JMSUX — Mutual Shares Trust
Data updated: 2020-11-24
JMSUX — Mutual Shares Trust. Developed ex-US Value Equity · $144.46M AUM · 0.95% expense ratio. Holdings, fees, performance and SEC filings.
JMSUX Fund Overview
JMSUX — Mutual Shares Trust is a US mutual fund managed by John Hancock Variable Insurance Trust, categorised as Developed ex-US Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: John Hancock Variable Insurance Trust
- Category: Developed ex-US Value Equity
- Assets under management: $144.46M
- 1-year return: -4.9%
- Ticker: JMSUX
- SEC CIK: 0000756913
- SEC series ID: S000017253
- Share class ID: C000047753
JMSUX Investment Objective and Strategy
Mutual Shares Trust describes its objective and strategy as follows, from its latest prospectus filed with the SEC by John Hancock Variable Insurance Trust.
Investment objective
To seek capital appreciation, which may occasionally be short-term. Income is a secondary objective.
Principal investment strategy
"Under normal market conditions, the fund invests primarily in equity securities (including convertible securities or securities the subadvisor expects to be exchanged for common or preferred stock) of companies of any nation that the subadvisor believes are available at market prices less than their value based on certain recognized or objective criteria (intrinsic value). Following this value-oriented strategy, the fund invests primarily in: Undervalued Securities . Securities the subadvisor believes are trading at a discount to intrinsic value. And, to a lesser extent, the fund also invests in: Merger Arbitrage Securities and Distressed Companies . A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time the fund invests in merger arbitrage securities may not be completed on the terms or within the time frame contemplated, which may result in losses to the fund.
Debt obligations of distressed companies typically are unrated, lower-rated, in default or close to default and are generally more likely to become worthless than the securities of more financially stable companies. In pursuit of its value-oriented strategy, the fund is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. However, as a general rule, the fund invests the equity portion of its portfolio primarily to predominantly in companies with market capitalizations (share price multiplied by the number of shares of common stock outstanding) greater than $5 billion, with a portion to significant amount in smaller companies. The fund may invest up to 35% of its assets in foreign securities including sovereign debt and participations in foreign government debt.
The fund's investments in distressed companies typically involve the purchase of bank debt, lower-rated or defaulted debt securities, comparable unrated debt securities or other indebtedness (or participations in the indebtedness) of such companies. Such other indebtedness generally represents a specific commercial loan or portion of a loan made to a company by a financial institution such as a bank. Loan participations represent fractional interests in a company's indebtedness and are generally made available by banks or other institutional investors. By purchasing all or a part of a company's direct indebtedness, the fund, in effect, steps into the shoes of the lender. If the loan is secured, the fund will have a priority claim to the assets of the company ahead of unsecured creditors and stockholders.
Some loans may be illiquid. The fund generally makes such investments to achieve capital appreciation rather than to seek income. The fund may also engage from time to time in an ""arbitrage"" strategy. When engaging in an arbitrage strategy, a fund typically buys one security while at the same time selling short another security. Such fund generally buys the security that the manager believes is either cheap relative to the price of the other security or otherwise undervalued, and sell short the security that the manager believes is either expensive relative to the price of the other security or otherwise overvalued. In doing so, a fund attempts to profit from a perceived relationship between the values of the two securities. The fund generally engages in an arbitrage strategy in connection with an announced corporate restructuring, such as a merger, acquisition or tender offer, or other corporate action or event.
The fund regularly attempts to hedge (protect) against currency risks using currency forward contracts when, in the investment manager's opinion, it would be advantageous to the fund to do so. The fund may also, from time to time, attempt to hedge against market risk using a variety of derivatives including put and call options on equity securities and swap agreements (which may include total return and credit default swaps). The use of these derivative transactions may allow the fund to obtain net long or net negative (short) exposures to selected countries, currencies or issues. The subadvisor employs a research driven, fundamental value strategy for the fund. In choosing equity investments, the subadvisor focuses on the market price of a company's securities relative to the subadvisor's own evaluation of the company's asset value, including an analysis of book value, cash flow potential, long-term earnings and multiples of earnings.
Similarly, debt securities and other indebtedness, including loan participations, are generally selected based on the subadvisor's own analysis of the security's intrinsic value rather than the coupon rate or rating of the security. The subadvisor examines each investment separately and there are no set criteria as to specific value parameters, asset size, earnings or industry type."
JMSUX Performance
Total returns for JMSUX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -4.9% |
JMSUX Risk Information
Risk metrics for JMSUX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 27.3%
JMSUX Costs and Fees
JMSUX costs about $95 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.95%
- Gross expense ratio: 0.96%
- Portfolio turnover: 26%
- Brokerage commissions: 1.54 bps of average net assets (SEC N-CEN)
JMSUX Cashflows
Over the 12 months to 2020-09, Mutual Shares Trust had net outflows of $1.24M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-09 | −$1.77M |
| 2020-08 | −$973.67K |
| 2020-07 | −$3.00M |
| 2020-06 | −$1.34M |
| 2020-05 | −$839.38K |
| 2020-04 | $16.61M |
JMSUX Debt Constituents
No individual debt constituents are reported in Mutual Shares Trust's latest SEC N-PORT filing.
JMSUX Prospectus and SEC Filings
Official Mutual Shares Trust filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-14
- Prospectus (485BPOS) — filed 2019-05-17
- Prospectus (485BPOS) — filed 2018-05-18
- Portfolio holdings (N-PORT) — filed 2020-11-24
- Portfolio holdings (N-PORT) — filed 2020-08-25
- Portfolio holdings (N-PORT) — filed 2020-05-29
- Annual census (N-CEN) — filed 2020-03-11
- Annual census, amended (N-CEN/A) — filed 2019-07-05
Related Funds
Other Developed ex-US Value Equity 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.