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Research Equity Long/Short Fund - A (JLSAX)

Research Equity Long/Short Fund - A (JLSAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Portfolio breakdown (as of 3/31/2014)
Top ten long positions  
1. Google, Inc., Class A 3.4%  
2. Time Warner, Inc. 3.3%  
3. Johnson & Johnson 2.0%  
4. United Technologies Corp. 1.9%  
5. ACE Ltd. 1.8%  
6. Avago Technologies Ltd. 1.6%  
7. Fluor Corp. 1.6%  
8. Bristol-Myers Squibb Co. 1.4%  
9. Honeywell International, Inc. 1.4%  
10. MetLife, Inc. 1.4%  
TOTAL 19.8  
Top ten short position
1. Lockheed Martin Corp. 3.0%
2. Praxair, Inc. 2.3%
3. Southern Co. (The) 2.3%
4. Hershey Co. (The) 2.1%
5. Boeing Co. (The) 1.9%
6. Intel Corp. 1.8%
7. Pfizer, Inc. 1.7%
8. General Electric Co. 1.7%
9. Microchip Technology, Inc. 1.7%
10. AT&T, Inc. 1.5%
TOTAL 19.9
Sector breakdown* (as of 3/31/2014)
  Long Short
Consumer Discretionary 15.2% -8.0%
Consumer Staples 8.0% -6.5%
Energy 2.9% -2.4%
Financials 19.6% -15.0%
Health Care 12.1% -8.6%
Industrials 12.8% -12.2%
Information Technology 17.8% -9.3%
Materials 5.7% -4.9%
Short-Term Investments 0.0% 0.0%
Telecommunication Services 1.0% -1.1%
Utilities 6.4% -3.8%

* Based on net assets.

Portfolio stats (as of 3/31/2014)
Fund assets $99.52
(in millions)
Gross Exposure 173.1%
(Long + Short)*
Net Exposure 29.9%
(Long - Short)*
Turnover Ratio 91.00%
(Trailing 12 month)(10/31/2013)
  Long Short
Number of Holdings 158 134
Wtd. Avg. Market Cap $78.6 $35.1
(in billions)    
Median Market Cap $24.7 $12.9
(in billions)    
P/E Ratio 17.4 18.6
(1 yr. forecast)    
P/B ratio 2.4 2.7
Percentage of holdings* 101.5 71.6
Risk measures* (as of 3/31/2014)
Sharpe Ratio 0.63

*All risk measures are based on a 3 year time period.


What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund may use derivatives in connection with its investment strategies to hedge and manage risk and to increase its return. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. The Fund will have substantial short positions and must borrow those securities to make delivery to the buyer. The Fund may not always be able to borrow a security it wants to sell short. The Fund also may be unable to close out an established short position at an acceptable price, and may have to sell related long positions at disadvantageous times.

Real estate investing may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Real estate investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrower.

The top 10 long and short positions listed reflect only the Fund's net assets. Cash and cash equivalents are excluded. Holdings are subject to change and should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value (net assets) of the securities held in the Fund and does not include the use of derivative positions, where applicable.

P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value.

P/B ratio: the relationship between a stock's price and the book value of that stock.

Beta: The systematic risk of a Fund. The beta of a Fund is its sensitivity to a benchmark. A Fund with a beta of 1.0 is as risky as the benchmark and would therefore provide expected returns equal to those of the market during both up and down periods.

Sharpe ratio: A risk-adjusted measure that determines the reward per unit of risk. The numerator is the difference between the Fund's annualized return and the annualized return of the risk-free instrument (Citigroup 3-Month Treasury Bill Index) and the denominator is the Fund's standard deviation. The Sharpe ratio is calculated over a 36-month period based on the Fund's returns. The greater the Fund's Sharpe ratio, the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-free instrument would perform better than the Fund. The Sharpe ratio shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

Standard deviation: A statistical measure of the degree to which the Fund's returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund's monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

EPS: Total earnings divided by the number of shares outstanding.

Risk measures are calculated based upon the Funds' broad-based index as stated in the prospectus.