Please ensure Javascript is enabled for purposes of website accessibility Contrarian Fund - Janus Henderson Investors - US Advisor
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For Financial Professionals in the US

JCONX Contrarian Fund

Invests with conviction where we believe the market misunderstands business models, assets or growth potential

NAV
$28.55
As of 02/21/2025

1-Day Change
-$0.77 (-2.63%)
 As of 02/21/2025

YTD Return
3.07%
As of 02/21/2025

Morningstar Medalist Rating ™

Silver Morningstar Analyst Rating
As of 06/04/2024

Overview

ABOUT THIS FUND

This Fund seeks to generate capital appreciation by investing in companies with durable business models whose stocks are trading at a significant discount to what we believe is their fair value and whose value is expected to grow over time. We seek to accomplish this by selecting stocks from a broad opportunity set to construct an all-cap portfolio that is intended to be uncorrelated to the broad economy or market.

WHY INVEST IN THIS FUND

Independent Thinking
Leveraging our deep fundamental research, we apply independent thinking to a broad opportunity set to identify companies trading at a significant discount to intrinsic value and capable of compounding growth over a long duration

Differentiated Portfolio Construction
We seek durable companies where the business model is misunderstood, assets are undervalued or growth trajectory is underappreciated by the market to construct a concentrated all-cap portfolio with differentiated sources of returns

Diversifying Equity Asset
With a broad opportunity set, differentiated sources of return and diversification across market cap and style, the portfolio may serve as a diversifying equity asset not tied to the index or broad economy

Portfolio Management

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 12/31/2024)
Contrarian Fund - I Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - I Shares -0.64 18.44 18.44 4.15 11.82 9.09 8.56
S&P 500® Index 2.41 25.02 25.02 8.94 14.52 13.10 8.06
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
RETURNS (%) (As of 01/31/2025)
Contrarian Fund - I Shares S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/29/2000)
Contrarian Fund - I Shares 6.34 5.81 25.37 8.96 13.47 10.13 8.78
S&P 500® Index 6.22 2.78 26.38 11.90 15.16 13.76 8.15
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
Calendar Year Returns (%)
Contrarian Fund - I Shares S&P 500® Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Contrarian Fund - I Shares 18.44 21.55 -21.53 20.99 27.92 43.25 -3.97 5.41 8.25 -13.00
S&P 500® Index 25.02 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Morningstar Percentile

 (As of 12/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 13 48 12 53 51
Mid-Cap Blend | Rank/Count 48/412 174/387 27/363 126/290 67/143
 (As of 01/31/2025)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 13 26 10 35 47
Mid-Cap Blend | Rank / Count 43/413 87/388 22/364 78/290 63/148

Growth of a Hypothetical Investment

Contrarian Fund - I Shares S&P 500® Index Mid-Cap Blend
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 01/31/2025 Class I Shares)

RISK / REWARD
VS. S&P 500 TR Index		 3YR 5YR
Information Ratio -0.26 -0.15
Alpha -2.97 -2.12
Tracking Error 10.06 9.95
Beta 1.14 1.11
R-squared (%) 79.38 81.37
UP/DOWN MARKET CAPTURE (%)
S&P 500 TR Index		 3YR 5YR
Up Capture Ratio 107.07 107.80
Down Capture Ratio 115.73 112.49
STANDARD DEVIATION 3YR 5YR
Contrarian Fund 21.70 22.45
S&P 500 TR Index 17.06 18.21
SHARPE RATIO 3YR 5YR
Contrarian Fund 0.21 0.47
S&P 500 TR Index 0.43 0.67
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.49%
Other Expenses 0.13%
Total Gross Expenses 0.62%
Waivers 0.00%
Total Net Expenses 0.62%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 28, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 01/31/2025)
% of Fund
Surgery Partners Inc 5.54
Oracle Corp 5.44
Capital One Financial Corp 5.26
Caesars Entertainment Inc 4.87
Intercontinental Exchange Inc 4.51
PNC Financial Services Group Inc 4.39
UnitedHealth Group Inc 4.12
Chart Industries Inc 3.96
Western Alliance Bancorp 3.90
Amazon.com Inc 3.87
TOTAL 45.86
View full holdings
Portfolio Characteristics (As of 01/31/2025)
  FUND INDEX
Number of Holdings
Equity Issues		 39 504
Market Capitalization
Weighted Average		 $186.68B $1,009.61B
Portfolio Turnover Rate
(1-year trailing)		 46.56% -
Price/Earnings Ratio
(1-year forward)		 19.89 21.97
Price/Book Ratio
 3.20 4.95
Earnings Growth Rate
(1-year forward)		 24.41% 16.05%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2025
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 01/31/2025
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 01/31/2025

Documents

Related Insight

The other 493: Finding opportunities outside the Mag 7
Feb 20, 2024
Timely & Topical

The other 493: Finding opportunities outside the Mag 7

Mega-cap tech has dominated recent market performance, but conditions point to a potential broadening of market returns.

5 min read

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