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 8/24/16)$15.62
Total Net Assets (As of 7/31/16)$106.95M
Annual Expense Ratio
(As of fiscal year end 12/31/15)
GROSS 0.64%
NET 0.64%

Performance (As of 6/30/16)
1 Year4.71%
3 Year7.87%
5 Year7.75%
10 Year7.39%
Morningstar (As of 7/31/16)
CategoryMid-Cap Value
Overall Rating™
(Based on risk-adjusted returns)

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412 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 5/1/17.

Quarterly Commentary - Q2 2016

EXECUTIVE SUMMARY

Equity markets rallied then encountered significant volatility following the UK’s decision to exit the EU.

Our more defensively positioned portfolio appreciated in the quarter but lagged the index.

We added to energy and health care names while paring back our consumer discretionary exposure.

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