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

JSVSX Small-Mid Cap Value Fund

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

NAV
$16.22
As of 09/04/2025

1-Day Change
$0.28 (1.76%)
 As of 09/04/2025

YTD Return
4.78%
As of 09/04/2025

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.

Portfolio Management

Justin Tugman, CFA: Portfolio Manager
Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Kevin Preloger: Portfolio Manager
Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Performance

RETURNS (%) (As of 06/30/2025)
Small-Mid Cap Value Fund - S Shares Russell 2500TM Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - S Shares 3.59 -4.91 0.26 11.13 10.31 7.24 8.63
Russell 2500TM Value Index 7.29 1.03 10.47 10.69 13.96 7.73 10.36
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 07/31/2025)
Small-Mid Cap Value Fund - S Shares Russell 2500TM Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/15/2011)
Small-Mid Cap Value Fund - S Shares 13.66 -1.61 -5.56 9.02 11.02 7.50 8.84
Russell 2500TM Value Index 12.41 2.79 3.97 7.95 13.68 8.08 10.43
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 - S Shares Russell 2500TM Value Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Small-Mid Cap Value Fund - S Shares 16.12 14.98 -9.26 15.96 -3.52 26.90 -7.48 13.77 19.13 0.00
Russell 2500TM Value Index 10.98 15.98 -13.08 27.78 4.88 23.56 -12.36 10.36 25.20 -5.49
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 06/30/2025)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 86 29 92 44 81
US Fund Small Value | Rank/Count 429/499 107/488 429/470 183/433 307/402
 (As of 08/31/2025)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 79 21 85 55 78
US Fund Small Value | Rank / Count 377/500 77/488 394/472 219/434 297/402

Growth of a Hypothetical Investment

Small-Mid Cap Value Fund - S Shares Russell 2500TM 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 07/31/2025 Class I Shares)

RISK / REWARD
VS. Russell 2500 Value TR Index		 3YR 5YR
Information Ratio 0.27 -0.40
Alpha 1.35 -1.50
Tracking Error 4.61 5.06
Beta 1.01 0.94
R-squared (%) 95.17 93.47
UP/DOWN MARKET CAPTURE (%)
Russell 2500 Value TR Index		 3YR 5YR
Up Capture Ratio 108.04 92.98
Down Capture Ratio 101.90 100.54
STANDARD DEVIATION 3YR 5YR
Small-Mid Cap Value Fund 21.06 19.96
Russell 2500 Value TR Index 20.39 20.39
SHARPE RATIO 3YR 5YR
Small-Mid Cap Value Fund 0.20 0.41
Russell 2500 Value TR Index 0.15 0.51
Annual Fees & Expenses (As of the most recent prospectus)
CLASS S SHARES
Management Fees 0.65%
12b-1 Fees 0.25%
Other Expenses 1.78%
Total Gross Expenses 2.68%
Waivers -1.49%
Total Net Expenses 1.19%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2024. 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 07/31/2025)
% of Fund
WisdomTree Inc 3.47
Vontier Corp 3.11
Fulton Financial Corp 2.79
Alliant Energy Corp 2.62
Littelfuse Inc 2.56
Casey's General Stores Inc 2.54
Kirby Corp 2.51
Lincoln Electric Holdings Inc 2.51
Axis Capital Holdings Ltd 2.48
Agree Realty Corp 2.47
TOTAL 27.06
View full holdings
Portfolio Characteristics (As of 07/31/2025)
  FUND INDEX
Number of Holdings
Equity Issues		 48 1889
Market Capitalization
Weighted Average		 $8.58B $7.73B
Portfolio Turnover Rate
(1-year trailing)		 74.23% -
Price/Earnings Ratio
(1-year forward)		 13.62 13.83
Price/Book Ratio
 2.19 1.72
Earnings Growth Rate
(1-year forward)		 12.66% 13.80%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 07/31/2025
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 07/31/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 07/31/2025
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 07/31/2025

Documents

Related Insight

Global Perspectives: Can momentum in small caps continue?
Sep 26, 2024
Features & Outlooks

Global Perspectives: Can momentum in small caps continue?

The factors driving momentum in small-cap equities and our view on what’s ahead.

Read More

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