Janus Contrarian Fund (JSVAX)

Investing Opportunistically in Non-Consensus Equity Ideas

SHARE CLASS

FUND FACTS (JSVAX)

Inception Date2/29/2000
NAV (As of 2/24/17)$20.08
Total Net Assets (As of 1/31/17)$2.87B
Annual Expense Ratio
(As of fiscal year end 9/30/16)
GROSS 0.79%
NET 0.79%

Morningstar Fee Level
(As of 1/31/17)
Fee Level Group
(out of 349 funds)
Mid Cap No Load

Performance (As of 12/31/16)
1 Year8.05%
3 Year3.25%
5 Year13.55%
10 Year4.29%
Morningstar (As of 1/31/17)
CategoryUS Fund Mid-Cap 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.

Returns greater than one year are annualized.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/18.

Quarterly Commentary - Q4 2016

EXECUTIVE SUMMARY

U.S. stocks rose during the period, led mostly by cyclical sectors, while several defensive sectors lagged the broader market.

Our portfolio outperformed the benchmark this quarter. Our airline holdings were some of our largest contributors to performance.

There is still a pronounced valuation gap between those defensive areas of the market and cyclical stocks with more volatile earnings. We believe our portfolio could continue to benefit if investors continue to rotate out of some of the more defensive areas of the market, as they did this quarter.

FUND MANAGEMENT

Dan Kozlowski

Daniel R. Kozlowski, CFA

Fund Manager since 2011
Industry since 1999