Janus Venture Fund (JAVTX)

Moderate Small-Cap Growth Equities

SHARE CLASS

FUND FACTS (JAVTX)

Inception Date4/30/1985
NAV (As of 8/26/16)$66.53
Total Net Assets (As of 7/31/16)$2.77B
Annual Expense Ratio
(As of fiscal year end 9/30/15)
GROSS 0.92%
NET 0.92%

Performance (As of 6/30/16)
1 Year-6.75%
3 Year10.05%
5 Year10.82%
10 Year9.08%
Morningstar (As of 7/31/16)
CategorySmall Growth
Overall Rating™
(Based on risk-adjusted returns)

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657 Funds Rated
Analyst Rating
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.

Returns greater than one year are annualized.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/17.

Quarterly Commentary - Q2 2016

EXECUTIVE SUMMARY

Small-cap stocks rose during the period, despite late-quarter volatility attributable to the UK’s decision to leave the European Union.

Stock selection was a key driver of outperformance, with merger and acquisition activity within health care being a contributing factor.

As evidenced by the sell-off in the wake of the Brexit vote, we believe investors have not adequately discounted the risks hanging over equities markets.

FUND MANAGEMENT

Jonathan Coleman

Jonathan Coleman, CFA

Fund Manager since 2013
Industry since 1994

Scott Stutzman

Scott Stutzman, CFA

Fund Manager since 2016
Industry since 2002