For Individual Investors in the US

JNPSX Small Cap Value Fund

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

NAV
$21.06
As of 03/23/2023

1-Day Change
-$0.18 (-0.85%)
 As of 03/23/2023

YTD Return
-3.75%
As of 03/23/2023

Morningstar Analyst Rating
Silver Morningstar Analyst Rating
As of 02/28/2023

Buy/Trade
Closed to new investors.

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

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

PORTFOLIO MANAGEMENT

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager, Team Leader

Industry since 2000. Joined Firm in 2004.

Craig Kempler, CFA

Craig Kempler, CFA

Portfolio Manager

Industry since 2001. Joined Firm in 2005.

Performance

RETURNS (%) (As of 12/31/2022)
Small Cap Value Fund - Class D Shares Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/21/1987)
Small Cap Value Fund - Class D Shares 10.99 -9.83 -9.83 1.04 2.48 8.14 N/A
Russell 2000® Value Index 8.42 -14.48 -14.48 4.70 4.13 8.48 N/A
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.

RETURNS (%) (As of 02/28/2023)
Small Cap Value Fund - Class D Shares Russell 2000® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(10/21/1987)
Small Cap Value Fund - Class D Shares -0.01 6.63 0.61 9.48 4.67 8.11 N/A
Russell 2000® Value Index 0.00 7.02 -4.40 12.87 6.38 8.46 N/A
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.

Calendar Year Returns (%)
Small Cap Value Fund - Class D Shares Russell 2000® Value Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Small Cap Value Fund - Class D Shares -9.83 22.67 -6.74 26.09 -13.08 12.72 26.42 -2.57 7.37 29.77
Russell 2000® Value Index -14.48 28.27 4.63 22.39 -12.86 7.84 31.74 -7.47 4.22 34.52

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

RISK / REWARD
VS. Russell 2000® Value Index		 3YR 5YR
Information Ratio -0.45 -0.26
Alpha -1.41 -0.91
Tracking Error 7.53 6.57
Beta 0.84 0.84
R-squared (%) 93.38 93.73
UP/DOWN MARKET CAPTURE (%)
VS. Russell 2000® Value Index		 3YR 5YR
Up Capture Ratio 79.92 81.74
Down Capture Ratio 87.94 87.99
STANDARD DEVIATION 3YR 5YR
Small Cap Value Fund 23.52 21.27
Russell 2000® Value Index 27.20 24.45
SHARPE RATIO 3YR 5YR
Small Cap Value Fund 0.37 0.16
Russell 2000® Value Index 0.44 0.21
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS D SHARES
Management Fees 0.58%
Other Expenses 0.17%
Total Gross Expenses 0.75%
Waivers 0.00%
Total Net Expenses 0.75%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell 2000® Value Index.

Top Holdings (As of 02/28/2023)
% of Fund
ChampionX Corp 2.63
Ameris Bancorp 2.51
Hillenbrand Inc 2.27
Chord Energy Corp 2.25
First Interstate BancSystem Inc 2.23
STAG Industrial Inc 2.21
Black Hills Corp 2.09
Commercial Metals Co 2.08
Insight Enterprises Inc 1.78
Boyd Group Services Inc 1.75
Total 21.80
View full holdings
Portfolio Characteristics (As of 02/28/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 88 1368
Market Capitalization
Weighted Average		 $3.44B $2.27B
Portfolio Turnover Rate
(1-year trailing)		 48.16% -
Price/Earnings Ratio
(1-year forward)		 12.62 11.72
Price/Book Ratio
 1.84 1.34
Earnings Growth Rate
(1-year forward)		 8.98% 12.96%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)
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)

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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The value of small caps for the road ahead

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Emergent Issues Steering A Volatile Market

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