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

Long-Short (JAZZX)


NAV as of: 12/08/2016 $13.77 - Daily NAV change: +$0.12 (+0.88%)
Fund CharacteristicsAs 0f: 11/30/2016
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 12/08/2016 ($mil)$22.90
Price/Earnings Ratio (12m trailing)16.54
Price/Book Ratio3.69
Dividend Yield2.24
Weighted Average Market Capitalization ($ mil)42,181.1
Median Market Capitalization ($ mil)9,441.9
Total Number of Equity Issues66
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/16)171.00%

Fund Operating Expenses: Prospectus 11/01/2016

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses0.75%
Acquired Fund Fees and Expenses(AFFE)0.03%
Dividend Expense on Securites sold short0.25%
Total Annual Fund Operating Expenses2.53%

Market Capitalization Equity HoldingsAs of: 11/30/2016

(Less than $250 mil )0.00%
($250 - $1,000 mil)0.49%
($1,000 - $4,000 mil)35.26%
($4,000 - $7,000 mil)8.49%
(Greater than $7,000 mil)55.75%
Total 100.00%

Risk Measures (3yr Trailing)As of: 11/30/2016

Beta0.69
R-Squared0.65
Standard Deviation9.23
Sharpe Ratio0.16

Capture Ratios (3yr Trailing)As of: 11/30/2016

Up CaptureDown CaptureOverall
vs. Benchmark Index45.40%81.81%55.49%

Top 5 Contributors to PerformanceAs of: 11/30/2016

CELANESE CORP-SERIES A
LYDALL INC
JPMORGAN CHASE & CO
NORTHROP GRUMMAN CORP
WESTERN DIGITAL CORP

Fund Income DataAs of: 11/30/2016

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Market Capitalization Equity HoldingsAs of: 11/30/2016

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 0.00%
($1,000 - $4,000 mil) 0.00%
($4,000 - $7,000 mil) 99.58%
(Greater than $7,000 mil) 0.42%
Total100.00%

Short CharacteristicsAs of: 11/30/2016

Price/Book Ratio 1.95
Dividend Yield 1.77
Weighted Average Market Capitalization ($mil) 4,960.7
Median Market Capitalization ($mil) 4,980.8
Total Number of Equity Issues 0.00
Fund CharacteristicsAs 0f: 09/30/2016
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 12/08/2016 ($mil)$22.90
Price/Earnings Ratio (12m trailing)16.01
Price/Book Ratio3.61
Dividend Yield2.33
Weighted Average Market Capitalization ($ mil)39,513.5
Median Market Capitalization ($ mil)9,619.1
Total Number of Equity Issues65
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/16)171.00%

Fund Operating Expenses: Prospectus 11/01/2016

Management Fee1.25%
Distribution (12b-1) Fee0.25%
Other Expenses0.75%
Acquired Fund Fees and Expenses(AFFE)0.03%
Dividend Expense on Securites sold short0.25%
Total Annual Fund Operating Expenses2.53%

Market Capitalization Equity HoldingsAs of: 09/30/2016

(Less than $250 mil )0.00%
($250 - $1,000 mil)2.32%
($1,000 - $4,000 mil)33.82%
($4,000 - $7,000 mil)10.18%
(Greater than $7,000 mil)53.68%
Total 100.00%

Risk Measures (3yr Trailing)As of: 09/30/2016

Beta0.68
R-Squared0.65
Standard Deviation9.15
Sharpe Ratio0.41

Capture Ratios (3yr Trailing)As of: 09/30/2016

Up CaptureDown CaptureOverall
vs. Benchmark Index47.62%75.51%63.06%

Top 5 Contributors to PerformanceAs of: 09/30/2016

INNOSPEC INC
GOODYEAR TIRE & RUBBER CO
LYDALL INC
BEST BUY INC
WESTERN DIGITAL CORP

Fund Income DataAs of: 09/30/2016

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Market Capitalization Equity HoldingsAs of: 09/30/2016

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 0.00%
($1,000 - $4,000 mil) 0.12%
($4,000 - $7,000 mil) 0.00%
(Greater than $7,000 mil) 99.88%
Total100.00%

Short CharacteristicsAs of: 09/30/2016

Price/Book Ratio 8.06
Dividend Yield 0.75
Weighted Average Market Capitalization ($mil) 22,587.8
Median Market Capitalization ($mil) 18,246.3
Total Number of Equity Issues 20.00

Asset AllocationAs of: 11/30/2016

Longs 94.22%
Cash 5.85%
Shorts -0.07%
Total 100.00%

Top Five Sector AllocationsAs of: 11/30/2016

Basic Materials 15.60%
Finance 14.01%
Technology 13.60%
Consumer Non-Cyclical 13.48%
Utilities 10.99%
Total as % of Fund67.68%

Top Five Industry AllocationsAs of: 11/30/2016

Utilities-Electric 6.19%
Utilities-Telecommunications 4.80%
Chemicals-Specialty 4.72%
Chemicals-Diversified 4.66%
Aerospace-Defense 4.40%
Total as % of Fund24.77%
 

Top Ten Equity Holdings (% of Fund)As of: 09/30/2016

Travelers Cos Inc/The 3.62%
Celanese Corp 3.29%
Northrop Grumman Corp 2.68%
Smith & Wesson Holding Corp 2.57%
Goodyear Tire & Rubber Co/The 2.52%
Vonage Holdings Corp 2.52%
JPMorgan Chase & Co 2.38%
Verizon Communications Inc 2.24%
Edison International 2.23%
Avery Dennison Corp 2.16%
Total as % of Fund26.23%

Region Exposure Top ThreeAs of: 11/30/2016

United States of America 94.75%
United Kingdom 1.80%
Bermuda 1.60%
Total as % of Fund98.15%

Bottom 5 Contributors to PerformanceAs of: 11/30/2016

SMITH & WESSON HOLDING CORP
RR DONNELLEY & SONS
BAKER HUGHES INC (short)
DST SYSTEMS INC
CTRIP.COM INTERNATIONAL LTD (short)

Top Five Sector Allocations (Fixed) As of: 11/30/2016

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 11/30/2016

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 11/30/2016

Technology -0.07%
Energy -0.00%
Not Applicable 0.00%
Total as % of Fund-0.07%

Top Five Industry Allocations (Shorts Only) As of: 11/30/2016

Information Processing-Indiv Comput-Network -0.07%
Oil-Pipelines -0.00%
Not Classified 0.00%
Total as % of Fund-0.07%

Asset AllocationAs of: 09/30/2016

Longs 91.15%
Cash 51.90%
Shorts -43.05%
Total 100.00%

Top Five Sector AllocationsAs of: 09/30/2016

Basic Materials 14.81%
Consumer Non-Cyclical 14.13%
Finance 13.27%
Technology 12.10%
Utilities 10.99%
Total as % of Fund65.30%

Top Five Industry AllocationsAs of: 09/30/2016

Utilities-Electric 6.23%
Utilities-Telecommunications 4.76%
Reit 4.20%
Chemicals-Specialty 4.08%
Chemicals-Diversified 3.86%
Total as % of Fund23.12%
 

Top Ten Equity Holdings (% of Fund)As of: 07/31/2016

Avery Dennison Corp 3.65%
Dr Pepper Snapple Group Inc 3.43%
Travelers Cos Inc/The 3.36%
Pfizer Inc 2.91%
Celanese Corp 2.86%
DST Systems Inc 2.62%
Smith & Wesson Holding Corp 2.60%
Northrop Grumman Corp 2.48%
Innospec Inc 2.42%
Southwest Airlines Co 2.24%
Total as % of Fund28.57%

Region Exposure Top ThreeAs of: 09/30/2016

United States of America 94.53%
United Kingdom 1.82%
Bermuda 1.63%
Total as % of Fund97.98%

Bottom 5 Contributors to PerformanceAs of: 09/30/2016

SKECHERS USA INC-CL A
HELEN OF TROY LTD F
AMERCO
KROGER CO.
PALO ALTO NETWORKS INC (short)

Top Five Sector Allocations (Fixed) As of: 09/30/2016

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 09/30/2016

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 09/30/2016

Technology -16.25%
Energy -9.67%
Consumer Cyclical -9.01%
International -4.69%
Industrial -2.45%
Total as % of Fund-42.07%

Top Five Industry Allocations (Shorts Only) As of: 09/30/2016

Information Processing-Software & Services -13.35%
Retail-Special Lines -5.21%
Oil-Drilling -4.77%
Foreign-Trading In Adrs -4.69%
Other (Technology) -2.85%
Total as % of Fund-30.87%

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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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