Research Fund - Janus Henderson Investors

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.

View Our Insights

Fund Details

Inception Date	May 3, 1993
Total Net Assets (As of 02/28/2023)	$14.97B
Gross Annual Expense Ratio (As of fiscal year end 09/30/2022)	0.64%
Net Annual Expense Ratio (As of fiscal year end 09/30/2022)	0.64%
Expense Estimator

Morningstar Data

(As of 02/28/2023)

	View All Ratings
Category	Large Growth
Morningstar Fee Level Group	Large Cap No Load (out of 773 funds)
View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Risk Tolerance Spectrum

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change.

PORTFOLIO MANAGEMENT

Janus Henderson Central Research Team

The Janus Henderson Central Research Team is overseen by the Portfolio Oversight Team, headed by Director of Research, Matt Peron.

Performance

RETURNS (%) (As of 12/31/2022)

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	5.20	-29.96	-29.96	3.84	8.07	11.87	10.71
Russell 1000® Growth Index	2.20	-29.14	-29.14	7.79	10.96	14.10	9.65
S&P 500® Index	7.56	-18.11	-18.11	7.66	9.42	12.56	9.67

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.

View Fees and Expenses

Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

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

RETURNS (%) (As of 02/28/2023)

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	-0.63	6.53	-14.96	7.63	8.87	11.96	10.88
Russell 1000® Growth Index	-1.15	7.05	-13.34	12.06	11.54	14.26	9.85
S&P 500® Index	-2.28	3.69	-7.69	12.15	9.82	12.25	9.75

View Fees and Expenses

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

Calendar Year Returns (%)

Research Fund - Class D Shares Russell 1000® Growth Index

	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Research Fund - Class D Shares	-29.96	20.39	32.79	35.40	-2.77	26.23	1.48	5.41	14.07	35.20
Russell 1000® Growth Index	-29.14	27.60	38.49	36.39	-1.51	30.21	7.08	5.67	13.05	33.48

GROWTH OF A HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 02/28/2023 Class I Shares)

RISK / REWARD VS. Russell 1000® Growth Index	3YR	5YR
Information Ratio	-1.45	-0.96
Alpha	-3.82	-2.24
Tracking Error	3.03	2.74
Beta	0.99	0.99
R-squared (%)	98.38	98.29

UP/DOWN MARKET CAPTURE (%) VS. Russell 1000® Growth Index	3YR	5YR
Up Capture Ratio	90.05	92.46
Down Capture Ratio	101.82	100.35

STANDARD DEVIATION	3YR	5YR
Research Fund	23.74	20.88
Russell 1000® Growth Index	23.77	20.91

SHARPE RATIO	3YR	5YR
Research Fund	0.29	0.36
Russell 1000® Growth Index	0.47	0.49

ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)

CLASS D SHARES
Management Fees	0.50%
Other Expenses	0.14%
Total Gross Expenses	0.64%
Waivers	0.00%
Total Net Expenses	0.64%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. 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 02/28/2023)

	% of Fund
Microsoft Corp	10.79
Apple Inc	7.10
Alphabet Inc	5.23
NVIDIA Corp	4.73
Amazon.com Inc	4.69
Mastercard Inc	2.82
Visa Inc	2.71
Booking Holdings Inc	2.56
United Parcel Service Inc	2.51
UnitedHealth Group Inc	2.47
Total	45.61
View full holdings

Portfolio Characteristics (As of 02/28/2023)

	FUND	INDEX
Number of Holdings Equity Issues	80	512
Market Capitalization Weighted Average	$572.25B	$669.56B
Portfolio Turnover Rate (1-year trailing)	30.14%	-
Price/Earnings Ratio (1-year forward)	22.74	22.43
Price/Book Ratio	7.22	8.77
Earnings Growth Rate (1-year forward)	31.65%	29.09%

Asset Allocation:

Research Sector Allocations	% OF FUND	% of Index	% OF FUND	% of Index	(As of February 28, 2023)

Regional Allocation	% OF FUND	% of Index	% OF FUND	% of Index	(As of February 28, 2023)

Market Capitalization Range of Equity Holdings	% OF FUND	% of Index	% OF FUND	% of Index	(As of 02/28/2023)

Developed vs Emerging Markets	% OF FUND	% of Index	% OF FUND	% of Index	(As of February 28, 2023)

Investment options

Filter by

View

Explore insights

Market GPS

Market GPS

Tax and Estate

Life Events

Retirement Planning

College Saving

Manage Your Investments

Information About

Investing Basics

About Janus Henderson Investors

Our people

Environmental, Social and Governance (ESG)

Diversity, Equity and Inclusion

JNRFX Research Fund