For Institutional Investors in the US

JUCIX Absolute Return Income Opportunities Fund

An absolute return strategy that takes advantage of flexibility to express high-conviction active views through a macro lens

NAV
$9.02
As of 05/11/2021

1-Day Change
-$0.01 (-0.11%)
As of 05/11/2021

YTD Return
-0.06%
As of 05/11/2021

Overview

CLIENT COMMITMENT

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

WHY INVEST IN THE PORTFOLIO

Experienced Investors
The investment team focuses on managing strategies with absolute return targets and an emphasis on capital preservation. The team has managed unconstrained, absolute return portfolios through marked periods of extreme volatility and stress.

Investment Flexibility
The Fund invests broadly across global fixed income markets and is not constrained by benchmark-specific guidelines. This latitude allows us to fully express our high-conviction, active views and potentially avoid benchmark biases.

Uncorrelated Sources of Return
This bond fund seeks to provide positive long-term returns through a combination of top-down and bottom-up investing. The result is a predominantly investment grade, absolute return-oriented global credit portfolio that is intended to provide diversification from traditional and non-traditional asset classes.

PORTFOLIO MANAGEMENT

Nick Maroutsos

Head of Global Bonds | Portfolio Manager

Industry since 1999. Joined Firm in 2015.

Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Performance

RETURNS (%) (As of 03/31/2021)
Absolute Return Income Opportunities Fund - Class I Shares FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(05/27/2014)
Absolute Return Income Opportunities Fund - Class I Shares -0.23 -0.23 2.57 1.05 1.63 1.23
FTSE 3-Month Treasury Bill Index 0.02 0.02 0.21 1.45 1.15 0.85
RETURNS (%) (As of 04/30/2021)
Absolute Return Income Opportunities Fund - Class I Shares FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(05/27/2014)
Absolute Return Income Opportunities Fund - Class I Shares 0.03 0.02 2.77 1.32 1.57 1.25
FTSE 3-Month Treasury Bill Index 0.01 0.02 0.13 1.41 1.15 0.84
CALENDAR YEAR RETURNS (%)
Absolute Return Income Opportunities Fund - Class I Shares FTSE 3-Month Treasury Bill Index
2015 2016 2017 2018 2019 2020
Absolute Return Income Opportunities Fund - Class I Shares -0.43 5.26 2.43 -3.88 3.37 3.56
FTSE 3-Month Treasury Bill Index 0.03 0.27 0.84 1.86 2.25 0.58
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2020)
CLASS I SHARES
Management Fees 0.65%
Other Expenses 0.35%
Total Gross Expenses 1.00%
Waivers -0.30%
Total Net Expenses 0.70%

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index.

Top Holdings (As of 02/28/2021)
Volkswagen Financial Services Australia Pty Ltd (Long), 3.30%, 02/28/22
La Trobe Financial Capital Markets Trust 2017-2 (Long), 1.91%, 01/12/49
Lloyds Banking Group PLC (Long), 3.90%, 11/23/23
Sinopec Capital 2013 Ltd (Long), 3.12%, 04/24/23
RedZed Trust Series 2018-1 (Long), 2.41%, 03/09/50
Westpac Banking Corp (Long), 4.50%, 03/11/27
CNOOC Curtis Funding No 1 Pty Ltd (Long), 4.50%, 10/03/23
Hyundai Capital America (Long), 1.17%, 07/08/21
Australia & New Zealand Banking Group Ltd (Long), 2.95%, 07/22/30
Liberty Series 2018-1 SME (Long), 2.36%, 07/10/50
View Full Holdings
Portfolio Characteristics (As of 02/28/2021)
 
Number of Holdings
Debt Issues
70
Portfolio Turnover Rate
(1-year trailing)
-
Weighted Average Maturity
(years)
2.36
Effective Duration
(years)
-
Sector Allocation % OF FUND % OF FUND (As of 02/28/2021)
Non-US Credit 37.79
US Credit-Investment Grade 19.71
Securitized 15.17
Non-US Governments/Agencies 9.89
US Credit-High Yield 1.06
Currency 0.29
Other 0.01
US Treasury & Related 0.00
Cash & Equivalents 16.08
Regional Allocations % OF FUND % OF FUND (As of February 28, 2021)
Asia/Pacific Ex Japan 53.50
North America 20.78
Europe 8.87
Supranational 0.48
Currency 0.29
Cash & Equivalents 16.08
Developed VS Emerging Markets % OF FUND % OF FUND (As of February 28, 2021)
Non-U.S. Developed 53.85
U.S. 20.78
Non-U.S. Emerging 8.52
Other 0.48
Currency 0.29
Cash & Equivalents 16.08
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of February 28, 2021)
< 1 yr 21.55
1 - 3 yrs 34.90
3 - 5 yrs 14.64
5 - 7 yrs 6.56
7 - 10 yrs 5.53
>20 yrs 0.45
Other 0.01
Currency 0.29
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of January 31, 2021)
AA 6.84
AAA 11.84
A 14.98
BBB 46.58
BB 1.04
Currency -2.43

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