Micro Cap

Overview

Investment Objective

James Micro Cap Fund seeks to provide long-term capital appreciation.

Fund Resources

Factsheet

Asset Allocation01/01/1970

Fund Operating Expenses11/01/2023

Quick Stats07/31/2023

9.07%

Avg. Annual Return

16.95%

YTD Return

$17.56

Daily Price
09/25/2023

$24 M

Net Assets

Previous Month04/30/24

High: $0

Low: $0

Invest With Us Today!
Minimum individual investment: $10,000.

Investment Strategy

The James Micro Cap Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued. Equity securities include common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities of micro capitalization companies. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Russell Microcap® Index, including ETFs that invest primarily in such securities.

The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell Microcap® Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which the Fund may be overweighted or underweighted will vary at different points in the economic cycle. The Adviser uses a disciplined sell strategy for the Fund. The Adviser may sell securities because of a deterioration of the underlying company's financials, such as earnings or cash flow, or because of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates.

Daily Prices (NAV)09/25/2023

Prices are usually updated each business day by 7 pm EST.

Ticker	Expense Ratio	Price / Share	$ Change	% Change		52 Week High	52 Week Low
JMCRX	1.51%	17.56	0.12	0.69		18.85	15.88

Start Date

End Date

Fund Performance

View Monthly View Quarterly

		Daily Price & YTD ReturnData as of 09/25/2023			Total % ReturnData as of 08/31/2023			Average AnnualTotal % Return as of 08/31/2023
Fund Name	Ticker	Price / Share	$ Change	YTD	YTD	1 Mo	3 Mo	1 Yr	3 Yr	5 Yr	10 Yr	S.I.
Micro Cap Inception Date: 07/01/2010 Total Expense Ratio: (1.51%)	JMCRX	17.56	0.12	11.92	16.95	-2.34	13.41	14.98	16.17	4.40	8.07	9.07
Russell Micro Cap Index					0.63	-6.66	4.82	-4.80	6.04	0.89	6.63	9.54
VettaFi US Equity Micro Cap Index					-0.06	-9.07	3.91	-6.70	3.49	-1.08	5.55	-

		Daily Price & YTD ReturnData as of 09/25/2023			Total % ReturnData as of 06/30/2023			Average AnnualTotal % Return as of 06/30/2023
Fund Name	Ticker	Price / Share	$ Change	YTD	YTD	1 Mo	3 Mo	1 Yr	3 Yr	5 Yr	10 Yr	S.I.
Micro Cap Inception Date: 07/01/2010 Total Expense Ratio: (1.51%)	JMCRX	17.56	0.12	11.92	11.28	7.91	5.75	15.66	16.03	4.09	7.71	8.78
Russell Micro Cap Index					2.33	6.60	5.30	6.63	9.09	2.07	7.29	9.81
VettaFi US Equity Micro Cap Index					1.81	5.85	2.80	4.25	6.58	-0.01	6.17	-

The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total returns assume reinvestment of income, dividends and capital gains distributions and reflect changes in net asset value. You should note that the James Advantage Funds are professionally managed mutual funds while the indices are unmanaged, do not incur expenses and are not available for investment.

Fund Returns

Monthly Quarterly Yearly

Ticker

JMCRX

03/31/23	5.23%
12/31/22	9.67%
09/30/22	-5.23%
06/30/22	-10.85%
03/31/22	-10.75%
12/31/21	11.43%
09/30/21	-1.43%
06/30/21	3.88%
03/31/21	19.42%
12/31/20	22.92%
09/30/20	1.34%
06/30/20	22.43%
03/31/20	-37.18%
12/31/19	5.42%
09/30/19	1.82%
06/30/19	1.40%
03/31/19	16.21%
12/31/18	-18.73%
09/30/18	-1.06%
06/30/18	8.04%
03/31/18	-3.95%
12/31/17	2.69%
09/30/17	4.75%
06/30/17	0.94%
03/31/17	-5.21%
12/31/16	11.01%
09/30/16	8.18%
06/30/16	-0.27%
03/31/16	-0.13%
12/31/15	5.25%
09/30/15	-5.03%
06/30/15	-1.05%
03/31/15	3.74%
12/31/14	10.43%
09/30/14	-4.77%
06/30/14	1.81%
03/31/14	-0.64%
12/31/13	15.61%
09/30/13	6.66%
06/30/13	2.12%
03/31/13	16.94%
12/31/12	2.51%
09/30/12	-1.45%
06/30/12	-5.18%
03/31/12	14.67%
12/31/11	17.70%
09/30/11	-22.75%
06/30/11	-3.09%
03/31/11	6.04%
12/31/10	11.98%
09/30/10	3.50%

05/31/23	0.56%
04/30/23	-2.54%
03/31/23	-4.07%
02/28/23	1.12%
01/31/23	8.48%
12/31/22	-6.02%
11/30/22	6.82%
10/31/22	9.24%
09/30/22	-10.36%
08/31/22	-4.14%
07/31/22	10.28%
06/30/22	-8.41%
05/31/22	3.16%
04/30/22	-5.64%
03/31/22	-1.81%
02/28/22	0.11%
01/31/22	-9.20%
12/31/21	5.72%
11/30/21	0.59%
10/31/21	4.77%
09/30/21	-0.31%
08/31/21	2.38%
07/31/21	-3.43%
06/30/21	-2.35%
05/31/21	2.77%
04/30/21	3.51%
03/31/21	5.73%
02/28/21	11.39%
01/31/21	1.40%
12/31/20	7.13%
11/30/20	13.77%
10/31/20	0.85%
09/30/20	-3.23%
08/31/20	3.58%
07/31/20	1.10%
06/30/20	2.75%
05/31/20	4.30%
04/30/20	14.24%
03/31/20	-25.47%
02/29/20	-11.55%
01/31/20	-4.72%
12/31/19	2.21%
11/30/19	1.15%
10/31/19	1.97%
09/30/19	3.12%
08/31/19	-2.72%
07/31/19	1.51%
06/30/19	6.28%
05/31/19	-10.03%
04/30/19	6.05%
03/31/19	-2.73%
02/28/19	5.91%
01/31/19	12.81%
12/31/18	-8.37%
11/30/18	-1.69%
10/31/18	-9.78%
09/30/18	-4.43%
08/31/18	2.89%
07/31/18	0.62%
06/30/18	1.36%
05/31/18	4.81%
04/30/18	1.69%
03/31/18	1.66%
02/28/18	-7.45%
01/31/18	2.09%
12/31/17	-1.92%
11/30/17	1.07%
10/31/17	3.59%
09/30/17	8.39%
08/31/17	-3.30%
07/31/17	-0.06%
06/30/17	1.89%
05/31/17	-2.87%
04/30/17	1.99%
03/31/17	-0.81%
02/28/17	-0.75%
01/31/17	-3.71%
12/31/16	5.62%
11/30/16	11.92%
10/31/16	-6.09%
09/30/16	2.14%
08/31/16	0.51%
07/31/16	5.39%
06/30/16	0.80%
05/31/16	-1.39%
04/30/16	0.33%
03/31/16	1.76%
02/29/16	4.30%
01/31/16	-5.90%
12/31/15	-5.60%
11/30/15	2.17%
10/31/15	9.13%
09/30/15	1.13%
08/31/15	-3.40%
07/31/15	-2.78%
06/30/15	0.00%
05/31/15	1.68%
04/30/15	-2.69%
03/31/15	2.48%
02/28/15	5.60%
01/31/15	-4.14%
12/31/14	3.50%
11/30/14	3.15%
10/31/14	3.44%
09/30/14	-2.99%
08/31/14	3.64%
07/31/14	-5.29%
06/30/14	3.26%
05/31/14	0.12%
04/30/14	-1.52%
03/31/14	-1.67%
02/28/14	5.72%
01/31/14	-4.42%
12/31/13	4.08%
11/30/13	5.02%
10/31/13	5.78%
09/30/13	4.93%
08/31/13	-5.46%
07/31/13	7.52%
06/30/13	1.23%
05/31/13	4.00%
04/30/13	-3.00%
03/31/13	6.38%
02/28/13	1.90%
01/31/13	7.87%
12/31/12	2.78%
11/30/12	2.77%
10/31/12	-2.95%
09/30/12	3.13%
08/31/12	-0.09%
07/31/12	-4.36%
06/30/12	4.74%
05/31/12	-7.76%
04/30/12	-1.86%
03/31/12	7.11%
02/29/12	1.50%
01/31/12	5.48%
12/31/11	2.93%
11/30/11	-3.93%
10/31/11	19.02%
09/30/11	-12.96%
08/31/11	-10.04%
07/31/11	-1.34%
06/30/11	-0.75%
05/31/11	-1.23%
04/30/11	-1.14%
03/31/11	-0.49%
02/28/11	3.96%
01/31/11	2.50%
12/31/10	3.67%
11/30/10	2.76%
10/31/10	5.12%
09/30/10	7.92%
08/31/10	-5.52%
07/31/10	1.50%

12/31/22	-17.30%
12/31/21	36.24%
12/31/20	-4.20%
12/31/19	26.49%
12/31/18	-16.56%
12/31/17	2.92%
12/31/16	19.62%
12/31/15	2.61%
12/31/14	6.39%
12/31/13	47.26%
12/31/12	9.84%

Calendar Year Total Returns

Holdings and Details

Top Five Sector Allocations07/31/2023

Financials	25.44%
Information Technology	17.08%
Industrials	11.55%
Consumer Discretionary	11.51%
Health Care	9.76%

Total as % of Fund	75.34%

Top Five Industry Allocations07/31/2023

Finance/Rental/Leasing	10.66%
Information Technology Services	5.81%
Electronic Equipment/Instruments	5.39%
Packaged Software	4.99%
Homebuilding	4.85%

Total as % of Fund	31.70%

Top Ten Equity Holdings (% of Fund)07/31/2023

Nova Ltd.	4.85%
Federal Agricultural Mortgage Corporation Class C	4.76%
Donnelley Financial Solutions, Inc.	4.11%
Enova International Inc	4.02%
Ingles Markets, Incorporated Class A	3.89%
OFG Bancorp	3.65%
Insight Enterprises, Inc.	3.56%
Merchants Bancorp	3.48%
Haverty Furniture Companies, Inc.	3.22%
Piper Sandler Companies	3.11%

Total as % of Fund	38.66%

Region Exposure Top Three07/31/2023

United States	100.00%
Canada	0.00%
Norway	0.00%

Total as % of Fund	100.00%

Subject to change

Fund Characteristics07/31/2023

Ticker	JMCRX
Inception Date	07/01/2010
Cusip	470259813
Total Net Assets as of 06/14/2023 ($mil)	$24.30
Price/Earnings Ratio (12m trailing)	10.41
Price/Book Ratio	1.87
Dividend Yield	0.01
Weighted Average Market Capitalization ($ mil)	1,944.2
Median Market Capitalization ($ mil)	1,276.2
Total Number of Equity Issues	55
Total Number of Debt Issues	-??
Portfolio Turnover Rate (annualized as of Fiscal Year-End 11/01/23)	55.00%

Asset Allocation07/31/2023

Market Capitalization Equity Holdings07/31/2023

Fund Operating Expenses11/01/2023

Management Fee	1.48%
Distribution (12b-1) Fee	0.00%
Other Expenses	0.02%
Acquired Fund Fees and Expenses(AFFE)	0.01%
Total Annual Fund Operating Expenses	1.51%
Redemption Fee(within 180 Days)	2.00%

Risk Measures (3yr Trailing)07/31/2023

0.72

Beta

0.69

R-Squared

20.72

Standard Deviation

0.94

Sharpe Ratio

Distributions

EX-Date	Payable Date	Reinvestment Price	Dividend Type	Dividend Amount
12/28/2022	12/28/2022	$15.42	Income	$0.0921
12/07/2022	12/07/2022	$16.26	Long Term Cap Gain	$1.3419
12/29/2021	12/30/2021	$20.81	Income	$0.0099
12/08/2021	12/09/2021	$20.20	Long Term Cap Gain	$0.7841
12/29/2020	12/30/2020	$15.62	Income	$0.0842
12/27/2019	12/30/2019	$16.53	Income	$0.0388
12/09/2019	12/10/2019	$16.44	Long Term Cap Gain	$0.5058
12/07/2018	12/10/2018	$14.13	Long Term Cap Gain	$0.9068
12/28/2017	12/29/2017	$17.40	Income	$0.0561
12/05/2017	12/06/2017	$17.25	Long Term Cap Gain	$1.2884
12/29/2016	12/30/2016	$18.15	Income	$0.0000
12/30/2015	12/31/2015	$15.29	Income	$0.0138
12/30/2014	12/31/2014	$14.74	Income	$0.0236
12/04/2014	12/05/2014	$14.31	Long Term Cap Gain	$3.4509
12/04/2014	12/05/2014	$14.31	Short Term Cap Gain	$0.0000
12/30/2013	12/31/2013	$17.09	Income	$0.0147
12/28/2012	12/31/2012	$11.45	Income	$0.1368
12/29/2011	12/30/2011	$10.81	Income	$0.0000
12/01/2011	12/02/2011	$10.40	Short Term Cap Gain	$0.0525
12/01/2011	12/02/2011	$10.40	Long Term Cap Gain	$0.0035
03/30/2011	03/31/2011	$12.24	Income	$0.0000

NAV History

Previous Year Ending 12/31/23
High	$18.85	08/07/2023
Low	$15.53	05/04/2023

Previous Month Ending 04/30/24
High	$0.00
Low	$0.00

Documents

JMCRX

Prospectus

Annual

Semi-Annual

SAI

Fact Sheet

Daily NAV & Distributions

Economic Outlook

Annual Outlook from Fund Advisor
Provides recommendation for Investors
Forecast for Economy, Bonds, Stocks and International

Download

Forms & Reports

Need a specific form or application? From Individual Accounts to Corporate Applications, we have them here!

Get Forms

Important Disclosure

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.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total returns assume reinvestment of income, dividends, and capital gains distributions and reflect changes in net asset value. You should note that the James Advantage Funds are professionally managed mutual funds while the indices are unmanaged, do not incur expenses, and are not available for investment.

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.

	Up Capture	Down Capture	Overall
vs. Russell Microcap® Index	84.00%	93.00%	0.00%

Bloomberg Barclays U.S. Aggregate Government/Credit Bond Index*	An unmanaged index generally representative of dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities that have a remaining maturity greater than one year.
Beta	A measure of a stock's volatility in relation to the overall market.
Dividend Yield	Expressed as a percentage, is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.
Down-Market Capture Ratio	A statistical measure of an investment manager's overall performance in down-markets. The ratio is calculated by dividing the manager's returns by the returns of the index during the down-market and multiplying that factor by 100.
Price/Book Ratio	A ratio used to compare a stock's market value to its book value. It is calculated by dividing by dividing the current closing price of the stock by the latest quarter's book value per share.
Price/Earnings Ratio	A valuation of a company's current share price compared to its per-share earnings.
R-squared (R²)	A statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.
Russell 1000® Index*	The Russell 1000® Index, a subset of the Russell 3000® Index, represents the 1000 top companies by market capitalization in the United States.
Russell 2000® Index*	An index measuring the performance of approximately 2,000 smallest-cap American companies in the Russell 3000® Index, which is made up of 3,000 of the largest U.S. stocks.
Russell 2000® Value Index*	Refers to a composite of small cap companies located in the United States that also exhibit a value probability.
Russell 3000® Index*	The Russell 3000® Index is a market-capitalization-weighted equity index maintained by FTSE Russell that provides exposure to the entire U.S. stock market.
Russell Microcap® Index*	The Russell Microcap Index is a capitalization-weighted index of almost 1,550 small cap and micro cap stocks that captures the smallest 1,000 companies in the Russell 2000, plus 1,000 smaller U.S.-based listed stocks.
Sharpe Ratio	Measures the performance of an investment compared to a risk-free asset, after adjusting for its risk. It is defined as the difference between the returns of the investment and the risk-free return, divided by the standard deviation of the investment.
Standard Deviation	In statistics, the standard deviation is a measure of the amount of variation or dispersion of a set of values.
Up-Market Capture Ratio	The statistical measure of an investment manager's overall performance in up-markets. The ratio is calculated by dividing the manager's returns by the returns of the index during the up-market and multiplying that factor by 100.
Weighted Average Market Capitalization	A type of stock market index construction that is based on the market capitalization of the index's constituent stocks.
	*indexes are not managed, one cannot invest directly in an index

Overview

Investment Objective

Fund Resources

Quick Stats07/31/2023

Investment Strategy

Daily Prices (NAV)09/25/2023

Fund Performance

Growth of $10,000

Fund Returns

Calendar Year Total Returns

Holdings and Details

Top Five Sector Allocations07/31/2023

Top Five Industry Allocations07/31/2023

Top Ten Equity Holdings (% of Fund)07/31/2023

Region Exposure Top Three07/31/2023

Top Five Contributors to Performance07/31/2023

Bottom Five Contributors to Performance07/31/2023

Fund Characteristics07/31/2023

Asset Allocation07/31/2023

Market Capitalization Equity Holdings07/31/2023

Fund Operating Expenses11/01/2023

Capture Ratios (3yr Trailing)07/31/2023

Risk Measures (3yr Trailing)07/31/2023

Distributions

NAV History

Documents

Daily NAV & Distributions

Economic Outlook

Forms & Reports

Important Disclosure