JAPIX Large Cap Value Fund

Defensive-minded specialists aiming to identify undervalued large-cap opportunities

NAV
$10.75
As of 03/30/2020

1-Day Change
$0.23 (2.19%)
As of 03/30/2020

YTD Return
-25.14%
As of 03/30/2020

Overview

ABOUT THIS FUND

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

WHY INVEST IN THIS FUND

Attractive Reward/Risk
Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process
The portfolio typically holds between 40 to 60 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark
The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions.

We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Performance

RETURNS (%) (As of 12/31/2019)
Large Cap Value Fund - Class I Shares Russell 1000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2008)
Large Cap Value Fund - Class I Shares 6.16 26.48 26.48 9.84 7.52 9.94 11.24
Russell 1000® Value Index 7.41 26.54 26.54 9.68 8.29 11.80 12.49
RETURNS (%) (As of 02/29/2020)
Large Cap Value Fund - Class I Shares Russell 1000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2008)
Large Cap Value Fund - Class I Shares -10.17 -11.84 -0.01 3.68 4.70 8.52 9.82
Russell 1000® Value Index -9.20 -11.63 0.54 3.78 5.51 10.40 11.07
CALENDAR YEAR RETURNS (%)
Large Cap Value Fund - Class I Shares Russell 1000® Value Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Large Cap Value Fund - Class I Shares 12.19 -0.20 13.33 27.20 11.20 -3.41 12.23 14.57 -8.54 26.48
Russell 1000® Value Index 15.51 0.39 17.51 32.53 13.45 -3.83 17.34 13.66 -8.27 26.54

MORNINGSTAR PERCENTILE

(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 37 53 66 80 76
Large Value Category|Rank/Count 412/1225 578/1174 672/1080 757/948 706/939
(As Of 02/29/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 45 54 58 80 76
Large Value Category|Rank/Count 533/1222 585/1173 593/1084 745/949 699/940
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 02/29/2020 Class I Shares)

RISK / REWARD
VS. Russell 1000® Value Index
3YR 5YR
Information Ratio -0.04 -0.32
Alpha 0.04 -0.47
Tracking Error 2.45 2.49
Beta 0.96 0.94
R-squared (%) 96.66 96.13
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Value Index
3YR 5YR
Up Capture Ratio 93.47 92.42
Down Capture Ratio 93.71 96.21
STANDARD DEVIATION 3YR 5YR
Large Cap Value Fund 13.14 12.09
Russell 1000® Value Index 13.43 12.59
SHARPE RATIO 3YR 5YR
Large Cap Value Fund 0.15 0.30
Russell 1000® Value Index 0.15 0.35
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.45%
12b-1 Fees -
Other Expenses 0.33%
Total Gross Expenses 0.78%
Waivers -0.20%
Total Net Expenses 0.58%

Portfolio

Index represents the Russell 1000® Value Index.

Top Holdings (As of 02/29/2020)
% of Fund
Berkshire Hathaway Inc 3.91
Johnson & Johnson 3.53
Evergy Inc 3.08
Pfizer Inc 2.97
US Bancorp 2.81
Public Storage 2.68
Unilever PLC (ADR) 2.65
Oracle Corp 2.49
PPL Corp 2.45
Fox Corp 2.41
Total 28.98
View full holdings
Portfolio Characteristics (As of 02/29/2020)
  FUND INDEX
Number of Holdings
Equity Issues
58 762
Market Capitalization
Weighted Average
$98.85B $113.99B
Portfolio Turnover Rate
(1-year trailing)
51.83% -
Price/Earnings Ratio
(1-year forward)
15.42 16.50
Price/Book Ratio
(1-year forward)
3.29 2.49
Earnings Growth Rate
(1-year forward)
3.22% 4.45%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
Financials 28.17 23.17
Health Care 12.26 13.49
Information Technology 8.95 6.54
Industrials 8.56 9.88
Utilities 7.84 7.17
Real Estate 7.40 5.44
Materials 6.60 4.10
Energy 6.06 6.98
Consumer Staples 5.50 9.18
Communication Services 5.06 8.22
Consumer Discretionary 0.78 5.83
Cash & Equivalents 2.82 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
North America 93.33 99.04
Europe 2.65 0.91
Africa/Mideast 1.20 -
Cash & Equivalents 2.82 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 02/29/2020)
Over $100B 27.29 39.02
$50B to $100B 19.92 14.73
$10B to $50B 44.82 33.48
$5B to $10B 3.63 8.40
$1B to $5B 1.52 4.35
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
U.S. 91.70 99.04
Non-U.S. Developed 5.48 0.93
Cash & Equivalents 2.82 -

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