All-Cap Growth Fund

INVESTMENT OBJECTIVE

The Jackson Square All-Cap Growth Fund (the “Fund” or the “All-Cap Growth Fund”) seeks long-term capital appreciation.

INVESTMENT PHILOSOPHY

Jackson Square Partners (“Jackson Square”) is a growth investor but the team is not bound by consensus definitions of growth. Jackson Square 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 All-Cap Growth product invests, at the time of purchase, in companies with an equity capitalization of greater than one billion.

Key Tenets of Jackson Square Partners' Philosophy

Concentration - In Jackson Square’s view, portfolios should be constructed with a strong emphasis on the highest-conviction companies in a manager’s coverage universe. This is done with a keen focus on both the risk and the reward of each holding. The number of holdings is typically 65-85.

Consistent, long-term investment horizon - Jackson Square generally holds companies with steady, consistent business models and end markets, and prefers to hold them for three to five years or longer.

Intrinsic business value focus - While Jackson Square, like other growth investors, invests with the expectation of attractive revenue and earnings growth from the companies it holds, a company’s cash economics – its returns on invested capital and its ability to generate free cash flow, i.e., its intrinsic business value – is key to Jackson Square’s evaluation.

Key areas of Differentiation

  • Jackson Square is benchmark agnostic, holding a concentrated, conviction weighted portfolio.
  • Jackson Square 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 us than accounting earnings.
  • Jackson Square has a flat team structure 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.
  • Jackson Square’s concentrated portfolio approach limits asset capacity in all strategies, resulting in a performance-driven investment culture.
AS OF TBD QTD YTD 1 Year 3 Year Since Inception Net Expense Ratio* Gross Expense Ratio
JS All-Cap Growth Fund IS Class (JSSSX)
TBD TBD TBD TBD TBD 0.90% 2.45%
Russell 3000® Growth Index
TBD TBD TBD TBD TBD - -
AS OF TBD MTD QTD YTD 1 Year 3 Year Since Inception Net Expense Ratio* Gross Expense Ratio
JS All-Cap Growth Fund IS Class (JSSSX)
TBD TBD TBD TBD TBD TBD 0.90% 2.45%
Russell 3000® Growth Index
TBD TBD TBD TBD TBD TBD - -

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-415-635-0208. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

*The adviser has contractually agreed to reduce management fees and reimburse operating expenses until 2/28/20.

CHARACTERISTICS (As of June 30, 2019)
Fund  
Total Assets Under Management $6.2m
Number of Holdings 68
Annual Turnover 54%
Median Market Cap 13,722
Weighted Av. Market Cap 131,792
EPS Growth Rate (weighted average 5 yr) 15.76
PE Ratio (weighted average forward 12 months) 32.3
P/B Ratio 4.6
ROE 7.7
Active Share 83.44
Composition  
Equity 98.90%
Cash 1.10%
TOP 10 HOLDINGS (As of June 30, 2019)1
Fund Industry %
Microsoft Technology 8.11%
New York Times - Class A Consumer Discretionary 6.90%
LiveRamp Holdings Technology 5.94%
Chewy Consumer Discretionary 5.64%
IQVIA Holdings Health Care 3.71%
KKR & Co. - Class A Financial Services 3.24%
Dollar Tree Consumer Discretionary 3.16%
Take-Two Interactive Software Technology 2.98%
Autodesk Technology 2.92%
Hasbro Consumer Discretionary 2.84%
Total 45.44%
1 Fund holdings and asset allocations are subject to change and are not recommendations to buy or sell any security.

 

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Jeffrey S. Van Harte, CFA
Chairman, Chief Investment Officer

Jeffrey S. Van Harte, CFA

Chairman, Chief Investment Officer

Jeffrey S. Van Harte became a member of Jackson Square Partners, at its inception in May 2014 as chairman and chief investment officer. Prior to joining Jackson Square, he was the chief investment officer of the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to Delaware Investments, he was a principal and executive vice president at Transamerica Investment Management.

Van Harte has been managing portfolios and separate accounts for 30 years. Before becoming a portfolio manager, Van Harte was a securities analyst and trader for Transamerica Investment Services, which he joined in 1980. Van Harte received his bachelor’s degree in finance from California State University at Fullerton.

Christopher J. Bonavico, CFA
Portfolio Manager, Research Analyst

Christopher J. Bonavico, CFA

Portfolio Manager, Research Analyst

Christopher J. Bonavico became a member of Jackson Square Partners, at its inception in May 2014 as a portfolio manager and research analyst. Prior to joining Jackson Square, he was a portfolio manager and equity analyst on the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to Delaware Investments, he was a principal and portfolio manager at Transamerica Investment Management, where he managed sub-advised funds and institutional separate accounts. Before joining Transamerica in 1993, he was a research analyst for Salomon Brothers. Bonavico received his bachelor’s degree in economics from the University of Delaware.

Kenneth F. Broad, CFA
Portfolio Manager, Research Analyst

Kenneth F. Broad, CFA

Portfolio Manager, Research Analyst

Kenneth F. Broad became a member of Jackson Square Partners, at its inception in May 2014 as a portfolio manager and research analyst. Prior to joining Jackson Square, he was a portfolio manager and equity analyst on the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to Delaware Investments, he was a principal and portfolio manager at Transamerica Investment Management, where he managed sub-advised funds and institutional separate accounts. Before joining Transamerica in 2000, he was a portfolio manager with The Franklin Templeton Group and was a consultant in the business valuation and merger and acquisition group at KPMG Peat Marwick. He received an MBA from the University of California at Los Angeles and his bachelor’s degree in economics from Colgate University.

Gregory L. Chory
Portfolio Manager, Research Analyst

Gregory L. Chory

Portfolio Manager, Research Analyst

Greg Chory joined Jackson Square Partners in September 2014. Prior to joining Jackson Square, he was an associate from July 2011 to August 2014 at Technology Crossover Ventures, a venture capital firm, focusing on the software and services industries. Before that, Chory spent three years as an investment banking analyst for BMO Capital Markets in the business services and media group. He received a bachelor’s degree from Emory University.

Christopher M. Ericksen, CFA
Portfolio Manager, Research Analyst

Christopher M. Ericksen, CFA

Portfolio Manager, Research Analyst

Christopher M. Ericksen became a member of Jackson Square Partners, at its inception in May 2014 as a portfolio manager and research analyst. Prior to joining Jackson Square, he was a portfolio manager and equity analyst on the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to joining Delaware Investments, he was a portfolio manager at Transamerica Investment Management, where he also managed institutional separate accounts. Before joining Transamerica in 2004, he was a vice president at Goldman Sachs. During his 10 years there, he worked in investment banking as well as investment management. Ericksen received his bachelor’s degree from Carnegie Mellon University, with majors in industrial management, economics, and political science.

Ian D. Ferry
Portfolio Manager, Research Analyst

Ian D. Ferry

Portfolio Manager, Research Analyst

Ian D. Ferry became a member of Jackson Square Partners, at its inception in May 2014 as a portfolio manager and research analyst. Prior to joining Jackson Square, he was a portfolio manager and equity analyst on the Delaware Investments Focus Growth Equity team from November 2011 to April 2014. Prior to joining Delaware Investments, he was an equity research analyst with Fidelity from August 2010 to October 2011. Before that, he completed an internship as an analyst with Carlson Capital in summer 2009. Previously, he worked with HarbourVest Partners from 2005 to 2008 in its private equity group, where he analyzed and completed growth equity investments and leveraged buyouts for the firm. Ferry began his career with Houlihan Lokey in 2004 as a financial analyst. He earned a bachelor’s degree in finance from Tulane University. Ferry also earned an MBA, with a concentration in management, from The Wharton School of the University of Pennsylvania in 2010.

Patrick G. Fortier, CFA
Portfolio Manager, Research Analyst

Patrick G. Fortier, CFA

Portfolio Manager, Research Analyst

Patrick G. Fortier became a member of Jackson Square Partners, at its inception in May 2014 as a portfolio manager and research analyst. Prior to joining Jackson Square, he was a portfolio manager and equity analyst on the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to joining Delaware Investments, he was a portfolio manager at Transamerica Investment Management. Before joining Transamerica in 2000, he worked for OLDE Equity Research as an equity analyst. Fortier received his bachelor’s degree in finance from the University of Kentucky.

William (Billy) G. Montana
Portfolio Manager, Research Analyst

William (Billy) G. Montana

Portfolio Manager, Research Analyst

Billy Montana joined Jackson Square Partners in September 2014. 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, Montana spent two years at Goldman Sachs as an investment banking analyst, focusing on financial institutions. He received a bachelor’s degree from Georgetown University.

Daniel J. Prislin, CFA
Portfolio Manager, Research Analyst

Daniel J. Prislin, CFA

Portfolio Manager, Research Analyst

Daniel J. Prislin became a member of Jackson Square Partners, at its inception in May 2014 as a portfolio manager and research analyst. Prior to joining Jackson Square, he was a portfolio manager and equity analyst on the Delaware Investments Focus Growth Equity team from April 2005 to April 2014. Prior to joining Delaware Investments, he was a principal and portfolio manager at Transamerica Investment Management, where he also managed sub-advised funds and institutional separate accounts. Prior to joining Transamerica in 1998, he was a portfolio manager with The Franklin Templeton Group. Prislin received an MBA and bachelor’s degree in business administration from the University of California at Berkeley.

Brian Tolles
Portfolio Manager, Research Analyst

Brian Tolles

Portfolio Manager, Research Analyst

Brian Tolles joined Jackson Square Partners as a research associate in February 2016. 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.

Fees & Expenses JSSSX
IS Class
Annual Operating Expenses
Management Fees 0.65%
Distribution 0.00%
Shareholder Servicing Fee 0.00%
Other Expenses 2.28%
Total 2.45%
Fee Waiver (2.03%)
Total After Waiver 0.90%

The adviser has contractually agreed to reduce management fees and reimburse operating expenses until 2/28/20.

Total expenses include expenses related to acquired funds fees and expenses of 1 basis point.