Perkins Small Cap Value Fund*

Data as of 3/31/2014 unless otherwise noted

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Top Holdings

% of Fund

View All Holdings (PDF)

Owens & Minor, Inc. 2.84%
Casey's General Stores, Inc. 2.76%
Prosperity Bancshares, Inc. 2.56%
Kirby Corp. 2.47%
Home Properties, Inc. 2.40%
Patterson Cos., Inc. 2.37%
Potlatch Corp. 2.35%
Plains All American Pipeline L.P. 2.34%
Columbia Banking System, Inc. 2.33%
EMCOR Group, Inc. 2.15%
TOTAL 24.57%

Top Contributors/Detractors

TOP 5 CONTRIBUTORS
Allegheny Technologies, Inc.
Columbia Banking System, Inc.
Prosperity Bancshares, Inc.
QEP Midstream Partners L.P.
Astec Industries, Inc.
TOP 5 DETRACTORS
PH Glatfelter Co.
Kirby Corp.
Synopsys, Inc.
Lincoln Electric Holdings, Inc.
Infinity Property & Casualty Corp.

Characteristics

Total Net Assets $ 2.20B
Price/Earnings Ratio(1-year forward) 19.46
Earnings Growth Rate(1-year forward) 9.97
Price/Book Ratio 2.67
Weighted Average Market Capitalization ($ billion) $ 3.52
Median Market Capitalization ($ billion) $ 2.89
Total Number of Equity Issues 86
Total Number of Debt Issues 0
Portfolio Turnover Rate 62.46%

Top Ten Industries

% of Fund
Regional Banks 16.49%
Industrial Machinery 5.41%
Health Care Distributors 5.22%
Application Software 5.21%
Oil & Gas Storage & Transportation 4.80%
Life Sciences Tools & Services 4.33%
Packaged Foods & Meats 3.89%
Thrifts & Mortgage Finance 3.53%
Construction & Engineering 3.33%
Health Care Equipment 3.26%
Total 55.47%

Sector Allocation

% of Fund
Financials
29.53%
Industrials
17.82%
Health Care
15.84%
Information Technology
11.71%
Energy
7.18%
Consumer Staples
6.65%
Materials
5.99%
Consumer Discretionary
4.08%
Utilities
0.47%
Cash & Equivalents
0.73%
Total
100.00%

Asset Allocation

% of Fund
Asset Allocation Chart
US Common Stock 97.42%
Non-US Common Stock 1.85%
Cash & Equivalents 0.73%
Total 100.00%

Regional Exposure

% of Fund
Regional Exposure Chart
North America 97.42%
Africa/Mideast 1.03%
Europe 0.82%
Cash & Equivalents 0.73%
Total 100.00%

Capitalization Ranges of Equity Holdings

% of Fund
Capitalization Ranges of Equity Holdings Chart
$10 Billion to $50 Billion 2.35%
$5 Billion to $10 Billion 8.55%
$1 Billion to $5 Billion 84.37%
$500 Million to $1 Billion 3.98%
$250 Million to $500 Million 0.36%
$100 Million to $250 Million 0.39%
Total 100.00%

Risk Statistics 3-Year vs. Russell 2000 Value Index

Class T Shares

Russell 2000 Value Index

Alpha -0.77 0.00
Beta 0.81 1.00
R-Squared 95.34% 100.00
Sharpe Ratio 0.70 0.78
Correlation 0.98 1.00
Information Ratio -0.75 N/A
Standard Deviation 13.50 16.26

Annual Fees and Expenses as of Fiscal Year-End

Class A Shares

(6/30/2013)

Class C Shares

(6/30/2013)

Class S Shares

(6/30/2013)

Class I Shares

(6/30/2013)

Class R Shares

(6/30/2013)

Class T Shares

(6/30/2013)

Class N Shares

(6/30/2013)

Class L Shares

(6/30/2013)
Management Fees 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%
12b-1 Fees 0.25% 1.00% 0.25% N/A 0.50% N/A N/A N/A
Other Expenses 0.19% 0.30% 0.29% 0.15% 0.29% 0.29% 0.04% 0.27%
Total Gross Expenses 1.00% 1.86% 1.10% 0.71% 1.35% 0.85% 0.60% 0.83%
Waivers 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Net Expenses 1.00% 1.86% 1.10% 0.71% 1.35% 0.85% 0.60% 0.83%

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/14.


Janus Capital has contractually agreed to waive the Fund's total annual fund operating expenses allocated to Class L Shares (excluding any performance adjustments to management fees, administrative fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, and extraordinary expenses including, but not limited to, legal claims and liabilities, litigation costs, indemnification, acquired fund fees and expenses) to certain limits until at least 11/1/11. The contractual waiver may be terminated at any time prior to this date only at the discretion of the Board of Trustees. Returns shown include fee waivers, if any, and without such waivers returns would have been lower.


This fund may have securities on loan as of the most recent month-end. The fund invests any cash collateral received in connection with loaned securities in Janus Cash Collateral Fund. View holdings for Janus Cash Collateral Fund.


Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus, or if available, a summary prospectus containing this and other information. Read it carefully before you invest or send money.


Berger Small Cap Value Fund was reorganized into the Fund on 4/21/03. The returns shown prior to 4/21/03 for Perkins Small Cap Value Fund - Class J Shares are those of Berger Small Cap Value Fund - Investor Shares for the period 2/14/97 to 4/17/03 and Berger Small Cap Value Fund - Institutional Shares (then known as The Omni Investment Fund) for periods prior to 2/14/97.


Effective 7/6/09, the Fund designated its Investor Share Class as “Class J Shares.”

Effective 2/16/10, the Fund's Class J Shares were renamed Class T Shares.


For Class L Shares, net expense ratios reflect the administrative fee waiver, if any, Janus Services LLC has voluntarily agreed to, which could be changed or terminated at any time.

For Class L Shares, returns quoted reflect the administrative fee waiver, if any, Janus Services LLC has voluntarily agreed to, which could be changed or terminated at any time.


Holdings are subject to change without notice.


Statistics shown are for the Fund's initial share class.


* Effective May 28, 2010, Perkins Small Cap Value Fund is closed to certain new investors. Please see the current prospectus for details.


The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.


A Fund's portfolio may differ significantly from the securities held in the index. The index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.


Perkins Investment Management LLC is an indirect subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products.


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