(PUB) Investing 2015
April 2015
Morningstar FundInvestor
5
Data through March 31, 2015 Perkins Mid Cap Value T
Ticker
Status Yield Total Assets
Mstar Category Mid-Cap Value
JMCVX Open
2.7% $6,762 mil
Morningstar Analyst Rating 03-25-15
Investment Style Equity Stock %
Historical Profile Return Risk Rating Below Avg Low Neutral
94% 95% 89% 91% 91% 90% 96% 96%
´
Manager Change Partial Manager Change
14.0 18.0 22.8
Morningstar Pillars Process Performance
Growth of $10,000
¶ ¶ ∞ ∞ ¶
Positive Positive Positive Neutral Positive
Investment Values of Fund Investment Values of S&P 500
10.0
People Parent Price
7.0
Performance Quartile (within Category) History
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 03-15
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
22.09 18.36 7.48 -5.35 0.41 17.95
22.32 10.36 5.45 -2.29 3.94 6.42
23.81 15.25 -0.54 -4.97
22.43
15.28
19.80 30.37 3.91 -3.84 0.68 29.69
22.57 14.81 -0.25 -9.94
20.19 -2.55 -4.66 -1.17 0.77 -3.32
21.34 10.32 -5.68 -8.19
23.37 25.92 -6.47 -7.54
20.05 9.04 -4.65 -5.71 2.89 6.15
20.06 0.05 -0.90 -5.02 0.00 0.05
NAV
-27.33 7.43
Total Return %
1.94 8.85 4.20
9.67
+/-S&P 500 +/-Russ MV
11.11
3.31
0.83
0.81
0.79 9.53 0.16 0.78 0.83 1.16 91
1.65
Income Return % Capital Return %
11.94
-28.16 3.23
14.00
24.27
45
37
57
12
5
67
95
37
94
56
93
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.08 1.93 0.94 0.56
0.87 1.20 0.92 0.67
0.74 1.19 0.93 1.69
1.00 2.12 0.85 1.49
0.19 0.79 1.06 1.47 103
0.10 0.00 1.11 0.84
0.16 0.00 1.03 0.49
0.17 1.63 0.99 1.02
0.35 3.07 0.76 1.19
0.68 4.76 0.73 1.29
0.00 0.00
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 03-31-15 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
91
86
95
95
88
66
66
54
60
51
2010 2011 2012 2013 2014
5.61 -8.85 8.39 10.03 14.81 6.07 -1.00 -15.91 10.36 -2.55 10.00 -5.63 5.06 1.15 10.32 11.15 1.22 4.37 7.23 25.92 2.18 4.90 -2.48 4.31 9.04
3,453
4,496
5,373
5,610
5,264
7,778
7,715
6,576
5,869
4,916
3,181
2,962
Portfolio Analysis 12-31-14 Share change since 09-14 Total Stocks:98 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
PPL Corp
Utilities Utilities Industrl
14.1 -6.32 3.06 18.1 -4.32 2.88 26.5 1.47 2.45
1 Yr 3 Yr 5 Yr
6.77
Trailing
Total
+/-
+/- Russ %Rank Growth of
Alliant Energy Corp Republic Services Inc Cl Casey’s General Stores I Marsh & McLennan Compani Crown Holdings Inc Laboratory Corp of Ameri Rogers Communications In Allstate Corp
Return% S&P 500 0.05 -0.90 4.36 -1.57 6.77 -5.96 11.27 -4.84 9.93 -4.54 8.15 0.14 10.41 6.26
MV
Cat
$10,000
11.27
Low Low Avg
Low Low Low
3 Mo 6 Mo 1 Yr
-5.02 -7.70 -2.86 -5.37 -5.08 -1.00
93 10,005 87 10,436 77 10,677 94 13,776 93 16,054 64 21,891 28 44,170
9.93 8.15
Cnsmr Def 20.9 -0.02 2.39 Finan Svs 11.4 1.74 2.27 Finan Svs 21.5 -1.52 2.12 Cnsmr Cyc 19.3 6.13 1.88 Hlth care 21.3 16.86 1.79 Comm Svs 16.1 -12.88 1.68
10 Yr Incept
12.13
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index
Best Fit Index
S&P 500
Mstar Mid Value
Alpha
-3.0 0.91
-4.0 0.83
AGL Resources Inc Babcock & Wilcox Co
Utilities Industrl Real Est
10.5 -7.98 1.65 119.1 6.24 1.65 37.6 7.41 1.59
.
Beta
R-Squared
88
96
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 7.44 94 3.45 93 7.26 94 2.43 95 6.01 80 1.99 95 Potential Capital Gain Exposure: 20% of assets
Public Storage Zions Bancorp CIT Group Inc
Standard Deviation
9.35
Finan Svs 15.9 -5.16 1.56
Finan Svs
7.9 -5.35 1.55
Mean
11.27
McCormick & Company Inc Stryker Corporation Torchmark Corp Zimmer Holdings Inc Canadian Pacific Railway T. Rowe Price Group Inc
Cnsmr Def 25.6 3.78 1.54 Hlth care 68.5 -1.84 1.54 Finan Svs 13.4 1.63 1.53 Hlth care 28.0 3.81 1.50
Sharpe Ratio
1.19
Morningstar’s Take by Katie Rushkewicz Reichart, CFA 03-25-15 Jeff Kautz, comanager of Perkins Mid Cap Value and Perkins’ CEO and CIO, has resigned effective April 5, 2015. The firm, which had long boasted low turnover of its investment staff, has now seen its second major departure after Perkins Small Cap Value JSCVX comanager Todd Perkins left in 2013. Kautz joined Perkins in 1997 and had been
Industrl
27.4 -5.04 1.46
Morningstar Category’s bottom decile, and its 10-year ranking is just average. The fact that its five-year results aren’t up to par isn’t surprising or disappointing given the fund’s relatively conservative process, which focuses on downside protection and uses a valuation approach that at times led to double-digit cash stakes. However, weak stock-picking is more cause for concern; Morningstar attribution indicates that stock selection has been negative across all sectors for the trailing five years through 2014. The team has tried addressing sluggishness by holding less cash and keeping a leaner portfolio of 80-100 names (versus 150 a few years ago). Kolb will look to improve the firm’s stock-specific research and collaboration between analysts and managers. The loss of a long-tenured manager is disappointing but not insurmountable. Risk-adjusted results since inception remain strong. However, the departure coupled with the fund’s stock-picking woes are enough to move this fund’s Analyst Rating to Bronze from Silver.
Finan Svs 17.6 -5.08 1.44
Current Investment Style
Sector Weightings
% of Stocks
Rel S&P 500 High
3 Year Low
Market Cap % Giant 2.4 Large 33.6 Mid 51.0 Small 13.1 Micro 0.0 Avg $mil: 10,674
Value Blnd Growth
Large Mid Small
Cyclical 40.92 BasicMat 2.87 CnsmrCyc 7.36 FinanSvs 20.34 Real Est 10.35 Sensitive 29.82 CommSrvs 1.75 Energy 5.68 Industrl 12.90 Technlgy 9.49 Defensive29.28 CnsmrDef10.12 Hlthcare 11.28 Utilities 7.88
. .
h r t y u j i o p a k s d f
5 3
. 10 6 . 24 19 . 10 6
comanager here since 2002 alongside Tom Perkins, who’s managed it since its 1998 inception. Kevin Preloger was named comanager in April 2013. The team structure mitigates the impact of Kautz’s departure, though some people now have new responsibilities that require more time. Justin Tugman of Perkins Small Cap Value will take Kautz’s spot as comanager of this fund (he’ll keep running Small Cap Value). Tom Perkins was named CEO, and Greg Kolb, who runs the firm’s global funds, is now CIO. The fund has been trying to get back on track after several years of underwhelming performance. Its trailing five-year return through February badly lags the Russell Midcap Value Index and lands in the
. .
3 2
Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures
Rel Category
. 11 6 . 18 13 . 11 8
17.73 2.21 1.56 9.74 2.11
1.26 1.37 1.70 1.51 1.00 0.88 1.65 2.18 1.24 1.58
.
. 10 3 . 15 10
% Rel Category
8 4
.
8.70 7.23 7.29 6.71 9.55
Composition - Net
Cash 3.6 Stocks 96.3 Bonds 0.0 Other 0.0 Foreign 5.2
Address:
Janus Investment Fund Denver, CO 80206 877-335-2687 www.janus.com
Minimum Purchase: Min Auto Inv Plan:
$2500
Add: $0 IRA: $0
$0
Add: .
Profitability
% Rel Category
Sales Fees:
No-load
Return on Equity Return on Assets Net Margin
18.24 6.25 15.11
1.46 1.38 1.59
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.45%, 0.25%A
(% of Stock)
08-12-98
Actual Fees:
Mgt:0.45% Dist: .
Janus Capital Management LLC Perkins Investment Management LLC. Fidelity Retail-NTF, CommonWealth NTF
Expense Projections: Income Distribution:
3Yr:$237 Annually
5Yr:$411 10Yr:$918
Mutual Funds ß ®
© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
EQ
Made with FlippingBook