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For Individual Investors in the US

JACNX Contrarian Fund

Invests with conviction where we believe the market misunderstands business models, assets or growth potential

Buy/Trade

NAV
$32.30
As of 11/21/2024

1-Day Change
$0.40 (1.25%)
 As of 11/21/2024

YTD Return
24.57%
As of 11/21/2024

Morningstar Medalist Rating ™

Silver Morningstar Analyst Rating
As of 06/04/2024

Overview

ABOUT THIS FUND

This Fund seeks to generate capital appreciation by investing in companies with durable business models whose stocks are trading at a significant discount to what we believe is their fair value and whose value is expected to grow over time. We seek to accomplish this by selecting stocks from a broad opportunity set to construct an all-cap portfolio that is intended to be uncorrelated to the broad economy or market.

WHY INVEST IN THIS FUND

Independent Thinking
Leveraging our deep fundamental research, we apply independent thinking to a broad opportunity set to identify companies trading at a significant discount to intrinsic value and capable of compounding growth over a long duration

Differentiated Portfolio Construction
We seek durable companies where the business model is misunderstood, assets are undervalued or growth trajectory is underappreciated by the market to construct a concentrated all-cap portfolio with differentiated sources of returns

Diversifying Equity Asset
With a broad opportunity set, differentiated sources of return and diversification across market cap and style, the portfolio may serve as a diversifying equity asset not tied to the index or broad economy

Portfolio Management

Nick Schommer, CFA
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 09/30/2024)
Contrarian Fund - D Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - D Shares 11.95 19.21 33.71 5.35 14.09 9.74 8.64
S&P 500® Index 5.89 22.08 36.35 11.91 15.97 13.38 8.04
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 D Shares that includes periods prior to 2/16/10 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)
Contrarian Fund - D Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - D Shares 4.51 17.86 43.74 3.88 13.54 9.63 8.56
S&P 500® Index 3.66 20.97 38.02 9.08 15.26 13.00 7.97
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.
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 D Shares that includes periods prior to 2/16/10 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 (%)
Contrarian Fund - D Shares S&P 500® Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Contrarian Fund - D Shares 21.48 -21.54 20.99 27.86 43.19 -4.09 5.38 8.13 -13.10 17.46
S&P 500® Index 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69
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 D Shares that includes periods prior to 2/16/10 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-Based Statistics (As of 10/31/2024 Class D Shares)

RISK / REWARD
VS. S&P 500 TR Index		 3YR 5YR
Information Ratio -0.47 -0.15
Alpha -4.87 -2.10
Tracking Error 10.04 9.91
Beta 1.13 1.11
R-squared (%) 79.69 80.98
UP/DOWN MARKET CAPTURE (%)
S&P 500 TR Index		 3YR 5YR
Up Capture Ratio 102.61 106.45
Down Capture Ratio 118.48 111.65
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 21.81 22.21
S&P 500 TR Index 17.20 18.06
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.00 0.49
S&P 500 TR Index 0.30 0.70
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.60%
Other Expenses 0.16%
Total Gross Expenses 0.76%
Waivers 0.00%
Total Net Expenses 0.76%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 10/31/2024)
% of Fund
Caesars Entertainment Inc 5.58
Vertiv Holdings Co 5.16
Oracle Corp 5.12
Western Alliance Bancorp 3.82
Marvell Technology Inc 3.76
PNC Financial Services Group Inc 3.63
Amazon.com Inc 3.57
Intercontinental Exchange Inc 3.52
Surgery Partners Inc 3.15
UnitedHealth Group Inc 3.15
TOTAL 40.46
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 43 503
Market Capitalization
Weighted Average		 $154.14B $960.35B
Portfolio Turnover Rate
(1-year trailing)		 39.09% -
Price/Earnings Ratio
(1-year forward)		 19.28 21.35
Price/Book Ratio
 3.24 4.71
Earnings Growth Rate
(1-year forward)		 23.15% 16.87%
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 October 31, 2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of October 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"
The other 493: Finding opportunities outside the Mag 7
Feb 20, 2024
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The other 493: Finding opportunities outside the Mag 7

Mega-cap tech has dominated recent market performance, but conditions point to a potential broadening of market returns.

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Investing Off the Beaten Path
Nov 8, 2021

Investing Off the Beaten Path

Nick Schommer, CFA, Portfolio Manager, discusses what the pandemic has taught us about the importance of a company’s business model.

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