Global Sector Views
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JFNIX
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Global Life Sciences Fund
Sector Experts Seeking Growth through Innovation in Health Care
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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 sub-sectors in an effort to achieve consistent outperformance of the benchmark and peers.
Why Invest in the Fund
- 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.
- Our dedicated team of analysts has 95 years 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.
- 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 sub-sectors of health care and diversified across market-cap segments and geographies.
Finding Growth in Health Care
Dedicated Sector Experts
Deep and Disciplined
Competitive Risk-Adjusted Performance
Risk-adjusted performance (alpha) compared to category average as of 6/30/19
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.
Portfolio Management
Featured Insights
Mid-Year Market GPS 2019
Which themes are shaping the 2019 investment landscape? Read the thinking of our investment teams in the Janus Henderson Mid-Year Market GPS.
Currents of Disruption: Targeted Therapies Improve Cancer Outcomes
Global Life Sciences Co-Portfolio Manager Ethan Lovell discusses how faster, more accurate diagnoses followed by targeted therapies are transforming the way we tackle cancer treatment, leading to better clinical outcomes while reducing inefficiency in health care delivery.
Performance
RETURNS
| Inception: Dec 31, 1998 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Global Life Sciences Fund – I Shares | -6.56% | 8.75% | -5.56% | 8.55% | 7.91% | 15.66% | 10.96% |
| MSCI World Health Care Index | -1.25% | 8.40% | -1.83% | 8.01% | 6.38% | 11.65% | 6.00% |
| S&P 500® Index | 1.70% | 20.55% | 4.25% | 13.39% | 10.84% | 13.24% | 6.37% |
| Inception: Dec 31, 1998 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Global Life Sciences Fund – I Shares | -6.56% | 8.75% | -5.56% | 8.55% | 7.91% | 15.66% | 10.96% |
| MSCI World Health Care Index | -1.25% | 8.40% | -1.83% | 8.01% | 6.38% | 11.65% | 6.00% |
| S&P 500® Index | 1.70% | 20.55% | 4.25% | 13.39% | 10.84% | 13.24% | 6.37% |
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 I 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.
View Fees and Expenses
Performance for Class I 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.
CALENDAR YEAR PERFORMANCE
RETURNS-BASED STATISTICS
(As of 08/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
|---|---|---|
| Information Ratio | 0.34 | 0.29 |
| Alpha | 1.06 | 0.99 |
| Tracking Error | 5.95 | 6.74 |
| Beta | 1.14 | 1.20 |
| R-Squared (%) | 85.58 | 84.89 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 122.70 | 124.42 |
| Down Capture Ratio | 116.56 | 116.86 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Global Life Sciences Fund | 15.02 | 16.15 |
| MSCI World Health Care Index | 12.19 | 12.44 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Global Life Sciences Fund | 0.57 | 0.47 |
| MSCI World Health Care Index | 0.54 | 0.45 |
ANNUAL FEES & EXPENSES(As of Fiscal Year End, 09/30/18) |
CLASS I SHARES |
|---|---|
| Management Fees | 0.64% |
| 12b-1 Fees | - |
| Other Expenses | 0.12% |
| Total Gross Expenses | 0.76% |
| Waivers | - |
| Total Net Expenses | 0.76% |
Characteristics
TOP HOLDINGS(As of 08/31/2019) |
% of Fund |
|---|---|
| Merck & Co Inc | 4.65 |
| Novartis AG (ADR) | 4.33 |
| Abbott Laboratories | 3.73 |
| AstraZeneca PLC | 3.22 |
| UnitedHealth Group Inc | 2.98 |
| Thermo Fisher Scientific Inc | 2.95 |
| Takeda Pharmaceutical Co Ltd | 2.60 |
| Humana Inc | 2.49 |
| Boston Scientific Corp | 2.48 |
| Anthem Inc | 2.48 |
| TOTAL | 31.91 |
PORTFOLIO CHARACTERISTICS(As of 08/31/19) |
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DEVELOPED VS. EMERGING MARKET(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| U.S. | 79.99 | 68.83 |
| Non-U.S. Developed | 19.71 | 31.17 |
| Cash & Equivalents | 0.30 | - |
SECTOR ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Health Care | 99.49 | 100.00 |
| US Industrials | 0.21 | - |
| Cash & Equivalents | 0.30 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 08/31/2019) |
% OF FUND | % OF INDEX |
|---|---|---|
| Over $100B | 30.59 | 46.99 |
| $50B to $100B | 20.76 | 23.13 |
| $10B to $50B | 16.89 | 25.23 |
| $5B to $10B | 9.24 | 4.24 |
| $1B to $5B | 13.02 | 0.27 |
| $500M to $1B | 2.32 | - |
| $250M to $500M | 0.78 | - |
| N/A | 5.89 | 0.14 |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| North America | 80.02 | 69.17 |
| Europe | 16.58 | 22.65 |
| Japan | 3.10 | 5.96 |
| Cash & Equivalents | 0.30 | - |
Commentary & Literature
2Q19 Portfolio Commentary Highlights
- Although health care stocks experienced heightened volatility, the sector still delivered gains thanks to organic product growth and positive clinical data.
- The Fund outperformed its primary benchmark, but underperformed its secondary benchmark.
- We believe the sector offers a number of long-term growth opportunities and that recent volatility has created attractive valuations for some stocks.