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JACTX

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Forty Fund

High-Conviction Large-Cap Growth Equities

NAV As of 12/14/18 $32.07

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Fund Facts

Details	Performance (As of 12/14/18)	Morningstar (As of 11/30/18)
05/01/97 Inception Date $12.02B Total Net Assets (As of 11/30/18) GROSS 0.93% NET 0.91% Annual Expense Ratio (As of fiscal year end 09/30/17) View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.	-2.02% 1 Day Return 3.72% YTD Return	Category Large Growth 1253 Funds Rated Overall Rating (Based on risk-adjusted returns) View all ratings * 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 The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Ratings may vary by share class. Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the rating/ranking. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. The Morningstar Equity Style Box™ reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). The Morningstar Fixed-Income Style Box™ reveals a fund's investment style as of the date noted. For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit https://www.sec.gov/ocr/ratingagency.html. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself a NRSRO nor does it issue a credit rating on the fund. A NRSRO or rating agency ratings can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key unequally weighted pillars, which are process, performance, people, parent and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, but the assessment of each pillar and how they are combined is driven by the analyst’s overall assessment and overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A “Bronze” rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a “Neutral” rating isn't seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one, if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Overview

Client Commitment

Concentrated large-cap growth fund, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess returns over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.

Why Invest in the Portfolio

High-Conviction Approach

Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies

Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return

Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

High-Conviction Active Approach Delivered Solid Returns Over the Long Term

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 9/30/18

Past performance is no guarantee of future results.

Portfolio Management

Doug Rao

Portfolio Manager

Nick Schommer, CFA

Portfolio Manager

Featured Insights

Performance

Inception: May 01, 1997	3M	YTD	1YR	3YR	5YR	10YR	Since Inception
Forty Fund – T Shares	7.22%	18.69%	23.96%	19.07%	16.19%	12.48%	11.62%
Russell 1000® Growth Index	9.17%	17.09%	26.30%	20.55%	16.58%	14.31%	8.18%
S&P 500® Index	7.71%	10.56%	17.91%	17.31%	13.95%	11.97%	8.25%

Inception: May 01, 1997	3M	YTD	1YR	3YR	5YR	10YR	Since Inception
Forty Fund – T Shares	-7.77%	8.99%	8.76%	12.34%	12.66%	15.16%	11.08%
Russell 1000® Growth Index	-7.46%	7.75%	8.59%	13.97%	13.04%	16.54%	7.70%
S&P 500® Index	-4.40%	5.11%	6.27%	12.16%	11.12%	14.32%	7.93%

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
Performance for Class T 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

QUARTER END
MONTH END

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking (%)	45	36	21	48	4
Large Growth Category Rank/Count	665/1475	476/1404	258/1354	583/1166	20/632

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking (%)	36	41	23	43	5
Large Growth Category Rank/Count	532/1451	543/1387	268/1336	497/1144	22/622

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 11/30/18 CLASS I SHARES)

RISK / REWARD VS. RUSSELL 1000® GROWTH INDEX	3 YEAR	5 YEAR
Information Ratio	-0.38	-0.05
Alpha	-1.78	-0.85
Tracking Error	3.67	3.82
Beta	1.05	1.06
R-Squared (%)	91.05	90.97

UP AND DOWN MARKET CAPTURE (%) VS. RUSSELL 1000® GROWTH INDEX	3 YEAR	5 YEAR
Up Capture Ratio	98.19	102.51
Down Capture Ratio	109.51	106.61

STANDARD DEVIATION	3 YEAR	5 YEAR
Forty Fund	12.12	12.47
Russell 1000® Growth Index	11.02	11.18

SHARPE RATIO	3 YEAR	5 YEAR
Forty Fund	0.96	0.98
Russell 1000® Growth Index	1.18	1.12

ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/17)	CLASS T SHARES
Management Fees	0.53%
12b-1 Fees	-
Other Expenses	0.40%
Total Gross Expenses	0.93%
Waivers	-0.02%
Total Net Expenses	0.91%

Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the Russell 1000® Growth Index.

TOP HOLDINGS (As of 11/30/2018)	% of Fund
Alphabet Inc	6.84
Microsoft Corp	6.36
Mastercard Inc	6.06
Amazon.com Inc	5.04
salesforce.com Inc	4.70
TOTAL	29.00

View Full Holdings

PORTFOLIO CHARACTERISTICS (As of 11/30/18)	FUND	INDEX
Number of Holdings Equity Issues	40	544
Market Capitalization Weighted Average	$258.23B	$272.42B
Portfolio Turnover Rate (1-year trailing)	42.68%	-
Price/Earnings Ratio (1-year forward)	27.29	22.47
Price/Book Ratio (1-year forward)	8.61	8.25
Earnings Growth Rate (1-year forward)	27.10%	23.50%

DEVELOPED VS. EMERGING MARKET (As of 11/30/18)	% OF FUND	% OF INDEX
U.S.	93.00	99.46
Non-U.S. Developed	2.54	0.50
Non-U.S. Emerging	1.78	0.04
Cash & Equivalents	2.68	-

SECTOR ALLOCATION (As of 11/30/18)	% OF FUND	% OF INDEX
Information Technology	33.20	31.56
Health Care	18.24	14.35
Consumer Discretionary	11.19	15.08
Communication Services	10.33	11.59
Financials	8.15	4.45
Industrials	8.00	12.09
Materials	5.07	1.82
Real Estate	3.14	2.25
Cash & Equivalents	2.68	-

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS (As of 11/30/2018)	% OF FUND	% OF INDEX
Over $100B	53.00	52.01
$50B to $100B	24.96	14.88
$10B to $50B	18.71	26.13
$5B to $10B	0.65	5.45

REGIONAL ALLOCATION (As of 11/30/18)	% OF FUND	% OF INDEX
North America	93.00	99.46
Europe	2.54	0.44
Asia/Pacific Ex Japan	1.13	0.08
Latin America	0.65	0.02
Cash & Equivalents	2.68	-

Commentary & Literature

3Q18 Portfolio Commentary Highlights

U.S. stocks delivered strong gains during the period.
The portfolio underperformed its benchmark.
We like how our portfolio is positioned, and believe many of our holdings underpin the most powerful secular growth themes in today’s economy.

Read The Full Commentary

JACTX

Forty Fund

High-Conviction Large-Cap Growth Equities

Jump to a section

Fund Facts

Overview

Client Commitment

Why Invest in the Portfolio

High-Conviction Approach

Innovative Wide-Moat Companies

Stock Selection Drives Return

High-Conviction Active Approach Delivered Solid Returns Over the Long Term

Forty Fund (Class I Shares) vs. Morningstar Large Growth Peers as of 9/30/18

Portfolio Management

Doug Rao

Nick Schommer, CFA

Featured Insights

Electric Vehicles: Driving the Route to Continued Semiconductor Growth

Performance

RETURNS

MORNINGSTAR PERCENTILE

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS

RISK / REWARD VS. RUSSELL 1000® GROWTH INDEX

UP AND DOWN MARKET CAPTURE (%) VS. RUSSELL 1000® GROWTH INDEX

STANDARD DEVIATION

SHARPE RATIO

ANNUAL FEES & EXPENSES

Characteristics

TOP HOLDINGS

PORTFOLIO CHARACTERISTICS

DEVELOPED VS. EMERGING MARKET

SECTOR ALLOCATION

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

REGIONAL ALLOCATION

Commentary & Literature

3Q18 Portfolio Commentary Highlights

Literature

RISK / REWARD
VS. RUSSELL 1000® GROWTH INDEX

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 1000® GROWTH INDEX