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

Long-Short (JAZZX)


NAV as of: 01/29/2015 $14.08 - Daily NAV change: +$0.18 (+1.29%)
Fund CharacteristicsAs 0f: 12/31/2014
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 01/29/2015 ($mil)$33.80
Price/Earnings Ratio (12m trailing)16.10
Price/Book Ratio3.72
Dividend Yield1.67
Weighted Average Market Capitalization ($ mil)38,629.9
Median Market Capitalization ($ mil)11,049.1
Total Number of Equity Issues61
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/14)171.00%

Fund Operating Expenses:Prospectus 11/01/2014

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses1.07%
Acquired Fund Fees and Expenses(AFFE)0.02%
Dividend Expense on Securites sold short0.00%
Total Annual Fund Operating Expenses2.59%

Market Capitalization Equity HoldingsAs of: 12/31/2014

(Less than $250 mil )0.00%
($250 - $1,000 mil)4.54%
($1,000 - $4,000 mil)17.26%
($4,000 - $7,000 mil)14.85%
(Greater than $7,000 mil)63.35%
Total100.00%

Top 5 Contributors to PerformanceAs of: 12/31/2014

ALASKA AIR GROUP INC
SOUTHWEST AIRLINES CO
PORTLAND GENERAL ELECTRIC CO
UNITEDHEALTH GROUP
KROGER CO.

Fund Income DataAs of: 12/31/2014

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Market Capitalization Equity HoldingsAs of: 12/31/2014

(Less than $250 mil ) 0.21%
($250 - $1,000 mil) 38.68%
($1,000 - $4,000 mil) 44.97%
($4,000 - $7,000 mil) 8.28%
(Greater than $7,000 mil) 7.87%
Total100.00%

Short CharacteristicsAs of: 12/31/2014

Price/Book Ratio 20.91
Dividend Yield 0.76
Weighted Average Market Capitalization ($mil) 4,284.8
Median Market Capitalization ($mil) 1,371.5
Total Number of Equity Issues 168.00
Fund CharacteristicsAs 0f: 12/31/2014
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 01/29/2015 ($mil)$33.80
Price/Earnings Ratio (12m trailing)16.10
Price/Book Ratio3.72
Dividend Yield1.67
Weighted Average Market Capitalization ($ mil)38,629.9
Median Market Capitalization ($ mil)11,049.1
Total Number of Equity Issues61
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/14)171.00%

Fund Operating Expenses:Prospectus 11/01/2014

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses1.07%
Acquired Fund Fees and Expenses(AFFE)0.02%
Dividend Expense on Securites sold short0.00%
Total Annual Fund Operating Expenses2.59%

Market Capitalization Equity HoldingsAs of: 12/31/2014

(Less than $250 mil )0.00%
($250 - $1,000 mil)4.54%
($1,000 - $4,000 mil)17.26%
($4,000 - $7,000 mil)14.85%
(Greater than $7,000 mil)63.35%
Total100.00%

Top 5 Contributors to PerformanceAs of: 12/31/2014

ALASKA AIR GROUP INC
SOUTHWEST AIRLINES CO
PORTLAND GENERAL ELECTRIC CO
UNITEDHEALTH GROUP
KROGER CO.

Fund Income DataAs of: 12/31/2014

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Market Capitalization Equity HoldingsAs of: 12/31/2014

(Less than $250 mil ) 0.21%
($250 - $1,000 mil) 38.68%
($1,000 - $4,000 mil) 44.97%
($4,000 - $7,000 mil) 8.28%
(Greater than $7,000 mil) 7.87%
Total100.00%

Short CharacteristicsAs of: 12/31/2014

Price/Book Ratio 20.91
Dividend Yield 0.76
Weighted Average Market Capitalization ($mil) 4,284.8
Median Market Capitalization ($mil) 1,371.5
Total Number of Equity Issues 168.00
.

Asset AllocationAs of: 12/31/2014

Longs 122.50%
Cash 4.92%
Shorts -27.42%
Total100.00%

Top Five Sector AllocationsAs of: 12/31/2014

Consumer Cyclical 18.74%
Industrial 18.32%
Technology 18.21%
Finance 18.05%
Consumer Non-Cyclical 17.90%
Total as % of Fund91.22%

Top Five Industry AllocationsAs of: 12/31/2014

Utilities-Electric 13.01%
Airlines 8.32%
Banks-Regional 8.03%
Drugs-Ethical 6.38%
Auto Parts-Original 6.36%
Total as % of Fund42.10%
 

Top Ten Equity Holdings (% of Fund)As of: 10/31/2014

Protective Life Corp 3.86%
Alaska Air Group Inc 3.23%
Deluxe Corp 3.10%
Portland General Electric Co 3.02%
PNC Financial Services Group Inc/The 2.94%
Lockheed Martin Corp 2.93%
UnitedHealth Group Inc 2.81%
Western Digital Corp 2.78%
United Rentals Inc 2.69%
Eli Lilly & Co 2.60%
Total as % of Fund29.95%

Region Exposure Top ThreeAs of: 12/31/2014

United States of America 97.17%
Canada 2.42%
Israel 0.42%
Total as % of Fund100.00%

Bottom 5 Contributors to PerformanceAs of: 12/31/2014

UNIT CORP
APACHE CORP
WESTLAKE CHEMICAL CORP
GREENBRIER COMPANIES INC
AMERICAN RAILCAR INDUSTRIES

Top Five Sector Allocations (Fixed) As of: 12/31/2014

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 12/31/2014

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 12/31/2014

Technology -9.67%
Consumer Cyclical -3.87%
Consumer Non-Cyclical -3.72%
Industrial -2.99%
Energy -2.75%
Total as % of Fund-22.99%

Top Five Industry Allocations (Shorts Only) As of: 12/31/2014

Medical-Biotechnology -4.90%
Information Processing-Software & Services -2.82%
Medical Supplies -2.04%
Mining -1.35%
Oil-Drilling -1.15%
Total as % of Fund-12.27%

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

Cepheid -0.58%
Rentrak Corp -0.56%
Dean Foods Co -0.55%
NxStage Medical Inc -0.54%
InterOil Corp -0.53%
Beacon Roofing Supply Inc -0.52%
Cubist Pharmaceuticals Inc -0.52%
Liberty Global PLC -0.51%
Carmike Cinemas Inc -0.51%
Ctrip.com International Ltd -0.51%
Total as % of Fund-5.31%

Asset AllocationAs of: 12/31/2014

Longs 122.50%
Cash 4.92%
Shorts -27.42%
Total100.00%

Top Five Sector AllocationsAs of: 12/31/2014

Consumer Cyclical 18.74%
Industrial 18.32%
Technology 18.21%
Finance 18.05%
Consumer Non-Cyclical 17.90%
Total as % of Fund91.22%

Top Five Industry AllocationsAs of: 12/31/2014

Utilities-Electric 13.01%
Airlines 8.32%
Banks-Regional 8.03%
Drugs-Ethical 6.38%
Auto Parts-Original 6.36%
Total as % of Fund42.10%
 

Top Ten Equity Holdings (% of Fund)As of: 10/31/2014

Protective Life Corp 3.86%
Alaska Air Group Inc 3.23%
Deluxe Corp 3.10%
Portland General Electric Co 3.02%
PNC Financial Services Group Inc/The 2.94%
Lockheed Martin Corp 2.93%
UnitedHealth Group Inc 2.81%
Western Digital Corp 2.78%
United Rentals Inc 2.69%
Eli Lilly & Co 2.60%
Total as % of Fund29.95%

Region Exposure Top ThreeAs of: 12/31/2014

United States of America 97.17%
Canada 2.42%
Israel 0.42%
Total as % of Fund100.00%

Bottom 5 Contributors to PerformanceAs of: 12/31/2014

UNIT CORP
APACHE CORP
WESTLAKE CHEMICAL CORP
GREENBRIER COMPANIES INC
AMERICAN RAILCAR INDUSTRIES

Top Five Sector Allocations (Fixed) As of: 12/31/2014

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 12/31/2014

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 12/31/2014

Technology -9.67%
Consumer Cyclical -3.87%
Consumer Non-Cyclical -3.72%
Industrial -2.99%
Energy -2.75%
Total as % of Fund-22.99%

Top Five Industry Allocations (Shorts Only) As of: 12/31/2014

Medical-Biotechnology -4.90%
Information Processing-Software & Services -2.82%
Medical Supplies -2.04%
Mining -1.35%
Oil-Drilling -1.15%
Total as % of Fund-12.27%

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

Cepheid -0.58%
Rentrak Corp -0.56%
Dean Foods Co -0.55%
NxStage Medical Inc -0.54%
InterOil Corp -0.53%
Beacon Roofing Supply Inc -0.52%
Cubist Pharmaceuticals Inc -0.52%
Liberty Global PLC -0.51%
Carmike Cinemas Inc -0.51%
Ctrip.com International Ltd -0.51%
Total as % of Fund-5.31%

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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.
© 2015 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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