Adaptive Risk-Managed U.S. Equity Fund 119 JIF

ABOUT THIS FUND

U.S. large-cap equity portfolio that seeks to deliver more attractive returns with lower absolute volatility than the Index over a market cycle. Our systematic investment process utilizes forward-looking signals from options markets designed to identify individual stocks with less downside volatility that appear poised for greater growth or upside volatility.

WHY INVEST IN THIS FUND

Attractive: This diversified, U.S. large-cap portfolio targets more attractive returns with lower absolute volatility over a market cycle.
Objective: Our systematic investment process uses forward-looking signals from highly liquid options markets designed to identify individual stocks with less downside volatility that appear poised for greater growth or upside volatility.
Adaptive: Changes in the market-implied forecasts of good risk versus bad risk will trigger rebalancing while maintaining diversification in an effort to provide more consistent returns over time.

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	Dec 30, 2005
Total Net Assets (As of 31/10/2024)	$606.51M
Gross Annual Expense Ratio (As of most recent prospectus)	0.65%
Net Annual Expense Ratio (As of most recent prospectus)	0.65%

Morningstar Data

(As of 31/10/2024)

	View All Ratings
Category	Large Blend
Morningstar Fee Level Group	Large Cap Institutional (out of 981 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

Ashwin Alankar, Ph.D.

Head of Global Asset Allocation | Portfolio Manager

Industry since 2001. Joined Firm in 2014.

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

Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (01/01/2006)
Adaptive Risk Managed U.S. Equity Fund - I Shares	6.95	20.72	31.89	9.00	10.61	10.46	8.76
Russell 1000® Index	6.08	21.18	35.68	10.83	15.64	13.10	10.60
S&P 500 Minimum Volatility TR Index	7.67	20.69	32.07	10.28	11.34	11.72	9.98

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 I Shares that includes periods prior to 7/6/09 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 31/10/2024)

Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (01/01/2006)
Adaptive Risk Managed U.S. Equity Fund - I Shares	4.22	19.32	32.60	6.80	10.27	10.08	8.65
Russell 1000® Index	3.83	20.33	38.07	8.12	14.99	12.75	10.51
S&P 500 Minimum Volatility TR Index	3.78	18.84	31.45	7.58	10.92	11.17	9.84

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 (%)

Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Adaptive Risk Managed U.S. Equity Fund - I Shares	15.35	-14.12	19.62	12.83	23.49	-3.54	20.57	8.08	3.42	9.32
Russell 1000® Index	26.53	-19.13	26.45	20.96	31.43	-4.78	21.69	12.05	0.92	13.24

View Fees and Expenses

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

(As of 24/11/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	66	74	93	85	86
Large Blend \| Rank/Count	966/1408	970/1299	1143/1221	900/1046	744/858

(As of 24/11/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	69	69	93	86	86
Large Blend \| Rank / Count	993/1411	884/1303	1145/1227	906/1050	749/860

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

RISK / REWARD VS. Russell 1000 TR Index	3YR	5YR
Information Ratio	-0.28	-0.76
Alpha	-0.90	-3.11
Tracking Error	4.37	5.41
Beta	0.91	0.91
R-squared (%)	93.76	90.94

UP/DOWN MARKET CAPTURE (%) Russell 1000 TR Index	3YR	5YR
Up Capture Ratio	87.82	82.74
Down Capture Ratio	94.02	98.05

STANDARD DEVIATION	3YR	5YR
Adaptive Risk Managed U.S. Equity Fund	16.31	17.53
Russell 1000 TR Index	17.36	18.45

SHARPE RATIO	3YR	5YR
Adaptive Risk Managed U.S. Equity Fund	0.18	0.44
Russell 1000 TR Index	0.24	0.67

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

CLASS I SHARES
Management Fees	0.50%
Other Expenses	0.15%
Total Gross Expenses	0.65%
Waivers	0.00%
Total Net Expenses	0.65%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for a two-year period commencing on June 10, 2022. This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees.

Index represents the Russell 1000® Index.

Top Holdings (As of 31/10/2024)

	% of Fund
Apple Inc	8.04
Microsoft Corp	6.47
NVIDIA Corp	4.48
Alphabet Inc	4.16
Eli Lilly & Co	2.64
Berkshire Hathaway Inc	2.42
Amazon.com Inc	2.34
Johnson & Johnson	2.15
Salesforce Inc	2.13
Broadcom Inc	2.07
TOTAL	36.90
View full holdings

Portfolio Characteristics (As of 31/10/2024)

	FUND	INDEX
Number of Holdings Equity Issues	114	1009
Market Capitalization Weighted Average	$922.22B	$866.79B
Portfolio Turnover Rate (1-year trailing)	148.69%	-
Price/Earnings Ratio (1-year forward)	22.78	21.06
Price/Book Ratio	5.58	4.48
Earnings Growth Rate (1-year forward)	14.57%	17.27%

Sector Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 31/10/2024

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 10/31/2024

Developed vs Emerging Markets	% of Fund	% of Index	% of Fund	% of Index	As of 10/31/2024

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 31/10/2024

JRSIX Adaptive Risk Managed U.S. Equity Fund

Overview

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Knowledge Shared

Portfolio Management

Performance

Morningstar Percentile

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

Portfolio

Documents

An options-implied analysis of the US presidential election – Part III

An options-implied analysis of the US presidential election: Part II

An options-implied analysis of the U.S. presidential election

JRSIX Adaptive Risk Managed U.S. Equity Fund

Overview

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Knowledge Shared

Portfolio Management

Performance

Morningstar Percentile

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

Portfolio

Documents

Related Insights

An options-implied analysis of the US presidential election – Part III

An options-implied analysis of the US presidential election: Part II

An options-implied analysis of the U.S. presidential election