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

Long-Short (JAZZX)


NAV as of: 09/17/2014 $13.86 - Daily NAV change: $-0.02 (-0.14%)
Fund CharacteristicsAs 0f: 08/31/2014
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 09/17/2014 ($mil)$25.57
Price/Earnings Ratio (12m trailing)16.04
Price/Book Ratio3.45
Dividend Yield1.67
Weighted Average Market Capitalization ($ mil)32,488.6
Median Market Capitalization ($ mil)11,360.4
Total Number of Equity Issues49
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/13)58.00%

Fund Operating Expenses:Prospectus 11/01/2013

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses1.20%
Acquired Fund Fees and Expenses(AFFE)0.05%
Dividend Expense on Securites sold short1.20%
Total Annual Fund Operating Expenses2.75%

Market Capitalization Equity HoldingsAs of: 08/31/2014

(Less than $250 mil )0.00%
($250 - $1,000 mil)4.45%
($1,000 - $4,000 mil)18.26%
($4,000 - $7,000 mil)20.33%
(Greater than $7,000 mil)56.95%
Total100.00%

Top 5 Contributors to PerformanceAs of: 08/31/2014

PROTECTIVE LIFE CORP
WESTERN DIGITAL CORP
GREENBRIER COMPANIES INC
WESTLAKE CHEMICAL CORP
UNITED RENTALS INC

Fund Income DataAs of: 08/31/2014

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Market Capitalization Equity HoldingsAs of: 08/31/2014

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 38.95%
($1,000 - $4,000 mil) 41.86%
($4,000 - $7,000 mil) 11.68%
(Greater than $7,000 mil) 7.51%
Total100.00%

Short CharacteristicsAs of: 08/31/2014

Price/Book Ratio 6.20
Dividend Yield 1.10
Weighted Average Market Capitalization ($mil) 4,172.8
Median Market Capitalization ($mil) 1,361.1
Total Number of Equity Issues 187.00
Fund CharacteristicsAs 0f: 06/30/2014
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 09/17/2014 ($mil)$25.57
Price/Earnings Ratio (12m trailing)16.33
Price/Book Ratio3.38
Dividend Yield1.64
Weighted Average Market Capitalization ($ mil)27,438.8
Median Market Capitalization ($ mil)6,894.5
Total Number of Equity Issues60

Fund Operating Expenses:Prospectus 11/01/2013

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses1.20%
Acquired Fund Fees and Expenses(AFFE)0.05%
Dividend Expense on Securites sold short1.20%
Total Annual Fund Operating Expenses2.75%

Market Capitalization Equity HoldingsAs of: 06/30/2014

(Less than $250 mil )0.00%
($250 - $1,000 mil)7.75%
($1,000 - $4,000 mil)22.14%
($4,000 - $7,000 mil)19.89%
(Greater than $7,000 mil)50.22%
Total100.00%

Top 5 Contributors to PerformanceAs of: 06/30/2014

PROTECTIVE LIFE CORP
DILLARDS INC CL A
AMKOR TECHNOLOGY INC
AMERCO
GREENBRIER COMPANIES INC

Fund Income DataAs of: 06/30/2014

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Market Capitalization Equity HoldingsAs of: 06/30/2014

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 34.83%
($1,000 - $4,000 mil) 44.61%
($4,000 - $7,000 mil) 13.54%
(Greater than $7,000 mil) 7.02%
Total100.00%

Short CharacteristicsAs of: 06/30/2014

Price/Book Ratio 21.50
Dividend Yield 0.68
Weighted Average Market Capitalization ($mil) 3,542.1
Median Market Capitalization ($mil) 1,418.4
Total Number of Equity Issues 185.00
.

Asset AllocationAs of: 08/31/2014

Longs 99.60%
Cash 44.08%
Shorts -43.68%
Total100.00%

Top Five Sector AllocationsAs of: 08/31/2014

Consumer Non-Cyclical 17.00%
Industrial 16.18%
Finance 14.36%
Technology 13.59%
Utilities 11.62%
Total as % of Fund72.75%

Top Five Industry AllocationsAs of: 08/31/2014

Drugs-Ethical 8.65%
Banks-Regional 7.58%
Utilities-Electric 7.10%
Transptn-Misc 6.21%
Airlines 5.23%
Total as % of Fund34.78%
 

Top Ten Equity Holdings (% of Fund)As of: 06/30/2014

Deluxe Corp 3.55%
Protective Life Corp 3.33%
Dillard's Inc 3.14%
Western Digital Corp 3.13%
UnitedHealth Group Inc 3.10%
Eli Lilly & Co 3.06%
Pfizer Inc 2.83%
PNC Financial Services Group Inc/The 2.63%
Alaska Air Group Inc 2.50%
Portland General Electric Co 2.50%
Total as % of Fund29.77%

Region Exposure Top ThreeAs of: 08/31/2014

United States of America 97.46%
Canada 2.54%
Argentina 0.00%
Total as % of Fund100.00%

Bottom 5 Contributors to PerformanceAs of: 08/31/2014

IDENIX PHARMACEUTICALS INC (short)
OUTERWALL INC
STURM RUGER & CO INC
VONAGE HOLDINGS CORP
KARYOPHARM THERAPEUTICS INC (short)

Top Five Sector Allocations (Fixed) As of: 08/31/2014

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 08/31/2014

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 08/31/2014

Technology -12.11%
Consumer Non-Cyclical -8.54%
Energy -8.07%
Consumer Cyclical -6.58%
Industrial -3.95%
Total as % of Fund-39.24%

Top Five Industry Allocations (Shorts Only) As of: 08/31/2014

Medical-Biotechnology -5.15%
Information Processing-Software & Services -3.90%
Oil-Drilling -3.75%
Medical Supplies -2.62%
Drugs-Ethical -2.05%
Total as % of Fund-17.47%

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

Karyopharm Therapeutics Inc -0.63%
Idenix Pharmaceuticals Inc -0.49%
Vince Holding Corp -0.46%
DexCom Inc -0.45%
Veeva Systems Inc -0.44%
Stratasys Ltd -0.44%
Westport Innovations Inc -0.43%
Chart Industries Inc -0.41%
Pandora Media Inc -0.41%
Insulet Corp -0.40%
Total as % of Fund-4.54%

Asset AllocationAs of: 06/30/2014

Longs 95.52%
Cash 44.10%
Shorts -39.62%
Total100.00%

Top Five Sector AllocationsAs of: 06/30/2014

Finance 14.88%
Industrial 14.83%
Consumer Non-Cyclical 14.70%
Technology 12.36%
Energy 11.20%
Total as % of Fund67.97%

Top Five Industry AllocationsAs of: 06/30/2014

Drugs-Ethical 6.96%
Banks-Regional 6.27%
Utilities-Electric 6.02%
Chemicals-Diversified 5.68%
Transptn-Misc 5.18%
Total as % of Fund30.11%
 

Top Ten Equity Holdings (% of Fund)As of: 04/30/2014

Deluxe Corp 3.88%
Western Digital Corp 3.48%
Pfizer Inc 3.47%
Eli Lilly & Co 3.39%
UnitedHealth Group Inc 3.31%
Fifth Third Bancorp 3.23%
Dillard's Inc 3.07%
PNC Financial Services Group Inc/The 2.89%
Alaska Air Group Inc 2.89%
Protective Life Corp 2.86%
Total as % of Fund32.47%

Region Exposure Top ThreeAs of: 06/30/2014

United States of America 97.96%
Canada 2.04%
Argentina 0.00%
Total as % of Fund100.00%

Bottom 5 Contributors to PerformanceAs of: 06/30/2014

IDENIX PHARMACEUTICALS INC (short)
ACETO CORP
VONAGE HOLDINGS CORP
FIFTH THIRD BANCORP
KARYOPHARM THERAPEUTICS INC (short)

Top Five Sector Allocations (Fixed) As of: 06/30/2014

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 06/30/2014

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 06/30/2014

Technology -11.91%
Consumer Non-Cyclical -8.28%
Consumer Cyclical -4.94%
Industrial -4.52%
Energy -4.26%
Total as % of Fund-33.92%

Top Five Industry Allocations (Shorts Only) As of: 06/30/2014

Medical-Biotechnology -4.98%
Information Processing-Software & Services -3.91%
Medical Supplies -2.71%
Drugs-Ethical -2.66%
Transptn-Misc -2.25%
Total as % of Fund-16.50%

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

Goodrich Petroleum Corp -0.47%
STAAR Surgical Co -0.41%
Williams Cos Inc/The -0.37%
CONSOL Energy Inc -0.36%
Range Resources Corp -0.36%
Rex Energy Corp -0.35%
Blackstone Mortgage Trust Inc -0.35%
Calumet Specialty Products Partners LP -0.35%
Intrepid Potash Inc -0.35%
Pengrowth Energy Corp -0.35%
Total as % of Fund-3.71%

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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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