(PUB) Investing 2016

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Data through April 30, 2016 FINRA members: For internal or institutional use only.
Janus Triton T Ticker
JATTX
Yield
0.1%
Total Assets
$6,631 mil
Mstar Category
Small Growth
Benchmark 1: Russell 2000 Growth TR USD
Benchmark 2: S&P 500 TR USD
Morningstar Analyst Rating 04-06-16
´
Morningstar Pillars
Process ∞ Positive
Performance ¶ Neutral
People ∞ Positive
Parent ∞ Positive
Price ∞ Positive
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 „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
15.0
20.0
25.0
30.0
Historical Profile
Return
Risk
Rating
High
Below Avg
QQQQQ
Highest
9 9 9 8 8 9 9 9 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& & * & * & & ( & & & Performance Quartile
(within Category)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16 History
13.46 14.30 8.50 12.73 16.42 16.24 18.02 23.63 23.44 21.98 22.17 NAV
15.85 20.69 -40.53 49.99 31.40 2.60 16.46 36.28 9.45 1.21 0.86 Total Return %
2.50 13.64 -1.99 15.52 2.31 5.51 1.87 -7.02 3.85 2.59 4.60 +/- Bmark 1
0.05 15.19 -3.53 23.53 16.34 0.49 0.46 3.89 -4.23 -0.18 -0.88 +/- Bmark 2
0.23 10.55 0.03 0.23 0.23 0.00 0.23 0.00 0.05 0.09 0.00 Income Return %
15.62 10.14 -40.56 49.76 31.17 2.60 16.23 36.28 9.40 1.12 0.86 Capital Return %
16 7 43 8 26 9 19 75 4 16 18 Total Rtn % Rank Cat
0.03 1.42 0.00 0.02 0.03 0.00 0.04 0.00 0.01 0.02 0.00 Income $
0.15 0.48 0.00 0.00 0.28 0.60 0.85 0.89 2.36 1.71 0.00 Capital Gains $
1.11 1.13 1.20 1.18 0.96 0.93 0.94 0.93 0.93 0.92 . Expense Ratio %
0.12 -0.28 -0.23 0.06 -0.14 -0.17 -0.11 0.31 -0.20 -0.20 . Income Ratio %
262 93 88 50 35 42 35 39 30 27 . Turnover Rate %
120 146 122 366 704 1,014 1,468 2,332 2,357 2,487 . Net Assets $mil
Performance 04-30-16
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2012 12.75 -4.21 3.14 4.55 16.46
2013 9.66 2.28 11.43 9.05 36.28
2014 -1.78 4.57 -3.26 10.15 9.45
2015 6.95 0.56 -11.31 6.10 1.21
2016 -0.50 — — — —
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 9.32 1.35 2.27 19 10,932
6 Mo 0.88 5.84 0.44 9 10,088
1 Yr -2.33 5.94 -3.54 12 9,767
3 Yr Avg 11.40 2.90 0.14 4 13,823
5 Yr Avg 9.99 2.84 -1.03 4 16,096
10 Yr Avg 9.85 3.71 2.94 1 25,578
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 9.53 5 1.68 36
5 Yr (estimated) 8.54 6 1.32 37
10 Yr (estimated) 8.66 1 1.08 39
Potential Capital Gain Exposure: 20% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -2.33
3 Yr 11.40 High -Avg QQQQQ
5 Yr 9.99 High Low QQQQQ
10 Yr 9.85 High -Avg QQQQQ
Incept 11.93
Other Measures Standard Index Best Fit Index
Alpha 0.1 4.2
Beta 1.03 0.79
R-Squared 73 94
Standard Deviation 13.60
Mean 11.40
Sharpe Ratio 0.86
Portfolio Analysis 03-31-16
Total Stocks: 113
Share change since 12-31-15 Sector YTD Ret % % Assets
Blackbaud Inc Technology -6.03 2.66
SS&C Technologies Holding Technology -10.25 2.36
Broadridge Financial Solu Industrl 11.93 2.13
Sally Beauty Holdings Inc Cnsmr Cyc 12.59 1.98
Euronet Worldwide Inc Industrl 6.45 1.92
Sensient Technologies Cor Basic Mat 7.48 1.87
ServiceMaster Global Hold Industrl — 1.84
YCadence Design Systems In Technology 11.44 1.83
YCarter's Inc Cnsmr Cyc 20.18 1.79
YJack Henry & Associates I Industrl 4.16 1.58
TSTERIS PLC Hlth Care -5.87 1.55
Heico Corp Class A Industrl 4.02 1.50
MSCI Inc Industrl 5.59 1.45
YThe Wendy's Co Class A Cnsmr Cyc 1.39 1.41
MarketAxess Holdings Inc Finan Svcs 10.24 1.39
YBelden Inc Technology 32.53 1.37
FEI Co Technology 12.32 1.36
YCatalent Inc Hlth Care — 1.30
Thor Industries Inc Cnsmr Cyc 14.55 1.25
TEnerSys Technology 4.68 1.15
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 0.0
Large 0.4
Mid 44.6
Small 48.1
Micro 6.8
Avg $mil:
3,254
Value Measures Rel Category
Price/Earnings 24.84 1.07
Price/Book 3.61 1.29
Price/Sales 1.92 1.22
Price/Cash Flow 12.70 1.19
Dividend Yield % 1.21 1.39
Growth Measures % Rel Category
Long-Term Erngs 12.69 0.84
Book Value 3.67 0.45
Sales 5.31 0.75
Cash Flow 9.68 0.77
Historical Erngs 9.18 0.80
Profitability %
Return on Equity 18.31
Return on Assets 5.63
Net Margin 8.35
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 28.50 0.90
r BasicMat 3.62 0.64
t CnsmrCyc 17.32 0.99
y FinanSvcs 5.25 1.09
u Real Est 2.31 0.61
j Sensitive 54.73 1.33
i CommSrvs 0.00 0.00
o Energy 1.40 1.84
p Industrl 29.43 1.89
a Technlgy 23.90 1.03
k Defensive 16.77 0.62
s CnsmrDef 2.25 0.46
d Hlthcare 14.52 0.66
f Utilities 0.00 0.00
Composition - Net
Cash 4.4
Stocks 94.5
Bonds 0.0
Other 1.1
Foreign 2.7
(% of Stock)
Morningstar's Take by Greg Carlson 04-06-16
Janus Triton’s veteran manager is back on track, and the
fund has closed its doors. These factors, combined with
a sensible approach and modest fees, earn the fund an
upgraded Morningstar Analyst Rating of Bronze. When
Jonathan Coleman took the helm of this small-growth
fund in May 2013, he had big shoes to fill: Previous
managers Chad Meade and Brian Schaub posted superb
returns in a nearly seven-year stint. Coleman came to this
fund with a mixed resume. He was coming off a 5.5-year
tenureat large-growthvehicleJanusFundJANSX,where
he earned subpar results. But he had previously steered
mid-growth fund Janus Enterprise JAENX to a strong
record in nearly six years there. What’s more, he had
emphasized higher-quality fare at that fund, just as
Meade and Schaub did here. (They served as analysts
under Coleman for much of his tenure at Enterprise.)
The fund got off to a strong start under Coleman, but
the portfolios demonstrate that he’s comfortable with
higher debt levels than his predecessors were. While
Coleman does seek out firms with strong cash flows
(which should be able to pay off their debt), owning
companies with higher debt levels does court some risk.
The fact that the fund has held up well in stocks’
turbulence since mid-2015--better than both its typical
peerandRussell2500Growth Indexbenchmark--bolsters
our confidence. From Coleman’s May 2013 start date
throughMarch2016,the fundsurpassed95%of itspeers,
as well as the index, on both a total return and risk-
adjusted basis (based on Sortino and Sharpe ratios; the
former places particular emphasis on downside
performance). That’s still a fairly short period, but coupled
with his record at Janus Enterprise, Coleman has a solid
history of picking smaller-cap growth stocks.
The May 2015 closing of the fund to new investors
is also a positive sign for its prospects. It grew large under
Meade and Schaub, who said they had pushed to close
it. The fund saw modest outflows when Coleman took
over, but money came back in during 2015 as
performance remained strong. So we were glad to see
this shareholder-friendly move. This is a solid holding.
Address: Janus Investment Fund Minimum Purchase: $2500 Add: — IRA: —
Denver CO 80206 Min Auto Inv Plan: $2500 Add: —
877-335-2687 Sales Fees: No-load
Web Address: Management Fee: 0.64%, 0.25%A
Inception: 02-25-05 Actual Fees: Mgt:0.64% Dist:—
Advisor: Janus Capital Management LLC Expense Projections: 3Yr:$293 5Yr:$509 10Yr:$1131
Subadvisor: None Income Distribution: Annually
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