Research Fund 12 JIF

ABOUT THIS FUND

By investing in the best ideas from each global research sector team, this U.S. large-cap growth fund seeks long-term growth of capital with volatility similar to its peers. Our analysts identify industry-leading companies with brand power, enduring business models and strong competitive positioning.

WHY INVEST IN THIS FUND

Managed by Sector Experts
Our teams of dedicated sector specialists conduct independent, differentiated research to construct unique sector portfolios that are combined to form a diversified fund. This design allows investors to benefit directly from the insights and expertise of Janus Henderson’s equity research team.

“Pure Stock Picking” Approach
Each of our experienced global sector teams builds a high-conviction portfolio of their best ideas. All ideas and position sizes are debated and fully vetted before entry into the portfolio.

Minimize the Macro
The Fund's disciplined investment process is designed to minimize macro risks by aligning sector allocations with the benchmark. This allows fundamental, bottom-up stock selection within each sector to be the primary driver of returns.

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

View Our Insights

Fund Details

Inception Date	May 3, 1993
Total Net Assets (As of 09/30/2024)	$23.82B
Gross Annual Expense Ratio (As of most recent prospectus)	0.62%
Net Annual Expense Ratio (As of most recent prospectus)	0.62%
Expense Estimator

Morningstar Data

(As of 09/30/2024)

Overall Rating (Based on risk-adjusted returns)	1076 Funds Rated View All Ratings
Category	Large Growth
Morningstar Fee Level Group	Large Cap No Load (out of 705 funds)
Morningstar Fee Level Information View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Risk Tolerance Spectrum

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change.

Joshua Cummings, CFA

Portfolio Manager | Research Analyst

Industry since 1996. Joined Firm in 2016.

John Jordan

Portfolio Manager | Research Analyst

Industry since 1997. Joined Firm in 2008.

RETURNS (%) (As of 09/30/2024)

Research Fund - D Shares Russell 1000® Growth Index S&P 500® Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (05/03/1993)
Research Fund - D Shares	2.47	28.02	45.78	11.56	17.69	14.52	12.22
Russell 1000® Growth Index	3.19	24.55	42.19	12.02	19.73	16.52	11.11
S&P 500® Index	5.89	22.08	36.35	11.91	15.97	13.38	10.63

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.

View Fees and Expenses

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 09/30/2024)

Research Fund - D Shares Russell 1000® Growth Index S&P 500® Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (05/03/1993)
Research Fund - D Shares	2.47	28.02	45.78	11.56	17.69	14.52	12.22
Russell 1000® Growth Index	3.19	24.55	42.19	12.02	19.73	16.52	11.11
S&P 500® Index	5.89	22.08	36.35	11.91	15.97	13.38	10.63

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.

View Fees and Expenses

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

Calendar Year Returns (%)

Research Fund - D Shares Russell 1000® Growth Index

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Research Fund - D Shares	43.08	-29.96	20.39	32.79	35.40	-2.77	26.23	1.48	5.41	14.07
Russell 1000® Growth Index	42.68	-29.14	27.60	38.49	36.39	-1.51	30.21	7.08	5.67	13.05

View Fees and Expenses

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

Returns-Based Statistics (As of 09/30/2024 Class D Shares)

RISK / REWARD VS. Russell 1000 Growth TR Index	3YR	5YR
Information Ratio	-0.13	-0.59
Alpha	-0.38	-1.58
Tracking Error	2.80	2.80
Beta	1.01	1.00
R-squared (%)	98.21	98.13

UP/DOWN MARKET CAPTURE (%) Russell 1000 Growth TR Index	3YR	5YR
Up Capture Ratio	101.10	95.60
Down Capture Ratio	101.90	101.21

STANDARD DEVIATION	3YR	5YR
Research Fund	21.28	20.72
Russell 1000 Growth TR Index	20.85	20.58

SHARPE RATIO	3YR	5YR
Research Fund	0.36	0.73
Russell 1000 Growth TR Index	0.39	0.83

Annual Fees & Expenses (As of the most recent prospectus)

CLASS D SHARES
Management Fees	0.48%
Other Expenses	0.14%
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 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 09/30/2024)

	% of Fund
NVIDIA Corp	12.30
Microsoft Corp	11.44
Apple Inc	6.90
Meta Platforms Inc	6.33
Amazon.com Inc	5.66
Alphabet Inc	5.48
Broadcom Inc	3.62
Eli Lilly & Co	2.90
Mastercard Inc	1.85
Visa Inc	1.83
TOTAL	58.31
View full holdings

Portfolio Characteristics (As of 09/30/2024)

	FUND	INDEX
Number of Holdings Equity Issues	82	394
Market Capitalization Weighted Average	$1,356.08B	$1,510.92B
Portfolio Turnover Rate (1-year trailing)	26.19%	-
Price/Earnings Ratio (1-year forward)	27.48	28.40
Price/Book Ratio	10.80	12.94
Earnings Growth Rate (1-year forward)	24.86%	22.65%

Research Sector Allocations	% of Fund	% of Index	% of Fund	% of Index	As of September 30, 2024

Regional Allocation	% of Fund	% of Index	% of Fund	% of Index	As of September 30, 2024

Developed vs Emerging Markets	% of Fund	% of Index	% of Fund	% of Index	As of September 30, 2024

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 09/30/2024

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JNRFX Research Fund

Overview

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Knowledge Shared

Portfolio Management

Performance

Returns-Based Statistics (As of 09/30/2024 Class D Shares)

Portfolio

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