For Institutional Investors in the US

JSCOX Small Cap Value Fund

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

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NAV
$22.63
As of 12/20/2024

1-Day Change
$0.10 (0.44%)
As of 12/20/2024

YTD Return
5.90%
As of 12/20/2024

Morningstar Medalist Rating ™

As of 11/27/2024

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.

Fund Details

Inception Date	Oct 21, 1987
Total Net Assets (As of 11/30/2024)	$1.63B
Gross Annual Expense Ratio (As of most recent prospectus)	1.67%
Net Annual Expense Ratio (As of most recent prospectus)	1.29%

Morningstar Data

(As of 11/30/2024)

	View All Ratings
Category	Small Value
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Morningstar Medalist Rating™ As of 11/27/2024	Analyst-Driven %: 100.0 Data Coverage %: 100.0
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Craig Kempler, CFA

Portfolio Manager

Industry since 2001. Joined Firm in 2005.

RETURNS (%) (As of 09/30/2024)

Small Cap Value Fund - I Shares Russell 2000® Value Index

	3M	YTD	1YR	3YR	5YR	10YR
Small Cap Value Fund - I Shares	6.50	9.80	24.35	6.32	6.54	7.67
Russell 2000® Value Index	10.15	9.22	25.88	3.77	9.29	8.22

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.

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

RETURNS (%) (As of 11/30/2024)

Small Cap Value Fund - I Shares Russell 2000® Value Index

	3M	YTD	1YR	3YR	5YR	10YR
Small Cap Value Fund - I Shares	6.60	17.18	29.82	8.15	7.11	7.81
Russell 2000® Value Index	8.00	17.88	32.55	6.35	9.93	8.37

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

Calendar Year Returns (%)

Small Cap Value Fund - I Shares Russell 2000® Value Index

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Small Cap Value Fund - I Shares	13.26	-9.84	22.72	-6.76	26.11	-13.04	12.81	26.45	-2.56	7.42
Russell 2000® Value Index	14.65	-14.48	28.27	4.63	22.39	-12.86	7.84	31.74	-7.47	4.22

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

(As of 09/30/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	41	48	96	63	80
Small Value \| Rank/Count	204/479	185/457	424/439	256/395	298/374

(As of 11/30/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	56	59	96	72	83
Small Value \| Rank / Count	295/494	266/476	452/466	305/419	316/386

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

RISK / REWARD VS. Russell 2000 Value TR USD	3YR	5YR
Information Ratio	0.36	-0.39
Alpha	1.75	-1.86
Tracking Error	4.65	6.52
Beta	0.89	0.85
R-squared (%)	96.39	94.44

UP/DOWN MARKET CAPTURE (%) Russell 2000 Value TR USD	3YR	5YR
Up Capture Ratio	91.19	80.16
Down Capture Ratio	90.13	91.99

STANDARD DEVIATION	3YR	5YR
Small Cap Value Fund	21.19	22.22
Russell 2000 Value TR USD	23.28	25.34

SHARPE RATIO	3YR	5YR
Small Cap Value Fund	0.19	0.20
Russell 2000 Value TR USD	0.10	0.29

Annual Fees & Expenses (As of the most recent prospectus)

CLASS I SHARES
Management Fees	0.94%
Other Expenses	0.73%
Total Gross Expenses	1.67%
Waivers	-0.38%
Total Net Expenses	1.29%

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.

Index represents the Russell 2000® Value Index.

Top Holdings (As of 11/30/2024)

	% of Fund
Axis Capital Holdings Ltd	2.70
Ameris Bancorp	2.64
Fulton Financial Corp	2.53
Hanover Insurance Group Inc	2.29
Cushman & Wakefield PLC	2.26
Kirby Corp	2.22
Commercial Metals Co	2.20
Chord Energy Corp	2.13
Eastern Bankshares Inc	2.12
STAG Industrial Inc	2.05
TOTAL	23.14
View full holdings

Portfolio Characteristics (As of 11/30/2024)

	FUND	INDEX
Number of Holdings Equity Issues	79	1426
Market Capitalization Weighted Average	$4.54B	$2.87B
Portfolio Turnover Rate (1-year trailing)	37.22%	-
Price/Earnings Ratio (1-year forward)	15.03	13.99
Price/Book Ratio	1.74	1.38
Earnings Growth Rate (1-year forward)	16.59%	18.95%

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 November 30, 2024

Developed vs Emerging Markets	% of Fund	% of Index	% of Fund	% of Index	As of November 30, 2024

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 11/30/2024

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JSCOX Small Cap Value Fund