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JAENX

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Enterprise Fund

Moderate Mid-Cap Growth Equities
NAV As of 08/20/19 $137.10

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Fund Facts

Details Performance (As of 08/20/19) Morningstar (As of 07/31/19)
09/01/92 Inception Date
$21.62B Total Net Assets (As of 07/31/19)
GROSS 0.91%
NET 0.91%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Mid Cap No Load
(out of 300 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
-0.46% 1 Day Return
25.91% YTD Return
Category
Mid-Cap Growth
ic_star ic_star ic_star ic_star ic_star
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 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.

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.

Enterprise Recap and Outlook

Portfolio Managers Brian Demain and Cody Wheaton share their views on portfolio performance, the current market dynamics and their outlook.

Enterprise Recap and Outlook | Janus Henderson Investors

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in Morningstar Mid-Cap Growth Category (580 funds) as of 6/30/19

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Enterprise Fund – T Shares 7.16% 26.24% 16.63% 18.73% 14.24% 17.14% 11.40%
Russell MidCap® Growth Index 5.40% 26.08% 13.94% 16.49% 11.10% 16.02% 10.42%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Enterprise Fund – T Shares 4.57% 28.40% 14.95% 17.66% 15.16% 16.36% 11.44%
Russell MidCap® Growth Index 3.22% 29.03% 14.15% 15.51% 12.30% 15.41% 10.48%
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

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 15 17 5 7 29
Mid-Cap Growth Category
Rank/Count
94/609 118/580 30/550 33/504 39/132
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 21 19 5 8 29
Mid-Cap Growth Category
Rank/Count
152/609 125/579 29/549 43/504 40/132

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.70 0.98
Alpha 3.82 4.14
Tracking Error 3.28 3.09
Beta 0.87 0.88
R-Squared (%) 95.35 95.64

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

3 YEAR 5 YEAR
Up Capture Ratio 97.09 99.44
Down Capture Ratio 78.34 78.84

STANDARD DEVIATION

3 YEAR 5 YEAR
Enterprise Fund 12.76 12.32
Russell MidCap® Growth Index 14.25 13.76

SHARPE RATIO

3 YEAR 5 YEAR
Enterprise Fund 1.29 1.17
Russell MidCap® Growth Index 0.99 0.83

ANNUAL FEES & EXPENSES

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

CLASS T SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.27%
Total Gross Expenses 0.91%
Waivers 0.00%
Total Net Expenses 0.91%
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 07/31/2019)

% of Fund
Global Payments Inc 2.31
Constellation Software Inc/Canada 2.20
Nice Ltd (ADR) 2.20
CoStar Group Inc 2.15
Cooper Cos Inc 2.14
Microchip Technology Inc 2.14
Aon PLC 2.09
Boston Scientific Corp 2.03
TE Connectivity Ltd 1.97
WEX Inc 1.95
TOTAL 21.18

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
81
399
Market Capitalization
Weighted Average
$18.42B
$18.17B
Portfolio Turnover Rate
(1-year trailing)
11.12%
-
Price/Earnings Ratio
(1-year forward)
24.23
30.01
Price/Book Ratio
(1-year forward)
5.19
9.28
Earnings Growth Rate
(1-year forward)
9.66%
12.37%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 82.71 98.27
Non-U.S. Developed 10.57 1.08
Cash & Equivalents 6.72 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Information Technology 31.90 33.38
Industrials 18.78 16.74
Health Care 16.07 15.02
Financials 11.39 4.46
Consumer Discretionary 7.75 15.20
Real Estate 3.23 2.76
Energy 1.68 1.28
Materials 1.26 2.83
Communication Services 1.22 5.13
Cash & Equivalents 6.72 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
$50B to $100B 5.38 1.95
$10B to $50B 55.13 71.45
$5B to $10B 28.64 23.93
$1B to $5B 3.97 2.66
N/A 0.16 -

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 88.49 98.27
Africa/Mideast 2.19 -
Europe 1.38 0.60
Asia/Pacific Ex Japan 1.22 1.13
Cash & Equivalents 6.72 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Stocks gained ground in the second quarter, but were volatile.
  • The Fund outperformed its benchmark.
  • We remain concerned about high valuations for pockets of the mid-cap market.

Read The Full Commentary