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JPVNX

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Value Plus Income Fund

Value-Oriented Allocation Fund Designed to Deliver Monthly Income
NAV As of 12/14/18 $11.16

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
07/30/10 Inception Date
$56.11M Total Net Assets (As of 10/31/18)
GROSS 1.25%
NET 0.68%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Moderate Allocation Institutional
(out of 172 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
2.39% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 2.97%
Without Waivers 2.37%
Monthly Distribution Frequency
Performance (As of 12/14/18)
-0.80% 1 Day Return %
-2.19% YTD Return
Category
Allocation-50% to 70% Equity
ic_star ic_star ic_star ic_star
702 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

Value equity from Perkins and fundamental fixed income from Janus Henderson actively allocated in an effort to provide capital appreciation and current income while minimizing downside risk. Allocation decisions are based on overall market risk and careful examination of individual security valuations across equity and fixed income markets.

Why Invest in the Fund

    Joint Bottom-Up Approach

  1. The portfolio managers focus on minimizing downside risk using their own unique approaches to fundamental, bottom-up investing.
  2. Income and Equity

  3. Seeks to generate capital appreciation and current income from fundamental fixed income and high-quality equities.
  4. Active Asset Allocation

  5. Our portfolio managers make allocation decisions based on overall market risk and careful examination of individual security valuations across equity and fixed income markets.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Jul 30, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Value Plus Income Fund – N Shares 3.04% 2.93% 5.91% 8.46% 6.53% - 7.98%
Russell 1000® Value Index 5.70% 3.92% 9.45% 13.55% 10.72% 9.79% 12.91%
Bloomberg Barclays U.S. Aggregate Bond Index 0.02% -1.60% -1.22% 1.31% 2.16% 3.77% 2.55%
Value Income Index 2.28% 0.65% 3.01% 6.18% 5.64% 6.46% 6.77%
Inception: Jul 30, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Value Plus Income Fund – N Shares -2.22% 0.70% 1.18% 6.16% 5.37% - 7.54%
Russell 1000® Value Index -2.15% 1.48% 2.96% 9.82% 8.65% 12.46% 12.31%
Bloomberg Barclays U.S. Aggregate Bond Index -0.84% -1.79% -1.34% 1.33% 2.03% 3.67% 2.47%
Value Income Index -1.34% -0.39% 0.47% 4.77% 4.77% 7.38% 6.50%
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 8/4/17 reflects the performance of another share class of the 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 (%) 63 57 49 - 46
Allocation-50% to 70% Equity Category
Rank/Count
459/781 433/769 357/712 -/- 297/602
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 36 34 - 41
Allocation-50% to 70% Equity Category
Rank/Count
192/776 266/759 248/705 -/- 257/596

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® VALUE INDEX

3 YEAR 5 YEAR
Information Ratio -0.68 -0.65
Alpha 0.89 0.69
Tracking Error 4.50 4.78
Beta 0.55 0.55
R-Squared (%) 89.09 89.62

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

3 YEAR 5 YEAR
Up Capture Ratio 56.89 56.42
Down Capture Ratio 51.49 54.38

STANDARD DEVIATION

3 YEAR 5 YEAR
Value Plus Income Fund 5.40 5.75
Russell 1000® Value Index 9.23 9.85

SHARPE RATIO

3 YEAR 5 YEAR
Value Plus Income Fund 0.92 0.86
Russell 1000® Value Index 0.87 0.82

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS N SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.65%
Total Gross Expenses 1.25%
Waivers -0.57%
Total Net Expenses 0.68%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Fannie Mae Pool, 4.00%, 11/13/18 11.60
Johnson & Johnson 2.17
Oracle Corp 2.08
Pfizer Inc 1.76
Quest Diagnostics Inc 1.62
Wells Fargo & Co 1.52
Lamar Advertising Co 1.49
Merck & Co Inc 1.42
US Bancorp 1.41
Citigroup Inc 1.41
TOTAL 26.48

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

Number of Holdings - Equity Issues 59
Number of Holdings - Debt Issues 359
Market Capitalization
Weighted Average
$116.16B
Portfolio Turnover Rate
(1-year trailing)
128.46%
Price/Earnings Ratio
(1-year forward)
16.43
Price/Book Ratio
(1-year forward)
3.25
Earnings Growth Rate
(1-year forward)
17.78%
Weighted Average Maturity
(years)
7.01
Effective Duration
(years)
3.78

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND
U.S. 90.88
Non-U.S. Developed 10.88
Other 6.90
Non-U.S. Emerging 0.58
Cash & Equivalents -9.24

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND
Aaa 23.04
Aa 0.91
A 1.25
Baa 13.63
Ba 12.69
B 9.24
Caa 1.74
NOT RATED 1.13
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND
Equity 45.61
Financials 13.26
Health Care 9.08
Information Technology 4.27
Industrials 3.83
Energy 3.83
Real Estate 3.49
Consumer Staples 3.38
Materials 1.74
Utilities 1.73
Communication Services 1.00
Fixed Income 63.63
MBS 19.00
Credit-High Yield 17.03
Credit-Investment Grade 10.72
Futures 10.02
ABS 7.02
Bank Loans 6.80
CMO 1.09
Government Related 1.06
CMBS 0.76
Non-US Collateralized 0.18
Short Futures -10.05
Cash & Equivalents -9.24

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND
Over $100B 16.09
$50B to $100B 6.69
$10B to $50B 8.06
$5B to $10B 4.04
$1B to $5B 10.19
$500M to $1B 0.28
N/A 0.26

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND
< 1 yr 1.45
1 - 3 yrs 13.16
3 - 5 yrs 8.81
5 - 7 yrs 5.25
7 - 10 yrs 26.91
10 - 20 yrs 6.16
> 20 yrs 1.89

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND
North America 95.22
Other 6.90
Europe 4.74
Africa/Mideast 1.59
Asia/Pacific Ex Japan 0.79
Cash & Equivalents -9.24

Commentary & Literature