JMVAX Mid Cap Value Fund

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

NAV
$12.71
As of 05/22/2020

1-Day Change
$0.05 (0.39%)
As of 05/22/2020

YTD Return
-20.81%
As of 05/22/2020

Morningstar Rating

As of 04/30/2020

Morningstar Analyst Rating
Morningstar Analyst Rating				 Silver
As of 04/30/2020

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 60 to 90 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.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in the Morningstar Mid-Cap Value Category (415 funds) as of 3/31/20

Past performance is no guarantee of future results.

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.

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 03/31/2020)
Mid Cap Value Fund - Class I Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/12/1998)
Mid Cap Value Fund - Class I Shares -29.28 -29.28 -19.15 -4.26 0.84 5.35 9.45
Russell Midcap® Value Index -31.71 -31.71 -24.13 -5.97 -0.76 7.22 7.55
RETURNS (%) (As of 04/30/2020)
Mid Cap Value Fund - Class I Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/12/1998)
Mid Cap Value Fund - Class I Shares -20.62 -21.81 -13.95 -0.96 2.91 6.14 9.92
Russell Midcap® Value Index -21.05 -22.59 -16.74 -2.02 1.99 8.09 8.14
CALENDAR YEAR RETURNS (%)
Mid Cap Value Fund - Class I Shares Russell Midcap® Value Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Mid Cap Value Fund - Class I Shares 15.02 -2.43 10.41 26.09 9.14 -3.72 18.86 13.99 -13.20 30.37
Russell Midcap® Value Index 24.75 -1.38 18.51 33.46 14.75 -4.78 20.00 13.34 -12.29 27.06

MORNINGSTAR PERCENTILE

(As Of 03/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 15 14 12 63 4
Mid-Cap Value Category|Rank/Count 51/433 58/415 51/400 193/330 10/141
(As Of 04/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 19 20 18 69 6
Mid-Cap Value Category|Rank/Count 78/426 89/407 68/392 203/323 13/136

RETURNS-BASED STATISTICS (As of 04/30/2020 Class I Shares)

RISK / REWARD
VS. Russell Midcap® Value Index
3YR 5YR
Information Ratio 0.32 0.30
Alpha 0.72 0.97
Tracking Error 3.36 3.10
Beta 0.91 0.91
R-squared (%) 98.01 97.48
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index
3YR 5YR
Up Capture Ratio 91.35 90.79
Down Capture Ratio 89.76 87.38
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 19.28 16.46
Russell Midcap® Value Index 21.06 17.93
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund -0.14 0.11
Russell Midcap® Value Index -0.18 0.05
GROWTH OF A HYPOTHETICAL INVESTMENT
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.56%
12b-1 Fees -
Other Expenses 0.12%
Total Gross Expenses 0.68%
Waivers 0.00%
Total Net Expenses 0.68%

Portfolio

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 04/30/2020)
% of Fund
Equity LifeStyle Properties Inc 3.22
Globe Life Inc 3.13
BWX Technologies Inc 3.07
Laboratory Corp of America Holdings 2.91
Evergy Inc 2.76
Equity Commonwealth 2.56
Alliant Energy Corp 2.44
RenaissanceRe Holdings Ltd 2.41
M&T Bank Corp 2.33
Hartford Financial Services Group Inc 2.30
Total 27.13
View full holdings
Portfolio Characteristics (As of 04/30/2020)
  FUND INDEX
Number of Holdings
Equity Issues
62 632
Market Capitalization
Weighted Average
$11.85B $13.61B
Portfolio Turnover Rate
(1-year trailing)
43.28% -
Price/Earnings Ratio
(1-year forward)
21.54 20.28
Price/Book Ratio
(1-year forward)
3.33 2.22
Earnings Growth Rate
(1-year forward)
-16.08% -17.78%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
Financials 18.81 16.53
Real Estate 14.50 13.72
Information Technology 12.31 7.86
Industrials 11.85 11.88
Materials 10.25 7.39
Utilities 9.82 12.65
Health Care 6.16 8.39
Communication Services 3.97 3.84
Consumer Discretionary 3.45 8.19
Consumer Staples 2.76 5.42
Energy 1.71 4.13
Cash & Equivalents 4.41 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
North America 94.02 99.52
Africa/Mideast 1.57 -
Cash & Equivalents 4.41 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 04/30/2020)
$10B to $50B 47.21 56.86
$5B to $10B 25.03 25.68
$1B to $5B 23.35 17.27
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
U.S. 92.64 99.52
Non-U.S. Developed 2.95 0.39
Cash & Equivalents 4.41 -

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