International Growth Fund

INVESTMENT OBJECTIVE

The Jackson Square International Growth Fund (the “Fund” or the “International 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 International Growth Fund invests, at the time of purchase, in 25-45 companies within the market cap range of the All Country World Index ex U.S.

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 25-45.

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 International Growth Fund Inst. Class (JSSGX)
TBD TBD TBD TBD TBD 1.03% 2.45%
JS International Growth Fund IS Class (JSSSX)
TBD TBD TBD TBD TBD 1.03% 2.45%
MSCI All Country World Index ex US
TBD TBD TBD TBD TBD - -
AS OF TBD MTD QTD YTD 1 Year 3 Year Since
Inception
Net
Expense Ratio*
Gross
Expense Ratio
JS International Growth Fund Inst. Class (JSSGX)
TBD TBD TBD TBD TBD TBD 1.03% 2.45%
JS International Growth Fund IS Class (JSSSX)
TBD TBD TBD TBD TBD TBD 1.03% 2.45%
MSCI All Country World Index ex US
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.

* The Advisor has contractually agreed to reduce management fees and reimburse operating expenses until 2/28/2022. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

CHARACTERISTICS (As of December 31, 2020)
Fund  
Total Assets Under Management $9.6m
Number of Holdings 33
Annual Turnover 49%
Median Market Cap 34,669
Weighted Av. Market Cap 87,045
EPS Growth Rate (weighted average 5 yr) 16.03
PE Ratio (weighted harmonic average forward 12 months) 50.74
P/B Ratio 11.46
ROE 1.41
Active Share 99
Composition  
Equity 92.40%
Cash 7.60%
TOP 10 HOLDINGS (As of December 31, 2020)(1)(2)
Fund Industry %
Taiwan Semiconductor Manufacturing Information Technology 4.58%
MercadoLibre Consumer Discretionary 4.42%
Wix.com Information Technology 3.71%
Lonza Group Health Care 3.70%
LVMH Moet Hennessy Louis Vuitton Consumer Discretionary 3.69%
Adyen Information Technology 3.68%
Atlassian Information Technology 3.59%
Experian Industrials 3.34%
ASML Holding Information Technology 3.12%
Bilibili Communication Services 3.11%
Total 36.94%
1 Fund holdings and asset allocations are subject to change and are not recommendations to buy or sell any security.
2 Short-term investments are not included.

 

Click here for full holdings

COUNTRY WEIGHTS (as of December 31, 2020)
Country %
France 15.06%
Brazil 9.73%
United Kingdom 8.89%
Japan 8.82%
Germany 6.96%
Total 49.46%

Gregory L. Chory
Portfolio Manager, Analyst

Gregory L. Chory

Portfolio Manager, 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.

Brian Tolles
Portfolio Manager, Analyst

Brian Tolles

Portfolio Manager, 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 JSSGX
Inst. Class
JSSSX
IS Class
Annual Operating Expenses
Management Fees 0.80% 0.80%
Distribution 0.00% 0.00%
Shareholder Servicing Fee 0.10% 0.00%
Other Expenses 1.82% 1.82%
Total 2.72% 2.62%
Fee Waiver (1.63)% (1.63)%
Total After Waiver 1.09% 0.99%

The adviser has contractually agreed to reduce management fees and reimburse operating expenses until 2/28/2022.

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