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For Individual Investors in the US

JANEX Enterprise Fund

A differentiated mid-cap growth strategy that takes a moderate approach to an asset class known for rapid growth potential

Buy/Trade

NAV
$157.49
As of 11/22/2024

1-Day Change
$1.38 (0.88%)
 As of 11/22/2024

YTD Return
20.50%
As of 11/22/2024

Morningstar Rating

As of 10/31/2024

Morningstar Medalist Rating ™

Silver Morningstar Analyst Rating
As of 06/28/2024

Overview

ABOUT THIS FUND

By taking a moderate approach to an asset class with potential for rapid growth, this mid-cap growth fund has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies that exhibit sustainable and durable growth.

WHY INVEST IN THIS FUND

Smart Growth Approach
The Fund’s investment approach focuses on long-duration, sustainable-growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.

Deep, Specialized Team
The Fund benefits from experienced Portfolio Managers with expertise in mid-cap investing; in-depth fundamental research conducted by a dedicated team of experts exclusively focused on small-mid-cap companies; and the broader support of an insightful team of equity investment professionals.

Growth Potential with Tempered Volatility
The Portfolio offers exposure to medium-size companies with resilient business models and is designed to weather a variety of market environments and take on moderately less risk than the index.

Portfolio Management

Brian Demain, CFA
Brian Demain, CFA

Portfolio Manager

Industry since 1999. Joined Firm in 1999.

Philip Cody Wheaton, CFA
Philip Cody Wheaton, CFA

Portfolio Manager | Research Analyst

Industry since 2001. Joined Firm in 2001.

Performance

RETURNS (%) (As of 09/30/2024)
Enterprise Fund - D Shares Russell Midcap® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Enterprise Fund - D Shares 9.50 15.46 26.15 6.58 11.31 13.04 11.36
Russell Midcap® Growth Index 6.54 12.91 29.33 2.32 11.48 11.30 10.47
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

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

RETURNS (%) (As of 10/31/2024)
Enterprise Fund - D Shares Russell Midcap® Growth Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Enterprise Fund - D Shares 1.74 13.40 33.98 4.59 10.95 12.50 11.27
Russell Midcap® Growth Index 7.75 14.88 38.67 0.61 11.45 11.19 10.50
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

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

Calendar Year Returns (%)
Enterprise Fund - D Shares Russell Midcap® Growth Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Enterprise Fund - D Shares 17.94 -16.05 17.35 20.27 35.21 -0.96 26.47 11.99 3.39 12.00
Russell Midcap® Growth Index 25.87 -26.72 12.73 35.59 35.47 -4.75 25.27 7.33 -0.20 11.90
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.
Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

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

Returns-Based Statistics (As of 10/31/2024 Class D Shares)

RISK / REWARD
VS. Russell Mid Cap Growth TR USD		 3YR 5YR
Information Ratio 0.48 -0.05
Alpha 3.25 0.79
Tracking Error 8.32 8.28
Beta 0.81 0.86
R-squared (%) 85.43 85.85
UP/DOWN MARKET CAPTURE (%)
Russell Mid Cap Growth TR USD		 3YR 5YR
Up Capture Ratio 90.35 85.75
Down Capture Ratio 83.18 88.83
STANDARD DEVIATION 3YR 5YR
Enterprise Fund 18.48 20.12
Russell Mid Cap Growth TR USD 20.97 21.66
SHARPE RATIO 3YR 5YR
Enterprise Fund 0.04 0.42
Russell Mid Cap Growth TR USD -0.15 0.41
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.64%
Other Expenses 0.16%
Total Gross Expenses 0.80%
Waivers 0.00%
Total Net Expenses 0.80%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell MidCap® Growth Index.

Top Holdings (As of 10/31/2024)
% of Fund
Constellation Software Inc/Canada 4.28
GoDaddy Inc 3.74
SS&C Technologies Holdings Inc 3.05
Boston Scientific Corp 2.96
Intact Financial Corp 2.91
Teleflex Inc 2.59
Flex Ltd 2.48
Revvity Inc 2.37
W R Berkley Corp 2.19
Teledyne Technologies Inc 2.12
TOTAL 28.69
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 83 288
Market Capitalization
Weighted Average		 $27.71B $28.35B
Portfolio Turnover Rate
(1-year trailing)		 14.08% -
Price/Earnings Ratio
(1-year forward)		 18.94 25.74
Price/Book Ratio
 3.52 9.30
Earnings Growth Rate
(1-year forward)		 16.60% 20.33%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
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 October 31, 2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of October 31, 2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

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