Perkins Small Cap Value Fund (JSCVX)

Defensive Small-Cap Value Equities

SHARE CLASS

FUND FACTS (JSCVX)

Inception Date10/21/1987
NAV (As of 5/26/15 )$22.29
Total Net Assets (As of 4/30/15)$1.74B
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 0.83%
NET 0.83%

Performance (As of 3/31/15)
1 Year8.49%
3 Year13.10%
5 Year10.79%
10 Year9.17%
Morningstar (As of 4/30/15)
CategorySmall Value
Overall Rating™
(Based on risk-adjusted returns)

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370 Funds Rated
Analyst RatingSilver
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 - Q1 2015

EXECUTIVE SUMMARY

The portfolio outperformed, led by strong stock selection in information technology and financials.

We have found better values at the lower end of the small-cap range.

We reduced information technology and health care on strength and added to consumer discretionary.

FUND MANAGEMENT

Robert Perkins

Fund Manager since 1987
Industry since 1966

Justin Tugman, CFA

Fund Manager since 2009
Industry since 2000

Tom Reynolds

Fund Manager since 2013
Industry since 1999