2015 Lipper Award

Janus Contrarian Fund (JSVAX)

Investing Opportunistically in Non-Consensus Equity Ideas

SHARE CLASS

FUND FACTS (JSVAX)

Inception Date2/29/2000
NAV (As of 8/28/15 )$19.93
Total Net Assets (As of 7/31/15)$3.91B
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 0.89%
NET 0.89%

Performance (As of 6/30/15)
1 Year-0.50%
3 Year19.05%
5 Year13.10%
10 Year8.13%
Morningstar (As of 7/31/15)
CategoryLarge Blend
Equity
Style Box

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. For the most recent month-end performance click here.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/16.

Quarterly Commentary - Q2 2015

EXECUTIVE SUMMARY

U.S. equities moved slightly higher during the period and volatility remained low.

The Fund underperformed its benchmark during the period. We continue to have a high level of conviction in our contrarian thesis for stocks that were the largest detractors this quarter.

We expect the economy to continue growing at a slow pace, but we expect the ability to correctly identify underlying changes for the companies we hold to be a larger driver of performance than economic growth.

FUND MANAGEMENT

Dan Kozlowski

Daniel R. Kozlowski, CFA

Fund Manager since 2011
Industry since 1999