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JAMRX

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Research Fund

Large-Cap Growth Utilizing Our Analysts' Best Ideas
NAV As of 12/07/18 $47.03

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Fund Facts

Details Performance (As of 12/07/18) Morningstar (As of 11/30/18)
05/03/93 Inception Date
$13.40B Total Net Assets (As of 10/31/18)
GROSS 0.83%
NET 0.83%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
-2.93% 1 Day Return
1.31% 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. This 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 09/30/2018)
(As of 11/30/2018)
Inception: May 03, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
Research Fund – T Shares 9.49% 15.77% 23.74% 16.49% 14.74% 13.27% 11.51%
Russell 1000® Growth Index 9.17% 17.09% 26.30% 20.55% 16.58% 14.31% 9.78%
S&P 500® Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 9.86%
Inception: May 03, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
Research Fund – T Shares -7.63% 6.16% 6.82% 10.16% 11.04% 16.28% 11.06%
Russell 1000® Growth Index -7.46% 7.75% 8.59% 13.97% 13.04% 16.54% 9.36%
S&P 500® Index -4.40% 5.11% 6.27% 12.16% 11.12% 14.32% 9.57%
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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 47 68 44 38 9
Large Growth Category
Rank/Count
691/1475 997/1404 611/1354 432/1166 39/439
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 59 75 50 26 9
Large Growth Category
Rank/Count
856/1451 1069/1387 691/1336 274/1144 41/434

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 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. RUSSELL 1000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio -1.65 -0.80
Alpha -3.15 -1.43
Tracking Error 2.20 2.17
Beta 1.00 0.99
R-Squared (%) 96.15 96.35

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

3 YEAR 5 YEAR
Up Capture Ratio 87.46 92.68
Down Capture Ratio 108.33 100.71

STANDARD DEVIATION

3 YEAR 5 YEAR
Research Fund 11.20 11.34
Russell 1000® Growth Index 11.04 11.21

SHARPE RATIO

3 YEAR 5 YEAR
Research Fund 0.82 0.99
Russell 1000® Growth Index 1.16 1.15

ANNUAL FEES & EXPENSES

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

CLASS T SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.28%
Total Gross Expenses 0.83%
Waivers 0.00%
Total Net Expenses 0.83%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Alphabet Inc 6.57
Amazon.com Inc 5.68
Apple Inc 4.86
Microsoft Corp 4.48
Visa Inc 2.76
Altria Group Inc 2.38
Mastercard Inc 2.30
Coca-Cola Co 2.15
Adobe Inc 2.08
Texas Instruments Inc 2.04
TOTAL 35.30

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Equity Issues
85
545
Market Capitalization
Weighted Average
$249.76B
$293.12B
Portfolio Turnover Rate
(1-year trailing)
43.44%
-
Price/Earnings Ratio
(1-year forward)
23.56
22.41
Price/Book Ratio
(1-year forward)
8.31
9.82
Earnings Growth Rate
(1-year forward)
22.33%
25.56%

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 99.65 99.43
Cash & Equivalents 0.35 -

RESEARCH SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
Technology 36.65 37.27
Consumer 22.79 22.61
Industrials & Materials 13.95 14.09
Health Care 13.75 13.65
Financials 11.60 11.53
Energy & Utilities 0.91 0.85
Cash & Equivalents 0.35 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND % OF INDEX
Over $100B 46.53 52.74
$50B to $100B 15.71 15.10
$10B to $50B 27.44 25.11
$5B to $10B 9.14 5.61
$1B to $5B 0.83 1.44

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 99.65 99.44
Cash & Equivalents 0.35 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • U.S. stocks delivered strong gains during the period.
  • The Fund outperformed its benchmark.
  • While the equity market’s performance has been uneven lately, we think positive growth drivers exist throughout the economy.

Read The Full Commentary