Perkins Small Cap Value Fund (JSCVX)

Defensive Small-Cap Value Equities

SHARE CLASS

FUND FACTS (JSCVX)

Inception Date10/21/1987
NAV (As of 3/27/17)$22.03
Total Net Assets (As of 2/28/17)$2.59B
Annual Expense Ratio
(As of fiscal year end 6/30/16)
GROSS 1.14%
NET 1.14%

Performance (As of 12/31/16)
1 Year26.32%
3 Year9.68%
5 Year13.27%
10 Year8.85%
Morningstar (As of 2/28/17)
CategoryUS Fund Small Value
Overall Rating™
(Based on risk-adjusted returns)

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357 Funds Rated
Analyst Rating
Equity
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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 11/1/17.

Quarterly Commentary - Q4 2016

EXECUTIVE SUMMARY

Our more defensively positioned, quality-oriented portfolio appreciated in the quarter but lagged the index’s strongest quarter in five years.

Fund positioning remains relatively unchanged with overweights in industrials and consumer staples, and underweights in financials and utilities.

Small cap stocks are not cheap in absolute terms, though remain favorable relative to large caps.

FUND MANAGEMENT

Tom Reynolds

Tom Reynolds

Fund Manager since 2013
Industry since 1999

Justin Tugman, CFA

Justin Tugman, CFA

Fund Manager since 2009
Industry since 2000

Bob Perkins

Robert Perkins

Fund Manager since 1987
Industry since 1966