US Small-Mid Cap Value Fund 91 IIC

INVESTMENT OBJECTIVE

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.

ABOUT THIS FUND

The fund aims to mitigate losses in down markets while participating in up markets
Disciplined valuation process that measures downside risk before upside potential
Designed to compound returns over a full market cycle with lower volatility than peers and the index

Past performance is no indication of current or future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

GLOSSARY

Fund Details

Asset class	Equities
Product Structure	Irish Investment Company
SFDR Categorisation	Article 6
Inception Date	30 Nov 2000
Base Currency	USD
Fund Assets As of 31/12/25	163.35M
Sector	Morningstar US Flex-Cap Equity
Benchmark	Russell 2500 Value Index
Year End	31-Dec

Share Class Facts

Distribution Type	Accumulation
ISIN	IE00BFRSZ628
Sedol Code	BFRSZ62
Lipper Code	-
WKN Code	A117B2
Valoren Code	22772739
Pay Dates	N/A
XD Dates	N/A
Inception Date	31 Oct 2013
Currency Code	USD
Minimum Initial Investment	2,500.00
Minimum Top Up Amount	-

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Discrete Performance (%)
As of 31/12/2025

H2 USD (Net) Russell 2500 Value TR US Flex-Cap Equity - OE

As of 31/12/2025	2024/2025	2023/2024	2022/2023	2021/2022	2020/2021
H2 USD (Net)	4.42	15.98	14.68	-9.30	21.10
Russell 2500 Value TR	12.73	10.98	15.98	-13.08	23.99
US Flex-Cap Equity - OE	15.26	15.46	20.34	-22.74	18.79

The H2 USD share class was launched on 31/10/2013. Performance prior to that date is past performance based on the A2 USD share class of the same fund which has a different current ongoing charge included of 1.93.

On the 30th September 2021, The Fund changed its name, objective, investment policy and benchmark. The past performance shown before this change was therefore achieved under circumstances that no longer apply.

Calendar year performance is available on the fund’s factsheet

Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.

Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Cumulative & Annualised Performance (%)
As of 31/12/2025

H2 USD (Net) Russell 2500 Value TR US Flex-Cap Equity - OE

	Cumulative			Annualised
	1MO	YTD	1YR	3YR	5YR	10YR	Since Inception 30/11/2000
H2 USD (Net)	0.79	4.42	4.42	11.57	8.81	9.24	6.65
Russell 2500 Value TR	0.53	12.73	12.73	13.21	9.36	9.55	7.62
US Flex-Cap Equity - OE	0.12	15.26	15.26	16.99	8.01	10.14	7.33

				Annualised
				3YR	5YR	10YR	Since Inception 30/11/2000
H2 USD (Gross)				-	9.78	10.28	7.71
Russell 2500 Value TR + 2.50%				-	12.09	12.28	10.31

Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.

Calendar year performance is available on the fund’s factsheet

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Calendar Year Returns (%)
As of 31/12/2025

H2 USD (Net) Russell 2500 Value TR US Flex-Cap Equity - OE

	YTD	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
H2 USD (Net)	4.42	4.42	15.98	14.68	-9.30	21.10	3.80	27.27	-8.37	13.33	15.70
Russell 2500 Value TR	12.73	12.73	10.98	15.98	-13.08	23.99	2.87	26.26	-8.58	13.19	18.40
US Flex-Cap Equity - OE	15.26	15.26	15.46	20.34	-22.74	18.79	20.00	26.67	-8.93	19.01	8.45

View full calendar year performance history

Calendar Year Returns (%)

Year	H2 USD (Net)	Russell 2500 Value TR	US Flex-Cap Equity - OE
2025	4.42	12.73	15.26
2024	15.98	10.98	15.46
2023	14.68	15.98	20.34
2022	-9.30	-13.08	-22.74
2021	21.10	23.99	18.79
2020	3.80	2.87	20.00
2019	27.27	26.26	26.67
2018	-8.37	-8.58	-8.93
2017	13.33	13.19	19.01
2016	15.70	18.40	8.45
2015	-2.99	-4.13	-4.02
2014	9.44	12.70	7.09
2013	24.97	32.69	32.44
2012	8.09	17.55	12.92
2011	-4.74	-0.10	-5.01
2010	11.45	16.23	18.87
2009	29.32	19.76	37.56
2008	-28.49	-36.25	-40.27
2007	5.06	-1.01	11.92
2006	13.70	22.34	11.27
2005	8.72	6.85	6.33
2004	16.29	16.94	14.59
2003	40.63	31.14	38.69
2002	-23.48	-15.18	-19.97
2001	-10.99	-4.33	-11.30
2000 from 30/11/2000	1.90	5.37	5.48

Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.

Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios		If you exit after 1 year	If you exit after 5 years
Minimum	There is no minimum guaranteed return. You could lose some or all of your investment
Stress	What you might get back after costs	2,800 USD	2,930 USD
	Average return each year	-72.03%	-21.79%
Unfavourable	What you might get back after costs	8,610 USD	9,730 USD
	Average return each year	-13.89%	-0.54%
Moderate	What you might get back after costs	10,820 USD	15,630 USD
	Average return each year	8.22%	9.34%
Favourable	What you might get back after costs	14,870 USD	18,100 USD
	Average return each year	48.65%	12.59%

This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 31/12/2025

H2 USD (Net) Russell 2500 Value TR US Flex-Cap Equity - OE

Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Fee Information


Initial Charge	0.00%
Annual Charge	0.80%
Ongoing Charge (As of 31/12/2024)	0.92%

For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Top Holdings (As of 31/12/2025)

	% of Fund
Axis Capital Holdings Ltd	2.91
Helios Technologies Inc	2.85
Selective Insurance Group Inc	2.84
Alliant Energy Corp	2.82
Vontier Corp	2.82
Quaker Chemical Corp	2.72
Business First Bancshares Inc	2.66
Littelfuse Inc	2.64
Fulton Financial Corp	2.61
Ball Corp	2.61
TOTAL	27.48

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Sector Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 31/12/2025

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 31/12/2025

Country/Geographic Exposures	% of Fund	% of Index	% of Fund	% of Index	As of 31/12/2025

Regional Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 31/12/2025

The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
Past performance does not predict future returns.
Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.

Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
The Fund follows a value investment style that creates a bias towards certain types of companies. This may result in the Fund significantly underperforming or outperforming the wider market.
If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
The Fund invests in real estate investment trusts (REITs) and other companies or funds engaged in property investment, which involve risks above those associated with investing directly in property. In particular, REITs may be subject to less strict regulation than the Fund itself and may experience greater volatility than their underlying assets.
The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.

Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved, you may wish to consult a financial adviser.
If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
Summary of Investor rights
Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.

Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
Summary of Investor rights
Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.

Information on compliance with EU Sustainability related disclosures can be found here.

For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.

The Legal Entity Identifier for this product is NF0JOL8DYWZHZRHYS795.

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US Small-Mid Cap Value Fund

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INVESTMENT OBJECTIVE

ABOUT THIS FUND

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