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 5/22/15 )$19.09
Total Net Assets (As of 4/30/15)$136.32M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 0.62%
NET 0.62%

Performance (As of 3/31/15)
1 Year6.62%
3 Year11.54%
5 Year10.23%
10 Year8.54%
Morningstar (As of 4/30/15)
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 5/1/16.

Straight Talk

Chapter 1 (1 of 3)

Portfolio Insights

Chapter 2 (2 of 3)

Investment Opportunities

Chapter 3 (3 of 3)

Portfolio Affects by Low Quality Rally

Quarterly Commentary - Q1 2015

EXECUTIVE SUMMARY

We are cautious about the global economy, but see several trends that should benefit our investment process.

We reduced consumer staples and utilities and added to industrials that have underperformed due to their oil and gas exposure

The portfolio’s weighted average market cap continued to decline during the quarter as we found better values at the lower end of the mid-cap range.

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