Process
and Performance
Investment Approach
JFL's
philosophical approach results in a portfolio that has a low
risk profile relative to both the MSCI EAFE index and a peer
group. In keeping with its philosophical preference, four
tenets apply to JFL's strategy:
 |
The company's industry
must be growing faster than the global GDP,
which translates to a rate of growth for the bottom line
of at least 10%. |
|
|
The company must
have products or services upon which JFL can forecast sustainable
earnings out three to five years. There must be high
barriers to entry to competitors over that same
time frame. |
|
|
The company's business
strategy must be clear and understandable,
and management must have a proven
record of its successful execution. |
|
|
The stock must have
a reasonable valuation level relative to
the company's current and historical growth rates, it's
industry's growth rate and that of a peer group. |
Performance
Performance
History
|
Year
|
JFL Gross
|
MSCI
EAFE Growth
|
|
2006
|
23.76% |
22.69% |
|
2005
|
10.96%
|
13.63%
|
|
2004
|
15.37%
|
16.479%
|
|
2003
|
32.44%
|
32.47%
|
|
2002
|
-14.18%
|
-15.77%
|
|
2001
|
-15.98%
|
-24.40%
|
|
2000
|
4.88%
|
-24.39%
|
|
1999
|
35.39%
|
29.70%
|
|
1998
|
25.90%
|
22.46%
|
|
1997
|
15.05%
|
2.32%
|
|
1996
|
14.80%
|
3.70%
|
|
1995
(4/1 - 12/31)
|
9.65%
|
9.21%
|
|
Annualized as of December 31, 2006
|
|
3 Years
|
16.57%
|
17.54%
|
|
5 Years
|
12.48%
|
12.62%
|
|
7 Years
|
6.82%
|
0.50%
|
|
10 Years
|
12.02%
|
5.34%
|
Country Allocations - 12/31/06
Sector Weightings - 12/31/06
Portfolio Profile
December 31, 2006
| |
JFL |
MSCI
EAFE
Growth |
| Implied
Growth - 5 yr. Avg. |
9.8% |
8.5% |
| ROE - 5 yr.
Avg. |
16.8% |
16.0% |
| P/E Ratio 1
yr. Forecast |
15.7x |
16.6x |
| Wtd. Avg.
Mkt. Cap |
$72.1B |
$44.8B |
|
