For Institutional Investors in the US

JCONX Contrarian Fund

Invests with conviction where we believe the market misunderstands business models, assets or growth potential

NAV
$24.61
As of 08/19/2022

1-Day Change
-$0.48 (-1.91%)
As of 08/19/2022

YTD Return
-16.43%
As of 08/19/2022

Morningstar Rating

As of 07/31/2022

Morningstar Analyst Rating
Morningstar Analyst Rating				Bronze
As of 07/31/2022

Overview

ABOUT THIS FUND

A U.S.-centric equity fund, investing opportunistically in what we believe are mispriced business models, unconstrained by sector and with flexibility across market cap. Through deep fundamental analysis, we seek to identify misunderstood and underappreciated companies where we can invest with conviction to create longterm capital appreciation.

WHY INVEST IN THIS FUND

Thinking Independently
Expressing differentiated views by applying autonomous thinking

Multiple Avenues for Capital Appreciation
Seeking to invest in companies where there is potential for both the free cash flow of the company and the stock multiple to grow over time

Actively Different
This concentrated portfolio seeks to outperform the benchmark over time by leveraging the best ideas of our global research team to identify stocks trading at a discount to their intrinsic value across style, sector and market cap

Various Approaches to Investing
Investing with conviction where we believe the market either misunderstands the business model, undervalues the company’s assets or underappreciates the company’s growth potential

PORTFOLIO MANAGEMENT

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 06/30/2022)
Contrarian Fund - Class I Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - Class I Shares -21.07 -22.92 -21.19 10.35 10.95 11.47 7.71
S&P 500® Index -16.10 -19.96 -10.62 10.60 11.31 12.96 6.69
RETURNS (%) (As of 07/31/2022)
Contrarian Fund - Class I Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - Class I Shares -5.19 -16.33 -14.80 12.42 13.10 12.61 8.07
S&P 500® Index 0.39 -12.58 -4.64 13.36 12.83 13.80 7.08
Calendar Year Returns (%)
Contrarian Fund - Class I Shares S&P 500® Index
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Contrarian Fund - Class I Shares 20.99 27.92 43.25 -3.97 5.41 8.25 -13.00 17.49 38.74 24.02
S&P 500® Index 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00

MORNINGSTAR PERCENTILE

(As Of 06/30/2022)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 94 4 1 13 54
Mid-Cap Blend Category|Rank/Count 385/411 13/379 3/349 35/284 74/147
(As Of 07/31/2022)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 94 7 1 10 54
Mid-Cap Blend Category|Rank/Count 386/412 18/378 3/349 25/283 74/147

RETURNS-BASED STATISTICS (As of 07/31/2022 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio -0.10 0.03
Alpha -1.03 -0.42
Tracking Error 9.77 8.64
Beta 1.07 1.10
R-squared (%) 81.72 83.51
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 100.48 104.09
Down Capture Ratio 104.16 104.10
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 22.67 20.85
S&P 500® Index 19.23 17.33
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.52 0.58
S&P 500® Index 0.66 0.68
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2021)
CLASS I SHARES
Management Fees 0.74%
Other Expenses 0.11%
Total Gross Expenses 0.85%
Waivers 0.00%
Total Net Expenses 0.85%

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 07/31/2022)
% of Fund
Crown Holdings Inc 6.20
Horizon Therapeutics Plc 5.78
Caesars Entertainment Inc 5.49
Howmet Aerospace Inc 4.83
Amazon.com Inc 4.02
Organon & Co 3.69
AbbVie Inc 3.58
Occidental Petroleum Corp 3.24
VICI Properties Inc 3.18
American Electric Power Co Inc 3.12
Total 43.13
View Full Holdings
Portfolio Characteristics (As of 07/31/2022)
  FUND INDEX
Number of Holdings
Equity Issues
40 503
Market Capitalization
Weighted Average
$94.31B $564.91B
Portfolio Turnover Rate
(1-year trailing)
38.59% -
Price/Earnings Ratio
(1-year forward)
17.27 21.89
Price/Book Ratio
4.03 6.10
Earnings Growth Rate
(1-year forward)
1.33% 8.75%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 07/31/2022)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of July 31, 2022)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 07/31/2022)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of July 31, 2022)

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