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Managed Risk Emerging Markets
Equity Fund

JESMX - S SHARES JEIMX - I SHARES JEAMX - A SHARES JECMX - C SHARES

Overview

AT A GLANCE
  • $4.1 M

    Portfolio Assets 07-31-2020

  • $8.47 NAV 8/6/2020
  • 2.92%

    Gross Expenses1

  • 2.48%*

    Net Expenses1

  • 803431 220

    CUSIP

  • 8/3/2015

    Inception Date

*The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least December 31, 2019 for I Shares to ensure that net annual operating expenses will not exceed 1.79%, subject to possible recoupment from the Fund in future years.

Low Standard Deviation

Standard Deviation of 5.47% as of 11/30/19.

Time to Reassess

“It may be time to reassess emerging markets equity from a risk standpoint, without losing sight of the potential return opportunities”2

 

“Plan sponsors are embracing the merits of emerging markets investing, in large part, to access the return premium that emerging markets equity has historically delivered over their developed markets equivalents.”2

FUND OBJECTIVE

The Fund’s primary investment objective is capital appreciation. By combining a long emerging markets equity core position with risk mitigation strategies, the Fund seeks to manage risk during significant equity market downturns and thereby enhance returns.

STRATEGY

The Portfolio will seek to achieve its objective by combining a long equity strategy with options strategies that seek to manage risk during equity market downturns.

The long equity strategy seeks to replicate the returns of the MSCI Emerging Markets Index and potentially enhance these returns. Exposure to MSCI Emerging Markets Index companies will be achieved primarily through exchange-traded funds (“ETFs”).

The options strategies attempt to reduce the risk associated with the Fund’s long equity exposure with two different strategies – a low volatility strategy and a high volatility strategy. When option premiums are low, the low volatility strategy will seek to protect the Fund from significant market downturns. When option premiums are high, the high volatility strategy seeks to generate income and maximize protection of the Fund from modest market downturns. The Portfolio expects primarily to use listed exchange-traded options.

Performance


Daily Prices and Returns as of 8/6/2020
Ticker Share Class NAV Chg % POP YTD
JESMX S 8.55 -0.12% -2.62%
JEIMX I 8.47 0.00% -2.87%
JEAMX A 8.36 0.00% 8.87 -3.02%
JECMX C 8.11 -0.12% -3.57%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for A, C and I Shares was 8/3/2015; Inception date for S Shares was 8/17/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2020 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.04% for S Shares, 2.92% for I Shares, 3.19% for A Shares, and 3.94% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 2.03% for S Shares, 2.48% for I Shares, 2.99% for A Shares, and 3.74% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.34% for S Shares, 1.79% for I Shares, 2.25% for A Shares, and 3.0% for C Shares, subject to possible recoupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.


Performance as of 6/30/2020
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
JESMX S 2.97% -5.13% -3.03% N/A N/A 0.34%
JEIMX I 2.87% -5.39% -3.51% 0.52% N/A 0.55%
JEAMX A 2.90% -5.45% -3.78% 0.05% N/A 0.13%
JECMX C 2.86% -5.83% -4.46% -0.70% N/A -0.58%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for A, C and I Shares was 8/3/2015; Inception date for S Shares was 8/17/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2020 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.04% for S Shares, 2.92% for I Shares, 3.19% for A Shares, and 3.94% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 2.03% for S Shares, 2.48% for I Shares, 2.99% for A Shares, and 3.74% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2020 for I, A, C Shares and December 31, 2020 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.34% for S Shares, 1.79% for I Shares, 2.25% for A Shares, and 3.0% for C Shares, subject to possible recoupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

Dividend and Capital Gains Distributions: S Shares (JESMX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 8.36 0.7811 0.3170 0.0000 0.0402 1.1383
12/18/2017 9.62 0.0000 0.0564 0.0000 0.7474 0.7474


Dividend and Capital Gains Distributions: I Shares (JEIMX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 8.33 0.7811 0.3170 0.0000 0.0402 1.1383
12/18/2017 9.62 0.0000 0.0000 0.0000 0.7474 0.7474
12/19/2016 9.36 0.0000 0.0000 0.0000 0.0172 0.0172
12/21/2015 9.11 0.0000 0.0564 0.0000 0.0792 0.1356


Dividend and Capital Gains Distributions: A Shares (JEAMX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 8.28 0.7811 0.3170 0.0000 0.0024 1.1005
12/18/2017 9.57 0.0000 0.0000 0.0000 0.7160 0.7160
12/21/2015 9.11 0.0000 0.0000 0.0000 0.0705 0.0705


Dividend and Capital Gains Distributions: C Shares (JECMX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 8.13 0.7811 0.3170 0.0000 0.0000 1.0981
12/18/2017 9.49 0.0000 0.0000 0.0000 0.6497 0.6497
12/21/2015 9.11 0.0000 0.0564 0.0000 0.0486 0.1050

PORTFOLIO MANAGERS

Edward Boll

(EAB Investment Group)

Mr. Boll has more than 20 years of experience trading derivatives. Prior to forming EAB Investment Group and co-founding J&B Partners, Mr. Boll co-founded DC Trading Partners, LLC in 2005, which developed proprietary trading methods, analytics and market making algorithms. He also spent three years with the Goldman Sachs SLK-Hull Derivatives Group as the portfolio risk manager and 10 years with TFM Investment Group, where he created and managed TFM’s American Stock Exchange options specialist unit and ETF arbitrage group.

Mr. Boll received a B.S. in Finance and Economics from Pennsylvania State University.

William Visconto

(EAB Investment Group)

Prior to joining EAB Investment Group and J&B Partners, Mr. Visconto was head volatility trader at McGowan Investors LLC, where he implemented the firm’s strategy in the volatility arbitrage space and deployed the firm’s capital to maximize returns. Before joining McGowan, Mr. Visconto was co-founder of Volare Capital, a hedge fund that pursued statistical/volatility arbitrage strategies in index and single stock options. Mr. Visconto was the head of portfolio management and trading floor operations for PFTC Advisors and PFTC Trading.

Mr. Visconto received a B.S. in Marketing from the University of Scranton.

James Ryan

(EAB Investment Group)

Mr. Ryan has 25 years of trading experience in equities, futures and derivatives. Prior to joining EAB Investment Group, Mr. Ryan co-founded RB Derivatives LP in 2006, where he developed proprietary algorithms based on quantitative research and automated the execution through proprietary software. Previously, Mr. Ryan co-founded Heard Trading, LLC in 1990, which specialized in volatility arbitrage in index and equity options.

Mr. Ryan received a B.A. in Economics from the University of Richmond.

Arnim S. Holzer

(EAB Investment Group)

Global Macro Strategist, Client Portfolio Manager and Founder of the EAB Correlation Defense Index

Arnim has served as Chief Investment Officer, Strategist, Portfolio Manager, and Client Service and Marketing executive at several firms over the past 30 years. Prior to joining EAB Mr. Holzer founded a tail risk consulting firm, ASH Strategy, LLC, where he developed a novel multi asset hedging approach for institutional, high net worth, and family office investors. For 6 years he managed or served as senior strategist on multi asset funds or strategies at Deutsche Asset management and Scudder. While at Deutsche he was the portfolio manager on approximately $3 billion of assets in domestic and offshore multi-asset funds. He also founded and managed a multi asset offshore hedge fund at Israel Discount Bank of New York. He has over 30 years of global macro and multi asset experience.

Mr. Holzer’s investment philosophy is a unique blend of fundamental, technical and, quantitative disciplines honed over the years of working with many of the top firms and investors in each of these disciplines.

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Global Macro Strategist, Client Portfolio Manager and Founder of the EAB Correlation Defense Index

Arnim has served as Chief Investment Officer, Strategist, Portfolio Manager, and Client Service and Marketing executive at several firms over the past 30 years. Prior to joining EAB Mr. Holzer founded a tail risk consulting firm, ASH Strategy, LLC, where he developed a novel multi asset hedging approach for institutional, high net worth, and family office investors. For 6 years he managed or served as senior strategist on multi asset funds or strategies at Deutsche Asset management and Scudder. While at Deutsche he was the portfolio manager on approximately $3 billion of assets in domestic and offshore multi-asset funds. He also founded and managed a multi asset offshore hedge fund at Israel Discount Bank of New York. He has over 30 years of global macro and multi asset experience.

Mr. Holzer’s investment philosophy is a unique blend of fundamental, technical and, quantitative disciplines honed over the years of working with many of the top firms and investors in each of these disciplines. His particular macro skill is understanding the relationships of correlation and volatility in the optimization of portfolio construction and return generation. Mr. Holzer received his undergraduate Economics degree from Princeton University and his MBA-Finance from Fordham University. He holds a Series 7 and 65 Registered Representative securities registration.

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Media

Documents

Title Release Date Download PDF
Second Quarter Fact Sheet June 30, 2020 Download
First Quarter Fact Sheet March 31, 2020 Download
Fourth Quarter Fact Sheet December 31, 2019 Download
Third Quarter Fact Sheet September 30, 2019 Download
Commentary December 31, 2018 Download
Commentary September 30, 2018 Download
Commentary June 30, 2018 Download
Commentary March 31, 2018 Download
Commentary December 31, 2017 Download
Commentary September 30, 2017 Download
Commentary June 30, 2017 Download
Commentary March 31, 2017 Download
Commentary November 30, 2016 Download
Commentary October 31, 2016 Download
Commentary September 30, 2016 Download
Commentary August 31, 2016 Download
Commentary July 31, 2016 Download
Commentary June 30, 2016 Download
Commentary May 31, 2016 Download
Commentary April 30, 2016 Download
Commentary March 31, 2016 Download
Commentary February 28, 2016 Download
Commentary January 31, 2016 Download
Commentary December 31, 2015 Download
Prospectus December 27, 2019 Download

Risks

There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio investments. Mutual Funds involve risk including possible loss of principal.

The Portfolio will borrow money for investment purposes. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk while increasing investment opportunity. The dollar value of the Portfolio’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded. Derivatives may be volatile and some derivatives have the potential for loss that is greater than the Portfolio’s initial investment. If the Portfolio sells a put option, there is risk that the Portfolio may be required to buy the underlying investment at a disadvantageous price. If the Portfolio sells a call option, there is risk that the Portfolio may be required to sell the underlying investment at a disadvantageous price. If the Portfolio purchases a put option or call option, there is risk that the price of the underlying investment will move in a direction that causes the option to expire worthless. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Shares of ETFs have many of the same risks as direct investments in common stocks or bonds. In addition, their market value is expected to rise and fall as the value of the underlying index or bond rises and falls. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. It is possible that the hedging strategy could result in losses and/or expenses that are greater than if the Portfolio did not include the hedging strategy. The use of leverage by the Fund or an Underlying Fund, such as borrowing money to purchase securities or the use of derivatives, will indirectly cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. Because a large percentage of the Portfolio’s assets may be invested in a limited number of issuers, a change in the value of one or a few issuers’ securities will affect the value of the Portfolio more than would occur in a diversified fund.

1Inception date for A, C and I Shares was 8/3/2015; Inception date for S Shares was 8/17/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.04% for S Shares, 2.92% for I Shares, 3.19% for A Shares, and 3.94% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 2.03% for S Shares, 2.48% for I Shares, 2.99% for A Shares, and 3.74% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.34% for S Shares, 1.79% for I Shares, 2.25% for A Shares, and 3.0% for C Shares, subject to possible recoupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

2Intech®, May 2014. Finally! Investing in Emerging Markets Equity Without all the Benchmark Risk.