LARGE-CAP GROWTH FUND

INVESTMENT OBJECTIVE

The Jackson Square Large-Cap Growth Fund (the “Fund” or the “Large-Cap Growth Fund”) seeks 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 Large-Cap Growth product invests, at the time of purchase, in companies with an equity capitalization of more than $3 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 25-35, although from time to time the fund may hold fewer or more holdings.

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 10/31/17 MTD QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
11/01/05
Net Expense Ratio* Gross Expense Ratio
JS Large Cap Growth Fund Investor Class (JSPJX)** 1.24% 1.24% 25.64% 23.74% 8.74% 13.84% 7.64% 8.22% 0.99% 1.08%
JS Large Cap Growth Fund Inst. Class (JSPIX)** 1.23% 1.23% 25.89% 24.08% 9.01% 14.12% 7.91% 8.49% 0.74% 0.83%
JS Large Cap Growth Fund IS Class (DPLGX) 1.23% 1.23% 25.98% 24.21% 9.12% 14.24% 8.02% 8.60% 0.64% 0.73%
Russell 1000® Growth Index 3.87% 3.87% 25.40% 29.71% 13.15% 16.83% 9.13% 10.13% - -

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 3/29/18

**Returns shown are for the IS Class shares of the Fund. Pursuant to an Agreement and Plan of Reorganization between Managed Portfolio Series, on behalf of the Fund, and Delaware Pooled Trust on behalf of The Large-Cap Growth Equity Portfolio (the "Predecessor Fund"), the Fund acquired all of the assets and liabilities of the Predecessor Fund in exchange for IS Class shares of the Fund on  September 19, 2016 (the "Reorganization"). The IS Class of the Fund had no operations prior to the Reorganization. The Predecessor Fund was a series of Delaware Pooled Trust, a registered open- end investment company. As a result of the Reorganization, the Fund will be the accounting successor of the Predecessor Fund. Prior to September 19, 2016, the Adviser served as sub-adviser to the Predecessor Fund. The IS Class performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. Performance shown for the periods prior to the inception of the Institutional Class and Investor Class is based on the performance of the IS Class shares, adjusted for the higher expenses applicable to that class.

Since Inception returns for all indices are as of the fund's IS class inception date.

AS OF 09/30/17 QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
09/19/16
Net Expense Ratio* Gross Expense Ratio
JS Large Cap Growth Fund Investor Class (JSPJX)** 8.81% 24.11% 18.90% 9.48% 13.05% 7.86% 8.17% 0.99% 1.08%
JS Large Cap Growth Fund Inst. Class (JSPIX)** 8.87% 24.36% 19.22% 9.76% 13.33% 8.13% 8.44% 0.74% 0.83%
JS Large Cap Growth Fund IS Class (DPLGX) 8.95% 24.45% 19.35% 9.87% 13.45% 8.24% 8.55% 0.64% 0.73%
Russell 1000® Growth Index 5.90% 20.72% 21.94% 12.69% 15.26% 9.08% 9.85% - -

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 3/29/18

**Returns shown are for the IS Class shares of the Fund. Pursuant to an Agreement and Plan of Reorganization between Managed Portfolio Series, on behalf of the Fund, and Delaware Pooled Trust on behalf of The Large-Cap Growth Equity Portfolio (the "Predecessor Fund"), the Fund acquired all of the assets and liabilities of the Predecessor Fund in exchange for IS Class shares of the Fund on  September 19, 2016 (the "Reorganization"). The IS Class of the Fund had no operations prior to the Reorganization. The Predecessor Fund was a series of Delaware Pooled Trust, a registered open- end investment company. As a result of the Reorganization, the Fund will be the accounting successor of the Predecessor Fund. Prior to September 19, 2016, the Adviser served as sub-adviser to the Predecessor Fund. The IS Class performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. Performance shown for the periods prior to the inception of the Institutional Class and Investor Class is based on the performance of the IS Class shares, adjusted for the higher expenses applicable to that class.

Since Inception returns for all indices are as of the fund's IS class inception date.

CHARACTERISTICS (as of September 30, 2017)

Fund  
Total Assets Under Management $177.0m
Number of Holdings 33
Annual Turnover 27%
Median Market Cap 43,590
Weighted Av. Market Cap 153,422
EPS Growth Rate (weighted average 5 yr) 13.97
PE Ratio (weighted average forward 12 months) 25.3
P/B Ratio 4.3
ROE 21.56
Active Share 79.11
Composition  
Equity 100.0%
Cash 0.0%

TOP 10 HOLDINGS (as of September 30, 2017)

Fund Industry %
PayPal Holdings Financial Services 6.99%
Alphabet - Class A & C Technology 6.52%
Visa - Class A Financial Services 5.91%
Microsoft Technology 5.82%
Celgene Health Care 5.35%
Mastercard - Class A Financial Services 4.99%
Crown Castle International - REIT Financial Services 4.10%
Biogen Health Care 3.94%
eBay Consumer Discretionary 3.92%
Liberty Interactive QVC Group - Class A Consumer Discretionary 3.75%
Total 51.29%

Click here for full holdings

 
Fees & Expenses JSPJX
Investor Class
JSPIX
Inst. Class
DPLGX
IS Class
Annual Operating Expenses
Management Fees 0.55% 0.55% 0.55%
Distribution 0.25% 0.00% 0.00%
Shareholder Servicing Fee 0.10% 0.10% 0.00%
Other Expenses 0.14% 0.14% 0.14%
Total 1.04% 0.79% 0.69%
Fee Waiver (0.05%) (0.05%) (0.05%)
Total After Waiver 0.99% 0.74% 0.64%

The advisor has contractually agreed to reduce management fees and reimburse operating expenses until 3/29/18

* 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.

Price to Book Ratio is a ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

Return On Equity - ROE: The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. ROE is expressed as a percentage and calculated as: Return on Equity = Net Income/Shareholder's Equity.

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.