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For Financial Professionals in the US

JFLEX Flexible Bond Fund

A flexible core plus fixed income portfolio that leverages a research-driven investment process in seeking to identify the best opportunities across fixed income sectors

NAV
$9.25
As of 11/22/2024

1-Day Change
$0.00 (0.01%)
 As of 11/22/2024

YTD Return
2.23%
As of 11/22/2024

Overview

ABOUT THIS FUND

Using our broad global research capabilities, we strive to exploit fixed income market inefficiencies by building a structural foundation that we believe serves as a better starting point than traditional benchmarks. We aim to generate outperformance through sector rotation and security selection and by seeking to take the right amount of risk at each point in the cycle.

WHY INVEST IN THIS FUND

Our Team: Culture of collaboration, global integration and respectful challenge with a research-first mentality

Disciplined Risk Budgeting: Disciplined investment process targets repeatable performance utilizing our structural foundation as a better starting point

High Conviction: Bottom-up idea generation across a diverse set of return sources, incorporating dynamic allocation through market cycles

COMPETITIVE RISK-ADJUSTED RETURNS

5-Year Risk/Reward – Fund vs. Index and Peers as of 9/30/24

Flexible Bond Fund | Competitive risk-adjusted returns Chart Q3 2024

Portfolio Management

Greg Wilensky, CFA
Greg Wilensky, CFA

Head of U.S. Fixed Income | Head of Core Plus

Industry since 1993. Joined Firm in 2020.

Michael Keough
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd
John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2024)
Flexible Bond Fund - I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - I Shares 5.42 5.18 12.99 -1.30 1.24 2.14 5.83
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 5.46
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.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. 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 10/31/2024)
Flexible Bond Fund - I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - I Shares 0.38 2.53 12.24 -2.07 0.67 1.79 5.74
Bloomberg U.S. Aggregate Bond Index 0.25 1.86 10.55 -2.20 -0.23 1.49 5.37
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.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

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

Calendar Year Returns (%)
Flexible Bond Fund - I Shares Bloomberg U.S. Aggregate Bond Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Flexible Bond Fund - I Shares 5.89 -13.66 -0.78 10.88 9.56 -0.87 3.62 2.65 0.11 4.93
Bloomberg U.S. Aggregate Bond Index 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55 5.97
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.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

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

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 28 56 27 44 24
Intermediate Core-Plus Bond | Rank/Count 179/603 262/554 130/527 178/442 19/87
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 31 58 28 47 26
Intermediate Core-Plus Bond | Rank / Count 181/583 262/536 128/508 183/431 19/81

Returns-Based Statistics (As of 10/31/2024 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 0.15 0.51
Alpha 0.33 1.10
Tracking Error 0.89 1.79
Beta 1.03 1.07
R-squared (%) 98.85 93.71
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 103.38 117.91
Down Capture Ratio 101.21 104.78
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 8.04 6.98
Bloomberg U.S. Aggregate Bond TR Index 7.76 6.36
SHARPE RATIO 3YR 5YR
Flexible Bond Fund -0.70 -0.24
Bloomberg U.S. Aggregate Bond TR Index -0.75 -0.40
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.41%
Other Expenses 0.13%
Total Gross Expenses 0.54%
Waivers -0.06%
Total Net Expenses 0.48%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

Top Holdings (As of 10/31/2024)
% of Fund
United States Treasury Note/Bond, 3.88%, 08/15/34 3.21
United States Treasury Note/Bond, 4.12%, 10/31/29 1.84
Fannie Mae or Freddie Mac, 5.50%, 11/14/24 1.24
United States Treasury Note/Bond, 4.38%, 07/31/26 0.79
Fannie Mae or Freddie Mac, 4.00%, 11/14/24 0.75
Fannie Mae Pool, 2.50%, 02/01/52 0.68
Ginnie Mae, 2.50%, 11/20/24 0.63
Fannie Mae Pool, 5.50%, 07/01/53 0.63
Centene Corp, 4.25%, 12/15/27 0.60
Ginnie Mae II Pool, 3.00%, 08/20/51 0.59
TOTAL 10.96
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Debt Issues		 630 13679
Portfolio Turnover Rate
(1-year trailing)		 158.24% -
Weighted Average Maturity
(years)		 6.49 12.53
Effective Duration
(years)		 6.45 6.12
Yield to Worst
 5.44% 4.73%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 10/31/2024
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

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