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For Financial Professionals in the US

JVSIX Small-Mid Cap Value Fund

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

NAV
$15.91
As of 12/20/2024

1-Day Change
$0.10 (0.63%)
 As of 12/20/2024

YTD Return
16.40%
As of 12/20/2024

Morningstar Rating

As of 11/30/2024

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 30 to 50 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)
Small-Mid Cap Value Fund - I Shares Russell 2500TM Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - I Shares 9.70 20.91 37.64 10.72 8.71 9.18 10.30
Russell 2500TM Value Index 9.63 11.28 26.59 6.06 9.98 8.47 10.93
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.

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

RETURNS (%) (As of 11/30/2024)
Small-Mid Cap Value Fund - I Shares Russell 2500TM Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - I Shares 6.80 27.38 39.23 12.52 9.17 9.37 10.60
Russell 2500TM Value Index 8.98 19.57 32.11 8.23 10.72 8.77 11.40
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.

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

Calendar Year Returns (%)
Small-Mid Cap Value Fund - I Shares Russell 2500TM Value Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Small-Mid Cap Value Fund - I Shares 15.25 -8.86 16.31 -3.09 26.89 -7.12 14.05 19.52 0.17 7.42
Russell 2500TM Value Index 15.98 -13.08 27.78 4.88 23.56 -12.36 10.36 25.20 -5.49 7.11
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.

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 2 17 84 38 79
Small Value | Rank/Count 5/394 47/385 310/379 104/340 232/308
 (As of 11/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 7 12 83 31 61
Small Value | Rank / Count 27/494 41/476 385/466 127/419 241/403

Growth of a Hypothetical Investment

Small-Mid Cap Value Fund - I Shares Russell 2500TM Value Index Mid-Cap Value
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

Returns-Based Statistics (As of 11/30/2024 Class I Shares)

RISK / REWARD
VS. Russell 2500 Value TR Index		 3YR 5YR
Information Ratio 0.93 -0.22
Alpha 4.02 -0.72
Tracking Error 4.24 6.34
Beta 0.97 0.88
R-squared (%) 96.06 94.03
UP/DOWN MARKET CAPTURE (%)
Russell 2500 Value TR Index		 3YR 5YR
Up Capture Ratio 106.79 87.42
Down Capture Ratio 94.08 94.26
STANDARD DEVIATION 3YR 5YR
Small-Mid Cap Value Fund 21.49 21.96
Russell 2500 Value TR Index 21.62 24.03
SHARPE RATIO 3YR 5YR
Small-Mid Cap Value Fund 0.38 0.30
Russell 2500 Value TR Index 0.19 0.34
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.65%
Other Expenses 0.36%
Total Gross Expenses 1.01%
Waivers -0.22%
Total Net Expenses 0.79%
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 2500™ Value Index.

Top Holdings (As of 11/30/2024)
% of Fund
Axis Capital Holdings Ltd 3.01
Fulton Financial Corp 2.82
Vontier Corp 2.70
Agree Realty Corp 2.68
Helios Technologies Inc 2.60
Alliant Energy Corp 2.54
Wintrust Financial Corp 2.54
Bath & Body Works Inc 2.52
Casey's General Stores Inc 2.33
Westlake Corp 2.30
TOTAL 26.04
View full holdings
Portfolio Characteristics (As of 11/30/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 50 1873
Market Capitalization
Weighted Average		 $9.18B $8.20B
Portfolio Turnover Rate
(1-year trailing)		 65.42% -
Price/Earnings Ratio
(1-year forward)		 15.65 15.47
Price/Book Ratio
 2.30 1.91
Earnings Growth Rate
(1-year forward)		 15.58% 17.75%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 11/30/2024
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 11/30/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 11/30/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 11/30/2024

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
Features & Outlooks

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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