For Financial Professionals in the US

JMVAX Mid Cap Value Fund

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

NAV
$14.69
As of 06/02/2023

1-Day Change
$0.38 (2.66%)
 As of 06/02/2023

YTD Return
-0.68%
As of 06/02/2023

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, Team Leader

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager, Team Leader

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 03/31/2023)
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 0.07 0.07 -4.63 16.62 5.37 7.44 10.30
Russell Midcap® Value Index 1.32 1.32 -9.22 20.69 6.54 8.80 9.07
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 05/31/2023)
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 -8.58 -4.12 -6.42 9.21 4.12 6.75 10.04
Russell Midcap® Value Index -7.44 -3.17 -9.49 12.31 5.24 8.00 8.81
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 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 30 95 77 77 12
Mid-Cap Value | Rank/Count 104/404 369/396 282/385 248/332 19/128
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 36 95 77 75 13
Mid-Cap Value | Rank / Count 145/402 367/393 285/382 238/330 20/128

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD
VS. Russell Midcap® Value Index		 3YR 5YR
Information Ratio -0.65 -0.26
Alpha -0.89 -0.54
Tracking Error 4.65 4.28
Beta 0.87 0.89
R-squared (%) 94.48 96.71
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index		 3YR 5YR
Up Capture Ratio 84.80 86.95
Down Capture Ratio 91.26 91.04
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 16.89 19.60
Russell Midcap® Value Index 18.83 21.66
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund 0.69 0.20
Russell Midcap® Value Index 0.78 0.23
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 Fiscal Year End, 06/30/2022)
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 04/30/2023)
% of Fund
Alliant Energy Corp 2.66
Hartford Financial Services Group Inc 2.61
Cardinal Health Inc 2.51
Laboratory Corp of America Holdings 2.50
Entergy Corp 2.40
MSC Industrial Direct Co Inc 2.31
Equity LifeStyle Properties Inc 2.31
Baker Hughes Co 2.07
Casey's General Stores Inc 2.04
Globus Medical Inc 1.98
Total 23.39
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 71 696
Market Capitalization
Weighted Average		 $19.57B $19.55B
Portfolio Turnover Rate
(1-year trailing)		 56.10% -
Price/Earnings Ratio
(1-year forward)		 14.15 14.09
Price/Book Ratio
 2.24 2.05
Earnings Growth Rate
(1-year forward)		 6.18% 13.64%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)

Documents

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