(

JDMAX

)

Enterprise Fund

Moderate Mid-Cap Growth Equities
NAV As of 12/14/18 $115.88

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
09/01/92 Inception Date
$17.83B Total Net Assets (As of 10/31/18)
GROSS 1.18%
NET 1.18%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Mid Cap Front Load
(out of 191 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-1.35% 1 Day Return
0.70% YTD Return @NAV
-5.09% YTD Return @MOP
Category
Mid-Cap Growth
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537 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
bronze Analyst Rating
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

By taking a moderate approach to an asset class with potential for fast growth, this mid-cap growth fund has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies exhibiting sustainable and durable growth.

Why Invest in the Fund

    “Smart Growth” Approach

  • The Fund’s investment approach focuses on long duration, sustainable growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.
  • Deep, Specialized Team

  • The Fund benefits from in-depth fundamental research, supported by a broad team of analysts, a team of small-mid-cap specialists, and a portfolio management team with experience in the mid-cap space.
  • Growth Potential with Tempered Volatility

  • Offering exposure to medium-sized companies with resilient business models, this equity fund is designed to weather a variety of market environments and take on moderately less risk than the index.

3Q18 Recap and Outlook

In this quarterly update, Portfolio Managers Brian Demain and Cody Wheaton share their thoughts on the current investment environment, mid-cap valuations, portfolio performance, and their outlook.

Brian Demain, CFA | Mid-Cap Growth Quarterly Update | Janus Henderson

Top Decile Risk-Adjusted Performance with Bottom Decile Volatility

3 Year Risk/Reward Rankings in Morningstar Mid-Cap Growth Category (585 funds) as of 9/30/18

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 6.98% 14.45% 20.64% 19.07% 14.91% 13.52% 11.27%
Class A Shares @MOP 0.83% 7.87% 13.71% 16.74% 13.56% 12.85% 11.02%
Russell MidCap® Growth Index 7.57% 13.38% 21.10% 16.65% 13.00% 13.46% 10.49%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV -6.24% 7.63% 7.77% 13.84% 12.42% 17.30% 10.94%
Class A Shares @MOP -11.64% 1.44% 1.57% 11.61% 11.10% 16.60% 10.69%
Russell MidCap® Growth Index -8.00% 4.75% 5.32% 11.24% 10.17% 16.64% 10.08%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class A Shares that includes periods prior to 7/6/09 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 concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 47 14 6 15 35
Mid-Cap Growth Category
Rank/Count
303/616 91/585 32/555 86/498 44/127
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 24 11 5 9 34
Mid-Cap Growth Category
Rank/Count
148/613 65/587 26/562 44/502 44/128

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 1.16 0.93
Alpha 4.20 3.82
Tracking Error 2.97 3.02
Beta 0.89 0.87
R-Squared (%) 93.78 93.91

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Up Capture Ratio 106.19 100.54
Down Capture Ratio 80.97 79.18

STANDARD DEVIATION

3 YEAR 5 YEAR
Enterprise Fund 10.84 10.55
Russell MidCap® Growth Index 11.74 11.74

SHARPE RATIO

3 YEAR 5 YEAR
Enterprise Fund 1.20 1.17
Russell MidCap® Growth Index 0.81 0.81

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS A SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.29%
Total Gross Expenses 1.18%
Waivers 0.00%
Total Net Expenses 1.18%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the Russell MidCap® Growth Index.

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
TD Ameritrade Holding Corp 2.22
Boston Scientific Corp 2.10
Aon PLC 2.09
Cooper Cos Inc 1.99
Sensata Technologies Holding PLC 1.97
TE Connectivity Ltd 1.95
Constellation Software Inc/Canada 1.93
WEX Inc 1.91
PerkinElmer Inc 1.90
SS&C Technologies Holdings Inc 1.86
TOTAL 19.92

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
85
416
Market Capitalization
Weighted Average
$14.72B
$15.35B
Portfolio Turnover Rate
(1-year trailing)
11.76%
-
Price/Earnings Ratio
(1-year forward)
22.00
23.77
Price/Book Ratio
(1-year forward)
4.72
8.15
Earnings Growth Rate
(1-year forward)
22.33%
27.39%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 81.51 99.66
Non-U.S. Developed 10.84 0.25
Cash & Equivalents 7.65 -

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Information Technology 31.10 30.92
Industrials 18.65 16.09
Health Care 17.23 14.58
Financials 10.49 6.74
Consumer Discretionary 8.60 16.84
Real Estate 3.37 2.17
Communication Services 1.32 4.26
Materials 1.23 3.55
Energy 0.36 1.69
Cash & Equivalents 7.65 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
$50B to $100B 3.77 0.05
$10B to $50B 43.61 68.35
$5B to $10B 37.50 25.22
$1B to $5B 7.23 6.38
N/A 0.24 -

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 86.94 99.66
Europe 2.16 -
Africa/Mideast 1.84 -
Asia/Pacific Ex Japan 1.41 0.34
Cash & Equivalents 7.65 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • Mid-cap stocks were up sharply during the quarter.
  • Our portfolio underperformed the benchmark during the quarter. Stock selection in the technology sector – where we’ve avoided select companies that trade at high valuation – detracted from relative performance.
  • Our biggest concern today is the abandonment of valuation discipline in certain pockets of the market.

Read The Full Commentary