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For Financial Professionals in the US

JRSIX Adaptive Risk Managed U.S. Equity Fund

A large-cap core equity portfolio of stocks that have the potential for less downside volatility and greater growth or upside volatility, as implied by forward-looking options market prices.

NAV
$12.45
As of 11/11/2024

1-Day Change
$0.03 (0.24%)
 As of 11/11/2024

YTD Return
25.25%
As of 11/11/2024

Overview

ABOUT THIS FUND

U.S. large-cap equity portfolio that seeks to deliver more attractive returns with lower absolute volatility than the Index over a market cycle. Our systematic investment process utilizes forward-looking signals from options markets designed to identify individual stocks with less downside volatility that appear poised for greater growth or upside volatility.

WHY INVEST IN THIS FUND

  • Attractive: This diversified, U.S. large-cap portfolio targets more attractive returns with lower absolute volatility over a market cycle.
  • Objective: Our systematic investment process uses forward-looking signals from highly liquid options markets designed to identify individual stocks with less downside volatility that appear poised for greater growth or upside volatility.
  • Adaptive: Changes in the market-implied forecasts of good risk versus bad risk will trigger rebalancing while maintaining diversification in an effort to provide more consistent returns over time.

Portfolio Management

Ashwin Alankar, Ph.D.
Ashwin Alankar, Ph.D.

Head of Global Asset Allocation | Portfolio Manager

Industry since 2001. Joined Firm in 2014.

Performance

RETURNS (%) (As of 09/30/2024)
Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/2006)
Adaptive Risk Managed U.S. Equity Fund - I Shares 6.95 20.72 31.89 9.00 10.61 10.46 8.76
Russell 1000® Index 6.08 21.18 35.68 10.83 15.64 13.10 10.60
S&P 500 Minimum Volatility TR Index 7.67 20.69 32.07 10.28 11.34 11.72 9.98
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)
Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/2006)
Adaptive Risk Managed U.S. Equity Fund - I Shares 4.22 19.32 32.60 6.80 10.27 10.08 8.65
Russell 1000® Index 3.83 20.33 38.07 8.12 14.99 12.75 10.51
S&P 500 Minimum Volatility TR Index 3.78 18.84 31.45 7.58 10.92 11.17 9.84
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 (%)
Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Adaptive Risk Managed U.S. Equity Fund - I Shares 15.35 -14.12 19.62 12.83 23.49 -3.54 20.57 8.08 3.42 9.32
Russell 1000® Index 26.53 -19.13 26.45 20.96 31.43 -4.78 21.69 12.05 0.92 13.24
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 66 74 93 85 86
Large Blend | Rank/Count 966/1408 970/1299 1143/1221 900/1046 744/858
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 69 69 93 86 86
Large Blend | Rank / Count 1002/1420 892/1311 1153/1235 914/1058 749/860

Returns-Based Statistics (As of 09/30/2024 Class I Shares)

RISK / REWARD
VS. Russell 1000 TR Index		 3YR 5YR
Information Ratio -0.37 -0.80
Alpha -1.06 -3.29
Tracking Error 4.47 5.45
Beta 0.90 0.90
R-squared (%) 93.73 90.80
UP/DOWN MARKET CAPTURE (%)
Russell 1000 TR Index		 3YR 5YR
Up Capture Ratio 86.31 81.76
Down Capture Ratio 93.46 97.70
STANDARD DEVIATION 3YR 5YR
Adaptive Risk Managed U.S. Equity Fund 16.47 17.50
Russell 1000 TR Index 17.70 18.43
SHARPE RATIO 3YR 5YR
Adaptive Risk Managed U.S. Equity Fund 0.31 0.46
Russell 1000 TR Index 0.39 0.70
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.50%
Other Expenses 0.15%
Total Gross Expenses 0.65%
Waivers 0.00%
Total Net Expenses 0.65%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for a two-year period commencing on June 10, 2022. This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees.

Portfolio

Index represents the Russell 1000® Index.

Top Holdings (As of 09/30/2024)
% of Fund
Apple Inc 7.87
Microsoft Corp 6.50
NVIDIA Corp 3.89
Alphabet Inc 3.83
Eli Lilly & Co 2.69
Berkshire Hathaway Inc 2.35
Amazon.com Inc 2.23
Johnson & Johnson 2.11
Coca-Cola Co 2.01
Broadcom Inc 2.00
TOTAL 35.48
View full holdings
Portfolio Characteristics (As of 09/30/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 119 1010
Market Capitalization
Weighted Average		 $906.37B $865.27B
Portfolio Turnover Rate
(1-year trailing)		 180.96% -
Price/Earnings Ratio
(1-year forward)		 23.30 21.39
Price/Book Ratio
 5.77 4.61
Earnings Growth Rate
(1-year forward)		 14.34% 17.41%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 09/30/2024
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 09/30/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 09/30/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 09/30/2024

Documents

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