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JDMAX

)

Enterprise Fund

Moderate Mid-Cap Growth Equities
NAV As of 06/24/19 $133.41

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Fund Facts

Details Performance (As of 06/24/19) Morningstar (As of 05/31/19)
09/01/92 Inception Date
$19.97B Total Net Assets (As of 05/31/19)
GROSS 1.16%
NET 1.16%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 05/31/19)
Fee Level Group
Mid Cap Front Load
(out of 185 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.51% 1 Day Return
24.88% YTD Return @NAV
17.70% YTD Return @MOP
Category
Mid-Cap Growth
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542 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 rapid 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.

Enterprise Recap and Outlook

Portfolio Managers Brian Demain and Cody Wheaton provide an update on the current investment environment, portfolio performance and their outlook.

Enterprise Recap and Outlook | Janus Henderson Investors

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 experienced Portfolio Managers with expertise in mid-cap investing; in-depth fundamental research conducted by a dedicated team of experts exclusively focused on small-mid-cap companies; and the broader support of an insightful team of equity investment professionals.
  • Growth Potential with Tempered Volatility

  • The portfolio offers exposure to medium-size companies with resilient business models and is designed to weather a variety of market environments and take on moderately less risk than the index.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in Morningstar Mid-Cap Growth Category (595 funds) as of 3/31/19

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 05/31/2019)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 17.75% 17.75% 10.89% 16.81% 13.04% 18.39% 11.12%
Class A Shares @MOP 10.97% 10.97% 4.51% 14.52% 11.71% 17.69% 10.87%
Russell MidCap® Growth Index 19.62% 19.62% 11.51% 15.06% 10.89% 17.60% 10.30%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 1.16% 18.52% 9.00% 15.86% 13.24% 16.08% 11.07%
Class A Shares @MOP -4.66% 11.70% 2.73% 13.59% 11.90% 15.40% 10.82%
Russell MidCap® Growth Index -0.19% 17.81% 6.87% 13.88% 10.28% 15.29% 10.17%
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 03/31/2019)
(As of 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 32 22 6 6 35
Mid-Cap Growth Category
Rank/Count
214/623 138/595 31/562 26/502 45/127
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 20 20 7 9 32
Mid-Cap Growth Category
Rank/Count
131/611 130/583 37/549 53/500 44/132

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 05/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.74 1.10
Alpha 3.71 4.25
Tracking Error 3.26 3.06
Beta 0.88 0.88
R-Squared (%) 95.18 95.62

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

3 YEAR 5 YEAR
Up Capture Ratio 98.09 100.36
Down Capture Ratio 79.60 78.81

STANDARD DEVIATION

3 YEAR 5 YEAR
Enterprise Fund 12.59 12.22
Russell MidCap® Growth Index 14.01 13.62

SHARPE RATIO

3 YEAR 5 YEAR
Enterprise Fund 1.19 1.05
Russell MidCap® Growth Index 0.90 0.70

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS A SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.27%
Total Gross Expenses 1.16%
Waivers 0.00%
Total Net Expenses 1.16%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the Russell MidCap® Growth Index.

TOP HOLDINGS

(As of 05/31/2019)

% of Fund
Global Payments Inc 2.44
Nice Ltd (ADR) 2.18
Constellation Software Inc/Canada 2.16
Aon PLC 2.16
Cooper Cos Inc 2.05
TD Ameritrade Holding Corp 2.02
Boston Scientific Corp 1.99
CoStar Group Inc 1.97
Microchip Technology Inc 1.96
TE Connectivity Ltd 1.95
TOTAL 20.88

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
83
417
Market Capitalization
Weighted Average
$17.13B
$17.80B
Portfolio Turnover Rate
(1-year trailing)
11.82%
-
Price/Earnings Ratio
(1-year forward)
21.43
26.21
Price/Book Ratio
(1-year forward)
5.05
7.58
Earnings Growth Rate
(1-year forward)
10.16%
10.39%

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND % OF INDEX
U.S. 82.42 99.47
Non-U.S. Developed 10.62 0.42
Cash & Equivalents 6.96 -

SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Information Technology 31.89 32.76
Industrials 18.26 15.72
Health Care 16.02 14.20
Financials 11.55 6.80
Consumer Discretionary 7.79 16.23
Real Estate 3.40 2.40
Energy 1.49 1.36
Materials 1.37 3.43
Communication Services 1.27 4.04
Cash & Equivalents 6.96 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
$50B to $100B 5.58 0.97
$10B to $50B 53.16 71.35
$5B to $10B 28.04 21.46
$1B to $5B 6.05 6.22
N/A 0.21 -

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
North America 88.07 99.48
Africa/Mideast 2.17 -
Asia/Pacific Ex Japan 1.45 0.52
Europe 1.35 -
Cash & Equivalents 6.96 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • Stocks rebounded in the first quarter after the Federal Reserve indicated it would take a cautious approach to raising interest rates while inflation remained low.
  • The Fund underperformed its benchmark.
  • After a sharp market rebound, we are once again concerned about high valuations for pockets of the mid-cap market.

Read The Full Commentary