Janus Venture Fund (JAVTX)

Moderate Small-Cap Growth Equities

SHARE CLASS

FUND FACTS (JAVTX)

Inception Date4/30/1985
NAV (As of 5/31/16)$61.79
Total Net Assets (As of 4/30/16)$2.60B
Annual Expense Ratio
(As of fiscal year end 9/30/15)
GROSS 0.92%
NET 0.92%

Performance (As of 3/31/16)
1 Year-8.84%
3 Year10.25%
5 Year10.33%
10 Year7.68%
Morningstar (As of 4/30/16)
CategorySmall Growth
Overall Rating™
(Based on risk-adjusted returns)

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656 Funds Rated
Analyst Rating
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 2/1/17.

Quarterly Commentary - Q1 2016

EXECUTIVE SUMMARY

Small-cap equities were down in the first quarter.

We outperformed our primary benchmark during the period.

We expect a lower aggregate return environment going forward, but think our investment style is well suited for this more challenging market backdrop.

FUND MANAGEMENT

Jonathan Coleman

Jonathan Coleman, CFA

Fund Manager since 2013
Industry since 1994