Janus Research Fund (JAMRX)
Large-Cap Growth Utilizing Our Analysts' Best Ideas

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FUND FACTS (JAMRX)

Inception Date5/3/1993
NAV (As of 3/27/15 )$45.51
Total Net Assets (As of 2/28/15)$4.81B
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 0.80%
NET 0.80%

Performance (As of 12/31/14)
1 Year13.96%
3 Year21.55%
5 Year15.85%
10 Year9.15%
Morningstar (As of 2/28/15)
CategoryLarge Growth
Overall Rating™
(Based on risk-adjusted returns)

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1539 Funds Rated
Equity
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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.

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

The volatility that arose early in the quarter on global growth concerns diminished in part on continued positive economic data and corporate earnings results in the U.S.

The Fund outperformed its benchmark, driven by our selection of consumer discretionary and technology stocks.

Our industrial holdings were the lone detractor from relative performance, while our utilities holdings, though positive, contributed least among other sectors.

Despite a series of record highs on major exchanges, we believe valuations remain attractive, especially in a low-inflation and low-interest rate environment.

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