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 Jerry Jordan Commentary:
Third Quarter Investment Outlook
The global equity bull market continued to expand in the Second Quarter, but sector and geographic leadership rotated in response to economic and interest rate moves. Driven by their "well heated" economies, the Chinese and Brazilian markets posted very strong returns. The US, Japan and Europe (except Germany, which rose 21%) posted high single digit returns. The chronically underperforming NASDAQ Composite led the large US indices with a 7.8% gain, followed by the S&P 500 Index with a 6.0% gain and the Russell 2000 Index with a 5.8%. Also, importantly, the S&P 500 Index finally made a new all time closing high, a feat not seen since the 2000 market peak. |
This market backdrop was beneficial for The Fund, particularly as many of our investment themes, such as energy and “Google,” performed well. Of particular note was the resumption of positive performance from the solar energy stocks, an important emerging energy theme which we have favored. more›› |
"US companies are enjoying the best of all worlds: low cost pressures and improving margins." |
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A Conversation with Jerry Jordan
We chatted with Jerry Jordan in mid-July. Jerry discussed his investment philosophy, making sense of markets in emerging countries, and shared a few additional thoughts on the outlook between now and year’s end. What follows are some key topics covered during our conversation.
How does fund performance reflect the Jordan Opportunity investment philosophy?
This quarter’s good performance, and the poor performance we experienced last quarter is a good reflection of what we do. And what we do is to look for secular investment, that is; ideas that we can invest in on a thematic basis. And then we concentrate. We try to find the five or six big ideas that we like... more›› |
Mutual Fund Performance as of June 30, 2007 (total return)*
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Shares redeemed or exchanged within 60 days of purchase will be charged a 2.00% fee. As stated in the current prospectus, the Fund's annual operating expense ratio (gross) is 2.0%. For the most recent month end performance, please call 1-800-441-7013 or visit the Fund's website.
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JordanOpportunity.com
Jordan Opportunity Fund Announces Fee Waiver
Effective January 1, 2007, the expense ratio for the Jordan Opportunity Fund will be effectively voluntarily lowered by .50% Based on the total operating expenses of 2.09% for 2006, this means that the net expenses would be 1.59%. The Fund does not charge any 12b-1 fees. Voluntary fee waivers and expense and reimbursements may be reduced or eliminated at any time.
Taking Stock
Click here (file is very large) to listen to the Jerry Jordan Interview on Bloomberg News — Taking Stock June 26, 2007.
From MarketWatch
Beating with the Street
Money manager Jordan sees big brokerage stocks as a timely trade. more››
Our Long-Term Strategy
Capital appreciation — Long-term investing primarily in growth stocks of varying market capitalizations.
Intellectual flexibility is about judgment, not methodology. The Fund's investment parameters are diverse and subject to different forms of investment risk.
Strategy: Maximize capital appreciation with a focused portfolio of growth companies. The Fund's current strategy is to primarily invest in securities that comprise the Mid to Large Cap range.
How we Manage Money in the Mutual Fund
Investors in the Jordan Opportunity Fund should be oriented to long-term investing.
The way we seek to manage a long-short portfolio is basically: Buy our favorite ideas because we believe nobody's ever made a killing on the short side.
We're trying to create alpha—the out performance of a benchmark or index that comes from taking non-benchmark risks. You can't create alpha by tweaking your exposure to the various sectors of the market. If you do that, maybe you can outperform consistently and outperform with lower volatility, but you can’t really have big out performance. We're not going to have big out-performance every year but we figure that when we have a good year, we have a really good year. And we can seek to add some value over time.
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Before investing you should carefully consider the Jordan Opportunity Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 1-888-314-9048 or visiting the Fund's website. Please read the prospectus carefully before you invest.
*Returns greater than one year are annualized. Total return figure include the reinvestment of dividends and capital gains. On January 21, 2005, a limited partnership managed by the Sub- Adviser reorganized into the Fund. This limited partnership maintained an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The Fund's performance for periods prior to January 2005 is that of the limited partnership. The limited partnership's expenses during the periods presented were higher than the Fund's proposed expense ratio. The limited partnership was not registered under the Investment Company Act of 1940 ("1940 Act") and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, would have adversely affected its performance.
The Fund's investment parameters are diverse and as such may be subject to different forms of investment risk such as non-
diversification risk, concentration risk, small- and medium- sized company risk, interest rate risk, high yield bond and foreign securities risk, and lastly, the Fund may use derivatives such as options to increase its exposure to certain securities. Please see the prospectus for a more detailed discussion of the risks that may be associated with the Fund.
Foreside Fund Services, LLC, distributor.
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