Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Institutional IS Investor Institutional NAV | as of 03/27/2024 $23.25 +$0.04 (+0.17%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 02/03/1994 to 02/29/2024 = $125,613.48 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE During the third quarter of 2023, the Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund’s investment performance. This is a one-time event that is not likely to be repeated. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The fund seeks long-term capital appreciation. Why Consider Jackson Square Partners (JSP) is benchmark agnostic, holding a concentrated, conviction weighted portfolio. The JSP concentrated portfolo approach limits asset capacity in all strategies, resulting in a performance-driven investment culture. JSP emphasizes growth in intrinsic business value as opposed to more traditional definitions of growth that are often restricted to revenue and reported earnings. Cash generation and return on invested capital are more important to JSP than accounting earnings. JSP’s investment team structure is flat, with a stable, veteran team which values high levels of accountability and internal peer scrutiny. While members of the team may have portfolio management responsibilities, everyone on the team is first and foremost an analyst. Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Investment Style Jackson Square Large-Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Jackson Square Large-Cap Growth Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/29/2024 Overall Rating (of 1,115) 3 Years (of 1,115) 5 Years (of 1,040) 10 Years (of 811) Category Large Growth Read Important Investment Disclosures William Montana PORTFOLIO MANAGER, ANALYST Billy Montana joined Jackson Square Partners as an analyst in September 2014 and was promoted to portfolio manager for the Large Cap Growth strategy in January 2019. Prior to joining Jackson Square, he was an associate at TPG Capital, a private equity firm, from August 2011 to August 2014, focusing on growth capital opportunities. Before that, Billy spent two years at Goldman Sachs as an investment banking analyst, focusing on financial institutions. He received a bachelor’s degree from Georgetown University. Brian Tolles PORTFOLIO MANAGER, ANALYST Brian Tolles joined Jackson Square Partners as an analyst in February 2016 and was promoted to become a portfolio manager for the Global Growth strategy in January 2019. In June 2023 he became a portfolio manager for Large Cap. Prior to joining Jackson Square, he was an investment banking analyst at Qatalyst Partners from June 2014 to January 2016, focusing on technology companies. He received a bachelor’s degree from the Wharton School of the University of Pennsylvania. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns During the third quarter of 2023, the Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund’s investment performance. This is a one-time event that is not likely to be repeated. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 0.85% Net Expense Ratio: 0.74% Expense Cap Expiration Date: 02/28/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 16, 2021 $7.686500 — $0.415890 $7.270610 Apr 13, 2021 $2.928000 — $0.703000 $2.225000 Dec 18, 2020 $3.161000 — $0.240000 $2.921000 Dec 19, 2019 $2.451000 — — $2.451000 Dec 21, 2018 $4.447000 — $0.266000 $4.181000 Dec 22, 2017 $3.173000 $0.008000 $0.138000 $3.027000 Dec 22, 2016 $1.693000 $0.043000 — $1.650000 Dec 22, 2015 $3.094000 $0.142000 — $2.952000 Dec 22, 2014 $0.813000 $0.118000 — $0.695000 Dec 27, 2013 $0.014000 $0.014000 — — Dec 06, 2013 $0.005000 $0.005000 — — Dec 28, 2012 $0.012000 $0.012000 — — Dec 06, 2012 $0.016000 $0.016000 — — Dec 06, 2011 $0.021000 $0.021000 — — Dec 22, 2010 $0.022000 $0.022000 — — Dec 07, 2009 $0.009000 $0.009000 — — Dec 08, 2008 $0.017000 $0.017000 — — Dec 08, 2000 $0.231000 — — $0.231000 Dec 10, 1999 $0.592000 — — $0.592000 Dec 09, 1997 $6.370000 — $3.322000 $3.048000 Dec 12, 1996 $1.360000 — — $1.360000 From: To: Risk & Return Statistics As of: 02/29/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -7.60 -4.18 -3.72 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 21.87 21.39 17.55 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.05 0.53 0.54 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 70.07 73.16 66.83 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 102.12 98.75 101.14 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.99 0.98 0.97 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 87.59 88.63 87.70 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 7.71 7.22 6.17 View All Characteristics & Statistics All Characteristics & Statistics Jackson Square Large-Cap Growth Fund (JSPIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Growth Index Fund Assets (Mil.$) $214 Number of Holdings 26 443 Weighted Avg. Market Cap (Mil.$) $728,148 $1,105,721 Median Market Cap (Mil.$) $142,194 $18,044 Weighted Avg. P/E (1-yr Forward EPS) 34.75 29.34 Weighted Avg. P/E (Trailing EPS) 39.67 34.05 PEG Ratio 1.97 1.89 Weighted Avg. P/B 6.48 11.16 EPS Growth (Trailing 3-yr %) 16.27% 18.54% EPS Growth (Trailing 5-yr %) 15.74% 20.87% Forward EPS Growth (1-yr %) 7.49% 12.05% Forward EPS Growth (Long Term %) 18.75% 16.55% Revenue Growth (Trailing 5-yr %) 16.00% 15.89% Return on Equity 19.30% 29.17% Weighted Avg. Dividend Yield 0.62% 0.71% Debt to Equity 70.90 103.61 As of: 12/31/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -7.60 -4.18 -3.72 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 21.87 21.39 17.55 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.05 0.53 0.54 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 70.07 73.16 66.83 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 102.12 98.75 101.14 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.99 0.98 0.97 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 87.59 88.63 87.70 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 7.71 7.22 6.17 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -1.16 -0.76 -0.79 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 1.00 11.45 9.72 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -43.32 -43.32 -43.32 As of: 02/29/2024 Market Cap Fund Russell 1000® Growth Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.00% Market Cap ($mm) 1,500 - 2,500 0.00% 0.02% Market Cap ($mm) 2,500 - 5,000 0.00% 0.23% Market Cap ($mm) 5,000 - 10,000 0.00% 1.48% Market Cap ($mm) 10,000 - 25,000 0.00% 4.53% Market Cap ($mm) 25,000 - 50,000 14.61% 7.35% Market Cap ($mm) 50,000 - 100,000 14.89% 9.18% Market Cap ($mm) 100,000 - 200,000 26.14% 9.88% Market Cap ($mm) 200,000 - 44.36% 67.32% Market Cap – NA 0.00% 0.00% As of: 12/31/2023 Valuation Characteristics Fund Russell 1000® Growth Index P/E 0-10 0.00% 0.37% P/E 10-15 0.00% 0.96% P/E 15-20 0.00% 4.42% P/E 20-25 4.00% 7.86% P/E 25-Above 89.84% 83.87% P/E – NA 6.16% 2.52% As of: 12/31/2023 Growth Characteristics Fund Russell 1000® Growth Index EPS Growth (Trailing 3-yr %) - Negative 16.11% 14.40% EPS Growth (Trailing 3-yr %) 0 - 5 4.00% 6.65% EPS Growth (Trailing 3-yr %) 5 - 10 2.93% 3.97% EPS Growth (Trailing 3-yr %) 10 - 15 9.97% 8.85% EPS Growth (Trailing 3-yr %) 15 - 20 16.33% 17.19% EPS Growth (Trailing 3-yr %) Above 20 40.55% 43.64% EPS Growth (Trailing 3-yr %) - NA 10.12% 5.30% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 Microsoft Corp 12.45% Amazon Com Inc 7.71% Mastercard Incorporated 5.14% Nvidia Corporation 4.78% Visa Inc 4.65% Cme Group Inc 4.55% Alphabet Inc 4.34% Boeing Co 4.33% Servicenow Inc 4.09% Canadian Pacific Kansas City Com 3.96% % in Top 10 Holdings 55.99% View Holding Details Holding Details Jackson Square Large-Cap Growth Fund (JSPIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 Microsoft Corp 12.45% Amazon Com Inc 7.71% Mastercard Incorporated 5.14% Nvidia Corporation 4.78% Visa Inc 4.65% Cme Group Inc 4.55% Alphabet Inc 4.34% Boeing Co 4.33% Servicenow Inc 4.09% Canadian Pacific Kansas City Com 3.96% % in Top 10 Holdings 55.99% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MSFT Microsoft Corp Information Technology S US USD 66,639 413.64 $27,564,556 12.20% AMZN Amazon Com Inc Consumer Discretionary S US USD 102,081 176.76 $18,043,838 7.99% NVDA Nvidia Corporation Information Technology S US USD 19,420 791.12 $15,363,550 6.80% MA Mastercard Incorporated Financials S US USD 23,996 474.76 $11,392,341 5.04% GOOGL Alphabet Inc Communication Services S US USD 74,227 138.46 $10,277,470 4.55% V Visa Inc Financials S US USD 35,932 282.64 $10,155,820 4.49% CME Cme Group Inc Financials S US USD 43,442 220.35 $9,572,445 4.24% UBER Uber Technologies Inc Industrials S US USD 117,318 79.50 $9,326,781 4.13% CP Canadian Pacific Kansas City Com Industrials S CA USD 100,696 85.01 $8,560,167 3.79% WM Waste Mgmt Inc Del Industrials S US USD 41,502 205.65 $8,534,886 3.78% NOW Servicenow Inc Information Technology S US USD 10,299 771.34 $7,944,031 3.52% AMD Advanced Micro Devices Inc Information Technology S US USD 39,838 192.53 $7,670,010 3.39% VEEV Veeva Sys Inc Health Care S US USD 31,776 225.51 $7,165,806 3.17% EW Edwards Lifesciences Corp Health Care S US USD 80,666 84.87 $6,846,123 3.03% BA Boeing Co Industrials S US USD 33,423 203.72 $6,808,934 3.01% SPGI S&P Global Inc Financials S US USD 15,617 428.38 $6,690,010 2.96% KKR Kkr & Co Inc Financials S US USD 61,291 98.26 $6,022,454 2.67% ISRG Intuitive Surgical Inc Health Care S US USD 15,094 385.60 $5,820,246 2.58% LIN Linde Plc Materials S IE USD 12,269 448.82 $5,506,573 2.44% DHR Danaher Corporation Health Care S US USD 20,267 253.14 $5,130,388 2.27% CPRT Copart Inc Industrials S US USD 93,803 53.15 $4,985,629 2.21% NKE Nike Inc Consumer Discretionary S US USD 43,733 103.93 $4,545,171 2.01% IQV Iqvia Hldgs Inc Health Care S US USD 17,762 247.16 $4,390,056 1.94% WDAY Workday Inc Information Technology S US USD 14,615 294.66 $4,306,456 1.91% LLY Eli Lilly & Co Health Care S US USD 5,383 753.68 $4,057,059 1.80% DDOG Datadog Inc Information Technology S US USD 24,453 131.46 $3,214,591 1.42% CTVA Corteva Inc Materials S US USD 57,849 53.52 $3,096,078 1.37% Cash & Equivalents Cash C - - $2,949,646 1.31% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Microsoft Corp 1 12.81% 19.26% Amazon.com Inc 2 7.73% 19.52% Boeing Company 3 4.21% 35.99% Uber Technologies, Inc. 4 3.89% 33.88% Advanced Micro Devices, Inc. 5 2.88% 43.37% As of: 12/31/2023 The 5 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Veeva Systems Inc, Class A 20 3.25% -5.37% Corteva Inc 19 2.47% -6.10% Veralto Corp 18 0.02% -12.35% Eli Lilly and Company 17 0.32% -0.19% Danaher Corp 16 2.34% 5.79% As of: 12/31/2023 The 5 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 12/31/2023 View Allocation Details Allocation Details Jackson Square Large-Cap Growth Fund (JSPIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Growth Index Information Technology 26.41% 43.52% Financials 20.27% 6.41% Industrials 18.18% 5.90% Health Care 14.84% 10.63% Consumer Discretionary 10.07% 15.79% Materials 4.77% 0.70% Communication Services 4.34% 11.40% Cash & Other 1.11% 0.00% Consumer Staples 0.00% 4.14% Energy 0.00% 0.50% Real Estate 0.00% 0.95% Utilities 0.00% 0.05% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 98.89% Bonds 0.00% Cash and Other 1.11% As of: 12/31/2023 Industry Fund Russell 1000® Growth Index Software 18.30% 18.82% Capital Markets 10.49% 1.33% Financial Services 9.79% 4.09% Semiconductors & Semiconductor Equipment 8.11% 10.12% Ground Transportation 7.87% 1.05% Broadline Retail 7.71% 5.89% Commercial Services & Supplies 5.98% 0.75% Health Care Equipment & Supplies 5.96% 1.65% Chemicals 4.77% 0.57% Life Sciences Tools & Services 4.37% 1.34% % in Top 10 Industries 83.35% 45.61% As of: 12/31/2023 Read Important Investment Disclosures About the Affiliate About Jackson Square Partners Founded in 2014, Jackson Square is an independent, majority employee-owned investment manager specializing in long-only, growth-oriented equity investing. Their approach has been honed by a team who has worked together for more than two decades, resulting in a unifying investment philosophy of concentrated, long-term investing focused on intrinsic business value growth. Learn More About Jackson Square's Approach FOUNDED 2014 AMG AFFILIATE SINCE 2020 HEADQUARTERS San Francisco Portfolio Managers William Montana PORTFOLIO MANAGER, ANALYST Read full bio Brian Tolles PORTFOLIO MANAGER, ANALYST Read full bio Investment Approach Investment Approach Jackson Square Large-Cap Growth Fund Jackon Square Partners (JSP) is a growth investor but is not bound by consensus definitions of growth. JSP believes that attractive returns can be realized by maintaining a concentrated portfolio of companies that have superior business models, strong cash flows and the opportunity to generate consistent, long-term growth of intrinsic business value. The Large-Cap Growth Fund invests at the time of purchase in companies with an equity capitalization of more than $3B. Related products Other Products From Jackson Square Partners DCGTX Jackson Square SMID-Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS