For Institutional Investors in the US

JCAPX Forty Fund

We believe our differentiated view from the market identifies growth where growth is scarce, positioning our investments to outperform the index over time

NAV
$54.66
As of 04/20/2021

1-Day Change
-$0.48 (-0.87%)
As of 04/20/2021

YTD Return
7.94%
As of 04/20/2021

Morningstar Rating

As of 03/31/2021

Morningstar Analyst Rating
Morningstar Analyst Rating				Bronze
As of 03/31/2021

Overview

ABOUT THIS FUND

Concentrated large-cap growth fund, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess returns over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.

WHY INVEST IN THIS FUND

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

Active Approach has Delivered Solid Returns

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 3/31/21

Past performance is no guarantee of future results.

PORTFOLIO MANAGEMENT

Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 03/31/2021)
Forty Fund - Class I Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class I Shares 1.88 1.88 62.19 23.40 21.99 17.01 12.96
Russell 1000® Growth Index 0.94 0.94 62.74 22.80 21.05 16.63 9.44
S&P 500® Index 6.17 6.17 56.35 16.78 16.29 13.91 8.97
RETURNS (%) (As of 03/31/2021)
Forty Fund - Class I Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class I Shares 1.88 1.88 62.19 23.40 21.99 17.01 12.96
Russell 1000® Growth Index 0.94 0.94 62.74 22.80 21.05 16.63 9.44
S&P 500® Index 6.17 6.17 56.35 16.78 16.29 13.91 8.97
CALENDAR YEAR RETURNS (%)
Forty Fund - Class I Shares Russell 1000® Growth Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Forty Fund - Class I Shares -6.96 24.15 32.21 8.88 12.20 2.37 29.60 1.50 36.86 39.21
Russell 1000® Growth Index 2.64 15.26 33.48 13.05 5.67 7.08 30.21 -1.51 36.39 38.49

MORNINGSTAR PERCENTILE

(As Of 03/31/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 43 20 18 14 3
Large Growth Category|Rank/Count 545/1305 257/1250 226/1191 148/1044 13/537
(As Of 03/31/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 43 20 18 14 3
Large Growth Category|Rank/Count 545/1305 257/1250 226/1191 148/1044 13/537

RETURNS-BASED STATISTICS (As of 03/31/2021 Class I Shares)

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio 0.19 0.28
Alpha 1.89 2.00
Tracking Error 3.11 3.39
Beta 0.93 0.94
R-squared (%) 97.66 95.45
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 93.19 95.58
Down Capture Ratio 85.77 84.80
STANDARD DEVIATION 3YR 5YR
Forty Fund 18.26 15.20
Russell 1000® Growth Index 19.41 15.84
SHARPE RATIO 3YR 5YR
Forty Fund 1.20 1.37
Russell 1000® Growth Index 1.10 1.26
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/20)
CLASS I SHARES
Management Fees 0.65%
Other Expenses 0.09%
Total Gross Expenses 0.74%
Waivers 0.00%
Total Net Expenses 0.74%

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 03/31/2021)
% of Fund
Amazon.com Inc 7.90
Microsoft Corp 7.90
Mastercard Inc 6.34
Facebook Inc 5.60
Apple Inc 3.98
Total 31.72
View Full Holdings
Portfolio Characteristics (As of 03/31/2021)
  FUND INDEX
Number of Holdings
Equity Issues
39 464
Market Capitalization
Weighted Average
$565.53B $701.31B
Portfolio Turnover Rate
(1-year trailing)
37.29% -
Price/Earnings Ratio
(1-year forward)
42.75 35.64
Price/Book Ratio
(1-year forward)
16.04 15.86
Earnings Growth Rate
(1-year forward)
25.66% 21.98%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 03/31/2021)
Information Technology 34.72 44.23
Communication Services 18.70 11.88
Consumer Discretionary 15.37 16.50
Health Care 14.02 13.66
Industrials 6.29 4.73
Financials 3.18 1.90
Real Estate 2.18 1.71
Materials 2.17 0.80
Consumer Staples 1.95 4.48
Cash & Equivalents 1.42 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of March 31, 2021)
North America 91.68 99.53
Europe 5.00 0.19
Asia/Pacific Ex Japan 1.90 0.17
Cash & Equivalents 1.42 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of March 31, 2021)
Over $100B 67.44 70.43
$50B to $100B 19.47 10.54
$10B to $50B 11.36 16.91
$500M to $1B 0.31
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of March 31, 2021)
U.S. 91.05 99.51
Non-U.S. Developed 5.63 0.35
Non-U.S. Emerging 1.90 0.14
Cash & Equivalents 1.42 -

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