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 9/2/15 )$15.93
Total Net Assets (As of 7/31/15)$132.43M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 0.62%
NET 0.62%

Performance (As of 6/30/15)
1 Year-0.08%
3 Year13.03%
5 Year12.03%
10 Year8.08%
Morningstar (As of 7/31/15)
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.

Quarterly Commentary - Q2 2015

EXECUTIVE SUMMARY

The Fund outperformed its benchmark, led by strong stock selection in financials, as our overweight position in banks benefited from rising interest rates.

We reduced our health care exposure on strength and added to select energy holdings on price weakness.

Given recent price volatility, we are finding increasing opportunities in smaller mid-caps.

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