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 2/24/17)$17.42
Total Net Assets (As of 1/31/17)$122.35M
Annual Expense Ratio
(As of fiscal year end 12/31/15)
GROSS 0.64%
NET 0.64%

Morningstar Fee Level
(As of 1/31/17)
Fee Level Group
(out of 393 funds)
Mid Cap Institutional

Performance (As of 12/31/16)
1 Year19.03%
3 Year7.72%
5 Year11.86%
10 Year7.43%
Morningstar (As of 1/31/17)
CategoryUS Fund Mid-Cap Value
Overall Rating™
(Based on risk-adjusted returns)

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338 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.

EXECUTIVE SUMMARY

The Fund outperformed its benchmark, led by stock selection in consumer staples, real estate, and health care.

In the quarter, we added exposure to technology and materials while trimming select utilities and health care holdings.

We believe stocks are not cheap, which increases their vulnerability to price shocks.

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