Please ensure Javascript is enabled for purposes of website accessibility Contrarian Fund - Janus Henderson Investors
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For Financial Professionals in the US

JCNCX Contrarian Fund

Invests with conviction where we believe the market misunderstands business models, assets or growth potential

NAV
$26.35
As of 09/18/2024

1-Day Change
$0.01 (0.04%)
 As of 09/18/2024

YTD Return at NAV
15.12%
As of 09/18/2024

Morningstar Medalist Rating ™

Bronze Morningstar Analyst Rating
As of 06/04/2024

Overview

ABOUT THIS FUND

This Fund seeks to generate capital appreciation by investing in companies with durable business models whose stocks are trading at a significant discount to what we believe is their fair value and whose value is expected to grow over time. We seek to accomplish this by selecting stocks from a broad opportunity set to construct an all-cap portfolio that is intended to be uncorrelated to the broad economy or market.

WHY INVEST IN THIS FUND

Independent Thinking
Leveraging our deep fundamental research, we apply independent thinking to a broad opportunity set to identify companies trading at a significant discount to intrinsic value and capable of compounding growth over a long duration

Differentiated Portfolio Construction
We seek durable companies where the business model is misunderstood, assets are undervalued or growth trajectory is underappreciated by the market to construct a concentrated all-cap portfolio with differentiated sources of returns

Diversifying Equity Asset
With a broad opportunity set, differentiated sources of return and diversification across market cap and style, the portfolio may serve as a diversifying equity asset not tied to the index or broad economy

PORTFOLIO MANAGEMENT

Nick Schommer, CFA

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 06/30/2024)
Contrarian Fund - C Shares (NAV) Contrarian Fund - C Shares (CDSC) S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - C Shares (NAV) -2.10 5.99 11.04 0.29 11.01 7.59 7.24
Contrarian Fund - C Shares (CDSC) -3.07 4.99 10.04 0.29 11.01 7.59 7.24
S&P 500® Index 4.28 15.29 24.56 10.01 15.04 12.86 7.87
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance for Class C Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 08/31/2024)
Contrarian Fund - C Shares (NAV) Contrarian Fund - C Shares (CDSC) S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - C Shares (NAV) 6.95 13.59 19.46 1.53 12.38 8.29 7.49
Contrarian Fund - C Shares (CDSC) 5.95 12.59 18.46 1.53 12.38 8.29 7.49
S&P 500® Index 7.39 19.53 27.14 9.38 15.91 12.98 7.97
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance for Class C Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Contrarian Fund - C Shares (NAV) S&P 500® Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Contrarian Fund - C Shares (NAV) 20.37 -22.31 19.86 26.68 41.95 -4.91 4.43 7.20 -13.93 16.25
S&P 500® Index 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69
Calendar Year Returns (%)
Year C USD (Net) S&P 500 TR Index US Fund Mid-Cap Blend
2023 20.37 26.29
2022 -22.31 -18.11
2021 19.86 28.71
2020 26.68 18.40
2019 41.95 31.49
2018 -4.91 -4.38
2017 4.43 21.83
2016 7.20 11.96
2015 -13.93 1.38
2014 16.25 13.69
2013 37.23 32.39
2012 22.62 16.00
2011 -16.53 2.11
2010 10.13 15.06
2009 35.56 26.46
2008 -48.62 -37.00
2007 20.02 5.49
2006 23.35 15.79
2005 14.87 4.91
2004 21.40 10.88
2003 51.74 28.68
2002 -24.45 -22.10
2001 -12.61 -11.89
2000 from 02/29/2000 6.86 -2.45
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

MORNINGSTAR PERCENTILE

(As Of 06/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 69 84 16 66 69
Mid-Cap Blend | Rank/Count 293/430 336/404 49/376 181/303 109/163
(As Of 08/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 48 85 21 67 71
Mid-Cap Blend | Rank / Count 192/430 344/409 65/376 179/303 110/163

GROWTH OF A HYPOTHETICAL INVESTMENT

Contrarian Fund - C Shares (NAV) S&P 500® Index Mid-Cap Blend
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 08/31/2024 Class I Shares)

RISK / REWARD
VS. S&P 500 TR Index		 3YR 5YR
Information Ratio -0.62 -0.21
Alpha -6.34 -2.83
Tracking Error 10.13 9.86
Beta 1.09 1.11
R-squared (%) 78.83 81.01
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500 TR Index		 3YR 5YR
Up Capture Ratio 94.72 103.67
Down Capture Ratio 116.17 111.43
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 21.89 22.14
S&P 500 TR Index 17.82 18.04
SHARPE RATIO 3YR 5YR
Contrarian Fund -0.04 0.49
S&P 500 TR Index 0.32 0.74
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS C SHARES
Management Fees 0.60%
12b-1 Fees 1.00%
Other Expenses 0.13%
Total Gross Expenses 1.73%
Waivers 0.00%
Total Net Expenses 1.73%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 08/31/2024)
% of Fund
Caesars Entertainment Inc 5.33
Vertiv Holdings Co 4.72
Oracle Corp 4.38
PNC Financial Services Group Inc 3.79
Marvell Technology Inc 3.64
Amazon.com Inc 3.56
Teleflex Inc 3.49
Surgery Partners Inc 3.33
Intercontinental Exchange Inc 3.10
Western Alliance Bancorp 3.06
TOTAL 38.40
View full holdings
Portfolio Characteristics (As of 08/31/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 44 503
Market Capitalization
Weighted Average		 $131.69B $922.26B
Portfolio Turnover Rate
(1-year trailing)		 42.25% -
Price/Earnings Ratio
(1-year forward)		 18.86 21.33
Price/Book Ratio
 3.24 4.73
Earnings Growth Rate
(1-year forward)		 18.93% 17.46%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 08/31/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 08/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 08/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 08/31/2024

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