Fund Overview
Fund Overview
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NAV | as of 01/26/2024
$21.13
+$0.02 (+0.09%)
Morningstar | Style Box
Growth of $10,000 (Hypothetical)
Since Inception 02/03/1994 to 12/31/2023 = $112,316.02
From:
To:
- 3YR
- 5YR
- 10YR
- INCEP.
INCEP.
- 3YR
- 5YR
- 10YR
- INCEP.
SEE ALL PERFORMANCE
During the third quarter of 2023, the Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund’s investment performance. This is a one-time event that is not likely to be repeated.The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown.
Read Important Investment Disclosures
Objective
The fund seeks long-term capital appreciation.
Why Consider
- Jackson Square Partners (JSP) is benchmark agnostic, holding a concentrated, conviction weighted portfolio. The JSP concentrated portfolo approach limits asset capacity in all strategies, resulting in a performance-driven investment culture.
- JSP emphasizes growth in intrinsic business value as opposed to more traditional definitions of growth that are often restricted to revenue and reported earnings. Cash generation and return on invested capital are more important to JSP than accounting earnings.
- JSP’s investment team structure is flat, with a stable, veteran team which values high levels of accountability and internal peer scrutiny. While members of the team may have portfolio management responsibilities, everyone on the team is first and foremost an analyst.
Documents
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Jackson Square Large-Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation.
Equity Objective
Jackson Square Large-Cap Growth Fund is categorized as Large-Growth. It invests in large-cap companies with high risk.
Risk-adjusted returns as of 12/31/2023
| Overall Rating | (of 1,118) |
|---|---|
| 3 Years | (of 1,118) |
| 5 Years | (of 1,031) |
| 10 Years | (of 810) |
| Category | Large Growth |
Read Important Investment Disclosures
William Montana
PORTFOLIO MANAGER, ANALYST
Billy Montana joined Jackson Square Partners as an analyst in September 2014 and was promoted to portfolio manager for the Large Cap Growth strategy in January 2019. Prior to joining Jackson Square, he was an associate at TPG Capital, a private equity firm, from August 2011 to August 2014, focusing on growth capital opportunities. Before that, Billy spent two years at Goldman Sachs as an investment banking analyst, focusing on financial institutions. He received a bachelor’s degree from Georgetown University.
Brian Tolles
PORTFOLIO MANAGER, ANALYST
Brian Tolles joined Jackson Square Partners as an analyst in February 2016 and was promoted to become a portfolio manager for the Global Growth strategy in January 2019. In June 2023 he became a portfolio manager for Large Cap. Prior to joining Jackson Square, he was an investment banking analyst at Qatalyst Partners from June 2014 to January 2016, focusing on technology companies. He received a bachelor’s degree from the Wharton School of the University of Pennsylvania.
Performance
Performance
Read Important Investment DisclosuresReturns
Trailing Returns
- Trailing Returns
- Monthly
- Quarterly
- Calendar Year Returns
During the third quarter of 2023, the Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund’s investment performance. This is a one-time event that is not likely to be repeated.
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown.
Expense Ratios
- Gross Expense Ratio: 0.90%
- Net Expense Ratio: 0.74%
- Expense Cap Expiration Date: 02/28/2024
Distributions & Pricing
Distributions
- Distributions
- Chart
- List
- Historical Pricing
Calendar Year Distributions
| Ex-Date | Total Distribution | Income | Short-term Cap Gains | Long-term Cap Gains |
|---|---|---|---|---|
| Dec 16, 2021 | $7.686500 | — | $0.415890 | $7.270610 |
| Apr 13, 2021 | $2.928000 | — | $0.703000 | $2.225000 |
| Dec 18, 2020 | $3.161000 | — | $0.240000 | $2.921000 |
| Dec 19, 2019 | $2.451000 | — | — | $2.451000 |
| Dec 21, 2018 | $4.447000 | — | $0.266000 | $4.181000 |
| Dec 22, 2017 | $3.173000 | $0.008000 | $0.138000 | $3.027000 |
| Dec 22, 2016 | $1.693000 | $0.043000 | — | $1.650000 |
| Dec 22, 2015 | $3.094000 | $0.142000 | — | $2.952000 |
| Dec 22, 2014 | $0.813000 | $0.118000 | — | $0.695000 |
| Dec 27, 2013 | $0.014000 | $0.014000 | — | — |
| Dec 06, 2013 | $0.005000 | $0.005000 | — | — |
| Dec 28, 2012 | $0.012000 | $0.012000 | — | — |
| Dec 06, 2012 | $0.016000 | $0.016000 | — | — |
| Dec 06, 2011 | $0.021000 | $0.021000 | — | — |
| Dec 22, 2010 | $0.022000 | $0.022000 | — | — |
| Dec 07, 2009 | $0.009000 | $0.009000 | — | — |
| Dec 08, 2008 | $0.017000 | $0.017000 | — | — |
| Dec 08, 2000 | $0.231000 | — | — | $0.231000 |
| Dec 10, 1999 | $0.592000 | — | — | $0.592000 |
| Dec 09, 1997 | $6.370000 | — | $3.322000 | $3.048000 |
| Dec 12, 1996 | $1.360000 | — | — | $1.360000 |
From:
To:
Risk & Return Statistics
As of: 12/31/2023
| 3YR | 5YR | 10YR | |
|---|---|---|---|
| Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. | -7.71 | -4.93 | -3.89 |
| Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. | 21.55 | 21.36 | 17.54 |
| Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. | -0.11 | 0.52 | 0.49 |
| Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. | 65.99 | 69.37 | 66.24 |
| Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. | 100.82 | 98.75 | 101.30 |
| Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. | 0.97 | 0.97 | 0.97 |
| R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. | 85.75 | 88.78 | 87.72 |
| Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. | 8.15 | 7.17 | 6.16 |
All Characteristics & Statistics
Jackson Square Large-Cap Growth Fund(JSPIX)
- Portfolio Characteristics (Equity)
- Risk & Return
- Market Cap
- Valuation Characteristics
- Growth Characteristics
| Fund Holdings | Fund | Russell 1000® Growth Index |
|---|---|---|
| Fund Assets (Mil.$) | $214 | |
| Number of Holdings | 26 | 443 |
| Weighted Avg. Market Cap (Mil.$) | $728,148 | $1,105,721 |
| Median Market Cap (Mil.$) | $142,194 | $18,044 |
| Weighted Avg. P/E (1-yr Forward EPS) | 34.75 | 29.34 |
| Weighted Avg. P/E (Trailing EPS) | 39.67 | 34.05 |
| PEG Ratio | 1.97 | 1.89 |
| Weighted Avg. P/B | 6.48 | 11.16 |
| EPS Growth (Trailing 3-yr %) | 16.27% | 18.54% |
| EPS Growth (Trailing 5-yr %) | 15.74% | 20.87% |
| Forward EPS Growth (1-yr %) | 7.49% | 12.05% |
| Forward EPS Growth (Long Term %) | 18.75% | 16.55% |
| Revenue Growth (Trailing 5-yr %) | 16.00% | 15.89% |
| Return on Equity | 19.30% | 29.17% |
| Weighted Avg. Dividend Yield | 0.62% | 0.71% |
| Debt to Equity | 70.90 | 103.61 |
As of: 12/31/2023
| Risk & Return | 3 Years | 5 Years | 10 Years |
|---|---|---|---|
| Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. | -7.71 | -4.93 | -3.89 |
| Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. | 21.55 | 21.36 | 17.54 |
| Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. | -0.11 | 0.52 | 0.49 |
| Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. | 65.99 | 69.37 | 66.24 |
| Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. | 100.82 | 98.75 | 101.30 |
| Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. | 0.97 | 0.97 | 0.97 |
| R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. | 85.75 | 88.78 | 87.72 |
| Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. | 8.15 | 7.17 | 6.16 |
| Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. | -1.09 | -0.91 | -0.81 |
| Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. | -2.33 | 11.31 | 8.84 |
| Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. | -43.32 | -43.32 | -43.32 |
As of: 12/31/2023
| Market Cap | Fund | Russell 1000® Growth Index |
|---|---|---|
| Market Cap ($mm) 0 - 1,000 | 0.00% | 0.01% |
| Market Cap ($mm) 1,000 - 1,500 | 0.00% | 0.00% |
| Market Cap ($mm) 1,500 - 2,500 | 0.00% | 0.02% |
| Market Cap ($mm) 2,500 - 5,000 | 0.00% | 0.23% |
| Market Cap ($mm) 5,000 - 10,000 | 0.00% | 1.48% |
| Market Cap ($mm) 10,000 - 25,000 | 0.00% | 4.53% |
| Market Cap ($mm) 25,000 - 50,000 | 14.61% | 7.35% |
| Market Cap ($mm) 50,000 - 100,000 | 14.89% | 9.18% |
| Market Cap ($mm) 100,000 - 200,000 | 26.14% | 9.88% |
| Market Cap ($mm) 200,000 - | 44.36% | 67.32% |
| Market Cap – NA | 0.00% | 0.00% |
As of: 12/31/2023
| Valuation Characteristics | Fund | Russell 1000® Growth Index |
|---|---|---|
| P/E 0-10 | 0.00% | 0.37% |
| P/E 10-15 | 0.00% | 0.96% |
| P/E 15-20 | 0.00% | 4.42% |
| P/E 20-25 | 4.00% | 7.86% |
| P/E 25-Above | 89.84% | 83.87% |
| P/E – NA | 6.16% | 2.52% |
As of: 12/31/2023
| Growth Characteristics | Fund | Russell 1000® Growth Index |
|---|---|---|
| EPS Growth (Trailing 3-yr %) - Negative | 16.11% | 14.40% |
| EPS Growth (Trailing 3-yr %) 0 - 5 | 4.00% | 6.65% |
| EPS Growth (Trailing 3-yr %) 5 - 10 | 2.93% | 3.97% |
| EPS Growth (Trailing 3-yr %) 10 - 15 | 9.97% | 8.85% |
| EPS Growth (Trailing 3-yr %) 15 - 20 | 16.33% | 17.19% |
| EPS Growth (Trailing 3-yr %) Above 20 | 40.55% | 43.64% |
| EPS Growth (Trailing 3-yr %) - NA | 10.12% | 5.30% |
As of: 12/31/2023
Read Important Investment Disclosures
Portfolio & Holdings
Portfolio & Holdings
Top Holdings (Equity)
As of: 12/31/2023
| Microsoft Corp | 12.45% |
| Amazon Com Inc | 7.71% |
| Mastercard Incorporated | 5.14% |
| Nvidia Corporation | 4.78% |
| Visa Inc | 4.65% |
| Cme Group Inc | 4.55% |
| Alphabet Inc | 4.34% |
| Boeing Co | 4.33% |
| Servicenow Inc | 4.09% |
| Canadian Pacific Kansas City Com | 3.96% |
| % in Top 10 Holdings | 55.99% |
View Holding Details
Holding Details
Jackson Square Large-Cap Growth Fund(JSPIX)
- Top 10 Holdings (Equity)
- All Holdings
- 10 Best Performing Stocks
- 10 Worst Performing Stocks
| Fund Holdings | 12/31/2023 |
|---|---|
| Microsoft Corp | 12.45% |
| Amazon Com Inc | 7.71% |
| Mastercard Incorporated | 5.14% |
| Nvidia Corporation | 4.78% |
| Visa Inc | 4.65% |
| Cme Group Inc | 4.55% |
| Alphabet Inc | 4.34% |
| Boeing Co | 4.33% |
| Servicenow Inc | 4.09% |
| Canadian Pacific Kansas City Com | 3.96% |
| % in Top 10 Holdings | 55.99% |
As of: 12/31/2023
As of: 12/31/2023
| Ticker | Name | Sector | Asset Class | Country | Currency | Price ($) | Market Value ($) | % of Fund | |
|---|---|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corp | Information Technology | S | US | USD | 70,891 | 376.04 | $26,657,852 | 12.45% |
| AMZN | Amazon Com Inc | Consumer Discretionary | S | US | USD | 108,607 | 151.94 | $16,501,748 | 7.71% |
| MA | Mastercard Incorporated | Financials | S | US | USD | 25,783 | 426.51 | $10,996,707 | 5.14% |
| NVDA | Nvidia Corporation | Information Technology | S | US | USD | 20,655 | 495.22 | $10,228,769 | 4.78% |
| V | Visa Inc | Financials | S | US | USD | 38,222 | 260.35 | $9,951,098 | 4.65% |
| CME | Cme Group Inc | Financials | S | US | USD | 46,226 | 210.60 | $9,735,196 | 4.55% |
| GOOGL | Alphabet Inc | Communication Services | S | US | USD | 66,439 | 139.69 | $9,280,864 | 4.34% |
| BA | Boeing Co | Industrials | S | US | USD | 35,561 | 260.66 | $9,269,330 | 4.33% |
| NOW | Servicenow Inc | Information Technology | S | US | USD | 12,395 | 706.49 | $8,756,944 | 4.09% |
| CP | Canadian Pacific Kansas City Com | Industrials | S | CA | USD | 107,138 | 79.06 | $8,470,330 | 3.96% |
| UBER | Uber Technologies Inc | Industrials | S | US | USD | 136,111 | 61.57 | $8,380,354 | 3.91% |
| WM | Waste Mgmt Inc Del | Industrials | S | US | USD | 44,147 | 179.10 | $7,906,728 | 3.69% |
| SPGI | S&P Global Inc | Financials | S | US | USD | 16,609 | 440.52 | $7,316,597 | 3.42% |
| AMD | Advanced Micro Devices Inc | Information Technology | S | US | USD | 48,395 | 147.41 | $7,133,907 | 3.33% |
| EW | Edwards Lifesciences Corp | Health Care | S | US | USD | 85,823 | 76.25 | $6,544,004 | 3.06% |
| VEEV | Veeva Sys Inc | Health Care | S | US | USD | 33,799 | 192.52 | $6,506,983 | 3.04% |
| ISRG | Intuitive Surgical Inc | Health Care | S | US | USD | 18,398 | 337.36 | $6,206,749 | 2.90% |
| KKR | Kkr & Co Inc | Financials | S | US | USD | 65,212 | 82.85 | $5,402,814 | 2.52% |
| LIN | Linde Plc | Materials | S | US | USD | 13,060 | 410.71 | $5,363,873 | 2.51% |
| NKE | Nike Inc | Consumer Discretionary | S | US | USD | 46,525 | 108.57 | $5,051,219 | 2.36% |
| DHR | Danaher Corporation | Health Care | S | US | USD | 21,569 | 231.34 | $4,989,772 | 2.33% |
| CPRT | Copart Inc | Industrials | S | US | USD | 99,797 | 49.00 | $4,890,053 | 2.28% |
| CTVA | Corteva Inc | Materials | S | US | USD | 101,337 | 47.92 | $4,856,069 | 2.27% |
| IQV | Iqvia Hldgs Inc | Health Care | S | US | USD | 18,899 | 231.38 | $4,372,851 | 2.04% |
| DDOG | Datadog Inc | Information Technology | S | US | USD | 30,999 | 121.38 | $3,762,659 | 1.76% |
| LLY | Eli Lilly & Co | Health Care | S | US | USD | 5,410 | 582.92 | $3,153,597 | 1.47% |
| Cash & Equivalents | Cash | C | - | - | $2,381,933 | 1.11% |
| Fund Holdings | Sort order | Avg. Weight | Total Return |
|---|---|---|---|
| Microsoft Corp | 1 | 12.81% | 19.26% |
| Amazon.com Inc | 2 | 7.73% | 19.52% |
| Boeing Company | 3 | 4.21% | 35.99% |
| Uber Technologies, Inc. | 4 | 3.89% | 33.88% |
| Advanced Micro Devices, Inc. | 5 | 2.88% | 43.37% |
As of: 12/31/2023
The 5 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter.
| Fund Holdings | Sort order | Avg. Weight | Total Return |
|---|---|---|---|
| Veeva Systems Inc, Class A | 20 | 3.25% | -5.37% |
| Corteva Inc | 19 | 2.47% | -6.10% |
| Veralto Corp | 18 | 0.02% | -12.35% |
| Eli Lilly and Company | 17 | 0.32% | -0.19% |
| Danaher Corp | 16 | 2.34% | 5.79% |
As of: 12/31/2023
The 5 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter.
Read Important Investment Disclosures
Read Important Investment Disclosures
Sector Allocation (Equity)
As of: 12/31/2023
View Allocation Details
Allocation Details
Jackson Square Large-Cap Growth Fund(JSPIX)
- Sector Allocation (Equity)
- Investment Allocation
- Top 10 Industries
| Sector | Sort Order | Fund | Russell 1000® Growth Index |
|---|---|---|---|
| Information Technology | 26.41% | 43.52% | |
| Financials | 20.27% | 6.41% | |
| Industrials | 18.18% | 5.90% | |
| Health Care | 14.84% | 10.63% | |
| Consumer Discretionary | 10.07% | 15.79% | |
| Materials | 4.77% | 0.70% | |
| Communication Services | 4.34% | 11.40% | |
| Cash & Other | 1.11% | 0.00% | |
| Consumer Staples | 0.00% | 4.14% | |
| Energy | 0.00% | 0.50% | |
| Real Estate | 0.00% | 0.95% | |
| Utilities | 0.00% | 0.05% |
As of: 12/31/2023
| Investment Allocation | 12/31/2023 |
|---|---|
| Stocks | 98.89% |
| Bonds | 0.00% |
| Cash and Other | 1.11% |
As of: 12/31/2023
| Industry | Fund | Russell 1000® Growth Index |
|---|---|---|
| Software | 18.30% | 18.82% |
| Capital Markets | 10.49% | 1.33% |
| Financial Services | 9.79% | 4.09% |
| Semiconductors & Semiconductor Equipment | 8.11% | 10.12% |
| Ground Transportation | 7.87% | 1.05% |
| Broadline Retail | 7.71% | 5.89% |
| Commercial Services & Supplies | 5.98% | 0.75% |
| Health Care Equipment & Supplies | 5.96% | 1.65% |
| Chemicals | 4.77% | 0.57% |
| Life Sciences Tools & Services | 4.37% | 1.34% |
| % in Top 10 Industries | 83.35% | 45.61% |
As of: 12/31/2023
Read Important Investment Disclosures
About the Affiliate
About Jackson Square Partners
Founded in 2014, Jackson Square is an independent, majority employee-owned investment manager specializing in long-only, growth-oriented equity investing. Their approach has been honed by a team who has worked together for more than two decades, resulting in a unifying investment philosophy of concentrated, long-term investing focused on intrinsic business value growth.
Learn More About Jackson Square's Approach
FOUNDED
2014
AMG AFFILIATE SINCE
2020
HEADQUARTERS
San Francisco
Portfolio Managers
William Montana
PORTFOLIO MANAGER, ANALYST
Read full bio
Brian Tolles
PORTFOLIO MANAGER, ANALYST
Read full bio
Investment Approach
Investment Approach
Jackson Square Large-Cap Growth Fund
Jackon Square Partners (JSP) is a growth investor but is not bound by consensus definitions of growth. JSP believes that attractive returns can be realized by maintaining a concentrated portfolio of companies that have superior business models, strong cash flows and the opportunity to generate consistent, long-term growth of intrinsic business value. The Large-Cap Growth Fund invests at the time of purchase in companies with an equity capitalization of more than $3B.
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DCGTX
Jackson Square SMID-Cap Growth Fund
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Jackson Square Large-Cap Growth Fund Overview:
1. Fund Performance:
- Net Asset Value (NAV): As of 01/26/2024, the NAV is $21.13, with a change of +$0.02 (+0.09%).
- Morningstar Style Box: Categorized as Large-Growth.
- Growth of $10,000: Since Inception (02/03/1994) to 12/31/2023, hypothetical growth is $112,316.02.
2. Class Action Settlement Impact:
- In Q3 2023, the fund received proceeds from a class action settlement, impacting its investment performance. This is a one-time event not likely to be repeated.
3. Fund Objective:
- Seeks long-term capital appreciation.
4. Investment Philosophy:
- Jackson Square Partners (JSP) follows a benchmark-agnostic approach, emphasizing a concentrated, conviction-weighted portfolio. They prioritize intrinsic business value growth over traditional metrics.
5. Investment Team:
- Flat structure with a stable, veteran team. Everyone is primarily an analyst. Emphasis on accountability and internal peer scrutiny.
6. Portfolio Managers:
- William Montana: Joined in 2014, promoted to portfolio manager in 2019. Previous experience at TPG Capital and Goldman Sachs.
- Brian Tolles: Joined in 2016, promoted to portfolio manager in 2019. Previous experience at Qatalyst Partners and the Wharton School.
7. Equity Income Objective:
- Aims for income and capital appreciation. Categorized as Large-Growth, investing in large-cap companies with high risk.
8. Risk-Adjusted Returns:
- Risk-adjusted returns are provided for 3, 5, and 10 years.
9. Expense Ratios:
- Gross Expense Ratio: 0.90%
- Net Expense Ratio: 0.74%
- Expense Cap Expiration Date: 02/28/2024
10. Distributions & Pricing:
- Historical distributions and pricing details, including ex-date, total distribution, income, short-term, and long-term gains.
11. Risk & Return Statistics:
- Alpha, standard deviation, Sharpe ratio, upside/downside capture ratios, beta, R-squared, and tracking error.
12. Portfolio Characteristics:
- Market cap, valuation, growth characteristics, and key financial ratios.
13. Top Holdings:
- Detailed information on the fund's top 10 holdings, including sector allocation, market value, and percentage of the fund.
14. Sector Allocation:
- Allocation details for different sectors.
15. About Jackson Square Partners:
- Founded in 2014, an independent, majority employee-owned investment manager specializing in long-only, growth-oriented equity investing.
16. Investment Approach:
- JSP follows a concentrated, long-term investing approach, focusing on intrinsic business value growth.
This comprehensive analysis provides a thorough understanding of the Jackson Square Large-Cap Growth Fund, its investment philosophy, and key performance metrics. Investors can use this information to make informed decisions based on the fund's historical performance and management approach.
