The Delaware U.S. Growth Fund reorganization into the Jackson Square Large-Cap Growth Fund is complete, resulting in a combined asset total of $2.9 billion as of April 16th, 2021. Prior investors of the Delaware U.S. Growth Fund can find the March 31, 2021 factsheet here.

Key Tenets of Jackson Square Partners' Philosophy
Concentration
In our view, portfolios should be constructed with a strong emphasis on the highest-conviction companies in a manager’s coverage universe. This is done with a keen focus on both the risk and the reward of each holding. The number of holdings is typically 25-50, although from time to time the fund may hold fewer or more holdings.
Consistent, long-term investment horizon
We generally hold companies with steady, consistent business models and end markets, and prefer to hold them for three to five years or longer.
Intrinsic business value focus
While we, like other growth investors, invest with the expectation of attractive revenue and earnings growth from the companies we hold, a company’s cash economics – its returns on invested capital and its ability to generate free cash flow, i.e., its intrinsic business value – is key to our evaluation.

Portfolio

Characteristics

As of 06/30/2021
Total Assets Under Management
$3,045.7 m
Number of Holdings
29
Annual Turnover
53%
Active Share
73
Composition
Equity
98.80%
Cash
1.20%
Weighted Av. Market Cap
399,900
Median Market Cap
93,355
Return on Invested Capital
23.92
EPS Growth Rate (weighted avg. 5yr)
36.97
PE Ratio (weighted harmonic
avg forward 12 months)
43.96
P/B Ratio
12.29
ROE
11.46

Top 10 Holdings1 2

As of 06/30/2021
Stock
Sector
% of Portfolio
Microsoft
Information Technology
8.65%
Amazon.com
Consumer Discretionary
5.60%
Visa - Class A
Information Technology
5.41%
Uber Technologies
Industrials
5.15%
Twilio - Class A
Information Technology
5.07%
PayPal Holdings
Information Technology
4.84%
Charter Communications - Class A
Communication Services
4.33%
Mastercard - Class A
Information Technology
4.02%
ServiceNow
Information Technology
3.78%
Edwards Lifesciences
Health Care
3.73%
Total
50.58%
See Full Holdings

Holdings as of 3/31/21

Holdings as of 12/31/20

1Fund holdings and asset allocations are subject to change and are not recommendations to buy or sell any security.

2Short-term investments are not included.

Performance

As of 06/30/2021
As of 06/30/2021
1 Month (%)
3 Months (%)
YTD (%)
1 Year (%)
3 Years (%)
5 Years (%)
10 Years (%)
Since Incept. (%)
Inception Date
JS Large-Cap Growth Fund Inst. (JSPIX)*
7.73
10.92
7.88
36.94
22.12
20.35
15.73
9.67
02/03/1994
JS Large-Cap Growth Fund Inv. (JSPJX)
7.66
10.80
7.71
36.54
21.80
20.04
15.44
9.37
12/03/1993
JS Large-Cap Growth Fund IS (DPLGX)*
7.68
10.92
7.97
37.21
22.38
20.58
15.90
9.78
05/02/2016
Russell 1000® Growth
6.27
11.93
12.99
42.50
25.14
23.66
17.87
11.06
JS Large-Cap Growth Fund Inst. (JSPIX)*
7.73
10.92
7.88
36.94
22.12
20.35
15.73
9.67
02/03/1994
JS Large-Cap Growth Fund Inv. (JSPJX)
7.66
10.80
7.71
36.54
21.80
20.04
15.44
9.37
12/03/1993
JS Large-Cap Growth Fund IS (DPLGX)*
7.68
10.92
7.97
37.21
22.38
20.58
15.90
9.78
05/02/2016
Russell 1000® Growth
6.27
11.93
12.99
42.50
25.14
23.66
17.87
11.06
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. Returns greater than 1 year are Average Annualized.

The adviser has contractually agreed to reduce management fees and reimburse operating expenses until 4/30/23. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

*Returns shown are for the Inv Class shares of the Fund. The Jackson Square Large-Cap Growth Fund (the “Fund”) acquired the assets and assumed the liabilities of the Delaware U.S. Growth Fund, a series of Delaware Group Adviser Funds (the “Predecessor Fund”), effective at the close of business on April 16, 2021 (the “Reorganization”), and the Predecessor Fund is the accounting and performance history survivor of the Reorganization. The performance information shown for the Fund’s Investor Class Shares represent the performance of the Predecessor Fund’s Class A shares, performance for the Fund’s Institutional Class Shares represent the performance of the Predecessor Fund’s Institutional Class shares, and performance for the Fund’s IS Class Shares represent the performance of the Predecessor Fund’s Class R6 shares. Prior to April 16, 2021, the Adviser served as sub-adviser to the Predecessor Fund. The IS Class performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The performance shown for the Investor Class Shares has been adjusted so that it does not reflect the Predecessor Fund’s 5.75% sales charge for its Class A shares, which does not apply to Investor Class shares. Performance shown for the periods prior to the inception of the Institutional Class and IS Class is based on the performance of the Inv Class shares, adjusted for the lower expenses applicable to the Institutional and IS classes.

Since inception returns for the index are calculated from the fund's Inv class inception date.

Fees & Expenses

Annual Operating Expenses

Inv. Class JSPJX (%)
Inst. Class JSPIX (%)
IS Class DPLGX (%)
Management Fees
0.55
0.55
0.55
Distribution
0.25
0.00
0.00
Shareholder Servicing Fee
0.10
0.10
0.00
Other Expenses
0.06
0.06
0.06
Total
0.96
0.71
0.61
Minimum Investment
$2,500
$100,000
$1,000,000
The adviser has contractually agreed to reduce management fees and reimburse operating expenses until 4/30/23.

Total expenses include expenses related to acquired funds fees and expenses of 1 basis point.

Mutual fund investing involves risk. Principal loss is possible.

With the exception of Global Growth, all funds are non-diversified meaning they may concentrate its assets in fewer individual holdings than a diversified fund. Therefore it is more exposed to individual
stock volatility than a diversified fund. Small- and Mid-capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Investments in foreign securities involve greater volatility and political economic and currency risks and differences in accounting methods. These risks are greater in emerging and frontier markets. Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. When the Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars. The value of the foreign currency may increase or decrease against the value of the U.S. dollar, which may impact the value of the Fund’s portfolio holdings and your investment. Other countries may adopt economic policies and/or currency exchange controls that affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies. From time to time, the trading market for a particular security or type of security in which the Funds invest may become less liquid or even illiquid.

The Jackson Square Funds are offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Jackson Square Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Basis Point: a unit of percentage measure equal to 0.01%.

Price-Earnings Ratio (P/E Ratio) is determined by dividing the price of the stock by the company’s forecasted earnings per share.

EPS Growth Rate represents the annualized rate of net-income-per-share growth over the trailing one-year period for the stocks held by a fund.

Market Capitalization is the value of the fund as determined by the market price of its issued and outstanding stock.

Price to Book Ratio is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.
Return On Equity – ROE: The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company
generates with the money shareholders have invested. ROE is expressed as a percentage and calculated as: Return on Equity = Net Income/Shareholder’s Equity.

Active Share is the percentage of the fund holdings that is different from the benchmark holdings.

Return on Invested Capital is a profitability ratio that aims to measure the percentage return that a company earns on invested capital. It is calculated by dividing net operating profit after tax by invested capital.

Free Cash Flow represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the fund and no assumptions should be made that the securities identified and
discussed were or will be profitable. A full list of holdings is available upon request. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.
Complete Fund holdings are generally available 10 business days following quarter end.

The MSCI All Country World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI
All Country World ex USA Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance across developed markets world-wide ex USA. The Russell
1000® Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 3000® Growth Index measures the growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher growth earning potential, as defined by Russell’s leading style methodology. The Russell 2500® Growth Index measures the performance of the SMID-Cap Growth segment of the U.S. equity universe. It includes those Russell 2500® Growth companies with higher price-to-book ratios and higher forecasted growth values. The indexes are unmanaged and one cannot invest directly in an index.

For a free hard copy of the prospectus, please call 844.577.3863. The prospectus should be read and considered carefully before you invest or send money. The funds investment objectives, risks, charges, and expenses must be considered carefully before investing.

Jackson Square Partners, LLC is the adviser to the Jackson Square Partner Funds, which are distributed by Quasar Distributors, LLC.