Please ensure Javascript is enabled for purposes of website accessibility Small Cap Value Fund - Janus Henderson Investors - US Advisor
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For Financial Professionals in the US

JISCX Small Cap Value Fund

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

NAV
$23.51
As of 03/27/2026

1-Day Change
-$0.33 (-1.38%)
 As of 03/27/2026

YTD Return
1.42%
As of 03/27/2026

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.

Portfolio Management

Justin Tugman, CFA: Portfolio Manager
Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Craig Kempler, CFA: Portfolio Manager
Craig Kempler, CFA

Portfolio Manager

Industry since 2001. Joined Firm in 2005.

Performance

RETURNS (%) (As of 12/31/2025)
Small Cap Value Fund - S Shares Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR
Small Cap Value Fund - S Shares 2.88 7.34 7.34 8.66 7.10 7.27
Russell 2000® Value Index 3.26 12.59 12.59 11.73 8.88 9.26
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 02/28/2026)
Small Cap Value Fund - S Shares Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR
Small Cap Value Fund - S Shares 8.39 9.10 18.06 9.51 6.92 8.58
Russell 2000® Value Index 9.12 8.92 24.95 12.39 7.67 10.90
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Small Cap Value Fund - S Shares Russell 2000® Value Index
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Small Cap Value Fund - S Shares 7.34 5.91 12.85 -10.13 22.22 -7.03 25.62 -13.39 12.35 25.98
Russell 2000® Value Index 12.59 8.05 14.65 -14.48 28.27 4.63 22.39 -12.86 7.84 31.74
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Morningstar Percentile

 (As of 01/31/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 47 74 83 89 -
US Fund Small Value | Rank/Count 221/483 341/471 375/455 368/419 -/-
 (As of 02/28/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 54 67 79 88 -
US Fund Small Value | Rank / Count 253/481 303/469 347/453 370/417 -/-

Growth of a Hypothetical Investment

Russell 2000® Value Index Small Value
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 02/28/2026 Class I Shares)

RISK / REWARD
VS. Russell 2000 Value TR USD		 3YR 5YR
Information Ratio -0.48 -0.07
Alpha -1.63 -0.06
Tracking Error 4.56 4.62
Beta 0.90 0.91
R-squared (%) 94.82 94.72
UP/DOWN MARKET CAPTURE (%)
Russell 2000 Value TR USD		 3YR 5YR
Up Capture Ratio 86.20 90.33
Down Capture Ratio 95.06 93.65
STANDARD DEVIATION 3YR 5YR
Small Cap Value Fund 18.26 18.77
Russell 2000 Value TR USD 19.78 20.05
SHARPE RATIO 3YR 5YR
Small Cap Value Fund 0.26 0.20
Russell 2000 Value TR USD 0.36 0.20
Annual Fees & Expenses (As of the most recent prospectus)
CLASS S SHARES
Management Fees 0.92%
12b-1 Fees 0.25%
Other Expenses 0.32%
Total Gross Expenses 1.49%
Waivers 0.00%
Total Net Expenses 1.49%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell 2000® Value Index.

Top Holdings (As of 02/28/2026)
% of Fund
Wintrust Financial Corp 2.38
Chesapeake Utilities Corp 2.29
Black Hills Corp 2.26
WisdomTree Inc 2.12
Axis Capital Holdings Ltd 2.12
Commercial Metals Co 2.08
Kirby Corp 2.05
Magnolia Oil & Gas Corp 2.03
Atmus Filtration Technologies Inc 2.02
Rush Enterprises Inc 1.96
TOTAL 21.31
View full holdings
Portfolio Characteristics (As of 02/28/2026)
  FUND INDEX
Number of Holdings
Equity Issues		 84 1408
Market Capitalization
Weighted Average		 $4.85B $3.54B
Portfolio Turnover Rate
(1-year trailing)		 34.32% -
Price/Earnings Ratio
(1-year forward)		 14.82 13.27
Price/Book Ratio
 1.83 1.45
Earnings Growth Rate
(1-year forward)		 11.53% 19.97%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 02/28/2026
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 02/28/2026
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 02/28/2026
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 02/28/2026

Documents

Related Insight

Small cap and value: Monitoring the shift in market leadership
Mar 26, 2026
Timely & Topical

Small cap and value: Monitoring the shift in market leadership

Since last April, small-cap and value stocks have outperformed large-cap growth and big tech. Can the rotation continue?

Read More

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