For Financial Professionals in the US

JMVAX Mid Cap Value Fund

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

NAV
$14.91
As of 09/25/2023

1-Day Change
$0.06 (0.40%)
 As of 09/25/2023

YTD Return
0.81%
As of 09/25/2023

Morningstar Medalist Rating ™

Silver Morningstar Analyst Rating
As of 01/26/2023

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

Magnifying glass

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

View Our Insights

PORTFOLIO MANAGEMENT

Kevin Preloger

Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 08/31/2023)
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 8.25 3.79 6.79 10.96 5.24 7.56 10.28
Russell Midcap® Value Index 9.39 5.93 5.65 12.08 6.12 8.93 9.11
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.
Performance for Class I 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 06/30/2023)
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 3.85 3.92 11.75 12.71 5.82 7.71 10.36
Russell Midcap® Value Index 3.86 5.23 10.50 15.05 6.84 9.03 9.14
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.
Performance for Class I 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 (%)
Mid Cap Value Fund - Class I Shares Russell Midcap® Value Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Mid Cap Value Fund - Class I Shares -5.04 19.60 -1.32 30.37 -13.20 13.99 18.86 -3.72 9.14 26.09
Russell Midcap® Value Index -12.03 28.34 4.96 27.06 -12.29 13.34 20.00 -4.78 14.75 33.46

MORNINGSTAR PERCENTILE

(As Of 06/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 54 90 76 77 13
Mid-Cap Value | Rank/Count 216/402 355/392 281/381 243/329 20/128
(As Of 08/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 61 85 76 77 14
Mid-Cap Value | Rank / Count 234/401 329/391 281/382 241/329 22/128

RETURNS-BASED STATISTICS (As of 08/31/2023 Class I Shares)

RISK / REWARD
VS. Russell Mid Cap Value TR USD		 3YR 5YR
Information Ratio -0.24 -0.19
Alpha 0.02 -0.55
Tracking Error 4.09 4.26
Beta 0.88 0.89
R-squared (%) 96.11 96.93
UP/DOWN MARKET CAPTURE (%)
VS. Russell Mid Cap Value TR USD		 3YR 5YR
Up Capture Ratio 87.94 86.45
Down Capture Ratio 92.43 92.71
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 17.61 20.10
Russell Mid Cap Value TR USD 19.62 22.20
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund 0.52 0.18
Russell Mid Cap Value TR USD 0.52 0.20
GROWTH OF A HYPOTHETICAL INVESTMENT
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.48%
Other Expenses 0.12%
Total Gross Expenses 0.60%
Waivers 0.00%
Total Net Expenses 0.60%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 08/31/2023)
% of Fund
Hartford Financial Services Group Inc 2.45
Alliant Energy Corp 2.44
Chesapeake Energy Corp 2.43
Cardinal Health Inc 2.39
MSC Industrial Direct Co Inc 2.30
Freeport-McMoRan Inc 2.26
Casey's General Stores Inc 2.20
Activision Blizzard Inc 2.18
Equity LifeStyle Properties Inc 2.17
Entergy Corp 2.15
Total 22.97
View full holdings
Portfolio Characteristics (As of 08/31/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 71 700
Market Capitalization
Weighted Average		 $21.00B $20.42B
Portfolio Turnover Rate
(1-year trailing)		 50.86% -
Price/Earnings Ratio
(1-year forward)		 14.04 14.38
Price/Book Ratio
 2.24 2.14
Earnings Growth Rate
(1-year forward)		 6.85% 12.80%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
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 08/31/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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