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

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

Buy/Trade

NAV
$83.95
As of 05/12/2025

1-Day Change
$3.26 (4.04%)
 As of 05/12/2025

YTD Return
-1.01%
As of 05/12/2025

Morningstar Rating

As of 04/30/2025

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
Joshua Cummings, CFA

Portfolio Manager | Research Analyst

Industry since 1996. Joined Firm in 2016.

John Jordan: Portfolio Manager | Research Analyst
John Jordan

Portfolio Manager | Research Analyst

Industry since 1997. Joined Firm in 2008.

Performance

RETURNS (%) (As of 03/31/2025)
Research Fund - D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - D Shares -9.50 -9.50 5.94 10.99 18.22 12.70 11.86
Russell 1000® Growth Index -9.97 -9.97 7.76 10.10 20.09 15.12 10.80
S&P 500® Index -4.27 -4.27 8.25 9.06 18.59 12.50 10.38
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.
RETURNS (%) (As of 04/30/2025)
Research Fund - D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/03/1993)
Research Fund - D Shares -9.27 -7.46 13.57 16.88 15.53 13.06 11.90
Russell 1000® Growth Index -10.15 -8.37 14.53 15.60 17.23 15.26 10.83
S&P 500® Index -7.50 -4.92 12.10 12.17 15.61 12.32 10.33
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 - D Shares Russell 1000® Growth Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Research Fund - D Shares 35.09 43.08 -29.96 20.39 32.79 35.40 -2.77 26.23 1.48 5.41
Russell 1000® Growth Index 33.36 42.68 -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67
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.

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.

Growth of a Hypothetical Investment

Research Fund - D Shares Russell 1000® Growth Index S&P 500® Index Large Growth
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 04/30/2025 Class D Shares)

RISK / REWARD
VS. Russell 1000 Growth TR Index		 3YR 5YR
Information Ratio 0.48 -0.51
Alpha 1.06 -1.18
Tracking Error 2.42 2.76
Beta 1.02 0.98
R-squared (%) 98.43 97.89
UP/DOWN MARKET CAPTURE (%)
Russell 1000 Growth TR Index		 3YR 5YR
Up Capture Ratio 105.56 94.57
Down Capture Ratio 101.16 99.60
STANDARD DEVIATION 3YR 5YR
Research Fund 19.41 19.31
Russell 1000 Growth TR Index 18.96 19.40
SHARPE RATIO 3YR 5YR
Research Fund 0.61 0.65
Russell 1000 Growth TR Index 0.56 0.73
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.53%
Other Expenses 0.14%
Total Gross Expenses 0.67%
Waivers 0.00%
Total Net Expenses 0.67%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 28, 2025. 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 03/31/2025)
% of Fund
NVIDIA Corp 11.43
Microsoft Corp 11.42
Apple Inc 7.38
Amazon.com Inc 6.88
Alphabet Inc 5.93
Meta Platforms Inc 5.62
Broadcom Inc 3.73
Eli Lilly & Co 3.09
Visa Inc 2.77
Mastercard Inc 2.25
TOTAL 60.50
View full holdings
Portfolio Characteristics (As of 03/31/2025)
  FUND INDEX
Number of Holdings
Equity Issues		 80 394
Market Capitalization
Weighted Average		 $1,275.54B $1,338.97B
Portfolio Turnover Rate
(1-year trailing)		 26.92% -
Price/Earnings Ratio
(1-year forward)		 24.94 24.98
Price/Book Ratio
 9.93 11.24
Earnings Growth Rate
(1-year forward)		 21.50% 17.91%
Research Sector Allocations % of Fund % of Index % of Fund % of Index As of 03/31/2025
Regional Allocation % of Fund % of Index % of Fund % of Index As of 03/31/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 03/31/2025
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 03/31/2025

Documents

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