Janus Aspen Perkins Mid Cap Value Portfolio (JAMVX)

Defensive Mid-Cap Value Equities

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PORTFOLIO FACTS (JAMVX)

Inception Date5/1/2003
NAV (As of 4/29/16)$16.87
Total Net Assets (As of 3/31/16)$101.40M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 0.62%
NET 0.62%

Performance (As of 3/31/16)
1 Year-0.47%
3 Year7.21%
5 Year6.84%
10 Year6.87%
Morningstar (As of 3/31/16)
CategoryMid-Cap Value
Overall Rating™
(Based on risk-adjusted returns)

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405 Funds Rated
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 5/1/16.

Quarterly Commentary - Q1 2016

EXECUTIVE SUMMARY

Equity markets were volatile, with several interest rate-sensitive industries among the best performers.

Our more defensively positioned portfolio held up well early in the quarter, but lagged during the strong rally later in the quarter.

We added to industrials and materials on stock price weakness and pared back consumer staples.

PORTFOLIO MANAGEMENT

Tom Perkins

Tom Perkins

Portfolio Manager since 2002
Industry since 1970

Kevin Preloger

Kevin Preloger

Portfolio Manager since 2013
Industry since 1997

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager since 2015
Industry since 2000