For Individual Investors in the US

JNMCX Mid Cap Value Fund

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

NAV
$16.08
As of 01/21/2021

1-Day Change
-$0.15 (-0.92%)
As of 01/21/2021

YTD Return
2.88%
As of 01/21/2021

Morningstar Analyst Rating
Morningstar Analyst Rating				Silver
As of 12/31/2020

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 60 to 90 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 12/31/2020)
Mid Cap Value Fund - Class D Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/12/1998)
Mid Cap Value Fund - Class D Shares 18.20 -1.35 -1.35 3.68 8.60 7.98 10.73
Russell Midcap® Value Index 20.43 4.96 4.96 5.37 9.73 10.49 8.56
RETURNS (%) (As of 12/31/2020)
Mid Cap Value Fund - Class D Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/12/1998)
Mid Cap Value Fund - Class D Shares 18.20 -1.35 -1.35 3.68 8.60 7.98 10.73
Russell Midcap® Value Index 20.43 4.96 4.96 5.37 9.73 10.49 9.18
CALENDAR YEAR RETURNS (%)
Mid Cap Value Fund - Class D Shares Russell Midcap® Value Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Mid Cap Value Fund - Class D Shares -2.42 10.43 26.00 9.12 -3.74 18.82 14.07 -13.27 30.27 -1.35
Russell Midcap® Value Index -1.38 18.51 33.46 14.75 -4.78 20.00 13.34 -12.29 27.06 4.96

RETURNS-BASED STATISTICS (As of 12/31/2020 Class I Shares)

RISK / REWARD
VS. Russell Midcap® Value Index
3YR 5YR
Information Ratio -0.38 -0.29
Alpha -1.17 -0.09
Tracking Error 4.28 3.73
Beta 0.89 0.89
R-squared (%) 97.30 96.72
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index
3YR 5YR
Up Capture Ratio 84.53 86.26
Down Capture Ratio 90.83 87.92
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Fund 20.60 16.90
Russell Midcap® Value Index 22.94 18.75
SHARPE RATIO 3YR 5YR
Mid Cap Value Fund 0.11 0.44
Russell Midcap® Value Index 0.17 0.46
GROWTH OF A HYPOTHETICAL INVESTMENT
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2020)
CLASS D SHARES
Management Fees 0.72%
Other Expenses 0.17%
Total Gross Expenses 0.89%
Waivers 0.00%
Total Net Expenses 0.89%

Portfolio

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 12/31/2020)
% of Fund
BWX Technologies Inc 3.14
Globe Life Inc 3.04
Equity LifeStyle Properties Inc 2.82
Alliant Energy Corp 2.65
Hartford Financial Services Group Inc 2.59
Citizens Financial Group Inc 2.53
Laboratory Corp of America Holdings 2.51
M&T Bank Corp 2.28
GATX Corp 2.15
Entergy Corp 2.06
Total 25.77
View Full Holdings
Portfolio Characteristics (As of 12/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
69 702
Market Capitalization
Weighted Average
$15.45B $17.87B
Portfolio Turnover Rate
(1-year trailing)
38.48% -
Price/Earnings Ratio
(1-year forward)
25.50 25.64
Price/Book Ratio
(1-year forward)
3.90 3.16
Earnings Growth Rate
(1-year forward)
-12.14% -10.94%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 12/31/2020)
Financials 21.77 15.35
Industrials 15.15 17.07
Information Technology 11.58 10.18
Real Estate 11.06 10.06
Materials 9.91 7.31
Utilities 7.68 7.91
Consumer Discretionary 7.56 12.30
Health Care 5.48 7.95
Communication Services 3.63 4.13
Consumer Staples 3.48 3.92
Energy 0.84 3.82
Cash & Equivalents 1.86 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of December 31, 2020)
North America 96.82 99.32
Africa/Mideast 1.32 -
Cash & Equivalents 1.86 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of December 31, 2020)
$50B to $100B 1.52 0.13
$10B to $50B 52.24 71.45
$5B to $10B 28.70 20.83
$1B to $5B 15.68 7.58
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of December 31, 2020)
U.S. 95.74 99.32
Non-U.S. Developed 2.40 0.25
Cash & Equivalents 1.86 -

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