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Opportunistic Alpha Managed Account

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

Overview

Investment Update

Watch the investment team update for this quarter.

About This Portfolio

A U.S.-centric equity portfolio, investing opportunistically in what we believe are mispriced business models, unconstrained by sector and with flexibility across market cap. Through deep fundamental analysis, we seek to identify misunderstood and underappreciated companies where we can invest with conviction to create long-term capital appreciation.

Why Invest

Thinking Independently
Expressing differentiated views by applying autonomous thinking

Multiple Avenues for Capital Appreciation
Seeking to invest in companies where there is potential for both the free cash flow of the company and the stock multiple to grow over time

Actively Different
This concentrated portfolio seeks to outperform the benchmark over time by leveraging the best ideas of our global research team to identify stocks trading at a discount to their intrinsic value across style, sector and market cap

Various Approaches to Investing
Investing with conviction where we believe the market either misunderstands the business model, undervalues the company’s assets or underappreciates the company’s growth potential

Portfolio Management

Nick Schommer, CFA
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Performance

RETURNS (%) (As of 30/09/2024)
Composite Pure Gross Composite Net S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/01/2000)
Composite Pure Gross 11.73 18.46 32.72 5.44 14.64 10.96 9.38
Composite Net 10.94 15.91 28.93 2.37 11.33 7.74 6.20
S&P 500® Index 5.89 22.08 36.35 11.91 15.97 13.38 7.66

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

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.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 30/11/2024)
Composite Pure Gross Composite Net S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/01/2000)
Composite Pure Gross 9.75 24.60 35.79 7.79 13.82 11.10 9.54
Composite Net 8.97 21.33 31.92 4.66 10.52 7.88 6.35
S&P 500® Index 7.15 28.07 33.89 11.43 15.76 13.34 7.81

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

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.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Pure Gross Composite Net S&P 500® Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Pure Gross 21.50 -21.04 21.81 29.56 44.91 -3.49 8.23 8.38 -8.83 16.46
Composite Net 18.00 -23.40 18.31 25.84 40.80 -6.32 5.09 5.23 -11.52 13.10
S&P 500® Index 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Returns-Based Statistics (As of 30/11/2024)

RISK / REWARD
VS. S&P 500 TR		 3YR 5YR
Information Ratio -0.34 -0.17
Alpha -3.54 -2.30
Tracking Error 9.66 9.61
Beta 1.12 1.10
R-squared (%) 80.80 81.73
UP/DOWN MARKET CAPTURE (%)
S&P 500 TR		 3YR 5YR
Up Capture Ratio 102.21 104.30
Down Capture Ratio 113.16 110.48
STANDARD DEVIATION 3YR 5YR
Janus Opportunistic Alpha Managed Account 21.64 22.05
S&P 500 TR 17.41 18.15
SHARPE RATIO 3YR 5YR
Janus Opportunistic Alpha Managed Account 0.17 0.50
S&P 500 TR 0.41 0.72

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 30/11/2024)
% of Fund
Oracle Corp 5.29
Caesars Entertainment Inc 5.15
Vertiv Holdings Co 5.10
Surgery Partners Inc 4.20
Intercontinental Exchange Inc 4.12
Marvell Technology Inc 4.10
Western Alliance Bancorp 4.04
Capital One Financial Corp 4.03
PNC Financial Services Group Inc 3.97
Amazon.com Inc 3.78
TOTAL 43.78
View full holdings
Portfolio Characteristics (As of 30/11/2024)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 41 503
Market Capitalization
Weighted Average		 $167.21B $992.62B
Portfolio Turnover Rate
(1-year trailing)		 44.28% -
Price/Earnings Ratio
(1-year forward)		 20.18 22.29
Price/Book Ratio
 3.29 4.98
Earnings Growth Rate
(1-year forward)		 22.99% 17.24%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 30/11/2024
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 11/30/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 11/30/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 30/11/2024

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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