Global Growth Fund

OBJECTIVE

The Jackson Square Global Growth Fund (the “Fund” or the “Global 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 Global Growth product invests, at the time of purchase, in companies with an equity capitalization of more than two billion of companies throughout the world with a minimum of 40% outside the United States.

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 25-50.

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, although from time to time the fund may hold fewer or more holdings.

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.
AS OF TBD QTD YTD 1 Year 3 Year Since Inception Net Expense Ratio* Gross Expense Ratio
JS Global Growth Fund Inst. (JSPTX)
TBD TBD TBD TBD TBD 1.15% 2.11%
JS Global Growth Fund IS (JSPUX)
TBD TBD TBD TBD TBD 1.05% 2.00%
MSCI All Country World® 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 Global Growth Fund Inst. (JSPTX)
TBD TBD TBD TBD TBD TBD 1.15% 2.11%
JS Global Growth Fund IS (JSPUX)
TBD TBD TBD TBD TBD TBD 1.05% 2.00%
MSCI All Country World® 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 $11.8m
Number of Holdings 37
Annual Turnover 40%
Median Market Cap 19,606
Weighted Av. Market Cap 117,313
EPS Growth Rate (weighted average 5 yr) 11.84
PE Ratio (weighted average forward 12 months) 37.6
P/B Ratio 5.2
ROE 12.7
Active Share 93.73
Composition  
Equity 98.80%
Cash 1.20%
TOP 10 HOLDINGS (As of June 30, 2019)1
Fund Industry %
Microsoft Technology 4.49%
IQVIA Holdings Health Care 4.31%
New York Times - Class A Consumer Discretionary 4.20%
Mastercard - Class A Financial Services 4.12%
Airbus Consumer Discretionary 4.02%
Visa - Class A Financial Services 3.90%
Haemonetics Health Care 3.58%
Experian Producer Durables 3.16%
CME Group Financial Services 3.03%
DSV Producer Durables 2.80%
Total 37.61%
1 Fund holdings and asset allocations are subject to change and are not recommendations to buy or sell any security.

 

Click here for full holdings

COUNTRY WEIGHTS (as of June 30, 2019)
Fund %
United States 50.60%
United Kingdom 13.96%
France 8.62%
Brazil 7.52%
Japan 4.20%
Total 84.90%

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.

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.

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 JSPTX JSPUX
Annual Operating Expenses
Management Fees 0.80% 0.80%
Distribution 0.00% 0.00%
Shareholder Servicing Fee 0.10% 0.00%
Other Expenses 1.72% 1.59%
Total 2.11% 2.00%
Fee Waiver (1.47%) (1.34%)
Total After Waiver 1.15% 1.05%

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.