Q4 2010 perkins us strategic value fund exp0411 citywire web
Upcoming SlideShare
Loading in...5
×
 

Q4 2010 perkins us strategic value fund exp0411 citywire web

on

  • 615 views

 

Statistics

Views

Total Views
615
Views on SlideShare
578
Embed Views
37

Actions

Likes
0
Downloads
3
Comments
0

3 Embeds 37

http://citywire.co.uk 22
http://www.citywire.co.uk 14
http://www.citywire.ch 1

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Q4 2010 perkins us strategic value fund exp0411 citywire web Q4 2010 perkins us strategic value fund exp0411 citywire web Presentation Transcript

  • Q4| 10PERKINS US STRATEGIC VALUE FUND TABLE OF CONTENTS Perkins Investment Management Overview Perkins Investment Process Perkins US Strategic Value Fund AppendixIntroduced by Janus Capital International LimitedFOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
  • PERKINS INVESTMENT MANAGEMENT OVERVIEW
  • WHY PERKINS? • Singular approach to investing for 30 years • Established and experienced investment team • Disciplined valuation process measures downside risk before upside potential • Co-managed portfolios designed to provide consistency of investment process over time • Historical outperformance in down quarters with high participation in up quarters, on average 3
  • 30-YEAR HISTORY OF MANAGING CLIENT ASSETS1980 1985 1998 2003 2006 2008 2010 Perkins is Small Cap Value Mid Cap Value Janus Capital Large Cap Value Janus acquires Launch of Perkins Launch of Perkins founded strategy launches strategy launches Group takes 30% strategy launches additional 50% Global Value Global Value ownership stake ownership stake Fund Fund in Perkins Perkins assumed management of Perkins US Strategic Value Fund Perkins Today (as of 31/12/10) • $19.8 billion in total AUM • Independent subsidiary of Janus Capital Group – ~78% owned by Janus Capital Group – Perkins Investment Management singular focus on value investing – Janus Capital Group: Core business functions (global distribution and marketing; risk management and trading; operations; human resources; legal) 4
  • PERKINS INVESTMENT TEAM Chief Executive Officer Portfolio Managers Peter Q. Thompson Client Portfolio Managers Chief Investment Officer Jeff Kautz, CFA Investment Research Client Portfolio Managers Valerie Newman, CFA Ron Zia Consumer Materials Discretionary Industrials Portfolio Managers Transportation Bob Perkins Tom Perkins Energy & REIT Financials Technology Homebuilder Jeff Kautz, CFA Utilities Lodging Gregory Kolb, CFA Todd Perkins Consumer Non-U.S. Healthcare Kevin Preloger Staples Generalists Ted Thome, CFA Justin Tugman, CFA 5
  • PERKINS INVESTMENT STRATEGIES Primary Benchmark Strategy Inception Portfolio Managers Strategy AUM Available Vehicles Todd Perkins Russell 2000® SMALL CAP VALUE July 1, 1988 Bob Perkins $2.9 billion Separate Account Value Index Justin Tugman, CFA Russell Midcap® Tom Perkins Separate Account MID CAP VALUE October 1, 1998 $13.5 billion Value Index Jeff Kautz, CFA U.S. Mutual Fund Russell 1000® Tom Perkins Separate Account LARGE CAP VALUE October 1, 2006 $137.6 million Value Index Kevin Preloger U.S. Mutual Fund Tom Perkins Russell 3000® Separate Account ALL CAP VALUE January 1, 2010 Todd Perkins $1.2 billion Value Index Offshore Mutual Fund Jeff Kautz, CFA Separate Account GLOBAL VALUE MSCI World Index July 1, 2001 Gregory Kolb, CFA $100.9 million U.S. Mutual Fund Offshore Mutual Fund Jeff Kautz, CFA Russell1000® Ted Thome, CFA Separate Account VALUE PLUS INCOME July 30, 2010 $22.4 million Value Index Gibson Smith* U.S. Mutual Fund Darrell Watters*As of 31 December 2011*Gibson Smith and Darrell Watters, Janus Investment Management, manage the fixed income portion of Perkins Value Plus Income Portfolio. 6
  • PERKINS INVESTMENT PROCESS
  • THREE-STEP INVESTMENT PROCESSThere is no assurance that the investment process will consistently lead to successful investing. 8
  • INVESTMENT PHILOSOPHY • We believe in the timeless adage of the power of compounding and in doing so our focus is on mitigating losses in difficult markets. • We invest in securities we believe to have favourable reward to risk ratios by focusing first on rigorous downside analysis prior to determining upside potential. • We seek to outperform both our benchmark and peers over a full market cycle by building diversified portfolios of what we believe to be financially strong, undervalued stocks. 9
  • STEP 1: IDENTIFY AND QUALIFY OPPORTUNITIES Analysts and portfolio managers identify what we believe to be undervalued companies • Sector-specific screening • Attractive relative and absolute valuation ratios (P/E, P/BV, P/CF) • Stocks that have underperformed in the most recent 6-18 month period Analysts determine what we believe to be high-quality companies • Thorough fundamental analysis • Strong balance sheets – Low debt ratios – Financial flexibility • Solid recurring free cash flows • Committed management/significant insider ownership 10
  • STEP 2: CALCULATE REWARD/RISK RATIO Analysts calculate reward to risk ratio Conservative downside price target • Model top line contraction and margin compression for earnings risk • Compare stock valuations to previous trough or recession levels • Build in margin of safety Reward Risk Conservative upside price target Reward to risk ratio at least 1.5 to 1.0 • Normalise margins and earnings • Compare stock valuations to previous normalised (not peak) levels • Emphasise mean reversion 11
  • STEP 3: INVESTMENT DECISION AND PORTFOLIO CONSTRUCTION Portfolio managers make final investment decision • Analysts write up recommendation and discuss with portfolio manager • Tracker portfolios reflect real-time analyst conviction Portfolio managers build diversified portfolios • Initial positions 30-50 bps, build position gradually • Maximum position size at firm of 4% • Typically no more than 20% in any sector with exception of financials which is limited to 35% Reward/risk ratio drives portfolio management decisions 1.5 : 1.0 Reward/Risk ratio Initiate or add to existing position 1.0 : 1.0 Reward/Risk ratio Position on watch 0.5 : 1.0 Reward/Risk ratio Exiting position LOW TRADE-OFF HIGH TRADE-OFF 12
  • SEEKING TO MINIMISE RISK AT MULTIPLE LEVELS INVESTMENT PROCESS RISK MANAGEMENT STRATEGIC / FIRM LEVEL RISK MANAGEMENT Risk management is inherent in the Perkins Investment risk management infrastructure is investment process. designed to increase portfolio managers awareness of risk at the portfolio level, • Identify stocks that have underperformed over a 6-18 including: month period and reflect low expectations • Perform rigorous balance sheet analysis • Monitor intended active risk positions and offer ways to • Stress test income statements and cash flows manage them prudently • Set conservative price targets assuming mean • Ensure bottom up approach does not create reverting multiples and margins unintended market cap, style tilt, or benchmark risks • Invest in attractive risk / reward relationships • Provide performance attribution for portfolio managers and analysts • Build well diversified portfolios • Monthly risk review between Janus’ senior risk • Start and exit positions slowly, in response to manager and Perkins portfolio management team changing risk/reward ratios Multiple levels of risk management combined with a disciplined investment approach, helps Perkins manage overall investment risk.Any portfolio risk management process discussed includes an effort to monitor and manage risk which should not be confused with and does not imply low risk or the ability to control risk. 13
  • PERKINS US STRATEGIC VALUE FUND
  • PERKINS US STRATEGIC VALUE FUND• The Perkins US Strategic Value Fund seeks to build a diversified portfolio of what we believe to be high quality, undervalued US domiciled stocks with favourable reward to risk characteristics.• Benchmark: Russell 3000 Value Index (primary), S&P 500 Index (secondary)• Perkins management fund inception: 22/09/2003• AUM: $1.3 billion*• Market Capitalisation: No less than 10% in any of the market cap bands and no more than 50% in the small cap band. The bands are defined as follows in USD: Large >$10 billion Mid $2 to 10 billion Small <$2 billion* As at 31 December 2010 15
  • 16 Perkins US Strategic Value Fund 31/12/10 2-10B >10B <2B Dec-10 Sep-10 Jun-10 Mar-10 Dec-09 Sep-09 Jun-09 Mar-09HISTORICAL MARKET CAPITALISATION BREAKDOWN Dec-08 Sep-08 Jun-08 Mar-08 Dec-07 Sep-07 Jun-07 Mar-07 Dec-06 Sep-06 Jun-06 Mar-06 Dec-05 Sep-05 Source: Janus Fund Accounting Jun-05 Mar-05 Dec-04 Sep-04 Jun-04 Mar-04 Dec-03 Sep-03 60.00 90.00 80.00 70.00 50.00 40.00 30.00 20.00 10.00 -- 100.00 % of equity assets
  • PERFORMANCE Perkins US Strategic Value Fund as of 31/12/10 Average Annual Total Returns (%) Since Since PM Year-to- Inception Inception Q4 2010 Date 1 Year 3 Years 5 Years 10 Years (30/11/00) (22/09/03) Perkins US Strategic Value Fund (I$acc) 9.71 12.25 12.25 1.78 5.05 4.92 5.08 8.71 Russell 3000 Value Index 10.92 16.23 16.23 -3.91 1.45 3.63 4.14 5.74 S&P 500 Index 10.76 15.06 15.06 -2.86 2.29 1.41 1.45 4.98 Difference -1.21 -3.98 -3.98 +5.69 +3.60 +1.29 +0.94 +2.97 (Return vs Russell 3000 Value Index) Difference -1.05 -2.81 -2.81 +4.64 +2.76 +3.51 +3.63 +3.73 (Return vs S&P 500 Index) Source: Janus Fund Accounting The results are presented net of fees and are annualised for periods of one year or longer. Past performance cannot guarantee future results. Your principal may be at risk during certain market periods. On 22 September 2003 Perkins assumed management of Perkins US Strategic Value Fund Since Inception I$acc: 30/11/00. The index returns are provided to represent the investment environment existing during the time periods shown. For comparison purposes, the index is fully invested, which includes the reinvestment of dividends and capital gains. The returns for the index do not include any transaction costs, management fees or other costs. Composition of each individual portfolio may differ from securities in the corresponding benchmark index. The index is used as a performance benchmark only, as Janus does not attempt to replicate an index. Because Janus’ sector weightings are a residual of portfolio construction, significant differences between sector weightings in client portfolios and the index are common. Perkins US Strategic Value Fund was previously known as Janus US Strategic Value Fund. Name change effective 19/05/2009. The Funds investment objective and management remains the same. 17
  • PERFORMANCE AND REWARD/RISK STATISTICS Perkins US Strategic Value Fund vs. benchmark 31/12/10 Perkins US Strategic Value Fund vs. Russell 3000® Value Index Perkins US Strategic Value Fund vs. S&P 500 Index Since PM Inception Average Up and Down Monthly Returns Since PM Inception Average Up and Down Monthly Returns 10/03 – 12/10 10/03 – 12/10 Perkins US Strategic Value Fund Perkins US Strategic Value Fund S&P 500 Index Average Quarterly Return (%) Average Quarterly Return (%) Russell 3000® Value Index 6 6 3.07 2.94 3.12 3.26 0 0 -3.54 -3.66 -4.42 -6 -4.26 -6 Average Downmarket Return Average Upmarket Return Average Downmarket Return Average Upmarket Return Reward and Risk Statistics (I-Share Class) 3-Year Alpha 4.94 Information Ratio 0.92 Sharpe Ratio 0.05 Standard Deviation 20.66 Beta 0.84 R-Squared 0.94 Source: Janus Fund Accounting Up and down calendar months are determined by the returns of the index shown. 18
  • PORTFOLIO SNAPSHOT Perkins US Strategic Value Fund 31/12/2010 TOP TEN HOLDINGS (10.96% of portfolio) SECTOR BREAKDOWN Perkins US Strategic Value Value Fund (%) Perkins US Strategic Russell 3000® Value Fund (%) Value Index (%) State Street Corp. 1.50 Consumer Disc 7.33 7.92 URS Corp. 1.25 Consumer Staples 6.93 9.30 Allstate Corp. 1.13 Energy 14.12 12.15 Goldcorp Inc. 1.09 Financials 22.39 28.40 Vodafone Group PLC ADS 1.04 Healthcare 16.06 11.91 QEP Resources Inc. 1.03 Industrials 10.91 9.53 Cisco Systems Inc. 0.99 Information Tech 14.36 5.86 Materials 3.95 3.38 Exxon Mobil Corp. 0.98 Telecomms 2.85 4.78 Kroger Co. 0.97 Utilities 1.11 6.78 Discover Financial Services 0.97 PORTFOLIO CHARACTERISTICS Perkins US Strategic Value Russell 3000® Fund Value Index Number of Securities 165 1,965 Weighted Average Market Cap $31.8 B $63.3 B Median Market Cap $6.4 B $932 M Turnover Ratio (1-year trailing) 59.83% – . Sector source: GICS. Holdings are subject to change without notice. Sector weights based upon ten Janus/ Perkins custom research sectors. 19
  • APPENDIXJanus Capital Group OverviewPerkins Assets BreakdownPerkins Investment TeamQuarterly PerformanceDisclosure
  • POWERFUL PROCESSES FROM THREE HIGHLY SPECIALISED MANAGERS KEY BENEFITS: Janus Capital Group • Each firm driven by a process central to its investment Investment Manager Investment Approach Investment Strategies approach • Broad choice of Research-Driven Equity & Fixed Income · Large, Mid and Small Cap Growth · Grounded in unconstrained, fundamental research · Global/International complementary strategies · Risk management overlay · Fixed Income · 40 years of experience · Core Blend • Ability to align our strengths· Established: 1969 · Long/Short· AUM: $105.5B with your needs Mathematical Equity · Large Cap Growth · Proprietary mathematical approach · Large Cap Value · Risk-managed process · Large Cap Core · Virtually no style drift · Enhanced· Established: 1987 · 22 years of experience · Global/International· AUM: $44.1B · Long/Short· Janus ownership: ~95% Value Equity · Small Cap Value · Singular approach to value investing · Mid Cap Value · Disciplined valuation process · Large Cap · Focus on downside analysis before upside potential · All Cap Value· Established: 1980 · 30 years of experience · Global Value· AUM: $19.8B· Janus ownership: ~78%AUM data as of 31/12/10.Janus Capital Group Inc. is a global asset manager offering individual investors and institutional clients complementary asset management disciplines. Janus Capital Management LLC, Perkins Investment Management LLC andINTECH Investment Management LLC serve as investment advisers. Perkins and INTECH are indirect subsidiaries of Janus Capital Group Inc. 21
  • PERKINS INVESTMENT TEAM Peter Q. Thompson, CEO Kevin Preloger, Portfolio Manager • Joined Perkins in 2009 • Co-Portfolio Manager, Large Cap Value • 16 years financial industry experience • Joined Perkins in 2002 • Providence College, B.A.; University of Chicago, M.B.A. • 13 years financial industry experience • Northwestern University, B.A. Jeff Kautz, CFA, CIO & Portfolio Manager • Co-Portfolio Manager, Mid Cap Value, All Cap Value and Value Justin Tugman, CFA, Portfolio Manager Plus Income • Co-Portfolio Manager, Small Cap Value • Joined Perkins in 1997 • Energy/Utility Analyst • 17 years financial industry experience • Joined Perkins in 2004 • University of Illinois, B.S.; University of Chicago, M.B.A. • 10 years financial industry experience • University of Wyoming, B.S.; Tulane University, M.B.A. Bob Perkins, Portfolio Manager • Co-Portfolio Manager, Small Cap Value Gregory Kolb, CFA, Portfolio Manager • Founded Perkins in 1980 • Portfolio Manager, Global Value • 44 years financial industry experience • Joined Perkins in 2010 (after 9 years at Janus) • Miami University, B.S. • 12 years financial industry experience • Miami University, B.S. Tom Perkins, Portfolio Manager • Co-Portfolio Manager, Mid Cap Value, Large Cap Value and All Valerie Newman, CFA, Client Portfolio Manager Cap Value • Joined Perkins in 2007 • Joined Perkins in 1998 • 10 years financial industry experience • 40 years financial industry experience • University of Miami, B.B.A. • Harvard College, B.A. Ron Zia, Client Portfolio Manager Todd Perkins, Portfolio Manager • Joined Perkins in 2010 • Co-Portfolio Manager, Small Cap Value and All Cap Value • 19 years financial industry experience • Joined Perkins in 1998 • University of Illinois, B.S.; DePaul University, M.B.A. • 12 years financial industry experience • DePaul University, B.A. 22
  • PERKINS INVESTMENT TEAM Randy Hughes, Director of Research Patrick Schott, Analyst • Joined Perkins in 1995 • Industrials Analyst • 15 years financial industry experience • Joined Perkins in 2004 • Southern Illinois University, B.S.; Governors State University, • 13 years financial industry experience M.B.A. • University of Minnesota, B.S.; University of Chicago, M.B.A. Ted Thome, CFA, Portfolio Manager Craig Kempler, CFA, Analyst • Co-Portfolio Manager, Value Plus Income • Technology Analyst • Health Care Analyst • Joined Perkins in 2005 • Joined Perkins in 2002 • 8 years financial industry experience • 8 years financial industry experience • Denison University, B.A.; Indiana University, M.B.A. • United States Military Academy at West Point, B.S.; University of Chicago, M.B.A. Tim Jenkins, CFA, Analyst • Consumer Discretionary Analyst Tim Urquhart, Analyst • Joined Perkins in 2007 • Consumer Staples Analyst • 14 years financial industry experience • Joined Perkins in 2002 • University of Missouri, B.S.; St. Louis University, M.B.A. • 16 years financial industry experience • Harvard University, B.A.; Northwestern University, M.B.A. Tom Reynolds, Analyst • Financials Analyst Alec Perkins, Analyst • Joined Perkins in 2009 • REIT/Homebuilder/Lodging Analyst • 11 years financial industry experience • Joined Perkins in 2002 • Dartmouth College, B.A.; University of Chicago, M.B.A. • 8 years financial industry experience • Middlebury College, B.A.; University of California, Berkeley, Chris Kirtley, Analyst M.B.A.; Stanford University, M.A. • International Analyst • Joined Perkins in 2010 Chris Leshock, Analyst • 7 years financial industry experience • Materials/Transportation Analyst • University of North Carolina, B.A. • Joined Perkins in 2004 • 10 years financial industry experience • Marquette University, B.S.; DePaul University, M.B.A. 23
  • QUARTERLY AND ANNUAL PERFORMANCE SINCE INCEPTION Perkins US Strategic Value vs. Russell 3000® Value Index Perkins US Excess Return Excess Return Strategic Russell (Perkins US Strategic Value (Perkins US Strategic Value Fund 3000 Value Fund v/s Russell 3000 Value Value Fund v/s S&P 500 Dates I$acc Index S&P 500 Index Index) Index) 2001-Q1 -4.22 -5.4 -11.86 1.18 7.64 2001-Q2 2.35 5.35 5.85 -3.00 -3.50 2001-Q3 -20.40 -11.12 -14.68 -9.28 -5.72 2001-Q4 14.70 8 10.69 6.70 4.01 2001 -10.49 -4.33 11.89 -6.16 -22.38 2002-Q1 5.91 4.49 0.27 1.42 5.64 2002-Q2 -13.65 -8.03 -13.4 -5.62 -0.25 2002-Q3 -16.29 -18.96 -17.28 2.67 0.99 2002-Q4 1.00 8.91 8.44 -7.91 -7.44 2002 -22.67 -15.18 -22.1 -7.49 -0.57 2003-Q1 -3.12 -4.88 -3.15 1.76 0.03 2003-Q2 17.40 17.65 15.39 -0.25 2.01 2003-Q3 8.59 2.47 2.65 6.12 5.94 2003-Q4 15.02 14.35 12.18 0.67 2.84 2003 42.07 31.14 28.68 10.93 13.39 2004-Q1 5.68 3.33 1.69 2.35 3.99 2004-Q2 2.45 0.88 1.72 1.57 0.73 2004-Q3 -1.29 1.42 -1.87 -2.71 0.58 2004-Q4 9.79 10.62 9.23 -0.83 0.56 2004 17.35 16.94 10.88 0.41 6.47 2005-Q1 0.00 -0.26 -2.15 0.26 2.15 2005-Q2 2.46 1.96 1.37 0.50 1.09 2005-Q3 4.56 3.81 3.6 0.75 0.96 2005-Q4 2.22 1.21 2.09 1.01 0.13 2005 9.52 6.85 4.91 2.67 4.61 2006-Q1 5.20 6.59 4.21 -1.39 0.99 2006-Q2 -1.25 0.28 -1.44 -1.53 0.19 2006-Q3 2.39 5.88 5.67 -3.49 -3.28 2006-Q4 7.80 8.1 6.7 -0.30 1.10Returns include reinvestment of dividends and capital gains. Past performance is no guarantee of future results. Please see standardized performance on page 14. 24The Funds since inception date is 8/12/98; therefore, a full quarter of data was not available for third quarter 1998.
  • QUARTERLY AND ANNUAL PERFORMANCE SINCE INCEPTIONPerkins US Strategic Value vs. Russell 3000® Value Index Perkins US Excess Return Excess Return Strategic Russell (Perkins US Strategic Value (Perkins US Strategic Value Fund 3000 Value Fund v/s Russell 3000 Value Value Fund v/s S&P 500 Dates I$acc Index S&P 500 Index Index) Index) 2006 14.66 22.34 15.8 -7.68 -1.14 2007-Q1 3.65 1.26 0.64 2.39 3.01 2007-Q2 5.61 4.69 6.28 0.92 -0.67 2007-Q3 -0.19 -0.75 2.03 0.56 -2.22 2007-Q4 -3.16 -5.91 -3.33 2.75 0.17 2007 5.82 -1.01 5.49 6.83 0.33 2008-Q1 -4.35 -8.55 -9.44 4.20 5.09 2008-Q2 0.67 -5.17 -2.73 5.84 3.40 2008-Q3 -6.18 -5.26 -8.37 -0.92 2.19 2008-Q4 -20.24 -22.41 -21.94 2.17 1.70 2008 -27.94 -36.25 -37 8.31 9.06 2009-Q1 -8.25 -17 -11.01 8.75 2.76 2009-Q2 16.92 16.81 15.93 0.11 0.99 2009-Q3 16.96 18.59 15.61 -1.63 1.35 2009-Q4 3.89 4.17 6.04 -0.28 -2.15 2009 30.35 19.76 26.46 10.59 3.89 2010-Q1 4.90 7.05 5.39 -2.15 -0.49 2010-Q2 -9.34 -11.09 -11.43 1.75 2.09 2010-Q3 7.59 10.00 11.29 -2.41 -3.70 2010 12.25 16.23 15.06 -3.97 -2.81Returns include reinvestment of dividends and capital gains. Past performance is no guarantee of future results. Please see standardized performance on page 14.The Funds since inception date is 8/12/98; therefore, a full quarter of data was not available for third quarter 1998. Perkins US Strategic Value Fund was previously known as Janus US Strategic Value Fund. Name change effective19/05/2009. The Funds investment objective and management remains the same. As of 30 September 2010 *Gibson Smith and Darrell Watters manage the fixed income portion of Perkins Value Plus Income Portfolio. 25
  • DISCLAIMERSIssued by Janus Capital International Limited, authorised and regulated by the Financial Services Authority.This document does not constitute investment advice or an offer to sell, buy or a recommendation for securities, other than pursuant to an agreement in compliance with applicable laws, rules andregulations. Janus Capital Group and its subsidiaries are not responsible for any unlawful distribution of this document to any third parties, in whole or in part, or for information reconstructed from thispresentation and do not guarantee that the information supplied is accurate, complete, or timely, or make any warranties with regards to the results obtained from its use. As with all investments, there areinherent risks that each individual should address.The distribution of this document or the information contained in it may be restricted by law and may not be used in any jurisdiction or any circumstances in which its use would be unlawful. Should theintermediary wish to pass on this document or the information contained in it to any third party, it is the responsibility of the intermediary to investigate the extent to which this is permissible under relevantlaw, and to comply with all such law. Janus is not responsible for any unlawful distribution of this document to any third parties.Past performance is not a guarantee of future results. There is no assurance that the investment process will consistently lead to successful investing.Sector weightings, portfolio characteristics, market cap weightings and holdings are based on the fund. Such data may vary for each fund in the strategy due to asset size, market conditions, clientguidelines and diversity of portfolio holdings. Portfolio holdings are subject to change without notice.Perkins Investment Management LLC will act as sub-adviser to Janus Capital International Limited. This information does not constitute or form part of an offer to provide discretionary or non-discretionaryinvestment management of advisory services, other than pursuant to an agreement in compliance with applicable laws, rules and regulations.CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.An S&P Fund Management Rating represents an opinion only and should not be relied on when making an investment decision. Reproduction or distribution of S&P’s trade names or logos in any form isprohibited except with the prior written permission of S&P. Visit funds.standardandpoors.com for full terms and conditions. Copyright 2010 © Standard & Poor’s, a division of The McGraw-Hill Companies,Limited.The gross performance results presented do not reflect the deduction of investment advisory fees, and returns will be reduced by such advisory fees, and other contractual expenses as described in theindividual contract and Form ADV Part II. Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect thededuction of model investment advisory fees based on the maximum fixed fee rate in effect for the respective time period. Actual advisory fees may vary among clients invested in the strategy shown andmay be higher or lower than model advisory fees. Composites may include accounts with performance-based fees. Returns for each client will be reduced by such fees and expenses as negotiated in anyclient contract as discussed in Form ADV Part II. No account has been taken for taxation as the impact of taxation depends upon individual circumstances. To obtain a complete list and description ofcomposites and/or a presentation prepared in compliance with the GIPS standards, please contact London@janus.com Janus Capital Funds Plc is a UCITS established under Irish law, with segregatedliability between funds. Investors are warned that they should only make their investments based on the most recent Prospectus which contains information about fees, expenses and risks, which isavailable from all distributors and paying agents, it should be read carefully. An investment in the fund may not be suitable for all investors and is not available to all investors in all jurisdictions; it is notavailable to US persons. Past performance is no guarantee of future results. The rate of return may vary and the principal value of an investment will fluctuate due to market and foreign exchangemovements. Shares, if redeemed, may be worth more or less than their original cost.This is not a solicitation for the sale of shares and nothing herein is intended to amount to investment advice.Portfolio holdings are subject to change without notice. The portfolio holdings presented represent securities held as of the period indicated and may not be representative of current or future investments.No assumption should be made that the securities identified as being profitable will continue to be profitable. This material is provided for illustrative purposes only and should not be construed as an offerto sell, or the solicitation of offers to buy, or a recommendation for any security.Janus Capital Funds Plc is a UCITS established under Irish law, with segregated liability between funds. Investors are warned that they should only make their investments based on the most recentProspectus which contains information about fees, expenses and risks, which is available from all distributors and paying agents, it should be read carefully. An investment in the fund may not be suitablefor all investors and is not available to all investors in all jurisdictions; it is not available to US persons. Past performance is no guarantee of future results. The rate of return may vary and the principalvalue of an investment will fluctuate due to market and foreign exchange movements. Shares, if redeemed, may be worth more or less than their original cost. This is not a solicitation for the sale of sharesand nothing herein is intended to amount to investment advice.or authorised persons only.For Institutional use Only. FRC-0111(43)0411 EM Inst 26