For Financial Professionals in the US

JMVAX Mid Cap Value Fund

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

NAV
$17.93
As of 10/15/2021

1-Day Change
-$0.01 (-0.06%)
As of 10/15/2021

YTD Return
14.50%
As of 10/15/2021

Morningstar Analyst Rating
Morningstar Analyst Rating				Bronze
As of 09/30/2021

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.

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, Team Leader

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 09/30/2021)
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 -1.58 11.30 31.56 6.82 8.51 10.52 10.90
Russell Midcap® Value Index -1.01 18.24 42.40 10.28 10.59 13.93 9.84
RETURNS (%) (As of 09/30/2021)
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 -1.58 11.30 31.56 6.82 8.51 10.52 10.90
Russell Midcap® Value Index -1.01 18.24 42.40 10.28 10.59 13.93 9.84
CALENDAR YEAR RETURNS (%)
Mid Cap Value Fund - Class I Shares Russell Midcap® Value Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Mid Cap Value Fund - Class I Shares -2.43 10.41 26.09 9.14 -3.72 18.86 13.99 -13.20 30.37 -1.32
Russell Midcap® Value Index -1.38 18.51 33.46 14.75 -4.78 20.00 13.34 -12.29 27.06 4.96

MORNINGSTAR PERCENTILE

(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 94 84 85 96 12
Mid-Cap Value Category|Rank/Count 387/411 328/403 310/384 313/326 20/135
(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 94 84 85 96 12
Mid-Cap Value Category|Rank/Count 387/411 328/403 310/384 313/326 20/135

RETURNS-BASED STATISTICS (As of 09/30/2021 Class I Shares)

RISK / REWARD
VS. Russell Midcap® Value Index
3YR 5YR
Information Ratio -0.75 -0.53
Alpha -2.27 -0.88
Tracking Error 4.62 3.92
Beta 0.88 0.88
R-squared (%) 96.85 96.22
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index
3YR 5YR
Up Capture Ratio 83.94 85.87
Down Capture Ratio 94.18 91.81
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 21.07 16.84
Russell Midcap® Value Index 23.44 18.67
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund 0.27 0.44
Russell Midcap® Value Index 0.39 0.51
GROWTH OF A HYPOTHETICAL INVESTMENT
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/20)
CLASS I SHARES
Management Fees 0.72%
Other Expenses 0.13%
Total Gross Expenses 0.85%
Waivers 0.00%
Total Net Expenses 0.85%

Portfolio

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 09/30/2021)
% of Fund
Equity LifeStyle Properties Inc 2.82
Hartford Financial Services Group Inc 2.66
Laboratory Corp of America Holdings 2.41
Analog Devices Inc 2.34
Fifth Third Bancorp 2.31
Casey's General Stores Inc 1.99
BWX Technologies Inc 1.96
Alliant Energy Corp 1.92
RenaissanceRe Holdings Ltd 1.89
Henry Schein Inc 1.84
Total 22.14
View Full Holdings
Portfolio Characteristics (As of 09/30/2021)
  FUND INDEX
Number of Holdings
Equity Issues
73 701
Market Capitalization
Weighted Average
$18.08B $20.68B
Portfolio Turnover Rate
(1-year trailing)
47.68% -
Price/Earnings Ratio
(1-year forward)
18.27 22.61
Price/Book Ratio
(1-year forward)
3.61 3.27
Earnings Growth Rate
(1-year forward)
21.37% 26.68%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
Industrials 17.05 15.56
Financials 14.87 16.83
Information Technology 12.12 9.84
Health Care 10.60 8.38
Real Estate 9.14 11.06
Materials 9.08 7.25
Consumer Discretionary 8.90 10.73
Energy 4.52 5.16
Communication Services 4.17 4.02
Utilities 3.97 6.98
Consumer Staples 3.73 4.19
Cash & Equivalents 1.85 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
North America 98.15 99.24
Cash & Equivalents 1.85 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2021)
$50B to $100B 2.33 0.26
$10B to $50B 54.72 77.34
$5B to $10B 29.37 18.57
$1B to $5B 11.73 3.83
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
U.S. 98.15 99.24
Cash & Equivalents 1.85 -

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