JNL/Nicholas Convertible Arbitrage Fund
Data updated: 2020-05-28
C000108993 — JNL/Nicholas Convertible Arbitrage Fund. Preferred / Convertible Bond · $136.26M AUM. Holdings, fees, performance and SEC filings.
C000108993 Fund Overview
JNL/Nicholas Convertible Arbitrage Fund is a US mutual fund managed by Jackson Variable Series Trust, categorised as Preferred / Convertible Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Jackson Variable Series Trust
- Category: Preferred / Convertible Bond
- Assets under management: $136.26M
- SEC CIK: 0001532747
- SEC series ID: S000035582
- Share class ID: C000108993
C000108993 Investment Objective and Strategy
JNL/Nicholas Convertible Arbitrage Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Jackson Variable Series Trust.
Investment objective
The investment objective of the JNL/Nicholas Convertible Arbitrage Fund (the Fund) is to seek absolute return.
Principal investment strategy
The Funds investment strategy focuses on taking long positions in convertible bonds and short positions in common stock underlying those convertible bonds. In seeking to identify potential investments, Nicholas Investment Partners, L.P., the Funds sub-adviser (the Sub-Adviser), implements an investment approach that focuses on individual issuers, particularly small- and mid-capitalization issuers, through a combination of traditional credit analysis and fundamental and quantitative equity research. The Fund may gain exposure to convertible securities through synthetic means, including Equity-Linked Notes (ELNs). The ELNs in which the Fund expects to invest typically will be unsecured senior bonds with returns linked to underlying equity securities (e.g., a single stock or basket of stocks) selected by the Sub-Adviser.
Similar to the Sub-Advisers investment strategy with respect to convertible securities, the Sub-Adviser generally will hedge the Funds investments in ELNs and other synthetic convertible securities by taking short positions in shares of the underlying equity exposure. Under normal market conditions, the Funds exposure to ELNs would typically not exceed 10% of the Funds total market value. The Fund may also invest in restricted securities, which are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale such as Rule 144A securities. They may include private placement securities that have not been registered under the applicable securities laws. Restricted securities may not be listed on an exchange and may or may not have an active trading market.
Rule 144A securities are restricted securities that can be resold to qualified institutional buyers but not to the general public. The Fund invests 100% of its assets in securities denominated in U.S. dollars. The Fund may invest in securities of companies incorporated outside of the United States that have listed or registered securities in the United States. Under normal market conditions, the Funds exposure to companies incorporated outside of the United States typically will not exceed 15% of the Funds total market value. The Fund may invest in bonds of any credit quality, including those that are at the time of investment unrated or rated BB+ or lower by S&P or Ba1 or lower by Moodys or the equivalent by any other nationally recognized statistical rating organization. Bonds and fixed income instruments rated below investment grade, or such instruments that are unrated and determined by the Sub-Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as junk bonds.
C000108993 Costs and Fees
C000108993 costs about $135 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.35%
- Gross expense ratio: 1.35%
- Portfolio turnover: 76%
- Brokerage commissions: 3.75 bps of average net assets (SEC N-CEN)
C000108993 Cashflows
Over the 12 months to 2020-03, JNL/Nicholas Convertible Arbitrage Fund had net outflows of $16.72M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-03 | −$7.58M |
| 2020-02 | $1.33M |
| 2020-01 | −$1.54M |
| 2019-12 | −$760.00K |
| 2019-11 | −$4.10M |
| 2019-10 | $124.63K |
C000108993 Debt Constituents
No individual debt constituents are reported in JNL/Nicholas Convertible Arbitrage Fund's latest SEC N-PORT filing.
C000108993 Prospectus and SEC Filings
Official JNL/Nicholas Convertible Arbitrage Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2019-05-15
- Prospectus (485BPOS) — filed 2018-05-16
- Prospectus (485BPOS) — filed 2017-10-11
- Portfolio holdings (N-PORT) — filed 2020-05-28
- Portfolio holdings (N-PORT) — filed 2020-02-28
- Portfolio holdings (N-PORT) — filed 2019-11-27
- Annual census (N-CEN) — filed 2019-03-15
- Annual census, amended (N-CEN/A) — filed 2020-03-16
Related Funds
Other Preferred / Convertible Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.