JMVAX Mid Cap Value Fund

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

NAV
$16.00
As of 11/15/2019

1 Day Change
$0.05 (0.31%)
As of 11/15/2019

YTD Return
26.78%
As of 11/15/2019

Morningstar Analyst Rating
Morningstar Analyst Rating				 Bronze
As of 10/31/2019

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

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 09/30/2019)
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 3.12% 23.14% 4.82% 8.96% 7.79% 9.48% 11.13%
Russell Midcap® Value Index 1.22% 19.47% 1.60% 7.82% 7.55% 12.29% 9.38%
RETURNS (%) (As of 10/31/2019)
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 2.23% 23.69% 13.99% 9.72% 7.37% 9.77% 11.11%
Russell Midcap® Value Index 0.93% 20.11% 10.08% 8.90% 6.95% 12.90% 9.37%
CALENDAR YEAR RETURNS (%)
Mid Cap Value Fund - Class I Shares Russell Midcap® Value Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Mid Cap Value Fund - Class I Shares 30.37 15.02 -2.43 10.41 26.09 9.14 -3.72 18.86 13.99 -13.20
Russell Midcap® Value Index 34.21 24.75 -1.38 18.51 33.46 14.75 -4.78 20.00 13.34 -12.29

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 8 18 26 85 6
Mid-Cap Value Category|Rank/Count 27/422 64/394 97/375 264/317 12/130
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 7 27 25 89 6
Mid-Cap Value Category|Rank/Count 31/424 98/398 100/389 286/325 12/137

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. Russell Midcap® Value Index
3YR 5YR
Information Ratio 0.33 0.16
Alpha 1.21 0.88
Tracking Error 2.53 2.72
Beta 0.95 0.93
R-squared (%) 96.39 95.38
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index
3YR 5YR
Up Capture Ratio 95.67 91.26
Down Capture Ratio 88.07 85.36
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 12.79 11.90
Russell Midcap® Value Index 13.27 12.55
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund 0.64 0.54
Russell Midcap® Value Index 0.55 0.47
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.

(As of 10/31/2019)
% of Fund
Equity LifeStyle Properties Inc 3.36
Globe Life Inc 3.07
Evergy Inc 2.96
RenaissanceRe Holdings Ltd 2.78
Axis Capital Holdings Ltd 2.66
Laboratory Corp of America Holdings 2.55
Lamar Advertising Co 2.46
Cedar Fair LP 2.43
Mid-America Apartment Communities Inc 2.42
Alliant Energy Corp 2.41
Total 27.10
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  FUND INDEX
Number of Holdings
Equity Issues
62 633
Market Capitalization
Weighted Average
$13.09B $15.41B
Portfolio Turnover Rate
(1-year trailing)
38.64% -
Price/Earnings Ratio
(1-year forward)
17.98 19.90
Price/Book Ratio
(1-year forward)
2.99 2.35
Earnings Growth Rate
(1-year forward)
6.21% 0.20%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Financials 22.55 18.88
Real Estate 15.13 14.92
Industrials 12.64 11.73
Materials 10.39 6.56
Information Technology 9.85 7.24
Utilities 8.09 11.53
Consumer Discretionary 4.57 9.13
Energy 3.68 5.26
Health Care 3.64 6.60
Consumer Staples 2.75 4.44
Communication Services 2.42 3.71
Cash & Equivalents 4.29 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
North America 94.69 99.61
Africa/Mideast 1.02 -
Cash & Equivalents 4.29 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2019)
$50B to $100B 1.16
$10B to $50B 47.48 64.89
$5B to $10B 26.51 24.14
$1B to $5B 20.56 10.93
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
U.S. 94.12 99.61
Non-U.S. Developed 1.59 0.33
Cash & Equivalents 4.29 -

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