For Financial Professionals in the US

JVSIX Small-Mid Cap Value Fund

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

NAV
$12.71
As of 05/26/2023

1-Day Change
$0.08 (0.63%)
 As of 05/26/2023

YTD Return
-1.17%
As of 05/26/2023

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 30 to 50 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

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.

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)
Small-Mid Cap Value Fund - Class I Shares Russell 2500™ Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - Class I Shares 1.71 1.71 -3.28 14.74 4.78 7.44 8.67
Russell 2500™ Value Index 1.40 1.40 -10.53 21.80 5.61 7.72 10.10
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 04/30/2023)
Small-Mid Cap Value Fund - Class I Shares Russell 2500™ Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - Class I Shares -7.91 0.54 1.35 10.60 4.32 7.28 8.50
Russell 2500™ Value Index -9.04 0.04 -5.30 16.34 5.10 7.55 9.89
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-Mid Cap Value Fund - Class I Shares Russell 2500™ Value Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Small-Mid Cap Value Fund - Class I Shares -8.86 16.31 -3.09 26.89 -7.12 14.05 19.52 0.17 7.42 23.08
Russell 2500™ Value Index -13.08 27.78 4.88 23.56 -12.36 10.36 25.20 -5.49 7.11 33.32

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 20 98 85 77 92
Mid-Cap Value | Rank/Count 67/404 383/396 318/385 247/332 295/324
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 24 99 89 81 93
Mid-Cap Value | Rank / Count 84/401 382/392 331/381 257/328 298/321
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).

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

RISK / REWARD
VS. Russell 2500™ Value Index		 3YR 5YR
Information Ratio -1.04 -0.12
Alpha -3.61 -0.24
Tracking Error 5.50 6.32
Beta 0.90 0.84
R-squared (%) 93.19 93.96
UP/DOWN MARKET CAPTURE (%)
VS. Russell 2500™ Value Index		 3YR 5YR
Up Capture Ratio 80.71 82.08
Down Capture Ratio 95.46 86.15
STANDARD DEVIATION 3YR 5YR
Small-Mid Cap Value Fund 19.55 20.55
Russell 2500™ Value Index 20.93 23.72
SHARPE RATIO 3YR 5YR
Small-Mid Cap Value Fund 0.49 0.14
Russell 2500™ Value Index 0.73 0.15
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS I SHARES
Management Fees 0.61%
Other Expenses 0.30%
Total Gross Expenses 0.91%
Waivers -0.10%
Total Net Expenses 0.81%
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 2500™ Value Index.

Top Holdings (As of 04/30/2023)
% of Fund
Hillenbrand Inc 3.06
Globus Medical Inc 2.93
Cardinal Health Inc 2.75
Hartford Financial Services Group Inc 2.72
Black Hills Corp 2.64
MSC Industrial Direct Co Inc 2.60
Fortune Brands Innovations Inc 2.55
Lamar Advertising Co 2.55
Vontier Corp 2.52
Gulfport Energy Corp 2.49
Total 26.81
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 49 1789
Market Capitalization
Weighted Average		 $7.96B $5.95B
Portfolio Turnover Rate
(1-year trailing)		 64.51% -
Price/Earnings Ratio
(1-year forward)		 12.55 12.05
Price/Book Ratio
 2.12 1.57
Earnings Growth Rate
(1-year forward)		 5.34% 10.94%
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

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
The value of small caps for the road ahead
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The value of small caps for the road ahead

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Emergent Issues Steering A Volatile Market

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