JVSIX Small-Mid Cap Value Fund

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

NAV
$10.12
As of 09/25/2020

1-Day Change
$0.11 (1.10%)
As of 09/25/2020

YTD Return
-22.57%
As of 09/25/2020

Morningstar Rating

As of 08/31/2020

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

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions.

We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 06/30/2020)
Small-Mid Cap Value Fund - Class I Shares Russell 2500™ Value Index Russell 3000® Value Index
 
3M YTD 1YR 3YR 5YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - Class I Shares 14.38 -20.89 -14.19 0.18 4.51 8.05
Russell 2500™ Value Index 20.60 -21.18 -15.50 -2.60 1.85 8.31
Russell 3000® Value Index 14.55 -16.74 -9.42 1.41 4.41 10.01
RETURNS (%) (As of 08/31/2020)
Small-Mid Cap Value Fund - Class I Shares Russell 2500™ Value Index Russell 3000® Value Index
 
3M YTD 1YR 3YR 5YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - Class I Shares 3.00 -18.44 -10.33 1.35 5.69 8.26
Russell 2500™ Value Index 9.69 -15.12 -4.96 0.16 4.72 9.07
Russell 3000® Value Index 7.71 -9.91 0.39 4.11 7.33 10.81
CALENDAR YEAR RETURNS (%)
Small-Mid Cap Value Fund - Class I Shares Russell 2500™ Value Index
 
  2012 2013 2014 2015 2016 2017 2018 2019
Small-Mid Cap Value Fund - Class I Shares 12.48 23.08 7.42 0.17 19.52 14.05 -7.12 26.89
Russell 2500™ Value Index 19.21 33.32 7.11 -5.49 25.20 10.36 -12.36 23.56

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 59 22 11 - 64
Mid-Cap Value Category|Rank/Count 268/425 87/408 40/393 -/- 214/352
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 88 44 30 - 75
Mid-Cap Value Category|Rank/Count 380/424 177/407 117/392 -/- 250/351
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

RISK / REWARD
VS. Russell 2500™ Value Index
3YR 5YR
Information Ratio 0.18 0.17
Alpha 0.81 1.68
Tracking Error 6.68 5.82
Beta 0.78 0.78
R-squared (%) 94.51 94.05
UP/DOWN MARKET CAPTURE (%)
VS. Russell 2500™ Value Index
3YR 5YR
Up Capture Ratio 77.04 79.21
Down Capture Ratio 77.60 74.89
STANDARD DEVIATION 3YR 5YR
Small-Mid Cap Value Fund 18.53 15.67
Russell 2500™ Value Index 23.09 19.58
SHARPE RATIO 3YR 5YR
Small-Mid Cap Value Fund -0.02 0.29
Russell 2500™ Value Index -0.07 0.18
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.83%
12b-1 Fees -
Other Expenses 0.56%
Total Gross Expenses 1.39%
Waivers -0.33%
Total Net Expenses 1.06%

Portfolio

Index represents the Russell 2500™ Value Index.

Top Holdings (As of 08/31/2020)
% of Fund
STAG Industrial Inc 2.90
Washington Federal Inc 2.79
WSFS Financial Corp 2.70
WNS Holdings Ltd (ADR) 2.65
BWX Technologies Inc 2.62
Nomad Foods Ltd 2.57
Lamar Advertising Co 2.54
Hanover Insurance Group Inc 2.51
Encore Wire Corp 2.48
Black Hills Corp 2.45
Total 26.21
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
50 1857
Market Capitalization
Weighted Average
$4.75B $4.97B
Portfolio Turnover Rate
(1-year trailing)
133.44% -
Price/Earnings Ratio
(1-year forward)
24.55 22.32
Price/Book Ratio
(1-year forward)
2.67 2.06
Earnings Growth Rate
(1-year forward)
-15.82% -25.74%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
Financials 19.79 20.07
Industrials 19.10 17.61
Materials 12.82 6.76
Real Estate 11.91 12.10
Information Technology 11.31 8.77
Consumer Staples 7.81 3.57
Consumer Discretionary 5.10 12.89
Utilities 4.55 4.36
Health Care 2.94 6.69
Cash & Equivalents 4.67 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
North America 90.11 99.09
Asia/Pacific Ex Japan 2.65 0.19
Europe 2.57 0.62
Cash & Equivalents 4.67 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 08/31/2020)
$10B to $50B 7.64 7.88
$5B to $10B 27.67 37.91
$1B to $5B 56.32 44.74
$500M to $1B 2.01 5.42
$250M to $500M 1.69 2.67
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
U.S. 90.11 98.97
Non-U.S. Emerging 2.65 0.21
Non-U.S. Developed 2.57 0.82
Cash & Equivalents 4.67 -

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