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

Long-Short (JAZZX)


NAV as of: 02/12/2016 $12.44 - Daily NAV change: +$0.21 (+1.72%)
Fund CharacteristicsAs 0f: 01/31/2016
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 02/12/2016 ($mil)$25.21
Price/Earnings Ratio (12m trailing)14.47
Price/Book Ratio3.67
Dividend Yield1.79
Weighted Average Market Capitalization ($ mil)36,063.1
Median Market Capitalization ($ mil)9,069.7
Total Number of Equity Issues44
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/15)171.00%

Fund Operating Expenses: Prospectus 11/01/2015

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses1.20%
Acquired Fund Fees and Expenses(AFFE)0.01%
Dividend Expense on Securites sold short0.00%
Total Annual Fund Operating Expenses2.71%

Market Capitalization Equity HoldingsAs of: 01/31/2016

(Less than $250 mil )0.00%
($250 - $1,000 mil)2.94%
($1,000 - $4,000 mil)22.65%
($4,000 - $7,000 mil)9.88%
(Greater than $7,000 mil)64.53%
Total 100.00%

Risk Measures (3yr Trailing)As of: 01/31/2016

Beta0.78
R-Squared0.72
Standard Deviation10.06
Sharpe Ratio0.53

Capture Ratios (3yr Trailing)As of: 01/31/2016

Up CaptureDown CaptureOverall
vs. Benchmark Index63.44%91.09%69.65%

Top 5 Contributors to PerformanceAs of: 01/31/2016

SMITH & WESSON HOLDING CORP
DR PEPPER SNAPPLE GROUP INC
WILLIAMS COS INC (short)
TARGA RESOURCES CORP (short)
PNM RESOURCES INC

Fund Income DataAs of: 01/31/2016

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Market Capitalization Equity HoldingsAs of: 01/31/2016

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 26.33%
($1,000 - $4,000 mil) 42.17%
($4,000 - $7,000 mil) 12.97%
(Greater than $7,000 mil) 18.54%
Total100.00%

Short CharacteristicsAs of: 01/31/2016

Price/Book Ratio 13.67
Dividend Yield 1.63
Weighted Average Market Capitalization ($mil) 6,831.7
Median Market Capitalization ($mil) 1,453.7
Total Number of Equity Issues 128.00
Fund CharacteristicsAs 0f: 12/31/2015
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 02/12/2016 ($mil)$25.21
Price/Earnings Ratio (12m trailing)14.84
Price/Book Ratio3.82
Dividend Yield1.65
Weighted Average Market Capitalization ($ mil)45,645.4
Median Market Capitalization ($ mil)10,117.9
Total Number of Equity Issues45
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/15)171.00%

Fund Operating Expenses: Prospectus 11/01/2015

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses1.20%
Acquired Fund Fees and Expenses(AFFE)0.01%
Dividend Expense on Securites sold short0.00%
Total Annual Fund Operating Expenses2.71%

Market Capitalization Equity HoldingsAs of: 12/31/2015

(Less than $250 mil )0.00%
($250 - $1,000 mil)3.30%
($1,000 - $4,000 mil)20.81%
($4,000 - $7,000 mil)9.20%
(Greater than $7,000 mil)66.69%
Total 100.00%

Risk Measures (3yr Trailing)As of: 12/31/2015

Beta0.82
R-Squared0.71
Standard Deviation10.29
Sharpe Ratio0.88

Capture Ratios (3yr Trailing)As of: 12/31/2015

Up CaptureDown CaptureOverall
vs. Benchmark Index67.83%92.28%73.50%

Top 5 Contributors to PerformanceAs of: 12/31/2015

KROGER CO.
DR PEPPER SNAPPLE GROUP INC
SMITH & WESSON HOLDING CORP
NORTHROP GRUMMAN CORP
TESORO CORP

Fund Income DataAs of: 12/31/2015

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Market Capitalization Equity HoldingsAs of: 12/31/2015

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 26.43%
($1,000 - $4,000 mil) 44.12%
($4,000 - $7,000 mil) 11.59%
(Greater than $7,000 mil) 17.87%
Total100.00%

Short CharacteristicsAs of: 12/31/2015

Price/Book Ratio 13.91
Dividend Yield 1.50
Weighted Average Market Capitalization ($mil) 8,006.2
Median Market Capitalization ($mil) 1,709.7
Total Number of Equity Issues 143.00

Asset AllocationAs of: 01/31/2016

Longs 110.14%
Cash 11.30%
Shorts -21.44%
Total 100.00%

Top Five Sector AllocationsAs of: 01/31/2016

Consumer Non-Cyclical 33.74%
Finance 18.85%
Basic Materials 14.09%
Technology 11.61%
Consumer Cyclical 10.54%
Total as % of Fund88.82%

Top Five Industry AllocationsAs of: 01/31/2016

Medical-Hospital Management & Services 10.59%
Aerospace-Defense 8.10%
Retail-Grocery 6.26%
Banks-Regional 6.13%
Oil-Secondary 5.95%
Total as % of Fund37.03%
 

Top Ten Equity Holdings (% of Fund)As of: 11/30/2015

Kroger Co/The 5.70%
Alaska Air Group Inc 5.42%
UnitedHealth Group Inc 5.13%
Dr Pepper Snapple Group Inc 5.11%
Northrop Grumman Corp 4.97%
Tesoro Corp 4.86%
Helen of Troy Ltd 4.32%
PNC Financial Services Group Inc/The 4.13%
Magna International Inc 4.03%
Goodyear Tire & Rubber Co/The 4.01%
Total as % of Fund47.68%

Region Exposure Top ThreeAs of: 01/31/2016

United States of America 93.96%
Bermuda 3.61%
Greece 1.02%
Total as % of Fund98.58%

Bottom 5 Contributors to PerformanceAs of: 01/31/2016

MAGNA INTL INC CL A
TESORO CORP
AMTRUST FINANCIAL SERVICES
TSAKOS ENERGY NAVIGATION LTD
SOUTHWEST AIRLINES CO

Top Five Sector Allocations (Fixed) As of: 01/31/2016

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 01/31/2016

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 01/31/2016

Technology -6.46%
Energy -4.71%
Consumer Non-Cyclical -3.31%
Consumer Cyclical -2.20%
Industrial -1.81%
Total as % of Fund-18.49%

Top Five Industry Allocations (Shorts Only) As of: 01/31/2016

Oil-Drilling -2.74%
Medical-Biotechnology -2.55%
Information Processing-Software & Services -2.32%
Drugs-Ethical -2.17%
Transptn-Misc -1.19%
Total as % of Fund-10.97%

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

Alarm.com Holdings Inc -0.43%
Alibaba Group Holding Ltd -0.39%
MercadoLibre Inc -0.38%
Charles Schwab Corp/The -0.35%
PHH Corp -0.35%
500.com Ltd -0.33%
XPO Logistics Inc -0.33%
NOW Inc -0.32%
Kosmos Energy Ltd -0.32%
LifeLock Inc -0.32%
Total as % of Fund-3.51%

Asset AllocationAs of: 12/31/2015

Longs 120.22%
Cash 6.42%
Shorts -26.64%
Total 100.00%

Top Five Sector AllocationsAs of: 12/31/2015

Consumer Non-Cyclical 33.55%
Finance 19.54%
Basic Materials 14.59%
Technology 14.57%
Consumer Cyclical 12.92%
Total as % of Fund95.18%

Top Five Industry AllocationsAs of: 12/31/2015

Medical-Hospital Management & Services 10.47%
Airlines 8.28%
Aerospace-Defense 7.87%
Oil-Secondary 6.58%
Banks-Regional 6.56%
Total as % of Fund39.75%
 

Top Ten Equity Holdings (% of Fund)As of: 10/31/2015

Kroger Co/The 5.61%
UnitedHealth Group Inc 5.25%
Alaska Air Group Inc 5.08%
Dr Pepper Snapple Group Inc 4.98%
Northrop Grumman Corp 4.91%
Magna International Inc 4.59%
Tesoro Corp 4.42%
Helen of Troy Ltd 4.06%
AmTrust Financial Services Inc 4.00%
PNC Financial Services Group Inc/The 3.83%
Total as % of Fund46.73%

Region Exposure Top ThreeAs of: 12/31/2015

United States of America 91.50%
Bermuda 3.31%
Canada 3.02%
Total as % of Fund97.83%

Bottom 5 Contributors to PerformanceAs of: 12/31/2015

SKECHERS USA INC-CL A
MAGNA INTL INC CL A
RYDER SYSTEM INC
MULTI-COLOR CORP
HOLLYFRONTIER CORP

Top Five Sector Allocations (Fixed) As of: 12/31/2015

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 12/31/2015

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 12/31/2015

Technology -8.38%
Consumer Non-Cyclical -4.71%
Energy -4.04%
Consumer Cyclical -2.98%
Industrial -2.39%
Total as % of Fund-22.51%

Top Five Industry Allocations (Shorts Only) As of: 12/31/2015

Medical-Biotechnology -3.79%
Drugs-Ethical -2.85%
Information Processing-Software & Services -2.77%
Oil-Drilling -1.27%
Transptn-Misc -1.25%
Total as % of Fund-11.92%

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

Alibaba Group Holding Ltd -0.38%
SunPower Corp -0.34%
500.com Ltd -0.33%
Pattern Energy Group Inc -0.32%
Kosmos Energy Ltd -0.32%
Grupo Televisa SAB -0.32%
Liberty Media Corp -0.31%
Charles Schwab Corp/The -0.31%
SeaWorld Entertainment Inc -0.31%
LifeLock Inc -0.30%
Total as % of Fund-3.24%

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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.
© 2016 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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