JNRFX 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

NAV
$49.63
As of 02/26/2020

1-Day Change
-$0.06 (-0.12%)
As of 02/26/2020

YTD Return
-0.32%
As of 02/26/2020

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.

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.

Performance

RETURNS (%) (As of 12/31/2019)
Research Fund - Class D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - Class D Shares 10.12 35.40 35.40 18.45 12.19 14.06 11.51
Russell 1000® Growth Index 10.62 36.39 36.39 20.49 14.63 15.22 9.87
S&P 500® Index 9.07 31.49 31.49 15.27 11.70 13.56 9.90
RETURNS (%) (As of 01/31/2020)
Research Fund - Class D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - Class D Shares 10.63 2.45 27.23 17.98 12.88 14.75 11.57
Russell 1000® Growth Index 9.99 2.24 27.94 20.04 15.49 15.99 9.92
S&P 500® Index 6.72 -0.04 21.68 14.54 12.37 13.97 9.87
CALENDAR YEAR RETURNS (%)
Research Fund - Class D Shares Russell 1000® Growth Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Research Fund - Class D Shares 43.01 21.07 -3.84 16.73 35.20 14.07 5.41 1.48 26.23 -2.77
Russell 1000® Growth Index 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08 30.21 -1.51
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 01/31/2020 Class I Shares)

RISK / REWARD
VS. Russell 1000® Growth Index
3YR 5YR
Information Ratio -0.92 -1.18
Alpha -1.26 -2.08
Tracking Error 2.15 2.14
Beta 0.98 0.99
R-squared (%) 97.37 97.28
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index
3YR 5YR
Up Capture Ratio 92.08 91.84
Down Capture Ratio 96.98 103.21
STANDARD DEVIATION 3YR 5YR
Research Fund 13.09 12.94
Russell 1000® Growth Index 13.22 12.87
SHARPE RATIO 3YR 5YR
Research Fund 1.25 0.92
Russell 1000® Growth Index 1.39 1.12
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS D SHARES
Management Fees 0.53%
12b-1 Fees -
Other Expenses 0.16%
Total Gross Expenses 0.69%
Waivers 0.00%
Total Net Expenses 0.69%

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 01/31/2020)
% of Fund
Microsoft Corp 6.48
Amazon.com Inc 6.41
Alphabet Inc 6.09
Apple Inc 4.36
Facebook Inc 3.36
Visa Inc 3.20
Adobe Inc 3.13
Mastercard Inc 3.06
salesforce.com Inc 2.71
Merck & Co Inc 2.09
Total 40.89
View full holdings
Portfolio Characteristics (As of 01/31/2020)
  FUND INDEX
Number of Holdings
Equity Issues
85 529
Market Capitalization
Weighted Average
$365.86B $429.66B
Portfolio Turnover Rate
(1-year trailing)
38.51% -
Price/Earnings Ratio
(1-year forward)
33.29 30.16
Price/Book Ratio
(1-year forward)
9.46 10.60
Earnings Growth Rate
(1-year forward)
14.23% 13.45%

Research Sector Allocations % OF FUND % of Index % OF FUND % of Index (As of January 31, 2020)
Technology 30.47 30.89
Consumer 18.19 18.12
Communications 15.16 15.01
Health Care 13.89 13.88
Financials 11.65 11.52
Industrials & Materials 10.05 10.35
Energy & Utilities 0.23 0.23
Cash & Equivalents 0.36 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of January 31, 2020)
North America 99.64 99.64
Cash & Equivalents 0.36 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of January 31, 2020)
Over $100B 55.52 61.91
$50B to $100B 13.66 14.18
$10B to $50B 24.40 19.21
$5B to $10B 4.48 4.00
$1B to $5B 1.58 0.70
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of January 31, 2020)
U.S. 99.64 99.63
Cash & Equivalents 0.36 -

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