Janus Venture Fund (JAVTX)
Moderate Small-Cap Growth Equities

SHARE CLASS

FUND FACTS (JAVTX)

Inception Date4/30/1985
NAV (As of 2/27/15 )$67.48
Total Net Assets (As of 1/31/15)$2.64B
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 0.93%
NET 0.93%

Performance (As of 12/31/14)
1 Year10.21%
3 Year22.29%
5 Year18.83%
10 Year10.01%
Morningstar (As of 1/31/15)
CategorySmall Growth
Overall Rating™
(Based on risk-adjusted returns)

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652 Funds Rated
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.

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

Small-cap stocks were volatile, but gained ground during the period.

We outperformed the benchmark during the period. Our stock selection in the energy and technology sectors were top contributors to relative performance.

We would also expect earnings growth, rather than multiple expansion, to be the primary driver of future returns. We believe this investment backdrop is beneficial for our relative performance.

FUND MANAGEMENT

Jonathan Coleman, CFA

Fund Manager since 2013
Industry since 1994