INVESTMENT CULTURE

Jackson Square Partners’ culture is characterized and cultivated by a collaborative, flat, team-oriented structure where every individual has a voice that is valued by all firm members. Performance and team-orientation is encouraged and rewarded. The firm’s personnel retention statistics prove Jackson Square Partners (“Jackson Square”) has a culture that is strong and time-tested. The majority of the Investment Team has been together for well over a decade and the team has not experienced any member turnover in 15 years.

INVESTMENT PHILOSOPHY

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.

Key Tenets of Jackson Square Partners' Philosophy

Concentration - 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.

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

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 Jackson Square 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.
  • Jackson Square is majority owned by employees.

* Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures.

Mutual fund investing involves risk. Principal loss is possible.

With the exception of the All-Cap Growth Fund, the Funds are non-diversified meaning they may concentrate its assets in fewer individual holdings than a diversified fund. Therefore it is more exposed to individual stock volatility than a diversified fund. Small- and Mid-capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Investments in foreign securities involve greater volatility and political economic and currency risks and differences in accounting methods. These risks are greater in emerging and frontier markets. Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. When the Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars. The value of the foreign currency may increase or decrease against the value of the U.S. dollar, which may impact the value of the Fund's portfolio holdings and your investment. Other countries may adopt economic policies and/or currency exchange controls that affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies. From time to time, the trading market for a particular security or type of security in which the Funds invest may become less liquid or even illiquid.

The Jackson Square Funds are offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Jackson Square Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Price-Earnings Ratio (P/E Ratio) is determined by dividing the price of the stock by the company’s forecasted earnings per share.

EPS Growth Rate represents the annualized rate of net-income-per-share growth over the trailing one-year period for the stocks held by a fund.

Market Capitalization is the value of the fund as determined by the market price of its issued and outstanding stock.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the fund and no assumptions should be made that the securities identified and discussed were or will be profitable. A full list of holdings is available upon request. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Complete Fund holdings are generally available 10 business days following quarter end.

For the returns shown for Share Classes for the periods prior to their inception are derived from the historical performance of IS Shares of those Funds during such periods and have been adjusted to reflect the higher total annual operating expenses of each specific Share class.

The MSCI All Country World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Russell 1000® Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 3000® Growth Index measures the growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher growth earning potential, as defined by Russell’s leading style methodology. The Russell 2500® Growth Index measures the performance of the SMID-Cap Growth segment of the U.S. equity universe. It includes those Russell 2500® Growth companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and one cannot invest directly in it.

For a free hard copy of the prospectus, please call 415.635.0208. The prospectus should be read and considered carefully before you invest or send money. The funds investment objectives, risks, charges, and expenses must be considered carefully before investing.

Jackson Square Partners, LLC is the adviser to the Jackson Square Partner Funds, which are distributed by Quasar Distributors, LLC.