For Financial Professionals in the US

JDSNX Small Cap Value Fund

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

NAV
$23.36
As of 04/17/2024

1-Day Change
-$0.20 (-0.85%)
As of 04/17/2024

YTD Return
-0.64%
As of 04/17/2024

Morningstar Rating

As of 03/31/2024

Morningstar Medalist Rating ™

As of 01/19/2024

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.

Fund Details

Inception Date	Oct 21, 1987
Total Net Assets (As of 03/31/2024)	$2.56B
Gross Annual Expense Ratio (As of most recent prospectus)	0.57%
Net Annual Expense Ratio (As of most recent prospectus)	0.57%

Morningstar Data

(As of 03/31/2024)

Overall Rating (Based on risk-adjusted returns)	457 Funds Rated View All Ratings
Category	Small Value
Morningstar Fee Level Group	Small Cap Institutional (out of 527 funds)
Morningstar Fee Level Information View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.
Morningstar Medalist Rating™ As of 01/19/2024	Analyst-Driven %: 100.0 Data Coverage %: 100.0
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

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 03/31/2024)

Small Cap Value Fund - N Shares Russell 2000® Value Index

	3M	YTD	1YR	3YR	5YR	10YR
Small Cap Value Fund - N Shares	6.21	6.21	19.54	5.04	7.04	7.27
Russell 2000® Value Index	2.90	2.90	18.75	2.22	8.16	6.87

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.

View Fees and Expenses

Performance for Class N Shares that includes periods prior to 5/31/12 reflects the performance of one or more share classes of the Fund or a predecessor fund. 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 03/31/2024)

Small Cap Value Fund - N Shares Russell 2000® Value Index

	3M	YTD	1YR	3YR	5YR	10YR
Small Cap Value Fund - N Shares	6.21	6.21	19.54	5.04	7.04	7.27
Russell 2000® Value Index	2.90	2.90	18.75	2.22	8.16	6.87

View Fees and Expenses

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

Calendar Year Returns (%)

Small Cap Value Fund - N Shares Russell 2000® Value Index

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Small Cap Value Fund - N Shares	13.42	-9.69	22.85	-6.57	26.31	-12.97	12.90	26.58	-2.39	7.58
Russell 2000® Value Index	14.65	-14.48	28.27	4.63	22.39	-12.86	7.84	31.74	-7.47	4.22

GROWTH OF A HYPOTHETICAL INVESTMENT

Russell 2000® Value Index Small Value

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

(As Of 03/31/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	55	61	93	48	75
Small Value \| Rank/Count	254/491	257/467	410/449	199/404	289/391

(As Of 03/31/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	55	61	93	48	75
Small Value \| Rank / Count	254/491	257/467	410/449	199/404	289/391

RETURNS-BASED STATISTICS (As of 03/31/2024 Class I Shares)

RISK / REWARD VS. Russell 2000 Value TR USD	3YR	5YR
Information Ratio	0.55	-0.18
Alpha	2.41	-0.59
Tracking Error	4.73	6.57
Beta	0.90	0.85
R-squared (%)	95.44	94.19

UP/DOWN MARKET CAPTURE (%) VS. Russell 2000 Value TR USD	3YR	5YR
Up Capture Ratio	92.92	81.55
Down Capture Ratio	89.12	90.15

STANDARD DEVIATION	3YR	5YR
Small Cap Value Fund	19.75	21.78
Russell 2000 Value TR USD	21.49	24.91

SHARPE RATIO	3YR	5YR
Small Cap Value Fund	0.11	0.22
Russell 2000 Value TR USD	-0.02	0.24

ANNUAL FEES & EXPENSES (As of the most recent prospectus)

CLASS N SHARES
Management Fees	0.53%
Other Expenses	0.04%
Total Gross Expenses	0.57%
Waivers	0.00%
Total Net Expenses	0.57%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. 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 03/31/2024)

	% of Fund
Chord Energy Corp	3.16
STAG Industrial Inc	2.23
Piper Sandler Cos	2.21
Kirby Corp	2.15
Commercial Metals Co	2.09
Ameris Bancorp	2.06
Axis Capital Holdings Ltd	1.90
Owens & Minor Inc	1.88
Hillenbrand Inc	1.86
Academy Sports & Outdoors Inc	1.82
TOTAL	21.36
View full holdings

Portfolio Characteristics (As of 03/31/2024)

	FUND	INDEX
Number of Holdings Equity Issues	85	1419
Market Capitalization Weighted Average	$4.25B	$2.71B
Portfolio Turnover Rate (1-year trailing)	35.45%	-
Price/Earnings Ratio (1-year forward)	13.53	12.59
Price/Book Ratio	1.79	1.35
Earnings Growth Rate (1-year forward)	19.67%	15.89%

Sector Allocation	% OF FUND	% of Index	% OF FUND	% of Index	(As of 03/31/2024)

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 03/31/2024)

Market Capitalization Range of Equity Holdings	% OF FUND	% of Index	% OF FUND	% of Index	(As of 03/31/2024)

Developed vs Emerging Markets	% OF FUND	% of Index	% OF FUND	% of Index	(As of 03/31/2024)

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JDSNX Small Cap Value Fund