Please ensure Javascript is enabled for purposes of website accessibility Research Fund - Janus Henderson Investors - US Institutional
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For Institutional Investors in the US

JRAIX Research Fund

Sector specialists conduct independent research seeking to create a high-conviction portfolio of best ideas in equities, regardless of market cap, geography or sub-sector

View Institutional Strategy

NAV
$95.36
As of 09/04/2026

1-Day Change
$0.37 (0.39%)
 As of 09/04/2026

YTD Return
6.39%
As of 09/04/2026

Morningstar Rating

As of 08/31/2026

Overview

ABOUT THIS FUND

By investing in the best ideas from each global research sector team, this U.S. large-cap growth fund seeks long-term growth of capital with volatility similar to its peers. Our analysts identify industry-leading companies with brand power, enduring business models and strong competitive positioning.

WHY INVEST IN THIS FUND

Managed by Sector Experts
Our teams of dedicated sector specialists conduct independent, differentiated research to construct unique sector portfolios that are combined to form a diversified fund. This design allows investors to benefit directly from the insights and expertise of Janus Henderson’s equity research team.

“Pure Stock Picking” Approach
Each of our experienced global sector teams builds a high-conviction portfolio of their best ideas. All ideas and position sizes are debated and fully vetted before entry into the portfolio.

Minimize the Macro
The Fund's disciplined investment process is designed to minimize macro risks by aligning sector allocations with the benchmark. This allows fundamental, bottom-up stock selection within each sector to be the primary driver of returns.

Portfolio Management

Joshua Cummings, CFA

Portfolio Manager | Research Analyst

Industry since 1996. Joined Firm in 2016.

John Jordan

Portfolio Manager | Research Analyst

Industry since 1997. Joined Firm in 2008.

Performance

RETURNS (%) (As of 06/30/2026)
Research Fund - I Shares
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - I Shares 20.87 7.97 17.31 24.28 13.30 16.91 12.59
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.
RETURNS (%) (As of 07/31/2026)
Research Fund - I Shares
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - I Shares 1.32 2.44 7.18 20.72 11.64 15.69 12.38
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.
Calendar Year Returns (%)
Research Fund - I Shares
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Research Fund - I Shares 18.45 35.14 43.14 -29.92 20.47 32.85 35.47 -2.71 26.30 1.56
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 49 26 28 38 8
US Fund Large Growth | Rank/Count 438/1057 208/1006 178/964 307/877 25/320
 (As of 08/31/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 66 33 27 46 9
US Fund Large Growth | Rank / Count 635/1060 290/1011 182/967 370/878 25/313

Returns-Based Statistics (As of 07/31/2026 Class I Shares)

RISK / REWARD
VS. Russell 1000 Growth TR Index		 3YR 5YR
Information Ratio 0.42 -0.07
Alpha 1.09 -0.21
Tracking Error 2.86 2.92
Beta 1.01 1.01
R-squared (%) 97.20 97.77
UP/DOWN MARKET CAPTURE (%)
Russell 1000 Growth TR Index		 3YR 5YR
Up Capture Ratio 102.11 98.51
Down Capture Ratio 96.45 99.44
STANDARD DEVIATION 3YR 5YR
Research Fund 17.32 19.85
Russell 1000 Growth TR Index 16.84 19.47
SHARPE RATIO 3YR 5YR
Research Fund 0.88 0.38
Russell 1000 Growth TR Index 0.82 0.40
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.69%
Other Expenses 0.12%
Total Gross Expenses 0.81%
Waivers 0.00%
Total Net Expenses 0.81%

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 1000® Growth Index.

Top Holdings (As of 07/31/2026)
Holding % of Fund
NVIDIA Corp 14.22
Alphabet Inc 12.25
Microsoft Corp 6.74
Broadcom Inc 6.25
Advanced Micro Devices Inc 2.92
Eli Lilly & Co 2.92
Apple Inc 2.91
Meta Platforms Inc 2.82
Space Exploration Technologies Corp 2.39
LAM RESEARCH CORP 2.17
TOTAL 55.59
View full holdings
Portfolio Characteristics (As of 07/31/2026)
  FUND INDEX
Number of Holdings
Equity Issues		 80 367
Market Capitalization
Weighted Average		 $1,878.94B $2,001.62B
Portfolio Turnover Rate
(1-year trailing)		 42.81% -
Price/Earnings Ratio
(1-year forward)		 21.78 21.97
Price/Book Ratio
 11.06 12.70
Earnings Growth Rate
(1-year forward)		 35.47% 33.45%
Research Sector Allocations % of Fund % of Index % of Fund % of Index As of 07/31/2026
Regional Allocation % of Fund % of Index % of Fund % of Index As of 07/31/2026
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 07/31/2026
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 07/31/2026

Documents

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