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 5/6/15 )$21.28
Total Net Assets (As of 3/31/15)$4.57B
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 0.89%
NET 0.89%

Performance (As of 3/31/15)
1 Year12.71%
3 Year20.78%
5 Year11.90%
10 Year9.32%
Morningstar (As of 4/30/15)
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.

Straight Talk

Chapter 1 (1 of 4)

Contrarian Investing

Chapter 2 (2 of 4)

Change-factor Analysis

Chapter 3 (3 of 4)

Market Effects on Performance

Chapter 4 (4 of 4)

Macro Influences

Quarterly Commentary - Q1 2015

EXECUTIVE SUMMARY

Signs of an improving domestic economy pushed stocks higher during the quarter.

The Fund outperformed its benchmark during the period.

We continue to see an increase in contrarian investment ideas from the number of spin-offs taking place in the market and pressure on corporate boards to run better businesses in a slower growth environment.

FUND MANAGEMENT

Daniel R. Kozlowski, CFA

Fund Manager since 2011
Industry since 1999