Janus Aspen Perkins Mid Cap Value Portfolio (JAMVX)
Defensive Mid-Cap Value Equities

SHARE CLASS

PORTFOLIO FACTS (JAMVX)

Inception Date5/1/2003
NAV (As of 3/26/15 )$18.62
Total Net Assets (As of 2/28/15)$139.12M
Annual Expense Ratio
(As of fiscal year end 12/31/13)
GROSS 0.58%
NET 0.58%

Performance (As of 12/31/14)
1 Year8.77%
3 Year15.09%
5 Year11.41%
10 Year8.55%
Morningstar (As of 2/28/15)
CategoryMid-Cap Value
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 5/1/15.

Straight Talk

Chapter 1 (1 of 4)

Portfolio Insights

Chapter 2 (2 of 4)

Investment Opportunities

Chapter 3 (3 of 4)

Portfolio Affects by Low Quality Rally

Chapter 4 (4 of 4)

Perkins Approach

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

Despite our overall stock selection being slightly positive in the quarter, the Fund underperformed the Russell Midcap Value Index due in part to our defensive positioning.

With the U.S. equity market hitting new all-time highs this year, we are not finding compelling values.

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

PORTFOLIO MANAGEMENT

Tom Perkins

Portfolio Manager since 2002
Industry since 1970

Kevin Preloger

Portfolio Manager since 2013
Industry since 1997

Justin Tugman, CFA

Portfolio Manager since 2015
Industry since 2000