 21, 2023
Timely & Topical

The value of small caps for the road ahead

Taking stock of small caps with an eye on the market environment ahead.

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Emergent Issues Steering A Volatile Market
Jul 28, 2022

Emergent Issues Steering A Volatile Market

We expect key issues that have materialized this year to be influential in market movements going forward.

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