Perkins Small Cap Value Fund (JSCVX)
Defensive Small-Cap Value Equities

SHARE CLASS

FUND FACTS (JSCVX)

Inception Date10/21/1987
NAV (As of 3/3/15 )$22.13
Total Net Assets (As of 1/31/15)$1.69B
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 0.83%
NET 0.83%

Performance (As of 12/31/14)
1 Year7.30%
3 Year14.89%
5 Year11.54%
10 Year8.80%
Morningstar (As of 1/31/15)
CategorySmall Value
Overall Rating™
(Based on risk-adjusted returns)

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352 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 - Q4 2014

EXECUTIVE SUMMARY

Small-cap stocks staged a sharp rally late in the year after severely underperforming for most of 2014.

We believe oil prices and the energy equities will remain volatile for some time and are taking a very selective approach by adding to what we believe are high-quality franchises.

We continue to see evidence of the beginnings of a rotation into quality stocks beyond just small caps that may gain greater traction throughout 2015.

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