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James Advantage Funds
1.800.99.JAMES (1-800-995-2637)

Long-Short (JAZZX)


NAV as of: 04/24/2014 $13.54 - Daily NAV change: +$0.03 (+0.22%)
Fund CharacteristicsAs 0f: 03/31/2014
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 04/24/2014 ($mil)$19.66
Price/Earnings Ratio (12m trailing)14.98
Price/Book Ratio3.55
Dividend Yield1.71
Weighted Average Market Capitalization ($ mil)29,205.7
Median Market Capitalization ($ mil)6,232.0
Total Number of Equity Issues56

Fund Operating Expenses:Prospectus 11/01/2013

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses0.08%
Acquired Fund Fees and Expenses(AFFE)0.05%
Dividend Expense on Securites sold short1.12%
Total Annual Fund Operating Expenses2.75%

Market Capitalization Equity HoldingsAs of: 03/31/2014

(Less than $250 mil )0.00%
($250 - $1,000 mil)10.43%
($1,000 - $4,000 mil)23.27%
($4,000 - $7,000 mil)15.61%
(Greater than $7,000 mil)50.69%
Total100.00%

Top 5 Contributors to PerformanceAs of: 03/31/2014

VONAGE HOLDINGS CORP
AMERICAN RAILCAR INDUSTRIES
ELI LILLY & CO
ALASKA AIR GROUP INC
GREENBRIER COMPANIES INC

Fund Income DataAs of: 03/31/2014

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Market Capitalization Equity HoldingsAs of: 03/31/2014

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 40.06%
($1,000 - $4,000 mil) 40.86%
($4,000 - $7,000 mil) 12.02%
(Greater than $7,000 mil) 7.06%
Total100.00%

Short CharacteristicsAs of: 03/31/2014

Price/Book Ratio 6.03
Dividend Yield 1.19
Weighted Average Market Capitalization ($mil) 4,125.4
Median Market Capitalization ($mil) 1,262.4
Total Number of Equity Issues 203.00
Fund CharacteristicsAs 0f: 03/31/2014
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 04/24/2014 ($mil)$19.66
Price/Earnings Ratio (12m trailing)14.98
Price/Book Ratio3.55
Dividend Yield1.71
Weighted Average Market Capitalization ($ mil)29,205.7
Median Market Capitalization ($ mil)6,232.0
Total Number of Equity Issues56

Fund Operating Expenses:Prospectus 11/01/2013

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses0.08%
Acquired Fund Fees and Expenses(AFFE)0.05%
Dividend Expense on Securites sold short1.12%
Total Annual Fund Operating Expenses2.75%

Market Capitalization Equity HoldingsAs of: 03/31/2014

(Less than $250 mil )0.00%
($250 - $1,000 mil)10.43%
($1,000 - $4,000 mil)23.27%
($4,000 - $7,000 mil)15.61%
(Greater than $7,000 mil)50.69%
Total100.00%

Top 5 Contributors to PerformanceAs of: 03/31/2014

VONAGE HOLDINGS CORP
AMERICAN RAILCAR INDUSTRIES
ELI LILLY & CO
ALASKA AIR GROUP INC
GREENBRIER COMPANIES INC

Fund Income DataAs of: 03/31/2014

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Market Capitalization Equity HoldingsAs of: 03/31/2014

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 40.06%
($1,000 - $4,000 mil) 40.86%
($4,000 - $7,000 mil) 12.02%
(Greater than $7,000 mil) 7.06%
Total100.00%

Short CharacteristicsAs of: 03/31/2014

Price/Book Ratio 6.03
Dividend Yield 1.19
Weighted Average Market Capitalization ($mil) 4,125.4
Median Market Capitalization ($mil) 1,262.4
Total Number of Equity Issues 203.00
.

Asset AllocationAs of: 03/31/2014

Longs 91.76%
Cash 45.25%
Shorts -37.02%
Total100.00%

Top Five Sector AllocationsAs of: 03/31/2014

Consumer Non-Cyclical 16.68%
Finance 16.63%
Technology 13.52%
Consumer Cyclical 12.40%
Industrial 12.19%
Total as % of Fund71.42%

Top Five Industry AllocationsAs of: 03/31/2014

Drugs-Ethical 9.96%
Banks-Regional 9.44%
Utilities-Electric 6.23%
Chemicals-Diversified 4.74%
Airlines 4.49%
Total as % of Fund34.87%
 

Top Ten Equity Holdings (% of Fund)As of: 01/31/2014

Sturm Ruger & Co Inc 6.26%
Sinclair Broadcast Group Inc 4.94%
UnitedHealth Group Inc 4.89%
Deluxe Corp 4.72%
Western Digital Corp 4.68%
Pfizer Inc 4.64%
Fifth Third Bancorp 4.54%
Tesoro Corp 4.45%
Eli Lilly & Co 4.27%
HollyFrontier Corp 3.87%
Total as % of Fund47.26%

Region Exposure Top ThreeAs of: 03/31/2014

United States of America 98.43%
Canada 1.57%
Argentina 0.00%
Total as % of Fund100.00%

Bottom 5 Contributors to PerformanceAs of: 03/31/2014

SINCLAIR BROADCAST GROUP-A
ACETO CORP
TESORO CORP
HOLLYFRONTIER CORP
TRIUMPH GROUP INC

Top Five Sector Allocations (Fixed) As of: 03/31/2014

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 03/31/2014

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 03/31/2014

Technology -10.05%
Energy -6.74%
Basic Materials -5.41%
Consumer Non-Cyclical -5.17%
Consumer Cyclical -4.27%
Total as % of Fund-31.64%

Top Five Industry Allocations (Shorts Only) As of: 03/31/2014

Medical-Biotechnology -4.21%
Information Processing-Software & Services -2.79%
Oil-Drilling -2.54%
Mining -2.24%
Drugs-Ethical -2.11%
Total as % of Fund-13.89%

Top 10 Equity Holdings (% of Fund) (Shorts Only)

Neurocrine Biosciences Inc -0.47%
Intercept Pharmaceuticals Inc -0.44%
NxStage Medical Inc -0.32%
Insulet Corp -0.31%
Cepheid Inc -0.31%
Magnum Hunter Resources Corp -0.31%
Nordic American Tankers Ltd -0.30%
Teekay Corp -0.30%
Royal Gold Inc -0.30%
Wausau Paper Corp -0.29%
Total as % of Fund-3.36%

Asset AllocationAs of: 03/31/2014

Longs 91.76%
Cash 45.25%
Shorts -37.02%
Total100.00%

Top Five Sector AllocationsAs of: 03/31/2014

Consumer Non-Cyclical 16.68%
Finance 16.63%
Technology 13.52%
Consumer Cyclical 12.40%
Industrial 12.19%
Total as % of Fund71.42%

Top Five Industry AllocationsAs of: 03/31/2014

Drugs-Ethical 9.96%
Banks-Regional 9.44%
Utilities-Electric 6.23%
Chemicals-Diversified 4.74%
Airlines 4.49%
Total as % of Fund34.87%
 

Top Ten Equity Holdings (% of Fund)As of: 01/31/2014

Sturm Ruger & Co Inc 6.26%
Sinclair Broadcast Group Inc 4.94%
UnitedHealth Group Inc 4.89%
Deluxe Corp 4.72%
Western Digital Corp 4.68%
Pfizer Inc 4.64%
Fifth Third Bancorp 4.54%
Tesoro Corp 4.45%
Eli Lilly & Co 4.27%
HollyFrontier Corp 3.87%
Total as % of Fund47.26%

Region Exposure Top ThreeAs of: 03/31/2014

United States of America 98.43%
Canada 1.57%
Argentina 0.00%
Total as % of Fund100.00%

Bottom 5 Contributors to PerformanceAs of: 03/31/2014

SINCLAIR BROADCAST GROUP-A
ACETO CORP
TESORO CORP
HOLLYFRONTIER CORP
TRIUMPH GROUP INC

Top Five Sector Allocations (Fixed) As of: 03/31/2014

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 03/31/2014

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 03/31/2014

Technology -10.05%
Energy -6.74%
Basic Materials -5.41%
Consumer Non-Cyclical -5.17%
Consumer Cyclical -4.27%
Total as % of Fund-31.64%

Top Five Industry Allocations (Shorts Only) As of: 03/31/2014

Medical-Biotechnology -4.21%
Information Processing-Software & Services -2.79%
Oil-Drilling -2.54%
Mining -2.24%
Drugs-Ethical -2.11%
Total as % of Fund-13.89%

Top 10 Equity Holdings (% of Fund) (Shorts Only)

Neurocrine Biosciences Inc -0.47%
Intercept Pharmaceuticals Inc -0.44%
NxStage Medical Inc -0.32%
Insulet Corp -0.31%
Cepheid Inc -0.31%
Magnum Hunter Resources Corp -0.31%
Nordic American Tankers Ltd -0.30%
Teekay Corp -0.30%
Royal Gold Inc -0.30%
Wausau Paper Corp -0.29%
Total as % of Fund-3.36%

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You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-800-995-2637 or click here to view or download a prospectus online.

Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat. Fund holdings and sector weightings are subject to change without notice. Past performance is no guarantee of future results.
© 2014 James Advantage Funds

James Advantage Funds are offered only to US citizens and residents and any information on the website is intended solely for that purpose. Nothing on this web site should be considered a solicitation to buy or an offer to sell any James funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. For international investors please see Institutional.

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