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For Financial Professionals in the US

JVTIX Venture Fund

Our in-depth fundamental research seeks resilient small-cap companies using their competitive advantages to grow over a multi-year time frame

NAV
$99.51
As of 07/22/2026

1-Day Change
-$0.75 (-0.75%)
 As of 07/22/2026

YTD Return
14.13%
As of 07/22/2026

Morningstar Medalist Rating ™

Gold Morningstar Analyst Rating
As of 07/22/2026

Overview

ABOUT THIS FUND

A moderately positioned U.S. small-cap growth fund seeking to provide consistent relative returns with lower volatility than the index. Invests in small-cap companies with differentiated business models and sustainable competitive advantages that we believe are positioned to grow market share regardless of economic conditions.

WHY INVEST IN THIS FUND

Unique Business Models
Seeks small-cap companies that are differentiated from competitors – differentiated business model, innovative approach or unique products or services – that are using their competitive advantages to grow over a multi-year time frame.

Deep, Specialized Team
In-depth fundamental research supported by a broad team of analysts and a team of small-mid cap specialists, and a portfolio management team with experience identifying small-cap companies early in their life cycle.

Moderate Approach to Growth
Offers potential for capital appreciation through exposure to small and fast growing companies with a focus on resilient business models positioned to weather a variety of market environments.

Portfolio Management

Jonathan Coleman, CFA

Portfolio Manager

Industry since 1994. Joined Firm in 1994.

Aaron Schaechterle

Portfolio Manager | Research Analyst

Industry since 2006. Joined Firm in 2022.

Performance

RETURNS (%) (As of 06/30/2026)
Venture Fund - I Shares Russell 2000® Growth Index Russell 2000® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/30/1985)
Venture Fund - I Shares 21.15 17.81 29.58 15.01 5.51 11.49 11.84
Russell 2000® Growth Index 25.71 22.18 38.74 18.44 5.57 11.97 8.74
Russell 2000® Index 21.49 22.57 40.78 18.60 6.99 11.63 9.91
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
RETURNS (%) (As of 06/30/2026)
Venture Fund - I Shares Russell 2000® Growth Index Russell 2000® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/30/1985)
Venture Fund - I Shares 21.15 17.81 29.58 15.01 5.51 11.49 11.84
Russell 2000® Growth Index 25.71 22.18 38.74 18.44 5.57 11.97 8.74
Russell 2000® Index 21.49 22.57 40.78 18.60 6.99 11.63 9.91
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
Calendar Year Returns (%)
Venture Fund - I Shares Russell 2000® Growth Index
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Venture Fund - I Shares 9.00 14.03 16.17 -24.13 7.69 31.70 30.87 -6.55 24.35 7.23
Russell 2000® Growth Index 13.01 15.15 18.66 -26.36 2.83 34.63 28.48 -9.31 22.17 11.32
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.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Morningstar Percentile

 (As of 06/30/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 65 61 44 64 2
US Fund Small Growth | Rank/Count 341/536 332/531 217/516 302/479 2/44
 (As of 06/30/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 65 61 44 64 2
US Fund Small Growth | Rank / Count 341/536 332/531 217/516 302/479 2/44

Growth of a Hypothetical Investment

Venture Fund - I Shares Russell 2000® Growth Index Russell 2000® Index Small Growth
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 06/30/2026 Class I Shares)

RISK / REWARD
VS. Russell 2000 Growth TR Index		 3YR 5YR
Information Ratio -0.44 -0.01
Alpha -0.78 0.07
Tracking Error 6.55 6.48
Beta 0.81 0.83
R-squared (%) 91.00 91.84
UP/DOWN MARKET CAPTURE (%)
Russell 2000 Growth TR Index		 3YR 5YR
Up Capture Ratio 72.75 77.48
Down Capture Ratio 80.49 83.51
STANDARD DEVIATION 3YR 5YR
Venture Fund 18.02 19.06
Russell 2000 Growth TR Index 21.29 21.89
SHARPE RATIO 3YR 5YR
Venture Fund 0.54 0.09
Russell 2000 Growth TR Index 0.61 0.08
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.64%
Other Expenses 0.13%
Total Gross Expenses 0.77%
Waivers 0.00%
Total Net Expenses 0.77%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 28, 2026. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell 2000® Growth Index.

Top Holdings (As of 06/30/2026)
% of Fund
Glaukos Corp 2.59
Ligand Pharmaceuticals Inc 2.41
Perimeter Solutions Inc 2.19
SPX Technologies Inc 2.12
REVOLUTION Medicines Inc 2.00
Tower Semiconductor Ltd 1.90
CECO Environmental Corp 1.88
Legence Corp 1.74
Casey's General Stores Inc 1.71
OSI Systems Inc 1.60
TOTAL 20.14
View full holdings
Portfolio Characteristics (As of 06/30/2026)
  FUND INDEX
Number of Holdings
Equity Issues		 139 1109
Market Capitalization
Weighted Average		 $8.78B $9.67B
Portfolio Turnover Rate
(1-year trailing)		 39.52% -
Price/Earnings Ratio
(1-year forward)		 20.09 20.88
Price/Book Ratio
 4.58 4.59
Earnings Growth Rate
(1-year forward)		 28.25% 31.63%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 06/30/2026
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 06/30/2026
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 06/30/2026
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 06/30/2026

Documents

Related Insights

Differentiated insights are central to our investment approach.

Small caps and the power of compounding against a changing macro backdrop
Jul 16, 2026
Timely & Topical

Small caps and the power of compounding against a changing macro backdrop

Global small caps may deserve a closer look in today’s changing market environment.

Read More

Helping clients navigate structural change through active management
May 20, 2026
Timely & Topical

Helping clients navigate structural change through active management

A discussion of key themes and investor priorities from Milken Institute’s 2026 Global Conference.

Read More

What could drive U.S. small cap returns in 2026?
Dec 9, 2025
Features & Outlooks

What could drive U.S. small cap returns in 2026?

Jonathan Coleman explores key drivers that could support U.S. small-cap performance in 2026, including reshoring trends, M&A activity, and AI productivity gains.

Read More

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