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

Long-Short (JAZZX)


NAV as of: 05/26/2016 $12.82 - Daily NAV change: +$0.04 (+0.31%)
Fund CharacteristicsAs 0f: 04/30/2016
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 05/26/2016 ($mil)$24.63
Price/Earnings Ratio (12m trailing)15.00
Price/Book Ratio3.87
Dividend Yield1.75
Weighted Average Market Capitalization ($ mil)37,688.9
Median Market Capitalization ($ mil)8,727.2
Total Number of Equity Issues41
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: 04/30/2016

(Less than $250 mil )0.00%
($250 - $1,000 mil)5.13%
($1,000 - $4,000 mil)15.58%
($4,000 - $7,000 mil)18.14%
(Greater than $7,000 mil)61.15%
Total 100.00%

Risk Measures (3yr Trailing)As of: 04/30/2016

Beta0.72
R-Squared0.68
Standard Deviation9.97
Sharpe Ratio0.32

Capture Ratios (3yr Trailing)As of: 04/30/2016

Up CaptureDown CaptureOverall
vs. Benchmark Index51.15%86.85%58.89%

Top 5 Contributors to PerformanceAs of: 04/30/2016

AVERY DENNISON CORP
NORTHROP GRUMMAN CORP
SKECHERS USA INC-CL A
DST SYSTEMS INC
UNITEDHEALTH GROUP

Fund Income DataAs of: 04/30/2016

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Market Capitalization Equity HoldingsAs of: 04/30/2016

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 25.56%
($1,000 - $4,000 mil) 48.50%
($4,000 - $7,000 mil) 6.03%
(Greater than $7,000 mil) 19.91%
Total100.00%

Short CharacteristicsAs of: 04/30/2016

Price/Book Ratio 5.79
Dividend Yield 1.93
Weighted Average Market Capitalization ($mil) 6,757.9
Median Market Capitalization ($mil) 1,666.5
Total Number of Equity Issues 163.00
Fund CharacteristicsAs 0f: 03/31/2016
TickerJAZZX
Inception Date05/23/2011
Cusip470259797
Total Net Assets as of 05/26/2016 ($mil)$24.63
Price/Earnings Ratio (12m trailing)15.15
Price/Book Ratio3.91
Dividend Yield1.71
Weighted Average Market Capitalization ($ mil)35,048.5
Median Market Capitalization ($ mil)9,517.6
Total Number of Equity Issues42
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: 03/31/2016

(Less than $250 mil )0.00%
($250 - $1,000 mil)2.36%
($1,000 - $4,000 mil)22.99%
($4,000 - $7,000 mil)14.09%
(Greater than $7,000 mil)60.55%
Total 100.00%

Risk Measures (3yr Trailing)As of: 03/31/2016

Beta0.73
R-Squared0.69
Standard Deviation9.95
Sharpe Ratio0.47

Capture Ratios (3yr Trailing)As of: 03/31/2016

Up CaptureDown CaptureOverall
vs. Benchmark Index56.74%86.85%65.33%

Top 5 Contributors to PerformanceAs of: 03/31/2016

SMITH & WESSON HOLDING CORP
AVERY DENNISON CORP
HELEN OF TROY LTD F
EDISON INTERNATIONAL
UNITEDHEALTH GROUP

Fund Income DataAs of: 03/31/2016

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Market Capitalization Equity HoldingsAs of: 03/31/2016

(Less than $250 mil ) 0.00%
($250 - $1,000 mil) 0.00%
($1,000 - $4,000 mil) 0.00%
($4,000 - $7,000 mil) 0.00%
(Greater than $7,000 mil) 100.00%
Total100.00%

Short CharacteristicsAs of: 03/31/2016

Price/Book Ratio 42.00
Dividend Yield 42.00
Weighted Average Market Capitalization ($mil) 42.00
Median Market Capitalization ($mil) 36.00
Total Number of Equity Issues 0.00

Asset AllocationAs of: 04/30/2016

Longs 103.67%
Cash 26.93%
Shorts -30.60%
Total 100.00%

Top Five Sector AllocationsAs of: 04/30/2016

Consumer Non-Cyclical 28.46%
Finance 17.30%
Basic Materials 16.75%
Consumer Cyclical 12.26%
Technology 11.02%
Total as % of Fund85.78%

Top Five Industry AllocationsAs of: 04/30/2016

Aerospace-Defense 9.36%
Medical-Hospital Management & Services 8.46%
Banks-Regional 6.66%
Airlines 6.65%
Cosmetics & Personal Care 4.60%
Total as % of Fund35.73%
 

Top Ten Equity Holdings (% of Fund)As of: 02/29/2016

Northrop Grumman Corp 5.45%
Kroger Co/The 4.64%
UnitedHealth Group Inc 4.63%
Dr Pepper Snapple Group Inc 4.40%
Helen of Troy Ltd 4.24%
Avery Dennison Corp 3.90%
Smith & Wesson Holding Corp 3.81%
PNC Financial Services Group Inc/The 3.74%
Goodyear Tire & Rubber Co/The 3.68%
Alaska Air Group Inc 3.55%
Total as % of Fund42.04%

Region Exposure Top ThreeAs of: 04/30/2016

United States of America 93.75%
Bermuda 4.44%
Greece 1.23%
Total as % of Fund99.43%

Bottom 5 Contributors to PerformanceAs of: 04/30/2016

KROGER CO.
AMTRUST FINANCIAL SERVICES
TESORO CORP
VONAGE HOLDINGS CORP
CONSOL ENERGY INC (short)

Top Five Sector Allocations (Fixed) As of: 04/30/2016

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 04/30/2016

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 04/30/2016

Technology -7.33%
Energy -6.08%
Consumer Non-Cyclical -4.93%
Consumer Cyclical -3.05%
Basic Materials -2.61%
Total as % of Fund-24.00%

Top Five Industry Allocations (Shorts Only) As of: 04/30/2016

Medical-Biotechnology -4.03%
Oil-Drilling -2.46%
Drugs-Ethical -2.13%
Information Processing-Software & Services -1.93%
Foreign-Trading In Adrs -1.26%
Total as % of Fund-11.81%

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

Pembina Pipeline Corp -0.61%
Cabot Oil & Gas Corp -0.60%
Targa Resources Corp -0.53%
Cheniere Energy Inc -0.49%
Range Resources Corp -0.48%
Pan American Silver Corp -0.42%
Synergy Resources Corp -0.40%
Alibaba Group Holding Ltd -0.34%
MercadoLibre Inc -0.33%
500.com Ltd -0.33%
Total as % of Fund-4.52%

Asset AllocationAs of: 03/31/2016

Longs 96.79%
Cash 3.21%
Shorts -0.00%
Total 100.00%

Top Five Sector AllocationsAs of: 03/31/2016

Consumer Non-Cyclical 26.25%
Finance 15.75%
Basic Materials 15.24%
Consumer Cyclical 11.65%
Technology 10.64%
Total as % of Fund79.53%

Top Five Industry AllocationsAs of: 03/31/2016

Aerospace-Defense 8.31%
Medical-Hospital Management & Services 7.75%
Airlines 6.72%
Banks-Regional 5.80%
Tire & Rubber 4.79%
Total as % of Fund33.36%
 

Top Ten Equity Holdings (% of Fund)As of: 01/31/2016

Kroger Co/The 6.26%
Dr Pepper Snapple Group Inc 5.69%
UnitedHealth Group Inc 5.58%
Northrop Grumman Corp 5.26%
PNC Financial Services Group Inc/The 3.99%
Helen of Troy Ltd 3.97%
Tesoro Corp 3.92%
Avery Dennison Corp 3.65%
AmTrust Financial Services Inc 3.65%
Goodyear Tire & Rubber Co/The 3.48%
Total as % of Fund45.44%

Region Exposure Top ThreeAs of: 03/31/2016

United States of America 92.81%
Bermuda 4.59%
Greece 1.19%
Total as % of Fund98.59%

Bottom 5 Contributors to PerformanceAs of: 03/31/2016

TESORO CORP
KROGER CO.
AMTRUST FINANCIAL SERVICES
VONAGE HOLDINGS CORP
INNOSPEC INC

Top Five Sector Allocations (Fixed) As of: 03/31/2016

Total as % of Fund0.00%

Top Five Industry Allocations (Fixed) As of: 03/31/2016

Total as % of Fund0.00%

Top Five Sector Allocations (Shorts Only) As of: 03/31/2016

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

Top Five Industry Allocations (Shorts Only) As of: 03/31/2016

Oil-Pipelines -0.00%
Not Classified 0.00%
Total as % of Fund-0.00%

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

Cabot Oil & Gas Corp -0.62%
Range Resources Corp -0.60%
Pembina Pipeline Corp -0.55%
Targa Resources Corp -0.45%
Cheniere Energy Inc -0.41%
Synergy Resources Corp -0.41%
Williams Cos Inc/The -0.38%
SunPower Corp -0.35%
Alibaba Group Holding Ltd -0.33%
MercadoLibre Inc -0.32%
Total as % of Fund-4.42%

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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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