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Jacob Internet Fund

Fund Overview

Ticker:
JAMFX
Fact Sheet:
Investment Category:

Technology

Objective:

Long-term growth of capital with current income as secondary objective.

Investment Minimums:

Initial minimum investment of $2500. For IRA, UGMA, 401k, other retirement accounts, and accounts establising an Automatic Investment Plan, the minimum investment is $1000.

Investment Strategy:

The Jacob Internet Fund seeks to provide its investors with above average total returns from a select group of companies within the Internet and technology sector that the Fund believes has significant growth potential. To achieve this goal, the Fund looks to own companies with, in their opinion, sustainable competitive advantages that may allow them to generate above average returns on capital over long periods of time. Furthermore, it strives to acquire the shares of these companies at reasonable prices. It is the Fund’s goal that the financial rewards to the shareholder should reflect the company’s strong economic performance.

Daily NAV

08/18/2017
Ticker
JAMFX
JSCGX
JMCGX
JMIGX
NAV
$4.63
$17.78
$10.16
$11.06
$ Change
0.02
0.06
0.06
0.06
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The portfolio managers follow a three-step process to identify and monitor the Fund's investments:

Find

The first step in our investment process is to narrow down the seemingly infinite universe of possibilities and to focus on what we feel are the most attractive opportunities. Accomplishing this step is no easy task. It requires countless hours of research - scouring the Web, reading analyst reports, running quantitative screens, attending conferences, speaking to executives - all in an attempt to find those relatively rare nuggets worth looking into more closely. Sometimes those nuggets are individual companies, and sometimes they are broader themes that can open up a wide range of potential investments.

Filter

Once we find an intriguing investment idea, we then deploy a thorough qualitative and quantitative review process to determine if the opportunity is as attractive as it appears and can be had at a fair price. Very few of our ideas that we uncover end up being part of our concentrated portfolios.

Ideally, we are looking for companies that play in large markets in which there are significant barriers to entry, enjoy what we believe is a strong competitive position with growing market share, and boast capable management teams with proven track records. We want the companies to have unique assets - such as proprietary technologies or unusually loyal customers - with the possibility that positive near-term catalysts could drive the value of our investment higher.

If everything looks good qualitatively, we turn our focus to valuation. We evaluate many different quantitative criteria including cash flows, income statement and balance sheet items. We determine what a company is likely to generate in sales and profits for the coming years and then, using several different metrics, calculate a fair valuation based on those estimates.

Of course, we also consider the biggest risks to each company's outlook and gauge the likelihood that these potential pitfalls could derail the investment thesis.

Follow-Up

Once we add an investment to one of our portfolios, we continue to monitor the position closely, making sure that our original analysis remains valid. We will often rebalance or potentially exit a position if the risk/reward ratio for the investment changes materially. We also conduct detailed portfolio reviews on a regular basis.


There are specific risks inherent in investing in the Internet area, particularly with respect to smaller capitalized companies and the high volatility of internet stocks. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods.

Automatic Investment Plans do not assure a profit and do not protect against a loss in declining markets.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Total Returns as of Month-End (07/31/2017 ) Total Returns as of Quarter-End (06/30/2017 ) Total Returns as of (06/30/2017 )
Month Quarter 1 Year 3 Years 5 Years 10 Years
Jacob Internet Fund 3.33% 8.17% 17.04% 11.73% 14.72% 7.53%
S&P 500 Index 2.06% 3.09% 17.90% 9.61% 14.63% 7.18%
Nasdaq Composite 3.38% 3.87% 26.80% 11.68% 15.91% 8.96%

Inception Date: 12/14/1999
Expense Ratio: Gross 2.51%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-522-6939.

The fund imposes a 2.00% redemption fee on shares held less than 30 days. Performance data does not reflect the redemption fee. If reflected, returns would be lower. The fund imposes neither a maximum sales charge on purchases nor a maximum deferred sales charge.

Investment performance reflects fee waivers. In the absence of these waivers returns would be reduced.


There are specific risks inherent in investing in the Internet area, particularly with respect to smaller capitalized companies and the high volatility of Internet stocks. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods.

Automatic Investment Plans do not assure a profit and do not protect against a loss in declining markets.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange. You cannot invest directly in an index.

Fund Holdings as of June 30, 2017

Company Name Symbol $ Market Value % of Net Assets
Facebook Inc FB 2,566,660.00 6.10
Apple Inc AAPL 2,563,556.00 6.10
Alphabet Inc GOOG 2,362,698.00 5.62
Twitter Inc TWTR 2,287,360.00 5.44
Yelp Inc YELP 2,213,975.00 5.27
Mitek Sys Inc MITK 2,125,275.60 5.05
Hortonworks Inc HDP 1,840,552.00 4.38
WebMD Health Corp WBMD 1,818,150.00 4.32
Tripadvisor Inc TRIP 1,772,480.00 4.22
E Trade Financial ETFC 1,711,350.00 4.07
Pandora Media Inc P 1,658,228.00 3.94
Bazaarvoice Inc BV 1,628,550.00 3.87
Radisys Corp RSYS 1,278,400.00 3.04
Red Hat Inc RHT 1,196,875.00 2.85
Logmein Inc LOGM 1,184,089.50 2.82
USA Technologies USAT 1,144,000.00 2.72
Salesforce Com Inc CRM 1,099,820.00 2.62
Tencent Holdings Ltd 700 HK 1,076,248.81 2.56
Sina Corp SINA 1,041,732.20 2.48
Twilio Inc TWLO 1,039,227.00 2.47
Zillow Group Inc Z 998,578.75 2.37
Digital Turbine Inc APPS 976,646.00 2.32
Numerex Corp Pa NMRX 924,084.13 2.20
ID Systems Inc IDSY 770,786.20 1.83
Paylocity Hldg Corp PCTY 763,542.00 1.82
Immersion Corp IMMR 763,137.68 1.81
Ceva Inc CEVA 722,655.00 1.72
Netlist Inc NLST 646,680.00 1.54
Amazon Com Inc AMZN 580,800.00 1.38
Reis Inc REIS 515,291.25 1.23
Liberty Global PLC LILAK 500,994.00 1.19

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security.

By clicking on the company names, you will be leaving the Jacob Funds website and will be entering a third-party website. Jacob Funds is not responsible for, nor can guarantee, the accuracy of any information contained on a third party site.

The Fund invests in smaller companies, which involve additional risks, such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund may invest in securities related to real estate, which may decline in value as a result of factors affecting the real estate industry.

Automatic Investment Plans do not assure a profit and do not protect against a loss in declining markets.

Sectors as of August 31, 2016

Sector Name %
Internet-Commerce  8.9
Internet-Infrastructure 40.4
Internet-Media 46.1
Money Market Fund   4.6

 

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security.

There are specific risks inherent in investing in the Internet area, particularly with respect to smaller capitalized companies and the high volatility of internet stocks. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are greater in emerging markets.

Automatic Investment Plans do not assure a profit and do not protect against a loss in declining markets.

JACOB FUNDS




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