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For Financial Professionals in the US

JMVAX Mid Cap Value Fund

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

NAV
$18.06
As of 11/22/2024

1-Day Change
$0.17 (0.95%)
 As of 11/22/2024

YTD Return
20.56%
As of 11/22/2024

Morningstar Medalist Rating ™

Silver Morningstar Analyst 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.

Portfolio Management

Kevin Preloger
Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA
Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 09/30/2024)
Mid Cap Value Fund - I Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/12/1998)
Mid Cap Value Fund - I Shares 9.48 16.36 29.73 9.77 8.99 8.39 10.77
Russell Midcap® Value Index 10.08 15.08 29.01 7.39 10.33 8.93 9.56
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
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)
Mid Cap Value Fund - I Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/12/1998)
Mid Cap Value Fund - I Shares 1.42 14.82 32.31 8.00 8.61 7.99 10.68
Russell Midcap® Value Index 2.50 13.63 34.03 5.10 9.93 8.43 9.47
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
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 (%)
Mid Cap Value Fund - I Shares Russell Midcap® Value Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Mid Cap Value Fund - I Shares 11.42 -5.04 19.60 -1.32 30.37 -13.20 13.99 18.86 -3.72 9.14
Russell Midcap® Value Index 12.71 -12.03 28.34 4.96 27.06 -12.29 13.34 20.00 -4.78 14.75
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 16 30 80 61 16
Mid-Cap Value | Rank/Count 67/394 100/385 291/379 199/340 21/115
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 30 22 80 61 15
Mid-Cap Value | Rank / Count 134/400 63/391 293/385 210/355 23/118

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

RISK / REWARD
VS. Russell Mid Cap Value TR USD		 3YR 5YR
Information Ratio 0.83 -0.28
Alpha 2.72 -0.57
Tracking Error 3.32 4.34
Beta 0.92 0.88
R-squared (%) 97.52 96.73
UP/DOWN MARKET CAPTURE (%)
Russell Mid Cap Value TR USD		 3YR 5YR
Up Capture Ratio 95.52 85.53
Down Capture Ratio 88.71 91.91
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 18.07 19.50
Russell Mid Cap Value TR USD 19.51 21.73
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund 0.22 0.31
Russell Mid Cap Value TR USD 0.06 0.34
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.61%
Other Expenses 0.13%
Total Gross Expenses 0.74%
Waivers 0.00%
Total Net Expenses 0.74%
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 Russell Midcap® Value Index.

Top Holdings (As of 10/31/2024)
% of Fund
Entergy Corp 3.30
Casey's General Stores Inc 2.81
Alliant Energy Corp 2.75
Freeport-McMoRan Inc 2.25
Expand Energy Corp 2.21
Wintrust Financial Corp 2.14
Lamar Advertising Co 2.09
Agree Realty Corp 2.08
CBRE Group Inc 2.02
Lazard Inc 2.01
TOTAL 23.66
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 73 713
Market Capitalization
Weighted Average		 $22.58B $24.15B
Portfolio Turnover Rate
(1-year trailing)		 32.93% -
Price/Earnings Ratio
(1-year forward)		 16.18 15.90
Price/Book Ratio
 2.36 2.36
Earnings Growth Rate
(1-year forward)		 14.18% 12.07%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
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 10/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 10/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Global Perspectives: Can momentum in small caps continue?
Sep 26, 2024
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Global Perspectives: Can momentum in small caps continue?

The factors driving momentum in small-cap equities and our view on what’s ahead.

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U.S. small caps: Is the tide turning?
Aug 28, 2024
Timely & Topical

U.S. small caps: Is the tide turning?

Why we could be witnessing the early stages of a change in market leadership between U.S. small cap and large cap stocks.

6 min read

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