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
$79.49
As of 10/18/2019

1 Day Change
-$0.85 (-1.06%)
As of 10/18/2019

YTD Return
20.73%
As of 10/18/2019

Morningstar Rating

As of 09/30/2019

Morningstar Analyst Rating
Morningstar Analyst Rating				 Bronze
As of 09/30/2019

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.

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

Jonathan Coleman, CFA

Portfolio Manager

Industry since 1994. Joined Firm in 1994.

Scott Stutzman, CFA

Portfolio Manager | Research Analyst

Industry since 2001. Joined Firm in 2007.

Performance

RETURNS (%) (As of 09/30/2019)
Venture Fund - Class I Shares Russell 2000® Growth Index Russell 2000® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/30/1985)
Venture Fund - Class I Shares -3.29% 20.85% -3.82% 11.58% 10.96% 14.12% 12.03%
Russell 2000® Growth Index -4.17% 15.34% -9.63% 9.79% 9.08% 12.25% 8.11%
Russell 2000® Index -2.40% 14.18% -8.89% 8.23% 8.19% 11.19% 9.47%
RETURNS (%) (As of 09/30/2019)
Venture Fund - Class I Shares Russell 2000® Growth Index Russell 2000® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/30/1985)
Venture Fund - Class I Shares -3.29% 20.85% -3.82% 11.58% 10.96% 14.12% 12.03%
Russell 2000® Growth Index -4.17% 15.34% -9.63% 9.79% 9.08% 12.25% 8.11%
Russell 2000® Index -2.40% 14.18% -8.89% 8.23% 8.19% 11.19% 9.47%
CALENDAR YEAR RETURNS (%)
Venture Fund - Class I Shares Russell 2000® Growth Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Venture Fund - Class I Shares 54.50 26.96 2.18 17.33 42.00 10.40 -0.72 7.23 24.35 -6.55
Russell 2000® Growth Index 34.47 29.09 -2.91 14.59 43.30 5.60 -1.38 11.32 22.17 -9.31

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 49 30 16 8
Small Growth Category|Rank/Count 191/673 349/654 189/630 93/562 5/50
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 49 30 16 8
Small Growth Category|Rank/Count 191/673 349/654 189/630 93/562 5/50
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2019 Class I Shares)

Risk / Reward
vs. Russell 2000® Growth Index
3YR 5YR
Information Ratio 0.44 0.52
Alpha 2.71 2.47
Tracking Error 4.07 3.62
Beta 0.88 0.91
R-squared (%) 95.17 95.64
Up And Down Market Capture (%)
vs. Russell 2000® Growth Index
3YR 5YR
Up Capture Ratio 89.23 95.35
Down Capture Ratio 77.83 85.61
Standard Deviation 3YR 5YR
Venture Fund 15.70 15.73
Russell 2000® Growth Index 17.47 16.91
Sharpe Ratio 3YR 5YR
Venture Fund 0.64 0.64
Russell 2000® Growth Index 0.47 0.48
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.75%
Waivers 0.00%
Total Net Expenses 0.75%

Portfolio

Index represents the Russell 2000® Growth Index.

(As of 09/30/2019)
% of Fund
Nice Ltd (ADR) 2.66
ServiceMaster Global Holdings Inc 2.29
Catalent Inc 2.27
Euronet Worldwide Inc 2.12
LPL Financial Holdings Inc 2.11
HEICO Corp 1.92
Blackbaud Inc 1.89
j2 Global Inc 1.83
STERIS PLC 1.83
SS&C Technologies Holdings Inc 1.82
Total: 20.74
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Equity Issues
119 1164
Market Capitalization
Weighted Average
$5.23B $2.52B
Portfolio Turnover Rate
(1-year trailing)
18.12% -
Price/Earnings Ratio
(1-year forward)
28.82 26.64
Price/Book Ratio
(1-year forward)
4.57 5.10
Earnings Growth Rate
(1-year forward)
4.72% 11.33%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Information Technology 33.51 18.12
Health Care 19.65 27.66
Industrials 16.22 19.63
Consumer Discretionary 10.13 12.12
Financials 7.89 5.99
Materials 4.87 3.19
Real Estate 1.83 4.89
Consumer Staples 1.64 3.47
Energy 1.55 0.68
Communication Services 0.78 2.46
Cash & Equivalents 1.93 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
North America 91.36 99.71
Africa/Mideast 3.70 0.05
Asia/Pacific Ex Japan 1.53 0.02
Europe 1.48 0.22
Cash & Equivalents 1.93 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
$10B to $50B 11.13 0.13
$5B to $10B 30.51 3.54
$1B to $5B 48.68 81.11
$500M to $1B 6.42 9.83
$250M to $500M 1.30 3.83
Under $100M 0.03 0.06
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
U.S. 88.82 99.59
Non-U.S. Developed 7.72 0.30
Non-U.S. Emerging 1.53 0.11
Cash & Equivalents 1.93 -

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