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JFNCX

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Global Life Sciences Fund

Sector Experts Seeking Growth through Innovation in Health Care
NAV As of 12/14/18 $53.93

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
12/31/98 Inception Date
$3.91B Total Net Assets (As of 11/30/18)
GROSS 1.80%
NET 1.80%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Specialty Level Load
(out of 253 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-2.07% 1 Day Return
7.07% YTD Return @NAV
6.07% YTD Return @CDSC
Category
Health
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

This global health care fund seeks consistent returns by investing in companies addressing unmet medical needs or making the health care system more efficient. We balance the portfolio across pharmaceuticals, biotechnology and services/devices subsectors in an effort to achieve consistent outperformance of the benchmark and peers.

Why Invest in the Fund

    Finding Growth in Health Care

  1. The long-term drivers of growth in the health care sector include rapidly accelerating innovation addressing unmet medical needs, powerful global demographic trends and the globalization of health care. Within this environment, the Fund seeks to invest in growth companies that are addressing unmet medical needs or making the health care system more efficient and cost-effective.
  2. Dedicated Sector Experts

  3. Our dedicated team of analysts has more than a century of combined experience investing in health care companies. In this complex and rapidly growing sector, we believe it is critical to have an experienced team that seeks to understand both the science and the business of the companies in which they invest.
  4. Deep and Disciplined

  5. We believe the combination of deep fundamental research and disciplined portfolio construction will lead to consistently strong results relative to both the health care sector and the broader equity market. The Fund is balanced across the subsectors of health care and diversified across market-cap segments and geographies.
Essentials: Global Life Sciences Fund | Janus Henderson Investors

Essentials: Global Life Sciences Fund

Learn why we believe it is important to understand both the science and the business in healthcare.

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Competitive Risk-Adjusted Performance

Risk-adjusted performance (alpha) compared to category average as of 9/30/18

Past performance is no guarantee of future results.
Alpha compares risk-adjusted performance of the Fund and Morningstar Peer Group to the MSCI World Health Care Index. Positive alpha means outperformance on a risk-adjusted basis.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 9.85% 19.34% 16.71% 9.59% 14.68% 14.89% 10.92%
Class C Shares @CDSC 8.85% 18.34% 15.71% 9.59% 14.68% 14.89% 10.92%
MSCI World Health Care Index 11.50% 13.19% 14.17% 10.57% 11.62% 11.70% 6.42%
S&P 500® Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 6.47%
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -4.02% 13.64% 14.06% 6.22% 12.21% 17.38% 10.55%
Class C Shares @CDSC -4.98% 12.64% 13.06% 6.22% 12.21% 17.38% 10.55%
MSCI World Health Care Index 0.51% 11.51% 11.44% 8.12% 9.62% 13.64% 6.28%
S&P 500® Index -4.40% 5.11% 6.27% 12.16% 11.12% 14.32% 6.15%
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class C 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 (%) 58 73 50 48 46
Health Category
Rank/Count
73/141 91/135 64/129 55/119 24/58
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 37 66 46 43 47
Health Category
Rank/Count
49/143 87/138 56/132 51/121 25/59

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. MSCI WORLD HEALTH CARE INDEX

3 YEAR 5 YEAR
Information Ratio -0.12 0.47
Alpha -1.95 1.94
Tracking Error 6.58 7.86
Beta 1.20 1.21
R-Squared (%) 84.06 77.77

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI WORLD HEALTH CARE INDEX

3 YEAR 5 YEAR
Up Capture Ratio 113.98 131.95
Down Capture Ratio 125.05 120.02

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Life Sciences Fund 15.37 15.88
MSCI World Health Care Index 11.73 11.61

SHARPE RATIO

3 YEAR 5 YEAR
Global Life Sciences Fund 0.41 0.80
MSCI World Health Care Index 0.61 0.78

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.64%
12b-1 Fees 1.00%
Other Expenses 0.16%
Total Gross Expenses 1.80%
Waivers -
Total Net Expenses 1.80%

Characteristics

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Merck & Co Inc 4.32
Eli Lilly & Co 3.19
Novartis AG (ADR) 3.11
AstraZeneca PLC 3.03
Abbott Laboratories 2.67
Humana Inc 2.62
Sanofi 2.61
Shire PLC (ADR) 2.59
UnitedHealth Group Inc 2.56
Anthem Inc 2.51
TOTAL 29.21

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
93
137
Market Capitalization
Weighted Average
$76.64B
$130.51B
Portfolio Turnover Rate
(1-year trailing)
45.77%
-
Price/Earnings Ratio
(1-year forward)
19.60
20.19
Price/Book Ratio
(1-year forward)
6.05
5.50
Earnings Growth Rate
(1-year forward)
14.81%
14.12%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 77.93 70.44
Non-U.S. Developed 20.54 29.56
Cash & Equivalents 1.53 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Health Care 98.22 100.00
US Industrials 0.25 -
Cash & Equivalents 1.53 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 28.52 50.89
$50B to $100B 19.79 21.44
$10B to $50B 19.51 24.02
$5B to $10B 8.17 3.28
$1B to $5B 17.62 0.28
$500M to $1B 1.78 -
$250M to $500M 0.23 -
N/A 2.60 0.09

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 78.25 70.78
Europe 17.98 22.02
Japan 2.24 5.10
Cash & Equivalents 1.53 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • Globally, health care stocks outperformed the broad market, thanks to regulatory relief and strong company fundamentals
  • During the quarter, the Fund underperformed its primary benchmark but outperformed its secondary benchmark.
  • Health care continues to see rapid innovation, with new product launches creating long-term growth potential for the sector, in our opinion.

Read The Full Commentary