Janus Henderson International Small Cap Fund

C000184224 Fund Overview

Janus Henderson International Small Cap Fund is a US mutual fund managed by Janus Investment Fund, categorised as Japan Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Janus Investment Fund
• Category: Japan Small Cap Blend / Core Equity
• Assets under management: $6.19M
• SEC CIK: 0000277751
• SEC series ID: S000057645
• Share class ID: C000184224

C000184224 Investment Objective and Strategy

Janus Henderson International Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Janus Investment Fund.

Investment objective

Janus Henderson International Small Cap Fund seeks long-term capital appreciation.

Principal investment strategy

The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. small market capitalization (small cap) companies, from at least three different countries outside of the U.S. Equity securities include common stocks and related securities, such as preferred stocks, convertible securities and depositary receipts. The Fund considers a small cap company to be one whose market capitalization, at the time of purchase, is within the range of capitalizations of companies in the MSCI EAFE (Europe, Australasia and Far East) Small Cap Index. As of September 30, 2017, the MSCI EAFE Small Cap Index included companies with market capitalizations between $440 million and $10.7 billion.

Some companies may outgrow the definition of a small cap company or may no longer fall within the range of a reconstituted index after the Fund has purchased their securities. These companies will continue to be considered small cap for purposes of the Funds minimum 80% allocation to equity securities of non-U.S. small cap companies, including, with respect to subsequent purchases. Non-U.S. companies are broadly defined to include any issuer that meets one of the following tests: (i) its country of organization, its primary business office or the principal trading market of its stock is located outside of the U.S., (ii) 50% or more of its assets are located in a country other than the U.S., or (iii) 50% or more of its revenues are derived from outside of the U.S. Normally, the Funds investments will be allocated among Continental Europe, the United Kingdom, Japan and the markets of the Pacific Basin.

The Fund invests primarily in developed-market countries but may invest up to 25% of its net assets in securities of issuers located in emerging markets. Emerging market countries are all countries represented by the MSCI Emerging Markets Index SM and/or those countries considered to be developing by the World Bank, the International Finance Corporation or the United Nations. These countries are typically located in the Asia-Pacific region, Eastern Europe, Central and South America, and Africa. The Fund uses a value-oriented approach, designed to identify stocks trading at attractive valuations. The investment process is driven by the belief that the level of real returns delivered depends on the initial price paid. In selecting investments, a proprietary analytical model is used to provide theoretical values for each stock in the investment universe and then ranks the stock according to its discount or premium.

In assessing a company, four key components are considered: net asset value (NAV), current earnings, value of growth and dividends. From among those companies with the biggest discounts to fair value (based around the above factors), the portfolio managers seek to identify a portfolio of stocks that they believe are priced below their intrinsic worth and which offer the best potential to achieve the Funds investment objective. At the final stage, stocks are validated through fundamental analysis and bottom-up research for inclusion in the portfolio. The Fund generally sells a stock if, in the portfolio managers opinion, it no longer offers an attractive valuation. The Fund will also consider selling a security if, in the portfolio managers opinion, a superior investment opportunity arises.

The Fund typically expects to maintain investments in a portfolio of between 70 and 100 stocks. The Fund may invest without limit in foreign securities and has no specific policies on the geographic asset distribution or sector exposure of its investments. Instead, sector and geographic exposure are a function of stock-level opportunities. However, in an attempt to reduce portfolio risks, the portfolio managers generally will invest across countries, industry groups and/or sectors.

C000184224 Holdings

Top 10 holdings of Janus Henderson International Small Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000184224 holdings

C000184224 Portfolio Allocation

Asset-class allocation of Janus Henderson International Small Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000184224 Costs and Fees

C000184224 costs about $125 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.25%
• Gross expense ratio: 4.76%
• Portfolio turnover: 72%
• Brokerage commissions: 12.69 bps of average net assets (SEC N-CEN)

C000184224 Cashflows

Over the 12 months to 2020-03, Janus Henderson International Small Cap Fund had net inflows of $1.93M, from monthly SEC N-PORT filings.

C000184224 Debt Constituents

No individual debt constituents are reported in Janus Henderson International Small Cap Fund's latest SEC N-PORT filing.

C000184224 Prospectus and SEC Filings

Official Janus Henderson International Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-18
• Prospectus (485BPOS) — filed 2019-02-15
• Prospectus (485BPOS) — filed 2018-02-16
• Portfolio holdings (N-PORT) — filed 2020-05-29
• Portfolio holdings (N-PORT) — filed 2020-02-27
• Portfolio holdings (N-PORT) — filed 2019-11-26
• Annual census (N-CEN) — filed 2019-12-12
• Annual census (N-CEN) — filed 2018-12-13

Related Funds

Other Japan Small Cap Blend / Core Equity funds tracked on ABC INVEST:

• iShares MSCI Japan Small-Cap ETF (SCJ)
• Hennessy Japan Small Cap Fund (HJPSX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.