Shareholder Report
Mar. 31, 2025
USD ($)
Holding
This report describes changes to the fund that occurred during the reporting period.
What were the fund costs during the last period ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Disciplined Value Global Long/Short Fund (Class A/JAKRX) |
$113 | 1.95% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Disciplined Value Global Long/Short Fund (Class A/JAKRX) returned 0.09% (excluding sales charges) for the period ended March 31, 2025. Global equities produced flat returns in the fund’s abbreviated reporting period. After initial strength, stocks experienced elevated volatility and weak returns from the beginning of December onward amid mounting concerns about the impact of U.S. trade policy on the world economic outlook.
TOP PERFORMANCE CONTRIBUTORS
Short positions and covered calls | These elements of the fund’s strategy, which entail the use of derivatives, combined for positive total returns on an absolute basis. Short positions in the information technology sector helped performance, with the largest contributions coming from ON Semiconductor Corp., Melexis NV, and Comet Holding AG. Short positions in industrials and healthcare contributed, as well.
Certain long positions | Specific areas of the long portfolio contributed positively to absolute performance. Most notably, the fund’s stock picks in the financials, industrials, and consumer discretionary sectors added value. Alibaba Group Holding Company, Ltd., BAE Systems PLC, and Iveco Group NV were leading contributors at the individual stock level.
TOP PERFORMANCE DETRACTORS
The long portfolio | The fund’s long positions experienced negative returns on an absolute basis as a group, offsetting some of the gains from its short positions. The weakest results occurred in the information technology, healthcare, and energy sectors.
Certain short positions | Although the short portfolio logged a gain in the aggregate, the fund lost some ground through its positioning in the financials and communication services sectors. Playa Hotels & Resorts NV was the largest detractor among individual short positions.
The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Disciplined Value Global Long/Short Fund (Class A/JAKRX) | (1.27)% | 13.18% | 5.23% |
| Disciplined Value Global Long/Short Fund (Class A/JAKRX)—excluding sales charge | 3.94% | 14.36% | 5.77% |
| MSCI World Index | 7.04% | 16.13% | 9.50% |
Fund Statistics
| Fund net assets | $126,167,698 |
| Total number of portfolio holdings | 205 |
| Total advisory fees paid (net) | $818,419 |
| Portfolio turnover rate | 125% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Sector Composition
| Industrials | 13.5% |
| Energy | 12.5% |
| Materials | 10.4% |
| Financials | 9.5% |
| Health care | 7.4% |
| Information technology | 6.2% |
| Consumer discretionary | 5.9% |
| Communication services | 5.2% |
| Consumer staples | 5.0% |
| Utilities | 0.5% |
| Real estate | 0.1% |
| Short-term investments and other | 23.8% |
Country Composition
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Material Fund Changes
After the close of business on October 18, 2024, the fund acquired the assets and liabilities of the Boston Partners Global Long/Short Fund, a series of The RBB Fund, Inc. (the predecessor fund), and as a result of the transaction, adopted the accounting and performance history of the predecessor fund. The predecessor fund was advised by Boston Partners Global Investors, Inc., and Boston Partners Global Investors, Inc. is the subadvisor to this fund.
The Board of Trustees of the fund approved a change to the fund's fiscal year end from October 31 to March 31, effective October 21, 2024. The predecessor fund had a fiscal year end of August 31.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
This report describes changes to the fund that occurred during the reporting period.
What were the fund costs during the last period ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Disciplined Value Global Long/Short Fund (Class C/JAKTX) |
$119 | 2.70% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Disciplined Value Global Long/Short Fund (Class C/JAKTX) declined 0.15% (excluding sales charges) for the period ended March 31, 2025. Global equities produced flat returns in the fund’s abbreviated reporting period. After initial strength, stocks experienced elevated volatility and weak returns from the beginning of December onward amid mounting concerns about the impact of U.S. trade policy on the world economic outlook.
TOP PERFORMANCE CONTRIBUTORS
Short positions and covered calls | These elements of the fund’s strategy, which entail the use of derivatives, combined for positive total returns on an absolute basis. Short positions in the information technology sector helped performance, with the largest contributions coming from ON Semiconductor Corp., Melexis NV, and Comet Holding AG. Short positions in industrials and healthcare contributed, as well.
Certain long positions | Specific areas of the long portfolio contributed positively to absolute performance. Most notably, the fund’s stock picks in the financials, industrials, and consumer discretionary sectors added value. Alibaba Group Holding Company, Ltd., BAE Systems PLC, and Iveco Group NV were leading contributors at the individual stock level.
TOP PERFORMANCE DETRACTORS
The long portfolio | The fund’s long positions experienced negative returns on an absolute basis as a group, offsetting some of the gains from its short positions. The weakest results occurred in the information technology, healthcare, and energy sectors.
Certain short positions | Although the short portfolio logged a gain in the aggregate, the fund lost some ground through its positioning in the financials and communication services sectors. Playa Hotels & Resorts NV was the largest detractor among individual short positions.
The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Disciplined Value Global Long/Short Fund (Class C/JAKTX) | 2.67% | 14.27% | 5.73% |
| Disciplined Value Global Long/Short Fund (Class C/JAKTX)—excluding sales charge | 3.57% | 14.27% | 5.73% |
| MSCI World Index | 7.04% | 16.13% | 9.50% |
Fund Statistics
| Fund net assets | $126,167,698 |
| Total number of portfolio holdings | 205 |
| Total advisory fees paid (net) | $818,419 |
| Portfolio turnover rate | 125% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Sector Composition
| Industrials | 13.5% |
| Energy | 12.5% |
| Materials | 10.4% |
| Financials | 9.5% |
| Health care | 7.4% |
| Information technology | 6.2% |
| Consumer discretionary | 5.9% |
| Communication services | 5.2% |
| Consumer staples | 5.0% |
| Utilities | 0.5% |
| Real estate | 0.1% |
| Short-term investments and other | 23.8% |
Country Composition
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Material Fund Changes
After the close of business on October 18, 2024, the fund acquired the assets and liabilities of the Boston Partners Global Long/Short Fund, a series of The RBB Fund, Inc. (the predecessor fund), and as a result of the transaction, adopted the accounting and performance history of the predecessor fund. The predecessor fund was advised by Boston Partners Global Investors, Inc., and Boston Partners Global Investors, Inc. is the subadvisor to this fund.
The Board of Trustees of the fund approved a change to the fund's fiscal year end from October 31 to March 31, effective October 21, 2024. The predecessor fund had a fiscal year end of August 31.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
This report describes changes to the fund that occurred during the reporting period.
What were the fund costs during the last period ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Disciplined Value Global Long/Short Fund (Class I/JAKUX) |
$99 | 1.70% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Disciplined Value Global Long/Short Fund (Class I/JAKUX) returned 0.18% for the period ended March 31, 2025. Global equities produced flat returns in the fund’s abbreviated reporting period. After initial strength, stocks experienced elevated volatility and weak returns from the beginning of December onward amid mounting concerns about the impact of U.S. trade policy on the world economic outlook.
TOP PERFORMANCE CONTRIBUTORS
Short positions and covered calls | These elements of the fund’s strategy, which entail the use of derivatives, combined for positive total returns on an absolute basis. Short positions in the information technology sector helped performance, with the largest contributions coming from ON Semiconductor Corp., Melexis NV, and Comet Holding AG. Short positions in industrials and healthcare contributed, as well.
Certain long positions | Specific areas of the long portfolio contributed positively to absolute performance. Most notably, the fund’s stock picks in the financials, industrials, and consumer discretionary sectors added value. Alibaba Group Holding Company, Ltd., BAE Systems PLC, and Iveco Group NV were leading contributors at the individual stock level.
TOP PERFORMANCE DETRACTORS
The long portfolio | The fund’s long positions experienced negative returns on an absolute basis as a group, offsetting some of the gains from its short positions. The weakest results occurred in the information technology, healthcare, and energy sectors.
Certain short positions | Although the short portfolio logged a gain in the aggregate, the fund lost some ground through its positioning in the financials and communication services sectors. Playa Hotels & Resorts NV was the largest detractor among individual short positions.
The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Disciplined Value Global Long/Short Fund (Class I/JAKUX) | 4.21% | 14.62% | 6.05% |
| MSCI World Index | 7.04% | 16.13% | 9.50% |
Fund Statistics
| Fund net assets | $126,167,698 |
| Total number of portfolio holdings | 205 |
| Total advisory fees paid (net) | $818,419 |
| Portfolio turnover rate | 125% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Sector Composition
| Industrials | 13.5% |
| Energy | 12.5% |
| Materials | 10.4% |
| Financials | 9.5% |
| Health care | 7.4% |
| Information technology | 6.2% |
| Consumer discretionary | 5.9% |
| Communication services | 5.2% |
| Consumer staples | 5.0% |
| Utilities | 0.5% |
| Real estate | 0.1% |
| Short-term investments and other | 23.8% |
Country Composition
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Material Fund Changes
After the close of business on October 18, 2024, the fund acquired the assets and liabilities of the Boston Partners Global Long/Short Fund, a series of The RBB Fund, Inc. (the predecessor fund), and as a result of the transaction, adopted the accounting and performance history of the predecessor fund. The predecessor fund was advised by Boston Partners Global Investors, Inc., and Boston Partners Global Investors, Inc. is the subadvisor to this fund.
The Board of Trustees of the fund approved a change to the fund's fiscal year end from October 31 to March 31, effective October 21, 2024. The predecessor fund had a fiscal year end of August 31.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
This report describes changes to the fund that occurred during the reporting period.
What were the fund costs during the last period ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Disciplined Value Global Long/Short Fund (Class R6/JAKVX) |
$70 | 1.58% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Disciplined Value Global Long/Short Fund (Class R6/JAKVX) returned 0.36% for the period ended March 31, 2025. Global equities produced flat returns in the fund’s abbreviated reporting period. After initial strength, stocks experienced elevated volatility and weak returns from the beginning of December onward amid mounting concerns about the impact of U.S. trade policy on the world economic outlook.
TOP PERFORMANCE CONTRIBUTORS
Short positions and covered calls | These elements of the fund’s strategy, which entail the use of derivatives, combined for positive total returns on an absolute basis. Short positions in the information technology sector helped performance, with the largest contributions coming from ON Semiconductor Corp., Melexis NV, and Comet Holding AG. Short positions in industrials and healthcare contributed, as well.
Certain long positions | Specific areas of the long portfolio contributed positively to absolute performance. Most notably, the fund’s stock picks in the financials, industrials, and consumer discretionary sectors added value. Alibaba Group Holding Company, Ltd., BAE Systems PLC, and Iveco Group NV were leading contributors at the individual stock level.
TOP PERFORMANCE DETRACTORS
The long portfolio | The fund’s long positions experienced negative returns on an absolute basis as a group, offsetting some of the gains from its short positions. The weakest results occurred in the information technology, healthcare, and energy sectors.
Certain short positions | Although the short portfolio logged a gain in the aggregate, the fund lost some ground through its positioning in the financials and communication services sectors. Playa Hotels & Resorts NV was the largest detractor among individual short positions.
The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Disciplined Value Global Long/Short Fund (Class R6/JAKVX) | 4.09% | 14.39% | 5.79% |
| MSCI World Index | 7.04% | 16.13% | 9.50% |
Fund Statistics
| Fund net assets | $126,167,698 |
| Total number of portfolio holdings | 205 |
| Total advisory fees paid (net) | $818,419 |
| Portfolio turnover rate | 125% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Sector Composition
| Industrials | 13.5% |
| Energy | 12.5% |
| Materials | 10.4% |
| Financials | 9.5% |
| Health care | 7.4% |
| Information technology | 6.2% |
| Consumer discretionary | 5.9% |
| Communication services | 5.2% |
| Consumer staples | 5.0% |
| Utilities | 0.5% |
| Real estate | 0.1% |
| Short-term investments and other | 23.8% |
Country Composition
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
Top Ten Holdings
| Hiscox, Ltd. | 3.6% |
| The Weir Group PLC | 3.0% |
| AstraZeneca PLC, ADR | 2.8% |
| Nomad Foods, Ltd. | 2.6% |
| BAE Systems PLC | 2.3% |
| KT Corp., ADR | 2.2% |
| Norfolk Southern Corp. | 2.2% |
| Vallourec SACA | 2.1% |
| Schlumberger, Ltd. | 2.0% |
| Prudential PLC | 1.9% |
Material Fund Changes
After the close of business on October 18, 2024, the fund acquired the assets and liabilities of the Boston Partners Global Long/Short Fund, a series of The RBB Fund, Inc. (the predecessor fund), and as a result of the transaction, adopted the accounting and performance history of the predecessor fund. The predecessor fund was advised by Boston Partners Global Investors, Inc., and Boston Partners Global Investors, Inc. is the subadvisor to this fund.
The Board of Trustees of the fund approved a change to the fund's fiscal year end from October 31 to March 31, effective October 21, 2024. The predecessor fund had a fiscal year end of August 31.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.
On December 12, 2024, the Board of Trustees of the fund approved the change in the fund’s diversification status from “non-diversified” to “diversified”, effective on that date.
This is a summary of certain changes to the fund since 9-1-24. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at jhinvestments.com/documents or by calling 800-225-5291.