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Classic Value Fund (JCVIX)

Daily Price as of 3/21/17

29.65 0.56 1.85

Management Team

No Photo Available
Richard S. Pzena

On the fund since 1996
Investing since 1980

No Photo Available
John Flynn

On the fund since 2017
Investing since 2000

No Photo Available
Benjamin S. Silver, CFA, CPA

On the fund since 2012
Investing since 1991

Top Holdings (%)

as of 2/28/17
Bank of America Corp. 3.59
Citigroup, Inc. 3.54
The Goldman Sachs Group, Inc. 3.33
Exxon Mobil Corp. 3.33
Royal Dutch Petroleum Company - NY Shares 3.31
Morgan Stanley 3.19
Voya Financial, Inc. 3.15
Oracle Corp. 2.85
Capital One Financial Corp. 2.84
Franklin Resources, Inc. 2.80
The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top holdings and Top issuers.

Goal and strategy

The fund seeks long-term growth of capital by normally investing at least 80% of its net assets in domestic equity securities. In managing the portfolio, the subadvisor seeks to identify companies that it believes are currently undervalued relative to the market, based on estimated future earnings and cash flow. In choosing individual securities, the subadvisor screens a dynamic universe of the 500 largest publicly traded U.S. companies.

Average Annual Total Returns1

Month-End Performance (%) as of 2/28/17
QTD YTD 1YR 3YR 5YR 10YR
(not annualized)
Quarter-End Performance (%) as of 12/31/16
QTD YTD 1YR 3YR 5YR 10YR
(not annualized)

Cumulative Returns

Month-End Performance (%) as of 2/28/17
QTD YTD 1YR 3YR 5YR 10YR

The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.

Performance figures assume that all distributions are reinvested.

Performance shown is for the share class indicated only. The performance of other share classes will vary. The Fund Operating Expenses are 0.93%.

Morningstar Rating3

Overall Rating

As of 2/28/17 the Fund was rated 3 stars out of 1090 funds, 3 stars out of 940 funds and 1 stars out of 682 funds for the 3-, 5- and 10-year periods, respectively.

Overall Rating is based on the 3-, 5- and 10-year Morningstar Risk-Adjusted Returns and accounts for variation in a fund's monthly performance. Other classes may be rated differently.

The funds have experienced negative performance for various time periods, including but not limited to, the three, five or ten-year periods for which the Morningstar "star" ratings are issued.

For each managed product (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history, Morningstar calculates a Morningstar rating based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The top 10.0% of funds in each category, the next 22.5%, 35.0%, 22.5%, and bottom 10.0% receive 5, 4, 3, 2, or 1 star(s), respectively. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The rating formula most heavily weights the three year rating, using the following calculation: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. Past performance does not guarantee future results.

1 6/24/96 is the inception date for the oldest class of shares, Class A shares. Class R1 shares were first offered on 8/5/03; Class R3, R4 and R5 shares were first offered on 5/22/09; Class R6 shares were first offered on 9/1/11; Class R2 shares were first offered on 3/1/12; returns prior to these dates are those of Class A shares that have been recalculated to reflect the gross fees and expenses of Class R1, R3, R4, R5, R6 and R2 shares.
2 As of the most recent month end. The Morningstar Style Box™ reveals the fund’s investment style.

For equity funds, the vertical axis shows the market capitalization, or size, of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
3 Morningstar proprietary ratings reflect risk-adjusted performance through the most recent month end. The ratings are subject to change every month.
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