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For Individual Investors in the US

JFRDX Forty Fund

We believe our differentiated view from the market identifies growth where growth is scarce, positioning our investments to outperform the index over time

Buy/Trade

NAV
$51.42
As of 12/20/2024

1-Day Change
$0.60 (1.18%)
 As of 12/20/2024

YTD Return
29.77%
As of 12/20/2024

Overview

ABOUT THIS FUND

Concentrated large-cap growth fund, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess returns over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.

WHY INVEST IN THIS FUND

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

 

Portfolio Management

Doug Rao
Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht
Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

RETURNS (%) (As of 09/30/2024)
Forty Fund - D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - D Shares 5.20 25.48 42.68 7.11 16.59 15.84 12.40
Russell 1000® Growth Index 3.19 24.55 42.19 12.02 19.73 16.52 10.03
S&P 500® Index 5.89 22.08 36.35 11.91 15.97 13.38 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 D Shares that includes periods prior to 1/27/17 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 11/30/2024)
Forty Fund - D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - D Shares 7.27 31.13 37.43 6.99 16.34 15.58 12.50
Russell 1000® Growth Index 9.14 32.19 38.04 10.92 19.45 16.55 10.21
S&P 500® Index 7.15 28.07 33.89 11.43 15.76 13.34 9.60
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 1/27/17 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 (%)
Forty Fund - D Shares Russell 1000® Growth Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Forty Fund - D Shares 39.85 -33.58 22.91 39.13 36.76 1.43 29.55 1.92 11.75 8.57
Russell 1000® Growth Index 42.68 -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67 13.05
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.

Growth of a Hypothetical Investment

Forty Fund - D Shares Russell 1000® Growth Index Large Growth
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 D Shares)

RISK / REWARD
VS. Russell 1000 Growth TR Index		 3YR 5YR
Information Ratio -0.98 -0.68
Alpha -3.57 -2.23
Tracking Error 3.59 3.74
Beta 1.01 0.98
R-squared (%) 97.23 96.67
UP/DOWN MARKET CAPTURE (%)
Russell 1000 Growth TR Index		 3YR 5YR
Up Capture Ratio 94.96 92.16
Down Capture Ratio 106.27 100.88
STANDARD DEVIATION 3YR 5YR
Forty Fund 21.27 20.57
Russell 1000 Growth TR Index 20.63 20.67
SHARPE RATIO 3YR 5YR
Forty Fund 0.14 0.66
Russell 1000 Growth TR Index 0.33 0.80
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.47%
Other Expenses 0.14%
Total Gross Expenses 0.61%
Waivers 0.00%
Total Net Expenses 0.61%
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 Russell 1000® Growth Index.

Top Holdings (As of 11/30/2024)
% of Fund
Microsoft Corp 9.29
NVIDIA Corp 8.78
Amazon.com Inc 7.49
Apple Inc 6.05
Mastercard Inc 4.81
Meta Platforms Inc 4.71
Alphabet Inc 4.07
Booking Holdings Inc 3.77
Oracle Corp 3.46
UnitedHealth Group Inc 3.21
TOTAL 55.64
View full holdings
Portfolio Characteristics (As of 11/30/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 39 394
Market Capitalization
Weighted Average		 $1,205.36B $1,555.32B
Portfolio Turnover Rate
(1-year trailing)		 34.79% -
Price/Earnings Ratio
(1-year forward)		 28.99 28.90
Price/Book Ratio
 10.28 13.10
Earnings Growth Rate
(1-year forward)		 26.95% 23.06%
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

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Forty Fund: Identifying growth opportunities as the equity market broadens
Dec 4, 2024
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Forty Fund: Identifying growth opportunities as the equity market broadens

What is your outlook on U.S large-cap stocks? We are constructive on the equity market outlook. Economic indicators remain strong, with unemployment levels below historical averages, real wage growth positive, and consumer sentiment recently at the highest levels in close to a year. With inflation decreasing against this positive backdrop, the Fed’s soft-landing scenario appears

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The other 493: Finding opportunities outside the Mag 7
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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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US growth equities: Focusing on market-share gainers
Dec 4, 2023
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US growth equities: Focusing on market-share gainers

Doug Rao explains how the diminishing pricing power of companies should center the spotlight on those gaining market share.

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