JRAIX Research Fund

Sector specialists conduct independent research seeking to create a high-conviction portfolio of best ideas in equities, regardless of market cap, geography or sub-sector

NAV
$52.34
As of 11/21/2019

1 Day Change
-$0.11 (-0.21%)
As of 11/21/2019

YTD Return
29.04%
As of 11/21/2019

Overview

ABOUT THIS FUND

By investing in the best ideas from each global research sector team, this U.S. large-cap growth fund seeks long-term growth of capital with volatility similar to its peers. Our analysts identify industry-leading companies with brand power, enduring business models and strong competitive positioning.

WHY INVEST IN THIS FUND

Managed by Sector Experts
Our teams of dedicated sector specialists conduct independent, differentiated research to construct unique sector portfolios that are combined to form a diversified fund. This design allows investors to benefit directly from the insights and expertise of Janus Henderson’s equity research team.

“Pure Stock Picking” Approach
Each of our experienced global sector teams builds a high-conviction portfolio of their best ideas. All ideas and position sizes are debated and fully vetted before entry into the portfolio.

Minimize the Macro
The Fund's disciplined investment process is designed to minimize macro risks by aligning sector allocations with the benchmark. This allows fundamental, bottom-up stock selection within each sector to be the primary driver of returns.

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.

Performance

RETURNS (%) (As of 09/30/2019)
Research Fund - Class I Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - Class I Shares 0.04% 23.00% 3.23% 14.39% 11.50% 13.68% 11.18%
Russell 1000® Growth Index 1.49% 23.30% 3.71% 16.89% 13.39% 14.94% 9.54%
S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 9.64%
RETURNS (%) (As of 10/31/2019)
Research Fund - Class I Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - Class I Shares 0.37% 25.44% 15.96% 16.26% 11.34% 14.24% 11.22%
Russell 1000® Growth Index 2.04% 26.77% 17.10% 18.92% 13.43% 15.41% 9.63%
S&P 500® Index 2.43% 23.16% 14.33% 14.91% 10.78% 13.70% 9.70%
CALENDAR YEAR RETURNS (%)
Research Fund - Class I Shares Russell 1000® Growth Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Research Fund - Class I Shares 43.01 21.20 -3.76 16.78 35.36 14.10 5.55 1.56 26.30 -2.71
Russell 1000® Growth Index 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08 30.21 -1.51

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 36 54 47 40 8
Large Growth Category|Rank/Count 509/1407 733/1346 626/1287 448/1126 25/429
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 35 54 48 39 8
Large Growth Category|Rank/Count 483/1389 724/1333 636/1273 425/1115 26/432
GROWTH OF A HYPOTHETICAL INVESTMENT

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

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio -1.22 -0.93
Alpha -1.83 -1.65
Tracking Error 2.18 2.25
Beta 0.97 0.98
R-squared (%) 97.25 96.98
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 89.44 91.31
Down Capture Ratio 96.98 99.90
STANDARD DEVIATION 3YR 5YR
Research Fund 12.97 12.87
Russell 1000® Growth Index 13.13 12.88
SHARPE RATIO 3YR 5YR
Research Fund 1.13 0.80
Russell 1000® Growth Index 1.32 0.97
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.56%
12b-1 Fees -
Other Expenses 0.09%
Total Gross Expenses 0.65%
Waivers 0.00%
Total Net Expenses 0.65%

Portfolio

Index represents the Russell 1000® Growth Index.

(As of 10/31/2019)
% of Fund
Microsoft Corp 6.40
Amazon.com Inc 6.22
Alphabet Inc 5.86
Apple Inc 3.94
Facebook Inc 3.49
Visa Inc 3.20
Mastercard Inc 2.98
Adobe Inc 2.72
salesforce.com Inc 2.56
Merck & Co Inc 2.18
Total 39.55
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  FUND INDEX
Number of Holdings
Equity Issues
89 529
Market Capitalization
Weighted Average
$313.19B $349.37B
Portfolio Turnover Rate
(1-year trailing)
42.37% -
Price/Earnings Ratio
(1-year forward)
32.71 25.83
Price/Book Ratio
(1-year forward)
8.34 10.25
Earnings Growth Rate
(1-year forward)
8.01% 9.03%

Research Sector Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Technology 28.67 28.90
Consumer 18.17 18.85
Communications 15.19 15.13
Health Care 14.78 14.64
Financials 11.37 11.48
Industrials & Materials 10.76 10.74
Energy & Utilities 0.34 0.26
Cash & Equivalents 0.72 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
North America 99.28 99.65
Cash & Equivalents 0.72 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2019)
Over $100B 55.22 59.25
$50B to $100B 14.44 14.98
$10B to $50B 23.77 20.26
$5B to $10B 4.78 4.76
$1B to $5B 1.07 0.75
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
U.S. 99.28 99.64
Cash & Equivalents 0.72 -

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