Perkins Large Cap Value Fund (JPLTX)
Defensive Large-Cap Value Equities

SHARE CLASS

FUND FACTS (JPLTX)

Inception Date12/31/2008
NAV (As of 2/27/15 )$16.42
Total Net Assets (As of 1/31/15)$170.14M
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 0.89%
NET 0.85%

Performance (As of 12/31/14)
1 Year10.94%
3 Year16.76%
5 Year12.16%
Since Inception14.09%
Morningstar (As of 1/31/15)
CategoryLarge Value
Analyst RatingBronze
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 11/1/15.

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

Although the Fund had positive returns, it lagged its primary benchmark.

We trimmed or exited positions in a variety of industries where the rewardto- risk ratio was no longer compelling.

Purchases of new names were made in sectors such as technology, transportation and energy as we felt the reward-to-risk trade-off was more attractive.

While there may be more gains ahead, we believe there is also the potential for greater volatility, and therefore remain cautious in our portfolio positioning.

FUND MANAGEMENT

Tom Perkins

Fund Manager since 2008
Industry since 1970

Kevin Preloger

Fund Manager since 2008
Industry since 1997