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JRANX

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Research Fund

Large-Cap Growth Utilizing Our Analysts' Best Ideas
NAV As of 06/19/19 $49.94

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Fund Facts

Details Performance (As of 06/19/19) Morningstar (As of 05/31/19)
05/03/93 Inception Date
$13.73B Total Net Assets (As of 05/31/19)
GROSS 0.58%
NET 0.58%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 05/31/19)
Fee Level Group
Large Cap Institutional
(out of 1154 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.67% 1 Day Return
23.16% YTD Return
Category
Large Growth
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 investing in the best ideas from each global research sector team, this U.S. large-cap growth fund seeks long-term growth of capital with volatility similar to its peers. Our analysts identify industry-leading companies with brand power, enduring business models and strong competitive positioning.

Why Invest in the Fund

    Managed by Sector Experts

  1. Our teams of dedicated sector specialists conduct independent, differentiated research to construct unique sector portfolios that are combined to form a diversified fund. This design allows investors to benefit directly from the insights and expertise of Janus Henderson’s equity research team.
  2. Pure Stock Picking Approach

  3. Each of our experienced global sector teams builds a high-conviction portfolio of their best ideas. All ideas and position sizes are debated and fully vetted before entry into the portfolio.
  4. Minimize the Macro

  5. The Fund’s disciplined investment process is designed to minimize macro risks by aligning sector allocations with the benchmark. This allows fundamental, bottom-up stock selection within each sector to be the primary driver of returns.

Portfolio Management

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 05/31/2019)
Inception: May 03, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
Research Fund – N Shares 16.79% 16.79% 12.18% 14.39% 11.71% 17.03% 11.19%
Russell 1000® Growth Index 16.10% 16.10% 12.75% 16.53% 13.50% 17.52% 9.48%
S&P 500® Index 13.65% 13.65% 9.50% 13.51% 10.91% 15.92% 9.59%
Inception: May 03, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
Research Fund – N Shares 1.49% 15.83% 6.90% 13.31% 10.91% 14.64% 11.08%
Russell 1000® Growth Index 0.70% 13.68% 5.39% 15.33% 12.33% 15.64% 9.33%
S&P 500® Index -0.67% 10.74% 3.78% 11.72% 9.66% 13.95% 9.41%
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 N Shares that includes periods prior to 5/31/12 reflects the performance of one or more share classes of the Fund or a predecessor fund.  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 (%) 36 61 49 23 8
Large Growth Category
Rank/Count
526/1427 870/1366 664/1314 241/1126 28/435
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 22 55 47 35 8
Large Growth Category
Rank/Count
337/1403 750/1337 623/1285 366/1115 26/428

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 1000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio -0.96 -0.68
Alpha -1.73 -1.24
Tracking Error 2.20 2.21
Beta 0.99 0.99
R-Squared (%) 97.20 97.06

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

3 YEAR 5 YEAR
Up Capture Ratio 92.23 93.56
Down Capture Ratio 100.66 99.91

STANDARD DEVIATION

3 YEAR 5 YEAR
Research Fund 13.14 12.86
Russell 1000® Growth Index 13.05 12.77

SHARPE RATIO

3 YEAR 5 YEAR
Research Fund 0.91 0.78
Russell 1000® Growth Index 1.08 0.90

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.56%
12b-1 Fees -
Other Expenses 0.02%
Total Gross Expenses 0.58%
Waivers 0.00%
Total Net Expenses 0.58%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

TOP HOLDINGS

(As of 05/31/2019)

% of Fund
Microsoft Corp 7.81
Alphabet Inc 6.91
Amazon.com Inc 6.28
Visa Inc 3.15
Apple Inc 2.96
Mastercard Inc 2.85
Adobe Inc 2.58
UnitedHealth Group Inc 2.26
Texas Instruments Inc 2.22
Altria Group Inc 1.83
TOTAL 38.85

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
84
545
Market Capitalization
Weighted Average
$281.26B
$285.70B
Portfolio Turnover Rate
(1-year trailing)
43.37%
-
Price/Earnings Ratio
(1-year forward)
27.99
26.21
Price/Book Ratio
(1-year forward)
7.56
8.56
Earnings Growth Rate
(1-year forward)
10.56%
9.15%

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND % OF INDEX
U.S. 100.01 99.39
Cash & Equivalents -0.01 -

RESEARCH SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Technology 37.19 37.16
Consumer 23.05 23.22
Industrials & Materials 13.61 13.61
Health Care 12.84 12.72
Financials 12.66 12.60
Energy & Utilities 0.66 0.69
Cash & Equivalents -0.01 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
Over $100B 50.13 51.27
$50B to $100B 14.41 15.66
$10B to $50B 28.05 26.58
$5B to $10B 5.14 5.02
$1B to $5B 2.28 1.47

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
North America 100.01 99.40
Cash & Equivalents -0.01 -

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.
  • The Fund outperformed its benchmarks during the period.
  • We are focused on finding companies that we think have secular tailwinds, capable management teams and other high-quality attributes that can help sustain revenue growth over the long term.

Read The Full Commentary