Janus Capital Funds Plc 30 June 2015
Semi-Annual Report and Accounts (unaudited) EQUITY & ALLOCATION FUNDS Janus Asia Frontier Markets Fund Janus Asia Growth Drivers Fund Janus Asia Fund Janus Balanced Fund Janus Emerging Markets Fund Janus Europe Fund Janus Global Life Sciences Fund Janus Global Research Fund Janus Global Technology Fund Janus Japan Emerging Opportunities Fund Janus Japan Fund Janus Opportunistic Alpha Fund Janus US Fund Janus US Research Fund Janus US Twenty Fund Janus US Venture Fund Perkins Global Value Fund Perkins US Strategic Value Fund
INTECH SUB-ADVISED FUNDS INTECH All-World Minimum Variance Core Fund(a) INTECH European Core Fund INTECH Global All Country Low Volatility Fund INTECH Global Dividend Fund INTECH US Core Fund
ALTERNATIVE INVESTMENT FUNDS (For the avoidance of doubt, the Alternative Investment Funds (other than the Janus Global Real Estate Fund) are Equity Investing Funds) Janus Global Diversified Alternatives Fund Janus Global Real Estate Fund FIXED INCOME FUNDS Janus Flexible Income Fund Janus Global Flexible Income Fund Janus Global High Yield Fund Janus Global Investment Grade Bond Fund Janus High Yield Fund Janus Global Unconstrained Bond Fund Janus US Short-Term Bond Fund
Janus Capital Funds plc is an investment company with variable capital incorporated with limited liability in Ireland under registration number 296610 and established as an umbrella fund with segregated liability between sub-funds (a)
This fund commenced operations on 1 May 2015. The information from this Fund is from the date of commencement of the operations to 30 June 2015.
The above footnotes are consistently applied throughout the document.
Table of Contents Background of the Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Fund Overviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Fund Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Financial Statements: Portfolio Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Statements of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . 202 Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . 218 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . 222 Explanation of Portfolio Investments and Primary Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 Statements of Changes in Composition of Portfolio . . . . . . . . . . . . . . 276 Fund Expense Limits and Total Expense Ratios. . . . . . . . . . . . . . . . . . 302 Directors and Other Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308
Background of the Company Janus Capital Funds plc (the “Company”) was incorporated in Ireland as a public limited company on 19 November 1998 under the Companies Act 2014 (the “Companies Act”). Unless otherwise provided for in this report, all capitalised terms shall have the same meaning herein as in the prospectus of the Company dated 10 July 2015 (the “Prospectus”). Capitalised terms not defined in this report shall have the same meaning as defined in the Prospectus. The Company is an open ended investment company with variable capital established as an umbrella fund with segregated liability between sub-funds and is currently authorised by the Central Bank of Ireland (the “Central Bank”), as an undertaking for collective investment in transferable securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 as amended (the “UCITS Regulations”). The Company is organised in the form of an umbrella fund and has forty eight constituent sub-funds (individually a “Fund”, collectively the “Funds”) as follows:
EQUITY & ALLOCATION FUNDS Janus Asia Frontier Markets Fund Janus Asia Growth Drivers Fund Janus Asia Fund Janus Balanced Fund Janus Emerging Markets Fund Janus Europe Allocation Fund1 Janus Europe Fund Janus Global Growth Fund1 Janus Global Life Sciences Fund Janus Global Opportunistic Alpha Fund1 Janus Global Research Fund Janus Global Research (ex-Japan) Fund1 Janus Global Technology Fund Janus Japan Emerging Opportunities Fund Janus Japan Fund Janus Opportunistic Alpha Fund Janus US Fund Janus US Research Fund Janus US Twenty Fund Janus US Venture Fund Perkins Global Value Fund Perkins US Strategic Value Fund
INTECH SUB-ADVISED FUNDS INTECH All-World Minimum Variance Core Fund(a) INTECH Emerging Markets Core Fund1 INTECH Emerging Markets Managed Volatility Fund1 INTECH European Core Fund INTECH Global All Country Core Fund1 INTECH Global All Country Low Volatility Fund INTECH Global All Country Managed Volatility Fund1 INTECH Global Core Fund2 1
Not yet launched.
2
All Shares in this Fund were mandatorily redeemed on 30 November 2010.
INTECH Global Dividend Fund INTECH Global Dividend Low Volatility Fund1 INTECH US Core Fund
ALTERNATIVE INVESTMENT FUNDS (for the avoidance of doubt, the Alternative Investments Funds (other than the Janus Global Real Estate Fund) are Equity Investing Funds) Janus Extended Alpha Fund1 Janus Global Diversified Alternatives Fund Janus Global Real Estate Fund Janus Global Research 130/30 Fund1
FIXED INCOME FUNDS Janus Emerging Market Debt Fund1 Janus Europe Flexible Income Fund1 Janus Flexible Income Fund Janus Global Flexible Income Fund Janus Global High Yield Fund Janus Global Investment Grade Bond Fund Janus Global Strategic Income Fund1 Janus Global Unconstrained Bond Fund Janus High Yield Fund Janus Multi-Sector Income Fund1 Janus US Short-Term Bond Fund Sixteen of the Funds have not yet launched, as indicated previously. Each Fund may issue Shares in multiple Classes denominated in US Dollars ($), Euro (€), Pound Sterling (£), Hong Kong Dollars (HK$), Australian Dollars (AUD$), Swiss Francs (CHF), Canadian Dollars (CAD$), Chinese Renminbi (RMB (CNH)), Swedish Kronor (SEK), New Zealand Dollars (NZD$), Norwegian Krone (NOK), Singapore Dollars (SGD$) or Japanese Yen (JPY). Certain Classes of Shares of the Funds have been admitted to the Official List and to trading on the Main Securities Market of the Irish Stock Exchange. Please refer to Citibank Europe plc (the “Administrator”) for a complete listing of the Classes of Shares of the Funds listed on the Irish Stock Exchange. The Administrator determines the net asset value per Share of each Class of each Fund once on each Business Day. Valuation Point for all Funds is at the close of the regular trading session of the New York Stock Exchange (normally 4:00 P.M., New York time, Monday through Friday). The most recent Prospectus of the Company is dated 10 July 2015. Any reference to “Primarily” in the description of the investment objectives and policies of the Funds shall mean that at all times at least two thirds of the relevant Fund’s total asset value (excluding cash and cash equivalents) will be invested in investments in the manner described.
JANUS ASIA FRONTIER MARKETS FUND This Fund’s investment objective is to seek to achieve long-term growth of capital. It pursues its objective by investing principally in common stocks of companies of any size, from larger, wellestablished companies to smaller, emerging growth companies, which are domiciled in, or are conducting the predominant
Janus Capital Funds Plc / 30 June 2015
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Background of the Company portion of their economic activities in Developing Markets in Asia. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or, subject to a limit of up to 10% of the net asset value, for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus and subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS ASIA GROWTH DRIVERS FUND This Fund’s investment objective is to seek to achieve longterm growth of capital. It pursues its objective by investing principally in common stocks of companies of any size, from larger, well-established companies to smaller, emerging growth companies, which are domiciled in, or which are conducting the predominant portion of their economic activities in either Developed or Developing Markets in Asia, with a special emphasis on sectors considered by the Sub-Investment Adviser to be leading the growth of Asia, excluding Japan. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or, subject to a limit of up to 10% of the net asset value, for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus and subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS ASIA FUND This Fund’s investment objective is to seek to achieve long-term growth of capital. It pursues its objective by investing principally in common stocks of companies of any size, from larger, well established companies to smaller, emerging growth companies, which are domiciled in Asia, excluding Japan, or are conducting the predominant portion of their economic activities in one or more countries in Asia. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes, subject to the conditions and within the limits from time to time laid down by the Central Bank). Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. 2
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JANUS BALANCED FUND This Fund’s investment objective is long-term capital growth, consistent with preservation of capital and balanced by current income. It pursues its objective by investing 35% – 65% of its net asset value in equity securities of US Companies, such as common stocks, and 35% – 65% of its net asset value in Debt Securities of US Issuers. This Fund may invest up to 35% of its net asset value in Debt Securities rated below investment grade. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund. Due to its exposure to below investment grade securities, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS EMERGING MARKETS FUND This Fund’s investment objective is long-term growth of capital. Under normal circumstances, the Fund seeks to achieve its objective by investing principally in equity securities issued by companies incorporated or having their principal business activities in one or more Developing Markets (including China) or companies which derive a significant proportion of their revenues or profits from one or more Developing Markets or have a significant portion of their assets in one or more Developing Markets. Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. The Fund may invest, without limit, in equity securities or employ investment techniques and instruments which have exposure to the Chinese market. The Fund may invest directly in China “B” Shares. The Fund may have exposure to China “A” shares indirectly via investments in (i) other collective investment schemes that invest primarily in China “A” shares; (ii) other financial instruments, such as structured notes, participation notes, equity linked notes; and (iii) financial derivative instruments, such as trading in futures, options and swaps where the underlying assets consist of securities issued by companies quoted on Regulated Markets in China and/or in unlisted securities of Chinese companies to the extent permitted by the UCITS Regulations, and/or the performance of which is linked to the performance of securities issued by companies quoted on Regulated Markets in China and/or in unlisted securities of Chinese companies to the extent permitted by the UCITS Regulations. The Fund will limit its’ exposure to China “A” shares and China “B” shares in the aggregate to no more than 25% of its net asset value. Only participation notes and structured notes which are unleveraged, securitised and capable of free sale and transfer to other investors and which are purchased through recognised regulated dealers are deemed to be transferable securities which are traded on Regulated Markets. The Fund may employ investment
techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies.
JANUS EUROPE FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing principally in common stocks of companies of any size from larger, well-established companies to smaller, emerging growth companies that are domiciled in or are conducting the predominant portion of their economic activities in Western, Central or Eastern Europe (EU and non-EU members) and Turkey. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other financial derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or, subject to a limit of up to 10% of its net asset value, for investment purposes, subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL LIFE SCIENCES FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in equity securities of companies located anywhere in the world and selected for their growth potential. The Fund will invest Primarily in securities of companies that the relevant SubInvestment Adviser believes have a life sciences orientation. Generally speaking, the “life sciences” relate to maintaining or improving quality of life. Thus, companies with a “life sciences orientation” include companies engaged in research, development, production or distribution of products or services related to health and personal care, medicine or pharmaceuticals. Such companies may also include companies that the relevant Sub-Investment Adviser believes have growth potential mainly as a result of particular products, technology, patents or other market advantages in the life sciences. The Fund will invest at least 25% of its total assets, in the aggregate, in the following industry groups: healthcare; pharmaceuticals; agriculture; cosmetics/personal care; and biotechnology. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market
and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL RESEARCH FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in common stocks selected for their growth potential. The Fund may invest in companies of any size and located anywhere in the world, from larger, well-established companies to smaller, emerging growth companies. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The investment selection process currently employed by the Sub-Investment Adviser for the Fund is to select investments which are high conviction investment ideas in all market capitalisations, styles and geographies. The Sub-Investment Adviser oversees the investment process, sets the criteria for asset allocation amongst the sectors (which criteria may change from time to time) and conducts fundamental analysis with a focus on “bottom-up” research, quantitative modelling, and valuation analysis. Using this research process, the stocks will be rated based upon attractiveness, comparing the appreciation potential of each of these high conviction ideas to construct a sector portfolio that is intended to maximise the best risk/reward opportunities. Securities may be sold when, among other things, there is no longer high conviction in the return potential of the investment or if the risk characteristics have caused a re-evaluation of the opportunity. Securities may also be sold from the portfolio to rebalance sector weightings. The Sub-Investment Adviser may at any time employ an alternative selection process consistent with the Fund’s investment objective and policies. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL TECHNOLOGY FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in equity securities of companies located anywhere in the world and selected for their growth potential. The Fund will invest Primarily in securities of companies that the relevant Sub-Investment Adviser believes will benefit significantly from advances or improvements in technology. These are generally: (i) companies that the relevant Sub-Investment Adviser believes have or will develop products, processes or services that will provide significant technological advancements or improvements; or (ii) companies that the relevant Sub-Investment Adviser believes rely extensively on technology in connection with their operations or services such as but not limited to companies offering medical products and services, alternative energy equipment and services, or sophisticated industrial products. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and Janus Capital Funds Plc / 30 June 2015
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Background of the Company other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS JAPAN EMERGING OPPORTUNITIES FUND This Fund’s investment objective is to seek to achieve long-term growth of capital. It pursues its objective by investing principally in common stocks of small and mid-sized companies which are domiciled in Japan, or are conducting the predominant portion of their economic activities in Japan. Companies whose market capitalisations grow and thereby fall outside of these ranges after the Fund’s initial purchase will still be considered small and mid-sized. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or, subject to a limit of up to 10% of the net asset value, for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus and subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies.
JANUS JAPAN FUND This Fund’s investment objective is to seek to achieve longterm growth of capital. It pursues its objective by investing principally in common stocks of companies of any size, from larger, well-established companies to smaller, emerging growth companies, which are domiciled in Japan, or are conducting the predominant portion of their economic activities in Japan. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or, subject to a limit of up to 10% of the net asset value, for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus and subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies.
JANUS OPPORTUNISTIC ALPHA FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in common stocks of US Issuers of any size, which may include larger well-established issuers and/or smaller emerging growth issuers. Opportunistic alpha is achieved by the Fund investing opportunistically across variety of market capitalisations predominantly in the US in its attempt to generate alpha (i.e. obtain excess returns) 4
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for Shareholders. Investing opportunistically means investing in stocks which the Sub-Investment Adviser believes are undervalued or show potential for future growth / returns at times when such opportunities arise. The Fund may employ investment techniques and instruments, for investment purposes such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS US FUND This Fund’s investment objective is long-term growth of capital. Under normal circumstances, the Fund seeks to achieve its objective by investing principally in common stocks of US companies and US issuers selected for their growth potential. Although the Fund may invest in companies of any size, it generally invests in larger, more established companies. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS US RESEARCH FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in equity securities of US Companies selected for their growth potential. Eligible equity securities include US and non-US common stocks, preferred stocks, securities convertible into common stocks or preferred stocks, such as convertible preferred stocks, and other securities with equity characteristics. The Fund may invest in companies of any size. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund. The investment selection process currently employed by the SubInvestment Adviser for the Fund is to select investments which are high conviction investment ideas in all market capitalisations,
styles and geographies. The Sub-Investment Adviser oversees the investment process, sets the criteria for asset allocation amongst the sectors (which criteria may change from time to time) and conducts fundamental analysis with a focus on “bottom-up” research, quantitative modelling, and valuation analysis. Using this research process, the stocks will be rated based upon attractiveness, comparing the appreciation potential of each of these high conviction ideas to construct a sector portfolio that is intended to maximise the best risk/ reward opportunities. Securities may be sold when, among other things, there is no longer high conviction in the return potential of the investment or if the risk characteristics have caused a re-evaluation of the opportunity. Securities may also be sold from the portfolio to rebalance sector weightings. The Sub-Investment Adviser may at any time employ an alternative selection process consistent with the Fund’s investment objective and policies.
JANUS US TWENTY FUND This Fund’s investment objective is long-term growth of capital. It seeks to achieve its objective by investing Primarily in a core portfolio of 20-30 common stocks of US Issuers selected for their growth potential. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS US VENTURE FUND This Fund’s investment objective is capital appreciation. It pursues its objective by investing at least half of its equity assets in equity securities of small sized US Companies. Small sized US Companies are those whose market capitalisations, at the time of initial purchase, falls within the range of companies in the Russell 2000® Growth Index. Companies whose capitalisations grow and thereby fall outside of these ranges after the Fund’s initial purchase will still be considered small-sized. The Fund may also invest in larger companies with strong growth potential or larger, well-known companies with potential for capital appreciation. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
PERKINS GLOBAL VALUE FUND This Fund’s investment objective is long-term growth of capital. Under normal circumstances, the Fund seeks to achieve its objective by investing principally in common stocks of companies
of any size located anywhere in the world whose stock prices the Sub-Investment Adviser believes to be undervalued. The SubInvestment Adviser focuses on companies that have fallen out of favour with the market or that appear to be undervalued. The “value” approach emphasises investments in companies the relevant Sub-Investment Adviser believes are undervalued relative to their intrinsic worth. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
PERKINS US STRATEGIC VALUE FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing Primarily in common stocks of US Companies with the potential for long-term growth of capital using a “value” approach. The “value” approach emphasises investments in companies the relevant Sub-Investment Adviser believes are undervalued relative to their intrinsic worth. The relevant Sub-Investment Adviser measures value as a function of price/earnings (P/E) ratios and price/free cash flow. A P/E ratio is the relationship between the price of a stock and its earnings per share. This figure is determined by dividing a stock’s market price by the company’s earnings per share amount. Price/free cash flow is the relationship between the price of a stock and the company’s available cash from operations minus capital expenditures. The relevant Sub-Investment Adviser will typically seek attractively valued companies that are improving their free cash flow and improving their returns on invested capital. These companies may also include special situations companies that are experiencing management changes and/or are temporarily out of favour. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
INTECH ALL-WORLD MINIMUM VARIANCE CORE FUND(a) This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing at least 80% of its net asset value in equities and equity related securities or companies located anywhere in the world whose market capitalisation is at least equal to the market capitalisation of one of the companies listed in the FTSE All-World Minimum Variance Index. The Fund Janus Capital Funds Plc / 30 June 2015
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Background of the Company intends to hedge the various underlying currency exposures in the FTSE All-World Minimum Variance Index (other than any Pound Sterling exposure) to the Pound Sterling to the extent that hedging such currency exposure is consistent with the investment objective of the Fund. The currency hedging shall be based on the weighting of the FTSE All-World Minimum Variance Index in those underlying currencies. As a result, the Fund’s exposure to a currency may be greater or less than the weighted exposure to that currency in the FTSE All-World Minimum Variance Index. Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. The Fund may also seek to adhere to environmental, social and governance guidelines to the extent determined by the Sub-Investment Adviser in its sole discretion.
INTECH EUROPEAN CORE FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing at least 80% of its net asset value in equities and equity related securities of European companies whose market capitalisation is at least equal to the market capitalisation of one of the companies listed in the MSCI Europe Index at the time of purchase.
INTECH GLOBAL ALL COUNTRY LOW VOLATILITY FUND This Fund’s investment objective is to seek to achieve long-term growth of capital. It pursues its objective by investing at least 80% of its net asset value in equities and equity related securities of companies located anywhere in the world whose market capitalisation is at least equal to the market capitalisation of one of the companies listed in the MSCI All Country World Index at time of purchase. Over full market cycles it is expected that the Fund may provide returns in line with the MSCI All Country World Index while providing less volatility, as measured by standard deviation, than the MSCI All Country World Index. The Fund attempts to achieve this lower volatility within its mathematical portfolio management process by seeking to minimise the standard deviation of portfolio absolute returns. Due to its exposure to Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
INTECH GLOBAL DIVIDEND FUND This Fund’s investment objective is long-term growth of capital and equity dividend income. It pursues its objective by investing at least 80% in equities and equity related securities of companies located anywhere in the world whose market capitalisation is at least equal to the market capitalisation of one of the companies listed in the MSCI World High Dividend Yield Index at the time of purchase. The Fund pursues its goal by constructing a portfolio of securities with higher relative stock volatility than the MSCI World High Dividend Yield Index.
INTECH US CORE FUND This Fund’s investment objective is long-term growth of capital. It pursues its objective by investing at least 80% of its net asset value in equities and equity related securities of 6
Janus Capital Funds Plc / 30 June 2015
US Companies whose market capitalisation is at least equal to the market capitalisation of one of the companies listed in the S&P 500®Index at the time of purchase.
JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND This Fund’s investment objective is to seek to achieve longterm capital appreciation with low correlation to global stocks and bonds. Under normal circumstances, the Fund seeks to achieve its investment objective by investing in a number of asset classes including equities, fixed income, commodities, interest rates, and currencies, with the investment selection driven by risk/reward factors within those asset classes. The risk/reward factors in each underlying asset class that will drive the portfolio’s returns might also be referred to as Market Risk Premia. Understanding these sources of return has historically been a key focus of academic research. The process of identifying investments for the Fund includes unique insights from years of market experience combined with academic research and quantitative models. The relevant Sub-Investment Adviser may, in its sole discretion, actively allocate between the various asset classes on the basis of its assessment of the relevant Market Risk Premia of those asset classes. To capture these diverse sources of potential return the Fund may invest in the common stocks of companies of any size and located anywhere in the world, from larger, well established companies to smaller, emerging growth companies. Additionally, the Fund may invest in income producing securities of issuers located anywhere in the world. This may include securities of any maturity and of any credit quality, and may include exposure to Government Securities and Debt Securities. The Fund’s exposure to commodities may include investment in exchange traded commodities, exchange traded notes, commodity index futures contracts, options, swaps and other financial derivative instruments which provide exposure to the Commodity Indices provided such instruments are in accordance with the requirement of the Central Bank. The Fund may also invest in other financial derivative instruments which provide exposure to the currency carry risk premia. Currency carry investing seeks to generate returns by investing in higher yielding currencies versus lower yielding currencies. In a carry trade, low interest rate currencies may be sold, and high interest rate currencies may be purchased. The Fund may also invest in other financial derivative instruments which provide exposure to various market interest rates. The Fund may invest in financial derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. The Fund will make significant use of financial derivative instruments. The market risk of the Fund will be measured using the VaR methodology. The absolute VaR of the Fund will not exceed 14.1% of the Fund’s Net Asset Value. It is expected that under normal market conditions, the Fund’s leverage, as calculated using the sum of the notionals of the derivatives held by the Fund (the “Notionals Approach”), will be less than 600% of the Fund’s
Net Asset Value, and is expected to typically range from 200 to 700% of the Fund’s Net Asset Value. Under exceptional circumstances, it is expected that the Fund may be leveraged up to 1000% (using the Notionals Approach) of the Fund’s Net Asset Value. Exceptional circumstances may include periods characterised by (i) lack of liquidity, particularly in securities listed, traded or dealt on a Regulated Market, causing the SubInvestment Adviser to seek exposure in derivatives markets; (ii) volatility where the Sub-Investment Adviser seek to hedge or be opportunistic while respecting the investment policies and restrictions applicable to the Fund; or (iii) imperfect correlations and unanticipated market conditions. If the Fund uses a high amount of leverage, especially the higher amount permitted in exceptional circumstances, it may have greater losses that would have occurred absent the high leverage. The leverage figure is calculated using the Notional Approach as is required by the UCITS Regulations. The notional value of the investments varies significantly from their market value which is why the leverage limits are high. These leverage limits do not take into account any netting and hedging arrangements that the Fund may have in place at any time even though these netting and hedging arrangements are used for risk reduction purposes. The Fund seeks to achieve its investment objective by investing in the securities listed above, traded or dealt in Regulated Markets (including Developing Markets) or by investing indirectly in such securities through the use of financial derivative instruments. Due to its exposure to Developing Markets and below investment grade securities, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS GLOBAL REAL ESTATE FUND This Fund’s investment objective is total return through a combination of capital appreciation and current income. It pursues its objective by investing Primarily in securities of US and non-US companies engaged in or related to the property industry, or which own significant property assets. This may include investments in companies involved in the real estate business or property development, domiciled either inside or outside of the US, including REITs and issuers whose businesses, assets, products or services are related to the real estate sector. This may also include small capitalisation stocks. Small capitalisation stocks are defined as those whose market capitalisation, at the time of initial purchase, is less than the 12-month average of the maximum market capitalisation for the companies included in the Russell 2000® Index. This average is updated monthly. REITs are pooled investment vehicles that invest in income producing real property or real property related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realise capital gains by selling properties that have appreciated in value. Mortgage REITs invest their assets in real property mortgages and derive income from the collection of interest payments. In selecting the investments for the Fund, the relevant Sub-Investment Adviser seeks to identify securities that have good management,
strong balance sheets, above average investment growth in “funds from operations” and that trade at a discount to their assets’ underlying value. “Funds from operations” generally means a REIT’s net income excluding gains or losses from debt restructuring and sales of property plus depreciation of real property. The percentage of Fund assets invested in common stocks and other property companies will vary and, depending on market conditions as determined by the Sub-Investment Adviser, the Fund may invest in short-term investment grade interest bearing securities, such as Government Securities or Debt Securities and/or Index/ Structured Securities. The Fund may also invest in other types of securities including preferred stock, Government Securities, Debt Securities, warrants and securities convertible into common stock when the Sub-Investment Adviser perceives an opportunity for additional return from such securities. The Fund may also invest up to 10% of its net asset value in mortgage and asset backed securities and collateralised mortgage obligations issued or guaranteed by any OECD government, its agencies or instrumentalities or by private issuers and which may be rated below investment grade by the primary rating agencies. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on Developing Markets shall not exceed 20% of the net asset value of the Fund. The Fund may invest directly or indirectly (i.e. through depositary receipts including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) in the relevant markets.
JANUS FLEXIBLE INCOME FUND This Fund’s investment objective is to obtain maximum total return, consistent with preservation of capital. Total return is expected to result from a combination of current income and capital appreciation, although income will normally be the dominant component of total return. Investments in income producing securities of US Issuers will normally make up 80%, but at all times not less than two thirds of the Fund’s net asset value. The Fund may invest in preferred stock, and all types of Government Securities and Debt Securities, including specifically Debt Securities that are convertible or exchangeable into equity securities and Debt Securities that carry with them the right to acquire equity securities as evidenced by warrants attached to or acquired with the securities. The Fund has no pre-established maturity or quality standards, and its average maturity and quality may vary substantially. The Fund may invest without limit in Debt Securities or preferred stock rated below investment grade or unrated Debt Securities of similar quality as determined by the relevant Sub-Investment Adviser and may have substantial holdings in such securities. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and Janus Capital Funds Plc / 30 June 2015
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Background of the Company swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS GLOBAL FLEXIBLE INCOME FUND This Fund’s investment objective is to seek total return, consistent with preservation of capital. Total return is expected to result from a combination of current income and capital appreciation, although income will normally be the dominant component of total return. Investments in income producing securities of issuers located anywhere in the world, including issuers located in Developing Markets, will normally make up at least 80% of the net asset value of the Fund. The Fund may invest in preferred stock, and all types of Government Securities and Debt Securities, including specifically Debt Securities that are convertible or exchangeable into equity securities and Debt Securities that carry with them the right to acquire equity securities as evidenced by warrants attached to or acquired with the securities. (The convertible securities in which the Fund may invest will not contain embedded derivatives.) The Fund has no pre-established maturity or quality standards, and its average maturity and quality may vary substantially. The Fund may invest without limit in Debt Securities or preferred stock rated below investment grade or unrated Debt Securities of similar quality as determined by the relevant Sub-Investment Adviser and may have substantial holdings in such securities. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other financial derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank. Due to its exposure to below investment grade securities and Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS GLOBAL HIGH YIELD FUND This Fund’s primary investment objective is to obtain high current income. Capital appreciation is a secondary objective when consistent with the primary objective. Capital appreciation may result, for example, from an improvement in the credit standing of an issuer whose securities are held by the Fund or from a general lowering of interest rates, or both. Under normal circumstances, the Fund pursues its investment objectives by investing principally in Debt Securities or preferred stock of issuers located anywhere in the world which are either rated below investment grade or if unrated are of a similar quality to below investment grade as determined by the relevant Sub-Investment Adviser. The Fund may employ investment techniques and instruments, such as trading in futures, options 8
Janus Capital Funds Plc / 30 June 2015
and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. The Investment Adviser uses various selection criteria which will be afforded greater or lesser focus depending upon current economic conditions. Due to its exposure to below investment grade securities and Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS GLOBAL INVESTMENT GRADE BOND FUND This Fund’s investment objective is to maximise total return. Under normal circumstances, the Fund pursues its investment objective by investing principally in fixed or floating rate Investment Grade bonds of issuers located anywhere in the world. The Fund may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank to gain or hedge exposure to the investments contemplated in these investment policies. No more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
JANUS HIGH YIELD FUND This Fund’s primary investment objective is to obtain high current income. Capital appreciation is a secondary objective when consistent with the primary objective. Capital appreciation may result, for example, from an improvement in the credit standing of an issuer whose securities are held by the Fund or from a general lowering of interest rates, or both. This Fund pursues its objectives by investing Primarily in Debt Securities or preferred stock rated below investment grade or unrated Debt Securities of similar quality of US Issuers as determined by the relevant Sub-Investment Adviser provided that at least 51% of its net asset value are invested in Debt Securities. The overall quality of the securities in this portfolio may vary greatly. See the “Income Investing” section of the Prospectus for more information on the rating of the issuers or guarantees of the debt securities. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and
the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund. Due to its exposure to below investment grade securities, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS GLOBAL UNCONSTRAINED BOND FUND This Fund’s investment objective is to seek to maximise total return consistent with the preservation of capital. The Fund seeks to provide long term positive returns through various market environments (i.e. the typical cyclical expansion/ contraction/recession periods of the Business Cycle and the ensuing increasing and decreasing of interest rate levels due to market forces or central bank intervention). The Fund is ‘unconstrained’ in that it is not tied to a specific benchmark, and therefore has significant latitude to pursue opportunities across the fixed income spectrum, including moving between sectors, across credit risk and may have long, short or negative duration. Under normal circumstances, the Fund seeks to achieve its objective by investing principally in Debt Securities located anywhere in the world (including Developing Markets) with a range of maturities from short- to long-term. It expects that its average portfolio duration will vary normally from -4 years to +6 years. The Fund may make significant use of financial derivative instruments, such as futures, options, forward commitments and swap agreements to try to enhance returns or to reduce the risk of loss of certain of its holdings or to manage duration. The Fund may invest in securities of both investment grade and non-investment grade credit quality and may invest in securities that have not been rated by a ratings agency. As noted above, the Fund may make significant use of financial derivative instruments and may employ investment techniques and instruments, such as trading in futures, options and swaps and other derivative instruments for efficient portfolio management (i.e. reduction of risk, reduction of costs, generation of additional capital or income for the Fund) or for investment purposes as described in the “Types and Description of Financial Derivative Instruments” section of the Prospectus, subject to the conditions and within the limits from time to time laid down by the Central Bank) to gain or hedge exposure to the investments contemplated in these investment policies. The Fund will make significant use of financial derivative instruments. The market risk of the Fund will be measured using the VaR methodology. The absolute VaR of the Fund will not exceed 14.1% of the Fund’s Net Asset Value. It is expected that under normal market conditions, the Fund’s leverage, as calculated using the sum of the notionals of the derivatives held by the Fund (the “Notionals Approach”), will typically range from 0 to 800% of the Fund’s net asset value. Under exceptional circumstances, it is expected that the Fund may be leveraged up to 1,000% (using the Notionals Approach) of the Fund’s Net Asset Value. Exceptional circumstances may include periods characterised by (i) lack of liquidity, particularly in securities listed, traded or dealt on a Regulated Market, causing the Sub-Investment Adviser to seek exposure in derivatives markets; (ii) volatility; or (iii) imperfect correlations and unanticipated market conditions. If the Fund uses a high amount of leverage, especially the higher amount
permitted in exceptional circumstances, it may have greater losses than would have occurred absent the high leverage. The leverage figure is calculated using the Notional Approach as is required by the UCITS Regulations. The notional value of the investments varies significantly from their market value which is why the leverage limits are high. These leverage limits do not take into account any netting and hedging arrangements that the Fund may have in place at any time even though these netting and hedging arrangements are used for risk reduction purposes. The Investment Adviser uses various selection criteria which will be afforded greater or lesser focus depending upon current economic conditions. Due to its exposure to below investment grade securities and Developing Markets, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
JANUS US SHORT-TERM BOND FUND This Fund’s investment objective is to seek as high a level of current income as is consistent with preservation of capital. It pursues its objective by investing Primarily in short and intermediate term Debt Securities of US Issuers. It is expected that this Fund’s dollar-weighted average portfolio effective maturity will not exceed three years. Although it has no pre established quality standards this Fund intends to invest primarily in short and intermediate-term investment grade Debt Securities. The Fund may employ investment techniques and instruments for investment purposes, such as trading in futures, options and swaps and other financial derivative instruments, subject to a limit of up to 10% of its net asset value and subject to the conditions and within the limits from time to time laid down by the Central Bank. Subject to the above, no more than 10% of the net asset value of the Fund may be invested in securities traded on any one Developing Market and the aggregate amount of the Fund which may be invested in securities traded on the Developing Markets is 20% of the net asset value of the Fund.
OTHER RELEVANT INFORMATION (i) Details of the investment objectives and policies of those Funds that have not yet launched as listed above are set out in the Prospectus. (ii) The latest audited annual reports and subsequent unaudited half-yearly reports are available to the public at the registered office of the Company and are sent to Shareholders at their registered address either by post or where they so consent, electronically. The reports may also be obtained from the respective Representative/Paying Agents as indicated in this report under the heading “Directors and Other Information”. (iii) Banque Cantonale de Genève, carries out the function of Swiss paying agent and Carnegie Fund Services S.A. (CFS), with its seat in Geneva, carries out the function of Swiss representative of the Company in relation to the Shares marketed in, or from Switzerland. Swiss investors may obtain the latest extract prospectus for investors in Switzerland, key investor information documents for Swiss investors, the Company’s memorandum and articles of association, the audited annual reports and unaudited semi-annual reports and the list of purchases and Janus Capital Funds Plc / 30 June 2015
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Background of the Company sales that the Company has undertaken in Switzerland during the financial year upon simple request and free of charge from the Swiss representative, Carnegie Fund Services S.A. (CFS), address for inquiries: Carnegie Fund Services S.A. (CFS), 11, rue du Général-Dufour, 1204 Genève, Switzerland.
Net Asset Value in the securities of other collective investment schemes within the meaning of Regulation 4(3) of the UCITS Regulations;
SUMMARY OF CHANGES TO PROSPECTUS OF THE COMPANY
Under the previous investment policy, the sub-fund’s leverage, as calculated using the Notionals Approach, was stated to be less than 200% of the sub-fund’s Net Asset Value, with the expected typically range to be from 150 to 250% of the sub-fund’s Net Asset Value. Under exceptional circumstances, it was expected that the Fund may be leveraged up to 300% (using the Notionals Approach) of the sub-fund’s Net Asset Value.
28 January 2015 Prospectus Update: The following is a summary of the main changes incorporated into the Company’s Prospectus dated 28 January 2015 (the “January 2015 Prospectus”). It does not purport to be a complete account of the changes and you should refer to the full version of the January 2015 Prospectus in case of any uncertainty. Except where the context otherwise requires, defined terms herein shall bear the meaning given to them in the January 2015 Prospectus. 1. The following new sub-fund has been approved by the Central Bank: INTECH All-World Minimum Variance Core Fund(a) INTECH Investment Management LLC has been appointed as sub-investment adviser of this sub-fund. The January 2015 Prospectus discloses the sub-fund’s investment objective and policy; base currency; the share classes which have been created; risk factors; currency strategy; trade cut-off times; the distribution policy and the fees and expenses applicable to an investment in the sub-fund. 2. Amendments/Updates/Clarifications to the investment policies: 2.1 Janus Europe Fund: The sub-fund was previously permitted to invest up to 100% of its Net Asset Value in financial derivative instruments for investment purposes. The investment policy of the Janus Europe Fund has now been amended to limit investment in financial derivative instruments for investment purposes to 10% of the sub-fund’s Net Asset Value. This change will enable the sub-fund to be distributed more widely in certain jurisdictions; 2.2 Janus Asia Growth Drivers Fund, Janus Asia Frontier Markets Fund and INTECH Emerging Markets Core Fund: Each sub-funds was previously permitted to invest up to 5% of its Net Asset Value in the securities of other collective investment schemes within the meaning of Regulation 4(3) of the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulation 2011, as amended (the “UCITS Regulation”). This limit has now been increased to permit each sub-fund to invest up to 10% of its
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Janus Capital Funds Plc / 30 June 2015
2.3 Janus Global Unconstrained Bond Fund:
These parameters were amended further in the January 2015 Prospectus to reflect that the sub-fund’s leverage, as calculated using the Notionals Approach will typically range from 0 to 800% of the sub-fund’s Net Asset Value. Under exceptional circumstances, it is expected that the sub-fund may be leveraged up to 1,000% (using the Notionals Approach) of the sub-fund’s Net Asset Value. The amendment was due to the increased volume and more complex usage of derivative strategies in the portfolio of the sub-fund. 2.4 Janus Opportunistic Alpha Fund: Additional disclosure has been included in the investment policies of the Janus Opportunistic Alpha Fund to provide shareholders with further information on the investment strategy; 2.5 Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Europe Allocation Fund, Janus Japan Emerging Opportunities Fund, Janus Japan Fund and Janus Europe Flexible Income Fund: The investment policies for the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Europe Allocation Fund, Janus Japan Emerging Opportunities Fund, Janus Japan Fund and Janus Europe Flexible Income Fund have been amended to make it clear, consistent with the other disclosure in the January 2015 Prospectus, that the relevant sub-fund may employ financial derivative instruments, subject to a limit of 10% of its net asset value, for investment purposes. 3. Investment Restrictions: Disclosure has been included in the section entitled “Investment Restrictions” to clarify that the relevant sub-investment adviser may be required to comply with certain further restrictions as may be required by the regulatory authorities in any country in which the Shares of a sub-fund are offered. 4. Fair Value Pricing: The section entitled “Fair Value Pricing” has been amended to reflect that the Janus Europe Fund does not regularly use systematic fair valuation.
5. Permit certain share classes of the certain sub-funds to charge fees and expenses to capital/pay dividends out of capital: All of the inc share classes of the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan Emerging Opportunities Fund and Janus Japan Fund are now permitted, at the discretion of the Company/Directors, to charge fees to capital and distribute dividends out of capital. 6. Change in name of Custodian: Effective 31 October 2014 “Citibank International plc” changed its name to “Citibank International Limited”. As a result, the branch name of Citibank has also changed and is now “Citibank International Limited, Ireland branch”. References to the Custodian throughout the January 2015 Prospectus have been updated to reflect these changes. 7. Change in dividend frequency for the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan Emerging Opportunities Fund and Janus Japan Fund: The Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan Emerging Opportunities Fund and Janus Japan Fund previously intended to declare and distribute dividends annually or semi-annually on or about 15 April and/ or 15 October, or on such other date or more frequently at the discretion of the Director. Going forward the intention is to declare dividends monthly, with distribution normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month. 8. Creation of new share classes: The January 2015 Prospectus was updated throughout to reflect the creation of new shares classes in certain of the existing sub-funds, as more particularly described in Appendix 5 of the January 2015 Prospectus. 9. Short term trading fee: The ability to charge a short term trading fee on redemptions of Class A, Class B, Class E, Class I, Class S, Class U and Class V Shares has been removed. 10. Change of name of existing share classes: The names of all existing “RMB(CNH)” share classes were changed to “CNH” in light of the update issued by the International Standardisation Organisation (the “ISO”). A query was addressed to the Irish Stock Exchange (the “ISE”) in respect of the update issued by the ISO and the ISE explained that being a member of the Association of National Numbering Agencies (“ANNA”), the ISE was obliged to log on each ISIN/SEDOL to ANNA’s database. ANNA confirmed that the reference to “RMB” needed to be removed and the following codes were to be abided by internationally: CNH – Chinese Offshore Renminbi; CNY – Yuan Renminbi. For example the “Class ARMB(CNH)acc
(Hedged)” share class changed its name to the “Class ACNHacc (Hedged)” share class. The initial offer prices, minimum initial subscription amount and minimum subsequent subscription amount have also been updated to refer to “CNH”. References to “RMB” in the body of the January 2015 Prospectus have been updated to refer to “Renminbi”. 11. Taxation: This section of the January 2015 Prospectus was updated in light of amendments to the Irish tax legislation. 10 July 2015 Prospectus Update: The following is a summary of the main changes incorporated into the Company’s Prospectus dated 10 July 2015 (the “July 2015 Prospectus”). It does not purport to be a complete account of the changes and you should refer to the full version of the July 2015 Prospectus in case of any uncertainty. Except where the context otherwise requires, defined terms herein shall bear the meaning given to them in the July 2015 Prospectus. 1. The following new sub-fund has been approved by the Central Bank: Janus Emerging Market Debt Fund Janus Capital Management LLC has been appointed as subinvestment adviser of this sub-fund. The July 2015 Prospectus discloses the sub-fund’s investment objective and policy; base currency; the share classes which have been created; risk factors; currency strategy; trade cut-off times; the distribution policy and the fees and expenses applicable to an investment in the sub-fund. 2. Change of sub-fund name: The name of the “Janus Global Multi-Sector Income Fund” changed to the “Janus Multi-Sector Income Fund” so as to more accurately reflect the investment policies of the sub-fund. 3. Amendment to the investment policies of the Janus Global Diversified Alternatives Fund: This sub-fund will make significant use of financial derivative instruments. The prospectus previously provided that it is expected that under normal market conditions, the Fund’s leverage, as calculated using the sum of the notionals of the derivatives held by the Fund (the “Notionals Approach”), will be less than 600% of the Fund’s Net Asset Value, and is expected to typically range from 400 to 700% of the Fund’s Net Asset Value. The typical range has been changed to 200 to 700% of the Fund’s Net Asset Value. 4. Change to permit the payment of dividends out of capital for the Class Vinc Shares of all sub-funds of the Company and the Class ACNHinc (Hedged), Class A$inc, Class AAUD$inc (Hedged), Class AHK$inc and Class E€inc (Hedged) Shares of the Janus Flexible Income Fund and Janus High Yield Fund:
Janus Capital Funds Plc / 30 June 2015
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Background of the Company Previously, dividends in relation to Class Vinc Shares of all sub-funds of the Company and the Class ACNHinc (Hedged), Class A$inc, Class AAUD$inc (Hedged), Class AHK$inc and Class E€inc (Hedged) Shares of the Janus Flexible Income Fund and Janus High Yield Fund were paid out of all or some portion of net investment income and all or some portion of any net capital gains realised (i.e. net capital gains less realised and unrealised losses) attributed to the relevant Shares. However, under the Articles of Association, the Directors may also declare dividends on the shares or on any class of shares from the capital of the relevant class provided appropriate disclosure is made in the July 2015 Prospectus in accordance with the requirements of the Central Bank. The July 2015 Prospectus was updated to permit, at the discretion of the Directors, the Class Vinc Shares of all sub-funds of the Company and the Class ACNHinc (Hedged), Class A$inc, Class AAUD$inc (Hedged), Class AHK$inc and Class E€inc (Hedged) Shares of the Janus Flexible Income Fund and Janus High Yield Fund (the “Dividends Out of Capital Share Classes”), declare and distribute up to 100% of dividends out of capital. Distributing the capital of the relevant Dividends Out of Capital Share Class will lower the value of those Shares by the amount of the distribution. As distributions may be made out of the capital of the relevant Dividends Out of Capital Share Class, there is a greater risk that capital will be eroded and “income” will be achieved by foregoing the potential for future capital growth of the investment of Shareholders in the relevant Dividends Out of Capital Share Class and the value of future returns may also be diminished. This cycle may continue until all capital is depleted. The payment of dividends out of capital of the relevant Dividends Out of Capital Share Class amounts to a return or withdrawal of part of a Shareholder’s original investment or from any capital gains attributable to that original investment and such distribution will result in a corresponding immediate decrease of the net asset value per share for the relevant Dividends Out of Capital Share Class. Distributions out of capital may have different tax implications from distributions of income and capital gains and if you propose to invest in one or more of the relevant Dividends Out of Capital Share Classes, you are recommended to seek advice in this regard. 5. Management and Administration: This section was updated in relation to assets under management for the Investment Adviser and Sub-Investment Advisers.
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Janus Capital Funds Plc / 30 June 2015
Fund Overviews Janus Asia Frontier Markets Fund DIAM Asset Management, portfolio manager
holdings and overweight position in Indonesia detracted the most from absolute performance, while our holdings in China, Philippines and South Korea were the largest contributor.
Investment Environment The market started the year on a strong note propped up by central bank stimulus globally as growth was weak and inflation was mild. However, the market euphoria was short-lived as weak global growth continued to sap company earnings and domestic consumption remained tepid. Rising concerns on FED rate hikes, stronger dollar and the weak commodity prices continued to erode investors’ confidence. China HSCEI rose 8.3% with most of the gains being registered in the first two weeks of April where the index rose 18.2% before gradually giving up its gains. The initial sharp rise was driven by strong government support as monetary easing measures were consistently pushed out on weak economic data. The easy monetary environment supported economic activities as manufacturing PMI and industrial production stopped deteriorating and started to maintain around 6%. Nevertheless, investors began to take profit from the sharp spike in equity prices and the index plunged due to short covering in the month of June. ASEAN registered particularly weak performance with Indonesia JCI taking the biggest hit as it declined by -6.1%. Investors were disappointed with the pace of infrastructure spending previously promised by the government. Weak commodity prices and stubborn inflation remained a drag on the economy. Malaysia KLCI fell -3.1% as the removal of fuel subsidy and implementation of GST took a toll on the economy. The political stability of the country is also threatened by controversies surrounding the Prime Minister using money from a sovereign wealth fund 1Malaysia Development Bhd (1MDB) to fund his own political agendas. Singapore FSSTI declined -1.4% due to the uneven global recovery and the continued restructuring of the economy to improve productivity. Thailand SET held steady and rose by a meagre 0.5% despite deteriorating economic fundamentals as strong domestic institutional liquidity supported the equity market. Philippines PCOMP defied the negative trends in ASEAN and rose by 4.6% supported by a rebound in public spending and resilient public consumption. Expectations of stronger infrastructure spending in the second half of the year as the election in June 2016 draws closer also helped fuel investors’ interest. Korea KOSPI rose by 8.3%, stimulated by consistent rate cuts by the central bank as policy rates were cut by 50bps to 1.50% and comfortable equity valuations.
Performance Discussion The Fund was slightly down by 0.05% for the 1H of year. Our holdings in Consumer Discretionary were the largest detractor from absolute performance followed by our holdings in Financials. Contributors included our holdings in Industrials, Consumer Staples and Information Technology. In terms of countries, our
Astra International is an Indonesian conglomerate primarily involved in automotive distribution with an estimated 50% and 64% market share of Indonesia’s two and four wheeler market respectively through distribution of brands like Toyota, Daihatsu, BMW and Honda. Indonesia today is Southeast Asia’s largest automotive market with strong growth prospects given low penetration rates and increasing infrastructure spending on roads. The company also has notable interests in palm oil plantation and coal mining contracting as well as financial services. Despite fierce competition in the Indonesian automotive market, Astra has been able to maintain market share over the years thanks to its extensive distribution network of over 1,800 dealers and 3,600 service outlets. The company also benefits from having good corporate governance practices, strong management and transparency in its operations. Metropolitan Bank & Trust Company is a leading universal bank in the Philippines with over 900 branches nationwide and a network of over 2,100 ATMs. The bank is currently reaping the benefits from asset clean-up efforts over the past few years as it set out to improve asset quality and reduce loan provisioning while managing costs resulting in lacklustre loan growth. This is reflected by the bank’s NPL trend as well as coverage ratios, while it has also been able to improve on its capitalisation for compliance with Basel III requirements. Going forward, the bank is expected to benefit from operating leverage as asset growth should outstrip cost growth from the bank’s renewed focus on loan growth in both corporate and consumer segments. Another area of growth would be in non-interest income from the bank’s trust and fee based businesses. We will keep overweight position for this bank.
Outlook Our view on Asian equities in 2H of 2015 is somewhat positive, after the high volatility seen in 1H 2015. Continued easing in multiple markets such as China, India, Korea, Thailand and Singapore will have a positive impact on the equity markets. Reforms in China, India and Indonesia should underscore a fundamental positive shift, auguring well for equities. Recovery in the US economy is a positive for Asian export. Correction still goes on in June after the index made a nice run since April in China. This was caused by the government cracking down on illegal margin financing activities. Beijing is facing a dilemma to balance growth and reform, yet we see the latest measures are tilted towards growth as a “slow bull” is still needed to achieve a funding window for balance sheet repairs. In fear of the people’s perception turning from bulls into bears, Beijing rolled out timely stimulus measures. They did so firstly by removing loan to deposit ratio for banks, secondly on interest rate cut and downward revision on required reserve ratio. Yet we Janus Capital Funds Plc / 30 June 2015
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Fund Overviews have to admit that these measures are not too well received by the market. On the flip side though, measures to stimulate are still available as RRR is still relatively high in comparison with historical average. The Taiwanese market seems to carry weak sentiment into early 3Q due to uncertainty in outlook within the semiconductor space. Inventory digestion for semiconductor will last into 3Q because of weak demand in both PC and smartphones during the first few months of 2015. The market is waiting for solid sell through numbers to clean up inventory and help to restore confidence in the market. On the other hand, share prices of non-tech stocks such as in auto parts, textile, sportswear and bike are at a higher level comparing to regional peers, we expect to see limited upside in coming quarters until market roll over to 2016. We will take a defensive approach for the time being and wait for catalyst to emerge in mid-late 3Q to drive up overall index. ASEAN remained fragile after several countries reported a slowdown in both domestic and external sectors. The Philippines retreated to 5 month low after some disappointment in recent economic indicators. However, the administration remain confident that GDP growth will pick up in the 2H15 with deployment of the budgeted public investment spending that was delayed in the 1H15. We continue to maintain significant exposure to Philippine, especially in the consumer sector as we look forward to the upcoming election. Indonesia declined for the 5th consecutive month as foreigner investors turned cautious over President Jokowi’s ability to deliver the promised growth. Furthermore, the recent indicators suggested that 2nd quarter growth is expected to remain muted as car sales to cements sales are still showing weakness. Nevertheless, we still believe infrastructure spending should pick up in the 2H15 as data from public works ministry show more than 90% of planned projects have been tendered, with contracts signed for more than half of those. We seek to pick up quality stocks during this correction. Malaysia remained the most challenging as 1MDB issue remain unsolved. We do not foresee any improvement in the near term.
Contributors & Detractors
China Power International Development Ltd: One of the five main power generation groups in China to provide EPCC works as well as O&M services for power plants in China. The company currently has over 15,000 MW of capacity and plans to double that by 2020 to cater to growing power demand in China through a combination of greenfield developments in coal, wind and solar power. CPI is currently operating in a benign coal price environment and is increasing hydropower output which helps with input costs. CPI would also potentially benefit if its parent company China Power Investment Group chooses to inject more power assets into the company as it looks to deleverage.
Tencent Holdings Ltd: Internet media company that owns leading social network platforms QQ and Weixin. It also develops online and client based games which together form the bulk of Tencent’s revenues through monthly subscriptions and in-application item purchases. The company has in the past released a number of hit game titles which reflects its strength in game development. Tencent also derives revenues from online advertising and transaction based commissions. The company is poised to benefit from greater internet and smartphone penetration in China, while it is looking to further gain market share in mobile gaming which is experiencing rapid growth by focusing new content there. There is also room for non-gaming revenues to grow through greater monetisation of existing platforms such as QQ, Weixin and Kakao.
SM Prime Holdings: Philippine property company involved in the development of shopping malls, residential and commercial property as well as hotels and convention centers. The company used to be a pure mall operator and developer with 50 malls in Philippines and 5 in China as at the end of 2014 but became more diversified following the consolidation of SM Group’s property assets in 2013. The growth pipeline for SM Prime remains exciting from its 3 year capex plan of Php200bn from 2014 to 2016, while the company would enjoy a healthy balance of income from property development and recurring income from mall operations. The company also enjoys access to more favourable sources of financing post consolidation due to its larger size.
Contributors Globe Telecom Inc.: One of the largest telecommunications Cosmax Inc: Original development and design manufacturing (ODM) company in cosmetics industry. The company provides cosmetics products to both local Korean and foreign brands, such as L’Oreal and Johnson & Johnson and is one of the largest ODM companies in Korea. As cosmetics products cycle is shorter due to stiff competition, original brand companies tend to use ODM companies more. Korean cosmetic brands have also been well received globally, and Cosmax has had a strong track record in developing and launching new cosmetic products. The company launched its business in China in 2004, and they have plans to increase their manufacturing capacity for rising order from Chinese local brands.
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companies in the Philippines with over 40% market share in cellular by both subscribers and revenues locally. The company also offers fixed line and broadband services. Globe Telecom has been outperforming its peers in the telecommunications sector due to its traditional dominance in the high end consumer and postpaid segments which puts it in a strong position to benefit from affluent consumers who are switching to data usage which is growing rapidly while traditional mobile segments like voice and SMS have largely stagnated. The company has also been proactive in adapting its strategy to better cater to changing consumer needs which is evidenced by its ability to maintain and capture market share.
Detractors Hyundai Motor Co: One of the world’s largest auto makers by volume market share. It owns 33% in affiliate Kia Motors which combined gives it a dominant share of the Korean auto market. Hyundai has also been successful in gaining market share in overseas markets through its expansion of production bases into emerging markets like China and India and the shifting of its product portfolio into smaller cars with a reputation for fuel efficiency. This has allowed the company to grow faster than the global auto industry in general. Hyundai has also been focused on profitability rather than volume expansion as seen by its margin expansion over the past few years, and it is likely to incrementally benefit from ASP increases and continued cost discipline.
GF Securities Co Ltd: GF Securities is the fourth largest brokerage house in China by asset size offering brokerage and trading services along with investment banking and asset management. The company is expected to be a beneficiary of greater trading volumes in China given the increasingly robust trading volumes, IPO pipeline and relaxation of capital market regulations. In particular, GD Securities has been gaining market share in brokerage and is the market leader in providing margin financing where penetration is still low. PT Semen Indonesia (Persero) Tbk: Indonesia’s largest cement producer by capacity as at the end of 2014. Semen Indonesia is majority owned by the government of Indonesia. The company has developed a strong marketing and distribution network within Indonesia, while Semen Indonesia’s products generally enjoy strong brand equity with Indonesian consumers. Cement demand within Indonesia is expected to remain strong in the medium term due to the focus on infrastructure development under the Jokowi administration. While concerns remain on pricing and oversupply issues, Semen Indonesia should be able to overcome these challenges given its dominant market position across Indonesia and strong track record of execution.
PT Perusahaan Gas Negara (Persero) Tbk: State owned utility company that is involved in gas distribution and transmission business in Indonesia. The company enjoys a dominant position via ownership of close to 4,000km in gas pipelines which facilitates the distribution and transmission of gas supplies to end users. PGas has also recently ventured into upstream oil and gas in order to secure additional supplies of gas. While energy prices have been on the decline, PGas remains an excellent proxy to rising gas consumption in Indonesia in the long term. Premium Leisure Corp.: Jointly runs an integrated gaming resort called City of Dreams Manila with reputable casino operator Melco Crown. Opened in Feb 2015, the resort holds over 350 gaming tables and 1,680 slot machines and is the latest entrant into the Philippine gaming space. Non-gaming amenities include high end hotels, F&B outlets and over 20,000 sqm of
retail space. The resort is set to benefit from the underpenetrated gaming landscape in the region catering especially to less affluent consumers which will be attracted by the lower minimum bet requirements in the Philippines. Thank you for your investment in Janus Asia Frontier Markets Fund. (July 2015)
Janus Asia Growth Drivers Fund DIAM Asset Management, portfolio manager Investment Environment The market started the year on a strong note propped up by central bank stimulus globally as growth was weak and inflation was mild. However, the market euphoria was short-lived as weak global growth continued to sap company earnings and domestic consumption remained tepid. Rising concerns on FED rate hikes, stronger dollar and the weak commodity prices continued to erode investors’ confidence. China HSCEI rose 8.3% with most of the gains being registered in the first two weeks of April where the index rose 18.2% before gradually giving up its gains. The initial sharp rise was driven by strong government support as monetary easing measures were consistently pushed out on weak economic data. The easy monetary environment supported economic activities as manufacturing PMI and industrial production stopped deteriorating and started to maintain around 6%. Nevertheless, investors began to take profit from the sharp spike in equity prices and the index plunged due to short covering in the month of June. ASEAN registered particularly weak performance with Indonesia JCI taking the biggest hit as it declined by -6.1%. Investors were disappointed with the pace of infrastructure spending previously promised by the government. Weak commodity prices and stubborn inflation remained a drag on the economy. Malaysia KLCI fell -3.1% as the removal of fuel subsidy and implementation of GST took a toll on the economy. The political stability of the country is also threatened by controversies surrounding the Prime Minister using money from a sovereign wealth fund 1Malaysia Development Bhd (1MDB) to fund his own political agendas. Singapore FSSTI declined -1.4% due to the uneven global recovery and the continued restructuring of the economy to improve productivity. Thailand SET held steady and rose by a meagre 0.5% despite deteriorating economic fundamentals as strong domestic institutional liquidity supported the equity market. Philippines PCOMP defied the negative trends in ASEAN and rose by 4.6% supported by a rebound in public spending and resilient public consumption. Expectations of stronger infrastructure spending in the second half of the year as election in June 2016 draws closer also help fuel investors’ interest. Korea KOSPI rose a strong 8.28% stimulated by consistent rate cuts by
Janus Capital Funds Plc / 30 June 2015
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Fund Overviews the central bank as policy rates were cut by 50bps to 1.50% and comfortable equity valuations. Taiwan TWSE remained relatively flat as it rose by 0.2%. The index lost its gains from the start of the year as export orders deteriorated.
Performance Discussion The Fund was up by 1.96% for 1H2015. Our holdings in Financials were the largest detractor from absolute performance followed by our holdings in Consumer Discretionary. Contributors included our holdings in Industrials, Consumer Staples and Information Technology. In terms of countries, our holdings and overweight position in Indonesia and India detracted the most from absolute performance, while our holdings in China and South Korea were the largest contributor. We like TENCENT which is internet Media Company that owns leading social network platforms QQ and Weixin. It also develops online and client based games which together form the bulk of Tencent’s revenues through monthly subscriptions and in-application item purchases. The company has in the past released a number of hit game titles which reflects its strength in game development. Tencent also derives revenues from online advertising and transaction based commissions. The company is poised to benefit from greater internet and smartphone penetration in China, while it is looking to further gain market share in mobile gaming which is experiencing rapid growth by focusing new content there. There is also room for non-gaming revenues to grow through greater monetization of existing platforms such as QQ, Weixin and Kakao. Universal Robina is one of Philippines’ largest food and beverage companies manufacturing a wide variety of snacks foods and beverages under its key brands such as Jack n’ Jill, C2 and Great Taste. The company is also involved in poultry farming and animal feed manufacturing, sugar and flour milling and refining. URC enjoys leading market share and brand equity in many product categories in the Philippines such as snacks, candies, chocolates, RTD tea, cookies, pretzels and canned beans despite strong competition. It has also ventured its branded foods business overseas where it is gradually gaining scale and presence as evidenced by the improving margins in its international segment. Going forward, rising consumption patterns and a benign cost environment presents favourable tailwinds for the company as it continues to gain traction in international markets while working on product variety and capacity expansion.
Outlook Our view on Asian equities in 2H of 2015 is somewhat positive, after the high volatility seen in 1H 2015. Continued easing in multiple markets such as China, India, Korea, Thailand and Singapore will have a positive impact on the equity markets. Reforms in China, India and Indonesia should underscore a fundamental positive shift, auguring well for equities. Recovery in the US economy is a positive for Asian export. 16
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In China, the correction in markets continued in June after the index made a healthy run since April. This was caused by the government cracking down on illegal margin financing activities. Beijing is facing a dilemma to balance growth and reform, yet we see the latest measures are tilted towards growth as a “slow bull” is still needed to achieve a funding window for balance sheet repairs. In fear of the people’s perception turning from bulls into bears, Beijing rolled out timely stimulus measures. They did so firstly by removing loan to deposit ratio for banks, secondly on interest rate cut and downward revision on required reserve ratio. Yet we have to admit that these measures are not too well received by the market. On the flip side though, measures to stimulate are still available as RRR is still relatively high in comparison with historical average. The Taiwanese market seems to carry weak sentiment into early 3Q due to uncertainty in outlook within the semiconductor space. Inventory digestion for semiconductor will last into 3Q because of weak demand in both PC and smartphone in first few months of 2015. Market is waiting for solid sell through numbers to clean up inventory and help to restore confidence in the market. On the other hand, share prices of non-tech stocks such as in auto parts, textile, sportswear and bike are at a higher level comparing to regional peers, we expect to see limited upside in coming quarters until market roll over to 2016. We will take a defensive approach for the time being and wait for catalysts to emerge in mid-late 3Q to driver up overall index. ASEAN remained fragile after several countries reported a slowdown in domestic sector and external sector. The Philippine retreated to 5 month low after some disappointment in recent economic indicators. However, the administration remain confident that GDP growth will pick up in the 2H15 with deployment of the budgeted public investment spending that was delayed in the 1H15. We continue to maintain significant exposure to Philippine, especially in the consumer sector as we look forward to the upcoming election. Indonesia declined for the 5th consecutive month as foreigner investors turn cautious over President Jokowi’s ability to deliver the promised growth. Furthermore, the recent indicators suggested that 2nd quarter growth is expected to remain muted as car sales to cements sales are still showing weakness. Nevertheless, we still believe infrastructure spending should pick up in the 2H15 as data from public works ministry show more than 90% of planned projects have been tendered, with contracts signed for more than half of those. We seek to pick up quality name during this correction. Malaysia remained the most challenging as 1MDB issue remain unsolved. We do not foresee any improvement in the near term.
Contributors & Detractors Contributors Amorepacific Corp.: Korea’s leading cosmetics company with over 30% market share of the Korean cosmetics market, with cosmetics making up about 67% of company revenues.
The company produces cosmetics under brands like Laneige, Sulwhasoo, Innisfree, Etude and Mamonde. The company is poised to benefit from greater penetration into new markets through new distribution channels like duty free stores and e-commerce sales offering both sales growth and margin expansion. AmorePacific’s brands also have strong brand equity as premium products at relatively affordable prices to target consumers in the middle upper segment.
Cosmax Inc: Original development and design manufacturing (ODM) company in cosmetics industry. The company provides cosmetics products to both local Korean and foreign brands, such as L’Oreal and Johnson & Johnson and is one of the largest ODM companies in Korea. As cosmetics products cycle is shorter due to hard competition, original brand companies tend to use ODM companies more. Korean cosmetic brands have been well received globally, and Cosmax has had a strong track record in developing and launching new cosmetic products. The company launched its business in China in 2004, and they have plans to increase their manufacturing capacity for rising order from Chinese local brands.
Tencent Holdings Ltd: Internet media company that owns leading social network platforms QQ and Weixin. It also develops online and client based games which together form the bulk of Tencent’s revenues through monthly subscriptions and in-application item purchases. The company has in the past released a number of hit game titles which reflects its strength in game development. Tencent also derives revenues from online advertising and transaction based commissions. The company is poised to benefit from greater internet and smartphone penetration in China, while it is looking to further gain market share in mobile gaming which is experiencing rapid growth by focusing new content there. There is also room for non-gaming revenues to grow through greater monetisation of existing platforms such as QQ, Weixin and Kakao.
Flexium Interconnect, Inc.: Flexium Interconnect is one of the world’s main manufacturers for Printed Circuit Boards (PCB) which is then used in LCD panels, personal computers and smartphones. In particular, more than 40% of Flexium’s PCBs are used in smartphone production which makes it a beneficiary to robust smartphone and tablet demand. While volume ramp up has been strong, the company has also been able to maintain margins due to strong execution and product focus to reduce costs through economies of scale. To smooth out utilisation for its capacity, the company has also been active in sourcing for new customers and products which also improves diversification although it retains. China Eastern Airlines Corporation Limited: One of three main airlines in China providing aviation transportation services with a fleet of over 500 aircraft handling over 80 million passengers annually. The company is primarily based in Shanghai. China Eastern Airlines is expected to benefit from increasing overseas travel backed by an increasingly
affluent Chinese population and greater demand for budget fares. Meanwhile, operating cost is expected to reduce backed by lower oil prices, expiration of fuel surcharges and its high operating leverage.
Detractors GFPT Public Co. Ltd.: GFPT is a Thai based poultry producer and exporter with operations across the poultry value chain from feed production to poultry breeding to distribution. The company specialises in cooked poultry products that are customised to customer specifications, and this helps to reduce margin volatility from the cyclical nature of the poultry business. Given the competitive landscape in the industry, GFPT has looked to boost its scale and reach through JVs and partnerships with key customers such as Nichirei Foods and McKey Foods to enhance demand visibility.
Hyundai Wia Corporation: Korean automotive and machinery component manufacturer being part of the Hyundai Group mainly servicing Hyundai and Kia Motors which are its major shareholders. Sales growth in the near term is likely to be supported by the continued expansion of Hyundai and Kia Motors in both volume and mix. Longer term, the company is looking to diversify its revenue base away from the Hyundai Group to at least 35% from over 20% currently and it sees opportunities in the non-engine business such as OEM, machinery and industrial tools production.
Tata Motors Limited: Tata Motors is one of India’s largest automotive vehicle manufacturers that designs and sells a wide range of passenger and commercial vehicles. JLR should see higher market share in coming years driven by upgrade of older products (new Discovery Sport, new XF/XJ) as well as entry into new segments (Jaguar XE, Crossover Jaguar, new mid-sized Range Rover). Ramp up of the production plants in China should decrease cost and see margin improvement. GF Securities Co Ltd: GF Securities is the fourth largest brokerage house in China by asset size offering brokerage and trading services along with investment banking and asset management. The company is expected to be a beneficiary of greater trading volumes in China given the increasingly robust trading volumes, IPO pipeline and relaxation of capital market regulations. In particular, GD Securities has been gaining market share in brokerage and is the market leader in providing margin financing where penetration is still low. Premium Leisure Corp.: The company currently jointly runs an integrated gaming resort called City of Dreams Manila (CODM) with reputable casino operator Melco Crown. Opened in Feb 2015, the resort holds over 350 gaming tables and 1,680 slot machines and is the latest entrant into the Philippine gaming space. Non-gaming amenities include high end hotels, F&B outlets and over 20,000 sqm of retail space. The resort is set to benefit from the underpenetrated gaming landscape in the Janus Capital Funds Plc / 30 June 2015
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Fund Overviews region catering especially to less affluent consumers which will be attracted by the lower minimum bet requirements in the Philippines. Thank you for your investment in Janus Asia Growth Drivers Fund. (July 2015)
Janus Asia Fund Hiroshi Yoh, portfolio manager Performance Overview Janus Asia Fund’s Class I$acc Shares returned 9.72% for the six-month period ended June 30, 2015, while its benchmark, the MSCI All Country Asia ex-Japan Index, returned 5.59%.
Investment Environment Asian equities registered gains over the period, despite the looming strength of the U.S. dollar. This development is owed to substantial improvement in financial positions on both corporate and sovereign balance sheets. After a strong winter, most major indices drifted lower during the second quarter, with the notable exception of China-related indices. These continued their monthslong rally, until late in the quarter when authorities took step to reduce the amount of leverage used in trading. Given the recent rise in this type of trading, gains were reversed in rapid order. China’s growth in recent quarters has been notably under the trend of the past couple of decades. This sluggishness is consequential as the associated disinflationary pressure causes more than a touch of consternation given the nation’s leveraged public- and private-sector balance sheets. For much of the postcrisis era, China has borrowed heavily to invest in assets; after a binge on infrastructure, much of the loose money has flowed into real estate and the stock market. Authorities at present are attempting to thread the needle. As evidenced by the recent loosening of the reserve ratio requirements of many banks, they are committed to dovish monetary policy to revive growth, but at the same time they also want to limit the amount of funds flowing into asset classes that many perceive have reached bubble territory. Letting some of the air out of equities also serves the purpose of bringing valuations down to a more rational level so that in the future there will be more running room for the market to absorb the initial public offerings that are expected to occur during waves of privatizations.
is expanding at a pace much higher than that of the broader industry; this encompasses store openings and gold sales. The company has also introduced lower priced products and created online shopping platforms to tap into either underserved or new market segments. At the same time, PC Jeweller is selling wellknown overseas luxury brands to meet demands from higherend market segments. All of these steps have contributed to boosting top-line growth. Another leading contributor was Haitong International Securities Group. The company is one of China’s leading securities houses. It has benefited from the recent opening of the Hong Kong – Shanghai Stock Connect. A key driver of Haitong’s business has been aiding wealthy Chinese citizens invest overseas. During the period, the company reported earnings gains and a much larger equity base upon which it can expand its business. On that note, the company’s strategy is to expand aggressively. The larger base is a necessary ingredient for that, given the limits put on the amount of leverage such companies can deploy. Also contributing was Yunnan Baiyao, one of China’s top traditional medicines brands. The company is gaining market share by releasing new products, including toothpaste and tea. All of the new offerings are based upon traditional treatments. The company’s core business is growing at a slower rate than the new products, but they are still expanding. One of the reason’s the company’s stock has performed well, in our view, has been management’s conservative approach to expansion. On a visit with management during the quarter, we came away convinced that leadership is disciplined and efficient capital allocators. The only sector to detract from relative performance was Industrials. The portfolio’s largest individual detractor was Korean giant Samsung. The company’s stock declined on disappointing Galaxy smartphone sales. The leadership transition between the chairman and his son is also weighing on shares, as uncertainty created by the succession has yet to be fully ironed out. A weak earnings report dampened the mood toward the stock, as did an outbreak of the Middle East Respiratory Syndrome (MERS) at the Samsung Medical Center in Seoul. We remain positive on the stock, as it remains one of the world’s dominant technology companies, with an extremely profitable, industry-leading global semiconductor business and a strong position in the Android market.
Performance Discussion
Staying in Korea, Daewoo Shipbuilding detracted from results. Lower freight rates for oil and gas tankers have weighed on the company’s stock during this recent period of weak energy prices. While there is a lull in the shipbuilding cycle, the company has a full order book for the next few years. Given its low valuation, especially on a price-to-book basis, we consider this an attractive value stock.
Our selection of consumer discretionary and health care stocks contributed most to relative performance. On an individual basis, a top gainer for the period was India’s PC Jeweller. The company
Gaming and hotel company Louis XIII Holding weighed on performance. While conspicuous consumption has diminished in the wake of the anti-corruption crackdown by China’s central
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government, the companies operating in Macau that concentrate on the VIP segment are the ones that appear most vulnerable, in our view. Louis XIII, however, focuses on the premium mass market segment, which should be more insulated from the government’s actions. That said, the company may benefit from the recent loosening of monetary policy by the People’s Bank of China, aimed at reinvigorating the economy.
Outlook As evidenced by global developments during the first half of this year, we must remain mindful of geopolitical risks. While developments in Greece do not directly impact Asia, policy maker decisions in China do. Any efforts to catalyze growth – or their failure to succeed – have repercussions in the numerous countries that provide materials and subcomponents to fuel their neighboring giant’s manufacturing and construction base. Stabilizing oil, especially in a range much lower than this time last year, largely helps the region, as most countries rely heavily upon imports. While prices are higher than the market nadir experienced in the winter, investors and managers like stability, which describes energy prices of late. The same holds true for the U.S. dollar. Its late-2014 strengthening pummeled emerging market currencies, but most countries have sufficient reserves to not see their national accounts stressed. As with oil, the resetting of the dollar in a range more favorable than last year stands to benefit the region’s exports to countries with strengthening currencies. While we monitor such developments, we remain stock pickers first and foremost. At present the region’s increasing economic diversity provides us with ample opportunities to identify companies with the highest growth prospects, returns on invested capital and shareholder-friendly policies.
combination of improving U.S. data and uncertainty about the path of global monetary policy. The volatility that characterized fixed income markets during the winter initially subsided in early spring, only to flare up as the period closed. Data indicated that the economy had slowed during the year’s first three months. Over the ensuing two months, the employment picture rebounded. Improving manufacturing data and retail sales also suggested that the winter slowdown had been transient. In June, the Federal Reserve (Fed) stated that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any move would be data dependent and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold. The U.S. Treasury curve steepened during the second half of the period, with yields on the 10- and 30-year reaching levels not visited since last autumn. After dipping to 1.85% in early April, the 10-year yield nearly hit 2.50% in June. However, Treasury yields were partly capped by the March launch of the European Central Bank’s (ECB) quantitative easing (QE) program. The ECB’s QE drove eurozone sovereign yields into negative territory and encouraged foreign investors to purchase relatively higher-yielding Treasurys. However, Germany’s 10-year bund aggressively sold off in the spring, with its yield rising almost 1% from near 0%. Prior to the late-quarter tumult fueled by Greece, improving data caused some to wonder whether it would be necessary for the ECB to carry out the entirety of its planned asset purchases. U.S. investment-grade spreads were flat for much of the period as that market absorbed a flood of new issuance before widening in June. High-yield spreads initially narrowed amid a search for yield, reaching year-to-date lows, prior to ending the period essentially unchanged. Similar to corporate credits, mortgage-backed securities (MBS) spreads widened near the end of the period.
Thank you for your investment in Janus Asia Fund. (July 2015)
Janus Balanced Fund Marc Pinto and Gibson Smith, portfolio managers Performance Summary For the six-month period ending June 30, 2015, the Janus Balanced Fund’s Class I$acc Shares returned 0.38%, compared with 0.73% for its primary benchmark, the Balanced Index, which is an internally calculated and blended benchmark of the S&P 500 Index (55%) and the Barclays U.S. Aggregate Bond Index (45%). The S&P 500 Index returned 1.23% during the same time period, while the Barclays U.S. Aggregate Bond Index returned -0.10%.
Investment Environment After experiencing increased volatility during the first part of the period amid persistent uncertainty around the timing of the Federal Reserve’s (Fed) expected rate hike, fixed income markets largely retreated over the rest of the period, influenced by a
In equities, major indices posted muted gains early in the period amid mixed economic data. However, favorable economic data subsequently helped them achieve record highs over the course of the spring, although volume remained muted. After plummeting to below $50 a barrel at the end of 2014, crude oil prices stabilized and appeared to have reset within a higher trading band by the end of the period. The dollar stabilized after rallying early in the period amid divergent central bank policy.
Performance Discussion The Fund, which seeks to provide more consistent returns over time by allocating across the spectrum of fixed income and equity securities, underperformed the Balanced Index, its blended benchmark of the S&P 500 Index (55%) and the Barclays U.S. Aggregate Bond Index (45%). The overall Fund also underperformed its primary benchmark, the S&P 500 Index, and outperformed its secondary benchmark, the Barclays U.S. Aggregate Bond Index. The equity-to-fixed-income allocation ended the period with fixed income weighting of about 61% and equity around 39%. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews The Fund’s fixed income sleeve outperformed its benchmark, the Barclays U.S. Aggregate Bond Index. Our corporate credit allocation was the main driver of outperformance. Yield curve positioning within investment-grade credit and security selection within high-yield credit contributed as our defensive move into higher-quality names proved timely. Spread carry, a measure of excess income generated by the Fund’s securities, also aided performance in high-yield credit. The positive contribution attributed to our high-yield security selection is, in our view, the result of our rigorous, fundamental investment process that analyzes not only companies, but also specific securities, identifying the instruments that we believe have the best risk adjusted return potential for fixed income investors. We remain overweight corporate credit relative to the benchmark. On a sector basis, our positioning in independent and midstream energy and pharmaceuticals contributed to relative performance. Cable and satellite communications, chemicals and technology were relative detractors. Certain credits weighed on relative results. While technology hardware company Seagate detracted from performance, we like management’s commitment to a conservative balance sheet. Furthermore, industry consolidation has resulted in improving margins and free cash flow generation for the remaining players. Similarly, Chesapeake Energy, a leading producer of natural gas, has a leadership team that manages its balance sheet like an investment grade company. With its ample liquidity and a large asset base, Chesapeake, in our view, is well-positioned to achieve its goal of attaining a ratings upgrade. The fixed income sleeve’s U.S. Treasury allocation underperformed due to yield curve positioning. Our MBS allocation – where we were underweight relative to the benchmark – also detracted from relative performance due to its yield curve positioning. We maintain our defensive positioning within MBS to account for the volatility that we anticipate in the near term. The Fund’s equity sleeve underperformed its benchmark, the S&P 500 Index. Holdings within the consumer discretionary, energy and consumer staples sectors detracted most from relative performance. The largest individual detractor was industrial stock Union Pacific. Similar to other railroad companies, Union Pacific has suffered year-to-date volume declines from the slowdown in the oil market and related lower transportation needs. Coal and agriculture industry demands have also been softer. We remain positive on the stock. The company continues to benefit from its large, profitable intermodal freight business. Fundamentals remain attractive, and the company continues to demonstrate a firm commitment to returning capital to shareholders with a healthy dividend yield and stock buybacks. DuPont was another detractor. The diversified materials company successfully defeated activist investor Nelson Peltz’s proxy fight
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to win seats on its board. Shares sold off on concerns that there is now less pressure for aggressive cost reductions or to break up the company to unlock unrealized potential value. The company has introduced new board members that we expect will maintain sharp focus on capturing current untapped gains from its businesses. The company also has been affected by softness in the agriculture cycle, a sector where we see a number of interesting developments, such as ongoing consolidation, which could highly value DuPont’s Pioneer business, a leading developer and supplier of plant genetics to farmers. Its dividend yield also remains attractive. Contributing to relative performance during the quarter was our selection of financials, materials and utilities stocks. Chemical producer LyondellBasell Industries was one of the largest individual contributors. Prices for many of the petrochemicals the company produces are tied to oil prices, which had weighed on the stock at the end of 2014. However, prices for the feedstocks Lyondell uses to create ethylene and some of its other chemicals have also declined, leading to better profit margins than the market initially expected. The bounce back in oil prices during the period also allowed chemical producers to raise ethylene prices, which was further supportive for margins. In addition, concerns around the recent CEO transition began to dissipate, with current management continuing to demonstrate its commitment to returning shareholder capital through an increased dividend and stock buybacks. Blackstone Group, the equity sleeve’s top performer, helped drive the financial sector’s relative outperformance. We continue to like the company, and Blackstone remains a relatively large position size in the sleeve overall. We think the company is a best-in-class alternatives manager, and also like the company for its high dividend yield.
Outlook Multiple factors presently have the potential to impact the fixed income environment; chief among them remains the timing and pace of the Fed’s rate hikes. Data suggest that the central bank is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has shown signs of accelerating. Rates have yet to rise as the Fed has made clear its objective of achieving sustainable growth. With economic expansion typically come jobs, and after that, wage-driven inflation. A strong jobs market, according to the Fed, should help push inflation back toward its target of 2%. Within our fixed income sleeve, we are mindful that we are quite possibly nearing the end of a credit cycle. Merger and acquisition activity, share buybacks and debt issuance are up. Utilizing our fundamental security-level approach, we are concentrating our holdings in higher-quality companies whose management have maintained balance sheet discipline.
We are also concerned with the potential for sustained periods of elevated market volatility, which we consider suppressed by continued fixed income inflows. Alarmingly low levels of liquidity are a serious risk factor, in our view. Should an illiquidity event occur, we want to be a provider of liquidity. We remain underweight MBS relative to the benchmark as these securities would not perform well in the volatile markets such as the ones we anticipate. When the direction of rates is in question, investors cannot adequately gauge prepayment risks, which stand to increase as rates decline. While our base-case scenario is for increasing rates, a global crisis or unforeseen slowdown in growth could again put downward pressure on the safe-haven Treasurys upon which mortgages are priced. Over the past quarter we have sought to reduce risk in the fixed income sleeve of our portfolio and expect to maintain this defensive posture as the aforementioned risk factors play out. We have not seen such a confluence of potentially adverse forces for several years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead. We believe stock valuations remain relatively attractive in the context of the current market environment. Global economic growth continues to strengthen, with steady, if slow, gains in the U.S. and positive signals finally emerging from Europe, issues in Greece notwithstanding. China also seems to be navigating its economic slowdown reasonably well, without any recent material deterioration. The U.S. labor market continues to gain on the employment front with indications that companies are beginning to increase wages as well. The housing market is improving, and consumer spending continues to increase with strong demand for automobiles and other big-ticket items – all further evidence that the economy is on more stable footing. Against this backdrop, it seems likely the Fed will begin raising interest rates later this year. This would be a positive signal that the economy is once again normalizing and should be supportive for stocks, though any dramatic, unexpected rate jump would probably prove to be disruptive short term. The dollar remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in non-U.S. economies could send investors fleeing back toward dollar-denominated assets, forcing a resumption in the currency’s march upward and keeping a lid on inflation. In a nod to this scenario, the Fed has acknowledged that international developments are being considered as it charts its path forward. Thank you for your investment in Janus Balanced Fund. (July 2015)
Janus Emerging Markets Fund Hiroshi Yoh and Wahid Chammas, portfolio managers Performance Overview Janus Emerging Markets Fund’s Class I$acc Shares returned 2.88% for the six-month period ended June 30, 2015, while its benchmark, the MSCI Emerging Markets Index, returned 3.12%.
Investment Environment Emerging market equities registered slight gains over the period, despite the looming strength of the U.S. dollar. This development is owed to substantial improvement in financial positions on both corporate and sovereign balance sheets. After a strong winter, most major emerging market indices drifted lower during the second quarter, with the notable exception of China-related indices. These continued their months-long rally, until late in the quarter when authorities took step to reduce the amount of leverage used in trading. Given the recent rise in this type of trading, gains were reversed in rapid order. China’s growth in recent quarters has been notably under the trend of the past couple of decades. This sluggishness is consequential as the associated disinflationary pressure causes more than a touch of consternation given the nation’s leveraged public- and private-sector balance sheets. For much of the postcrisis era, China has borrowed heavily to invest in assets; after a binge on infrastructure, much of the loose money has flowed into real estate and the stock market. During the first half of the year, Russian equities generated the highest returns on a country basis within the benchmark MSCI Emerging Markets Index, followed by Hungary and China. Weighing on benchmark returns were Colombia, Turkey and Indonesia, among others.
Performance Discussion Detracting most from relative returns were our holdings in South Korea and Brazil. On a sector basis, relative performance was weighed down by industrials and energy. These losses were partially offset by relative gains attributable to our stock selection in China and India, and, with regard to sectors, health care and consumer discretionary. The portfolio’s leading detractor for the period was Turkey’s Ulusoy Elektrik. The switch maker was adversely impacted by the macroeconomic environment within its country of domicile. Market disappointments with recent political developments, such as pressure exerted on the central bank by government officials, outweighed what should have been the positive benefits on cheap oil. Issues in Turkey’s near-abroad, such as Syria’s civil war and Iran’s nuclear negotiations, also added to bearishness. These factors overshadowed the favorable profile of Ulusoy; the
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Fund Overviews company has no debt, a strong net cash position, generates a robust 20% return on invested capital, and has a sizable payout ratio. In a vote of confidence, management has been buying back stock. Another detractor was African banking group Atlas Mara. The company has been negatively impacted by the weakening of emerging market currencies, especially in Nigeria. Still, management has been effectively executing its plan, which includes implementing new technology, growing its loan book focusing on small and medium enterprises, and maintaining a disciplined approach to provisioning. Korean giant Samsung weighed on performance. The company’s stock declined on disappointing Galaxy smartphone sales. The leadership transition between the chairman and his son is also weighing on shares, as uncertainty created by the succession has yet to be fully ironed out. A weak earnings report dampened the mood toward the stock, as did an outbreak of the Middle East Respiratory Syndrome (MERS) at the Samsung Medical Center in Seoul. We remain positive on the stock, as it remains one of the world’s dominant technology companies, with an extremely profitable, industry-leading global semiconductor business and a strong position in the Android market. A top gainer for the period was India’s PC Jeweller. The company is expanding at a pace much higher than that of the broader industry; this encompasses store openings and gold sales. The company has also introduced lower priced products and created online shopping platforms to tap into either underserved or new market segments. At the same time, PC Jeweller is selling wellknown overseas luxury brands to meet demands from higherend market segments. All of these steps have contributed to boosting top-line growth.
Outlook As evidenced by global developments during the first half of this year, we must remain mindful of geopolitical risks. While developments in Greece do not directly impact broader emerging markets, policy maker decisions in China do. Any efforts to catalyze growth – or their failure to succeed – have repercussions in the numerous countries that provide materials and subcomponents to fuel their neighboring giant’s manufacturing and construction base. Stabilizing oil, especially in a range much lower than this time last year, helps countries reliant upon commodities imports. While prices are higher than the market nadir experienced in the winter, investors and managers like stability, which describes energy prices of late. Oil’s stabilization has also enabled Russia’s financial markets to stage a rebound. The country still faces stiff headwinds on account of economic sanctions. Commodities exporter Brazil also has challenges, in part due to a broad lack of confidence in the government and ongoing corruption probes into the country’s leading energy company. The U.S. dollar’s late-2014 strengthening pummeled emerging market currencies, but most countries have sufficient reserves to not see their national accounts stressed. As with oil, the resetting of the dollar in a range more favorable than last year stands to benefit exports to countries with strengthening currencies. While we monitor such developments, we remain stock pickers first and foremost. At present the increasing economic diversity of emerging markets provides us with ample opportunities to identify companies with the highest growth prospects, returns on invested capital and shareholderfriendly policies. Thank you for your investment in Janus Emerging Markets Fund.
Also contributing was Yunnan Baiyao, one of China’s top traditional medicines brands. The company is gaining market share by releasing new products, including toothpaste and tea. All of the new offerings are based upon traditional treatments. The company’s core business is growing at a slower rate than the new products, but they are still expanding. One of the reason’s the company’s stock has performed well, in our view, has been management’s conservative approach to expansion. On a visit with management during the quarter, we came away convinced that leadership is disciplined and efficient capital allocators.
(July 2015)
Another leading contributor was Haitong International Securities Group. The company is one of China’s leading securities houses. It has benefited from the recent opening of the Hong Kong – Shanghai Stock Connect. A key driver of Haitong’s business has been aiding wealthy Chinese citizens invest overseas. During the period, the company reported earnings gains and a much larger equity base upon which it can expand its business. On that note, the company’s strategy is to expand aggressively. The larger base is a necessary ingredient for that, given the limits put on the amount of leverage such companies can deploy.
Market Environment
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Janus Europe Fund Wahid Chammas, portfolio manager Performance Overview For the six months ended June 30, 2015, Janus Europe Fund’s Class I$acc Shares returned 17.18% versus 13.25% for the benchmark, the MSCI Europe.
The volatility that marked the end of 2014 carried over into early 2015. Investors feared that crude oil’s precipitous slide could be a consequence of slowing global growth, rather than solely of elevated North American production. Conditions in Europe contributed to market angst as prices within the eurozone entered deflationary territory. Sentiment toward the region was also hindered by the victory of Syriza, an anti-austerity party, in Greece’s parliamentary election.
Mid-winter, European stocks regained favour upon the European Central Bank’s (ECB) announcement that it would christen its own version of quantitative easing (QE) by purchasing 60 billion euros in bonds monthly for a total exceeding 1 trillion euros. European bond yields, consequently, tightened even further. Yields on many short- and mid-term bonds of eurozone nations entered negative territory. Importantly for this Fund, the bondproxy trade that had dominated European equities for several quarters finally exhibited signs of reversing, as investors instead began to judge stocks on their fundamental merits and growth profiles rather than purely defensive characteristics. Alas, European equities were again weighed down during the spring by serious questions about Greece’s ability to service its massive debt load. The dispute overshadowed signs of stabilization in the remainder of the region’s periphery. The anxiety accelerated toward the end of June as it became apparent that the country would not make a payment due to the International Monetary Fund on June 30. The Greek government’s call for a referendum on continued austerity was met by surprise and consternation in financial markets as well as in Brussels and Frankfurt. Although European stocks sold off as the Greece crisis came to a boil, the conditions that drove strong gains over most of the spring and early summer remain intact. In fact, it has been years since a combination of macroeconomic and company-specific factors have aligned so favorably for European stocks. Such an environment is especially conducive to our highly disciplined, bottom-up investment process centered on identifying the companies with the greatest capability to grow earnings, create operational leverage, generate high return on invested capital and be bold in undertaking shareholder-friendly initiatives, including participating in synergistic industry consolidation or conducting stock repurchases.
Performance Discussion Outperformance relative to the benchmark during the first half of the year was driven by our selection of health care and technology stocks. A top individual contributor for the period was BG Group Plc. The integrated natural gas company was a strong performer following the much-publicised takeover approach from Royal Dutch Shell which valued the company at a hefty premium to the market cap at that time. We continue to believe that industry consolidation is much needed, and very likely, especially at a time when the cost of capital will never be cheaper, and valuations are rock bottom. BG’s strength in the global liquefied natural gas (LNG) business has made the company a very attractive target, in our view. Another top contributor was Swiss biotechnology company Actelion. The company had a good second quarter following a solid earnings report which saw it increase full-year guidance, driven by strong performance of its key product, Opsumit. The stock saw further strength on press reports that Actelion had been approached by Shire over a potential acquisition. We
continue to appreciate Actelion’s position as the dominant player in the Pulmonary Arterial Hypertension (PAH) market, with our research indicating that there is strong interest from medical professionals in Actelion’s Selexipag and Opsumit drugs. Within technology, ADVA AG Optical Networking was a top individual contributor. This company designs, develops and manufactures optical networking products. The company’s products include wavelength division multiplexing (WDM) communications systems, high-speed fiber optic converters, EDFA modules, and all-optical switches. ADVA’s products are used in high-speed centralized data storage and disaster recovery. The company pre-released strong earnings in the spring and increased guidance, benefiting from the fact that its products are highly essential components in a broadly data hungry world, which is why the company is primed to continue growing revenues by double digits. ADVA’s products are also used in high-speed centralized data storage and disaster recovery. The stock reached our target price during the period, and was subsequently sold from the portfolio after the stock appreciated three-fold in the past year. Detracting from the period’s performance were our consumer and industrial holdings. Norwegian/Greek offshore-drilling contractor Ocean Rig detracted from results. The company provides oil field services for offshore oil and gas exploration, development and production drilling, and specialising in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. We bought the stock near the June lows, but this proved to be a little early. We believe that the company is fundamentally mispriced, and is trading at a ridiculously steep discount to replacement value. The company’s 10 active rigs are all ultra-deepwater capable, and very new, with an average age of just five years, making it one of the most capable fleets in the industry. Ocean Rig is currently 88% contracted in 2015 and over 69% contracted in 2016, which we expect will be the trough years of the current down cycle. Ocean Rig recently raised capital to shore up its balance sheet and to ready the company for opportunistic acquisitions. Today, cash balance sheet is approximately one-third of the market capitalisation. Flash online retailer MySale suffered early in the year from the profit warning issued in December, despite subsequently releasing a reassuring trading update. This company’s management team is very new to public markets (their IPO was as recent as this past summer) and, with no investor relations, were a little naive about how to manage/guide earnings trajectories. The stock was overly punished, on what was a tight float. That said, our analysts have spent considerable time with the management team, and we fully support the main backers, Sir Philip Green of Arcadia (owner of Topshop, Topman, Wallis, Evans, Burton, Miss Selfridge, Dorothy Perkins and Outfit). One of the biggest competitive advantages to MySale as a story, and the chief factor that brought us to the stock frankly, is the involvement of Sir Philip Green and Mike Ashley of Sports Direct. Meanwhile, in our opinion MySale has one of the best business models in retail: asset light, zero inventory risk, and structurally negative Janus Capital Funds Plc / 30 June 2015
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Fund Overviews working capital. We remain confident in the company’s outlook, with sales continuing to grow strongly across four continents, and it is the only flash sale company to function and distribute across all corners of the Earth between northern and southern hemispheres (an advantage when learning retailers’ inventories). It has also beaten expectations with 15.5 million members and continues to grow. In essence, management has done most of the hard work already, now they just need to better engage their membership. We also like the fact that cash on the balance sheet is equivalent to approximately 40% of the company’s market capitalisation, and that management has been very aggressively buying shares personally in the aftermath of the profit warning.
will be removed regardless of the direction of the outcome. In either case, near-term headwinds for the euro loom, but that could help the region’s exporters. Authorities must be cognizant of creating a climate of moral hazard among other indebted eurozone members as additional reforms are still necessary in those countries. Concern about the European Central Bank perhaps not following through on the entirety of its quantitative easing program – which was in part behind the bund’s spring sell-off – seems overblown. It is our view that central bankers will continue to provide a favorable backdrop for economic growth and earnings gains over the mid-term. Thank you for your investment in Janus Europe Fund.
Another detractor was banking group Atlas Mara. The company has been negatively impacted by the weakening of emerging market currencies, especially in Nigeria. Still, management has been effectively executing its plan, which includes implementing new technology, growing its loan book focusing on small and medium enterprises, and maintaining a disciplined approach to provisioning.
Outlook Although European stocks sold off during June as the Greece crisis came to a boil, the conditions that drove strong gains over most of the second quarter remain intact. Investors’ fixation on the most defensive stock sectors was broken and – after much delay – attention was finally being paid to the continental economies’ improving fundamentals. In fact, it has been years since a combination of macroeconomic and company-specific factors have aligned so favorably for European equities. Such an environment is especially conducive to our highly disciplined, bottom-up investment process centered on identifying the companies with the greatest capability to grow earnings, create operational leverage, generate high return on invested capital and be bold in undertaking shareholderfriendly initiatives, including participating in synergistic industry consolidation or conducting stock repurchases. We are mindful of the Greece situation, with special concern as to how any agreement between it and its creditors is implemented and monitored. Consequently, we have buffered the portfolio slightly with some defensive names that we like and purchased on weakness during the quarter, while continuing to advocate a constructive, bullish posture overall. Still we recognize that the European economy – in part due to significant reforms in peripheral countries other than Greece – has shown signs of an incipient recovery. Despite concerns to the contrary, current developments in Europe are not analogous to the buildup to the 2008/2009 global financial crisis. Greece has largely been ring-fenced and Europe’s banks recapitalized. We expect equities to remain vulnerable in the near term, but believe that long term, a resolution to Greece should benefit the region as a whole. Obviously anxiety-inducing uncertainty 24
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(July 2015)
Janus Global Life Sciences Fund Andy Acker, portfolio manager Performance Overview The Janus Global Life Sciences Fund had a strong start to the year, with the Class I$acc Shares returning 17.06% for the sixmonth period ended June 30, 2015. This was significantly ahead of the 9.94% return for the MSCI World Health Care Index, the Fund’s primary benchmark, and the 1.23% for the S&P 500 Index, the Fund’s secondary benchmark.
Market Environment The Fund’s benchmark, the MSCI World Health Care Index, surpassed broader stock indices during the six-month period. All subsectors within the benchmark generated positive returns, with performance led by managed health care and health care facilities. The first half of 2015 proved that merger and acquisition activity in the health care sector is alive and well. Driving gains were several high-profile acquisitions, including a few of our holdings that were targets in such deals. While consolidation fueled optimism, innovation in medical devices and therapies continued to provide a fertile environment. Initial public offerings, secondary market activity and private financing also continued to be strong. We remain vigilant in monitoring valuations, which at first glance may appear rich, but the rally experienced over the past few years has only brought valuations for the health care sector back to the long-term average of the past 20 years.
Performance Discussion The Fund seeks to uncover opportunities that span the life sciences spectrum, including stocks in the biotechnology, pharmaceutical, health care services and medical technology arenas. Our bottomup, fundamental approach utilizes extensive proprietary research in an effort to discover the most compelling investment ideas across the globe. Our primary focus remains on companies that are addressing high, unmet medical needs and those that we believe can make the health care system more efficient.
Our stock selection in the biotechnology and pharmaceuticals subsectors were top contributors to relative performance. Biotechnology company Pharmacyclics was a top contributor. The company’s stock surged in January on consensus-beating earnings from the prior quarter as well as upbeat guidance for its blood-cancer drug, Imbruvica. It was then announced that AbbVie would acquire the company for $21 billion. This commercial-stage biotechnology company is focused on discovering and developing innovative small-molecule drugs for the treatment of cancer and immune-mediated diseases. Also within the biotechnology subsector, Dyax Corp. was a top contributor. Recognition continues to grow for its hereditary angioedema therapy, which could become the new standard of treatment based on strong efficacy from early-stage trials. Aetna was another large contributor. A Supreme Court ruling that keeps federally established health care exchanges intact lifted managed care stocks broadly. Acquisition rumors among managed care companies also point to an upcoming round of consolidation in the industry, and anticipation of this wave of consolidation has been favorable for managed care stocks. Aetna has been a large position in our portfolio for many years, and we believe the company is well positioned for growth in the post Affordable Care Act reform environment. Our underweight to the managed health care subsector and holdings in health care technology detracted from relative results. Among individual detractors, Puma Biotechnology was a top detractor. The company was a top performer last year but fell on disappointing data it released in June about its new postsurgery breast cancer treatment. We believe the stock still offers value, though our outlook has diminished somewhat and we are reviewing the stock. At current valuations the company could still become a potential M&A target. Aerie Pharmaceuticals also weighed on returns. The company’s new glaucoma drug, Rhopressa, missed expectations in a latestage trial early in the second quarter. We were disappointed in the data, so we exited the position. Ironwood Pharmaceuticals was another detractor. The firm surprised markets with an unexpected dilutive convertible bond offering. It also suffered from Synergy Pharmaceuticals’ positive data around a new irritable bowel syndrome treatment, which could become a new competitor to Ironwood’s established Linzess brand. We remain positive on the stock, as Linzess prescription trends continue to be strong. The specialty pharmaceuticals segment has also experienced a disproportionately large amount of M&A activity of late, and we would not be surprised if Ironwood were a future target.
regulatory decisions) that can lead to significant share price volatility. In practice, this means we attempt to limit the position size of any one holding so that, in a worst-case scenario, the estimated adverse impact from a particular event should not exceed 1% of the Fund’s performance. The Fund may also utilize options and other derivative contracts in an attempt to mitigate risks and enhance performance.
Outlook We believe biotech and pharmaceutical stocks continue to offer significant growth potential. The acceleration of innovation across the health care sector continues to advance at a remarkable pace, with a wave of new therapies addressing many of the world’s largest unmet medical needs. Streamlined Food and Drug Administration reviews and approvals have helped significantly increase speed to market for many of these transformative treatments. In addition, the affirmative late-quarter U.S. Supreme Court Affordable Care Act ruling confirming residents in states with federally established health care exchanges will remain eligible for federal tax subsidies is a very positive development for the sector. The uncertainty around this issue had been a tremendous overhang, but with the original law intact we expect a substantial increase in the insured population. This should benefit hospital operators and many insurance companies, as well as ripple throughout the broader health care industry. The next issue to watch will be around biosimilars, with highprofile litigation currently under federal court review. These copied versions of biotechnology drugs have been readily available in Europe for years and are now starting to be approved in the U.S. While they may provide lower cost access to some therapies, the current legal questions around patent protection are complex. Their erosional effects on the original brand names also remain to be seen. As such, this continues to be an important area to watch. We also are closely monitoring the potential for elevated headline risk around high-cost drug pricing in general, especially with the upcoming presidential election cycle. Thank you for your investment in Janus Global Life Sciences Fund. (July 2015)
Janus Global Research Fund Research Team led by Carmel Wellso, portfolio manager Performance Overview
The Fund continues with its “value at risk” approach as part of a comprehensive risk management framework. This approach focuses our attention on downside risks, especially those arising from binary events (such as clinical trial announcements or
Janus Global Research Fund’s Class I$acc Shares returned 4.35% for the six months ended June 30, 2015, while its benchmark, the MSCI World Index, returned 2.95%. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews Market Environment The volatility that marked the end of 2014 carried over into the beginning of the year. Investors feared that crude oil’s precipitous slide could be a consequence of slowing global growth, rather than solely of elevated North American production. Global equities finished the six-month period decidedly mixed. European markets were weighed down by serious questions about Greece’s ability to service its massive debt load. The dispute overshadowed signs of stabilization in the remainder of the region’s periphery. The anxiety accelerated toward the end of June as it became apparent that the country would not make a payment due to the International Monetary Fund on June 30. The government’s call for a referendum on continued austerity was also met by surprise and consternation in financial markets as well as in Brussels and Frankfurt. Consequently, the continent’s major indices finished deep in the red. Conditions in Europe contributed to market angst as prices within the eurozone entered deflationary territory. European stocks regained favor upon the European Central Bank’s (ECB) announcement that it would christen its own version of quantitative easing by purchasing 60 billion euros in bonds monthly for a total exceeding 1 trillion euros. As a consequence, yields on many short- and mid-term bonds of eurozone nations entered negative territory and the region’s stocks took off. Major U.S. indices reached record levels in early March, only to pull back on concerns that yet another strong jobs report would entice the Federal Reserve (Fed) to raise interest rates as early as June. Those concerns were later allayed as the Fed’s late-month statement included downwardly revised growth expectations, which investors interpreted as dovish. Additional highs were reached later in the spring, but they did so in an understated fashion as both volume and volatility remained muted. The first quarter earnings season mostly exceeded expectations, but enthusiasm was tempered as valuations were considered stretched compared to long-term averages. Stock gains were also aided by favorable economic data that indicated the factors contributing to the winter slowdown were indeed transitory. In emerging markets, while Latin American indices largely gained, the story centered on China, namely the government’s attempts to catalyze sluggish growth and combat equity market excesses.
Performance Discussion Our stock selection in the financial and health care sectors were the top contributors to relative performance during the period. Pharmacyclics was a top contributor. The company’s stock surged in January on consensus-beating earnings from the prior 26
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quarter as well as upbeat guidance for its blood-cancer drug, Imbruvica. It was then announced that AbbVie would acquire the company for $21 billion. This commercial-stage biotechnology company is focused on discovering and developing innovative small-molecule drugs for the treatment of cancer and immunemediated diseases. Valeant Pharmaceuticals was also a top contributor. The stock was up after the company announced better-thanexpected earnings, and raised its guidance after completing its acquisition of Salix Pharmaceuticals, a maker of gastrointestinal treatments. The acquisition is another example of the same successful playbook Valeant has been running for much of the past decade. We feel this strategy has set the company apart from many of its competitors. High research and development costs have been value destructive for many pharmaceutical companies, but Valeant has largely avoided high R&D spending by making a series of value accretive acquisitions of pharmaceutical companies with lower product risk. Valeant then takes many of the costs out of those companies and essentially acts as a distributor of a number of valuable drugs, rather than a company dependent on new drug discovery for growth. Apple was another top contributor. The electronic-device company benefited from positive sentiment in the aftermath of its astounding its fourth quarter earnings results. In February, the company’s stock reached a new record, pushing its market capitalization above $700 billion. We think Apple still has strong opportunities as its ecosystem continues to attract new and potentially long-term subscribers onto its platform and increase its addressable market as lower price points draw new customers. We also appreciate management’s commitment to returning capital to shareholders via dividends and stock repurchases. Our industrial holdings, led lower by Canadian Pacific and United Continental, were the most significant relative detractors during the period, followed by the consumer sector. Railroad operator Canadian Pacific’s performance as the transportation sector – and especially railroads – fell out of favor with the market. Investors have perhaps, at least in our view, tied railroads too closely to the fate of North American crude. We, on the other hand, are attracted to Canadian Pacific in part due to the diverse line of products it carries. During the period, the company released an earnings report which beat consensus on both revenue and earnings per share. The company also exhibited continued improvement in rationalizing costs. Later in the period, the stock was punished when an important coal customer said it would be idling several mines. The period was not kind to airlines, which led to United Continental Holdings becoming one of the period’s largest detractors. The company reporting consensus-beating first quarter earnings was not enough to outweigh the industry-wide
concerns over capacity. During the period, a leading competitor announced that it was slightly raising capacity, igniting fear that the recent discipline exercised by the industry leaders may possibly fray. While the U.S. airline fleet is roughly 5% below its 2007 peak, available seat miles (ASM) – a measure combining total seats and miles flown – has crept up in recent quarters. Perspective is needed here as, in our view, this increase is very meager when compared to previous cycles when the industry subjected itself to debilitating overcapacity. MarkWest Energy Partners was another detractor. The master limited partnership (MLP) gathers and processes natural gas and also transports and stores natural gas liquids (NGLs). Rising rates were a headwind for real estate investment trusts (REITs) and MLPs such as MarkWest during the period. We added to our position on the weakness. While higher interest rates will increase borrowing costs for MarkWest in the short term, we believe the company’s return on capital is strong enough that it can still continue to grow. MarkWest is well positioned in the lowest-cost natural gas basin in the U.S., which means it is likely to experience strong demand for its gathering and processing services even in a weak pricing environment. We also like the management team, and feel the company remains attractively valued relative to equities.
Outlook Our belief that politicians ultimately find reasonable solutions blew up like a SpaceX rocket as the period ended. Greece, as Falcon 9’s brief flight did in June, will make a lot of noise but not amount to much of anything. Our long-held belief remains that, this Greek tragedy notwithstanding, equity market gains are not over. It’s hard to argue equity markets are cheap on average but investors should not seek to be average. In a market more about alpha than beta, the global equity market backdrop still lends itself to stock picking and active investing. After Greek voters rejected an austerity plan, markets traded off but the reaction was generally mild, especially compared to less substantial but noisier Greek crises on the past. Most indices ended the second quarter flat to down. It is a quieter year so far but after six straight years of up markets, a calmer S&P 500 Index is welcome. (By comparison, the 1990s had nine up years – 1991 to 1999 – although that didn’t end too well.) We remain positive on U.S. equities, however, and do not feel that markets are stretched. price-earnings ratio (P/E) multiples are at the higher range of recent years but they are not extraordinary for a low-inflation environment, which implies lower longer-term rates. Based on cash flow metrics, valuations are more reasonable. Remember that the math of a 2.3% 10-year yield implies a P/E of more than 40, if you compare the price to the interest income. There’s no risk, of course, but no growth. Meanwhile, we are seeing growth in equities. Estimated earnings growth for 2016 vs. 2015 for the S&P 500 companies looks healthy if you take
out the oil sector. Furthermore, we think there will be a broad range of growth rates for companies. It takes analysis, but it remains possible to find companies that are using acquisitions, break-through products or market share gains to drive earnings growth and to justify valuations. Growth matters in Europe too, and we are seeing a firming of conditions there. Greece represents less than 2% of European gross domestic product (GDP). So while it is not ideal to have social and political unrest on your periphery – and economic depressions can bring on those conditions – the Greek problem will not undermine Europe. It is different from the last time a Greek default threatened the stability of other banking systems in Europe. Quantitative easing (QE) is gaining traction in Europe. The weaker euro helps fuel export growth while stronger auto sales, positive loan growth and better bank balance sheets portend a local recovery. The scope for margin expansion remains. Our European financial analyst sees green shoots and expects lower loan losses, rising returns and the all-important increasing of dividend payments, bullish signs for financials and perhaps for equities more broadly. In Japan, Prime Minister Shinzo Abe’s administration has engineered a favorable backdrop for Japanese equities in terms of supply and demand: corporates are buying their own shares back, the Bank of Japan is buying Japanese equities as part of its QE, the government’s main pension fund is buying Japanese equities and moving away from bonds, and the market is running out of sellers. The message once again, however, centers on stock picking. New initiatives are also encouraging better corporate governance. Companies are raising dividends and appointing outside directors. More importantly, some companies are restructuring whole industries. China and the rest of Asia are vexing. While China, too, has the ability to stimulate its economy, it is not a country without challenges. The industrial sector is slowing, part of a rationalization plan that ultimately leads to a more efficient economy. We expect over time that the consumer sector will offset some growth pressures in the country; in the shorter term, however, we are seeing contrary signs such as slower car sales and a continued lull in luxury spending. The rise in the Shanghai stock market and recently, a government attempt to prop it up after a pullback, are worrisome. A slowdown in China is touching economies elsewhere in Asia. India is an exception as political reform (in true Indian style) slowly grinds forward. Brazil, with political and economic troubles, looks like more of a market where you pick a few cheap stocks but understand it is a difficult slog ahead. Thank you for your investment in Janus Global Research Fund. (July 2015)
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Fund Overviews Janus Global Technology Fund Brad Slingerlend and Brinton Johns, portfolio managers Performance Summary Janus Global Technology Fund’s Class I$acc Shares returned 2.41% for the six-month period ended June 30, 2015, while its primary benchmark, the MSCI World Information Technology Index, returned 1.45% and its secondary benchmark, the S&P 500 Index, returned 1.23%.
initiatives have shown impressive growth and the company reported that mobile now accounts for 70% of transactions. Furthermore management provided strong guidance and reiterated its objective of becoming the one-stop shop for Chinese travel. In late May the company purchased a near 40% stake in online rival eLong from Expedia, a move that was welcomed by investors. Our holdings in the Internet software and services subsector, along with technology hardware, storage and peripherals, weighed the most on relative performance.
Market Environment Global technology gained over the first quarter, outpacing broader indices, which recorded flat to negative returns. It then fell slightly during the second quarter, but ultimately finished the first half of 2015 in positive territory. The home entertainment software and electronic components subsectors contributed the most to the benchmark, while the semiconductor equipment and communications equipment subsectors detracted the most during the period.
Oracle was a top detractor. The stock was down following an earnings miss. We believe the provider of enterprise software and hardware products can continue to grow its revenue as fast, if not faster, than overall IT spending, while continuing to experience ongoing margin expansion. Its products automate missioncritical business processes, resulting in a resilient business model comprised of a highly profitable base of recurring maintenance revenues. Oracle has a structurally attractive business model with levers to drive sustained double-digit earnings growth over a multiyear period.
Performance Discussion Our stock selection in the semiconductors and Internet retail subsectors were the most significant contributors to relative performance. Individually, Apple was a top contributor. The electronic-device company benefited from positive sentiment in the aftermath of its astounding fourth quarter earnings results. In February, the company’s stock reached a new record, pushing its market capitalization above $700 billion. We think Apple still has strong opportunities as its ecosystem continues to attract new and potentially long-term subscribers onto its platform and increase its addressable market as lower price points draw new customers. We also appreciate management’s commitment to returning capital to shareholders via dividends and stock repurchases. Netflix, one of the leading providers of on-demand Internet streaming media, was also a top contributor. The stock rose after beating estimates on member growth and margins. Subscription expansion remained positive in the U.S., if slowing, with substantial gains in new international customers. We continue to like the potential for Netflix. The company has now reached a size where creating original content can be more cost-efficient than simply purchasing distribution rights. Coupled with its extensive data about subscribers’ viewing habits, it has built a powerful ability to deliver profitable, targeted entertainment. After a winter lull, the stock of Chinese travel operator Ctrip International bounced back to become another top contributor. The company reported strong revenue gains from the first quarter as recent investments have begun to reap benefits. These have also filtered through to margin improvement. New 28
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U.S. chip maker Qualcomm was another top detractor. The company was hit with the news early in the year that Samsung would not use Qualcomm chips in the newest model of its popular Galaxy mobile phone. Qualcomm’s new Snapdragon 810 chip was reported to have had a propensity to overheat in testing by Samsung in its new devices. Qualcomm did finally manage to get its regulatory issues regarding royalty payments in China resolved, but the agreement was not everything investors had hoped for. ChannelAdvisor was also a large detractor. The company helps other businesses manage, monitor, and optimize their merchandise sales in various online channels. The stock was down early in 2015 after the company reported disappointing fourth quarter revenues. The fourth quarter of 2014 saw a rapid shift in buying behavior, with consumers doing more of their holiday shopping on large e-commerce sites that offer a better mobile shopping experience. ChannelAdvisor makes less revenue from the shopping that takes place on these larger platforms. We have subsequently trimmed the position to better match its risk-reward profile.
Outlook We believe technology stocks continue to offer compelling investment potential, though the rapidly changing dynamics evolving within the sector are pointing to new emerging winners, while many legacy firms lag behind. The rapidly accelerating shift to the cloud continues to open new opportunities at the expense of hardware, servers and online premises data centers. Enterprise hardware companies, in particular, have been slow to react as businesses move to software-designed data centers, with management teams reluctant to consolidate and trim costs.
Similarly, companies with strong mobile application strategies continue to be well positioned with the broad adoption of smartphone and tablets. We also expect that continuing advances in commercial and consumer applications tied to the Internet of Things (IoT) could be as transformational as the introduction of the Internet itself. The proliferation of devices that now connect to the Internet and interact with one another is an exciting multiyear trend still in its infancy. Semiconductor merger and acquisition activity also remains a key theme in the technology sector. As the industry matures and growth rates slow, these companies are searching for effective strategies to build scale and trim research and development expenses. All in all, the pace of innovation throughout the sector continues to accelerate. We remain selective as we carefully research the risk/reward profiles of these stocks, balancing growth with valuations. Still, we continue to find ample long-term investment potential as the marketplace continues to shift and evolve. Thank you for your investment in Janus Global Technology Fund. (July 2015)
Janus Japan Emerging Opportunities Fund DIAM Asset Management, portfolio manager
performance gap is the low weighting of financials in the small cap index.
Performance discussion The portfolio return was 18.42% over the 6 month period. In terms of sector contribution, the best performing Topix sectors were Insurance, Pharmaceuticals and Other Financials, which contributed 0.15%, 2.85%, and 0.48% respectively. On the negative side, we had minus contribution from Construction and Iron and Steel, at -0.12% and -0.11% respectively. Amongst our Insurance holdings, Anicom Holdings has posted solid earnings on the back of buoyant pet insurance sales and improvement in loss ratio. In the Pharmaceuticals sectors, we benefitted from our core positions in Shionogi and Chugai Pharmaceuticals, as the companies’ cancer franchises make further progress. We also had good performance in Other Financials from stocks such as Aeon Finance and Orix, which rose alongside a buoyant sector. On the negative side, in the Construction sector Daito Trust announced that the company is facing margin pressure due to a shortage of inputs leading to rising costs and the shares performed poorly. In the Iron and Steel sector, Hitachi Metals revealed that a slowdown in telecom carrier capex is leading to worsening profitability in the Cable division, leading the shares to underperform.
Investment environment Outlook In the first half of 2015 (January-June 2015) the Topix index rose by 16.98%. The main drivers of market performance were the robust US macroeconomic environment, the improvement in the market environment for Japanese exporters spurred on by yen weakness, and signs that the domestic economic environment is improving, led particularly by consumption and capital expenditure, leading Japanese corporates to improved earnings. Whilst we did witness some market weakness towards the end of the quarter due to the Greek debt problems and Chinese economic slowdown, the benign domestic environment supported the market and cushioned the negative impact of such factors. In terms of sector leadership, we had good performance from financials (Banks, Insurance, Securities etc) as they had previously lagged the market. We also witnessed good returns from sectors such as Electric Power and Gas and Pulp and Paper. Food and Pharmaceuticals also benefitted from active purchases from low volatility-type funds and performed well during the period. On the other hand, Transportation Equipment and Machinery stocks underperformed on the back of the general economic slowdown in emerging markets. Over the period, the representative small cap index (Russell Nomura Small Cap Index) returned 15.42%, an underperformance of 156bps versus the Topix index. The main reason for the
Despite risk factors such as downside risk to auto sales and smart phone demand, we believe that Japanese corporate earnings will remain on a solid trend, supported by an improving domestic economy, yen weakness and lower oil prices. We are reasonably bullish with regards to prospects for EPS growth, given plans to lower corporate tax rates and sustained efforts by companies to improve ROE. We believe that supply demand dynamics remain favourable for the time being. We envisage further inflows into the market from public pension funds, and believe there is a good chance that other domestic financial institutions, hitherto centered on domestic bond investments, will revisit their investment plans. Consequently, despite the rally so far this year, we believe that concerns about market overvaluation (e.g. on a forecast PE basis) will be alleviated by further positive revisions to earnings expectations. On the other hand, we see multiple sources of risk and uncertainty in the global economy, ranging from the Greek debt problem and its impact on the European economy, to the extended slowdown in Asian economies led by China. We see external factors as a major force capping the upside for the Japanese equity market. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews Consequently, considering the balance of positive and negative factors, we believe that Japanese equities will move within a trading range for the time being. In terms of our investment plan, we intend to concentrate our exposure on stocks that are more dependent on the domestic Japanese market, in particular Services, Retail, Construction etc, focusing on names with good earnings growth prospects. On the other hand, we plan to reduce our exposure to export related names in the Electric Appliances, Machinery, and Transportation Equipment, focusing on stocks where we believe that medium term earnings forecasts are coming under pressure. However, for stocks where we are confident about the medium term forecasts, we will consider adding to positions if we should see any short term weakness due to poor short term earnings momentum. We will maintain our underweight in sectors such as Electric Power and Gas, Transportation etc, as despite short term earnings resilience we believe that long term growth prospects remain poor.
Top contributors and detractors Contributors: Nihon M&A Center Inc.: Independent M&A intermediary firm established with joint investment by certified public accountants and licensed tax accountants nationwide. The company operates intermediary business and consulting service on M&A for small/medium-size companies across the nation. As Japanese society continues to age, the problem of management succession for small and medium size companies is becoming more acute. The company is using its links with accountancy firms and regional financial institutions, and is benefitting from rising levels of M&A advisory work, driving the shares higher. Chugai Pharmaceutical Co., Ltd: Major manufacturer of prescription drugs, with a strong oncology franchise. During the first half of the year, the company benefitted from strong sales of anti-rheumatic drugs and the shares reacted positively.
Nitto Denko Corp.: Comprehensive materials producer that attained rapid growth with industrial tapes as driving force. IC sealing resins has grown into a major profit-earner, and the company has also enjoyed substantial grown in electronic materials, including LCD polarizing films and flexible printed circuit boards. The company has a significant technological edge in the area of mid-small side LCD panels, and is benefitting from solid growth in the smart phone market. Additionally, the medical division is also showing good prospects, and the share price has rallied on the basis of high potential in this area.
drugs. Founded in Osaka in 1878 as a wholesaler of Japanese and Chinese herbal medicines, the company is currently accelerating overseas business, mainly in the US and China. During the period, the shares benefited from strong royalty income due to buoyant overseas sales of HIV drug Tivicay/Truimeq, and from a weaker yen.
Cookpad Inc.: The company is the largest provider of website specializing in cooking recipes, with “Cookpad” for PC users and “Moba repi” for mobile phone users as flagship sites. The main revenue streams are advertising income (primarily from food manufacturers) and income from membership. The company is also looking to expand its activities overseas. During the period, the shares benefitted from the announcement that NTT Docomo will offer its subscribers the company’s gourmet services. Detractors Hulic Co., Ltd: The company is engaged in real estate leasing, owning favourable properties including commercial buildings located near major train stations in the central wards of Tokyo. Business fundamentals are solid, but the company announced an equity offering in April in order to fund their active real estate acquisition plans and the shares suffered. Asahi Rubber Inc.: Silicone rubber manufacturer. The latest set of full year results (for the year to end-March 2015) showed a large increase in labor costs which is temporarily decreasing profitability. However, it is worth noting that sales of key products (such as rubber products for RFID tag) are growing as expected. JP-Holdings, Inc: The company is a top-ranked operator of childcare centers, including authorized day nurseries and afterschool childcare clubs. The company is aiming to increase the number of daycare facilities which should be a long term positive, but in the short run, due to the difficulty in securing qualified staff, the company’s results missed market expectations.
Hitachi Metal, Ltd: Major manufacturer of high-quality special steel. During the period, the company’s cable division suffered from worsening profitability due to delays to the implementation of mobile telecom carrier capital expenditure.
Mimaki Engineering Co., Ltd: World’s top-class manufacturer of ink-jet printers for use in advertisement and billboards. The company is nowadays placing more emphasis on development of industrial-use application to textiles, apparel and other industrial products. The company has a significant share of sales in Europe, so the weak Euro has taken its toll on the shares. Thank you for your investment in Janus Japan Emerging Opportunities Fund.
Shionogi: Major pharmaceutical manufacturer with a strong antihyperlipidemia franchise, and highly reliant on antibiotic 30
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(July 2015)
Janus Japan Fund DIAM Asset Management, portfolio manager
Contributors & Detractors Contributors
Investment Environment 1. Sony The year had a soft start with political uncertainties in Greece; economic concerns in the oil producing countries on the back of the oil price slump; European deflation concerns; and appreciating JPY. The Japanese stock market enjoyed a positive run after the initial uncertainties; with corporate Japan embracing the government’s shareholder return enhancement initiative and ECB announcing quantitative easing that exceeded market expectation. The market was also supported by index buying from the large public funds, making further headways in May. Since June, the Japanese market has been trading in a tight range due to the risk in Greek politics, prospect of interest rise by the Feds and Chinese stock market’s dramatic drop. All the while, the Japanese equity market has been driven by index buying from large public funds, leading to mid to small cap growth stocks represented in the Mothers index to lag behind the general market.
Performance Discussion As part of our core strategies of “Abenomics”, “Internet of Things”, and “Domestic demand recovery”, we have large exposure to mid to small cap growth stocks. Performance for this segment of the market lagged behind overall market in the first quarter, causing our underperformance. This is due to the effect of index buying that started in October last year when the GPIF raised its weighting in Japanese equities. While we have increased our large cap exposure and reduced weight in growth stock in the short term, we considered this a temporary trend. Once we judged the trend to be coming to an end in June, we reduced our large cap exposure again and increased exposure to growth stocks. The fund performance improved significantly since.
Outlook The long term prospect of the Japanese equity market bull run that started from 2012 is hinged on the result of the government’s long term growth strategy and system reform. The Japanese government has made large financial and fiscal intervention, to a degree that is previously unseen, giving the market a large boost. As the political situation stands, upside potential for Japanese market is capped at around 1800 for Topix. This will prove to be a hurdle for the large cap stocks that have thus far benefitted from the large scale index buying, but will not stifle opportunities for smaller cap stocks that have individual stories to tell. Without speculating on the success of future political policy, individual value stocks are capped by their valuation, whilst we see large upside potential in a handpicked selection of growth stocks, mostly in industries that we see as our core investment pillar. We expect a large out performance against the benchmark in the near future. We believe our fund will thrive in the current market environment, where our active management style of focusing attention on the carefully selected small basket of growth stocks would come to fruition.
Sony has been on a recovery trend following the restructuring of unprofitable areas such as smart phones and TV business. At the core of our investment case is the strength in CMOS sensors for Apple’s IPhone, as well as healthy sales for the company’s gaming hardware (Play Station 4), and the shares have been performing strongly throughout most of the period, especially after it announced an upward revision in its profits. The funds will be primarily invested in the CMOS sensor area where we see high growth potential in the Internet of Things sphere. We maintain our investment in the stock, as we remain positive on the prospects for this business, as well as for the company’s entertainment business.
2. FFRI FFRI is a cyber security software development company set up by Mr Ukai, a famous Japanese expert in the field of security software. The company’s virus detection engine is highly differentiated from competitors’ product and does not rely on the same pattern files as the rest of the industry, but adopts a heuristic approach aiming to discover and provide protection against new patterns of virus threats as well. Following a recent high profile information security breach in Japan, the market has re-appraised the potential for the company’s products to be deployed more widely, including its use with the new social security “my number” system. The stock performed strongly.
3. Kaken Pharmaceutical Kaken Pharmaceutical is mid size in its class with strength in its orthopaedic segment. We have been investing in this company anticipating its new drug Clenafin (US name Jublia) to achieve high growth. In the last quarterly filing, it became evident that the sales for this drug exceeded the market expectation, leading to a good quarterly earnings and a boost to the stock price. We believe the stock price now incorporate the growth potential of this drug and decided to take profit and sold out of this stock.
4. Sosei Group Sosei Group is a biotech venture firm centred on an R&D platform focused on COPD (chronic obstructive pulmonary disease) therapies. The key differentiating element versus other biotech ventures is the company’s distinct business model that secures milestone revenues, so the company is securing profitability in the current year. The company announced the well-received acquisition of UK-based Heptares in February 2015, taking a further step towards securing its long term strategy. The shares rallied strongly during the recent quarter as the company revealed a significant upgrade in earnings expectations. We maintain our investment based on our assessment of the company’s long term growth prospects. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews 5. Cookpad Cookpad is the most influential recipe sharing website in Japan. It has a wide spread user base amongst the 20s to 30s women, a demographic that represent big business opportunities. This year, it has started targeting advertising for supermarket, opening new fee earning avenues and pushing the stock price higher. We continue to invest in this company as we see potentials in its overseas expansion and other operations, as well as a study growth in its core recipe sharing operation.
Detractors 1. Toshiba Toshiba is an integrated electronics manufacturer second only to Hitachi. The company’s technology based businesses span from its core infrastructure and semiconductors sector, to health care and storage solutions. We selected the stock based on our assessment of the company’s NAND flash memory business as well as its energy infrastructure business. However, during the quarter the company announced the discovery of accounting irregularities spanning several years. Given the low visibility and the risk of delisting, we have decided to liquidate our position.
2 FINDEX FINDEX is a software developer focused on the hospital market. Currently, c. 60% of public hospitals already installed the company’s system and earnings had been rising rapidly in recent years. However, the market has been concerned about short term earnings momentum, and the shares performed poorly during the recent quarter. We maintain our investment as we continue to believe that full year earnings are likely to remain solid. Structurally, we continue to see good demand for the company’s product as its systems are rolled out further from University hospitals and into the smaller hospitals. The company also has potential to expand its product range beyond the hospital market and to grow in other areas.
price. We will continue to monitor the progress of this stock, but have eliminated our exposure to it for the time been due to the probability of a growth rate slow down.
5. Nanocarrier This is a biotech drug company that develops medication from its own micellar nanoparticle technology. It is currently engaged in developing an anti-cancer medicine where the active agent is wrapped in the micellar nanoparticles to suppress the side effects of anti-cancer agents while enhancing its effectiveness. This technology can also be applied to the development of Alzheimer’s drugs and other advanced medicine such as nucleic acid medicine and gene therapy. We continue our investment as we believe this company provides a world leading drug platform that will gather attention in the long term. Thank you for your investment in Janus Japan Fund. (July 2015)
Janus Opportunistic Alpha Fund Daniel Kozlowski and Andy Summers, portfolio managers For the six month period ended June 30, 2015, Janus Opportunistic Alpha Fund underperformed its benchmark, the S&P 500 Index. Our holdings in the industrials and consumer discretionary sectors detracted from relative performance. Our stock selection in the health care and consumer staples sectors contributed to relative results.
Portfolio Manager Comments
4. F@N Communications
The Fund underperformed its benchmark, the S&P 500 Index, during the period. As part of our contrarian investment mandate, we seek companies undergoing a structural change in their business or industry that has gone unrecognized by the market, but we believe should positively reshape the company’s destiny, and stock performance, over time. These stocks are generally out of favor with investors, but if we correctly identify the changing dynamics at work within these companies or industries, the stocks in our portfolio have the potential to move from being out of favor to in favor as the company executes its turnaround. As contrarian investors, we are structured to withstand a negative consensus argument against the companies we hold, and during the first half of the year, negative sentiment around some of our largest holdings led to disappointing performance. However, as we explain in the sections below, we continue to have a high degree of conviction in those companies that were large detractors, and are actually more excited about the Portfolio than at any point in the last three years.
F@N Communications is a company that facilitate web advertising on platforms such as smart phone games. While the market expects the profit to grow in the near future, the growth rate is looking to fall, this led to a significant drop in the share
Pernix Therapeutics was our largest detractor. The stock was down due to soft sales for Treximet, the company’s drug for migraine headaches. We trimmed the position and are
3. Sun Corp Sun Corp has successfully diversified its business in recent years away from the core Pachinko technology business. It has increased its business with mobile network operators and mobile phone carriers worldwide, particularly in North America. This includes its very fast expanding forensic equipment business. In the first half of this year, the share price suffered due to profit taking on small to mid cap stocks by investors, and the booking of some bad debt in its accounts. However, we expect this business, including its network hardware business, to grow strongly in the future. We invest in the stock under our “Internet of Things” theme.
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monitoring the company closely due to concerns about its ability to reaccelerate growth for Treximet. Lands’ End was another large detractor. The company was spun off from Sears roughly a year ago, but there is still a negative halo surrounding the company due to its association with Sears. In reality, we believe the companies couldn’t be more different. Sears and other large retailers have been hurt by the migration toward mobile and online shopping. Lands’ End is actually incredibly well positioned for this change, as the company has very few lease obligations and derives the vast majority of its sales online. Another reason we hold the stock is that we believe a new CEO, who understands merchandising and branding quite well, will help improve the company’s image. The stock was down during the period because of disappointing first quarter earnings. We believe the poor earnings results were due largely to the previous management team overreacting to weak fourth quarter sales and discounting too many items. United Continental was another large detractor. Our basic thesis on United, and other airline holdings which have been large contributors to performance in recent years, is that industry consolidation will continue to be a long-term tailwind to profitability for the largest carriers. Now that a smaller number of competitors control a greater share of total flight capacity, industry participants are acting more rationally and largely avoiding the destructive price wars that have historically plagued airlines. That thesis was tested during the period when some operators added capacity in a few select markets. We understand the underlying dynamics of these moves very well and do not subscribe to the bear case that the industry is poised to act irrationally again. This myopic view overlooks the fact that airlines are currently operating very few, if any, unprofitable routes. And given the much improved financial health of airlines today, we think there is little incentive to start slashing prices just to get any passengers in the seats. If oil prices were to rise again, or the economy were to soften, we believe capacity discipline within the industry would come back with a vengeance to preserve pricing power. We think the improving competitive dynamics and improving profitability in the industry – United, for example, reported its highest level of earnings in the company’s history during the first quarter – commands a much higher multiple than what the market has currently assigned to United. Eagle Pharmaceuticals was a top contributor. The specialty pharmaceutical company focuses on improving formulations of existing hospital administered drugs. These improved formulations make the intake of the drug easier, or faster for the patient. Many of the drugs under development by Eagle address rare orphan diseases, and command significant pricing power. The stock has risen in recent months as the market has begun to appreciate the revenue potential of some of Eagle’s products, but we believe the value of the company’s product pipeline remains underappreciated, particularly the potential
of a licensing agreement with Teva Pharmaceuticals for a new formulation to treat chronic lymphocytic leukemia (CLL) and non-Hodgkin’s lymphoma (NHL). Indivior was another top contributor. Indivior is a global specialty pharmaceutical company that was spun out of Reckitt Benckiser late last year. Indivior’s flagship product is SUBOXONE Film for opioid addiction. We believe the company will continue to have the dominant market share in generic and branded treatment types for opioid addiction, and find Indivior’s product pipeline very attractive for a company of its size. The stock was up this the first half of the year due to strong earnings and sales trends. Mallinckrodt Pharmaceuticals was also a top contributor. The stock was up after the company reported strong earnings, which were bolstered by strong growth for some of the products the company has acquired in recent quarters. Since its spin off from Covidien, Mallinckrodt’s management team has made a number of operational improvements and strategic acquisitions. We also like the potential for some of the company’s treatments including Ofirmev, an acetaminophen injection the company obtained as part of an acquisition, and also XARTEMIS, an extended-release, abuse-deterrent pain treatment. Mallinckrodt also recently acquired Ikaria, a company developing innovative therapies and delivery systems that cater to critically ill infants in hospitals’ neonatal intensive care units.
Outlook We would expect the economy to continue to demonstrate slow growth. The industrial segment of the economy has had to adjust to the dramatic fall in crude prices, resulting in capital expenditure reductions for many energy-related companies. The economy has proved resilient in digesting some of those cutbacks, but we are yet to see a new segment of the economy break out and lead the U.S. forward. While economic growth may be slow, we don’t expect the economy to be as large of a driver of our investment process as it is to many equity strategies. Our performance will ultimately be driven by whether or not the stocks in our Portfolio can execute the types of turnarounds or improvements that are inherent in our contrarian view of these companies. Despite recent performance, we continue to have a high degree of conviction in our stocks and do not think our contrarian thesis behind any of our large holdings is broken. We believe the low valuations the market has assigned to these companies due to near-term negative sentiment has created a number of stocks in our portfolio that are poised for a positive revaluation and should perform quite well going forward. On a snapshot basis, as we look at the valuations for many of our largest holdings, we are more optimistic about the relative value of our portfolio compared to the S&P 500 than at any point since 2012, and look forward to seeing how the changes at many of these companies play out in the coming months. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews Top Contributors and Detractors Top Detractors
assumed to be safe. We believe that Flamel’s core business is being undervalued and its pipeline holds considerable optionality. We also like the company for its strong balance sheet.
Pernix Therapeutics
1347736: Indivior
Pernix is a specialty pharmaceutical business focused on acquiring, developing and commercializing prescription drugs that target underserved therapeutic areas. We trimmed the position and are monitoring the company closely due to concerns about its ability to reaccelerate growth for Treximet.
Indivior is a global specialty pharmaceutical company focused on the treatment of opioid addiction that was spun out of Reckitt Benckiser in late 2014. We find the company’s product pipeline is very attractive for a company of its size.
1122063: Mallinckrodt Pharmaceuticals Lands’ End The clothing company was spun off from Sears in late 2013. We like the way the retailer is positioned as more sales take place online. Lands’ End has few retail lease obligations, and is investing in design fulfillment and Internet marketing. We also like the new management team, and see growth potential as Lands’ End enters new international markets.
The pharmaceutical company was spun out from Covidien. We believe the management team at Mallinckrodt will continue to reduce costs and improve the management of its existing assets. We also like the potential for some of the company’s treatments including Ofirmev, an acetaminophen injection the company obtained as part of an acquisition, and also XARTEMIS, an extended-release, abuse-deterrent pain treatment.
Veritiv The paper distribution and facility logistics company was spun out from International Paper and merged with Unisource Worldwide. We believe the new company has an opportunity to optimize margins through several post-merger initiatives including closing distribution facilities and rationalizing overhead.
United Continental United Continental is one of the world’s largest airline carriers. The company has upside potential, in our view. Returns on invested capital are rising and likely to improve due to scale advantages after United’s merger with Continental. Moreover, the airline has pricing power for the first time in years due to capacity reductions in the industry.
Aceto Corp Over the past five years, Aceto has quietly de-emphasized its specialty chemicals business. Through a series of acquisitions the company now derives much more of its profit from its generic pharmaceutical business. We think this transition has gone largely unnoticed by the market and that the company is still valued as a specialty chemicals business. We also believe there is potential for the company to sell its legacy chemicals business, which would place even more emphasis on its generic pharmaceutical operations. Thank you for your investment in Janus Opportunistic Alpha Fund. (July 2015)
1218805: Knowles Corp The company was spun off of Dover. We believe the market has failed to appreciate the growth potential of the company’s business manufacturing microphones for mobile devices.
Janus US Fund Barney Wilson, portfolio manager Performance Overview
Top Contributors Eagle Pharmaceuticals The specialty pharmaceutical company focuses on improving formulations of existing hospital administered drugs. We believe the value of the company’s product pipeline remains underappreciated, particularly the potential of a licensing agreement with Teva Pharmaceuticals for a new formulation to treat chronic lymphocytic leukemia (CLL) and non-Hodgkin’s lymphoma (NHL).
Flamel Technologies Flamel is a specialty pharmaceutical company focused on the unapproved but marketed drug category. These are generally hospital-based injectable products that have been on the market for a long time without any formal FDA approval for use, but 34
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Janus U.S. Fund’s Class I$acc Shares returned 5.35% for the six-month period ended June 30, 2015, while its benchmark, the Russell 1000 Growth Index, returned 3.96%.
Market Environment Large-cap U.S. equities notched gains in the beginning of the year, driven in part by signs of a strengthening U.S. consumer. Large-cap growth stocks performed well in the first quarter, driven by strong gains in the consumer discretionary, technology and health care sectors. Markets were volatile in January, performed well in February and held on to those gains during a volatile March. Stocks continued on a positive trajectory as they went on to end the first half of the year slightly higher. Volatility remained low and stocks generally traded in a narrow range for
much of the second quarter, as the market continued to digest what the eventual end of the Federal Reserve’s accommodative monetary policies will mean for both the stock market and broader economy. The aftereffects of a strong dollar and a debate over where oil prices will settle for the long term were other key questions that hung over equity markets during the period. Equities sold off at the end of the second quarter as Greece moved closer to a potential exit from the eurozone. Merger and acquisition activity also remained high during the period.
Performance Discussion The Fund outperformed its benchmark, the Russell 1000 Growth Index. As part of our investment process, we seek companies with clearly definable and sustainable long-term growth drivers. These companies often have a high barrier to entry, a notable competitive edge in an attractive, growing industry, or a strong management team with a clear vision for the future of their company. We believe that over a long time horizon, a collection of companies with these competitive advantages should lead to compounded growth in excess of the market. Our stock selection in health care was a top contributor to relative performance. Pharmacyclics led the sector as our top contributor overall to absolute performance. The company’s stock surged in January on consensus-beating earnings from the prior quarter as well as upbeat guidance for its bloodcancer drug, Imbruvica. It was then announced that AbbVie would acquire the company for $21 billion. This commercialstage biotechnology company is focused on discovering and developing innovative small-molecule drugs for the treatment of cancer and immune-mediated diseases. Another top contributor to relative performance was the technology sector, led by Apple. The electronic-device company benefited from positive sentiment in the aftermath of its astounding fourth quarter earnings results. In February, the company’s stock reached a new record, pushing its market capitalization above $700 billion. We think Apple still has strong opportunities as its ecosystem continues to attract new and potentially long-term subscribers onto its platform and increase its addressable market as lower price points draw new customers. We also appreciate management’s commitment to returning capital to shareholders via dividends and stock repurchases. Dunkin Brands was also a top contributor. The stock was up after the company reported strong same store sales growth, in spite of a snowy winter in the Northeast, where many of the franchise’s stores are located. We believe the company has developed a very successful franchise model, allowing it to grow with fewer costs. We also believe the Dunkin brand has a long runway for growth as it expands in the eastern half of the U.S. The industrials sector was the top detractor to relative performance. Within the sector, railroad operator Union Pacific detracted from the Fund’s performance as rail volumes in
general remain weak. The oversupplied North American energy market has sapped demand for the machinery and materials required to support hydraulic fracturing (fracking). The relative attractiveness of persistently low natural gas prices vis-à-vis coal has weighed on the company’s shipping volumes of the latter product. Excess inventory in agricultural commodities such as wheat and corn have also been a headwind. The company does, however, have a more diversified mix of products that it transports compared to several industry peers. Both intermodal and automobile transport stand to gain, in our view, as U.S. consumption steadily improves. And while weak natural gas prices have hurt coal shipments, they have also been a contributing factor in a rise in U.S. manufacturing. We also expect agricultural shipments to pick up during the latter part of the year. Lastly, we favor management’s efforts to streamline operations and to return more capital to shareholders. Also within the industrials sector, Precision Castparts was a leading detractor. The company’s stock fell precipitously in mid-January as management issued a warning that soon-tobe-reported earnings would miss forecasts. Reasons cited were continued weak demand in the oil and gas sector, destocking of inventory at a key aerospace client, and delays in updating equipment within the company’s manufacturing facilities. Despite the rare preannouncement and lower results, we like that management has diversified into the energy sector, given the secular growth in the industry, and thus increasing demand for the company’s products. Finally, athenahealth was also a detractor. The company’s services help physician groups become more efficient by providing technology solutions around practice management, electronic recordkeeping and care-coordination services. The company has been very successful selling its solutions to the ambulatory market, and is now making a broader push into larger hospitals. There is some concern on the time it will take athenahealth to grow in the hospital market, but as more focus is put on wringing costs from the health care industry, we think the value proposition of athenahealth’s solutions will continue to be in greater demand.
Outlook We would expect a modest return environment for broader U.S. equity markets going forward. However, the market is not void of growth opportunities. Some of the pockets of the market we remain most excited about are within the health care sector. We continue to see a lot of innovation occurring in treatments that could address some of the world’s most serious, and expensive, medical needs, including innovative treatments that address cancer, cardiovascular health and Alzheimer’s. We are also encouraged by some of the value creation taking place in the specialty pharmaceutical industry, where new management teams are taking over at a number of companies, and improving operations and making smart acquisitions that help rationalize marketing, sales and research and development costs. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews We remain enthusiastic about some secular growth opportunities outside the health care sector as well. Businesses are in the early stages of moving software and services to the cloud, providing investment opportunities among select software companies. We also see opportunity among some well-managed, dynamic semiconductor companies that are making value creative acquisitions. Changing consumer preferences in the quality of food, where it comes from, and even how technology is used to order it, are providing exciting change in the consumer discretionary sector. We look forward to seeing how these, and other trends, progress in the months to come.
(Fed) June statement, in which it said a potential increase of the Fed Funds rate during the latter part of the year would be “appropriate.” Chairwoman Janet Yellen also reiterated that any move would be data-dependent, thoughtful and measured. Negative sentiment emanating from Europe – centering on Greece’s ability to meet its debt obligations – impacted U.S. shares late in the fourth quarter. Previous high fliers were especially impacted. The Nasdaq gave back most of its gains yet still finished in positive territory, while small-cap stocks, as measured by the Russell 2000 Index, finished the period flat.
Performance Discussion Thank you for your investment in Janus US Fund. (July 2015)
Janus US Research Fund Research Team led by Carmel Wellso, portfolio manager Performance Overview Janus U.S. Research Fund’s Class I$acc Shares returned 2.44% for the six-month period ended June 30, 2015, while its benchmark, the Russell 1000 Index, returned 1.71%.
Market Environment The volatility that marked the end of 2014 carried over into the first quarter. Investors feared that crude oil’s precipitous slide could be a consequence of slowing global growth, rather than solely of elevated North American production. Excitement around merger and acquisition activity in the health care sector helped drive broader indices higher during the first quarter, while a relative stabilization in crude prices was not enough to keep energy shares from weighing on returns. Utilities also underperformed as U.S. investors viewed those dividendyielding names as vulnerable in the rising rate environment. Major U.S. stock indices finished the end of the period mixed. While the S&P 500 Index, Dow Jones Industrial Average, Nasdaq and Russell 2000 Index all achieved record highs, they did so in understated fashion as both volume and volatility remained muted for much of the period. Earnings season largely exceeded expectations, but enthusiasm was tempered as valuations were considered stretched compared to long-term averages. Stocks were also aided by favorable economic data that indicated the factors contributing to the winter slowdown were indeed transitory. Employment data including nonfarm payrolls and wages exhibited renewed strength during the spring. Partly as a consequence, key retail sales data hinted that consumers were once again finding their footing as a source of broad economic growth. Crude oil prices reset within a higher trading band and the dollar stabilized after its recent strong period of appreciation. Both developments were highlighted by the Federal Reserve’s
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Our technology holdings, led by Apple, were the most significant relative contributor during the period. The electronic-device company benefited from positive sentiment in the aftermath of its astounding fourth quarter earnings results. In February, the company’s stock reached a new record, pushing its market capitalization above $700 billion. We think Apple still has strong opportunities as its ecosystem continues to attract new and potentially long-term subscribers onto its platform and increase its addressable market as lower price points draw new customers. We also appreciate management’s commitment to returning capital to shareholders via dividends and stock repurchases. Internet giant Amazon saw its shares gain nearly 14% in a single session early in the second quarter. While the company beat consensus estimates on revenue and earnings, the true catalyst was it breaking out results for its cloud computing business, known as Amazon Web Services (AWS), for the first time. The earnings report revealed that this $5 billion business had grown by nearly 50% year over year. Results also showed that gross profit improvement in Amazon’s core retail business also accelerated during the fourth quarter. Gross profit gains were aided by greater automation and rising fulfillment center utilization. Pharmacyclics also boosted the Fund’s performance. The company’s stock surged in January on consensus-beating earnings from the prior quarter as well as upbeat guidance for its blood-cancer drug, Imbruvica. It was then announced that AbbVie would acquire the company for $21 billion. This commercial-stage biotechnology company is focused on discovering and developing innovative small-molecule drugs for the treatment of cancer and immune-mediated diseases. The industrials sector was a leading relative detractor from performance. Within the sector, United Continental was one of the period’s largest detractors. The company reporting consensus-beating first quarter earnings was not enough to outweigh the industry-wide concerns over capacity. During the period, a leading competitor announced that it was slightly raising capacity, igniting fear that the recent discipline exercised by the industry leaders may possibly fray. While the U.S. airline fleet is roughly 5% below its 2007 peak, available seat miles (ASM) – a measure combining total seats and miles flown – has
crept up in recent quarters. Perspective is needed here as, in our view, this increase is very meager compared to previous cycles when the industry subjected itself to debilitating overcapacity. Railroad operator Union Pacific also detracted from performance as rail volumes in general remained weak. The oversupplied North American energy market has sapped demand for the machinery and materials required to support hydraulic fracturing (fracking). The relative attractiveness of persistently low natural gas prices vis-à-vis coal has weighed on the company’s shipping volumes of the latter product. Excess inventory in agricultural commodities such as wheat and corn have also been a headwind. The company does, however, have a more diversified mix of products that it transports compared to several industry peers. Both intermodal and automobile transport stand to gain, in our view, as U.S. consumption steadily improves. And while weak natural gas prices have hurt coal shipments, they have also been a contributing factor in a rise in U.S. manufacturing. We also expect agricultural shipments to pick up during the latter part of the year. Lastly, we favor management’s efforts to streamline operations and to return more capital to shareholders. MarkWest Energy Partners was another detractor. The master limited partnership (MLP) gathers and processes natural gas and also transports and stores natural gas liquids (NGLs). Rising rates were a headwind for real estate investment trusts (REITs) and MLPs such as MarkWest this quarter. We added to our position on the weakness. While higher interest rates will increase borrowing costs for MarkWest in the short term, we believe the company’s return on capital is strong enough that it can still continue to grow. MarkWest is well positioned in the lowest cost natural gas basin in the U.S., which means it is likely to experience strong demand for its gathering and processing services even in a weak pricing environment. We also like the management team, and feel the company remains attractively valued relative to equities.
Outlook We believe the U.S. economy is generally in good shape. We have yet to see a significant pickup in consumer spending, but believe early signs of wage growth and the savings consumers are receiving from lower gasoline prices will eventually flow through the economy. A housing market that we believe is still only in the middle innings of a recovery should also provide a long-term tailwind. While we remain positive on the broader economy and equities markets, we do not, however, expect to see acceleration in stock gains. Markets are beginning to price in higher interest rates, and with rates poised to move up, it is hard to foresee further multiple expansion for U.S. stocks. While we expect to remain in a low interest rate, low inflation environment – which is fertile ground for equities and justification for current valuations in many sectors – the specter of higher rates does present a potential headwind that investors have not had to account for
in several years. Instead, incremental advances in stocks will either need to come from revenue growth or management taking creative steps to generate shareholder value. The argument for the former is supported by improving retail sales data and the aforementioned housing recovery, a sector that has a knockon effect on ancillary industries. With regard to management creativity, the merger and acquisition activity in health care and technology – most recently with semiconductors – that we have experienced in 2015 illustrates managers’ commitment to engineer new sources of earnings growth. Similarly, robust stock buybacks are another method through which companies are presently delivering shareholder value. Growth matters in Europe too, and we are seeing a firming of conditions there. We closely monitoring developments with Greece, we do not lose sight of the fact that the country represents less than 2% of European gross domestic product (GDP). So while it is not ideal to have social and political unrest on your periphery – and economic depressions can bring on those conditions – the Greek problem will not undermine Europe. It is different from the last time a Greek default threatened the stability of other banking systems in Europe. Quantitative easing (QE) is gaining traction in Europe. The weaker euro helps fuel export growth while stronger auto sales, positive loan growth and better bank balance sheets portend a local recovery. The scope for margin expansion remains. Our European financial analyst sees green shoots and expects lower loan losses, rising returns and the all-important increasing of dividend payments, bullish signs for financials and perhaps for equities more broadly. In Japan, Prime Minister Shinzo Abe’s administration has engineered a favorable backdrop for Japanese equities in terms of supply and demand: corporates are buying their own shares back, the Bank of Japan is buying Japanese equities as part of its QE, the government’s main pension fund is buying Japanese equities and moving away from bonds, and the market is running out of sellers. The message once again, however, centers on stock picking. New initiatives are also encouraging better corporate governance. Companies are raising dividends and appointing outside directors. More importantly, some companies are restructuring whole industries. China and the rest of Asia are vexing. While, China, too, has the ability to stimulate its economy, it is not a country without challenges. The industrial sector is slowing, part of a rationalization plan that ultimately leads to a more efficient economy. We expect over time that the consumer sector will offset some growth pressures in the country; in the shorter term, however, we are seeing contrary signs such as slower car sales and a continued lull in luxury spending. The rise in the Shanghai stock market and recently, a government attempt to prop it up after a pullback, are worrisome. The strength of the U.S. dollar means that revenue growth, at least overseas, will be harder to come by. These factors do not make us bearish on equities, but in an environment where Janus Capital Funds Plc / 30 June 2015
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Fund Overviews multiples are not likely to expand and revenue growth could be more of a challenge, we think it underscores the importance of finding those select companies with truly sustainable competitive advantages who can take market share and continue to grow earnings in excess of the market. Thank you for your investment in Janus US Research Fund. (July 2015)
Janus US Twenty Fund Marc Pinto, portfolio manager Performance Overview Janus U.S. Twenty Fund’s Class I$acc Shares returned 5.85% for the six-month period ended June 30, 2015, while its benchmark, the Russell 1000 Growth Index, returned 3.96%.
Market Environment Large-cap U.S. equities notched gains during the first months of the year, driven by signs of a strengthening U.S. consumer. While speculation about how, or when, the Federal Reserve (Fed) would raise interest rates caused volatility during the period, stocks popped in mid-March after the Fed indicated it would be cautious and gradual in its attempt to raise interest rates. Stocks were further driven by strong merger and acquisition activity and favorable economic data. Crude oil prices reset within a higher trading band and the dollar stabilized after its recent strong period of appreciation. While the S&P 500 Index achieved record highs, it did so in an understated fashion as both volume and volatility remained muted for much of the latter half of the six-month period. Negative sentiment emanating from Europe – centering on Greece’s ability to meet its debt obligations – impacted U.S. shares late in the period. Major U.S. stock indices finished the period mixed, with the final week erasing many of the gains that had been achieved earlier in the year.
Performance Discussion The Fund outperformed its benchmark, the Russell 1000 Growth Index, during the period. Our Fund is a concentrated, opportunistic portfolio drawing from our analysts’ highestconviction ideas among U.S. large-cap stocks. We hold companies that we believe are dominant global franchises with long-duration growth. We believe a highly concentrated portfolio of such companies can create a meaningful opportunity to add risk-adjusted outperformance over the long term. During the period, we were encouraged to see a number of these companies put up positive results, further validating our conviction. Our stock selection in the health care sector was a top contributor to relative performance, with Pharmacyclics as the top contributor in both the sector and in the Fund overall. The company’s stock
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surged in January on consensus-beating earnings from the prior quarter as well as upbeat guidance for its blood-cancer drug, Imbruvica. It was then announced that AbbVie would acquire the company for $21 billion. This commercial-stage biotechnology company is focused on discovering and developing innovative small-molecule drugs for the treatment of cancer and immunemediated diseases. Beyond the health care industry, LyondellBasell Industries was another top contributor. Prices for many of the petrochemicals the company produces are tied to oil prices, which had weighed on the stock at the end of 2014. However, prices for the feedstocks Lyondell uses to create ethylene and some of its other chemicals have also declined, leading to better profit margins than the market initially expected. The recent bounce back in oil prices also allowed chemical producers to raise ethylene prices, which was further supportive for margins. In addition, concerns around the recent CEO transition began to dissipate, with current management continuing to demonstrate its commitment to returning shareholder capital through an increased dividend and stock buybacks. Starbucks was also additive to returns. The stock gained on strong same-store sales growth driven by ongoing food product improvements and new consumer convenience initiatives that helped increase traffic. The coffee retailer’s well-received mobile order and pay program continued to expand from its initial Portland, Oregon pilot and subsequent Pacific Northwest launch to stores in an additional 17 more states throughout the southern and central U.S. The company has also benefited from strengthening global margins, particularly in China, broader Asia and across Europe, regions that have all been more of a challenge for it historically. While generally pleased with our performance during the period, we did hold some stocks that detracted from results. Our holdings in the technology sector weighed the most on relative performance, with Yahoo detracting the most from both the sector and the Fund. While the company continues to make progress in transforming its core business to be more relevant in a mobile-oriented world, the vast majority of its value lies in its holdings of Chinese Internet company Alibaba and also Yahoo! Japan. The stock was down due to concerns the Internal Revenue Service might try to block the tax-free spin-off of its stake in Alibaba. We continue to hold the stock and believe the combined value of its Alibaba stake, Yahoo! Japan and its core business are worth more than the stock’s current valuation implies. Airline carrier United Continental Holdings also detracted from performance. Shares declined due to concerns about industry pricing. Our outlook for the stock remains favorable at current valuations. The company is beginning to realize meaningful synergies from its Continental merger and is remaining disciplined on capacity. It also has taken constructive measures with stock buybacks and reducing debt.
Media company Twenty First Century Fox was another top detractor. The company saw shares fall throughout January in advance of what turned out to be the release of disappointing full-year guidance. Despite earnings being in line with estimates and a dividend increase, the market honed in upon worsethan-expected advertising sales forecasts and a negative foreign exchange impact. We feel the fundamental growth rates for the company’s global businesses continue to be strong and are well positioned to gain market share. We also like the company’s role as a provider of unique branded content in key must-have categories, which we think will increase in value going forward. Finally, the company’s share buybacks and accretive acquisitions are evidence that management is focused on increasing shareholder value.
Outlook We believe stock valuations remain relatively attractive in the context of the current market environment. Global economic growth continues to strengthen, with steady, if slow, gains in the U.S. and positive signals finally emerging from Europe, issues in Greece notwithstanding. China also seems to be navigating its economic slowdown reasonably well. The U.S. labor market continues to gain on the employment front with indications that companies are beginning to increase wages as well. The housing market is improving, and consumer spending continues to increase with strong demand for automobiles and other big-ticket items – all further evidence that the economy is on stable footing. Against this backdrop, it seems likely the Fed will begin raising interest rates later this year. This would be a positive signal that the economy is once again normalizing and should be supportive for stocks, though any dramatic, unexpected rate jump would probably prove to be disruptive short term. Thank you for your investment in Janus US Twenty Fund. (July 2015)
Janus US Venture Fund Jonathan Coleman and Maneesh Modi (departed February 2015), portfolio managers Janus U.S. Venture Fund’s Class I$acc Shares returned 6.73% compared to its benchmark, the Russell 2000 Growth Index, which returned 8.74% for the six months ended June 30, 2015.
mean for both the stock market and broader economy. However, small-cap stocks sold off late in June as Greece moved closer to a potential exit from the eurozone.
Performance Discussion Over the six-month period, our Fund underperformed its benchmark, the Russell 2000 Growth Index. We take a highquality approach to investing in small caps, focusing on companies we believe have more predictable, growing revenue streams. The companies we favor typically generate a high return on invested capital, or demonstrate a proven ability to expand profit margins. Many times these companies are defined by sustainable competitive advantages such as high barriers to entry in their respective industry or a differentiated product or service that gives them pricing power, helping the company grow in a variety of market and economic environments. We expect the bulk of our relative outperformance to come in weak or uncertain market environments, when the stability of the businesses we invest in is more appreciated. Our Fund performed as we expected this during the period, gaining ground on the benchmark at the end of June when markets sold off due to fears about Greece. The technology sector was a top detractor from relative performance during the period. Within the sector, ChannelAdvisor was a large detractor. The company helps other businesses manage, monitor, and optimize their merchandise sales in various online channels. The stock was down early in 2015 after the company reported disappointing fourth quarter revenues. The fourth quarter saw a rapid shift in buying behavior, with consumers doing more of their holiday shopping on large e-commerce sites that offer a better mobile shopping experience. ChannelAdvisor makes less revenue from the shopping that takes place on these larger platforms. We are currently reviewing the position to assess how ChannelAdvisor will respond. Three-dimensional (3-D) printer maker Stratasys was also a top detractor. Its stock fell on disappointing management guidance for 2015 and subsequent downgrades by some analysts. The company makes and sells 3-D printing services, which companies use in computer-assisted design. We believe that we are in the early innings of the use of 3-D printers, which should gain wider adoption since they speed up the design process from concept to physical product. We also like the recurring revenue the company receives from the proprietary consumable materials that are used by its printers.
Market Environment Small-cap growth stocks climbed sharply in the first quarter of 2015, helped by the perception the Federal Reserve (Fed) will likely be slower to raise interest rates than many expected heading into the year. For much of the second quarter, volatility remained low, as the market continued to digest what the eventual end of the Fed’s accommodative monetary policies will
Outside of the technology sector, Forex Capital Markets (FXCM) was our largest detractor overall. The company offers an online retail foreign exchange trading platform. When the Swiss franc devalued, the currency move wiped out capital in many customer accounts, which translated into a big earnings hit for FXCM. We sold the position to pursue other companies that had a better risk/reward profile. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews While the aforementioned stocks detracted from performance, we were pleased by the results of many other companies in our portfolio. Synageva BioPharma Corporation was our top contributor. The stock was up after the company was acquired by Alexion Pharmaceuticals. We believe Synageva has a strong platform for producing human proteins that are used in enzyme replacement therapy to treat orphan genetic diseases, and given the attractive series of drugs under development, we were not surprised to see Alexion pay a hefty price for the company in a heated acquisition market.
Perkins Global Value Fund Gregory Kolb, Tadd Chessen and Chris Kirtley, portfolio managers Performance Overview Perkins Global Value Fund’s Class I$acc Shares underperformed its benchmark, the MSCI World Index, for the six-month period ended June 30, 2015, returning 0.71% versus 2.95% for the index.
Performance Review Dyax Corp. was also a top contributor. Recognition continues to grow for its hereditary angioedema therapy, which could become the new standard of treatment based on strong efficacy from early-stage trials. Eagle Pharmaceuticals was also a top contributor. The specialty pharmaceutical company focuses on improving formulations of existing hospital administered drugs. These improved formulations make the intake of the drug easier, or faster for the patient. Many of the drugs under development by Eagle address rare orphan diseases, and command significant pricing power. The stock has risen in recent months as the market has begun to appreciate the revenue potential of some of Eagle’s products, but we believe the value of the company’s product pipeline remains underappreciated, particularly the potential of a licensing agreement with Teva Pharmaceuticals for a new formulation to treat chronic lymphocytic leukemia (CLL) and non-Hodgkin’s lymphoma (NHL).
Outlook We’ve mentioned in previous commentaries that price to earnings ratios looked stretched for a number of small-cap stocks. That statement remains true. We believe markets have shown an uncanny ability to shrug off risks, largely overlooking geopolitical tensions in Russia, a weakening energy complex in the U.S., weakness in emerging markets and a slowdown in China. None of these concerns have us calling for a market correction. Finding a specific catalyst, especially when the U.S. economy is showing some genuine signs of improvement, is hard, if not impossible to predict. We would suggest, however, that a lower aggregate return environment is likely to persist in the coming months, and that higher volatility is likely ahead. From the standpoint of relative performance, we welcome such an environment. With valuations already on the high end of historical averages, it is hard to imagine they will expand any further. Companies will need to demonstrate true earnings growth for stock prices to grind higher. We believe this can benefit many of the higher quality companies we tend to focus on, which have demonstrated a steady path toward growing earnings. Thank you for your investment in Janus US Venture Fund. (July 2015) 40
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For the period, the Perkins Global Value Fund underperformed its primary benchmark, the MSCI World Index. The rally that began more than six years ago in March 2009 and has taken global equity markets to new all-time highs continues, with the last 10% correction in the market now more than three years in the rearview mirror. In a market environment that, in our view, is short on bargains but long on risk, we are pleased that the Fund has largely kept pace with its benchmark since its inception in September 2010 while exhibiting substantially lower volatility. We continue to work to position the Fund in such a way that it can participate should further gains lie ahead, but also limit our exposure to losses should a more negative scenario unfold. Holdings in health care and consumer staples were relative detractors, as was our underweight position in consumer discretionary. From a country perspective, our holdings in the U.S. and South Korea detracted. Our stock selection in financials and materials, as well as our underweight in industrials, contributed to relative performance, as did our stock selection in Japan and Norway. Currency hedges (investments to reduce the risk of adverse price movements in an asset) had a positive contribution to the portfolio return, as the yen and the euro weakened against the U.S. dollar. Our cash weighting was a headwind in the period.
Detractors from Performance Procter & Gamble is a manufacturer and marketer of personal and household products in the beauty, grooming, health care, fabric/home care, and baby/family care segments. Its many leading brands include Tide, Gillette, Charmin, Bounty, Cascade, Crest, Pantene, Pampers and Tampax. During the period, the company announced earnings that were below consensus expectations on poor sales and lowered its guidance largely on foreign exchange pressures (Procter & Gamble derives 65% of its sales outside the U.S.). The company remains on track with its 2014 restructuring plans. Smart restructuring, together with continuous innovation, should improve its competitive position over our investment horizon. Hyundai Motor Company, along with its controlled subsidiary Kia Motors, is a top-5 global auto manufacturer, producing about 8 million units annually. At the end of May, Hyundai announced weak monthly sales and increased discounting to
clear out inventory. With global shipments down 2% year to date, it is looking increasingly difficult for the company to achieve its 2015 guidance, which calls for 2% growth. That said, the company is launching the very popular Tucson SUV globally as well as a redesigned Elantra (its highest-volume vehicle) in late 2015 and early 2016. This should alleviate some of the pressure on product momentum, which we believe is near trough levels. Trading at less than 5x our estimate of 2015 earnings and roughly half of book value, we believe Hyundai’s risk-reward ratio is favorable.
and is controlled by Li Ka-shing, a self-made multi-billionaire and one of the more astute capital allocators in the world. In January, Li Ka-shing announced that he would merge his two primary listed investment vehicles, Cheung Kong Holdings and Hutchison Whampoa, and then later spin off all of the property assets into a separate vehicle. The market celebrated this decision as it makes the various components easier to value and thus reduces the “double discount” that the previous structure engendered.
Outlook Oracle supplies software for enterprise information management. During the period, the stock struggled after the company reported earnings that were below consensus expectations. Oracle is in the midst of transitioning more revenue to cloud-based sales, as opposed to selling software in the traditional license model. Oracle’s cloud-based investments are negatively impacting its overall operating margins in the near term as the company spends to build out the infrastructure for its cloud offerings. While we do not expect Oracle’s profitability to snap back immediately, we do believe that building out cloud-based software is essential for long-term growth. We continue to like Oracle as it remains highly profitable, has a large amount of recurring revenue, and trades at a significant discount to its technology peers.
Contributors to Performance Orkla is a Norwegian conglomerate consisting primarily of branded consumer staples, an aluminum business, and an investment portfolio. Over the last few years, management has been selling some assets and buying others in an attempt to become a pure branded goods company and shed its “conglomerate discount.” With this process now in the later innings, Orkla’s board recently hired a new CEO with extensive experience in branded goods to begin a multi-year process of attempting to maximize the value of this core business, by improving organic growth and running a tighter ship operationally. We continue to believe the risk-reward ratio is favorable over our investment time horizon. Sompo Japan Nipponkoa, formed via the merger of Sompo Japan and Nipponkoa in 2010 is one of Japan’s leading non-life insurance companies specializing in auto, fire and personal lines. During the period, Sompo Japan reported results that were ahead of consensus, raised its dividend, announced a buyback of shares, and gave strong forward guidance for next year’s net income. The positive outlook was driven by an improvement in underwriting income, realization of merger synergies, no catastrophic losses, less merger-related restructuring costs and a continued improvement in the non-life businesses (mainly auto, where accident claims are trending downward and provisions may follow). The shares have reacted favorably to these developments. CK Hutchison Holdings is a diversified conglomerate based in Hong Kong. The company has interests spanning retail, wireless telecommunications, container ports and energy,
As we write this, we have no idea whether Greece will be part of the eurozone the next time we write to you. There are many opinions about what a “Grexit” would mean for both Europe and for global equities – some are convinced the impact will be minimal, while others believe the implications will be profound. The reality is that nobody can know with any degree of certainty. It brings to mind a time when many pundits believed problems in the U.S. subprime mortgage markets would have little impact on the broader financial landscape. Shortly before the crisis accelerated, then-Federal Reserve (Fed) Chairman Ben Bernanke testified before the Joint Economic Committee of the U.S. Congress that, “the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.’’ One could also look at the recent 28% correction in China’s domestic “A-share” stock market (in less than a month) and wonder what ramifications that might have beyond China’s borders. The point is that the global financial machine is highly complex and it is never clear how a change in one material variable will or will not impact hundreds of others. At Perkins, we believe the best defense against these and other risks (known and unknown) is to maintain a diversified portfolio of equities with attributes that will allow them to endure the “slings and arrows of outrageous fortune” – robust balance sheets, an ability to generate free cash flow (even in difficult circumstances), strong competitive positions and reasonable valuations. We know from experience that a collection of these equities will be able to overcome setbacks and enable our fund shareholders to compound wealth over time. New positions established during the period included two U.S. banks, a global Internet company, a Korean auto manufacturer, and a UK defense contractor. We also received three new securities via spin-out: a Hong Kong-listed property company, a U.S. power generator, and a U.S. supplier of nuclear power equipment. We exited our holdings in BB&T, Capital Federal Financial, Western Asset Mortgage Capital, Daekyo, Suez Environnement, Entergy Corporation, Total S.A., Washington Federal Inc. and Republic Services. We continue to hold significant stakes in U.S. blue chips and European multinationals, stocks which typically exhibit stable cash flows that are relatively less economically sensitive than the broad market. Our exposure to Japan is lower than it was 12 to 18 months ago, given the strong run in many of our Janus Capital Funds Plc / 30 June 2015
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Fund Overviews holdings. We continue to be very selective with our emerging market positions. Cash remains high due to a lack of bargain securities. We continue to hedge 60% of our yen exposure and 50% of our euro exposure. Thank you for your investment and continued confidence in Perkins Global Value Fund. (July 2015)
Perkins US Strategic Value Fund Tom Perkins, Todd Perkins and Alec Perkins, portfolio managers Performance Overview For the six-month period ended June 30, 2015, Perkins U.S. Strategic Value Fund’s Class I$acc Shares returned -2.04% (net of fees) as compared with -0.51% for its benchmark, the Russell 3000 Value Index.
Performance Review The Fund underperformed the Russell 3000 during the period. Stock selection in information technology and financials was mildly additive while the industrials and health care sectors detracted from performance. On the positive side in financials, where the primary headlines continue to be dominated by the Federal Reserve (Fed) and interest rates, holdings such as Zions Bancorp benefiting from anticipation of a higher interest rate environment in the future. On the negative side of the ledger, railroad companies like Union Pacific, which we continue to like over the long term, struggled in the period due to concern surrounding energy-related volumes and a potential West Coast port stoppage which we believe to be short term in nature. The health care group detracted from relative returns in part because we did not own managed care stocks due to high valuations and the potential risk from a negative court ruling. Ultimately the Supreme Court ruled in favor of the Affordable Care Act (ACA), and those sectors deemed at greatest risk if the Court ruled against the ACA turned into the strongest performers for the quarter.
Detractors from Performance The largest individual detractor was Union Pacific, the largest publicly traded railroad company in the U.S. Weak rail traffic in the second quarter, driven especially by weak coal volumes to power plants and disappointing industrial production, hurt all railroads and Union Pacific was no exception. We think the nearterm weakness in revenues doesn’t impact our longer-term thesis regarding the improving operations in U.S. railroad companies, and we believe Union Pacific is among the best quality in the space. Although we trimmed Union Pacific in the period on these concerns, we continue to be bullish on rails taking incremental traffic away from other forms of transportation. 42
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Procter & Gamble was another top detractor. The company is a leading manufacturer and marketer of personal and household products in the beauty, grooming, health care, fabric/home care, and baby/family care segments. During the period, the company twice missed earnings estimates on worse sales and lowered guidance largely due to foreign exchange pressures as the company receives 65% of revenue outside of the U.S. The company remains on track with its August 2014 announcement to sell up to 100 smaller and underperforming brands over the next two years, shedding 10% of revenue with the goal to have 70 to 80 core Procter & Gamble brands that represent 90% of current revenue. The company has already announced the sale of more than 5% of revenue – including the Iams pet food and Duracell battery businesses. That, along with continued innovation, should help its competitive position longer term. With a relatively favorable risk/reward ratio, a balance sheet at 1.1x net debt/earnings before interest, taxes, depreciation and amortization, a 3.1% dividend yield, and stock buy-back program, we added to the position. Apparel manufacturer Ralph Lauren also detracted from performance. Shares of the company declined early in the period after the company guided to 2015 earnings that were well below consensus expectations. We anticipated that there would be currency pressure and reduced our position during the first half of the period, but weak store traffic, margin pressure in the wholesale channel and ongoing technology investments turned out to be bigger headwinds than we expected. We have since exited our holdings.
Contributors to Performance Entertainment company Walt Disney was the largest individual contributor. The company has been on a spectacular run, successfully developing and acquiring content to leverage through its film studios, television networks and theme parks. The company has seen success at the box office, more than doubling profits over the last two years. This has helped to drive record profits at its parks and consumer products divisions. While the fastest growth has come from the film studio and parks, the largest profit contributor remains ESPN. This sports network is one of the most valuable assets in media. Walt Disney is a large position as it is a uniquely strong franchise, in our view. Another top contributor was Zions Bancorp, a Utah-based commercial bank that has the potential for significant earnings power in a higher interest rate environment. The stock outperformed in the period due in part to the announcement of a positively perceived restructuring program and a broadly held market view that the Fed will soon raise interest rates. Zions trades at a modest premium to tangible book value and we feel comfortable with the stock due to the expectation for improved returns and strong earnings growth over the next two to three years. Global pharmaceutical company Pfizer also contributed. During the past few years, the company has taken steps to
unlock shareholder value by divesting noncore businesses such as animal health and nutrition, and focusing on its core pharmaceutical business. Further divestitures or spin-offs are possible. The stock outperformed during the quarter in part due to the announced acquisition of Hospira, a generic injectable pharmaceutical manufacturer and a global leader in biosimilars. The deal is expected to close by the end of 2015 and be immediately accretive to earnings. We trimmed our position on strength, but it remains one of our largest positions.
Market Outlook and Positioning As we look ahead, the factors that have powered the U.S. equity market on to record highs continue to be intact. Loose monetary policy on a global basis has served as jet fuel to equity markets around the world and allowed investors to look past several global macro issues that would typically lead to a more significant increase in volatility or a meaningful market correction. Uncertainty in Greece, concern about slowing growth in China, the potential for the Fed to raise rates in the near future, or simply escalating equity valuations in the U.S. are all issues that might in a more normal monetary environment convince investors to exercise caution. In the current low-rate environment they have been simply hiccups on the path to higher highs. As we have mentioned before, it appears to us that complacency remains in investor psychology as the S&P 500 has gone almost four years without a 10% correction, an unusually long time. Given the low level of interest rates, it can be argued that the market is fairly valued based on the S&P 500 trading at 17.4x 2015 estimated earnings. However, based on the Shiller P/E ratio (a price-to-earnings ratio which incorporates inflation adjusted earnings over the past 10 years) the market is trading at a much loftier 27x. This is well above its historical mean of 15.95x and significantly above its long-term average. To put this into context, the only other instances when this valuation metric was at this level, or higher, were 1929, 2000 and 2007. A potential headwind for the sustainability of the current P/E multiple is corporate profits. In the first quarter, S&P 500 companies delivered paltry earnings growth of 0.80% compared to the same period a year ago. The forecast for the second quarter is for a decline of 4.5%. With profit margins at record highs and interest costs abnormally low, there could be headwinds for corporate profitability. While U.S. equity valuations remain relatively high in our view, the underlying U.S. economy is posting less than stellar results. GDP in the first quarter was negative while labor force participation came in at the lowest level in 40 years. To compound the problem, despite the Fed’s best efforts to stimulate inflation, wages have struggled to reach the 2% level that would indicate a healthier economy. Of course in the current “bad news is good news environment” this very likely means that low rates will remain in the near term, and markets could continue their steady march higher. As we have said before on this topic, no
matter how long we wait, rising rates are simply not a matter of if, but when. At Perkins we see it as our job not to lose sight of these various risks in the market and to continue to construct portfolios that can weather storms of all varieties. This is what we have done for over 35 years and what we will continue to do today. Thus, we continue our focus on building a portfolio of high quality stocks that we believe will minimize risk should the time come for the equity market to view “bad news” as truly bad news. During the period, we trimmed some of our positions in the industrials and health care sectors and exited a number of positions, including two industrial names and one health care stock primarily on valuation concerns. As risk/reward ratios diminish, our discipline is to trim positions as a stock moves higher, and health care and industrials were two of the best-performing sectors for the quarter with health care being the strongest performer year to date as well. That said, we have maintained an overweight position vs. the benchmark in both sectors. Technology continues to be our other meaningfully overweight sector as we own what we believe to be very stable technology companies with clean balance sheets and strong recurring revenue streams. We remain underweight in energy, financials and materials. In financials we have generally preferred a super-regional like Wells Fargo over the more complex money centers as we think their focus on retail banking, cross selling and limited risk of continued litigation expense puts them in a favorable position long term. Recently we have also found more opportunities in the real estate investment trust (REIT) and utilities sectors as REITs endured a meaningful sell-off on rate fears during the quarter. Although we are generally underweight financials, it remains our single-largest sector weighting and we believe we own a number of high-quality franchises in the space. Energy on the other hand remained our most significant underweight vs. the benchmark as we have a difficult time quantifying the downside now that OPEC has removed their long-standing support of commodity prices. We also are generally more skeptical about their capital allocation discipline. In conclusion, we believe our portfolio of what we consider high-quality stocks will hold up better relative to the overall market should volatility or a market correction appear. Although for many it is tempting to think after four years of a largely uninterrupted bull market that higher volatility and market corrections are gone forever, we remain steadfast in our approach and believe that opportunities to purchase new stocks where the valuation and reward-to-risk ratios are more compelling will present themselves as volatility or corrections inevitably occur. Thank you for your investment in Perkins US Strategic Value Fund. (July 2015) Janus Capital Funds Plc / 30 June 2015
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Fund Overviews INTECH All-World Minimum Variance Core Fund(a)
INTECH European Core Fund
INTECH Investment Management LLC, portfolio manager
INTECH Investment Management LLC, portfolio manager
Performance Overview
Performance Overview
From the Fund’s date of inception through June 30, 2015, INTECH All World Minimum Variance Core outperformed the FTSE All World Minimum Variance Index, the Fund’s benchmark.
For the six-month period ended June 30, 2015, INTECH European Core Fund outperformed the MSCI Europe Index, the Fund’s benchmark.
Investment Strategy Investment Strategy INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility. Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmarklike risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark. The Fund intends to hedge the various underlying currency exposures in the FTSE All-World Minimum Variance Index (other than any Pound Sterling exposure) to the Pound Sterling to the extent that hedging such currency exposure is consistent with the investment objective of the Fund.
Outlook Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we expect to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.
INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility. Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.
Outlook Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we expect to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients. Thank you for your investment in INTECH European Core Fund. (July 2015)
INTECH Global All Country Low Volatility Fund INTECH Investments Management LLC, portfolio manager Performance Overview
Thank you for your investment in INTECH All World Minimum Variance Core Fund.(a) (July 2015) 44
Janus Capital Funds Plc / 30 June 2015
For the six-month period ended June 30, 2015, INTECH Global All Country Low Volatility Fund underperformed the MSCI All Country World Index, the Fund’s benchmark.
Investment Strategy INTECH’s mathematical investment process is designed to determine potentially more efficient equity weightings of the securities in the benchmark index, utilizing a specific mathematical optimization and disciplined rebalancing routine. Rather than trying to predict the future direction of stock prices, the process seeks to use the volatility and correlation characteristics of stocks to construct portfolios. The investment process begins with the stocks in the MSCI All Country World Index. INTECH’s investment process aims to capture stocks’ natural volatility through a rebalancing mechanism based on estimates of relative volatility and correlation in an attempt to generate market like return while minimizing the volatility of the portfolio over the long term. Once the target proportions are determined and the portfolio is constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. INTECH Global All Country Low Volatility Fund aims to generate market-like returns over time with significantly lower return fluctuations. While some downside protection and a more consistent experience are expected over the long term, the tracking-error relative to the MSCI All Country World Index is expected to be high.
Outlook Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.
it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility. Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmarklike risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.
Outlook Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we expect to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients. Thank you for your investment in INTECH Global Dividend Fund. (July 2015)
Thank you for your investment in INTECH Global All Country Low Volatility Fund.
INTECH US Core Fund
(July 2015)
Performance Overview
INTECH Global Dividend Fund INTECH Investment Management LLC, portfolio manager
For the six-month period ended June 30, 2015, INTECH U.S. Core Fund underperformed the S&P 500 Index, the Fund’s benchmark.
Performance Overview
Investment Strategy
For the six-month period ended June 30, 2015, INTECH Global Dividend Fund underperformed the MSCI World Index, the Fund’s primary benchmark, and its secondary benchmark, the MSCI World High Dividend Yield Index.
INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.
Investment Strategy INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead,
INTECH Investments Management LLC, portfolio manager
Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the portfolio as a result of an optimization routine. Once Janus Capital Funds Plc / 30 June 2015
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Fund Overviews the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our investors’ objectives while minimizing the risk of significant underperformance relative to the benchmark.
aided by favorable economic data, although volume remained muted. After plummeting to below $50 a barrel at the end of 2014, crude oil prices stabilized and reset within a higher trading band by the end of the period. The dollar stabilized after rallying early in the period amid divergent central bank policy. Both developments were highlighted by the Fed’s June statement, which said it may be “appropriate” for a rate hike during the latter part of the year. However, stock market gains were largely given back as developments in Greece impacted risk appetites across the world.
Outlook Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. While we may experience short periods of underperformance, we expect to exceed the benchmark over a three- to five-year time horizon. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our clients.
Emerging market equities registered slight gains over the period, despite the looming strength of the U.S. dollar. This development is owed to substantial improvement in financial positions on both corporate and sovereign balance sheets. After a strong winter, most major emerging market indices drifted lower during the second quarter, with the notable exception of China-related indices. These continued their months-long rally, until late in the quarter when authorities took steps to reduce the amount of leverage used in trading. Given the recent rise in this type of trading, gains were reversed in rapid order.
Thank you for your investment in INTECH US Core Fund.
Performance Discussion (July 2015)
Janus Global Diversified Alternatives Fund Andrew Weisman, John Fujiwara and Richard Lindsey, portfolio managers Performance Overview Janus Global Diversified Alternatives Fund’s Class I$acc Shares returned -3.00% for the six-month period ended June 30, 2015, while its benchmark, Libor plus 4%, returned 2.37%.
Investment Environment The financial markets were volatile during the period, heightened by divergence between the U.S. and other major economies in monetary policy and economic growth. Early in the period, while the Federal Reserve (Fed) was starting to prepare investors for the possibility of a rate hike before the end of the year, the European Central Bank (ECB) announced a larger-than-expected quantitative easing (QE) program. This caused European stocks to strengthen and bond yields to fall. Yields on many short- and mid-term bonds of eurozone nations later entered negative territory after the QE program had begun. However, serious questions about Greece’s ability to service its massive debt load saw European equities weighed down during the spring. Germany’s government debt suffered a spring selloff which saw yields on the 10-year bund rise from near 0% to almost 1%, although the rise in rates was capped near the end of the period as investors sought safe harbor amid concerns that Greece would exit the eurozone. In the U.S., after posting muted gains early in the period amid mixed economic data, major indices achieved record highs over the course of the spring, 46
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We invest in a portfolio of 11 traditional and nontraditional investable risk-premium strategies derived from equity, fixed income, currency and commodity investments. By targeting a broad collection of statistically independent sources of return, we believe we are in a position to create a more robust portfolio that provides, over time, a generally more stable source of return with significantly less volatility than stocks and bonds. Due to the volatility present in the market during the period, trends were overwhelmed by inflection points. Although there were periods of market optimism, headline risk dominated, especially near the end of the period amid concerns that Greece would be forced to leave the eurozone. Due to the false-start nature of the market during this period, many of our momentum strategies detracted from performance. Our commodity momentum was the largest detractor. This strategy, which looks to capture the consistency in the price movement of commodities usually associated with perceptions of expanding or contracting global economic activity, is inherently more volatile than our other momentum strategies. The lack of a trend in crude oil prices, especially, weighed on this strategy’s performance. The equity momentum strategy was also one of the largest detractors from performance. This risk premium is harvested by seeking to capture directional momentum in equities through the quantitative analysis of equity index price movement. Equity markets had relatively flat performance during the period, which hindered this strategy’s performance. The equity-size strategy, which is long small-cap stocks and short large-cap stocks, was the leading contributor during the period. As this risk premium strategy is focused on domestic
small-cap equities, it was aided by the rally and subsequent stabilization of the U.S. dollar during the quarter. Additionally, as the portfolio rebalances on a monthly basis, it is likely that we had a higher weighting in this strategy during a period when small-cap equities were performing particularly well. This highlights the benefits of our strategic monthly rebalancing. Our credit strategy was also a leading contributor. The strategy looks to capture the potential systematic return associated with the default and duration risks of investing in bond markets, and is comprised of a diversified selection of fixed income securities. Despite the lack of conviction in the marketplace during the period, we were able to use this strategy to earn periodic coupon payments, which contributed to performance.
Outlook We do not believe in forecasting a market’s particular direction; however, we are mindful of increased volatility in the financial markets. In light of the increased price fluctuations evidenced near the end of the period, our models have decreased exposure within the risk premia strategies most affected by the increased volatility. Such strategies include equity-emerging and equityvalue. Furthermore, our weighting to the rates momentum strategy has decreased as crosscurrents in the markets have led to extreme rate volatility. Allocations to risk premia strategies that have been historically less volatile have increased. Thank you for investing in Janus Global Diversified Alternatives Fund. (July 2015)
Janus Global Real Estate Fund Patrick Brophy, portfolio manager For the six-month period ended June 30, 2015, the Janus Global Real Estate Fund’s Class I$inc Shares outperformed its primary benchmark, the FTSE/EPRA NAREIT Global Index, returning 0.27% versus the index’s -1.91% return.
Investment Environment
while the UK gained nearly 4%. And in emerging markets, China rocketed almost 15%, while India fell more than 20%. Those are some large spreads, particularly for a three-month period. So, what’s behind the disparate moves? Well, it seems that the obvious answer - which means that it will likely ultimately be proved wrong - is that the world is in fact decoupling. Admittedly, this is probably a dangerous thesis given our increasingly intertwined global economy, but recent data is supportive: the U.S. economy appears to be strengthening, and the possibility of a rate hike this year seems more probable (we’ll believe it when we see it); there are clear signs of improvement in Europe as the early rounds of quantitative easing take hold, although Greece remains an overhang; meanwhile, China is slowing, the government’s efforts to stimulate appear increasingly ineffective, and there are mounting concerns about leverage; and, going its own unfortunate direction, recent investment darling Brazil looks to be headed into a nasty stagflationary period. Of course, further muddying the investment waters is the fact that a difficult macro backdrop isn’t necessarily a negative for listed real estate (defensive sector), just as a surging economy isn’t always a positive (rising rates). Interesting times.
Performance Discussion On a relative basis, the Fund had a strong six months, outperforming its benchmark, the FTSE/EPRA NAREIT Global Index. Security selection contributed to relative performance. Looking at our stock selection across different geographies, the U.S. and the UK were the largest contributors to relative performance. However, Hong Kong and Taiwan weighed on relative returns. Country weighting was a relative detractor. In terms of geographic allocation, overweights to the UK and Cyprus were the largest contributors to relative performance. Our underweight to China and overweight to Mexico detracted from relative performance. In terms of returns by sector, leisure facilities and industrial conglomerates generated the highest absolute performance. Detractors included construction and engineering along with diversified metals and mining. Relative to the index, stock selection in real estate services and homebuilding were the top contributors. Meanwhile, our holdings in real estate development and operating companies detracted from relative performance.
The year began with real estate continuing its winning ways of 2014, with outperformance well ahead of the broader market.
Outlook
What stands out to us as most notable about the listed real estate sector during the second half of the period is the wide dispersion in performance by geography. While this is certainly expected to a degree – as we’ve opined often in past commentaries, these divergences are one of the primary reasons we prefer a global strategy – we’re struggling to remember any period where we saw such significant countermoves in a single quarter. Just as an example, we saw the U.S. give up over 10% in the second quarter,
Despite difficult conditions within the sector during the period, the fund was able to deliver outperformance driven by several investments, including some out-of-benchmark investments that we put significant effort into both uncovering and researching/ analyzing, as we believe that these often-overlooked real estate companies can potentially boost results. Moreover, as the real estate cycle moves into its later innings – at least in much of the developed world – we anticipate a less target-rich investment Janus Capital Funds Plc / 30 June 2015
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Fund Overviews environment, meaning we will employ even greater scrutiny on our valuation work and new ideas like these will be increasingly coveted. Of course, determining just what inning we’re actually in is not easy. It never is. Trying to pick cycle tops seems a fool’s errand to us, but it doesn’t mean we shouldn’t at least try to be cognizant of where we stand relative to historical precedent. On that front, there are things that give us pause: pricing levels back above the previous peak; ramping new supply in certain sectors, especially multi-family; and simple duration, as we charge into year seven of an upcycle. On the other hand, there are multiple factors that make us more sanguine, the most important being solid operating fundamentals that appear set to hold, if not strengthen, over the next several years. Put it all together and, absent some sort of global upheaval or black swan event, we think real estate continues to look good – projected returns still appear attractive, and we’re yet to see any let-up in the demand for property. Keep in mind this is our assessment of the prospects for commercial real estate in developed markets, where the bulk of our capital (90%+) is allocated; it’s a bit of a different and more varied story in emerging markets, but we will save that for another letter.
that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any move would be data dependent and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold.
Thank you for your investment in Janus Global Real Estate Fund.
The U.S. Treasury curve steepened during the second half of the period, with yields on the 10- and 30-year reaching levels not visited since last autumn. After dipping to 1.85% in early April, the 10-year yield nearly hit 2.50% in June. However, Treasury yields were partly capped by the March launch of the European Central Bank’s (ECB) quantitative easing (QE) program. The ECB’s QE drove eurozone sovereign yields into negative territory and encouraged foreign investors to purchase relatively higher-yielding Treasurys. However, Germany’s 10-year bund aggressively sold off in the spring, with its yield rising almost 1% from near 0%. Prior to the late-quarter tumult fueled by Greece, improving data caused some to wonder whether it would be necessary for the ECB to carry out the entirety of its planned asset purchases. U.S. investment-grade spreads were flat for much of the period as that market absorbed a flood of new issuance before widening in June. High-yield spreads initially narrowed amid a search for yield, reaching year-to-date lows, prior to ending the period essentially unchanged. Similar to corporate credits, mortgage-backed securities (MBS) spreads initially narrowed before closing the quarter wider.
(July 2015)
Performance Discussion
Janus Flexible Income Fund
The Fund outperformed its benchmark, the Barclays U.S. Aggregate Bond Index, during the period. Outperformance was driven by our investment-grade and high-yield corporate credit allocations. In aggregate, security selection followed by yield curve positioning were primary drivers of outperformance. During the quarter, we shortened our duration relative to the benchmark from a neutral toward a more defensive stance in light of a coalescence of risk factors that we believe could adversely impact fixed income performance.
Gibson Smith and Darrell Watters, portfolio managers Performance Summary During the six-month period ended June 30, 2015, Janus U.S. Flexible Income Fund’s Class I$acc Shares returned 0.46%, compared with -0.10% for the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index.
Investment Environment After experiencing increased volatility during the first part of the period amid persistent uncertainty of the timing of the Federal Reserve’s (Fed) expected rate hike, fixed income markets largely retreated over the rest of the period, influenced by a combination of improving U.S. data and uncertainty about the path of global monetary policy. The volatility that characterized fixed income markets during the winter initially subsided in early spring, only to flare up as the period closed. Data indicated that the economy had slowed during the year’s first three months. First quarter gross domestic product was negative and the March employment report disappointed. Over the ensuing two months, the employment picture rebounded with monthly payroll gains resuming their recent pace of just under 250,000, and hourly wage gains reached the highest level since 2013. Improving manufacturing data and retail sales also suggested that the winter slowdown had been transient. In June, the Fed stated 48
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While pleased when we outperform the benchmark, we never lose sight of our main tenets of capital preservation followed by delivering risk-adjusted returns; principles which we consider the foundations of fixed income investing. This approach suits us especially well in periods of market uncertainty such as the present, as questions on monetary policy and patchiness in global growth remain. Yield curve positioning within investment-grade corporate credit contributed as our defensive move into higher-quality names proved timely. The positive contribution attributed to our high-yield security selection is, in our view, the result of our rigorous, fundamental investment process that analyzes not only companies, but also specific securities, identifying the instruments that we believe have the best risk adjusted return potential for fixed income investors. A key component of this process is our focus on transformational balance sheet stories. This space is comprised of the lowest-rated investment-grade
and highest-rated high-yield issuers. We believe these companies have significant potential to experience credit rating upgrades as they improve the quality of their balance sheets. The upside of many of these companies is, in our view, often overlooked by the market. We remain overweight corporate credit relative to the benchmark. On a sector basis, our positioning in banking, electric utilities and pharmacueticals contributed to relative performance. One financial company that contributed to relative performance was Ally Financial, which has many attributes that we find attractive. The company has streamlined itself into an entity focused on auto financing, a sector that, we believe, should enjoy tailwinds as U.S. employment and consumption improve. The company has an asset-light business model, reliant upon its online banking channel to grow its substantial deposit base. We find that Ally has been able to retain these deposits at a greater rate than many expected possible with online accounts. Ally’s management is moving to pay down its highest-cost debt. Relative sector detractors included independent energy and chemicals. Chemical producer LyondellBasell was one of the largest relative detractors on an individual credit basis. We still favor the company due to its structural low-cost positioning as its primary feedstock is natural gas, a commodity whose price has been under pressure on account of the North American shale gas boom. Management, in our view, is committed to maintaining a conservative balance sheet and has made significant gains in improving the company’s operational efficiency. While technology hardware company Seagate detracted from performance, we like management’s commitment to a conservative balance sheet. Furthermore, industry consolidation has resulted in improving margins and free-cash-flow generation for the remaining players. On an asset class basis, our Treasury allocation outperformed the benchmark due to yield curve positioning, while our outof-index allocation to preferred credit outperformed due to our overweight. Government related assets detracted from relative performance due to our underweight allocation. Our cash allocation also detracted from performance; it is not used as a strategy within the Fund but is a frictional component of day-to-day investing.
Outlook Multiple factors presently have the potential to impact the fixed income environment, chief among them remains the timing and pace of the Fed’s rate hikes. Data suggest that the central bank is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has shown signs of accelerating. At 5.3% the unemployment rate is nearing the range many would consider full-employment. Under the tenure of Ben Bernanke, the Fed had initially targeted a jobless rate of roughly 6.5% as
the level at which it would consider rate hikes, a move that has been delayed as the Fed has made clear its objective of achieving sustainable growth. With economic expansion typically comes jobs, and after that, wage-driven inflation, as employers scramble for qualified workers. In a service-based economy like the U.S., wages have an outsized impact on inflation. Should this scenario play out as the Fed anticipates, inflation will eventually be on track toward policy makers’ 2% goal. Core inflation has held steady as crude prices stabilized before any downward pressure bled into non-energy categories. The stabilization in the U.S. dollar after its rapid appreciation also aids the inflation outlook as continued gains in the currency would have made foreign products cheaper, thus keeping a lid on prices. The dollar, however, remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in nonU.S. economies could send investors fleeing back toward dollardenominated assets, forcing a resumption in the currency’s march upward. In a nod to this scenario, the Fed has acknowledged that international developments are being considered as it charts its path forward. Retail sales and housing have also exhibited signs of strength. There had been consternation that the savings consumers were reaping from cheaper energy were not being spent on other items, instead being used to pay off debt. The stabilization of prices and broad expectation that a return to $100 crude is not likely may instill sufficient confidence in consumers to more readily open their wallets to adjust to this new reality. The resulting boost in aggregate demand should also play a role in lifting inflation toward the Fed’s target. The winter slowdown does not affect our full-year outlook. We expect growth to catch up over the second half of 2015. Employment data, in our view, should remain robust and inflation should advance toward a 2% annual rate. Continued patches of softness may cause the Fed to delay its initial rate hike past the widely assumed September lift-off, but in our view, rates will rise – albeit cautiously – this year. We are mindful that we are quite possibly nearing the end of a credit cycle. Merger and acquisition activity, share buybacks and debt issuance are up. The result is a deterioration of corporate balance sheets. Utilizing our bottom-up, fundamental securitylevel approach, we are concentrating our corporate credit holdings in higher-quality companies with steady revenue streams, and whose management have maintained balance sheet discipline. We are also concerned with the potential for sustained periods of elevated market volatility, which we consider suppressed by continued fixed income inflows. Alarmingly low levels of liquidity are a serious risk factor, in our view. Should an illiquidity event occur, we want to be a provider of liquidity. Accordingly, we have lowered the overall duration of the portfolio. Treasurys are the tool we utilize to toggle duration in a cost-effective manner. Janus Capital Funds Plc / 30 June 2015
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Fund Overviews Shorter-dated government securities act as a cash cushion, which should allow us to better weather storms and opportunistically make attractive investments caused by market dislocations. We remain underweight MBS relative to the benchmark as these securities typically do not perform well in volatile markets, such as the ones we anticipate. When the direction of rates is in question, investors cannot adequately gauge prepayment risks, which stand to increase as rates decline. While our base-case scenario is for increasing rates, a global crisis or unforeseen slowdown in growth could again put downward pressure on the safe-haven Treasurys upon which mortgages are priced. Over the past quarter we have sought to reduce risks in our portfolio and expect to maintain this defensive posture as the aforementioned risk factors play out. We have not seen such a confluence of potentially adverse forces for several years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead.
The winter’s other large move – a strengthening U.S. dollar – also stalled during the spring, and the currency even gave back some recent gains before stabilizing. A key beneficiary was the euro, which halted its slide toward parity with the U.S. currency. The U.S. Treasury curve steepened over the second quarter, with yields on the 10- and 30-year reaching levels not visited since last autumn.
Performance Discussion Janus Global Flexible Income Fund outperformed its benchmark, the Barclays Global Aggregate Bond Index, during the period. Relative gains were largely attributable to our euro exposure. After the currency’s calamitous fall beginning in late 2014 and continuing on through the early stages of QE, its fortunes partially reversed against the U.S. dollar for much of the spring. Another contributor to relative performance – though to a much lesser degree – was our positioning in the Japanese yen. Detracting from relative results were the Canadian dollar and British pound.
Thank you for your investment in Janus Flexible Income Fund. (July 2015)
Janus Global Flexible Income Fund Gibson Smith, Darrell Watters and Christopher Diaz, portfolio managers Performance Summary During the six-month period ended June 30, 2015, Janus Global Flexible Income Fund’s Class I$inc Shares returned -2.80%, compared with -3.08% for the Fund’s benchmark, the Barclays Global Aggregate Bond Index.
On an asset class basis, outperformance was driven by our security selection and spread carry – a measure of excess returns generated by holding certain instruments – in high-yield corporate credit. Our yield curve positioning in sovereign debt was also relative contributor. Our yield curve positioning and allocation in out-of-benchmark Portuguese sovereign debt was the largest contributor in this category. Yield curve positioning in the sovereigns of New Zealand also contributed. On a sector level, banking and technology aided relative results. Outside of corporate credits, spread carry in non-agency commercial mortgage-backed securities (CMBS) contributed. We see the risk profiles of these securities as more favorable at this time than their U.S.-based counterparts.
Investment Environment The six-month period was a tale of two halves. Trends that were prevalent in global bond and currency markets during the first quarter underwent a marked reversal during the ensuing three months. Some of the most dynamic moves were associated with Europe. In the wake of the European Central Bank’s (ECB) winter announcement of its own quantitative-easing (QE) program, yields on the 10-year bund nearly dip to 0%. German sovereign debt then sold off aggressively during the spring, with the 10-year yield rising to as high as 0.98%. Fueling the sell-off were concerns that the winter’s bond rally within the eurozone may have gotten ahead of itself, and also – in light of improving growth and inflation data – that it may not be necessary for the ECB to complete the previously announced asset purchases in their entirety. Following the bund’s lead, yield curves steepened across the eurozone, with peripheral nations experiencing the strongest moves. By June, growing concern over Greece’s ability to meet its debt obligations also weighed on peripheral sovereign debt, while at the same time reeling yields back in on safe-haven bunds. 50
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On the other hand, U.S. mortgage-backed securities (MBS) detracted. These securities tend to underperform in volatile rate environments as they cloud the ability to gauge the likelihood of prepayments. Segments of the energy sector, including integrated, midstream and independent detracted from results. The collapse of crude prices that extended into the first part of the period translated into fears of the balance sheet strength of energy companies, which comprise a large portion of high-yield corporate credits.
Outlook Even with the second quarter’s reversal of the recent bund rally, we believe that the foundations underlying the winter’s original move are still largely valid and will be with us for quite some time. The ECB’s QE program may not play out exactly the way that unconventional monetary policy did in the U.S., when a wide range of risk assets steadily rose in unison, but it is our view that the environment will remain favorable for European assets. Growth is slowly returning to the region and we expect
inflation to remain considerably below the ECB’s target. This is fertile ground for fixed income investments. The ECB’s presence within the market, ensuring a minimal level of demand for securities, also provides a tailwind. We do not expect the yield on the bund to plumb the depths of 0.07% again, but we do expect lower rates to persist. As evidenced by the spring’s widening of peripheral debt, we believe that lingering concerns about Greece and its continuation within the eurozone must still be monitored. The recent flareup is evidence that much of the region is still not out of the woods and that growth-friendly structural reforms must become mainstays of economic policy if the region wants to avoid similar crises in the future. As we look forward, we will continue to monitor a variety of factors that we consider to be potentially substantial risks to the fixed income space. Chief among them is a lack of market liquidity. In fact, it is our view that the recent sell-off in the bund was exacerbated by a dearth of buyers within the market. While we maintain limited exposure to emerging markets, adverse developments in those regions could send shock waves through global bond markets. China is attempting to manage an unexpectedly strong slowdown – at least compared to recent decades – as well as distortions within its equity and real estate markets. The country remains the marginal buyer of a range of commodities, so any sustained change in its growth trajectory will reverberate across the world, especially with natural resources exporters. Venezuela, with its tenuous state finances, is a large issuer of high-yield debt. And both Brazil and Russia – two large economies – face domestic economic headwinds, and the latter is further hobbled by sanctions. We have no exposure to Japanese government debt, but the country merits monitoring given its stature in the global economy. A healthy Japan would benefit much of Asia – and farther afield. But such a scenario may entail the government of Prime Minister Shinzo Abe effectively deploying the so-called “third arrow” of Abenomics, which is structural reform. We expect growth to continue within the UK, and that country’s central bank to be among the first movers in raising interest rates. That development would provide support to both UK government bonds and the pound. Given the potential risks that we have identified, we have moved to a more defensive position. The Fund’s duration at the beginning of the period was slightly above that of the benchmark. Over the quarter we substantially lowered duration, especially when compared to the benchmark. Further buttressing our defensive positioning has been our increased allocation to U.S. Treasurys. While we see numerous opportunities in global fixed income markets caused by diverging monetary policy, we first and foremost remain mindful of our primary responsibilities of capital preservation and generating risk-adjusted returns.
Thank you for your investment in Janus Global Flexible Income Fund. (July 2015)
Janus Global High Yield Fund Gibson Smith, Darrell Watters, Christopher Diaz and Ryan Myerberg, portfolio managers Performance Summary During the six-month period ended June 30, 2015, Janus Global High-Yield Bond Fund’s Class I$acc Shares returned 2.57%, compared with 1.94% for the Fund’s benchmark, the Barclays Global High Yield Bond Index.
Investment Environment High-yield spreads narrowed through much of period, reaching year-to-date lows, as low U.S. Treasury yields sparked a search for yield. However, the U.S. Treasury curve steepened over the quarter, with yields on the 10- and 30-year reaching levels not visited since last autumn. Broader fixed income markets largely retreated, influenced by a combination of improving U.S. data and uncertainty about the path of global monetary policy. The volatility that characterized markets during the winter initially subsided in early spring, only to flare up as the period closed. After first quarter gross domestic product and the March employment report disappointed, economic data rebounded over the ensuing two months. In June, the Federal Reserve (Fed) stated that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any move would be data dependent and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold.
Performance Discussion The Fund outperformed its benchmark, the Barclays Global High Yield Bond Index, during the period. Outperformance was driven largely by our security selection within high-yield corporate credit. Spread carry, a measure of excess income generated by the Fund’s securities, was also additive, especially within our high-yield corporate credit allocation. We remain committed to a bottom up, fundamental investment approach, which we believe is especially advantageous in environments such as we find ourselves today. In our shift to a more defensive posture, we are seeking to identify high-yield corporate bonds of higher-quality companies committed to strengthening their capital structures and are thus candidates for a possible ratings upgrade. On the sector level, one of the leading relative contributors to outperformance was our metals and mining holdings. Driving returns were both our significant underweight versus the benchmark – evidence that which securities we choose to avoid Janus Capital Funds Plc / 30 June 2015
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Fund Overviews is equally important as those we choose to hold – and our selection of the securities that we continued to own within the sector. Also contributing to relative performance was our security selection in midstream energy. Our tactic of security avoidance was also on display on the issuer level, with one of the leading contributors to Fund performance being our zero weighting to benchmark component Peabody Energy. In our view, coal miners face both daunting regulatory challenges in addition to stiff competition from natural gas, a commodity whose prices have remained under intense pressure for a sustained amount of time. Our out-of-benchmark holding of Templar Energy helped spur relative gains as well. The company is owned by well-reputed energy investor First Reserve and conducts exploration and production activities within the mid-continent region. We are attracted to management’s low use of leverage and believe the company is an attractive candidate for an initial public offering. Also contributing to outperformance was ADS Tactical, a provider of military gear. We believe that ADS stands to benefit as the Department of Defense moves toward a streamlined procurement process favoring vendors of choice. On the sector level, media entertainment and services weighed on relative results. While most asset classes included in the Fund aided outperformance, an exception was our zero weighting to government-related assets, which was the largest relative asset class detractor.
Outlook Multiple factors currently have the potential to impact the fixed income environment and high-yield corporate credit in particular. Chief among them is the timing and pace of the Fed’s rate hikes and the pressure such a move would put on high-yield bonds with longer durations. We are also concerned with relevered corporate balance sheets, large amounts of new issuance and market illiquidity. Evidence of some investors putting the hunt for yield over capital preservation can be seen in the weakening of covenants of new many issuances.
to such scenarios, the Fed has acknowledged that international developments are being considered as it charts its path forward. The winter slowdown does not affect our full-year outlook. We expect growth to catch up over the second half of 2015. Continued patches of softness may cause the Fed to delay its initial rate hike past the widely assumed September lift-off, but in our view, rates will rise – albeit cautiously – this year. We believe that better-than-expected growth is not priced into the fixed income market. That concerns us, especially as any catalyst for a sell-off, in our view, would be especially felt within the high-yield space. We are mindful that we are quite possibly nearing the end of a credit cycle. Merger and acquisition activity, share buybacks and debt issuance are up. We are also concerned with the potential for sustained periods of elevated volatility, which we consider suppressed by continued fixed-income inflows. Alarmingly low levels of liquidity are a risk factor that we are taking seriously. We believe that less liquid pockets of the market such as highyield credits are especially vulnerable. Should an illiquidity event occur, we want to be a provider of liquidity. Over the past six months, we have sought to reduce risks in our portfolio and expect to maintain this defensive posture as the aforementioned risk factors play out. We are holding larger amounts of cash than normal as any draw-downs that could occur are best paid out of cash rather than selling into a possible vacuum. Securities that have a sufficient amount of yield cushion to continue to compensate investors in the event of falling prices are also favorable to us. We have not seen such a confluence of potentially adverse forces in fixed income markets for several years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead. Thank you for your investment in Janus Global High Yield Fund. (July 2015)
Janus Global Investment Grade Bond Fund Gibson Smith, Darrell Watters, Christopher Diaz and Ryan Myerberg, portfolio managers Performance Summary
Data suggest that the central bank is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has shown signs of accelerating. The steadying in the U.S. dollar after its rapid appreciation also aids the inflation outlook as continued gains in the currency would have made foreign products cheaper, thus keeping a lid on prices.
During the six-month period ended June 30, 2015, Janus Global Investment Grade Bond Fund’s Class I$acc Shares returned -3.58% compared with -3.08% for the Fund’s benchmark, the Barclays Global Aggregate Corporate Bond Index.
Investment Environment The dollar, however, remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in non-U.S. economies could send investors fleeing back toward dollar-denominated assets, forcing a resumption in the currency’s march upward. This could pressure earnings of U.S. multinationals. In a nod 52
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After experiencing increased volatility during the first part of the period amid persistent uncertainty of the timing of the Federal Reserve’s (Fed) expected rate hike, fixed income markets largely retreated over the rest of the period, influenced by a combination
of improving U.S. data and uncertainty about the path of global monetary policy. The volatility that characterized fixed income markets during the winter initially subsided in early spring, only to flare up as the period closed. Data indicated that the economy had slowed during the year’s first three months. Over the ensuing two months, the employment picture rebounded. Improving manufacturing data and retail sales also suggested that the winter slowdown had been transient. In June, the Federal Reserve (Fed) stated that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any move would be data dependent and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold. The U.S. Treasury curve steepened during the second half of the period, with yields on the 10- and 30-year reaching levels not visited since last autumn. After dipping to 1.85% in early April, the 10-year yield nearly hit 2.50% in June. However, Treasury yields were partly capped by the March launch of the European Central Bank’s (ECB) quantitative easing (QE) program. The ECB’s QE drove eurozone sovereign yields into negative territory and encouraged foreign investors to purchase relatively higher-yielding Treasurys. However, Germany’s 10-year bund aggressively sold off in the spring, with its yield rising almost 1% from near 0%. Prior to the late-quarter tumult fueled by Greece, improving data caused some to wonder whether it would be necessary for the ECB to carry out the entirety of its planned asset purchases. U.S. investment-grade spreads were flat for much of the period as that market absorbed a flood of new issuance before widening in June.
is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has shown signs of accelerating. Core inflation has held steady as crude prices stabilized before any downward pressure bled into non-energy categories. Continued patches of softness may cause the Fed to delay its initial rate hike past the widely assumed September lift-off, but in our view, rates will rise – albeit cautiously – this year. The stabilization in the U.S. dollar after its rapid appreciation also aids the inflation outlook as continued gains in the currency would have made foreign products cheaper, thus keeping a lid on prices. The dollar, however, remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in nonU.S. economies could send investors fleeing back toward dollardenominated assets, forcing a resumption in the currency’s march upward. We are mindful that we are quite possibly nearing the end of a credit cycle. Merger and acquisition activity, share buybacks and debt issuance are up. The result is a deterioration of corporate balance sheets. Utilizing our bottom-up, fundamental securitylevel approach, we are concentrating our holdings in higherquality companies with steady revenue streams, and whose management have maintained balance sheet discipline. We are also concerned with the potential for sustained periods of elevated market volatility, which we consider suppressed by continued fixed income inflows. Alarmingly low levels of liquidity are a serious risk factor, in our view. Should an illiquidity event occur, we want to be a provider of liquidity.
Performance Discussion The Fund underperformed its index, the Barclays Global Aggregate Corporate Bond Index. Underperformance was driven by the Fund’s investment-grade corporate credit allocation due to yield curve positioning and, to a lesser extent, security selection. However, our high-yield corporate credit allocation, which is within the parameters outlined in the portfolio’s mandate, was the largest asset class contributor on a relative basis due to our security selection.
Over the past six months, we have sought to reduce risks in our portfolio and expect to maintain this defensive posture as the aforementioned risk factors play out. We have not seen such a confluence of potentially adverse forces for several years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead. Thank you for your investment in Janus Global Investment Grade Bond Fund.
On a credit sector basis, midstream and integrated energy and services were the largest relative detractors. Cable and satellite communications, electric utilities and brokerage, asset managers and exchanges were the largest relative contributors.
(July 2015)
On an asset class basis, our out-of-index allocation to nonagency mortgage-backed securities (MBS) detracted from relative performance due to our overweight. Yield curve positioning in bank loans and commercial MBS contributed to performance.
During the six-month period ended June 30, 2015, Janus High Yield Bond Fund’s Class I$acc Shares returned 3.37% compared with 2.53% for the Fund’s benchmark, the Barclays U.S. Corporate High Yield Bond Index.
Outlook
Investment Environment
Multiple factors presently have the potential to impact the fixed income environment, chief among them remains the timing and pace of the Fed’s rate hikes. Data suggest that the central bank
High-yield spreads narrowed through much of period, reaching year-to-date lows, as low U.S. Treasury yields sparked a search for yield. However, the U.S. Treasury curve steepened during the
Janus High Yield Fund Gibson Smith and Darrell Watters, portfolio managers
Janus Capital Funds Plc / 30 June 2015
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Fund Overviews second half of the period, with yields on the 10- and 30-year reaching levels not visited since last autumn and broader fixed income markets largely retreated, influenced by a combination of improving U.S. data and uncertainty about the path of global monetary policy. The volatility that characterized markets during the winter initially subsided in early spring, only to flare up as the period closed. After first quarter gross domestic product and the March employment report disappointed, economic data rebounded over the ensuing two months. In June, the Federal Reserve (Fed) stated that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any move would be data dependent and gradual. Overall, the Fed reinforced its bias of ensuring that sustained growth takes hold.
On an issuer level, the largest relative detractor was QS Wholesale, the maker of the outdoor lifestyle apparel brand, Quiksilver. After strategic missteps by previous management, a new team, led by the company’s founder, was brought in during the second quarter. The company is seeking to sell its European headquarters, an attractive asset and whose sale could potentially double the company’s liquidity, in our view. Meanwhile, we intentionally carried a slightly larger cash position than we normally do to ensure trading flexibility in the face of the market’s greater liquidity challenges. However, our cash position was a drag on relative performance.
Outlook Performance Discussion The Fund outperformed its benchmark, the Barclays U.S. Corporate High Yield Bond Index, during the period. Outperformance was driven largely by security selection and spread carry, a measure of excess income generated by the Fund’s securities, within high-yield corporate credit. Our out-of-benchmark allocation to common stock and convertibles also contributed to relative performance, driven by our relative overweights. We remain committed to a bottom-up, fundamental investment approach, which we believe is especially advantageous in environments such as we find ourselves today. In our shift to a more defensive posture, we are seeking to identify high-yield corporate bonds of higher-quality companies committed to strengthening their capital structures and are thus candidates for a possible ratings upgrade. On the sector level, the leading relative contributor to outperformance was our metals and mining holdings. Driving returns were both our significant underweight versus the benchmark – evidence that which securities we choose to avoid is equally important as those we choose to hold – and our selection of the securities that we continued to own within the sector. Also contributing to performance was our security selection within aerospace/defense and midstream energy. Our tactic of security avoidance was also on display on the issuer level, with one of the leading contributors to Fund performance being our zero weighting to benchmark component Peabody energy. In our view, coal miners face both daunting regulatory challenges in addition to stiff competition from natural gas, a commodity whose prices have remained under intense pressure for a sustained amount of time. Also contributing to outperformance was ADS Tactical, a provider of military gear. We believe that ADS stands to benefit as the Department of Defense moves toward a streamlined procurement process favoring vendors of choice. On the sector level, retailers and transportation services weighed on relative results. 54
Janus Capital Funds Plc / 30 June 2015
Multiple factors currently have the potential to impact the fixed income environment and high-yield corporate credit in particular. Chief among them is the timing and pace of the Fed’s rate hikes and the pressure such a move would put on high-yield bonds with longer durations. We are also concerned with relevered corporate balance sheets, large amounts of new issuance and market illiquidity. Evidence of some investors putting the hunt for yield over capital preservation can be seen in the weakening of covenants of new many issuances. Data suggest that the central bank is achieving its dual mandate. Strong gains in payrolls have resumed and wage growth has shown signs of accelerating. The steadying in the U.S. dollar after its rapid appreciation also aids the inflation outlook as continued gains in the currency would have made foreign products cheaper, thus keeping a lid on prices. The dollar, however, remains one of our wild cards. Deterioration in the Greece dispute or a deceleration in non-U.S. economies could send investors fleeing back toward dollar-denominated assets, forcing a resumption in the currency’s march upward. This could pressure earnings of U.S. multinationals. In a nod to such scenarios, the Fed has acknowledged that international developments are being considered as it charts its path forward. The winter slowdown does not affect our full-year outlook. We expect growth to catch up over the second half of 2015. Continued patches of softness may cause the Fed to delay its initial rate hike past the widely assumed September lift-off, but in our view, rates will rise – albeit cautiously – this year. We believe that better-than-expected growth is not priced into the fixed income market. That concerns us, especially as any catalyst for a sell-off, in our view, would be especially felt within the high-yield space. We are mindful that we are quite possibly nearing the end of a credit cycle. Merger and acquisition activity, share buybacks, and debt issuance are up. We are also concerned with the potential for sustained periods of elevated volatility, which we consider suppressed by continued fixed-income inflows. Alarmingly low levels of liquidity are a risk factor that we are taking seriously.
We believe that less-liquid pockets of the market such as highyield credits are especially vulnerable. Should an illiquidity event occur, we want to be a provider of liquidity. Over the past quarter we have sought to reduce risks in our portfolio and expect to maintain this defensive posture as the aforementioned risk factors play out. We are holding larger amounts of cash than normal as any draw-downs that could occur are best paid out of cash rather than selling into a possible vacuum. Securities that have a sufficient amount of yield cushion to continue to compensate investors in the event of falling prices are also favorable to us. We have not seen such a confluence of potentially adverse forces in fixed income markets for several years. Our binding principle of capital preservation is of utmost importance as we navigate the choppy waters ahead. Thank you for your investment in Janus High Yield Bond Fund. (July 2015)
However, Germany’s 10-year bund aggressively sold off in the spring, with its yield rising almost 1% from near 0%. Prior to the late-quarter tumult fueled by Greece, improving data caused some to wonder whether it would be necessary for the ECB to carry out the entirety of its planned asset purchases. U.S. investment-grade spreads were flat for much of the period as that market absorbed a flood of new issuance before widening in June. High-yield spreads initially narrowed amid a search for yield, reaching year-to-date lows, prior to ending the period essentially unchanged.
Performance Discussion For the entire period, the Fund underperformed its benchmark, the 3-Month USD London Interbank Offered Rate (LIBOR). The Fund’s investment approach seeks to provide long-term positive returns and to preserve capital through various market environments by managing portfolio duration, credit risk and volatility. The Fund seeks to limit potential downside and avoid areas of the market where we see disproportionate risk.
Janus Global Unconstrained Bond Fund Bill Gross, portfolio manager Performance Overview During the six-month period ended June 30, 2015, Janus Global Unconstrained Bond Fund’s Class I€acc Hedged Shares returned -0.30% compared with 0.13% for the Fund’s benchmark, the 3-Month USD LIBOR.
Market Environment After experiencing increased volatility during the first part of the year amid persistent uncertainty of the timing of the Federal Reserve’s (Fed) expected rate hike, fixed income markets largely retreated over the rest of the period, influenced by a combination of improving U.S. data and uncertainty about the path of global monetary policy. The volatility that characterized fixed income markets during the winter initially subsided in early spring, only to flare up as the period closed. Data indicated that the economy had slowed during the year’s first three months. Over the ensuing two months, improving jobs and manufacturing data suggested that the winter slowdown had been transient. In June, the Fed stated that it would be appropriate to raise rates during the latter part of 2015. Yet, it reiterated that any move would be data dependent and gradual. The U.S. Treasury curve steepened during the period, with yields on the 10- and 30-year reaching levels not visited since last autumn. After dipping to 1.85% in early April, the 10-year yield nearly hit 2.50% in June. However, Treasury yields were partly capped by the March launch of the European Central Bank’s (ECB) quantitative easing (QE) program. The ECB’s QE drove eurozone sovereign yields into negative territory and encouraged foreign investors to purchase relatively higher-yielding Treasurys.
A key component of the Fund’s strategy is to maintain a sizable allocation in shorter-duration investment-grade and high-yield corporate credit. These cash bonds provide the Fund with its yield foundation. Corporate credits are selected based on a variety of criteria; however, in general, we focus on investmentgrade and “crossover” high-yield names with shorter maturities (often under 36 months) in a few common sectors. We define “crossover” credits as issuers that are either just above or just below investment-grade status. We seek to identify the most attractive segments of the market, and allocate capital accordingly across sectors, currency exposures, sovereign debt, credit quality, duration and yield curve positioning. For the six-month period, credit exposure contributed to Fund performance. U.S. dollar-denominated debt in Russian and Brazilian corporate bonds, however, detracted from performance In the Fund’s pursuit of generating positive returns, it deploys a Structural Alpha strategy. One component of this strategy is to sell volatility across a range of asset classes, including fixed income, equities and currencies. It is our view that prices of many investment instruments presume a greater level of volatility in underlying assets than what will ultimately be experienced, and returns can be generated by selling such instruments. During the period, the Fund – utilizing out-ofthe-money options – employed its volatility strategy in currency, equities and interest rate markets. Given the breadth of the markets in which this strategy is deployed, selling volatility during the period had both positive and negative impacts on Fund performance. During the first quarter of 2015, volatility sales drove positive performance and, as explained below, they detracted in the period’s final three months due to exposure to the German bund.
Janus Capital Funds Plc / 30 June 2015
55
Fund Overviews Relative value trades were also a component of Structural Alpha that was employed by the Fund. During the first three months of the period, relative value trades weighed on performance as we sold exposure to the bund in favor of U.S. Treasurys, expecting that the bund was overvalued. However, the bund’s rally continued for much of the winter, with yields nearly sliding to 0%.
inflation in Mexico pick up and the country’s ability to service its outstanding sovereign debt not come into question.
Selling default protection on issuers that we consider to be misunderstood by other market participants is another strategy of Structural Alpha. Similar to volatility, we view that the market has a tendency to overpay for protection against credit events of certain issuers. In instances where we believe that default risk is overpriced, we sell credit default swaps (CDS) to investors who take an opposing view on the risk of the underlying credit.
Janus US Short-Term Bond Fund
Russian debt is an example of where this strategy was deployed. After last autumn’s collapse in global energy prices and additional sanctions imposed upon Russia, the ability of the country’s government to generate sufficient revenue to cover its budget was called into question. Selling such protection on the sovereign debt of Brazil – another country facing economic challenges – was also a part of the Fund’s strategy. As markets reacted to adverse events in these two countries, we sold government default protection during the final three months of the reporting period. Our allocation to Brazilian CDS was a strong contributor to performance during this period, with our Russian allocation also contributing, but by a much smaller amount. At the onset of the second quarter of 2015, we employed a volatility strategy on German bunds. After having seen yields on the 10-year bund plummet to near 0% as the ECB rolled out its plan to purchase 60 billion euros of assets monthly, the market exhibited trepidation, wondering if the bund rally was overextended or if the ECB would need to complete its scheduled asset purchases in light of slowly improving eurozone data. Our position on the bund involved selling volatility using options without taking a directional stance. As the bund rally reversed in late April 2015, the exposure of the trade shifted to a point where it was long the bund. Both the speed and the magnitude of the bund reversal surprised markets. As prices continued to fall, we employed other strategies to manage losses until expiry of the original contracts. We then reinstituted exposure to bunds, still short volatility, but more directionally focused – short German debt – as this better aligned with our macro view. In aggregate, the bund strategy we instituted from early April 2015 through the period’s end ultimately detracted from performance. Russia, Germany and Brazil are not the only countries that the Fund had exposure to during the period. By utilizing a relativevalue strategy, we have positioned ourselves to potentially benefit from a compression of Mexican and U.S. interest rates. Similarly, we have taken positions that stand to benefit should
56
Janus Capital Funds Plc / 30 June 2015
Thank you for your investment in Janus Global Unconstrained Bond Fund. (July 2015)
Gibson Smith and Darrell Watters, portfolio manager Performance Summary During the six-month period ended June 30, 2015, Janus Short-Term Bond Fund’s Class I$acc Shares returned 0.58% compared with 0.72% for the Fund’s benchmark, the Barclays U.S. Government/Credit 1-3 Year Bond Index.
Investment Environment The yield of the 2-year U.S. Treasury ended the period relatively flat. Soft U.S. economic data in the first half of the period caused investors to worry that the Federal Reserve (Fed) may not hike its benchmark rates as soon as anticipated, which weighed on yields. However, improving economic data in the second half of the period heightened the expectation that the Fed would indeed initiate rate hikes before the end of the year and the yield rose above 0.70%. However, yields fell slightly in light of questions surrounding Greece’s ability to service its debt obligations at the end of June.
Performance Discussion The Fund underperformed its benchmark, the Barclays U.S. Government/Credit 1-3 Year Bond Index, during the period. Our U.S. Treasury allocation was the largest detractor from relative performance due to our yield curve positioning. We shortened our duration during the period. We use Treasurys as a tool to adjust duration of the overall portfolio, and as shortterm notes sold off during the period, our positioning detracted from relative performance. Since our Treasurys allocation is considerably less than that of the benchmark – and was further lowered during the quarter – the detraction from relative performance due to our positioning was tempered. Relative asset class contributors included our high-yield and investment-grade corporate credit allocations. Contributing to relative performance was spread carry – a measure of excess income generated by the Fund’s securities – within our outof-benchmark high-yield corporate credit allocation as well as within our investment-grade corporate allocation. These gains, however, were slightly diminished by our yield curve positioning within both market segments.
On a credit sector basis, midstream and independent energy were the primary credit sectors weighing on relative returns, while technology and oil field services contributed to relative performance. On an individual security level, a decline in out-of-benchmark Chesapeake Energy detracted from performance. We continue to like this leading producer of natural gas. It has a leadership team that, in our view, manages its balance sheet like an investmentgrade company. With its ample liquidity and a large asset base, Chesapeake, in our view, is well-positioned to attain a ratings upgrade.
Outlook The quarter’s incrementally improving economic data were a factor in rising short-term rates, as expectations were heighted that the years-long era of near zero-interest-rate-policy would soon end. Given the sensitivity of shorter-maturity rates to policy rates, a hike would be disproportionately felt on the short end of the curve. While risks to slowing U.S. – or global – growth could cause the Fed to delay its initial rate hike, our expectation is that one shall occur in 2015. We are positioning the Fund to avoid the shortestduration securities as these will be the ones most likely to incur a capital loss, and instead seek to identify high-quality out-ofbenchmark 5-year notes that have a sufficient yield cushion to absorb price declines and still adequately compensate investors. We expect to continue to maintain our defensive stance, not only in light of the specter of rising rates, but also due to a flood of new issuance, and continued shareholder-friendly activity that eschews the priorities of fixed income investors. We believe that our corporate credit allocation is integral to achieving our goal of generating attractive risk-adjusted returns. Our fundamental, bottom-up investment process that focuses not only on companies, but also on individual securities, in our view, lends itself to effectively uncovering value that investors with a top-down approach may overlook. With a defensive bias, we are concentrating our efforts on notes of higher-quality companies that are committed to disciplined balance sheet management and generating stable cash flow. As some of our lower-yielding, investment-grade credits mature, we will seek opportunities to redeploy these proceeds in slightly higher-yielding and longerdated maturities. Thank you for your investment in Janus US Short-Term Bond Fund. (July 2015)
Janus Capital Funds Plc / 30 June 2015
57
Fund Performance TOTAL RETURNS(1) As at 30 June 2015
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
Janus Asia Frontier Markets Fund A$acc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . ACAD$acc Hedged Shares . . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . E€acc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . IRMB(CNH)acc Hedged Shares . I€acc Hedged Shares. . . . . . . U€acc Hedged Shares . . . . . . U£acc Hedged Shares . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
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. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
(3.30)% (1.60)% (3.10)% (0.90)% (3.70)% (3.40)% (4.00)% (2.40)% 0.10% (2.80)% (2.60)% (2.30)%
Janus Asia Growth Drivers Fund A$acc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . ACAD$acc Hedged Shares . . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . E€acc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . IRMB(CNH)acc Hedged Shares . I€acc Hedged Shares. . . . . . . U€acc Hedged Shares . . . . . . U£acc Hedged Shares . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
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. . . . . . . . . . . .
. . . . . . . . . . . .
19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014 19 September 2014
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
(4.90)% (2.90)% (4.10)% (2.30)% (5.10)% (4.80)% (5.50)% (3.90)% (1.30)% (4.20)% (4.00)% (3.90)%
Janus Asia Fund A$acc Shares. . . . . E€acc Hedged Shares I$acc Shares . . . . . I€acc Hedged Shares. U£acc Shares . . . . Z$inc Shares . . . . .
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31 30 31 30 2 26
10.25% 9.65% 11.58% 11.40% 21.89% 13.04%
11.02% 10.11% 12.46% 12.09% N/A N/A
N/A N/A N/A N/A N/A N/A
5.95% 6.49% 7.30% 8.40% 7.49% 17.33%
24.80% 22.70% 31.00% 30.00% 19.70% 37.90%
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August March August March January June
2011 2012 2011 2012 2013 2013
Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1)
Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.
58
Janus Capital Funds Plc / 30 June 2015
TOTAL RETURNS(1) As at 30 June 2015
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
Janus Balanced Fund A$acc Shares. . . . . . . . . . . A$inc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . AAUD$inc Hedged Shares . . . . ACAD$inc Hedged Shares . . . . ARMB(CNH)inc Hedged Shares . A€acc Hedged Shares . . . . . . A€inc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . AHKD$inc Shares . . . . . . . . B$acc Shares. . . . . . . . . . . E€acc Hedged Shares . . . . . . E€inc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . I$inc Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . I€inc Hedged Shares. . . . . . . V$inc Shares. . . . . . . . . . . VAUD$inc Hedged Shares . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
24 1 1 1 4 4 31 1 31 4 24 31 4 31 1 31 1 4 4
December 1998 October 2013 October 2013 October 2013 October 2013 October 2013 December 1999 October 2013 August 2011 October 2013 December 1998 August 2011 October 2013 December 1999 October 2013 January 2008 October 2013 October 2013 October 2013
0.35% 0.36% 3.25% 2.70% 0.77% 3.33% (0.12)% (0.16)% 0.37% 0.35% (0.66)% (0.53)% (0.60)% 1.31% 1.34% 1.04% 0.96% 0.32% 2.74%
8.62% N/A N/A N/A N/A N/A 8.12% N/A 8.57% N/A 7.53% 7.68% N/A 9.66% N/A 9.39% N/A N/A N/A
8.46% N/A N/A N/A N/A N/A 7.86% N/A N/A N/A 7.37% N/A N/A 9.50% N/A 9.07% N/A N/A N/A
5.18% 5.00% 7.96% 7.26% 5.72% 7.32% 4.65% 4.41% 8.42% 4.95% 4.15% 7.43% 3.97% 5.10% 5.93% 6.10% 5.36% 4.93% 7.58%
130.40% 8.88% 14.30% 13.02% 10.15% 13.05% 102.31% 7.81% 36.30% 8.76% 95.80% 31.60% 7.00% 116.27% 10.57% 55.10% 9.54% 8.71% 13.54%
Janus Emerging Markets Fund A$acc Shares. . . . . . . . A€acc Hedged Shares . . . B$acc Shares. . . . . . . . E€acc Hedged Shares . . . I$acc Shares . . . . . . . . I€acc Hedged Shares. . . . U£acc Shares . . . . . . . Z$inc Shares . . . . . . . .
. . . . . . . .
. . . . . . . .
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30 September 2010 30 September 2010 30 September 2010 31 August 2011 30 September 2010 30 September 2010 2 January 2013 29 June 2015
(8.14)% (8.48)% (9.09)% (8.81)% (7.37)% (6.00)% 1.32% N/A
3.83% 3.29% 2.82% 1.00% 4.76% 4.88% N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A
(2.40)% (3.29)% (3.37)% (4.18)% (1.52)% (1.99)% 0.00% N/A
(10.90)% (14.70)% (15.00)% (15.10)% (7.00)% (9.10)% 0.00% 0.69%
Janus Europe Fund A$acc Hedged Shares . . A€acc Shares. . . . . . . ASEKacc Hedged Shares . E€acc Shares. . . . . . . I€acc Shares . . . . . . . ISEKacc Hedged Shares . U$acc Hedged Shares . . U€acc Shares . . . . . . Z€acc Shares. . . . . . . Z€inc Shares . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
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. . . . . . . . . .
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18 September 2013 28 November 2008 31 October 2013 31 August 2011 28 November 2008 16 January 2014 31 October 2013 31 October 2013 1 October 2013 26 June 2014
7.90% 8.53% 8.51% 7.97% 9.66% 9.62% 9.48% 9.87% 10.97% 10.96%
N/A 15.82% N/A 15.34% 17.11% N/A N/A N/A N/A N/A
N/A 11.79% N/A N/A 13.20% N/A N/A N/A N/A N/A
9.48% 15.49% 10.07% 14.74% 16.94% 10.17% 10.35% 11.08% 13.19% 10.94%
17.50% 158.20% 17.30% 69.40% 180.30% 15.10% 17.80% 19.10% 24.13% 11.07%
. . . . . . . . . .
Janus Capital Funds Plc / 30 June 2015
59
Fund Performance TOTAL RETURNS(1) As at 30 June 2015
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
Janus Global Life Sciences Fund A$acc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . B$acc Shares. . . . . . . . . . . E$acc Shares. . . . . . . . . . . E€acc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . I€acc Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U$acc Shares . . . . . . . . . . U$Inc Shares . . . . . . . . . . U€acc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . . U£acc Shares . . . . . . . . . . U£Inc Shares . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
31 4 3 31 27 31 1 1 31 20 31 31 20 20 31 20 02
March October October March February March October October March October January October October October October October January
2000 2013 2014 2000 2015 2000 2013 2013 2000 2014 2008 2013 2014 2014 2013 2014 2013
36.25% 38.63% N/A 35.99% N/A 34.89% 35.51% 35.28% 37.25% N/A 37.07% 38.33% N/A N/A 37.96% N/A 50.61%
36.42% N/A N/A 35.88% N/A 35.04% N/A N/A 37.57% N/A 37.11% N/A N/A N/A N/A N/A N/A
29.15% N/A N/A 28.40% N/A 27.83% N/A N/A 30.31% N/A 29.83% N/A N/A N/A N/A N/A N/A
7.87% 37.74% N/A 7.93% N/A 6.77% 33.70% 32.82% 8.82% N/A 16.08% 39.33% N/A N/A 39.57% N/A 44.06%
217.60% 74.40% 29.80% 220.40% 5.90% 171.40% 66.00% 64.10% 262.90% 52.70% 202.10% 73.60% 33.50% 53.40% 74.10% 37.50% 148.20%
Janus Global Research Fund A$acc Shares. . . . . . . A$dis Shares . . . . . . . A€acc Hedged Shares . . B$acc Shares. . . . . . . E€acc Hedged Shares . . I$acc Shares . . . . . . . I$dis Shares . . . . . . . I€acc Hedged Shares. . . U£acc Shares . . . . . . Z$inc Shares . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
24 31 24 24 31 24 31 24 2 11
April January April April August April January April January January
2006 2008 2006 2006 2011 2006 2008 2006 2013 2013
3.83% 3.74% 3.12% 2.75% 2.00% 5.09% 5.04% 0.13% 14.65% 6.40%
13.14% 13.14% 12.52% 12.02% 11.70% 14.58% 14.57% 12.36% N/A N/A
11.71% 11.71% 10.78% 10.62% N/A 13.10% 13.08% 11.21% N/A N/A
5.24% 3.66% 3.92% 4.20% 8.70% 6.45% 4.86% 4.60% 14.50% 13.96%
59.90% 30.50% 42.30% 45.90% 37.70% 77.50% 42.17% 51.20% 40.10% 38.01%
Janus Global Technology Fund A$acc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . B$acc Shares. . . . . . . . . . . I$acc Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U$acc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
31 30 30 31 30 31 31 31 31 31
March May May March May March March January October October
2000 2014 2014 2000 2014 2000 2000 2008 2013 2013
4.76% 8.96% 10.17% 4.08% 5.58% 3.77% 5.64% 5.32% 6.37% 5.90%
15.32% N/A N/A 14.69% N/A 14.19% 16.40% 16.34% N/A N/A
14.48% N/A N/A 13.60% N/A 13.34% 15.57% 15.26% N/A N/A
(2.28)% 13.11% 13.57% (2.18)% 8.91% (3.23)% (1.40)% 9.06% 11.70% 11.75%
(29.60)% 14.30% 14.80% (28.50)% 9.70% (39.40)% (19.40)% 90.20% 20.20% 20.30%
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1)
Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.
60
Janus Capital Funds Plc / 30 June 2015
TOTAL RETURNS(1) As at 30 June 2015
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
Janus Japan Emerging Opportunities Fund A$acc Hedged Shares . . . . . . . . . . AAUD$acc Hedged Shares. . . . . . . . ACAD$acc Hedged Shares . . . . . . . . ARMB(CNH)acc Hedged Shares . . . . . A€acc Hedged Shares . . . . . . . . . . AHKD$acc Hedged Shares. . . . . . . . E€acc Hedged Shares . . . . . . . . . . I$acc Hedged Shares. . . . . . . . . . . IRMB(CNH)acc Hedged Shares . . . . . I€acc Hedged Shares. . . . . . . . . . . IJPYacc Shares . . . . . . . . . . . . . . U€acc Hedged Shares . . . . . . . . . . U£acc Hedged Shares . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
24.80% 27.00% 25.20% 28.00% 24.60% 25.00% 24.10% 26.00% 29.20% 25.80% 26.89% 25.90% 26.40%
Janus Japan Fund A$acc Hedged Shares . . . . . . AAUD$acc Hedged Shares. . . . ACAD$acc Hedged Shares . . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Hedged Shares. . . . E€acc Hedged Shares . . . . . . I$acc Hedged Shares. . . . . . . IRMB(CNH)acc Hedged Shares . I€acc Hedged Shares. . . . . . . IJPYacc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . . U£acc Hedged Shares . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014 26 September 2014
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
16.90% 18.90% 17.20% 19.90% 16.70% 17.10% 16.20% 17.90% 20.90% 17.70% 18.79% 17.70% 18.10%
Janus Opportunistic Alpha Fund A$acc Shares. . . . . . . . . . . A$dis Shares . . . . . . . . . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . B$acc Shares. . . . . . . . . . . E€acc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . I$dis Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U$acc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . . U£acc Shares . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
24 31 3 31 24 31 31 31 31 31 31 2
December 1998 January 2008 October 2014 December 1999 December 1998 August 2011 December 1999 January 2008 January 2008 October 2013 October 2013 January 2013
2.52% 2.53% N/A 2.14% 1.43% 1.33% 3.59% 3.65% 4.73% 3.74% 3.39% 13.00%
12.56% 12.58% N/A 12.08% 11.46% 11.22% 13.84% 13.89% 13.65% N/A N/A N/A
10.27% 10.28% N/A 9.43% 9.16% N/A 11.45% 11.49% 10.73% N/A N/A N/A
3.74% 4.85% N/A (0.25)% 2.72% 7.08% 0.52% 5.95% 4.82% 14.25% 14.36% 17.81%
83.40% 42.10% 4.40% (3.82)% 55.80% 30.00% 8.39% 53.50% 41.80% 24.80% 25.00% 50.40%
Janus US Fund A$acc Shares. . . . . A€acc Hedged Shares B$acc Shares. . . . . I$acc Shares . . . . . I€acc Hedged Shares.
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
30 September 2010 30 September 2010 30 September 2010 30 September 2010 30 September 2010
11.60% 11.33% 10.49% 12.83% 12.40%
16.15% 15.68% 15.01% 17.37% 16.82%
N/A N/A N/A N/A N/A
12.13% 11.28% 11.02% 13.32% 12.39%
72.20% 66.10% 64.30% 81.10% 74.10%
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
. . . . .
Janus Capital Funds Plc / 30 June 2015
61
Fund Performance TOTAL RETURNS(1) As at 30 June 2015 2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
2002 2008 2002 2002 2002 2008 2008 2013
5.60% 5.73% 5.08% 4.53% 7.08% 7.19% 6.72% 8.42%
16.80% 16.82% 16.24% 15.63% 18.55% 18.56% 18.47% N/A
14.89% 14.89% 14.29% 13.74% 16.60% 16.63% 16.28% N/A
6.12% 5.74% 5.23% 5.04% 7.36% 7.16% 6.44% 17.22%
122.60% 51.30% 98.70% 94.00% 160.10% 67.00% 58.80% 43.58%
Inception Date
Janus US Research Fund A$acc Shares. . . . . A$dis Shares . . . . . A€acc Hedged Shares B$acc Shares. . . . . I$acc Shares . . . . . I$dis Shares . . . . . I€acc Hedged Shares. Z$inc Shares . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
. . . . . . . .
11 31 11 11 11 31 31 21
Janus US Twenty Fund A$acc Shares. . . . . . . . . . . A$dis Shares . . . . . . . . . . . AAUD$acc Hedged Shares. . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . B$acc Shares. . . . . . . . . . . E€acc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . I$dis Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U$acc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . . U£acc Shares . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
24 31 4 3 31 24 31 31 31 31 31 31 2
December 1998 January 2008 October 2013 October 2014 December 1999 December 1998 August 2011 December 1999 January 2008 December 1999 October 2013 October 2013 January 2013
13.87% 13.83% 16.36% N/A 13.39% 12.74% 12.92% 15.05% 15.04% 14.70% 15.33% 14.79% 25.48%
19.10% 19.08% N/A N/A 18.58% 17.93% 18.14% 20.35% 20.34% 19.65% N/A N/A N/A
16.27% 16.26% N/A N/A 15.42% 15.12% N/A 17.47% 17.46% 16.44% N/A N/A N/A
5.10% 6.45% 17.13% N/A 2.03% 4.06% 16.13% 2.68% 7.47% 3.14% 15.13% 15.18% 21.53%
127.40% 58.90% 31.60% 13.70% 36.45% 92.90% 77.40% 50.62% 70.60% 61.43% 26.40% 26.50% 62.50%
Janus US Venture Fund A$acc Shares. . . . . . . . A$dis Shares . . . . . . . . AAUD$acc Hedged Shares. A€acc Hedged Shares . . . B$acc Shares. . . . . . . . I$acc Shares . . . . . . . . I$dis Shares . . . . . . . . I€acc Hedged Shares. . . . U$acc Shares . . . . . . . U€acc Hedged Shares . . . U£acc Shares . . . . . . . Z$acc Shares. . . . . . . . Z€acc Shares. . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
31 31 4 31 31 31 31 31 31 31 2 3 6
December 1999 January 2008 October 2013 December 1999 December 1999 December 1999 January 2008 January 2008 October 2013 October 2013 January 2013 April 2013 May 2014
14.13% 14.11% 16.13% 13.60% 12.87% 14.94% 14.94% 14.46% 15.77% (95.01)% 26.09% 16.92% 43.62%
20.00% 20.04% N/A 19.39% 18.77% 21.03% 21.10% 18.45% N/A N/A N/A N/A N/A
20.09% 20.13% N/A 19.24% 18.87% 21.20% 21.22% 19.14% N/A N/A N/A N/A N/A
5.34% 9.72% 16.82% 5.73% 4.30% 6.20% 10.74% 9.11% 16.66% (82.33)% 24.76% 24.40% 50.58%
123.80% 98.90% 31.00% 137.20% 92.00% 153.90% 113.10% 90.80% 29.20% (94.40)% 73.50% 63.13% 60.16%
Perkins Global Value Fund A$acc Shares. . . . . . . A€acc Hedged Shares . . B$acc Shares. . . . . . . E€acc Hedged Shares . . I$acc Shares . . . . . . . I€acc Hedged Shares. . . U$acc Shares . . . . . . U€acc Hedged Shares . . Z$inc Shares . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
. . . . . . . . .
30 September 2010 30 September 2010 30 September 2010 31 October 2013 30 September 2010 30 September 2010 31 October 2013 31 October 2013 26 June 2013
(3.31)% (3.76)% (4.27)% (4.70)% (2.31)% (27.96)% (2.06)% (2.67)% (1.10)%
10.49% 9.84% 9.21% N/A 11.67% 10.91% N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A
8.73% 7.89% 7.54% 3.27% 9.88% 8.95% 5.43% 5.43% 9.75%
48.80% 43.40% 41.20% 5.50% 56.40% 50.20% 9.20% 9.20% 20.57%
. . . . . . . . .
. . . . . . . .
. . . . . . . .
January January January January January January January March
Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1)
Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.
62
Janus Capital Funds Plc / 30 June 2015
TOTAL RETURNS(1) As at 30 June 2015
Perkins US Strategic Value Fund A$acc Shares. . . . . . . . . A$dis Shares . . . . . . . . . A€acc Hedged Shares . . . . B$acc Shares. . . . . . . . . E€acc Hedged Shares . . . . I$acc Shares . . . . . . . . . I$dis Shares . . . . . . . . . I€acc Shares . . . . . . . . . I€acc Hedged Shares. . . . . U$acc Shares . . . . . . . . U€acc Hedged Shares . . . . U£acc Shares . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
30 November 2000 31 January 2008 30 November 2000 30 November 2000 31 August 2011 30 November 2000 31 January 2008 28 September 2012 31 January 2008 31 October 2013 31 October 2013 2 January 2013
(0.24)% (0.28)% (0.77)% (1.23)% (1.38)% 0.44% 0.47% 23.39% 0.00% 1.18% 0.72% 10.17%
11.16% 11.13% 10.61% 10.06% 10.02% 11.98% 12.01% N/A 11.44% N/A N/A N/A
9.69% 9.68% 8.90% 8.60% N/A 10.51% 10.53% N/A 9.67% N/A N/A N/A
5.05% 4.80% 4.16% 3.97% 8.29% 5.89% 5.61% 16.84% 4.73% 6.82% 6.82% 13.67%
105.20% 41.57% 81.20% 76.40% 35.70% 130.30% 49.86% 53.50% 40.90% 11.60% 11.60% 37.60%
N/A
N/A
N/A
N/A
(2.28)%
INTECH All-World Minimum Variance Core Fund(a) Z£acc Shares. . . . . . . . . . . . . . . . . . . .
01
INTECH European Core Fund A€acc Shares. . . . . . . . . . . . . . . . . . . . Z€inc Shares . . . . . . . . . . . . . . . . . . . .
28 February 2014 31 January 2014
13.61% 15.73%
N/A N/A
N/A N/A
9.96% 15.53%
13.50% 22.59%
INTECH Global All Country Low Volatility Fund Z£acc Shares. . . . . . . . . . . . . . . . . . . .
3 November 2014
N/A
N/A
N/A
N/A
5.63%
INTECH Global Dividend Fund A$acc Shares. . . . . . . . . A$inc Shares. . . . . . . . . A€acc Hedged Shares . . . . A€inc Hedged Shares . . . . E€acc Hedged Shares . . . . E€inc Hedged Shares . . . . I$acc Shares . . . . . . . . . I$inc Shares . . . . . . . . . I€acc Hedged Shares. . . . . I€inc Hedged Shares. . . . . U$acc Shares . . . . . . . . U€acc Hedged Shares . . . . U£inc Shares. . . . . . . . . Z€acc Shares. . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
28 28 28 28 28 28 28 28 28 28 31 31 28 28
March March March March March March March March March March October October March February
2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
(9.74)% (9.68)% (9.61)% (10.66)% (10.97)% (11.21)% (9.26)% (9.17)% (9.98)% (9.93)% (9.12)% (9.88)% (1.03)% 12.47%
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
3.26% 3.06% 2.36% 2.01% 1.71% 1.47% 3.81% 3.82% 3.17% 3.20% (0.18)% (0.36)% 2.33% 12.70%
7.50% 7.04% 5.40% 4.59% 3.90% 3.35% 8.80% 8.83% 7.30% 7.36% (0.30)% (0.60)% 5.34% 32.20%
INTECH US Core Fund A$acc Shares. . . . . A$dis Shares . . . . . A€acc Hedged Shares B$acc Shares. . . . . I$acc Shares . . . . . I$dis Shares . . . . . I€acc Hedged Shares. U$acc Shares . . . . U€acc Hedged Shares U£acc Shares . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
25 31 25 25 25 31 24 31 31 2
April January April April April January April October October January
2003 2008 2003 2003 2003 2008 2006 2013 2013 2013
6.43% 6.46% 5.89% 5.35% 7.05% 6.97% 6.64% 7.29% 6.80% 16.82%
16.20% 16.21% 15.56% 15.03% 16.86% 16.81% 16.41% N/A N/A N/A
16.16% 16.16% 15.32% 14.99% 16.79% 16.76% 16.22% N/A N/A N/A
8.75% 6.86% 7.81% 7.68% 9.32% 7.41% 5.18% 11.98% 12.09% 18.78%
177.90% 63.58% 150.00% 146.30% 196.20% 69.91% 59.00% 20.70% 20.90% 53.50%
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
May
2015
Janus Capital Funds Plc / 30 June 2015
63
Fund Performance TOTAL RETURNS(1) As at 30 June 2015
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
Janus Global Diversified Alternatives Fund A$acc Shares. . . . . . . . . . . . . . . ACHFacc Hedged Shares . . . . . . . . A€acc Hedged Shares . . . . . . . . . . ASEKacc Hedged Shares . . . . . . . . . E€acc Hedged Shares . . . . . . . . . . I$acc Shares . . . . . . . . . . . . . . . ICHFacc Hedged Shares . . . . . . . . . I€acc Hedged Shares. . . . . . . . . . . ISEKacc Hedged Shares . . . . . . . . . U$acc Shares . . . . . . . . . . . . . . U€acc Hedged Shares . . . . . . . . . . U£acc Hedged Shares . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
. . . . . . . . . . . .
6 31 6 31 6 31 31 6 31 6 6 31
January 2014 January 2014 January 2014 January 2014 January 2014 December 2013 January 2014 January 2014 January 2014 January 2014 January 2014 January 2014
(3.04)% (3.84)% (2.95)% (3.06)% (4.14)% (2.05)% (2.96)% (2.45)% (2.28)% (1.95)% (2.35)% (1.61)%
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
(0.81)% 0.21% (0.81)% 1.06% (1.83)% 0.20% 1.13% (0.20)% 1.91% 0.27% (0.07)% 2.82%
(1.20)% 0.30% (1.20)% 1.50% (2.70)% 0.30% 1.60% (0.30)% 2.70% 0.40% (0.10)% 4.00%
Janus Global Real Estate Fund A$acc Shares. . . . . . . . . . . A$inc Shares. . . . . . . . . . . AAUD$inc Hedged Shares . . . . ARMB(CNH)acc Hedged Shares . A€acc Hedged Shares . . . . . . B$acc Shares. . . . . . . . . . . B$inc Shares . . . . . . . . . . . E€acc Hedged Shares . . . . . . E€inc Hedged Shares . . . . . . I$inc Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U£inc Shares. . . . . . . . . . . U£inc Hedged Shares . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
29 September 2003 29 September 2003 4 October 2013 3 October 2014 29 September 2003 29 September 2003 29 September 2003 28 March 2013 28 March 2013 29 September 2003 31 January 2008 27 June 2014 27 June 2014
(0.24)% (0.30)% 1.99% N/A (0.91)% (1.21)% (1.16)% (1.35)% (0.92)% 0.78% (2.63)% 0.68% 9.91%
10.73% 10.72% N/A N/A 10.07% 9.64% 9.63% N/A N/A 11.88% 18.80% N/A N/A
10.01% 10.01% N/A N/A 9.08% 8.92% 8.92% N/A N/A 11.14% 14.64% N/A N/A
4.34% 4.32% 11.29% N/A 3.02% 3.31% 3.31% 4.02% 4.13% 5.29% 5.42% 0.67% 9.83%
64.80% 64.38% 20.41% 7.10% 41.90% 46.70% 46.58% 9.30% 9.58% 83.28% 47.90% 0.68% 9.91%
Janus Flexible Income Fund A$acc Shares. . . . . . . . . . . A$inc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . AAUD$inc Hedged Shares . . . . ARMB(CNH)inc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . AHKD$inc Shares . . . . . . . . B$acc Shares. . . . . . . . . . . B$inc Shares . . . . . . . . . . . B€inc Hedged Shares . . . . . . E€acc Hedged Shares . . . . . . E€inc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . I$inc Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U$acc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . . U£acc Hedged Shares . . . . . . U£inc Hedged Shares . . . . . . V$inc Shares. . . . . . . . . . . VAUD$inc Hedged Shares . . . . Z$acc Shares. . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
24 December 1998 24 December 1998 1 October 2013 28 March 2013 28 March 2013 31 December 1999 28 March 2013 28 March 2013 24 December 1998 24 December 1998 31 December 1999 31 August 2011 31 August 2011 9 May 2012 31 December 1999 31 December 1999 31 October 2013 31 October 2013 2 January 2013 2 January 2013 28 September 2012 28 March 2013 19 March 2014
(0.15)% (0.16)% 2.26% 2.41% 3.03% (0.66)% (0.10)% (0.17)% (1.15)% (1.17)% (1.64)% (0.93)% (0.87)% 1.02% 1.03% 0.51% 0.96% 0.67% 1.15% 0.31% (0.22)% 2.45% 1.81%
1.38% 1.38% N/A N/A N/A 1.01% N/A N/A 0.37% 0.39% 0.02% 0.76% 0.76% 2.61% 2.60% 2.16% N/A N/A N/A N/A N/A N/A N/A
2.98% 2.98% N/A N/A N/A 2.84% N/A N/A 1.95% 1.95% 1.84% N/A N/A N/A 4.17% 4.00% N/A N/A N/A N/A N/A N/A N/A
4.32% 4.40% 4.90% 2.55% 3.10% 5.20% 0.75% 0.51% 3.35% 3.42% 4.30% 1.81% 1.82% 2.75% 5.48% 6.44% 2.86% 3.10% 2.33% 1.90% 0.55% 3.25% 3.40%
101.20% 103.73% 8.70% 5.85% 7.14% 119.38% 1.70% 1.16% 72.40% 74.30% 92.10% 7.10% 7.16% 8.90% 128.71% 163.21% 4.80% 5.20% 5.90% 4.79% 1.54% 7.49% 4.38%
Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1)
Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.
64
Janus Capital Funds Plc / 30 June 2015
TOTAL RETURNS(1) As at 30 June 2015
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
Janus Global Flexible Income Fund A$acc Shares. . . . . . . . . . . A€acc Hedged Shares . . . . . . E€acc Hedged Shares . . . . . . E€inc Hedged Shares . . . . . . I$inc Shares . . . . . . . . . . . I€acc Hedged Shares. . . . . . . U$acc Shares . . . . . . . . . . U€acc Hedged Shares . . . . . . U£acc Hedged Shares . . . . . . U£inc Hedged Shares . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
. . . . . . . . . .
28 September 2012 28 September 2012 31 October 2012 31 October 2012 28 September 2012 28 September 2012 31 October 2013 31 October 2013 2 January 2013 2 January 2013
(5.92)% (6.49)% (6.50)% (6.75)% (4.96)% (5.41)% (4.84)% (5.46)% (4.91)% (4.80)%
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
(1.14)% (1.81)% (1.91)% (1.81)% (0.09)% (0.73)% 1.32% 1.26% 0.32% 0.34%
(3.10)% (4.90)% (5.00)% (4.76)% (0.24)% (2.00)% 2.20% 2.10% 0.80% 0.84%
Janus Global High Yield Fund A$acc Shares. . . . . . . . A$inc Shares. . . . . . . . AAUD$inc Hedged Shares . A€acc Hedged Shares . . . A€inc Hedged Shares . . . B$acc Shares. . . . . . . . B$inc Shares . . . . . . . . B€inc Hedged Shares . . . E€acc Hedged Shares . . . E€inc Hedged Shares . . . I$acc Shares . . . . . . . . I$inc Shares . . . . . . . . IAUD$inc Hedged Shares . I€acc Hedged Shares. . . . I€inc Hedged Shares. . . . U£acc Hedged Shares . . . U£inc Hedged Shares . . . Z$inc Shares . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
29 October 2010 29 October 2010 30 November 2011 29 October 2010 29 October 2010 29 October 2010 29 October 2010 29 October 2010 31 August 2011 31 August 2011 29 October 2010 29 October 2010 30 November 2011 29 October 2010 29 October 2010 2 January 2013 2 January 2013 7 October 2013
(4.55)% (4.51)% (2.30)% (5.00)% (5.11)% (5.43)% (5.45)% (6.03)% (5.60)% (5.54)% (3.59)% (3.66)% (1.43)% (76.19)% (2.50)% (3.29)% (3.44)% (2.59)%
5.47% 5.49% 8.12% 4.89% 5.01% 4.41% 4.42% 5.22% 4.79% 4.50% 6.48% 6.44% 9.17% (32.98)% 7.69% N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
5.08% 5.10% 9.73% 4.64% 4.68% 4.02% 4.03% 4.50% 5.19% 5.10% 6.08% 6.06% 10.77% (21.19)% 6.80% 4.58% 4.55% 4.20%
26.00% 26.15% 39.48% 23.60% 23.78% 20.20% 20.26% 22.83% 21.40% 20.98% 31.70% 31.62% 44.29% (67.10)% 35.98% 11.80% 11.72% 7.37%
Janus Global Investment Grade Bond Fund A$acc Shares. . . . . . . . . . . . . . . A$inc Shares. . . . . . . . . . . . . . . A€acc Hedged Shares . . . . . . . . . . A€inc Hedged Shares . . . . . . . . . . B$acc Shares. . . . . . . . . . . . . . . B$inc Shares . . . . . . . . . . . . . . . B€inc Hedged Shares . . . . . . . . . . E€acc Hedged Shares . . . . . . . . . . E€inc Hedged Shares . . . . . . . . . . I$acc Shares . . . . . . . . . . . . . . . I$inc Shares . . . . . . . . . . . . . . . I€acc Hedged Shares. . . . . . . . . . . I€inc Hedged Shares. . . . . . . . . . . I£inc Hedged Shares. . . . . . . . . . . Z$inc Shares . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
29 29 29 29 29 29 29 31 31 29 29 29 29 30 26
(7.72)% (7.75)% (8.35)% (8.35)% (8.62)% (8.63)% (9.65)% (8.67)% (8.85)% (6.68)% (6.65)% (12.86)% (7.59)% N/A (5.84)%
1.47% 1.47% 0.94% 0.99% 0.45% 0.45% (0.20)% 0.49% 0.38% 2.64% 2.66% (0.19)% 2.02% N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
2.04% 2.04% 1.78% 1.80% 1.03% 1.03% 0.70% 0.83% 0.88% 3.21% 3.22% 1.48% 2.91% N/A 3.09%
9.90% 9.87% 8.60% 8.69% 4.90% 4.89% 3.29% 3.20% 3.43% 15.90% 15.96% 7.10% 14.31% (5.49)% 6.31%
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
October October October October October October October August August October October October October July June
2010 2010 2010 2010 2010 2010 2010 2011 2011 2010 2010 2010 2010 2014 2013
Janus Capital Funds Plc / 30 June 2015
65
Fund Performance TOTAL RETURNS(1) As at 30 June 2015
Janus High Yield Fund A$acc Shares. . . . . . . . . . . A$inc Shares. . . . . . . . . . . AAUD$acc Hedged Shares. . . . AAUD$inc Hedged Shares . . . . ARMB(CNH)inc Hedged Shares . A€acc Hedged Shares . . . . . . AHKD$acc Shares . . . . . . . . AHKD$inc Shares . . . . . . . . B$acc Shares. . . . . . . . . . . B$inc Shares . . . . . . . . . . . B€inc Hedged Shares . . . . . . E€acc Hedged Shares . . . . . . E€inc Hedged Shares . . . . . . I$acc Shares . . . . . . . . . . . I$inc Shares . . . . . . . . . . . IAUD$inc Hedged Shares . . . . IRMB(CNH)inc Hedged Shares . I€acc Hedged Shares. . . . . . . U£acc Hedged Shares . . . . . . U£inc Hedged Shares . . . . . . V$inc Shares. . . . . . . . . . . VAUDinc Hedged Shares . . . . Z$acc Shares. . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . .
24 December 1998 24 December 1998 1 October 2013 30 November 2011 30 March 2012 31 December 1999 31 August 2011 31 August 2011 24 December 1998 24 December 1998 31 December 1999 31 August 2011 31 August 2011 30 November 2009 31 December 1999 30 November 2011 30 March 2012 31 December 1999 2 January 2013 2 January 2013 28 September 2012 28 September 2012 21 September 2012
(2.64)% (2.64)% (0.36)% (0.18)% 0.61% (3.08)% (2.66)% (2.56)% (3.60)% (3.67)% (4.06)% (3.43)% (3.33)% (1.51)% (1.51)% 0.80% 1.67% (1.84)% (1.32)% (1.33)% (2.76)% 0.96% (0.72)%
5.15% 5.15% N/A 7.55% 7.69% 4.73% 5.11% 5.12% 4.09% 4.06% 3.73% 4.41% 4.40% 6.30% 6.31% 21.65% 8.80% 5.97% N/A N/A N/A N/A N/A
6.83% 6.83% N/A N/A N/A 6.56% N/A N/A 5.78% 5.76% 5.53% N/A N/A 7.99% 7.98% N/A N/A 7.79% N/A N/A N/A N/A N/A
5.62% 5.72% 5.89% 9.50% 7.20% 6.17% 5.88% 5.88% 4.65% 4.74% 5.32% 5.12% 5.21% 8.34% 6.55% 21.49% 8.32% 6.93% 4.77% 4.75% 3.84% 6.88% 5.90%
146.80% 150.74% 10.50% 38.44% 25.39% 153.00% 24.50% 24.47% 111.80% 114.91% 123.44% 21.10% 21.51% 56.40% 167.37% 100.91% 29.70% 182.55% 12.30% 12.26% 10.93% 20.10% 17.22%
Janus Global Unconstrained Bond Fund A$acc Shares. . . . . . . . . . . . . A$inc Shares. . . . . . . . . . . . . AAUD$inc Hedged Shares . . . . . . ACAD$inc Hedged Shares . . . . . . ACHFacc Hedged Shares . . . . . . ACHFinc Hedged Shares . . . . . . ARMB(CNH)inc Hedged Shares . . . A€acc Hedged Shares . . . . . . . . A€inc Hedged Shares . . . . . . . . AHKD$inc Shares . . . . . . . . . . ASGDinc Hedged Shares. . . . . . . E€acc Hedged Shares . . . . . . . . E€inc Hedged Shares . . . . . . . . I$acc Shares . . . . . . . . . . . . . I€acc Hedged Shares. . . . . . . . . U$acc Shares . . . . . . . . . . . . U$inc Shares. . . . . . . . . . . . . U€acc Hedged Shares . . . . . . . . U£acc Hedged Shares . . . . . . . . U£inc Shares. . . . . . . . . . . . . U£inc Hedged Shares . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
29 September 2014 20 October 2014 27 February 2015 27 February 2015 20 October 2014 20 October 2014 27 February 2015 20 October 2014 20 October 2014 27 February 2015 20 October 2014 20 October 2014 20 October 2014 29 September 2014 20 October 2014 20 October 2014 20 October 2014 20 October 2014 20 October 2014 20 October 2014 20 October 2014
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
(0.70)% (1.11)% (0.38)% (1.07)% (1.30)% (1.31)% (0.46)% (1.20)% (0.90)% (1.57)% (0.60)% 0.00% (0.74)% 0.10% (0.30)% (0.20)% (0.21)% 0.00% (0.30)% 2.72% (0.01)%
Past performance does not guarantee future returns. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. All returns are calculated in the base currency of the relevant Share Class. (1)
Total returns assume the reinvestment of distributions, and in the case of the Class A Shares, exclude the effect of an initial 5% maximum possible sales charge.
66
Janus Capital Funds Plc / 30 June 2015
TOTAL RETURNS(1) As at 30 June 2015
Janus US Short-Term Bond Fund A$acc Shares. . . . . . . . . . A$inc Shares. . . . . . . . . . AAUD$inc Hedged Shares . . . ACHFinc Hedged Shares . . . A€acc Hedged Shares . . . . . B$acc Shares. . . . . . . . . . B$inc Shares . . . . . . . . . . E€acc Hedged Shares . . . . . E€inc Hedged Shares . . . . . I$acc Shares . . . . . . . . . . I$inc Shares . . . . . . . . . . ICHFinc Hedged Shares . . . . I€acc Hedged Shares. . . . . . I£acc Hedged Shares. . . . . . I£inc Hedged Shares. . . . . . U$acc Shares . . . . . . . . . U$inc Shares. . . . . . . . . . U£acc Hedged Shares . . . . . U£inc Hedged Shares . . . . . Z$acc Shares. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
Inception Date
2015 One Year Annualised
Three Year Annualised
Five Years Annualised
Since Inception Annualised
Since Inception Cumulative
24 December 1998 24 December 1998 1 October 2013 1 February 2012 31 December 1999 24 December 1998 24 December 1998 31 August 2011 31 August 2011 29 June 2012 31 December 1999 1 February 2012 31 January 2008 28 September 2012 28 September 2012 31 October 2013 31 October 2013 2 January 2013 2 January 2013 31 October 2013
(0.42)% (0.34)% 2.00% (1.65)% (0.80)% (1.15)% (1.15)% (1.07)% (1.53)% 0.10% 0.10% (20.77)% (0.08)% 26.37% (44.56)% 0.20% 0.11% 0.29% 0.26% 0.93%
0.63% 0.64% N/A (0.09)% 0.31% (0.11)% (0.10)% 0.00% (0.23)% 1.12% 1.16% (6.43)% 0.86% N/A N/A N/A N/A N/A N/A N/A
1.10% 1.11% N/A N/A 0.94% 0.37% 0.38% N/A N/A N/A 1.62% N/A 1.53% N/A N/A N/A N/A N/A N/A N/A
3.11% 3.09% 3.11% 0.25% 3.86% 2.33% 2.36% 0.41% 0.08% 1.12% 3.66% (5.38)% 3.12% 9.81% (18.61)% 0.72% 0.75% 1.27% 0.10% 1.54%
65.70% 65.19% 5.49% 0.84% 79.90% 46.20% 46.96% 1.60% 0.32% 3.40% 74.53% (17.19)% 25.60% 29.40% (43.28)% 1.20% 1.25% 3.20% 0.26% 2.58%
Janus Capital Funds Plc / 30 June 2015
67
Janus Asia Frontier Markets Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Agricultural Operations 16,600 Astra Agro Lestari Tbk PT. . . . . . . . . . . . . . . Appliances 390 LG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . Automotive – Cars and Light Trucks 12,000 BAIC Motor Corp., Ltd. . . . . . . . . . . . . . . . . 5,500 Great Wall Motor Co., Ltd.* . . . . . . . . . . . . . 214 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.0
28,580
0.8
21,612
0.4 0.8 0.8 2.0
14,444 26,963 26,098 67,505
Building – Heavy Construction 16,000 China Railway Construction Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 41,650 DMCI Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.4 1.3 Building and Construction – Miscellaneous 18,000 China State Construction International Holdings, Ltd. . . . . . . . . . . . 1.1 1,650 Sunway Construction Group, Bhd* . . . . . . . . — 1.1 Building Products – Cement and Aggregate 20,000 Indocement Tunggal Prakarsa Tbk PT . . . . . . 1.1 37,500 Semen Indonesia Persero Tbk PT . . . . . . . . . 1.2 2.3 Casino Hotels 4,000 Sands China, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.5 Cellular Telecommunications 3,500 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . 1.6 16,000 SmarTone Telecommunications Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.0 2.6 Circuit Boards 10,000 FLEXium Interconnect, Inc. . . . . . . . . . . . . . 1.4 4,000 Zhen Ding Technology Holding, Ltd. . . . . . . 0.5 1.9 Coal 13,200 Tambang Batubara Bukit Asam Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . 0.3 Commercial Banks – Non U.S. 44,500 Bank Central Asia Tbk PT. . . . . . . . . . . . . . . 1.6 60,700 Bank Mandiri, Tbk. . . . . . . . . . . . . . . . . . . . 1.6 13,300 Bank of the Philippine Islands . . . . . . . . . . . 1.0 216,000 Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT . . . . . . . . . . . . . 0.5 59,000 Bank Rakyat Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 17,600 BDO Unibank, Inc.. . . . . . . . . . . . . . . . . . . . 1.5 30,000 China Construction Bank Corp. . . . . . . . . . . 1.0 17,000 China Merchants Bank Co., Ltd. . . . . . . . . . . 1.7 4,000 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 2.2 30,000 Industrial & Commercial Bank of China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 4,200 Kasikornbank PCL (NVDR) . . . . . . . . . . . . . 0.8 17,379 Metropolitan Bank and Trust . . . . . . . . . . . . 1.3 15.6 Computers 16,000 Lenovo Group, Ltd. . . . . . . . . . . . . . . . . . . . 0.8 Consumer Products – Miscellaneous 7,000 Samsonite International S.A.. . . . . . . . . . . . . 0.9 Cosmetics and Toiletries 56 Cosmax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Diversified Financial Services 535 Shinhan Financial Group Co., Ltd. . . . . . . . . 0.7
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
68
Janus Capital Funds Plc / 30 June 2015
24,729 12,196 36,925
32,418 163 32,581 31,321 33,759 65,080 13,469 44,815 27,908 72,723 40,516 14,002 54,518
8,318 45,068 45,765 27,881 13,288 45,811 42,322 27,402 49,566 61,463 23,841 23,509 36,239 442,155 22,169 24,202 10,118 19,933
Share or Principal Amount
Percentage of Net Assets (%)
Diversified Manufacturing Operations 15,300 Cahya Mata Sarawak Bhd . . . . . . . . . . . . . . . Diversified Operations 40,000 Alliance Global Group, Inc. . . . . . . . . . . . . . 610,000 Premium Leisure Corp. . . . . . . . . . . . . . . . . 900 Siam Cement PCL (NVDR) . . . . . . . . . . . . . . Electric – Generation 68,000 China Power International Development, Ltd. . . . . . . . . . . . . . . . . . . 119,800 Energy Development Corp. . . . . . . . . . . . . . 25,500 First Gen Corp. . . . . . . . . . . . . . . . . . . . . . . 30,000 Huadian Fuxin Energy Corp., Ltd. – Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,000 Huadian Power International Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electric – Integrated 42,000 CGN Power Co., Ltd. . . . . . . . . . . . . . . . . . . Electronic Components – Miscellaneous 3,000 TPK Holding Co., Ltd. . . . . . . . . . . . . . . . . . Electronic Components – Semiconductors 22 Samsung Electronics Co., Ltd. . . . . . . . . . . . Feminine Health Care Products 2,000 Hengan International Group Co., Ltd. . . . . . . Finance – Investment Bankers/Brokers 42,000 Guotai Junan International Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 Haitong Securities Co., Ltd. . . . . . . . . . . . . . 12,000 Huatai Securities Co., Ltd. . . . . . . . . . . . . . .
Fair Value (USD)
0.7
20,895
0.7 0.6 0.5 1.8
19,255 15,967 13,860 49,082
1.8 0.7 0.5
51,847 19,878 15,273
0.5
14,359
0.9 4.4
24,381 125,738
0.8
21,999
0.6
17,357
0.9
25,014
0.8
23,764
1.0 0.9 1.2 3.1
27,363 25,389 33,904 86,656
Food – Miscellaneous/Diversified 60,700 Indofood Sukses Makmur Tbk PT . . . . . . . . 1.1 10,000 JG Summit Holdings, Inc. . . . . . . . . . . . . . . 0.6 13,300 Universal Robina Corp. . . . . . . . . . . . . . . . . 2.0 3.7 Gas – Distribution 15,000 China Gas Holdings, Ltd. . . . . . . . . . . . . . . . 0.8 2,000 ENN Energy Holdings, Ltd. . . . . . . . . . . . . . 0.4 99,300 Perusahaan Gas Negara Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.3 Internet Applications Software 2,800 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 2.0 Investment Companies 2,000 CK Hutchison Holdings, Ltd. . . . . . . . . . . . . 1.0 112,000 Gallant Venture, Ltd. . . . . . . . . . . . . . . . . . . 0.7 760 GT Capital Holdings, Inc.. . . . . . . . . . . . . . . 0.8 2.5 Investment Management and Advisory Services 16,800 GF Securities Co., Ltd. . . . . . . . . . . . . . . . . . 1.5 Life and Health Insurance 15,000 China Life Insurance Co., Ltd. . . . . . . . . . . . 2.3 4,000 China Pacific Insurance Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 3.0 Machinery – Construction and Mining 10,300 United Tractors Tbk PT . . . . . . . . . . . . . . . . 0.6 Medical – Drugs 352,000 Kalbe Farma Tbk PT. . . . . . . . . . . . . . . . . . . 1.6 Medical – Wholesale Drug Distributors 7,200 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 1.1 Metal Processors and Fabrication 1,000 Catcher Technology Co., Ltd. . . . . . . . . . . . . 0.4
29,941 15,905 57,237 103,083 24,035 12,063 32,145 68,243 55,882 29,389 19,963 23,030 72,382 43,218 65,312 19,197 84,509 15,744 44,232 32,000 12,511
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Miscellaneous Manufacturing 2,000 Zhuzhou CSR Times Electric Co., Ltd. . . . . . Multi-Line Insurance 2,500 Ping An Insurance Group Co. of China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . Networking Products 14,000 HKBN, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . Oil Companies – Integrated 26,000 PetroChina Co., Ltd.. . . . . . . . . . . . . . . . . . . 2,100 PTT PCL (NVDR) . . . . . . . . . . . . . . . . . . . . . Oil Field Machinery and Equipment 74,000 Hilong Holding, Ltd. . . . . . . . . . . . . . . . . . . Real Estate Management/Services 174,000 SM Prime Holdings, Inc. . . . . . . . . . . . . . . . Real Estate Operating/Development 2,700 Ayala Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 45,700 Ayala Land, Inc. . . . . . . . . . . . . . . . . . . . . . . 120,000 Bumi Serpong Damai Tbk PT . . . . . . . . . . . . 2,000 Cheung Kong Property Holdings, Ltd. . . . . . . 12,000 China Overseas Land & Investment, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736,600 Pakuwon Jati Tbk PT . . . . . . . . . . . . . . . . . . 16,500 Sunway BHD Swb MK . . . . . . . . . . . . . . . . .
0.5
1.2
Fair Value (USD) 14,991
33,769
0.5
14,558
1.0 0.8 1.8
29,015 22,328 51,343
0.8
21,480
2.7
77,120
1.7 1.3 0.5 0.6
47,316 37,813 15,034 16,591
1.5 0.8 0.5 6.9
42,341 23,762 15,052 197,909
Retail – Automobile 78,700 Astra International Tbk PT . . . . . . . . . . . . . . 1.5 28,560 Berjaya Auto Bhd . . . . . . . . . . . . . . . . . . . . . 0.7 2.2 Retail – Major Department Stores 19,300 Matahari Department Store Tbk PT . . . . . . . 0.8 Retail – Miscellaneous and Diversified 2,100 SM Investments Corp. . . . . . . . . . . . . . . . . . 1.5 Retail – Restaurants 8,800 Jollibee Foods Corp. . . . . . . . . . . . . . . . . . . . 1.4 13,170 Minor International PCL (NVDR) . . . . . . . . . 0.4 1.8 Semiconductor Components/Integrated Circuits 9,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . 1.2 Telecommunication Services 640 Globe Telecom, Inc. . . . . . . . . . . . . . . . . . . . 1.3 246,000 Telekomunikasi Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 3.2 Telephone – Integrated 380 Philippine Long Distance Telephone Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Transportation – Services 10,600 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . 0.9 Warehousing and Harbour Transportation Services 10,500 International Container Terminal Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9 Water 28,000 Beijing Enterprises Water Group, Ltd. . . . . . 0.8 155,800 Metro Pacific Investments Corp. . . . . . . . . . . 0.6 1.4 Water Treatment Systems 169,200 SIIC Environment Holdings, Ltd. . . . . . . . . . 0.9 Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.0
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Exchange Traded Funds 6,900 Market Vectors Vietnam ETF . . . . . . . . . . . . 5.0
128,616
Total Exchange Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0
128,616
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.0
2,808,590
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(7,468)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.0
2,801,122
41,771 20,449 62,220 23,963 41,693 38,515 11,701 50,216
40,986 35,635 54,073 89,708
23,687 24,640
25,668 22,974 16,347 39,321 24,505 2,679,974
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
69
Janus Asia Frontier Markets Fund PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank CNH CNH CNH CNH USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
2,854 2,802 3,502 3,561 259 261 253 254 250 252 265 590 689 692 2,552 2,547 2,567 2,852 2,565 2,645
Currency Sold USD USD USD USD EUR EUR EUR EUR CAD AUD GBP CAD CNH CNH EUR EUR EUR GBP EUR CAD
459 451 563 572 231 233 226 227 309 328 169 729 4,292 4,306 2,286 2,281 2,300 1,814 2,298 3,282
Current Market Value (USD) 459 451 562 572 258 260 252 253 247 252 265 584 690 692 2,549 2,544 2,564 2,850 2,562 2,627
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Total
46
Total Financial Assets at fair value through profit or loss
The accompanying notes are an integral part of the financial statements.
70
— — — — 1 1 1 1 3 — 1 6 — — 3 3 3 3 3 17
Janus Capital Funds Plc / 30 June 2015
2,801,168
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank AUD CAD GBP EUR EUR EUR EUR EUR EUR CAD CNH EUR AUD CNH EUR GBP USD USD USD USD USD USD USD USD USD USD USD
1,052 993 567 720 689 716 696 95,290 95,639 136,129 770,684 96,515 141,281 777,813 96,656 75,802 766 769 583 573 573 571 571 634 2,590 2,936 2,922
Currency Sold USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD CNH CNH AUD EUR EUR EUR EUR GBP AUD CNH CNH
812 806 893 807 772 803 781 106,878 107,268 110,713 123,870 108,252 109,255 125,016 108,410 119,534 4,768 4,786 764 517 516 514 515 404 3,377 18,275 18,185
Current Market Value (USD) 815 818 896 812 777 808 786 107,491 107,884 112,464 123,871 108,873 109,729 125,017 109,032 120,010 766 769 588 576 576 573 574 634 2,600 2,937 2,923
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (2) (11) (3) (5) (4) (5) (5) (613) (616) (1,751) (2) (621) (474) (2) (622) (476) (1) (1) (5) (3) (3) (3) (3) (1) (10) (1) (1)
Total
(5,244)
Total Financial Liabilities at fair value through profit or loss
(5,244)
Janus Asia Growth Drivers Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Airlines 42,000 China Eastern Airlines Corp., Ltd.. . . . . . . . . Airport Development and Maintenance 3,100 Airports of Thailand PCL (NVDR) . . . . . . . . . Appliances 14,000 Haier Electronics Group Co., Ltd. . . . . . . . . . Automotive – Cars and Light Trucks 13,500 BAIC Motor Corp., Ltd.. . . . . . . . . . . . . . . . . 5,500 Great Wall Motor Co., Ltd.* . . . . . . . . . . . . . 185 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . 900 Tata Motors, Ltd. . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.3
35,166
1.0
27,818
1.4
37,749
0.5 1.0 0.8 1.1 3.4
16,250 26,963 22,561 31,023 96,797
Automotive – Truck Parts and Equipment – Original 186 Hyundai Wia Corp. . . . . . . . . . . . . . . . . . . . . 0.6 Building – Heavy Construction 26,000 China Railway Construction Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 14,800 TTCL PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.9 Building and Construction – Miscellaneous 14,300 Gamuda Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 2,000 Sunway Construction Group, Bhd*. . . . . . . . — 0.6 Building Products – Cement and Aggregate 17,000 Semen Indonesia Persero Tbk PT . . . . . . . . . 0.5 Casino Hotels 8,500 Genting Malaysia Bhd . . . . . . . . . . . . . . . . . . 0.3 Cellular Telecommunications 4,500 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . 2.1 3,000 Taiwan Mobile Co., Ltd. . . . . . . . . . . . . . . . . 0.3 2.4 Circuit Boards 14,000 FLEXium Interconnect, Inc. . . . . . . . . . . . . . 2.0 8,000 Zhen Ding Technology Holding, Ltd. . . . . . . . 1.0 3.0 Commercial Banks – Non U.S. 80,000 Bank of China, Ltd. . . . . . . . . . . . . . . . . . . . . 1.9 46,800 Bank Rakyat Indonesia Persero Tbk PT . . . . . . 1.3 37,000 China Construction Bank Corp. . . . . . . . . . . 1.2 4,200 ICICI Bank, Ltd. (ADR) . . . . . . . . . . . . . . . . . 1.6 4,500 Kasikornbank PCL (NVDR). . . . . . . . . . . . . . 0.9 7,800 Malayan Banking Bhd . . . . . . . . . . . . . . . . . . 0.7 7.6 Computer Services 1,800 Infosys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Computers 14,000 Lenovo Group, Ltd.. . . . . . . . . . . . . . . . . . . . 0.7 Consumer Products – Miscellaneous 7,000 Samsonite International S.A. . . . . . . . . . . . . . 0.9 Cosmetics and Toiletries 110 AMOREPACIFIC Corp. . . . . . . . . . . . . . . . . . 1.5 108 Cosmax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 2.2 Disposable Medical Products 13,700 Kossan Rubber Industries . . . . . . . . . . . . . . . 0.8 Diversified Financial Services 15,000 Fubon Financial Holding Co., Ltd. . . . . . . . . 1.1 649 Shinhan Financial Group Co., Ltd. . . . . . . . . 0.9 2.0 Diversified Manufacturing Operations 20,100 Cahya Mata Sarawak Bhd . . . . . . . . . . . . . . . 1.0
17,710
40,184 13,259 53,443 17,710 197 17,907 15,304 9,467 57,620 10,016 67,636 56,723 28,005 84,728 52,017 36,338 33,796 43,764 25,188 18,905 210,008 28,530 19,398 24,202 41,230 19,514 60,744 23,614 29,852 24,180 54,032
Share or Principal Amount
Percentage of Net Assets (%)
Diversified Operations 36,700 Alliance Global Group, Inc. . . . . . . . . . . . . . . 0.6 550,000 Premium Leisure Corp. . . . . . . . . . . . . . . . . . 0.5 1,200 Siam Cement PCL (NVDR) . . . . . . . . . . . . . . 0.7 1.8 Electric – Generation 52,000 China Power International Development, Ltd. . . . . . . . . . . . . . . . . . . . 1.4 178,500 Energy Development Corp. . . . . . . . . . . . . . . 1.1 46,000 Huadian Fuxin Energy Corp., Ltd. – Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 30,400 Malakoff Corp. Bhd . . . . . . . . . . . . . . . . . . . . 0.5 3.8 Electric – Integrated 5,100 Tenaga Nasional Bhd . . . . . . . . . . . . . . . . . . . 0.6 Electronic Components – Miscellaneous 4,000 TPK Holding Co., Ltd.. . . . . . . . . . . . . . . . . . 0.8 Electronic Components – Semiconductors 10,000 Everlight Electronics Co., Ltd. . . . . . . . . . . . . 0.7 714 Hynix Semiconductor, Inc. . . . . . . . . . . . . . . 1.0 48 Samsung Electronics Co., Ltd. . . . . . . . . . . . . 2.0 3.7 Electronic Connectors 12,000 Cheng Uei Precision Industry Co., Ltd. . . . . . . 0.7 Energy – Alternate Sources 10,000 Motech Industries, Inc. . . . . . . . . . . . . . . . . . 0.4 Engineering – Research and Development Services 355 KEPCO Plant Service & Engineering Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Feminine Health Care Products 2,500 Hengan International Group Co., Ltd. . . . . . . . 1.1 Finance – Investment Bankers/Brokers 21,000 Guotai Junan International Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 16,000 Haitong Securities Co., Ltd.. . . . . . . . . . . . . . 1.5 12,000 Huatai Securities Co., Ltd.. . . . . . . . . . . . . . . 1.2 3.2 Food – Miscellaneous/Diversified 40,000 Indofood Sukses Makmur Tbk PT . . . . . . . . . 0.7 6,800 Universal Robina Corp. . . . . . . . . . . . . . . . . . 1.1 1.8 Gas – Distribution 14,000 China Gas Holdings, Ltd. . . . . . . . . . . . . . . . 0.8 53,000 Perusahaan Gas Negara Persero Tbk PT. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1.4 Internet Applications Software 3,200 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 2.3 Investment Companies 3,868 CK Hutchison Holdings, Ltd. . . . . . . . . . . . . 2.0 40,900 Gallant Venture, Ltd. . . . . . . . . . . . . . . . . . . . 0.3 2.3 Investment Management and Advisory Services 16,400 GF Securities Co., Ltd. . . . . . . . . . . . . . . . . . 1.5 Life and Health Insurance 11,000 China Life Insurance Co., Ltd.. . . . . . . . . . . . 1.7 Machine Tools and Related Products 9,000 Techtronic Industries Co., Ltd. . . . . . . . . . . . 1.1 Machinery – General Industrial 30,000 Shanghai Electric Group Co., Ltd. . . . . . . . . . 0.9 Medical – Drugs 190,000 Kalbe Farma Tbk PT . . . . . . . . . . . . . . . . . . . 0.9
Fair Value (USD) 17,666 14,397 18,480 50,543
39,648 29,618 22,017 14,108 105,391 17,095 23,143 19,189 27,082 54,577 100,848 20,731 11,863
37,563 29,705
13,682 42,316 33,904 89,902 19,730 29,264 48,994 22,432 17,157 39,589 63,866 56,838 7,290 64,128 42,189 47,895 29,492 24,499 23,875
27,450
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
71
Janus Asia Growth Drivers Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Medical – Wholesale Drug Distributors 7,200 Sinopharm Group Co., Ltd.. . . . . . . . . . . . . . Metal Processors and Fabrication 3,000 Catcher Technology Co., Ltd. . . . . . . . . . . . . Miscellaneous Manufacturing 2,000 Zhuzhou CSR Times Electric Co., Ltd. . . . . . . Multi-Line Insurance 2,000 Ping An Insurance Group Co. of China, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . Networking Products 13,500 HKBN, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Companies – Integrated 2,800 PTT PCL (NVDR) . . . . . . . . . . . . . . . . . . . . . Oil Field Machinery and Equipment 48,000 Hilong Holding, Ltd. . . . . . . . . . . . . . . . . . . . Petrochemicals 100 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . Poultry 52,400 GFPT PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . Real Estate Management/Services 57,500 SM Prime Holdings, Inc. . . . . . . . . . . . . . . . . Real Estate Operating/Development 2,000 Ayala Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 Bumi Serpong Damai Tbk PT . . . . . . . . . . . . 3,868 Cheung Kong Property Holdings, Ltd. . . . . . . 9,000 China Overseas Land & Investment, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 Pakuwon Jati Tbk PT. . . . . . . . . . . . . . . . . . . 20,000 Sunway BHD Swb MK. . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.2
32,000
1.3
37,534
0.5
14,991
1.0
27,015
0.5
14,038
1.1
29,770
0.5
13,933
0.9
24,973
0.7
18,623
0.9
25,485
1.3 0.4 1.2
35,049 10,023 32,087
1.1 0.6 0.7 5.3
31,756 16,129 18,245 143,289
Retail – Automobile 48,000 Astra International Tbk PT . . . . . . . . . . . . . . 0.9 37,380 Berjaya Auto Bhd. . . . . . . . . . . . . . . . . . . . . . 1.0 1.9 Retail – Major Department Stores 22,000 Matahari Department Store Tbk PT . . . . . . . . 1.0 Retail – Miscellaneous and Diversified 1,750 SM Investments Corp. . . . . . . . . . . . . . . . . . . 1.2 Retail – Restaurants 6,560 Jollibee Foods Corp. . . . . . . . . . . . . . . . . . . . 1.0 15,900 Minor International PCL (NVDR) . . . . . . . . . 0.5 1.5 Semiconductor Components/Integrated Circuits 8,000 Chipbond Technology Corp. . . . . . . . . . . . . . 0.6 2,500 Siliconware Precision Industries Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 4,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 2,300 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) . . . . . . . . . . . . . . . . . . . . . 1.9 3.9 Semiconductor Equipment 16,000 Inari Amertron Bhd . . . . . . . . . . . . . . . . . . . . 0.5 Telecommunication Services 110,000 Telekomunikasi Indonesia Persero Tbk PT. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Telephone – Integrated 435 Philippine Long Distance Telephone Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Transportation – Railroad 70,000 BTS Group Holdings PCL (NVDR) . . . . . . . . 0.7 Transportation – Services 6,500 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . . 0.5
The accompanying notes are an integral part of the financial statements.
72
Janus Capital Funds Plc / 30 June 2015
25,477 26,764 52,241 27,315 34,744 28,711 14,127 42,838 17,296 18,625 18,216 52,233 106,370 13,789
24,179 27,115 20,731 15,110
Share or Principal Amount
Percentage of Net Assets (%)
181,900 Express Transindo Utama Tbk PT . . . . . . . . . 0.5 1.0 Water Treatment Systems 399 Coway Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.2 100,800 SIIC Environment Holdings, Ltd. . . . . . . . . . 0.5 1.7 Web Portals/Internet Service Providers 47 NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9
Fair Value (USD) 13,578 28,688 32,701 14,598 47,299 26,720
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.1
2,616,163
Exchange Traded Funds 2,700 iShares MSCI India ETF . . . . . . . . . . . . . . . . 2.9
81,837
Total Exchange Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9
81,837
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 97.4
2,698,000
Adjustments from last traded to bid market prices . . . . . . . . . . —
(8,719)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.0
2,689,281
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD USD USD USD USD USD USD CNH CNH CNH CNH USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
9 7 18 3 13 15 10 221 250 4,636 4,706 514 467 467 471 466 466 502 502 640 752 755 2,752 2,774 2,854 2,758 2,777 3,106
Currency Sold EUR CAD AUD GBP EUR EUR EUR USD USD USD USD GBP EUR EUR CAD EUR EUR CNH CNH CAD CNH CNH EUR EUR CAD EUR EUR GBP
8 9 23 2 12 13 9 35 40 746 757 326 417 417 583 416 416 3,126 3,123 791 4,682 4,702 2,465 2,485 3,543 2,470 2,487 1,976
Current Market Value (USD) 9 7 17 3 13 15 10 35 40 746 757 512 465 465 466 464 464 502 502 633 753 756 2,749 2,771 2,836 2,755 2,773 3,103
Total Total Financial Assets at fair value through profit or loss
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised Appreciation (USD) — — — — — — — — — — — 1 2 2 5 2 2 — — 7 — — 3 3 19 3 3 4 56 2,689,337
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank AUD CAD GBP EUR EUR EUR EUR CNH CAD EUR AUD EUR EUR GBP EUR CNH USD USD USD USD USD USD USD USD USD USD
850 818 466 586 595 582 596 760,917 133,388 93,846 138,026 94,739 94,884 74,937 93,493 768,144 459 631 619 623 622 620 693 2,786 3,193 3,211
Currency Sold USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD EUR EUR EUR EUR GBP AUD CNH CNH
657 664 734 657 667 653 669 122,300 108,484 105,257 106,737 106,259 106,422 118,169 104,862 123,461 596 826 558 561 561 559 441 3,632 19,870 19,983
Current Market Value (USD) 659 674 737 661 671 657 673 122,301 110,200 105,861 107,200 106,869 107,033 118,640 105,464 123,463 459 636 622 626 625 623 693 2,797 3,194 3,212
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (2) (10) (3) (4) (4) (4) (4) (1) (1,716) (604) (463) (610) (611) (471) (602) (2) (1) (5) (3) (3) (3) (3) (1) (10) (1) (1)
Total
(5,142)
Total Financial Liabilities at fair value through profit or loss
(5,142)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015 73
Janus Asia Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Agricultural Operations 1,971,000 Golden Agri-Resources, Ltd. . . . . . . . . . . . . . Automotive – Cars and Light Trucks 920,432 Chongqing Changan Automobile Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,102 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 78,655 Jiangling Motors Corp., Ltd. . . . . . . . . . . . . . 736,000 Yulon Motor Co., Ltd.. . . . . . . . . . . . . . . . . . Automotive – Truck Parts and Equipment – Original 7,116 Hyundai Mobis. . . . . . . . . . . . . . . . . . . . . . . Beverages – Wine and Spirits 1,590,700 LT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . Casino Hotels 384,100 Genting Bhd. . . . . . . . . . . . . . . . . . . . . . . . . Cellular Telecommunications 264,000 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . Coal 220,500 China Shenhua Energy Co., Ltd. . . . . . . . . . Commercial Banks – Non U.S. 4,262,900 Bank Danamon Indonesia Tbk PT . . . . . . . . 1,953,600 Bank Mandiri, Tbk. . . . . . . . . . . . . . . . . . . . 324,500 BOC Hong Kong Holdings, Ltd. . . . . . . . . . . 3,908,000 China Construction Bank Corp. . . . . . . . . . . 132,900 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 370,250 Metropolitan Bank and Trust . . . . . . . . . . . .
Fair Value (USD)
0.5
600,156
1.8 1.6 0.3 0.6 4.3
2,354,730 2,085,609 373,626 854,044 5,668,009
1.0
1,352,754
0.4
491,188
0.6
820,963
2.5
3,380,346
0.4
502,942
1.0 1.1 1.0 2.7 1.5 0.6 7.9
1,375,152 1,472,919 1,352,209 3,569,559 2,042,109 772,046 10,583,994
Computer Services 1,485 Samsung SDS Co., Ltd.. . . . . . . . . . . . . . . . . 0.3 Consumer Products – Miscellaneous 223,000 Biostime International Holdings, Ltd. . . . . . . 0.5 528,900 Samsonite International S.A.. . . . . . . . . . . . . 1.4 1.9 Cosmetics and Toiletries 464,490 L'Occitane International S.A. . . . . . . . . . . . . 1.0 Diversified Financial Services 889,153 Haitong International Securities Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 69,482 Hana Financial Group, Inc. . . . . . . . . . . . . . 1.4 47,186 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.3 3.3 Diversified Operations 318,600 IJM Corp. Bhd . . . . . . . . . . . . . . . . . . . . . . . 0.4 132,900 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.6 523,000 Melco International Development Ltd. . . . . . 0.6 1.6 E-Commerce/Products 18,606 Alibaba Group Holding, Ltd. (ADR) . . . . . . . 1.2 Electrical Components – Equipment 135,000 Delta Electronics, Inc.. . . . . . . . . . . . . . . . . . . 0.5 Electronic Components – Miscellaneous 124,000 AAC Technologies Holdings, Inc. . . . . . . . . . 0.5 1,418,000 E Ink Holdings, Inc. . . . . . . . . . . . . . . . . . . . 0.5 567,384 Hon Hai Precision Industry Co., Ltd. . . . . . . 1.3 165,500 Japan Display, Inc. . . . . . . . . . . . . . . . . . . . . 0.5 37,944 LG Display Co., Ltd.. . . . . . . . . . . . . . . . . . . 0.7 3.5 Electronic Components – Semiconductors 25,969 Hynix Semiconductor, Inc. . . . . . . . . . . . . . . 0.7 143,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.5
The accompanying notes are an integral part of the financial statements.
74
Janus Capital Funds Plc / 30 June 2015
345,550 653,067 1,828,669 2,481,736 1,324,327
802,974 1,809,946 1,758,051 4,370,971 550,855 811,317 739,501 2,101,673 1,530,716 691,369 700,685 650,357 1,783,890 623,482 879,530 4,637,944 985,015 1,955,995
Share or Principal Amount
Percentage of Net Assets (%)
5,881 Samsung Electronics Co., Ltd. . . . . . . . . . . . 5.0 7.2 Electronic Measuring Instruments 344,000 Chroma ATE, Inc.. . . . . . . . . . . . . . . . . . . . . 0.6 Electronic Parts Distributors 856,000 WPG Holdings, Ltd . . . . . . . . . . . . . . . . . . . 0.8 Energy – Alternate Sources 6,125,000 China Suntien Green Energy Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Engineering and Construction 4,886,913 Louis XIII Holdings, Ltd. . . . . . . . . . . . . . . . 1.4 Finance – Investment Bankers/Brokers 541,000 CITIC Securities Co., Ltd. . . . . . . . . . . . . . . 1.5 Food – Meat Products 210,940 San Miguel Pure Foods Co., Inc. . . . . . . . . . 0.6 Gambling – Non-Hotel 6,873,100 Belle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Industrial Audio and Video Production 425,650 Merry Electronics Co., Ltd.. . . . . . . . . . . . . . 0.7 Internet Applications Software 200,800 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 3.0 Internet Content – Entertainment 4,408 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Internet Security 13,276 Qihoo 360 Technology Co., Ltd. . . . . . . . . . 0.7 Investment Companies 106,480 CK Hutchison Holdings, Ltd. . . . . . . . . . . . . 1.2 2,663,500 Langham Hospitality Investments, Ltd.. . . . . . 0.9 2.1 Investment Management and Advisory Services 331,535 GF Securities Co., Ltd. . . . . . . . . . . . . . . . . . 0.6 Life and Health Insurance 517,400 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.5 757,000 Cathay Financial Holding Co., Ltd. . . . . . . . 1.0 14,908 Samsung Life Insurance Co., Ltd. . . . . . . . . . 1.1 4.6 Metal Processors and Fabrication 62,000 Catcher Technology Co., Ltd. . . . . . . . . . . . . 0.6 Oil Companies – Exploration and Production 804,000 CNOOC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Oil Companies – Integrated 1,371,000 China Petroleum & Chemical Corp. . . . . . . . 0.8 1,466,000 PetroChina Co., Ltd.. . . . . . . . . . . . . . . . . . . 1.2 2.0 Property and Casualty Insurance 48,140 Hyundai Marine & Fire Insurance Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Real Estate Management/Services 3,216,160 Siam Future Development PCL . . . . . . . . . . 0.4 Real Estate Operating/Development 4,635,741 Central China Real Estate, Ltd. . . . . . . . . . . . 1.0 35,852,045 Century Properties Group, Inc. . . . . . . . . . . 0.5 226,980 Cheung Kong Property Holdings, Ltd. . . . . . 1.4 35,390,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . 1.0 1,987,500 Shun Tak Holdings, Ltd.. . . . . . . . . . . . . . . . 0.8 89,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 1.1 5.8 REIT – Diversified 859,597 Religare Health Trust . . . . . . . . . . . . . . . . . . 0.5 REIT – Warehouse and Industrial 549,000 AIMS AMP Capital Industrial REIT. . . . . . . . 0.3
Fair Value (USD) 6,686,789 9,627,799 760,435 1,072,365
1,311,719 1,866,178 1,950,769 806,708 503,138 986,456 4,007,567 784,602 898,652 1,564,655 1,144,257 2,708,912 852,867 3,387,577 1,322,525 1,437,060 6,147,162 775,708 1,140,973 1,183,288 1,635,976 2,819,264
1,273,431 557,211 1,315,735 652,151 1,882,892 1,369,710 1,099,996 1,442,137 7,762,621 651,161 609,547
PORTFOLIO INVESTMENTS
Percentage of Net Assets (%)
Share or Principal Amount
Fully Funded Equity Swaps at 30 June 2015 Fair Value (USD)
Retail – Automobile 1,919,000 Astra International Tbk PT . . . . . . . . . . . . . . 0.8 2,213,500 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . . 1.1 1.9 Retail – Jewellery 1,183,600 Chow Tai Fook Jewellery Group, Ltd.. . . . . . 1.0 Retail – Major Department Stores 552,500 Lifestyle International Holdings, Ltd. . . . . . . 0.8 Semiconductor Components/Integrated Circuits 1,079,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Shipbuilding 101,047 Daewoo Shipbuilding & Marine Engineering Co., Ltd. . . . . . . . . . . . . . . . . 0.9 Steel – Producers 6,365 POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Telephone – Integrated 38,350 KT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Transportation – Marine 1,300,831 First Steamship Co., Ltd. . . . . . . . . . . . . . . . 0.3 Web Portals/Internet Service Providers 7,462 Baidu, Inc. (ADR) . . . . . . . . . . . . . . . . . . . . . 1.1 1,944 NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.9 Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.0
Return Paid by the Fund
Return Received Termination Unrealised Appreciation by the Fund Date
1,018,541 1,407,840 2,426,381
Goldman Sachs & Co
Fully Funded 659,702 Swap
Crompton Greaves, Ltd.
28-Jan-16
535,589
1,276,550
Goldman Sachs & Co
Fully Funded 466,476 Swap
Shandong Dong-E E-JI
9-Mar-16
650,493
Goldman Sachs & Co
Fully Funded 530,630 Swap
Reliance Industries, Ltd.
15-Apr-16
583,742
Goldman Sachs & Co
Fully Funded 1,194,766 Swap
Voltas, Ltd.
25-Apr-16
1,289,784
Goldman Sachs & Co
Fully Funded 521,557 Swap
ITC, Ltd.
9-May-16
509,724
Goldman Sachs & Co
Fully Funded 2,313,139 Swap
ICICI Bank, Ltd.
23-May-16
2,268,738
Goldman Sachs & Co
Fully Funded 732,675 Swap
Infosys, Ltd.
1,024,986
4,913,795
1,205,098 1,278,479 978,351 539,697 1,485,535 1,105,179 2,590,714 106,993,934
Preferred Stock Electronic Components – Semiconductors 1,655 Samsung Electronics Co., Ltd., 1.32% . . . . . . . . 1.1
Notional Counterparty Amount
1,473,650
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
1,473,650
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 81.1
108,467,584
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(228,227)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.0
108,239,357
2-Jun-16
713,561
Housing Development Finance
Goldman Sachs & Co
Fully Funded 1,472,175 Swap
15-Jun-16
1,620,562
Goldman Sachs & Co
Fully Funded 256,603 Swap
Finolex Cables, Ltd.
15-Jun-16
269,128
Goldman Sachs & Co
Fully Funded 685,489 Swap
SAIC Motor Corporation, Ltd
5-Jul-16
749,142
Goldman Sachs & Co
Fully Funded 744,641 Swap
Hindustan Zinc, Ltd.
15-Sep-15
672,948
Fully Funded 1,400,530 Swap
Yunnan Baiyao Group Co., Ltd.
3-Jun-16
1,978,506
Goldman Sachs & Co Total
11,841,917
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR USD USD USD USD Total
37 1,350 335 5,260 1,654
Currency Sold USD EUR EUR EUR EUR
42 1,204 299 4,711 1,482
Current Market Value (USD) 42 1,343 333 5,254 1,652
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised Appreciation (USD) — 7 2 6 2 17
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
75
Janus Asia Fund PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Total Return Swaps at 30 June 2015 Notional Counterparty Amount
Credit Suisse
Return Paid by the Fund
1-month USD LIBOR plus 1,794,276 75 basis points
Unrealised Return Received Termination Appreciation (USD) by the Fund Date
Reliance Industries, Ltd.
21-Dec-15
206,788
Finolex Cables, Ltd.
11-Aug-15
30,114
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Citibank EUR 897 EUR 2,941 EUR 71,198 EUR 228,099 USD 2,929 USD 919
USD USD USD USD EUR EUR
Current Market Value (USD)
1,007 3,298 79,856 255,512 2,639 828
1,013 3,317 80,314 256,656 2,943 923
UBS
1-month USD LIBOR plus 294,407 70 basis points
UBS
1-month USD LIBOR plus 1,988,530 70 basis points
PC Jeweller, Ltd.
24-Jul-15
345,267
UBS
1-month USD LIBOR plus 629,237 70 basis points
Torrent Pharmaceutical, Ltd.
10-Sep-15
13,885
Total Return Swaps at 30 June 2015
UBS
1-month USD LIBOR plus 742,188 50 basis points
Daqin Raiway Co., Ltd.
15,623
Notional Counterparty Amount
UBS
1-month USD LIBOR plus 83,451 50 basis points
China Vanke Co., Ltd.
UBS
1-month USD LIBOR plus 176,585 50 basis points
China Pacific Insurance
UBS
UBS
1-month USD LIBOR plus 4,278,174 50 basis points 1-month USD LIBOR plus 764,298 50 basis points
Industrial & Commercial Bank of China Yunnan Baiyao Group Co., Ltd.
29-Oct-15
4-May-16
3-Jun-16
Total Financial Assets at fair value through profit and loss
(1,645)
Unrealised Return Return Paid Received Termination (Depreciation) (USD) by the Fund by the Fund Date
UBS
8-Jul-15
(9,516)
UBS
1-month USD LIBOR plus 70 basis 130,435 points
PC Jeweller, Ltd.
24-Jul-15
(2,777)
UBS
1-month USD LIBOR plus 70 basis 36,263 points
Torrent Pharmaceutical, Ltd.
10-Sep-15
(1,090)
UBS
1-month USD LIBOR plus 50 basis 34,077,889 points
China Pacific Insurance
21-Jul-16
(39,368)
UBS
1-month USD LIBOR plus 50 basis 1,681,363 points
China Vanke Co., Ltd.
4-May-16
(46,253)
25,626 757,248
120,838,539
Total Total Financial Liabilities at fair value through profit or loss
The accompanying notes are an integral part of the financial statements.
76
Janus Capital Funds Plc / 30 June 2015
(6) (19) (458) (1,144) (14) (4)
Power Grid Corp. of India, Ltd.
106,076
Total
Unrealised (Depreciation) (USD)
1-month USD LIBOR plus 70 basis 892,364 points
7,872
21-Jul-16
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Total
5,997
21-Jul-16
Settle Date
(99,004) (100,649)
Janus Balanced Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 359,000 AmeriCredit Automobile Receivables Trust 2012-4, 3.8200%, due 10/2/20 . . . . . . . . . . . . . . . . . . . . . . . . — 496,000 AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, due 8/6/21 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 222,000 AmeriCredit Automobile Receivables Trust, 2.6800%, due 9/10/18 . . . . . . . . . . . . . . . . . . . . . . . . — 87,000 AmeriCredit Automobile Receivables Trust, 3.3100%, due 8/10/19 . . . . . . . . . . . . . . . . . . . . . . . . — 2,383,000 Applebee’s/IHOP Funding LLC, 4.2770%, due 5/9/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 339,000 Aventura Mall Trust 2013-AVM, 3.8674%, due 5/12/32 (144A) . . . . . . . . . . . . . . . . . . — 629,000 BAMLL Commercial Mortgage Securities Trust 2015-200P, 3.7157%, due 14/4/33 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 220,000 Banc of America Commercial Mortgage Trust 2006-6, 5.4210%, due 10/10/45 . . . . . . . . . . . . . . . — 58,500 Banc of America Commercial Mortgage Trust 2007-5, 5.7720%, due 10/2/51 . . . . . . . . . . . . . . . . — 170,000 BHP Billiton PLC, 3.2355%, due 15/8/26 (144A) . . . . . . . . . . . . . . . . . . — 220,000 CGBAM Commercial Mortgage Trust 2014-HD, 3.1855%, due 15/2/31 . . . . . . . . . . . . . . . . . . . . . . . . — 1,053,213 CKE Restaurant Holdings, Inc., 4.4740%, due 20/3/43 (144A) . . . . . . . . . . . . . . . . . . 0.1 1,168,236 COMM 2007-C9 Mortgage Trust, 5.6500%, due 10/12/49 . . . . . . . . . . . . . . . . . . . . . . . 0.2 73,131 COMM 2007-C9 Mortgage Trust, 5.9889%, due 10/12/49 . . . . . . . . . . . . . . . . . . . . . . . — 675,000 Core Industrial Trust 2015-TEXW, 3.9770%, due 10/2/34 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 496,755 DB Master Finance LLC 2015-1, 3.2620%, due 20/2/45 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,903,513 Domino’s Pizza Master Issuer LLC, 5.2160%, due 25/1/42 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,232,059 Fannie Mae Pool 3.5000%, due 1/1/43 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 5,398,496 Fannie Mae Pool 3.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 2,019,880 Fannie Mae Pool 3.5000%, due 1/2/45 . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 488,089 Fannie Mae Pool 4.0000%, due 1/4/34 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 213,490 Fannie Mae Pool 4.0000%, due 1/6/29 . . . . . . . . . . . . . . . . . . . . . . . . . — 747,818 Fannie Mae Pool 4.5000%, due 1/10/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,363,005 Fannie Mae Pool 4.5000%, due 1/3/45 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair Value (USD)
368,192 497,311 226,201 89,324 2,419,036 332,641
559,340 226,952 61,635 169,921 220,172 1,070,899 1,222,460 76,005 637,171 499,094 1,967,061 1,272,037 5,573,667 2,085,210 526,944 229,649 823,540 1,501,022
Share or Principal Amount
Percentage of Net Assets (%)
958,259 Fannie Mae Pool 5.0000%, due 1/7/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 210,682 Freddie Mac Giant 4.0000%, due 1/8/44 . . . . . . . . . . . . . . . . . . . . . . . . . — 769,487 Freddie Mac Gold Pool 3.5000%, due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 456,037 Freddie Mac Gold Pool 3.5000%, due 1/7/29 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,235,188 Freddie Mac Gold Pool 4.5000%, due 1/9/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,431,078 Freddie Mac Gold Pool 5.5000%, due 1/8/41 . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes, 2.5848%, due 25/10/24 . . . . . . . . . . . . . . . . . . . . . . . — 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes, 2.8348%, due 25/10/24 . . . . . . . . . . . . . . . . . . . . . . . — 242,611 FREMF 2010 K-SCT Mortgage Trust, 2.0000%, due 25/1/20 (144A) . . . . . . . . . . — 326,000 GAHR Commercial Mortgage Trust 2015-NRF, 3.4949%, due 15/12/19 . . . . . . . . . . . . . . . . . . . . . . . — 247,000 GS Mortgage Securities Corporation II, 3.5495%, due 10/12/27 (144A) . . . . . . . . . — 100,000 GS Mortgage Securities Corporation Trust 2013-NYC5, 3.7706%, due 10/1/30 (144A) . . . . . . . . . . . . . . . . . . — 131,000 Hilton U.S.A. Trust 2013-HLT, 4.4065%, due 5/11/30 (144A) . . . . . . . . . . — 417,000 Hilton U.S.A. Trust 2013-HLT, 5.6086%, due 5/11/30 (144A) . . . . . . . . . . 0.1 229,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU, 2.7815%, due 15/12/28 . . . . . . . . . . . . . . . . . . . . . . . — 147,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU, 3.6815%, due 15/12/28 (144A) . . . . . . . . . . . . . . . . . — 400,000 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, 1.9860%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 388,000 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, 4.1356%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 765,000 LB-UBS Commercial Mortgage Trust, 5.4930%, due 15/2/40 . . . . . . . . . . . . . . . . 0.1 2,728,000 Santander Drive Auto Receivables Trust 2013-4, 4.6700%, due 15/1/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 519,000 Santander Drive Auto Receivables Trust 2015-1, 3.2400%, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 71,000 Santander Drive Auto Receivables Trust, 2.5200%, due 17/9/18 . . . . . . . . . . . — 80,000 Santander Drive Auto Receivables Trust, 3.3000%, due 17/9/18 . . . . . . . . . . . — 200,000 Starwood Retail Property Trust 2014-STAR, 2.5000%, due 15/11/27 . . . . . . . . . . . . . . . . . . . . . . . — 670,000 Starwood Retail Property Trust 2014-STAR, 3.2500%, due 15/11/27 . . . . . . . . . . . . . . . . . . . . . . . 0.1 430,000 Starwood Retail Property Trust 2014-STAR, 4.1500%, due 15/11/27 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 1,082,454 225,152 794,523 481,067 2,462,928 3,942,166 251,029 252,924 217,118 320,399 234,964 101,412 132,495 423,941
229,372
146,998
399,956
390,722 803,371 2,838,594 522,397 71,387 81,748 199,770 672,277 431,657
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
77
Janus Balanced Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
551,000 Structured Agency Credit Risk, 2.2500%, due 25/3/25 . . . . . . . . . . . . . . . . 0.1 198,800 Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.3830%, due 15/12/43 . . . . . . . . . . . . . . . . . . . . . . . — 1,126,138 Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 331,436 Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 6.1496%, due 15/2/51 . . . . . . . . . . . . . . . . . . . . . . . . — 317,000 Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.4355%, due 15/2/27 (144A) . . . . . . . . . . . . . . . . . . — 250,000 Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.9355%, due 15/1/27 (144A) . . . . . . . . . . . . . . . . . . — 75,000 Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.4355%, due 15/2/27 (144A) . . . . . . . . . . . . . . . . . . — 1,827,000 Wendys Funding LLC 3.3710%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,826,843
Total Asset-Backed/Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0
45,089,140
Common Stock Advertising Agencies 52,253 Omnicom Group, Inc. . . . . . . . . . . . . . . . . . Aerospace and Defence 70,781 Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . Applications Software 174,859 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . Athletic Footwear 47,518 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . Automotive – Cars and Light Trucks 193,593 General Motors Co. . . . . . . . . . . . . . . . . . . . Beverages – Non-Alcoholic 30,840 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Beverages – Wine and Spirits 46,683 Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . Cable/Satellite TV 74,670 Comcast Corp. – Class A . . . . . . . . . . . . . . . Casino Hotels 142,303 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . Chemicals – Diversified 128,423 E.I. du Pont de Nemours & Co. . . . . . . . . . . 93,096 LyondellBasell Industries N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . Commercial Banks – Western U.S. 58,854 PacWest Bancorp. . . . . . . . . . . . . . . . . . . . . . Commercial Services – Finance 31,971 Automatic Data Processing, Inc. . . . . . . . . . . Computers 98,021 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Computers – Memory Devices 39,586 Seagate Technology PLC . . . . . . . . . . . . . . . . Consumer Products – Miscellaneous 41,953 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . Cosmetics and Toiletries 58,924 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . Diversified Banking Institutions 33,769 JP Morgan Chase & Co. . . . . . . . . . . . . . . . .
209,091 1,156,969 343,300 315,554 248,961 74,555
0.5
3,631,061
1.3
9,818,740
1.0
7,720,025
0.7
5,132,894
0.9
6,452,455
0.4
2,878,606
0.2
1,350,171
0.6
4,490,654
1.0
7,480,869
1.1
8,212,651
1.3 2.4
9,637,298 17,849,949
0.4
2,752,013
0.3
2,565,033
1.6
12,294,284
0.3
1,880,335
0.6
4,445,759
0.5
3,854,219
0.3
2,288,187
The accompanying notes are an integral part of the financial statements.
78
547,562
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Diversified Manufacturing Operations 27,354 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 138,287 General Electric Co. . . . . . . . . . . . . . . . . . . . 0.5 1.1 Diversified Operations 27,642 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Electric – Integrated 38,689 Edison International . . . . . . . . . . . . . . . . . . . 0.3 Electric – Transmission 29,325 Brookfield Infrastructure Partners L.P. . . . . . . . . . . . . . . . . . . . . . . . 0.2 Electronic Components – Miscellaneous 65,291 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 132,517 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 1.1 1.5 Electronic Components – Semiconductors 110,866 Texas Instruments, Inc.. . . . . . . . . . . . . . . . . 0.8 Finance – Credit Card 39,153 American Express Co. . . . . . . . . . . . . . . . . . 0.4 Finance – Investment Bankers/Brokers 61,078 TD Ameritrade Holding Corp. . . . . . . . . . . . 0.3 Finance – Other Services 82,705 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 1.0 Food – Confectionery 49,127 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Food – Retail 52,240 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Food – Wholesale/Distribution 123,362 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Hotels and Motels 46,125 Starwood Hotels & Resorts Worldwide, Inc. . . . . . . . . . . . . . . . . . . . . 0.5 Instruments – Controls 46,932 Honeywell International, Inc. . . . . . . . . . . . . 0.6 Investment Management and Advisory Services 4,415 BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.2 Life and Health Insurance 156,709 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 0.5 Machinery – Farm 38,822 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical – Biomedical and Genetic 27,511 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Medical – Drugs 46,719 Abbott Laboratories . . . . . . . . . . . . . . . . . . . 0.3 102,336 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 61,614 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 0.5 99,601 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 1.1 74,994 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 1.0 52,220 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.4 4.2 Medical – HMO 39,143 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Non-Hazardous Waste Disposal 54,261 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.3 Oil Companies – Integrated 59,892 Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.8 Paper and Related Products 53,108 International Paper Co. . . . . . . . . . . . . . . . . 0.3 Pipelines 229,084 Enterprise Products Partners L.P. . . . . . . . . . 0.9
Fair Value (USD) 4,220,722 3,674,286 7,895,008 1,939,916 2,150,335
1,308,775 2,868,234 8,520,843 11,389,077 5,710,708 3,042,971 2,248,892 7,696,527 4,363,951 3,787,922 4,453,368
3,740,276 4,785,656 1,527,502 3,772,859 3,767,675 4,223,489 2,292,969 6,875,956 4,099,796 8,315,687 7,308,915 2,972,885 31,866,208 4,989,167 2,514,997 5,777,781 2,527,410 6,847,321
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Private Equity 300,808 Blackstone Group L.P. . . . . . . . . . . . . . . . . . . Property and Casualty Insurance 21,635 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . REIT – Diversified 105,043 Outfront Media, Inc.. . . . . . . . . . . . . . . . . . . REIT – Regional Malls 10,561 Simon Property Group, Inc. . . . . . . . . . . . . . Resorts and Theme Parks 44,425 Six Flags Entertainment Corp. . . . . . . . . . . . Retail – Building Products 28,014 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . Retail – Restaurants 23,355 McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . Semiconductor Components/Integrated Circuits 49,137 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . Super – Regional Banks 195,541 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . Telephone – Integrated 94,221 Verizon Communications, Inc. . . . . . . . . . . . Tobacco 102,147 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . Toys 163,506 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation – Railroad 80,882 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . Wireless Equipment 29,265 Crown Castle International Corp. . . . . . . . . .
Fair Value (USD)
1.6
12,294,023
0.3
2,091,239
0.4
2,651,285
0.2
1,827,264
0.3
1,992,461
0.4
3,113,196
0.3
2,220,360
0.4
3,077,450
1.1
8,486,479
0.6
4,391,641
0.7
4,996,010
0.6
4,200,469
1.0
7,713,716
0.3
2,349,980
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.9
290,618,618
Corporate Bonds Aerospace and Defence 477,000 ADS Tactical, Inc., 11.0000%, due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.1 Aerospace and Defence – Equipment 254,000 Exelis, Inc., 4.2500%, due 1/10/16 . . . . . . . . — 115,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . . — 376,000 Harris Corp., 3.8320%, due 27/4/25 . . . . . . . . — 568,000 Harris Corp., 5.0540%, due 27/4/45 . . . . . . . 0.1 0.1 Airlines 218,000 Southwest Airlines Co., 5.1250%, due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . . — Apparel Manufacturers 1,042,000 Levi Strauss & Co., 5.0000%, due 1/5/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Automotive – Cars and Light Trucks 479,000 Chrysler Group LLC / CG Co-Issuer Inc., 8.2500%, due 15/6/21 . . . . . . . . . . . 0.1 2,125,000 Fiat Chrysler Automobiles N.V., 4.5000%, due 15/4/20 . . . . . . . . . . . . . . . 0.3 2,558,000 General Motors Co., 4.8750%, due 2/10/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 104,000 General Motors Co., 6.2500%, due 2/10/43 . . . . . . . . . . . . . . . . . . . . . . . . — 0.8 Automotive – Truck Parts and Equipment – Original 343,000 Schaeffler Finance B.V., 4.2500%, due 15/5/21 (144A) . . . . . . . . . . . . . . . . . . — 1,432,000 Schaeffler Holding, 6.2500%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.2
496,080 262,211 126,704 366,237 543,173 1,298,325
231,407
1,013,345
523,308 2,119,688 2,709,620 116,424 5,469,040
336,140
Share or Principal Amount
Percentage of Net Assets (%)
430,000 ZF North America Capital, Inc., 4.0000%, due 29/4/20 . . . . . . . . . . . . . . . 0.1 226,000 ZF North America Capital, Inc., 4.5000%, due 29/4/22 . . . . . . . . . . . . . . . . — 430,000 ZF North America Capital, Inc., 4.7500%, due 29/4/25 . . . . . . . . . . . . . . . 0.1 0.4 Brewery 450,000 SABMiller Holdings, Inc., 7.5000%, due 30/11/16 . . . . . . . . . . . . . . . . . . . . . . 0.1 Broadcast Services and Programming 3,497,000 Univision Communications, Inc., 5.1250%, due 15/2/25 . . . . . . . . . . . . . . . 0.6 Building – Residential and Commercial 2,576,000 Century Communities, Inc., 6.8750%, due 15/5/22 . . . . . . . . . . . . . . . 0.3 542,000 D.R. Horton, Inc., 3.7500%, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 500,000 D.R. Horton, Inc., 3.6250%, due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 805,000 D.R. Horton, Inc., 4.0000%, due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 92,000 D.R. Horton, Inc., 4.7500%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . . — 2,037,000 KB Home, 7.6250%, due 15/5/23. . . . . . . . . 0.3 600,000 Lennar Corp., 4.1250%, due 1/12/18 . . . . . . . 0.1 551,000 MDC Holdings, Inc., 5.5000%, due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,096,000 Meritage Homes Corp., 6.0000%, due 1/6/25 . . . . . . . . . . . . . . . . 0.2 605,000 Meritage Homes Corp., 7.0000%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 51,000 Toll Brothers Finance Corp., 4.3750%, due 15/4/23 . . . . . . . . . . . . . . . . — 1.4 Building and Construction Products – Miscellaneous 342,000 Owens Corning, 4.2000%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . . — 548,000 Summit Materials LLC / Summit Materials Finance Corp., 10.5000%, due 31/1/20 . . . . . . . . . . . . . . 0.1 0.1 Building Products – Cement and Aggregate 458,000 Martin Marietta Materials, Inc., 4.2500%, due 2/7/24 . . . . . . . . . . . . . . . . 0.1 1,695,000 Vulcan Materials Co., 4.5000%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 472,000 Vulcan Materials Co., 7.0000%, due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 343,000 Vulcan Materials Co., 7.5000%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.5 Cable/Satellite TV 2,283,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.2500%, due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,252,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.3750%, due 1/5/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,096,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.8750%, due 1/5/27 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.6
Fair Value (USD) 431,075 222,226 417,908 2,921,689
475,880
3,384,047
2,543,801 547,420 511,250 804,759 95,910 2,138,850 609,000 544,113 1,106,960 648,863 50,235 9,601,161
336,341 600,745 937,086
464,483 1,699,238 535,720 396,165 3,095,606
2,283,000 1,222,265 1,072,710 4,577,975
1,514,340
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
79
Janus Balanced Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Casino Hotels 260,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope, 11.0000%, due 1/10/21 . . . . . . . . . . . . . . . — 297,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope, 8.0000%, due 1/10/20 . . . . . . . . . . . . . . . . — 600,000 MGM Resorts International, 6.7500%, due 1/10/20 . . . . . . . . . . . . . . . 0.1 1,450,000 Wynn Macau, Ltd., 5.2500%, due 15/10/21 (144A) . . . . . . . . . . . . . . . . 0.3 0.4 Casino Services 200,000 CCM Merger, Inc., 9.1250%, due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . . — Cellular Telecommunications 351,000 Sprint Corp., 7.1250%, due 15/6/24 . . . . . . . . — 474,000 Sprint Corp., 7.2500%, due 15/9/21 . . . . . . . 0.1 2,539,000 T-Mobile U.S., Inc., 6.0000%, due 1/3/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 Chemicals – Diversified 1,183,000 LyondellBasell Industries N.V., 4.6250%, due 26/2/55 . . . . . . . . . . . . . . . 0.2 Chemicals – Specialty 1,251,000 Albemarle Corp., 4.1500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,028,000 Albemarle Corp., 5.4500%, due 1/12/44 . . . . . . . . . . . . . . . . . . . . . . . 0.1 172,000 Ashland, Inc., 3.8750%, due 15/4/18 . . . . . . . . — 222,000 Ashland, Inc., 6.8750%, due 15/5/43 (144A) . . . . . . . . . . . . . . . . . . — 1,073,000 Rockwood Specialties Group, Inc., 4.6250%, due 15/10/20 . . . . . . . . . . . . . . 0.1 0.4 Commercial Banks – Eastern U.S. 478,000 CIT Group, Inc., 5.5000%, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.1 Commercial Banks – Non U.S. 1,594,000 Intesa Sanpaolo SpA, 5.0170%, due 26/6/24 (144A) . . . . . . . . . . . . . . . . . 0.2 2,534,000 Santander U.K. PLC, 5.0000%, due 7/11/23 (144A) . . . . . . . . . . . . . . . . . 0.3 0.5 Commercial Banks – Western U.S. 322,000 SVB Financial Group, 5.3750%, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . . — 513,000 Zions Bancorporation, 5.8000%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Computer Aided Design 166,000 Autodesk, Inc., 3.6000%, due 15/12/22 . . . . . . . . . . . . . . . . . . . . . . . — Computer Services 904,000 IHS, Inc., 5.0000%, due 1/11/22 . . . . . . . . . 0.1 Computers – Memory Devices 2,947,000 Seagate HDD Cayman, 4.7500%, due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . 0.4 948,000 Seagate HDD Cayman, 4.8750%, due 1/6/27 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 303,000 Seagate Technology PLC, 4.7500%, due 1/6/23 . . . . . . . . . . . . . . . . . . . . . . . . . —
The accompanying notes are an integral part of the financial statements.
80
Janus Capital Funds Plc / 30 June 2015
219,050
281,223 639,000 1,377,500 2,516,773
215,000 326,465 463,335 2,605,649 3,395,449
1,046,193
1,249,370 1,032,658 177,375 226,440 1,118,603 3,804,446
499,510
1,551,399 2,597,401 4,148,800
359,637 489,274 848,911
165,391 901,740
2,934,419 923,571 308,252
Share or Principal Amount
Percentage of Net Assets (%)
1,142,000 Seagate Technology PLC, 5.7500%, due 1/12/34 . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.7 Consulting Services 1,938,000 Verisk Analytics, Inc., 4.0000%, due 15/6/25 . . . . . . . . . . . . . . . . . . . . . . . 0.3 197,000 Verisk Analytics, Inc., 4.1250%, due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . . — 204,000 Verisk Analytics, Inc., 4.8750%, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . . — 1,047,000 Verisk Analytics, Inc., 5.5000%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . 0.1 982,000 Verisk Analytics, Inc., 5.8000%, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.5 Data Processing and Management 190,000 Fidelity National Information Services, Inc., 5.0000%, due 15/3/22 . . . . . . . . . . . . . — 210,000 Fiserv, Inc., 3.1250%, due 1/10/15 . . . . . . . . . — — Dialysis Centres 632,000 Fresenius Medical Care U.S. Finance II, Inc., 5.6250%, due 31/7/19 (144A). . . . . . . 0.1 Distribution/Wholesale 200,000 American Builders & Contractors Supply Co., Inc., 5.6250%, due 15/4/21 (144A) . . . . . . . . . . . . . . . . . . — Diversified Banking Institutions 133,000 Bank of America Corp., 1.5000%, due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . . — 296,000 Bank of America Corp., 8.0000%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . . — 454,000 Citigroup, Inc., 5.8000%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.1 120,000 Goldman Sachs Group, Inc., 5.6250%, due 15/1/17 . . . . . . . . . . . . . . . . — 993,000 Morgan Stanley 5.5500%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.1 2,545,000 Royal Bank of Scotland Group PLC, 5.1250%, due 28/5/24 . . . . . . . . . . . . . . . 0.3 800,000 Royal Bank of Scotland Group PLC, 6.0000%, due 19/12/23 . . . . . . . . . . . . . . 0.1 1,264,000 Royal Bank of Scotland Group PLC, 6.1000%, due 10/6/23 . . . . . . . . . . . . . . . 0.2 689,000 Royal Bank of Scotland Group, PLC, 2.5500%, due 18/9/15 . . . . . . . . . . . . . . . 0.1 0.9 Diversified Financial Services 186,000 Carlyle Holdings Finance LLC, 3.8750%, due 1/2/23 (144A) . . . . . . . . . . . — 300,000 General Electric Capital Corp., 6.2500%, due 15/12/49 . . . . . . . . . . . . . . . — 361,000 General Electric Capital Corp., 6.3750%, due 15/11/67 . . . . . . . . . . . . . . 0.1 100,000 General Electric Capital Corp., 7.1250%, due 15/12/49 . . . . . . . . . . . . . . . — 538,000 AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.6250%, due 1/7/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Diversified Operations 456,000 GE Capital Trust I, 6.3750%, due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . 0.1 703,000 Horizon Pharma Financing, Inc., 6.6250%, due 1/5/23 . . . . . . . . . . . . . . . . 0.1 0.2
Fair Value (USD) 1,127,686 5,293,928
1,901,742 200,903 218,253 1,033,461 1,106,223 4,460,582
200,721 211,130 411,851
686,510
204,500
133,314 312,650 455,703 127,117 987,042 2,546,400 848,553 1,346,049 690,962 7,447,790
188,171 328,500 388,978 115,500 540,018 1,561,167
488,148 735,514 1,223,662
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Educational Software 2,276,000 Blackboard, Inc., 7.7500%, due 15/11/19 (144A) . . . . . . . . . . . . . . . . 0.3 Electric – Integrated 210,000 PPL WEM Holdings PLC, 3.9000%, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . . — 567,000 PPL WEM Holdings PLC, 5.3750%, due 1/5/21 (144A) . . . . . . . . . . . . . . . . . . 0.1 0.1 Electric Products – Miscellaneous 449,000 Molex Electronic Technologies LLC, 2.8780%, due 15/4/20 . . . . . . . . . . . . . . . 0.1 1,797,000 Molex Electronic Technologies LLC, 3.9000%, due 15/4/25 . . . . . . . . . . . . . . . 0.2 0.3 Electronic Components – Semiconductors 2,099,000 Micron Technology, Inc., 5.2500%, due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3 318,000 National Semiconductor Corp., 6.6000%, due 15/6/17 . . . . . . . . . . . . . . . . — 0.3 Electronic Design Automation 1,435,000 Cadence Design Systems, Inc., 4.3750%, due 15/10/24 . . . . . . . . . . . . . . 0.2 Electronic Measuring Instruments 317,000 FLIR Systems, Inc., 3.7500%, due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . . — 1,747,000 Trimble Navigation, Ltd., 4.7500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.2 Finance – Auto Loans 1,047,000 Ally Financial, Inc., 4.1250%, due 30/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 796,000 Ally Financial, Inc., 4.6250%, due 19/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 193,000 Ally Financial, Inc., 8.0000%, due 31/12/18 . . . . . . . . . . . . . . . . . . . . . . . — 128,000 General Motors Financial Co., Inc., 3.2500%, due 15/5/18 . . . . . . . . . . . . . . . . — 0.2 Finance – Consumer Loans 956,000 Synchrony Financial, 3.0000%, due 15/8/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Finance – Credit Card 348,000 American Express Co., 6.8000%, due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . . — 839,000 Discover Financial Services, 3.7500%, due 4/3/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 319,000 Discover Financial Services, 3.9500%, due 6/11/24 . . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Finance – Investment Bankers/Brokers 717,000 Charles Schwab Corp., 3.0000%, due 10/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.1 259,000 Charles Schwab Corp., 7.0000%, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . . — 1,445,000 E*TRADE Financial Corp., 4.6250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 995,000 E*TRADE Financial Corp., 5.3750%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.1 425,000 Lazard Group LLC, 4.2500%, due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.1 16,000 Lazard Group LLC, 6.8500%, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . . — 423,000 Raymond James Financial, Inc., 4.2500%, due 15/4/16 . . . . . . . . . . . . . . . 0.1
Fair Value (USD)
2,150,820
214,245 627,986 842,231
442,598 1,744,702 2,187,300
1,987,491 351,262 2,338,753
1,442,265
325,050 1,752,650 2,077,700
1,047,649 787,045 215,919 131,000 2,181,613
963,712
358,927 802,702 310,561 1,472,190
704,161 301,460 1,423,325 1,022,363 447,406 17,487 433,655
Share or Principal Amount
Percentage of Net Assets (%)
1,607,000 Raymond James Financial, Inc., 5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 626,000 Stifel Financial Corp., 4.2500%, due 18/7/24 . . . . . . . . . . . . . . . . . . . . . . . 997,000 TD Ameritrade Holding Corp., 2.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 1,609,000 TD Ameritrade Holding Corp., 3.6250%, due 1/4/25 . . . . . . . . . . . . . . . .
Fair Value (USD)
0.2
1,790,754
0.1
619,676
0.1
989,432
0.2 1.2
1,635,975 9,385,694
Finance – Leasing Company 635,000 LeasePlan Corp. N.V., 2.5000%, due 16/5/18 (144A) . . . . . . . . . . . . . . . . . 0.1 Food – Dairy Products 500,000 FAGE Dairy Industry S.A. / FAGE USA Dairy Industry, Inc., 9.8750%, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . . 0.1 Food – Meat Products 24,000 Smithfield Foods, Inc., 6.6250%, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . . — 50,000 Sun Merger Sub, Inc., 5.2500%, due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . . — 232,000 Tyson Foods, Inc., 6.6000%, due 1/4/16 . . . . . . . . . . . . . . . . . . . . . . . . . — — Food – Miscellaneous/Diversified 569,000 HJ Heinz Co, 3.5000%, due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.1 664,000 HJ Heinz Co, 2.8000%, due 2/7/20 (144A) . . . . . . . . . . . . . . . . . . 0.1 0.2 Food – Retail 1,742,000 SUPERVALU, Inc., 6.7500%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,093,000 SUPERVALU, Inc., 7.7500%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.2 0.4 Gambling – Non-Hotel 3,000 Mohegan Tribal Gaming Authority, 9.7500%, due 1/9/21 . . . . . . . . . . . — Hotels and Motels 350,000 Playa Resorts Holdings, 8.0000%, due 15/8/20 (144A) . . . . . . . . . . . . . . . . . . — Instruments – Scientific 444,000 Thermo Fisher Scientific, Inc., 3.3000%, due 15/2/22 . . . . . . . . . . . . . . . 0.1 Investment Management and Advisory Services 1,159,000 Ameriprise Financial, Inc., 7.5180%, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,146,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 4.8750%, due 15/4/45 . . . . . . . . . . . . . . . 0.1 983,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.1 0.4 Life and Health Insurance 259,000 CNO Financial Group, Inc., 4.5000%, due 30/5/20 . . . . . . . . . . . . . . . . — 739,000 CNO Financial Group, Inc., 5.2500%, due 30/5/25 . . . . . . . . . . . . . . . 0.1 542,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Linen Supply and Related Items 146,000 Cintas Corp. No 2, 2.8500%, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . . —
636,370
523,750
25,710 50,875 240,911 317,496
571,199 665,274 1,236,473
1,768,130 1,152,432 2,920,562
3,158
364,000
439,399
1,161,898 1,042,983 1,054,268 3,259,149
263,533 752,819 579,115 1,595,467
147,886
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
81
Janus Balanced Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
152,000 Cintas Corp. No 2, 4.3000%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . . — — Machinery – Farm 767,000 CNH Capital LLC, 3.6250%, due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical – Biomedical and Genetic 77,000 Life Technologies Corp., 5.0000%, due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . . — Medical – Drugs 917,000 Capsugel S.A., 7.0000%, due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.1 1,814,000 Valeant Pharmaceuticals International, 6.3750%, due 15/10/20 (144A) . . . . . . . . . 0.3 1,165,000 Valeant Pharmaceuticals International, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . 0.2 5,543,000 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 . . . . . . . . . . . . 0.8 1.4 Medical – Generic Drugs 1,383,000 Actavis Funding SCS, 3.0000%, due 12/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,602,000 Actavis Funding SCS, 3.8000%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.2 260,000 Actavis Funding SCS, 3.8500%, due 15/6/24 . . . . . . . . . . . . . . . . . . . . . . . . — 760,000 Actavis Funding SCS, 4.5500%, due 15/3/35 . . . . . . . . . . . . . . . . . . . . . . . 0.1 570,000 Actavis Funding SCS, 4.7500%, due 15/3/45 . . . . . . . . . . . . . . . . . . . . . . . 0.1 232,000 Actavis Funding SCS, 4.8500%, due 15/6/44 . . . . . . . . . . . . . . . . . . . . . . . . — 0.6 Medical – HMO 1,159,000 Centene Corp., 4.7500%, due 15/5/22 . . . . . . 0.2 Medical – Hospitals 414,000 HCA, Inc., 3.7500%, due 15/3/19 . . . . . . . . 0.1 2,311,000 Tenet Healthcare Corp., 6.7500%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.5 Medical Labs and Testing Services 1,102,000 Laboratory Corp of America Holdings, 3.2000%, due 1/2/22 . . . . . . . . 0.1 1,101,000 Laboratory Corp of America Holdings, 3.6000%, due 1/2/25 . . . . . . . . 0.1 0.2 Medical Products 900,000 Becton Dickinson and Co., 1.8000%, due 15/12/17 . . . . . . . . . . . . . . 0.1 1,265,000 Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC, 5.5000%, due 15/4/25 . . . . . . . . . . . . . . . 0.2 1,049,000 Zimmer Holdings, Inc., 2.7000%, due 1/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,240,000 Zimmer Holdings, Inc., 3.1500%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,428,000 Zimmer Holdings, Inc., 3.5500%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.8 Multi-Line Insurance 256,000 ING U.S., Inc., 5.6500%, due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . . . — Oil – Field Services 1,596,000 Hiland Partners L.P. / Hiland Partners Finance Corp., 5.5000%, due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.2
The accompanying notes are an integral part of the financial statements.
82
Janus Capital Funds Plc / 30 June 2015
164,098 311,984
770,835
84,815
934,872 1,914,904 1,197,038 5,716,219 9,763,033
1,389,594 1,576,839 257,348 724,888 544,777 224,686 4,718,132 1,199,565 418,140 2,360,109 2,778,249
1,088,051 1,055,109 2,143,160
900,645 1,231,794 1,044,963 1,221,570 1,382,522 5,781,494
262,720
1,662,833
Share or Principal Amount
Percentage of Net Assets (%)
888,000 Hiland Partners L.P. / Hiland Partners Finance Corp., 7.2500%, due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1 1,852,000 Oceaneering International, Inc., 4.6500%, due 15/11/24 . . . . . . . . . . . . . . 0.2 0.5 Oil and Gas Drilling 1,488,000 Helmerich & Payne International Drilling Co., 4.6500%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Oil Companies – Exploration and Production 418,000 Carrizo Oil & Gas, Inc., 6.2500%, due 15/4/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,212,000 Chesapeake Energy Corp., 4.8750%, due 15/4/22 . . . . . . . . . . . . . . . 0.1 465,000 Chesapeake Energy Corp., 5.3750%, due 15/6/21 . . . . . . . . . . . . . . . 0.1 1,818,000 Cimarex Energy Co., 4.3750%, due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,426,000 Cimarex Energy Co., 5.8750%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 512,000 Devon Energy Corp., 2.2500%, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.1 2,311,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 7.0000%, due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 0.3 3,301,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 8.1250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5 1,640,000 EP Energy LLC / Everest Acquisition Finance, Inc., 6.3750%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 618,000 Parsley Energy LLC / Parsley Finance Corp., 7.5000%, due 15/2/22 (144A) . . . . . . . . . . . . . . . . . 0.1 679,000 QEP Resources, Inc., 5.2500%, due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 789,000 QEP Resources, Inc., 5.3750%, due 1/10/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 682,000 Rice Energy, Inc., 6.2500%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.2 Oil Companies – Integrated 668,000 Chevron Corp., 1.3450%, due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.1 Oil Field Machinery and Equipment 959,000 Forum Energy Technologies, Inc., 6.2500%, due 1/10/21 . . . . . . . . . . . . . . . 0.1 Oil Refining and Marketing 967,000 Seven Generations Energy, Ltd., 6.7500%, due 1/5/23 . . . . . . . . . . . . . . . . 0.1 Paper and Related Products 1,412,000 Georgia-Pacific LLC, 3.1630%, due 15/11/21 . . . . . . . . . . . . . . . . . . . . . . 0.2 711,000 Georgia-Pacific LLC, 3.6000%, due 1/3/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Pharmaceuticals 1,120,000 Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc, 6.0000%, due 15/7/23 (144A) . . . . . . . . . . . . . . . . . 0.3 Pharmacy Services 395,000 Omnicare, Inc., 4.7500%, due 1/12/22 . . . . . . 0.1 510,000 Omnicare, Inc., 5.0000%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2
Fair Value (USD)
963,480 1,853,785 4,480,098
1,538,973
421,135 1,057,470 423,150 1,804,692 1,532,950 513,801 2,311,000 3,420,661 1,650,250 630,168 653,538 765,882 680,295 15,864,992
670,949
954,205
969,418
1,431,176 705,449 2,136,625
1,146,600 420,675 550,800 971,475
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Pipelines 836,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.0000%, due 15/12/20 . . . . . . . . . 0.1 1,885,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.1250%, due 3/1/22 . . . . . . . . . . . 0.3 855,000 DCP Midstream Operating L.P., 3.8750%, due 15/3/23 . . . . . . . . . . . . . . . 0.1 443,000 DCP Midstream Operating L.P., 4.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.1 243,000 DCP Midstream Operating L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . . — 423,000 El Paso Pipeline Partners Operating Co LLC, 4.3000%, due 1/5/24 . . . . . . . . . 0.1 144,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, due 1/10/21 . . . . . . . . . — 195,000 Energy Transfer Partners L.P., 4.1500%, due 1/10/20 . . . . . . . . . . . . . . . . — 591,000 EnLink Midstream Partners L.P., 4.4000%, due 1/4/24 . . . . . . . . . . . . . . . . 0.1 485,000 EnLink Midstream Partners L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 471,000 Kinder Morgan, Inc., 7.7500%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,489,000 MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 4.5000%, due 15/7/23 . . . . . . . . . . . . . . . 0.3 325,000 Phillips 66 Partners L.P., 3.6050%, due 15/2/25 . . . . . . . . . . . . . . . . . . . . . . . . — 252,000 Plains All American Pipeline L.P., 3.9500%, due 15/9/15 . . . . . . . . . . . . . . . . — 550,000 Spectra Energy Corp., 4.7500%, due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 930,000 Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.1250%, due 15/11/19 . . . . . . . . . . . . . . 0.1 540,000 Western Gas Partners L.P., 5.3750%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.6 Poultry 248,000 Simmons Foods, Inc., 7.8750%, due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . . — Publishing – Periodicals 400,000 Nielsen Finance LLC / Nielsen Finance Co., 4.5000%, due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.1 339,000 UBM PLC, 5.7500%, due 3/11/20 (144A) . . . . . . . . . . . . . . . . . . — 0.1 Radio 2,665,000 Townsquare Media, Inc., 6.5000%, due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Real Estate Management/Services 358,000 Jones Lang LaSalle, Inc., 4.4000%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . . — 3,138,000 Kennedy-Wilson, Inc., 5.8750%, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.4 Real Estate Operating/Development 1,438,000 Forestar USA Real Estate Group, Inc., 8.5000%, due 1/6/22 (144A) . . . . . . . . . . 0.2 729,000 Greystar Real Estate Partners LLC, 8.2500%, due 1/12/22 . . . . . . . . . . . . . . . 0.1 487,000 Howard Hughes Corp., 6.8750%, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 0.1 206,000 Post Apartment Homes L.P., 4.7500%, due 15/10/17 . . . . . . . . . . . . . . . — 0.4
Fair Value (USD)
869,440 1,932,125 792,527 438,116 218,188 418,194 152,570 200,641 593,632 472,891 542,431 2,451,665 306,471 253,439 582,271 925,350 583,590 11,733,541 228,780
399,500 366,235 765,735 2,648,344
367,754 3,130,155 3,497,909
1,499,115 772,740 518,655 219,619 3,010,129
Share or Principal Amount
Percentage of Net Assets (%)
REIT – Health Care 112,000 Senior Housing Properties Trust, 6.7500%, due 15/12/21 . . . . . . . . . . . . . . . — 101,000 Senior Housing Properties Trust, 6.7500%, due 15/4/20 . . . . . . . . . . . . . . . . — — REIT – Office Property 675,000 Alexandria Real Estate Equities, Inc., 2.7500%, due 15/1/20 . . . . . . . . . . . . . . . 0.1 620,000 Alexandria Real Estate Equities, Inc., 4.5000%, due 30/7/29 . . . . . . . . . . . . . . . 0.1 443,000 Alexandria Real Estate Equities, Inc., 4.6000%, due 1/4/22 . . . . . . . . . . . . . . . . 0.1 475,000 Reckson Operating Partnership L.P., 7.7500%, due 15/3/20 . . . . . . . . . . . . . . . 0.1 0.4 REIT – Shopping Centres 367,000 Retail Opportunity Investments Partnership L.P., 4.0000%, due 15/12/24 . . . . . . . . . . . . . . . . . . . . . . 0.1 129,000 Retail Opportunity Investments Partnership L.P., 5.0000%, due 15/12/23 . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Retail – Discount 2,257,000 Family Tree Escrow LLC, 5.7500%, due 1/3/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Retail – Drug Store 749,000 Rite Aid Corp., 6.1250%, due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Regional Department Stores 163,000 Macy’s Retail Holdings, Inc., 5.9000%, due 1/12/16 . . . . . . . . . . . . . . . . — Retail – Restaurants 1,138,000 1011778 BC ULC / New Red Finance, Inc., 4.6250%, due 15/1/22 . . . . . . . . . . . . 0.2 496,000 Brinker International, Inc., 3.8750%, due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,421,000 Wok Acquisition Corp., 10.2500%, due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 0.3 0.6 Semiconductor Components/Integrated Circuits 860,000 TSMC Global, Ltd., 1.6250%, due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.1 Special Purpose Entity 1,420,000 Goldman Sachs Capital I, 6.3450%, due 15/2/34 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Specified Purpose Acquisition 1,639,000 Argos Merger Sub, Inc., 7.1250%, due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Steel – Producers 1,082,000 ArcelorMittal, 5.1250%, due 1/6/20 . . . . . . . 0.1 479,000 Reliance Steel & Aluminum Co., 4.5000%, due 15/4/23 . . . . . . . . . . . . . . . 0.1 0.2 Telecommunication Equipment 542,000 CommScope Holding Co., Inc., 6.6250%, due 1/6/20 (144A) . . . . . . . . . . 0.1 Telecommunication Services 1,362,000 Altice Finco S.A. 7.6250%, due 15/2/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,657,000 Altice US Finance I Corp., 5.3750%, due 15/7/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 173,000 SBA Tower Trust, 2.9330%, due 15/12/17 (144A) . . . . . . . . . . . . . . . . . — 0.4
Fair Value (USD)
127,648 113,623 241,271
668,841 622,781 467,326 566,498 2,325,446
363,824 135,578 499,402
2,369,850
774,279
173,727
1,123,775 484,426 2,514,814 4,123,015
850,727
1,651,699
1,720,950 1,099,583 471,979 1,571,562
564,358
1,310,925 1,619,718 175,613 3,106,256
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
83
Janus Balanced Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Telephone – Integrated 1,472,000 Level 3 Financing, Inc., 5.1250%, due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . . Television 1,683,000 Tribune Media, Co., 5.8750%, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . Transportation – Marine 440,000 Eletson Holdings, 9.6250%, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . Transportation – Railroad 2,256,000 Florida East Coast Holdings Corp., 6.7500%, due 1/5/19 (144A) . . . . . . . . . . 2,013,000 Florida East Coast Holdings Corp., 9.7500%, due 1/5/20 (144A) . . . . . . . . . .
Fair Value (USD)
0.2
1,437,040
0.2
1,699,830
0.1
431,200
0.3
2,267,280
0.3 0.6
1,917,383 4,184,663
Transportation – Services 58,000 Asciano Finance, Ltd., 3.1250%, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . . — 1,622,000 XPO Logistics, Inc., 7.8750%, due 1/9/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.2 Transportation – Truck 319,000 J.B. Hunt Transport Services, Inc., 3.3750%, due 15/9/15 . . . . . . . . . . . . . . . 0.1 Trucking and Leasing 40,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 2.5000%, due 15/3/16 (144A) . . . . . . . . . . . . . . . . . . — 335,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 3.3750%, due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.1 266,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 4.2500%, due 17/1/23 (144A) . . . . . . . . . . . . . . . . . . — 0.1 X-Ray Equipment 1,128,000 Hologic, Inc., 5.2500%, due 15/7/22 . . . . . . . 0.2
1,154,790
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.3
218,757,751
Government Obligations U.S. Treasury Notes/Bonds 6,999,000 0.3750%, due 31/5/16 . . . . . . . . . . . . . . . . . 0.9 2,782,000 0.5000%, due 30/4/17 . . . . . . . . . . . . . . . . . 0.4 21,548,000 0.5000%, due 31/1/17 . . . . . . . . . . . . . . . . . 2.9 1,133,000 0.6250%, due 31/5/17 . . . . . . . . . . . . . . . . . 0.2 10,662,000 0.6250%, due 31/12/16 . . . . . . . . . . . . . . . . 1.4 2,169,000 0.7500%, due 30/6/17 . . . . . . . . . . . . . . . . . 0.3 163,000 0.7500%, due 31/10/17 . . . . . . . . . . . . . . . . . — 310,000 0.7500%, due 31/12/17 . . . . . . . . . . . . . . . . . — 479,000 0.7500%, due 31/3/18 . . . . . . . . . . . . . . . . . 0.1 42,000 0.8750%, due 15/10/17 . . . . . . . . . . . . . . . . . — 134,000 0.8750%, due 15/7/17 . . . . . . . . . . . . . . . . . . — 65,000 0.8750%, due 28/2/17 . . . . . . . . . . . . . . . . . . — 1,069,000 0.8750%, due 31/1/17 . . . . . . . . . . . . . . . . . 0.1 96,000 0.8750%, due 31/1/18 . . . . . . . . . . . . . . . . . . — 8,921,000 1.0000%, due 15/12/17 . . . . . . . . . . . . . . . . 1.2 25,000 1.0000%, due 15/9/17 . . . . . . . . . . . . . . . . . . .— 458,000 1.0000%, due 30/9/19 . . . . . . . . . . . . . . . . . 0.1 2,761,000 1.2500%, due 31/10/18 . . . . . . . . . . . . . . . . 0.4 3,462,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 0.5 50,000 1.3750%, due 31/3/20 . . . . . . . . . . . . . . . . . . — 2,812,000 1.3750%, due 31/7/18 . . . . . . . . . . . . . . . . . 0.4 8,755,000 1.5000%, due 30/11/19 . . . . . . . . . . . . . . . . 1.2 3,173,000 1.5000%, due 31/10/19 . . . . . . . . . . . . . . . . 0.4 4,979,000 1.6250%, due 31/12/19 . . . . . . . . . . . . . . . . 0.7 2,393,000 1.6250%, due 31/7/19 . . . . . . . . . . . . . . . . . 0.3
7,004,193 2,777,655 21,542,958 1,132,912 10,685,328 2,173,405 162,873 309,370 476,605 42,098 134,565 65,355 1,075,013 96,030 8,960,029 25,146 449,484 2,770,708 3,490,939 49,512 2,840,339 8,757,049 3,174,983 5,000,006 2,413,565
58,239 1,739,352 1,797,591
320,619
40,287 345,484 269,999 655,770
The accompanying notes are an integral part of the financial statements.
84
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount 731,000 3,099,000 323,000 7,014,000 3,099,000 4,184,000 4,468,000 713,000 2,348,000 2,705,000 3,632,000 3,635,000 2,617,000
Percentage of Net Assets (%)
Fair Value (USD)
1.7500%, due 15/5/23 . . . . . . . . . . . . . . . . . 0.1 1.7500%, due 30/9/19 . . . . . . . . . . . . . . . . . 0.4 2.0000%, due 15/2/25 . . . . . . . . . . . . . . . . . . — 2.1250%, due 15/5/25 . . . . . . . . . . . . . . . . . 0.9 2.1250%, due 30/9/21 . . . . . . . . . . . . . . . . . 0.4 2.1250%, due 31/12/21 . . . . . . . . . . . . . . . . 0.6 2.2500%, due 15/11/24 . . . . . . . . . . . . . . . . 0.6 2.3750%, due 15/8/24 . . . . . . . . . . . . . . . . . 0.1 2.5000%, due 15/5/24 . . . . . . . . . . . . . . . . . 0.3 2.5000%, due 15/8/23 . . . . . . . . . . . . . . . . . 0.4 2.7500%, due 15/11/23 . . . . . . . . . . . . . . . . 0.5 3.0000%, due 15/5/45 . . . . . . . . . . . . . . . . . 0.5 3.7500%, due 15/11/43 . . . . . . . . . . . . . . . . 0.4 16.7
707,128 3,136,526 313,840 6,887,418 3,130,232 4,217,016 4,441,121 716,899 2,388,357 2,763,539 3,775,860 3,562,866 2,944,125 124,595,047
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 16.7
124,595,047
Mortgage-Backed Securities Fannie Mae Pool 185,501 4.0000%, due 1/12/42. . . . . . . . . . . . . . . . . . — 3,431,833 4.5000%, due 1/5/44. . . . . . . . . . . . . . . . . . 0.5 1,714,867 3.5000%, due 1/1/44 . . . . . . . . . . . . . . . . . . 0.3 780,170 3.5000%, due 1/4/44 . . . . . . . . . . . . . . . . . . 0.1 2,184,922 3.5000%, due 1/5/44 . . . . . . . . . . . . . . . . . . 0.3 519,136 4.0000%, due 1/11/42 . . . . . . . . . . . . . . . . . 0.1 704,646 4.0000%, due 1/2/44 . . . . . . . . . . . . . . . . . . 0.1 686,953 4.0000%, due 1/6/42 . . . . . . . . . . . . . . . . . . 0.1 643,009 4.0000%, due 1/6/44 . . . . . . . . . . . . . . . . . . 0.1 8,630,413 4.0000%, due 1/7/43 . . . . . . . . . . . . . . . . . . 1.2 1,973,934 4.0000%, due 1/7/44 . . . . . . . . . . . . . . . . . . 0.3 310,395 4.0000%, due 1/8/42 . . . . . . . . . . . . . . . . . . . — 1,199,256 4.0000%, due 1/8/43 . . . . . . . . . . . . . . . . . . 0.2 1,733,249 4.0000%, due 1/8/44 . . . . . . . . . . . . . . . . . . 0.3 1,292,812 4.0000%, due 1/9/42 . . . . . . . . . . . . . . . . . . 0.2 305,392 4.0000%, due 1/9/43 . . . . . . . . . . . . . . . . . . . — 417,225 4.5000%, due 1/1/42 . . . . . . . . . . . . . . . . . . 0.1 40,928 4.5000%, due 1/10/40 . . . . . . . . . . . . . . . . . . — 702,548 4.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . 0.1 567,118 4.5000%, due 1/6/42 . . . . . . . . . . . . . . . . . . 0.1 133,127 4.5000%, due 1/8/41 . . . . . . . . . . . . . . . . . . . — 40,571 5.0000%, due 1/1/30 . . . . . . . . . . . . . . . . . . . — 2,908,370 5.0000%, due 1/10/40 . . . . . . . . . . . . . . . . . 0.4 306,241 5.0000%, due 1/2/41 . . . . . . . . . . . . . . . . . . . — 79,971 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . . — 176,831 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . . — 576,109 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . 0.1 99,255 5.0000%, due 1/9/29 . . . . . . . . . . . . . . . . . . . — 37,771 5.5000%, due 1/1/25 . . . . . . . . . . . . . . . . . . . — 24,024 5.5000%, due 1/1/33 . . . . . . . . . . . . . . . . . . . — 654,100 5.5000%, due 1/12/41 . . . . . . . . . . . . . . . . . 0.1 247,176 5.5000%, due 1/2/41 . . . . . . . . . . . . . . . . . . . — 463,362 5.5000%, due 1/3/40 . . . . . . . . . . . . . . . . . . 0.1 1,252,575 5.5000%, due 1/4/40 . . . . . . . . . . . . . . . . . . 0.2 397,239 5.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1 516,748 5.5000%, due 1/6/41 . . . . . . . . . . . . . . . . . . 0.1 107,268 6.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . . — 91,312 6.0000%, due 1/10/38 . . . . . . . . . . . . . . . . . . — 121,303 6.0000%, due 1/12/35 . . . . . . . . . . . . . . . . . . — 19,664 6.0000%, due 1/2/37 . . . . . . . . . . . . . . . . . . . — 116,171 6.0000%, due 1/9/37 . . . . . . . . . . . . . . . . . . . — 37,805 7.0000%, due 1/2/39 . . . . . . . . . . . . . . . . . . . — 5.2 Freddie Mac Gold Pool 105,969 4.5000%, due 1/1/41 . . . . . . . . . . . . . . . . . . . — 28,290 5.0000%, due 1/1/19 . . . . . . . . . . . . . . . . . . . — 216,383 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . . — 38,482 5.0000%, due 1/6/20 . . . . . . . . . . . . . . . . . . . — 71,720 5.5000%, due 1/10/36 . . . . . . . . . . . . . . . . . . —
198,472 3,784,965 1,779,539 807,830 2,266,509 554,250 752,457 733,360 686,548 9,215,544 2,116,677 331,367 1,280,604 1,858,591 1,380,279 325,836 454,758 44,592 766,184 614,523 144,923 44,815 3,262,149 341,229 89,160 195,957 641,811 109,574 41,256 27,004 738,840 282,246 529,543 1,413,354 446,125 581,462 122,706 103,949 138,817 22,751 127,916 45,740 39,404,212 115,317 29,554 241,471 41,043 80,959
PORTFOLIO INVESTMENTS
Share or Principal Amount 85,971 2,247,585 23,149 358,886
Percentage of Net Assets (%)
5.5000%, due 1/12/28 . . . . . . . . . . . . . . . . . . — 5.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.3 5.5000%, due 1/8/19 . . . . . . . . . . . . . . . . . . . — 6.0000%, due 1/4/40 . . . . . . . . . . . . . . . . . . 0.1 0.4
Ginnie Mae 136,191 5.1000%, due 15/1/32 . . . . . . . . . . . . . . . . . . — Ginnie Mae I pool 3,960,072 5.0000%, due 15/6/44. . . . . . . . . . . . . . . . . 0.6 149,368 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . . — 285,672 4.5000%, due 15/8/41 . . . . . . . . . . . . . . . . . . — 159,735 4.9000%, due 15/10/34 . . . . . . . . . . . . . . . . . — 35,205 5.0000%, due 15/1/40 . . . . . . . . . . . . . . . . . . — 69,499 5.0000%, due 15/10/39 . . . . . . . . . . . . . . . . . — 111,733 5.0000%, due 15/11/39 . . . . . . . . . . . . . . . . . — 123,148 5.0000%, due 15/2/41 . . . . . . . . . . . . . . . . . . — 340,143 5.0000%, due 15/4/41 . . . . . . . . . . . . . . . . . 0.1 67,708 5.0000%, due 15/5/40 . . . . . . . . . . . . . . . . . . — 49,337 5.0000%, due 15/5/41 . . . . . . . . . . . . . . . . . . — 149,256 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . . — 28,972 5.0000%, due 15/9/41 . . . . . . . . . . . . . . . . . . — 123,229 5.5000%, due 15/10/39 . . . . . . . . . . . . . . . . . — 76,124 5.5000%, due 15/3/36 . . . . . . . . . . . . . . . . . . — 439,777 5.5000%, due 15/8/39 . . . . . . . . . . . . . . . . . 0.1 15,357 5.5000%, due 15/9/35 . . . . . . . . . . . . . . . . . . — 0.8 Ginnie Mae II pool 60,005 3.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . . — 411,288 4.5000%, due 20/10/41 . . . . . . . . . . . . . . . . 0.1 75,718 5.5000%, due 20/1/42 . . . . . . . . . . . . . . . . . . — 262,979 5.5000%, due 20/11/37 . . . . . . . . . . . . . . . . 0.1 350,024 5.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.1 120,567 5.5000%, due 20/7/42 . . . . . . . . . . . . . . . . . . — 26,602 6.0000%, due 20/1/39 . . . . . . . . . . . . . . . . . . — 34,211 6.0000%, due 20/1/42 . . . . . . . . . . . . . . . . . . — 10,531 6.0000%, due 20/10/41 . . . . . . . . . . . . . . . . . — 65,092 6.0000%, due 20/11/34 . . . . . . . . . . . . . . . . . — 30,869 6.0000%, due 20/11/42 . . . . . . . . . . . . . . . . . — 32,807 6.0000%, due 20/12/41 . . . . . . . . . . . . . . . . . — 28,511 6.0000%, due 20/2/42 . . . . . . . . . . . . . . . . . . — 41,487 6.0000%, due 20/2/43 . . . . . . . . . . . . . . . . . . — 20,519 6.0000%, due 20/3/42 . . . . . . . . . . . . . . . . . . — 49,586 6.0000%, due 20/4/42 . . . . . . . . . . . . . . . . . . — 44,055 6.0000%, due 20/5/42 . . . . . . . . . . . . . . . . . . — 30,120 6.0000%, due 20/7/42 . . . . . . . . . . . . . . . . . . — 31,764 6.0000%, due 20/8/42 . . . . . . . . . . . . . . . . . . — 78,359 6.0000%, due 20/9/42 . . . . . . . . . . . . . . . . . . — 0.3 Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . 6.7 Preferred Stock Diversified Banking Institutions 22,750 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.1 13,110 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . . — 0.1 Diversified Financial Services 10,700 Citigroup Capital XIII, 7.8750%. . . . . . . . . . . — 4,241 General Electric Capital Corp., 4.7000%, . . . . . . . . . . . . . . . . . . . . . . . . . . — — Fiduciary Banks 5,800 State Street Corp., 5.9000% . . . . . . . . . . . . . . — Finance – Auto Loans 675 Ally Financial, Inc., 7.0000% . . . . . . . . . . . . 0.1
Fair Value (USD) 96,279 2,521,837 24,284 409,514 3,560,258 156,008 4,489,690 162,944 316,187 177,903 39,095 77,622 124,098 136,852 379,138 76,346 56,016 165,672 32,329 142,284 87,067 506,509 17,892 6,987,644 62,638 444,436 86,169 294,664 398,900 135,583 30,155 39,320 12,119 75,540 35,384 37,626 32,775 47,713 23,593 57,011 50,053 34,616 36,494 90,216 2,025,005
Share or Principal Amount
Percentage of Net Assets (%)
Finance – Investment Bankers/Brokers 6,100 Morgan Stanley Capital Trust III, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,061 Morgan Stanley Capital Trust IV, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . 444 Morgan Stanley Capital Trust V, 5.7500% . . . . . . . . . . . . . . . . . . . . . . . . . . . 319 Morgan Stanley Capital Trust VIII, 6.4500% . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
—
155,733
—
26,992
—
11,215
— —
8,087 202,027
Medical – Generic Drugs 355 Allergan PLC 5.5000% . . . . . . . . . . . . . . . . . . — Super – Regional Banks 32,800 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.1
905,280
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 0.5
3,665,972
Tranche Loans Building Products – Cement and Aggregate 2,210,000 Hanson Building Products 9.5000%, due 13/3/23 . . . . . . . . . . . . . . . 0.3 Electronic Components – Semiconductors 2,646,679 Avago Technologies Cayman, Ltd., 3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 0.4 Media 829,563 Tribune Media Co 3.0000%, due 27/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical Information Systems 675,180 IMS Health, Inc., 3.5000%, due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Office Supplies 337,000 Staples, Inc 2.7500%, due 23/4/21 . . . . . . . . . .— Transport – Equipment and Leasing 732,743 Maxim Crane Works L.P., 10.2500%, due 26/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.1
370,115
2,154,750
2,649,035
829,306
670,960 336,228
732,743
Total Tranche Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0
7,373,022
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . 99.1
742,232,677
Adjustments from last traded to bid market prices . . . . . . . . . .(0.2)
(1,124,575)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.9
741,108,102
52,133,127
606,970 366,425 973,395 277,772 103,056 380,828 148,886 685,441
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
85
Janus Balanced Fund PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Bank of America USD 2,034,718 Citibank USD 3,749 USD 7,281 USD 1,249 USD 9,746 USD 26,423 USD 2 USD 40 USD 2 USD 77,146 USD 30,892 USD 2,199 AUD 300 USD 1,363 USD 47,525 USD 190 USD 259,838 USD 99,096 USD 33,810 USD 12,635 USD 7,031 USD 31,191 USD 9 USD 115,194 USD 10 USD 107,898 USD 69 USD 4 USD 12,785 USD 105,716 USD 46,481 USD 2,882 USD 4 USD 39,494 USD 5,150 USD 2,014 USD 164,734 AUD 167 USD 18,342 USD 3 USD 4 USD 218,288 USD 560,244 USD 67,404 USD 27,419 USD 20 USD 21 USD 15,308 USD 249,433 AUD 500 USD 33,424 Credit Suisse USD 62,956
Currency Sold GBP
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
1,294,000
2,032,423
30-Jul-15
2,295
EUR AUD CNH EUR CAD EUR AUD AUD EUR EUR EUR USD EUR EUR AUD EUR CAD AUD EUR EUR EUR EUR EUR AUD EUR AUD EUR EUR EUR EUR EUR AUD CAD EUR AUD EUR USD EUR EUR AUD CAD EUR EUR EUR EUR AUD EUR EUR USD EUR
3,342 9,430 7,769 8,689 32,530 2 52 3 68,781 27,542 1,960 231 1,220 42,560 246 232,355 122,789 43,781 11,299 6,287 27,892 8 103,010 13 96,322 89 3 11,405 94,307 41,465 2,571 5 48,829 4,594 2,608 147,015 129 16,369 3 5 270,911 501,808 60,373 24,560 18 27 13,712 223,416 384 29,717
3,727 7,260 1,248 9,690 26,038 2 40 2 76,702 30,714 2,186 231 1,361 47,461 189 259,115 98,284 33,710 12,600 7,011 31,104 9 114,873 10 107,415 69 4 12,719 105,168 46,240 2,867 4 39,084 5,123 2,008 163,946 129 18,254 3 4 216,845 559,600 67,327 27,387 20 21 15,290 249,146 383 33,139
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
22 21 1 56 385 — — — 444 178 13 — 2 64 1 723 812 100 35 20 87 — 321 — 483 — — 66 548 241 15 — 410 27 6 788 — 88 — — 1,443 644 77 32 — — 18 287 1 285
GBP
40,000
62,833
16-Jul-15
123
Total
11,162
Total Financial Assets at fair value through profit or loss
741,119,264
The accompanying notes are an integral part of the financial statements.
86
Janus Capital Funds Plc / 30 June 2015
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Bank of America GBP 1,294,000 USD 2,035,113 USD 1,976,139 GBP 1,294,000 Citibank AUD 69,934 USD 54,081 AUD 3,663 USD 2,833 EUR 3,289,588 USD 3,689,609 EUR 67,663,742 USD 75,891,788 EUR 30,110,526 USD 33,772,026 AUD 12,427,419 USD 9,610,310 CAD 35,950,123 USD 29,238,083 CNH 4,308,218 USD 692,447 EUR 1,822,796 USD 2,044,452 EUR 8,086,763 USD 9,070,129 EUR 2,459 USD 2,758 EUR 104,000 USD 116,134 USD 2,116 CNH 13,174 EUR 273 USD 306 CAD 389,000 USD 313,723 EUR 26,313 USD 29,475 USD 12,214 AUD 15,885 USD 737 CNH 4,587 EUR 72,607 USD 81,358 USD 96,139 EUR 86,611 USD 12,043 AUD 15,771 USD 2,627 EUR 2,367 USD 65 AUD 85 USD 37,317 CAD 46,127 USD 42,350 EUR 38,153 USD 4,690 EUR 4,225 USD 11,636 EUR 10,483 USD 1,031 CNH 6,421 CAD 119 USD 97 EUR 9,850 USD 11,008 EUR 59,808 USD 66,841 USD 73,665 AUD 96,432 EUR 19,518 USD 21,813 EUR 11,595 USD 12,958 USD 383 AUD 500 USD 70,206 AUD 91,521 USD 4,931 CNH 30,689 EUR 23,083 USD 25,963 Credit Suisse USD 969,580 GBP 627,000 GBP 245,000 USD 385,514 Royal Bank of Canada USD 779,994 GBP 509,000 GBP 509,000 USD 800,996
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
2,037,341 2,032,888
2-Jul-15 2-Jul-15
(2,228) (56,749)
54,316 2,845 3,710,781 76,327,272 33,965,817 9,652,004 29,700,573 692,455 2,056,184 9,122,175 2,774 116,291 2,117 307 316,078 29,607 12,231 738 81,747 96,585 12,144 2,639 66 36,921 42,547 4,712 11,690 1,032 98 11,032 66,986 74,250 21,860 12,986 385 70,469 4,933 26,186
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(235) (12) (21,172) (435,484) (193,791) (41,694) (462,490) (8) (11,732) (52,046) (16) (157) (1) (1) (2,355) (132) (17) (1) (389) (446) (101) (12) (1) 396 (197) (22) (54) (1) (1) (24) (145) (585) (47) (28) (2) (263) (2) (223)
984,902 386,179
16-Jul-15 16-Jul-15
(15,322) (665)
799,547 802,448
16-Jul-15 16-Jul-15
(19,553) (1,452)
Total
(1,319,460)
Total Financial Liabilities at fair value through profit or loss
(1,319,460)
Janus Emerging Markets Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Airlines 6,418 Copa Holdings S.A. – Class A . . . . . . . . . . . . Automotive – Cars and Light Trucks 71,600 Chongqing Changan Automobile Co., Ltd. 6,725 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . 254,414 Yulon Motor Co., Ltd. . . . . . . . . . . . . . . . . . .
0.8
0.3 1.3 0.5 2.1
Automotive – Truck Parts and Equipment – Original 2,544 Hyundai Mobis . . . . . . . . . . . . . . . . . . . . . . . 0.7 77,500 Iochpe-Maxion S.A. . . . . . . . . . . . . . . . . . . . . 0.5 1.2 Banks 209,101 ICICI Bank, Ltd.. . . . . . . . . . . . . . . . . . . . . . . 1.6 Beverages – Non-Alcoholic 84,800 Fomento Economico Mexicano, S.A.B. de C.V. . . . . . . . . . . . . . . . . . . . . . . . 1.2 Beverages – Wine and Spirits 558,779 LT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 16,432 Vina Concha y Toro S.A. . . . . . . . . . . . . . . . . . — 0.3 Brewery 15,468 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Casino Hotels 206,100 Genting Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Cellular Telecommunications 109,500 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . . 2.2 Commercial Banks – Non U.S. 369,100 Bank Danamon Indonesia Tbk PT . . . . . . . . . 0.2 962,000 Bank Mandiri, Tbk. . . . . . . . . . . . . . . . . . . . . 1.1 1,594,000 China Construction Bank Corp. . . . . . . . . . . 2.2 3,018,629 Corpbanca S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.1 4,298 CrediCorp., Ltd.. . . . . . . . . . . . . . . . . . . . . . . 0.9 117,000 Grupo Financiero Banorte S.A.B. de C.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 92,474 Itau Unibanco Holding S.A. (ADR) . . . . . . . . 1.6 150,601 Metropolitan Bank and Trust . . . . . . . . . . . . . 0.5 155,912 Sberbank of Russia (ADR) . . . . . . . . . . . . . . . 1.3 69,228 Turkiye Halk Bankasi A/S . . . . . . . . . . . . . . . . 0.5 9.4 Computer Services 28,539 Infosys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 892 Samsung SDS Co., Ltd. . . . . . . . . . . . . . . . . . 0.3 1.0 Consumer Products – Miscellaneous 109,500 Biostime International Holdings, Ltd. . . . . . . 0.5 197,400 Samsonite International S.A. . . . . . . . . . . . . . 1.1 1.6 Cosmetics and Toiletries 14,705 L’Occitane International S.A. . . . . . . . . . . . . . 0.1 Diversified Financial Services 373,499 Haitong International Securities Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 17,486 Hana Financial Group, Inc. . . . . . . . . . . . . . . 0.7 21,901 Shinhan Financial Group Co., Ltd. . . . . . . . . 1.3 2.5 Diversified Operations 175,000 Melco International Development, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 E-Commerce/Products 7,281 Alibaba Group Holding, Ltd. (ADR) . . . . . . . 0.9
Fair Value (USD)
530,063
183,173 820,122 295,218 1,298,513 483,615 316,663 800,278 1,011,451
755,667 172,544 28,650 201,194 803,240 440,511 1,402,075 119,066 725,301 1,455,956 33,343 597,078 643,402 1,012,590 314,034 813,861 319,077 6,033,708 441,191 207,563 648,754 320,676 682,509 1,003,185 41,926 337,298 455,495 815,985 1,608,778
247,443 599,008
Share or Principal Amount E-Commerce/Services 14,986 QIWI PLC (ADR) . . . . . . . . . . . . . . . . . Electric – Transmission 176,761 Power Grid Corp of India, Ltd. . . . . . . Electrical Components – Equipment 58,000 Delta Electronics, Inc. . . . . . . . . . . . . . Electronic Components – Miscellaneous 58,500 AAC Technologies Holdings, Inc. . . . . 790,000 E Ink Holdings, Inc.. . . . . . . . . . . . . . . 212,560 Hon Hai Precision Industry Co., Ltd.. . 89,200 Japan Display, Inc. . . . . . . . . . . . . . . . . 14,986 LG Display Co., Ltd. . . . . . . . . . . . . . .
Percentage of Net Assets (%)
Fair Value (USD)
. . . . . 0.6
420,357
. . . . . 0.6
386,146
. . . . . 0.5
297,033
..... ..... ..... ..... .....
0.5 0.6 1.0 0.5 0.5 3.1
Electronic Components – Semiconductors 12,325 Hynix Semiconductor, Inc. . . . . . . . . . . . . . . 0.7 29,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 2,310 Samsung Electronics Co., Ltd. . . . . . . . . . . . . 4.0 5.3 Electronic Measuring Instruments 102,000 Chroma ATE, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 Electronic Parts Distributors 380,000 WPG Holdings, Ltd . . . . . . . . . . . . . . . . . . . . 0.7 Energy – Alternate Sources 1,839,000 China Suntien Green Energy Corp., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Engineering and Construction 167,794 Louis XIII Holdings, Ltd. . . . . . . . . . . . . . . . . 0.1 Finance – Investment Bankers/Brokers 102,500 CITIC Securities Co., Ltd. . . . . . . . . . . . . . . . 0.6 Finance – Mortgage Loan Banker 27,443 Housing Development Finance Corp. . . . . . . 0.9 Food – Meat Products 9,510 San Miguel Pure Foods Co., Inc. . . . . . . . . . . 0.1 Food – Miscellaneous/Diversified 195,900 Marfrig Global Foods S.A. . . . . . . . . . . . . . . . 0.6 Food – Retail 66,245 Shoprite Holdings, Ltd. . . . . . . . . . . . . . . . . . 1.5 18,202 X5 Retail Group N.V. (GDR) . . . . . . . . . . . . . 0.5 2.0 Gambling – Non-Hotel 2,658,750 Belle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Hotels and Motels 26,960 Orascom Development Holding A.G. . . . . . . 0.5 Industrial Audio and Video Production 223,250 Merry Electronics Co., Ltd. . . . . . . . . . . . . . . 0.8 Internet Applications Software 76,000 Tencent Holdings, Ltd.. . . . . . . . . . . . . . . . . . 2.3 Internet Content – Entertainment 1,974 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Investment Management and Advisory Services 129,667 GF Securities Co., Ltd. . . . . . . . . . . . . . . . . . . 0.5 30,700 Grupo BTG Pactual . . . . . . . . . . . . . . . . . . . . 0.4 0.9 Life and Health Insurance 7,632 Samsung Life Insurance Co., Ltd. . . . . . . . . . 1.1 Machinery – Electric Utilities 19,512 Ulusoy Elektrik Imalat Taahhut Ve Ticaret A/S . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical – Drugs 18,933 Torrent Pharmaceuticals, Ltd. . . . . . . . . . . . . 0.6 Medical Labs and Testing Services 49,900 Integrated Diagnostics Holdings PLC. . . . . . . 0.4
330,565 362,329 668,302 336,040 347,371 2,044,607 467,492 396,670 2,626,506 3,490,668 225,478 476,050 393,837 64,076 369,600 558,760 36,370 357,993 945,502 303,063 1,248,565 194,631 334,584 517,388 1,516,808 351,362 333,566 282,782 616,348 735,689
66,921 386,977 291,915
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
87
Janus Emerging Markets Fund PORTFOLIO INVESTMENTS
Share or Principal Amount Metal – Diversified 159,714 Hindustan Zinc, Ltd. . . . . . . . . . . . . . . Metal – Iron 50,543 Vale S.A. (ADR) . . . . . . . . . . . . . . . . . . Metal Processors and Fabrication 29,000 Catcher Technology Co., Ltd. . . . . . . . Oil Companies – Exploration and Production 278,000 CNOOC, Ltd. . . . . . . . . . . . . . . . . . . . 33,130 Cobalt International Energy, Inc. . . . . . 228,532 Ophir Energy PLC . . . . . . . . . . . . . . . .
Percentage of Net Assets (%)
Fair Value (USD)
. . . . . 0.6
419,138
. . . . . 0.5
297,698
. . . . . 0.6
362,831
. . . . . 0.6 . . . . . 0.5 . . . . . 0.6 1.7
394,516 321,692 406,415 1,122,623
Oil Companies – Integrated 418,600 China Petroleum & Chemical Corp. . . . . . . . 0.6 350,000 PetroChina Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.6 62,327 Petroleo Brasileiro S.A. (ADR) . . . . . . . . . . . . 0.9 2.1 Oil Refining and Marketing 49,695 Reliance Industries, Ltd.. . . . . . . . . . . . . . . . . 1.2 Paper and Related Products 81,900 Suzano Papel e Celulose S.A. . . . . . . . . . . . . . 0.7 Property and Casualty Insurance 13,699 Hyundai Marine & Fire Insurance Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Public Thoroughfares 105,300 CCR S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Real Estate Management/Services 95,000 BR Malls Participacoes S.A. . . . . . . . . . . . . . . 0.7 1,675,500 Siam Future Development PCL . . . . . . . . . . . 0.4 1.1 Real Estate Operating/Development 1,148,906 Central China Real Estate, Ltd. . . . . . . . . . . . 0.5 9,270,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . . 0.6 461,669 Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. . . . . . . . . . . . . . . . . . . . . . . . 0.7 852,250 Shun Tak Holdings, Ltd. . . . . . . . . . . . . . . . . 0.7 2.5 Regional Banks – Non U.S. 101,510 TCS Group Holding (GDR) . . . . . . . . . . . . . . 0.5 Rental – Auto/Equipment 51,200 Localiza Rent a Car S.A. . . . . . . . . . . . . . . . . . 0.8 Resorts and Theme Parks 225,160 Dubai Parks & Resorts PJSC . . . . . . . . . . . . . 0.1 Retail – Appliances 51,200 Via Varejo S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Retail – Automobile 796,800 Astra International Tbk PT. . . . . . . . . . . . . . . 0.7 646,000 Baoxin Auto Group, Ltd. . . . . . . . . . . . . . . . . 0.6 1.3 Retail – Jewellery 429,800 Chow Tai Fook Jewellery Group, Ltd. . . . . . . 0.7 40,075 CIE Financiere Richemont S.A. . . . . . . . . . . . 0.5 11,738 PC Jeweller, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.1 1.3 Retail – Major Department Stores 59,900 El Puerto de Liverpool S.A.B. de C.V. . . . . . . . 1.1 5,220 SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.2 Retail – Miscellaneous and Diversified 5,892 PriceSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 Semiconductor Components/Integrated Circuits 439,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1
The accompanying notes are an integral part of the financial statements.
88
Janus Capital Funds Plc / 30 June 2015
361,287 390,581 564,059 1,315,927 780,538 436,614
Share or Principal Amount Shipbuilding 39,256 Daewoo Shipbuilding & Marine Engineering Co., Ltd. . . . . . . . . . . . . Specified Purpose Acquisition 11,123 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . Steel – Producers 1,915 POSCO . . . . . . . . . . . . . . . . . . . . . . . . Telephone – Integrated 12,130 KT Corp. . . . . . . . . . . . . . . . . . . . . . . . Tobacco 62,956 ITC, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 67,300 Souza Cruz S.A. . . . . . . . . . . . . . . . . . .
Percentage of Net Assets (%)
Fair Value (USD)
. . . . . 0.7
468,171
. . . . . 0.1
69,519
. . . . . 0.6
384,648
. . . . . 0.5
309,450
. . . . . 0.5 . . . . . 0.8 1.3
311,596 531,567 843,163
Transportation – Railroad 41,925 Globaltrans Investment PLC (GDR) . . . . . . . . 0.3 Web Portals/Internet Service Providers 2,456 Baidu, Inc. (ADR). . . . . . . . . . . . . . . . . . . . . . 0.8 775 NAVER Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1.5 Wire and Cable Products 15,811 Finolex Cables, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1
199,144 488,940 440,594 929,534 61,966
362,375
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.3
50,069,876
507,156
Preferred Stock Electronic Components – Semiconductors 541 Samsung Electronics Co., Ltd., 1.32% . . . . . . . . 0.7
481,719
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
481,719
Warrant Specified Purpose Acquisitions 11,049 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . . . . . . . —
1,934
Total Warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
1,934
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 78.0
50,553,529
449,296 290,286 739,582 326,087 358,780 475,539 471,684 1,632,090 294,379 507,026 72,953 184,987 422,915 410,872 833,787 463,553 327,102 70,825 861,480 691,847 36,489 728,336 537,586
1,999,218
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(88,160)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.9
50,465,369
PORTFOLIO INVESTMENTS Fully Funded Equity Swaps at 30 June 2015 Return Paid by the Fund
Notional Counterparty Amount
Unrealised Return Received Termination Appreciation (USD) by the Fund Date
Financial Liabilities at fair value through profit or loss
Notional Counterparty Amount
Goldman Sachs & Co.
Fully Funded 356,700 Swap
China Vanke Co., Ltd.
11-May-16
835,234
Goldman Sachs & Co.
Fully Funded 15,800 Swap
Chongqing Changan Automobile
19-May-16
40,420
Goldman Sachs & Co.
Fully Funded 1,669,333 Swap
Industrial & Commercial Bank of China
Goldman Sachs & Co.
Fully Funded 355,056 Swap
SAIC Motor Corporation, Ltd.
5-Jul-16
380,282
Goldman Sachs & Co.
Fully Funded 35,210 Swap
Shandong Dong-E E-JI
3-Sep-16
309,457
Fully Funded 94,107 Swap
Yunnan Baiyao Group Co., Ltd.
11-Dec-15
1,309,243
Goldman Sachs & Co.
30-Jun-16
Total Return Swaps at 30 June 2015
Credit Suisse
8-Feb-16
(1,616)
UBS
1-month USD LIBOR plus 50 basis 19,400 points
1-Jan-16
(1,104)
UBS
Currency Purchased
UBS
1-month USD LIBOR plus 50 basis 2,791 points
UBS
1-month USD LIBOR plus 50 basis 264,200 points
Yunnan Baiyao Group Co., Ltd. China Pacific Insurance Co., Ltd
29-Oct-15
3-Jun-16
1-Jan-16
Currency Sold
18,681
Citibank 6,279 EUR 376 EUR 7,381 EUR 804,092 EUR 682,173 EUR 41,028 EUR 6,087 USD 312 USD 5,146 USD
USD USD USD USD USD USD EUR EUR EUR
2,775
Credit Suisse USD 1,674 USD 24,244 USD 298,852
JPY JPY JPY
Unrealised Return Received Termination Appreciation (USD) by the Fund Date
DAQIN Railway CO., Ltd.
(2,720)
Forward Currency Contracts, Open as at 30 June 2015
Total Return Swaps at 30 June 2015
1-month USD LIBOR plus 50 basis 117,729 points
China Pacific Insurance Co., Ltd
Total
4,296,033
Notional Counterparty Amount
Unrealised Return Received Termination (Depreciation) (USD) by the Fund Date
1-month USD LIBOR plus Saudi 100 basis International 40,557 points Petrochemical
1,421,397
Total
Return Paid by the Fund
Return Paid by the Fund
Current Market Value (USD)
Unrealised Settle (Depreciation) (USD) Date
7,043 421 8,279 901,871 765,126 46,017 5,484 281 4,636
7,084 423 8,327 907,046 769,516 46,281 6,115 313 5,170
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(41) (2) (48) (5,175) (4,390) (264) (28) (1) (24)
207,000 2,997,000 36,700,000
1,692 24,497 299,972
16-Jul-15 16-Jul-15 16-Jul-15
(18) (253) (1,120)
Total
(11,363)
Total Financial Liabilities at fair value through profit or loss
(14,083)
72,570
Total
94,026
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD 3 USD 32 USD 8 USD 308 USD 6,015 USD 5,085 USD 18,635 USD 1,127 USD 22,030 JPY 242,000 JPY 191,000
Currency Sold EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD
2 29 7 275 5,366 4,536 16,692 1,009 19,732 1,952 1,543
Current Market Value (USD) 3 32 8 306 5,984 5,059 18,614 1,126 22,005 1,926 1,525
Total Total Financial Assets at fair value through profit or loss
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 16-Jul-15 16-Jul-15
Unrealised Appreciation (USD) — — — 2 31 26 21 1 25 26 18 150 54,855,578
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
89
Janus Europe Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (EUR)
Financial Assets at fair value through profit or loss Common Stock Advertising Agencies 162,742 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Aerospace and Defence 194,416 BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . 0.6 169,900 Meggitt PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.1 Agricultural Chemicals 4,984 Syngenta A.G.. . . . . . . . . . . . . . . . . . . . . . . . 0.8 Agricultural Operations 1,500,857 Amatheon Agri Holding N.V. . . . . . . . . . . . . 1.7 Apparel Manufacturers 2,935,746 boohoo.com PLC . . . . . . . . . . . . . . . . . . . . . 0.5 Appliances 37,472 Leifheit A.G. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Applications Software 878,126 RNTSMedia pe . . . . . . . . . . . . . . . . . . . . . . . 1.5 Automotive – Truck Parts and Equipment – Original 18,007 Hella KGaA Hueck & Co.. . . . . . . . . . . . . . . 0.4 Beverages – Wine and Spirits 167,304 Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 27,918 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . 1.3 15,545 Remy Cointreau . . . . . . . . . . . . . . . . . . . . . . 0.5 3.8 Brewery 117,162 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . 2.5 Broadcast Services and Programming 1,922,248 Senator Entertainment A.G. . . . . . . . . . . . . . 1.9 Building and Construction Products – Miscellaneous 29,575 BRAAS Monier Building Group S.A. . . . . . . . 0.3 Cellular Telecommunications 1,648,828 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 2.5 Chemicals – Diversified 21,226 Johnson Matthey PLC . . . . . . . . . . . . . . . . . . 0.4 Chemicals – Specialty 34,284 Brenntag A.G. . . . . . . . . . . . . . . . . . . 0.8 Coal 985,714 Ichor Coal N.V. . . . . . . . . . . . . . . . . . . . . . . . 1.8 Commercial Banks 581,496 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . 2.2 Commercial Banks – Non U.S. 24,948 Banco Bilbao Vizcaya Argentaria S.A. . . . . . . 0.1 301,950 Banco Santander Central Hispand S.A. . . . . . . 0.9 841,689 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . 1.3 197,515 Permanent TSB Group Holdings PLC. . . . . . . 0.4 2.7 Computers – Other 283,781 Tobii A.B. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Cosmetics and Toiletries 65,756 Svenska Cellulosa A.B. SCA . . . . . . . . . . . . . 0.7 Diversified Banking Institutions 59,243 BNP Paribas S.A. . . . . . . . . . . . . . . . . . . . . . 1.5 84,869 Deutsche Bank A.G. . . . . . . . . . . . . . . . . . . . 1.1 2,625,388 Lloyds Banking Group PLC . . . . . . . . . . . . . 1.5 123,601 UBS A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 522,779 UniCredit SpA . . . . . . . . . . . . . . . . . . . . . . . 1.5 6.7 Diversified Financial Services 197,160 Asiakastieto Group Oyj. . . . . . . . . . . . . . . . . 1.3 2,231 Julius Baer Group, Ltd. . . . . . . . . . . . . . . . . . 0.1 1.4
The accompanying notes are an integral part of the financial statements.
90
Janus Capital Funds Plc / 30 June 2015
3,270,675 1,236,287 1,116,787 2,353,074 1,817,738 3,557,031 1,065,403 1,601,928 3,249,066 778,623 4,340,886 2,892,305 1,004,984 8,238,175 5,455,632 4,094,388 724,588 5,341,191 908,812 1,763,226 3,777,256 4,672,142 219,343 1,891,415 2,737,173 926,740 5,774,671 1,222,878 1,500,800 3,208,008 2,287,220 3,153,953 2,354,790 3,149,743 14,153,714 2,839,104 112,309 2,951,413
Share or Principal Amount
Percentage of Net Assets (%)
E-Commerce/Products 4,335,991 MySale Group PLC . . . . . . . . . . . . . . . . . . . . 1.5 122,582 windeln.de A.G. . . . . . . . . . . . . . . . . . . . . . . 0.7 2.2 E-Commerce/Services 25,408 Auto Trader Group PLC . . . . . . . . . . . . . . . . 0.1 Electrical Components – Equipment 29,694 Schneider Electric S.E. . . . . . . . . . . . . . . . . . 0.9 Electronic Components – Miscellaneous 538,753 TT electronics PLC . . . . . . . . . . . . . . . . . . . . 0.5 Electronic Components – Semiconductors 116,129 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 0.8 Fisheries 140,109 Marine Harvest ASA . . . . . . . . . . . . . . . . . . . 0.7 Food – Miscellaneous/Diversified 52,191 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 38,687 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.7 2.3 Gold Mining 27,895 Signature Metals, Ltd. . . . . . . . . . . . . . . . . . . 0.5 Hotels and Motels 19,790 Accor S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 39,852 Orascom Development Holding A.G. . . . . . . 0.2 0.6 Human Resources 301,057 Coor Service Management Holding A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.6 Industrial Gases 9,000 Linde A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Internet Financial Services 4,071,466 Monitise PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Internet Gambling 2,965,663 Bwin.Party Digital Entertainment PLC . . . . . . 1.9 Internet Investment 41,978 Rocket Internet S.E. . . . . . . . . . . . . . . . . . . . 0.8 Investment Companies 90,061 Saeta Yield S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.4 Life and Health Insurance 202,447 ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . 1.4 110,138 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.5 Machinery – General Industrial 41,216 Alstom S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical – Drugs 22,393 Actelion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 32,453 Bayer A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 25,596 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 1.1 26,942 Novo Nordisk A/S – Class B . . . . . . . . . . . . . 0.6 711,121 Oasmia Pharmaceutical A.B. . . . . . . . . . . . . . 0.6 16,915 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 2.0 61,794 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 10.1 Medical – Wholesale Drug Distributors 59,010 Meda A.B. – Class A . . . . . . . . . . . . . . . . . . . 0.3 Medical Products 373,782 Amplitude Surgical SAS . . . . . . . . . . . . . . . . 0.8 Metal – Diversified 994,719 Glencore Xstrata PLC . . . . . . . . . . . . . . . . . . 1.7 101,195 Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . 1.7 3.4 Motion Pictures and Services 453,300 Leone Film Group SpA . . . . . . . . . . . . . . . . . 0.6
Fair Value (EUR) 3,177,679 1,426,854 4,604,533 109,181 1,838,949 1,102,869 1,697,218 1,441,878 3,381,187 1,488,490 4,869,677 1,128,698 895,893 443,688 1,339,581
1,222,354 1,529,100 616,847 4,089,789 1,665,477 843,872 2,998,240 2,378,789 5,377,029 1,048,947 2,940,141 4,074,474 2,263,796 1,317,075 1,316,608 4,253,467 5,452,703 21,618,264 737,307 1,816,581 3,579,064 3,728,060 7,307,124 1,314,570
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Non-Hazardous Waste Disposal 106,426 RenoNorden ASA . . . . . . . . . . . . . . . . . . . . . 0.2 Oil – Field Services 115,568 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 917,980 Sequa Petroleum N.V. . . . . . . . . . . . . . . . . . . 1.2 1.9 Oil and Gas Drilling 393,000 Ocean Rig UDW, Inc. . . . . . . . . . . . . . . . . . . 0.8 Oil Companies – Exploration and Production 97,562 Genel Energy PLC . . . . . . . . . . . . . . . . . . . . 0.3 1,780,397 Ophir Energy PLC . . . . . . . . . . . . . . . . . . . . 1.3 452,942 Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . 1.0 2.6 Oil Companies – Integrated 253,994 BP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 204,874 Royal Dutch Shell PLC – Class A . . . . . . . . . 2.4 49,485 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 4.1 Paper and Related Products 24,357 Smurfit Kappa Group PLC . . . . . . . . . . . . . . 0.3 Professional Sports 43,493 Manchester United PLC – Class A . . . . . . . . 0.3 Real Estate Management/Services 301,490 Atrium European Real Estate, Ltd. . . . . . . . . 0.6 138,182 Countrywide PLC . . . . . . . . . . . . . . . . . . . . . 0.5 754,607 Magnolia Bostad A.B. . . . . . . . . . . . . . . . . . . 1.4 2.5 Real Estate Operating/Development 878,705 ISARIA Wohnbau A.G. . . . . . . . . . . . . . . . . 1.7 11,149 Pandox A.B. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 777,721 Primecity Investment PLC . . . . . . . . . . . . . . 1.2 60,738 TLG Immobilien A.G.. . . . . . . . . . . . . . . . . . 0.4 3.4 Retail – Jewellery 17,213 CIE Financiere de Richemont S.A. . . . . . . . . 0.6 Retail – Miscellaneous 608,548 Europris ASA (144A) . . . . . . . . . . . . . . . . . . 1.3 Software 19,491 SAP A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Specified Purpose Acquisition 410,767 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . . . . . 1.1 Steel – Producers 410,531 ArcelorMittal . . . . . . . . . . . . . . . . . . . . . . . . 1.7 45,655 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 0.5 2.2 Steel – Specialty 176,533 Outokumpu Oyj. . . . . . . . . . . . . . . . . . . . . . 0.4 Steel Pipe and Tube 119,342 Vallourec S.A. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Telephone – Integrated 144,839 Deutsche Telekom A.G. . . . . . . . . . . . . . . . . 1.0 Textile – Apparel 13,760 LVMH Moet Hennessy Louis Vuitton S.A. . . . . . . . . . . . . . . . . . . . . . . . 1.0 Therapeutics 4,832 GW Pharmaceuticals PLC (ADR) . . . . . . . . . 0.2 Transportation – Marine 710 AP Moeller-Maersk A/S . . . . . . . . . . . . . . . . . 0.5 42,074 Euronav N.V. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.8 Transportation – Railroad 231,420 Globaltrans Investment PLC (GDR) . . . . . . . 0.5
Fair Value (EUR) 511,682 1,507,413 2,625,423 4,132,836 1,808,639 697,119 2,840,413 2,168,485 5,706,017
Share or Principal Amount
Percentage of Net Assets (%)
Transportation – Services 1,040,077 Nobina A.B. . . . . . . . . . . . . . . . . . . . . . . . . . Transportation Services 12,459 Panalpina Welt A.G. . . . . . . . . . . . . . . . . . . . Travel Services 7,430 TUI A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . Water 67,167 Suez Environnement Co. . . . . . . . . . . . . . . . Wireless Equipment 205,474 Telefonaktiebolaget L.M. Ericsson. . . . . . . . .
Fair Value (EUR)
1.6
3,535,998
0.7
1,411,026
0.1
107,856
0.5
1,120,681
0.9
1,911,027
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.6
211,412,618
Futures 1,503,994 5,158,318 2,156,061 8,818,373
28 EURO/CHF Future 14/9/15 . . . . . . . . . . . . . . —
32,758
Total Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
32,758
601,861
Preferred Stock Automotive – Cars and Light Trucks 28,218 Volkswagen A.G., 2.58% . . . . . . . . . . . . . . . 2.7
5,869,344
696,856
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7
5,869,344
Warrant Specified Purpose Acquisitions 1,124,165 Atlas Mara Co-Nvest, Ltd. . . . . . . . . . . . . . . 0.1
176,486
1,245,455 1,106,160 2,990,328 5,341,943 3,668,593 133,387 2,667,583 881,005 7,350,568
Total Warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
176,486
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . 101.4
217,491,206
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(496,876)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.2
216,994,330
1,256,393 2,723,795 1,220,137 2,303,125 3,585,167 1,065,359 4,650,526 797,576 2,186,345 2,237,763
2,162,384 532,487 1,153,785 554,535 1,708,320 986,135
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
91
Janus Europe Fund PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Total Equity Swaps Outstanding at 30 June 2015 Notional Counterparty Amount Goldman Sachs & Co Goldman Sachs & Co Goldman Sachs & Co
Return Paid by the Fund
Unrealised Return Received Termination Appreciation (EUR) by the Fund Date
4,045
1-month USD LIBOR plus 65 basis points
GS EMEA Basket Swap EQS
(1,116)
1-month USD LIBOR plus 90 basis points
MSCI Turkey Total Return Gross USD*
26-Nov-15
126,680
(317)
1-month USD LIBOR plus 90 basis points
MSCI Turkey Total Return Gross USD*
26-Nov-15
85,079
26-Nov-15
105,524
Total
317,283
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD 77,950 USD 21 SEK 139 USD 13,727,678 USD 3,670 EUR 21 EUR 16 EUR 58,484 EUR 112 EUR 87 EUR 311,767
Currency Sold EUR 69,498 EUR 19 EUR 15 EUR 12,243,715 EUR 3,273 USD 24 SEK 151 SEK 538,566 USD 125 SEK 804 SEK 2,872,039
Current Market Value (EUR) 77,548 21 15 13,661,407 3,652 24 16 58,327 125 87 311,044
Settle Date
Unrealised Appreciation (EUR)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
402 — — 66,271 18 — — 157 — — 723
Total
Percentage of Net Assets (%)
Contract Amount
Schedule of Written Options – Puts (1,065) Manchester United PLC, expires July 2015, 1,065 contracts, exercise price 18 USD (covered). . . . . . . . . . . . . . . . — (60,600) Electrolux A.B., expires August 2015, 60,600 contracts, exercise price 26 USD (covered) . . . . . . . . . . . . . . . . . . . . . . — (170) Alkerms PLC, expires July 2015, 170 contracts, exercise price 70 USD (covered) . . . . . . . . . . . . . . . . . . . . . . — (31,300) Julius Baer Group, LTD., expires September 2015, 31,300 contracts, exercise price 56 USD (covered) . . . . . . . (0.1) (188,000) BBVA(BILB-VIZ-ARG), expires July 2015, 188,000 contracts, exercise price 9 USD (covered). . . . . . . . . . . . . . . . . — (44,760) RIO Tinto PLC, expires July 2015, 44,760 contracts, exercise price 27 USD (covered) . . . . . . . . . . . . . . . . . . . . . . — (61,700) Raiffeisen International Bank, expires September 2015, 61,700 contracts, exercise price 15 USD (covered) . . . . . . . (0.1) (640) Yandex N.V., expires November 2015, 640 contracts, exercise price 20 USD (covered) . . . . . . . . . . . . . . . . . . . . (0.1) (615) Yandex N.V., expires November 2015, 615 contracts, exercise price 20 USD (covered) . . . . . . . . . . . . . . . . . . . . (0.1) Total Schedule of Written Options – Puts . . . . . . . . . . . . . . . . (0.4)
(43,299) (77,233) (93,139) (144,542) (85,160) (70,653) (150,638) (298,943) (287,266) (1,250,873)
67,571
Total Financial Assets at fair value through profit or loss
217,379,184
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank SEK 500,044 SEK 23,686 SEK 84,902,470 EUR 80,353 EUR 214,016 EUR 413,505 EUR 10,473
Currency Sold EUR EUR EUR USD USD USD USD
54,300 2,572 9,220,249 89,857 239,181 461,657 11,780
Current Market Value (EUR) 54,445 2,579 9,245,521 90,081 239,645 462,132 11,870
Total Total Financial Liabilities at fair value through profit or loss
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
92
Fair Value (EUR)
Janus Capital Funds Plc / 30 June 2015
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (EUR) (145) (7) (25,272) (224) (464) (475) (90) (26,677) (1,277,550)
Janus Global Life Sciences Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Biotechnology 575,384 ACERTA PHARMA B.V. PP* . . . . . . . . . . . . . 199,456 Alder Biopharmaceuticals, Inc. . . . . . . . . . . . 50,094 Bluebird Bio, Inc. . . . . . . . . . . . . . . . . . . . . . 104,854 Puma Biotechnology, Inc. . . . . . . . . . . . . . . . 418,466 Relypsa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Commercial Services 528,334 HMS Holdings Corp. . . . . . . . . . . . . . . . . . . Consumer Products – Miscellaneous 1,781,489 Biostime International Holdings, Ltd. . . . . . . Dialysis Centres 178,861 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Diversified Operations 163,080 Horizon Pharma PLC . . . . . . . . . . . . . . . . . . Drug Delivery Systems 452,241 Flamel Technologies S.A. . . . . . . . . . . . . . . . 315,466 Heron Therapeutics, Inc. . . . . . . . . . . . . . . . 421,713 Nektar Therapeutics . . . . . . . . . . . . . . . . . . . Heart Monitors 143,537 HeartWare International, Inc. . . . . . . . . . . . . Instruments – Controls 31,828 Mettler-Toledo International, Inc. . . . . . . . . . Instruments – Scientific 84,265 Thermo Fisher Scientific, Inc.. . . . . . . . . . . . Insurance Brokers 194,658 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . Medical 211,540 LDR Holding Corp. . . . . . . . . . . . . . . . . . . . Medical – Biomedical and Genetic 1,222,019 Achillion Pharmaceuticals, Inc.. . . . . . . . . . . 163,153 Alexion Pharmaceuticals, Inc. . . . . . . . . . . . . 162,033 AMAG Pharmaceuticals, Inc. . . . . . . . . . . . . 333,278 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 124,446 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 347,549 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 276,691 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . 122,107 Incyte Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . 483,033 Insmed, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 592,291 OvaScience, Inc. . . . . . . . . . . . . . . . . . . . . . . 175,031 PTC Therapeutics, Inc. . . . . . . . . . . . . . . . . . 57,149 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 133,740 Sangamo BioSciences, Inc. . . . . . . . . . . . . . . 35,249 Spark Therapeutics, Inc. . . . . . . . . . . . . . . . . 374,780 Trillium Therapeutics, Inc. . . . . . . . . . . . . . . 157,149 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 679,213 Regenxbio INC* . . . . . . . . . . . . . . . . . . . . . . Medical – Drugs 513,288 775,408 145,852 207,437 679,637 275,493 148,768 471,428 394,357 76,889 535,195 212,667
Abbott Laboratories . . . . . . . . . . . . . . . . . . . AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Actelion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . Alkermes PLC. . . . . . . . . . . . . . . . . . . . . . . . Amicus Therapeutics, Inc. . . . . . . . . . . . . . . Anacor Pharmaceuticals, Inc. . . . . . . . . . . . . Bayer A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . Chimerix, Inc. . . . . . . . . . . . . . . . . . . . . . . . Clovis Oncology, Inc. . . . . . . . . . . . . . . . . . . DBV Technologies S.A. (ADR) . . . . . . . . . . . Eagle Pharmaceuticals, Inc. . . . . . . . . . . . . .
Fair Value (USD)
0.4 0.6 0.5 0.7 0.8 3.0
6,616,916 10,565,184 8,434,327 12,241,705 13,847,040 51,705,172
0.5
9,071,495
0.3
5,217,180
0.8
14,214,084
0.3
5,665,399
0.5 0.5 0.3 1.3
9,582,987 9,829,921 5,275,630 24,688,538
0.6
10,433,705
0.6
10,867,989
0.6
10,934,226
1.1
19,403,509
0.5
9,149,105
0.6 1.6 0.6 2.9 2.8 2.2 1.8 0.7 0.7 1.0 0.5 1.6 0.1 0.1 0.5 1.1 0.4 19.2
10,827,088 29,493,168 11,189,999 51,164,839 50,268,717 40,223,584 32,394,982 12,724,770 11,795,666 17,134,979 8,424,242 29,153,419 1,483,177 2,124,457 8,177,700 19,404,759 6,500,000 342,485,546
1.4 2.9 1.2 0.7 0.5 1.2 1.2 1.7 1.0 0.4 0.9 1.0
25,192,175 52,099,664 21,346,479 13,346,497 9,616,864 21,331,423 20,820,169 31,368,819 18,219,293 6,757,005 15,938,107 17,196,254
*Fair Valued by Janus Global Pricing Committee at 30 June 2015.
Share or Principal Amount 401,960 358,651 321,084 5,920,524 552,182 1,228,105 108,749 487,641 114,364 236,585 485,282 238,105 586,765 138,414 97,009 132,893 431,468 104,019 200,088
Percentage of Net Assets (%)
Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 1.9 Endo International PLC . . . . . . . . . . . . . . . . 1.6 FibroGen, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4 Indivior PLC. . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Insys Therapeutics, Inc. . . . . . . . . . . . . . . . . 1.1 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 0.8 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 1.1 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 2.6 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.7 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Novo Nordisk A/S – Class B . . . . . . . . . . . . . 1.5 Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.9 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 ProQR Therapeutics N.V. . . . . . . . . . . . . . . . 0.1 Receptos, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 2.1 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Shire PLC (ADR) . . . . . . . . . . . . . . . . . . . . . 1.4 Valeant Pharmaceuticals International, Inc. . . . . . . . . . . . . . . . . . . . 2.5 12,028 ZS Pharma, Inc. . . . . . . . . . . . . . . . . . . . . . . . — 44,534 Clementia Pharmaceuticals INC* . . . . . . . . . 0.3 40.1 Medical – Generic Drugs 150,302 Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . 2.5 77,304 Perrigo Co., PLC. . . . . . . . . . . . . . . . . . . . . . 0.8 520,982 Teva Pharmaceutical Industries, Ltd. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . 1.7 5.0 Medical – HMO 264,364 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Medical – Hospitals 305,720 HCA Holdings, Inc. . . . . . . . . . . . . . . . . . . . 1.5 196,772 Universal Health Services, Inc. . . . . . . . . . . . 1.6 3.1 Medical – Wholesale Drug Distributors 173,807 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 1.0 994,666 Meda A.B. – Class A . . . . . . . . . . . . . . . . . . . 0.8 1,457,600 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.4 2.2 Medical Information Systems 184,492 Athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . 1.2 Medical Instruments 1,817,891 Boston Scientific Corp. . . . . . . . . . . . . . . . . . 1.8 574,069 Endologix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5 2.3 Medical Labs and Testing Services 168,524 Integrated Diagnostics Holdings PLC . . . . . . 0.1 Medical Products 314,632 Baxter International, Inc. . . . . . . . . . . . . . . . 1.2 75,876 Henry Schein, Inc. . . . . . . . . . . . . . . . . . . . . 0.6 185,223 Varian Medical Systems, Inc. . . . . . . . . . . . . 0.9 214,547 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . . 1.3 4.0 Pharmaceuticals 295,073 Acadia Pharmaceuaticals, Inc.. . . . . . . . . . . . 0.7 887,841 Dyax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 280,827 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 1.8 372,083 Neurocrine Biosciences, Inc.. . . . . . . . . . . . . 1.0 9,966 Seres Therapeutics, Inc. . . . . . . . . . . . . . . . . . — 4.8 Pharmacy Services 241,034 Diplomat Pharmacy, Inc. . . . . . . . . . . . . . . . 0.6 283,259 Express Scripts Holding Co. . . . . . . . . . . . . . 1.4 173,746 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9 2.9
Fair Value (USD) 33,559,640 28,566,552 7,545,474 20,908,970 19,834,377 14,810,946 19,147,436 47,525,492 13,060,369 23,324,391 26,444,351 16,838,786 19,674,230 2,307,361 18,436,560 37,250,419 42,439,679 25,119,548 44,449,549 630,147 5,499,949 720,606,975 45,610,645 14,288,098 30,790,036 90,688,779 33,695,835 27,734,918 27,961,301 55,696,219 18,482,636 13,853,451 6,478,200 38,814,287 21,139,093 32,176,671 8,806,218 40,982,889 985,865 22,002,216 10,783,497 15,619,856 23,434,969 71,840,538 12,357,657 23,527,787 33,058,954 17,770,684 413,589 87,128,671 10,786,272 25,193,055 16,375,561 52,354,888
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
93
Janus Global Life Sciences Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Physical Practice Management 199,012 Mednax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Therapeutics 68,913 Agios Pharmaceuticals, Inc. . . . . . . . . . . . . . 318,965 Axovant Sciences Ltd.. . . . . . . . . . . . . . . . . . 138,100 GW Pharmaceuticals PLC (ADR) . . . . . . . . . 248,228 Zafgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
0.8
14,748,779
0.4 0.4 0.9 0.5 2.2
7,658,992 6,500,507 16,964,204 8,596,136 39,719,839
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.4
1,782,238,605
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.4
1,782,238,605
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(1,183,488)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.3
1,781,055,117
Currency Purchased
Currency Sold
Bank of America CHF 16,835,000 USD 17,944,031 SEK 15,890,000 USD 1,908,374 Citibank USD 17,896 EUR 16,003 USD 444,795 EUR 397,749 USD 25,010 EUR 22,365 USD 673 EUR 601 CNH 2,637 USD 424 USD 160,227 AUD 207,472 USD 52,174 EUR 46,732 USD 2,690,870 EUR 2,410,202 USD 934,133 EUR 836,700 USD 37,280 EUR 33,392 AUD 3,905 USD 2,996 USD 50,304 EUR 44,725 USD 391 CNH 2,430 USD 100,212 EUR 89,346 USD 26,614 AUD 34,466 USD 33,710 EUR 30,055 USD 1,352 EUR 1,206 USD 1,999 EUR 1,782 USD 963,148 AUD 1,248,288 USD 1,274,832 EUR 1,139,994 USD 321,457 AUD 416,261 Credit Suisse USD 17,127,409 CHF 15,997,000 USD 3,418,491 SEK 28,100,000 USD 351,292 SEK 2,900,000 JP Morgan Chase & Co. USD 231,645 SEK 1,910,000 Royal Bank of Canada USD 8,005,619 CHF 7,465,000 SEK 1,900,000 USD 228,648
Current Market Value (USD)
2-Jul-15 2-Jul-15
68,258 9,454
17,846 443,557 24,940 670 424 159,744 52,114 2,687,777 933,059 37,237 2,985 49,876 391 99,636 26,537 33,516 1,344 1,987 961,128 1,271,284 320,502
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
50 1,238 70 3 — 483 60 3,093 1,074 43 11 428 — 576 77 194 8 12 2,020 3,548 955
17,125,542 3,392,578 350,123
16-Jul-15 16-Jul-15 16-Jul-15
1,867 25,913 1,169
230,671
30-Jul-15
974
7,991,642 227,905
16-Jul-15 16-Jul-15
13,977 743
Total Financial Assets at fair value through profit or loss
94
Janus Capital Funds Plc / 30 June 2015
Unrealised Appreciation (USD)
17,875,773 1,898,920
Total
The accompanying notes are an integral part of the financial statements.
Settle Date
136,298 1,781,191,415
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Bank of America USD 17,960,973 CHF USD 1,909,298 SEK USD 17,880,376 CHF USD 1,864,323 SEK Citibank USD 4,321 CNH EUR 665,602 USD EUR 13,005 USD USD 74,697 AUD USD 83,641 AUD EUR 20,176 USD EUR 177,502 USD EUR 1,118 USD USD 2,135 CNH USD 9,876 EUR USD 118,417 AUD USD 6,943 EUR USD 174,909 EUR USD 505,039 EUR USD 403,980 AUD EUR 433,387 USD EUR 36,978 USD USD 640,286 AUD USD 9,228 CNH USD 318,215 AUD EUR 38,222 USD EUR 167,365 USD USD 1,814,498 CHF EUR 47,924,786 USD EUR 47,924,787 USD EUR 32,985,899 USD AUD 35,735,919 USD EUR 1,353,609 USD CNH 2,337,282 USD EUR 1,883,397 USD EUR 268,900 USD AUD 155,839 USD EUR 625,228 USD JP Morgan Chase & Co. USD 225,069 SEK SEK 1,910,000 USD Royal Bank of Canada USD 1,785,696 SEK SEK 3,000,000 USD CHF 1,795,000 USD CHF 385,000 USD
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
16,835,000 15,890,000 16,835,000 15,890,000
18,033,611 1,919,028 18,012,280 1,917,826
30-Jul-15 30-Jul-15 2-Jul-15 2-Jul-15
(72,638) (9,730) (131,904) (53,503)
26,900 745,594 14,568 97,183 108,820 22,607 198,896 1,253 13,292 8,897 155,081 6,254 157,574 454,986 528,831 484,346 41,326 834,684 57,433 414,810 42,990 188,243 1,700,000 53,752,536 53,752,536 36,997,050 27,635,122 1,518,211 375,664 2,112,421 300,274 120,241 698,176
4,323 748,931 14,633 74,828 83,787 22,715 199,848 1,259 2,136 9,922 119,408 6,975 175,721 507,384 407,185 485,394 41,415 642,678 9,231 319,390 43,356 189,847 1,820,481 54,060,980 54,060,980 37,209,347 27,755,016 1,526,923 375,669 2,124,543 300,680 120,493 699,119
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 23-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(2) (3,337) (65) (131) (146) (108) (952) (6) (1) (46) (991) (32) (812) (2,345) (3,205) (1,048) (89) (2,392) (3) (1,175) (366) (1,604) (5,983) (308,444) (308,444) (212,297) (119,894) (8,712) (5) (12,122) (406) (252) (943)
1,910,000 231,533
230,525 232,540
2-Jul-15 2-Jul-15
(5,456) (1,007)
14,860,000 366,887 1,960,583 412,589
1,794,075 371,578 1,999,533 413,017
16-Jul-15 16-Jul-15 16-Jul-15 16-Jul-15
(8,379) (4,691) (38,950) (428)
Total
(1,323,044)
Total Financial Liabilities at fair value through profit or loss
(1,323,044)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
95
Janus Global Research Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence – Equipment 2,303 United Technologies Corp. . . . . . . . . . . . . . . Airlines 7,777 United Continental Holdings, Inc. . . . . . . . . Apparel Manufacturers 8,950 Gildan Activewear, Inc. . . . . . . . . . . . . . . . . Applications Software 1,116 NetSuite, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Athletic Footwear 2,724 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . Audio and Video Products 5,800 Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Automotive – Parts and Equipment 23,200 NGK Spark Plug Co., Ltd. . . . . . . . . . . . . . . Beverages – Non-Alcoholic 4,547 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Beverages – Wine and Spirits 2,783 Pernod-Ricard S.A. . . . . . . . . . . . . . . . . . . . . Brewery 8,744 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . Cable/Satellite TV 5,583 Comcast Corp. – Class A . . . . . . . . . . . . . . . 7,112 Liberty Global PLC – Class C . . . . . . . . . . . . 855 Time Warner Cable, Inc.. . . . . . . . . . . . . . . .
Fair Value (USD)
0.6
255,472
1.0
412,259
0.7
297,498
0.2
102,393
0.7
294,246
0.4
164,066
1.5
643,655
1.0
424,417
0.8
321,389
1.1
453,865
0.8 0.9 0.4 2.1
335,762 360,081 152,335 848,178
Casino Hotels 27,000 Galaxy Entertainment Group, Ltd. . . . . . . . . 0.3 Cellular Telecommunications 7,773 T-Mobile US, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 74,001 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 0.6 1.3 Chemicals – Diversified 26,275 Alent PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,027 LyondellBasell Industries N.V. – Class A . . . . . . 0.5 0.9 Chemicals – Specialty 11,229 Brenntag A.G. . . . . . . . . . . . . . . . . . . . . . . . 1.5 Commercial Banks 33,129 HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . 0.7 Commercial Services – Finance 6,125 Mastercard, Inc. – Class A . . . . . . . . . . . . . . 1.4 Computer Services 669 IHS, Inc. – Class A . . . . . . . . . . . . . . . . . . . . 0.2 Computer Software 305 Constellation Software, Inc. . . . . . . . . . . . . . 0.3 Computers 4,946 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Computers – Memory Devices 5,871 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Consulting Services 3,591 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 0.6 Consumer Products – Miscellaneous 99,599 Samsonite International S.A.. . . . . . . . . . . . . 0.8 Containers – Metal and Glass 7,504 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.9 Cosmetics and Toiletries 6,176 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 1.0 114,498 L’Occitane International S.A. . . . . . . . . . . . . . 0.8 1.8
The accompanying notes are an integral part of the financial statements.
96
Janus Capital Funds Plc / 30 June 2015
107,634 301,359 267,213 568,572 152,687 209,835 362,522 643,748 296,712 572,565 86,053 121,106 620,352 154,936 261,281 344,363 397,037 403,972 326,450 730,422
Share or Principal Amount
Percentage of Net Assets (%)
Diversified Banking Institutions 5,117 BNP Paribas S.A. . . . . . . . . . . . . . . . . . . . . . 6,970 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 5,989 JP Morgan Chase & Co. . . . . . . . . . . . . . . . . 369,598 Lloyds Banking Group PLC . . . . . . . . . . . . . 69,700 Mitsubishi UFJ Financial Group, Inc. . . . . . . 9,836 UBS A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.7 0.9 1.0 1.2 1.2 0.5 5.5
Diversified Operations 4,722 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,540 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.9 E-Commerce/Products 2,224 Alibaba Group Holding, Ltd. (ADR) . . . . . . . 0.4 476 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.5 0.9 E-Commerce/Services 164 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.4 Electric – Transmission 6,567 Brookfield Infrastructure Partners L.P.. . . . . . . 0.7 Electrical Components – Equipment 6,620 Schneider Electric S.E. . . . . . . . . . . . . . . . . . 1.1 Electronic Components – Miscellaneous 3,299 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 0.5 Electronic Components – Semiconductors 24,798 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 1.0 1,654 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 0.5 4,622 Freescale Semiconductor, Ltd. . . . . . . . . . . . 0.4 459 Samsung Electronics Co., Ltd. . . . . . . . . . . . 1.2 3.1 Enterprise Software/Services 6,209 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 768 Ultimate Software Group, Inc. . . . . . . . . . . . 0.3 0.9 Finance – Credit Card 4,355 American Express Co. . . . . . . . . . . . . . . . . . 0.8 4,944 Visa, Inc. – Class A . . . . . . . . . . . . . . . . . . . . 0.8 1.6 Finance – Investment Bankers/Brokers 11,387 E*TRADE Financial Corp. . . . . . . . . . . . . . . 0.8 Finance – Other Services 1,249 Intercontinental Exchange . . . . . . . . . . . . . . 0.7 Food – Confectionery 5,499 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Food – Retail 8,289 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 3,608 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.3 1.7 Industrial Gases 3,150 Air Products and Chemeicals, Inc. . . . . . . . . 1.0 Instruments – Controls 7,948 Sensata Technologies Holding N.V. . . . . . . . . 1.0 Insurance 23,976 MGIC Investment Corp. . . . . . . . . . . . . . . . . 0.6 Insurance Brokers 4,575 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Internet Content – Entertainment 4,179 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 Internet Gambling 57,206 Bwin.Party Digital Entertainment PLC. . . . . . . 0.2 Life and Health Insurance 149,400 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.3 34,075 ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . 1.3
Fair Value (USD) 308,867 385,023 405,815 494,936 501,120 208,674 2,304,435 217,920 178,257 396,177 182,968 206,627 389,595 188,825 293,085 457,001 212,126 403,991 219,866 184,741 521,890 1,330,488 250,223 126,213 376,436 338,471 331,990 670,461 341,041 279,289 488,476 601,035 142,300 743,335 431,015 419,178 272,847 456,036 358,412 87,938 978,168 562,534
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
20,325 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 1.2 4.8 Machinery – General Industrial 77,000 Mitsubishi Heavy Industries, Ltd. . . . . . . . . . 1.1 Medical – Biomedical and Genetic 2,958 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1,293 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.2 3,430 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.9 774 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 0.9 4.1 Medical – Drugs 2,599 Actelion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 4,980 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 1.0 6,340 Endo International PLC . . . . . . . . . . . . . . . . 1.2 65,885 Indivior PLC. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 23,414 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 0.7 4,245 Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.7 9,507 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 2,350 Valeant Pharmaceuticals International, Inc. . . . . . . . . . . . . . . . . . . . 1.2 7.0 Medical – Hospitals 1,804 Universal Health Services, Inc. . . . . . . . . . . . 0.6 Medical – Wholesale Drug Distributors 18,148 Meda A.B. – Class A . . . . . . . . . . . . . . . . . . . 0.6 Medical Instruments 19,754 Boston Scientific Corp. . . . . . . . . . . . . . . . . . 0.8 Metal Processors and Fabrication 5,433 Rexnord Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Multimedia 8,880 Twenty-First Century Fox, Inc. . . . . . . . . . . . 0.7 3,346 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.9 1.6 Oil – Field Services 5,235 Baker Hughes, Inc. . . . . . . . . . . . . . . . . . . . . 0.8 8,349 NOW, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.2 Oil Companies – Exploration and Production 6,454 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 1.2 21,700 Inpex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 12,833 MEG Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.5 2.3 Oil Companies – Integrated 6,326 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.2 6,390 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 10,959 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 3.7 Pharmaceuticals 3,381 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 0.9 Pipelines 16,069 Enterprise Products Partners L.P. . . . . . . . . . 1.1 2 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . — 8,726 MarkWest Energy Partners L.P. . . . . . . . . . . 1.2 2.3 Private Equity 10,331 Blackstone Group L.P. . . . . . . . . . . . . . . . . . . 1.0 Real Estate Management/Services 2,212 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 0.9 Real Estate Operating/Development 10,929 Brookfield Asset Management, Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 REIT – Diversified 2,653 American Tower Corp. . . . . . . . . . . . . . . . . . 0.6
Fair Value (USD) 489,336 2,030,038 468,595 454,112 522,294 396,971 394,841 1,768,218 380,382 415,780 504,981 232,680 282,373 300,206 318,770 522,053 2,957,225 256,348 252,761 349,646 129,903 289,000 381,912 670,912 323,000 166,229 489,229 503,799 246,756 209,636 960,191 526,323 514,778 532,251 1,573,352 398,011 480,302 77 491,972 972,351 422,228
Share or Principal Amount
Percentage of Net Assets (%)
12,066 Lexington Realty Trust . . . . . . . . . . . . . . . . . 0.2 0.8 REIT – Regional Malls 1,385 Simon Property Group, Inc. . . . . . . . . . . . . . 0.6 Retail – Auto Parts 1,999 Advance Auto Parts, Inc. . . . . . . . . . . . . . . . 0.8 Retail – Building Products 5,992 Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 Retail – Catalog Shopping 3,345 MSC Industrial Direct Co., Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Retail – Jewellery 132,999 Chow Tai Fook Jewellery Group, Ltd.. . . . . . . 0.3 3,161 CIE Financiere de Richemont S.A. . . . . . . . . 0.6 0.9 Retail – Restaurants 200 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 0.3 8,838 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 1.1 1.4 Semiconductor Components/Integrated Circuits 13,884 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 59,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . 0.6 0.9 Steel – Producers 11,162 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 0.7 Super – Regional Banks 5,887 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Telecommunication Equipment 5,133 CommScope Holding Co., Inc. . . . . . . . . . . . 0.4 Telecommunication Services 4,184 Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 201,900 Tower Bersama Infrastructure Tbk PT. . . . . . . 0.3 0.8 Toys 6,788 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,600 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.6 1.0 Transactional Software 3,417 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.4 Transportation – Railroad 4,657 Canadian National Railway Co . . . . . . . . . . . 0.6 4,897 Canadian Pacific Railway, Ltd. . . . . . . . . . . . 1.9 1,603 Kansas City Southern . . . . . . . . . . . . . . . . . . 0.3 2.8 Transportation Services 3,089 Panalpina Welt A.G. . . . . . . . . . . . . . . . . . . . 0.9 Web Portals/Internet Service Providers 1,250 Google, Inc. – Class C . . . . . . . . . . . . . . . . . 1.5 Wireless Equipment 2,488 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.3 Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD) 102,320 349,818 239,633 318,421 401,284
233,381 143,444 257,188 400,632 120,998 473,849 594,847 136,827 268,688 405,515 290,341 255,495 156,607 228,405 139,727 368,132 174,384 267,647 442,031 152,262 268,725 784,352 146,194 1,199,271 389,967 650,638 142,662
97.8
41,430,884
Preferred Stock Automotive – Cars and Light Trucks 2,201 Volkswagen A.G. 2.58% . . . . . . . . . . . . . . . . 1.2
510,319
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2
510,319
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.0
41,941,203
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(19,900)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.0
41,921,303
378,252
381,750 247,498
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
97
Janus Global Research Fund PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD USD USD USD USD USD USD USD USD USD USD
5,900 5,200 49 2,691 1,029 1,989 19 22 9,329 170 18,596
Currency Sold EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
5,284 4,650 43 2,406 918 1,774 17 20 8,356 152 16,656
Current Market Value (USD) 5,892 5,186 49 2,684 1,024 1,979 19 22 9,318 170 18,576
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
8 14 — 7 5 10 — — 11 — 20
Total
75
Total Financial Assets at fair value through profit or loss
41,921,378
The accompanying notes are an integral part of the financial statements.
98
Janus Capital Funds Plc / 30 June 2015
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 375,645 EUR 735,035 EUR 6,892 USD 1,239 USD 2,396 EUR 19,988
Currency Sold USD USD USD EUR EUR USD
421,324 824,417 7,730 1,116 2,159 22,338
Current Market Value (USD) 423,742 829,149 7,774 1,245 2,407 22,386
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (2,418) (4,732) (44) (6) (11) (48)
Total
(7,259)
Total Financial Liabilities at fair value through profit or loss
(7,259)
Janus Global Technology Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Applications Software 5,750 Demandware, Inc. . . . . . . . . . . . . . . . . . . . . 28,346 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 5,174 NetSuite, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2,710 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 8,351 ServiceNow, Inc.. . . . . . . . . . . . . . . . . . . . . . Audio and Video Products 13,200 Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Automotive – Cars and Light Trucks 615 Tesla Motors, Inc. . . . . . . . . . . . . . . . . . . . . . Cable/Satellite TV 14,507 Comcast Corp. – Class A . . . . . . . . . . . . . . . 5,530 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . Computer Aided Design 8,091 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Computer Services 8,692 Barracuda Networks, Inc. . . . . . . . . . . . . . . . 6,253 Cognizant Technology Solutions Corp. . . . . . 1,174 IHS, Inc. – Class A . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.6 1.9 0.7 0.3 1.0 4.5
408,710 1,251,477 474,715 188,697 620,563 2,944,162
0.6
373,391
0.3
164,980
1.4 1.5 2.9
872,451 985,281 1,857,732
1.1
738,223
0.5 0.6 0.2 1.3
344,377 381,996 151,012 877,385
Computer Software 7,894 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.7 1,911 Constellation Software, Inc. . . . . . . . . . . . . . 1.2 836 Constellation Software, Inc. - Rights . . . . . . . . — 4,885 Envestnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 7,248 SS&C Technologies Holdings, Inc. . . . . . . . . 0.7 2.9 Computers 33,049 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 Computers – Memory Devices 70,902 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 3,249 Seagate Technology PLC . . . . . . . . . . . . . . . . 0.2 3,931 Western Digital Corp. . . . . . . . . . . . . . . . . . . 0.5 3.6 Computers – Other 5,891 Stratasys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Consulting Services 4,220 CEB, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 8,011 Gartner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 1.7 E-Commerce/Products 13,950 Alibaba Group Holding, Ltd. (ADR) . . . . . . . 1.8 1,069 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.7 3,639 MercadoLibre, Inc. . . . . . . . . . . . . . . . . . . . . 0.8 3.3 E-Commerce/Services 21,533 ChannelAdvisor Corp. . . . . . . . . . . . . . . . . . 0.4 9,024 Ctrip.com International, Ltd. (ADR) . . . . . . . 1.0 10,681 Etsy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 7,905 MakeMyTrip, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 1,049 Netflix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 354 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.6 11,081 Zillow Group, Inc. . . . . . . . . . . . . . . . . . . . . 1.5 5.0 Electric Products – Equipment 15,786 Belden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Electronic Components – Miscellaneous 20,854 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 2.1 Electronic Components – Semiconductors 187,702 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 4.8
449,563 758,799 167 197,501 453,000 1,859,030 4,145,171 1,871,104 154,328 308,269 2,333,701 205,773 367,393 687,184 1,054,577 1,147,667 464,042 515,646 2,127,355 257,319 655,323 150,068 155,570 689,130 407,585 961,166 3,276,161 1,282,297 1,340,912 3,057,904
Share or Principal Amount 7,100 18,156 8,227 6,655 42,264 2,265 13,300
Percentage of Net Assets (%)
Avago Technologies, Ltd. . . . . . . . . . . . . . . . Freescale Semiconductor, Ltd. . . . . . . . . . . . Microchip Technology, Inc.. . . . . . . . . . . . . . NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . ON Semiconductor Corp.. . . . . . . . . . . . . . . Samsung Electronics Co., Ltd. . . . . . . . . . . . Sumco Corp. . . . . . . . . . . . . . . . . . . . . . . . .
Electronic Connectors 26,140 Amphenol Corp. – Class A . . . . . . . . . . . . . . Electronic Design Automation 71,847 Cadence Design Systems, Inc. . . . . . . . . . . . Electronic Measuring Instruments 39,822 National Instruments Corp. . . . . . . . . . . . . . Energy – Alternate Sources 1,266 SolarCity Corp., . . . . . . . . . . . . . . . . . . . . . . Enterprise Software/Services 10,256 Aveva Group PLC . . . . . . . . . . . . . . . . . . . . . 72,744 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 19,330 PROS Holdings, Inc.. . . . . . . . . . . . . . . . . . . 1,766 Tyler Technologies, Inc. . . . . . . . . . . . . . . . . 4,143 Ultimate Software Group, Inc. . . . . . . . . . . . 2,270 Workday, Inc. – Class A . . . . . . . . . . . . . . . . Finance – Consumer Loans 7,150 LendingClub Corp. . . . . . . . . . . . . . . . . . . . Finance – Credit Card 16,970 American Express Co. . . . . . . . . . . . . . . . . . Human Resources 37,637 Care.com, Inc. . . . . . . . . . . . . . . . . . . . . . . . Instruments – Controls 11,042 Sensata Technologies Holding N.V. . . . . . . . . Internet Applications Software 37,300 Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . 11,757 Zendesk, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Internet Content – Entertainment 18,303 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 9,900 Nexon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 7,024 Shutterstock, Inc. . . . . . . . . . . . . . . . . . . . . . 7,069 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 18,723 Youku, Inc. (ADR) . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.5 1.1 0.6 0.2 0.8 4.0 0.3 13.3
943,803 725,695 390,165 133,832 494,066 2,575,340 166,617 8,487,422
2.4
1,515,336
2.2
1,412,512
1.8
1,173,156
0.1
67,794
0.5 4.6 0.6 0.4 1.1 0.3 7.5
291,308 2,931,583 408,056 228,485 680,861 173,405 4,713,698
0.2
105,463
2.0
1,318,908
0.3
222,811
0.9
582,355
1.2 0.4 1.6
744,433 261,123 1,005,556
2.4 0.2 0.6 0.4 0.7 4.3
1,569,757 136,239 411,887 256,039 459,275 2,833,197
Internet Content – Information/News 1,192 LinkedIn Corp.. . . . . . . . . . . . . . . . . . . . . . . 0.4 6,503 Mail.Ru Group, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 0.6 Internet Incubators 12,630 HomeAway, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6 Medical Information Systems 1,866 Athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . 0.3 Multimedia 7,086 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.3 REIT – Diversified 21,394 American Tower Corp. . . . . . . . . . . . . . . . . . 3.1 Semiconductor Components/Integrated Circuits 63,490 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1,297 NXP Semiconductors N.V. . . . . . . . . . . . . . . 0.2 25,253 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 2.5 309,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . 2.2 5.9 Semiconductor Equipment 3,271 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . 0.3
246,303 135,588 381,891 393,046 213,806 808,796 1,995,846 625,694 127,365 1,581,595 1,407,195 3,741,849 183,863
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
99
Janus Global Technology Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Software 1,929 SPS Commerce, Inc. . . . . . . . . . . . . . . . . . . . 0.2 Telecommunication Equipment 14,769 CommScope Holding Co., Inc. . . . . . . . . . . . 0.7 8,303 NICE Systems, Ltd. (ADR) . . . . . . . . . . . . . . 0.8 1.5 Telecommunication Services 10,803 Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Toys 4,150 Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . 1.1 Transactional Software 7,293 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.5 Web Hosting and Design 28,837 Endurance International Group Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 2,140 Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.7 Web Portals/Internet Service Providers 9,623 Google, Inc. – Class C . . . . . . . . . . . . . . . . . 7.8
126,928
5,008,868
Total Common Stock Total . . . . . . . . . . . . . . . . . . . . . . . . . . 100.4
64,600,795
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . 100.4
64,600,795
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(23,770)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.4
64,577,025
450,602 527,988 978,590 589,736 694,210 324,976
595,772 543,560 1,139,332
Currency Purchased
Currency Sold
Bank of America USD 298,761 GBP JPY 22,351,000 USD Citibank USD 1,859,579 EUR USD 12,908 AUD USD 16,565 EUR USD 17,855 EUR USD 5,238 EUR USD 12,889 EUR USD 9,450 EUR USD 2,774 EUR USD 388 AUD USD 9,089 EUR USD 1,123 EUR USD 90,724 EUR USD 26,780 EUR USD 122,879 EUR USD 26,057 EUR JP Morgan Chase & Co. USD 122,810 GBP JPY 7,800,000 USD Royal Bank of Canada JPY 4,900,000 USD GBP 27,000 USD JPY 2,700,000 USD
Current Market Value (USD) 298,424 178,107
30-Jul-15 2-Jul-15
337 2,274
1,665,282 16,715 14,813 15,966 4,684 11,498 8,430 2,475 503 8,112 1,005 81,261 23,987 110,063 23,166
1,857,066 12,870 16,519 17,805 5,223 12,822 9,401 2,760 387 9,045 1,121 90,620 26,749 122,738 25,835
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
2,513 38 46 50 15 67 49 14 1 44 2 104 31 141 222
78,000 63,121
122,511 62,500
30-Jul-15 2-Jul-15
299 621
39,444 41,341 22,012
38,838 40,270 21,955
16-Jul-15 16-Jul-15 16-Jul-15
606 1,071 57
Total Financial Assets at fair value through profit or loss
100
Janus Capital Funds Plc / 30 June 2015
Unrealised Appreciation (USD)
190,000 180,381
Total
The accompanying notes are an integral part of the financial statements.
Settle Date
8,602 64,585,627
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Bank of America GBP 190,000 USD USD 180,420 JPY USD 290,159 GBP USD 180,108 JPY Citibank USD 162,256 JPY USD 27,642 JPY CNH 11,380 USD EUR 6,342,060 USD EUR 1,029,770 USD CNH 2,551,670 USD EUR 3,480,428 USD AUD 3,505,931 USD USD 31,439 JPY USD 3,619 CNH EUR 25,831 USD USD 41,120 AUD USD 6,136 AUD USD 867 CNH USD 4,257 CNH USD 27,025 AUD USD 53,215 EUR USD 39,300 EUR USD 11,607 EUR USD 9,496 CNH USD 61,892 AUD Credit Suisse USD 334,388 JPY USD 412,574 GBP JP Morgan Chase & Co. USD 119,146 GBP USD 62,806 JPY USD 63,132 JPY GBP 78,000 USD Royal Bank of Canada USD 108,801 GBP USD 326,830 JPY GBP 16,000 USD
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
298,819 22,351,000 190,000 22,351,000
299,146 182,722 298,491 182,655
2-Jul-15 30-Jul-15 2-Jul-15 2-Jul-15
(327) (2,302) (8,332) (2,547)
19,900,000 3,400,000 1,830 7,113,268 1,154,992 410,122 3,903,655 2,711,189 3,900,000 22,527 28,935 53,499 7,980 5,401 26,500 35,393 47,941 35,405 10,456 59,105 80,683
162,671 27,793 1,831 7,154,086 1,161,620 410,127 3,926,055 2,722,951 31,880 3,621 29,065 41,192 6,144 868 4,260 27,251 53,462 39,482 11,661 9,499 62,123
23-Jul-15 23-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 23-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(415) (151) (1) (40,818) (6,628) (5) (22,400) (11,762) (441) (2) (130) (72) (8) (1) (3) (226) (247) (182) (54) (3) (231)
41,337,000 266,800
337,873 419,094
16-Jul-15 16-Jul-15
(3,485) (6,520)
78,000 7,800,000 7,800,000 122,842
122,538 63,742 63,766 123,145
2-Jul-15 2-Jul-15 30-Jul-15 2-Jul-15
(3,392) (936) (634) (303)
71,000 40,750,000 25,179
111,528 333,074 25,224
16-Jul-15 16-Jul-15 16-Jul-15
(2,727) (6,244) (45)
Total
(121,574)
Total Financial Liabilities at fair value through profit or loss
(121,574)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
101
Janus Japan Emerging Opportunities Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence 6,000 Kawasaki Heavy Industries, Ltd. . . . . . . . . . Aerospace and Defence – Equipment 5,000 IHI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . Airlines 700 Japan Airlines Co., Ltd. . . . . . . . . . . . . . . . . . Apparel Manufacturers 800 Samantha Thavasa Japan, Ltd. . . . . . . . . . . . . Athletic Footwear 400 Asics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Automotive – Cars and Light Trucks 4,800 Isuzu Motors, Ltd.. . . . . . . . . . . . . . . . . . . . . 500 Suzuki Motor Corp.. . . . . . . . . . . . . . . . . . . . Automotive – Truck Parts and Equipment – Original 800 Aisin Seiki Co., Ltd.. . . . . . . . . . . . . . . . . . . . 400 Koito Manufacturing Co., Ltd.. . . . . . . . . . . . 2,000 NGK Insulators, Ltd. . . . . . . . . . . . . . . . . . . . 1,000 Nippon Seiki Co., Ltd. . . . . . . . . . . . . . . . . . 600 Taiho Kogyo Co., Ltd. . . . . . . . . . . . . . . . . . . 600 TS Tech Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . Batteries and Battery Systems 900 W-Scope Corp. . . . . . . . . . . . . . . . . . . . . . . . Beverages – Non-Alcoholic 500 Suntory Beverage & Food, Ltd. . . . . . . . . . . . Bicycle Manufacturing 400 Shimano, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Brewery 2,100 Asahi Group Holdings, Ltd.. . . . . . . . . . . . . . Building – Heavy Construction 600 SHO-BOND Holdings Co., Ltd.. . . . . . . . . . . Building and Construction – Miscellaneous 4,000 Taisei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Tekken Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1,000 Totetsu Kogyo Co., Ltd.. . . . . . . . . . . . . . . . .
Fair Value (JPY)
0.8
3,426,000
0.7
2,850,000
0.7
2,989,000
0.2
918,400
0.3
1,266,000
1.9 0.5 2.4
7,716,000 2,067,500 9,783,500
1.0 0.5 1.5 0.6 0.2 0.5 4.3
4,168,000 1,910,000 6,310,000 2,434,000 976,800 1,965,000 17,763,800
0.3
1,039,500
0.6
2,437,500
1.6
6,680,000
2.0
8,174,250
0.8
3,066,000
0.7 0.3 0.6 1.6
2,812,000 1,092,000 2,535,000 6,439,000
Chemicals – Diversified 600 Aica Kogyo Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.4 1,000 Nitto Denko Corp. . . . . . . . . . . . . . . . . . . . . 2.5 2.9 Chemicals – Specialty 2,000 Kumiai Chemical Industry Co., Ltd. . . . . . . . 0.5 Commercial Banks – Non U.S. 1,100 Suruga Bank, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.7 Commercial Services 600 First Energy Service Co., Ltd. . . . . . . . . . . . . 0.1 400 Wellnet Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 Commercial Services – Finance 1,600 GMO Payment Gateway, Inc.. . . . . . . . . . . . . 1.6 Computers – Integrated Systems 500 Otsuka Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Computers – Memory Devices 700 TDK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Computers – Peripheral Equipment 1,300 Ferrotec Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Consulting Services 2,600 Nihon M&A Center, Inc.. . . . . . . . . . . . . . . . 3.2
1,706,400 10,060,000 11,766,400 1,914,000 2,889,700 471,000 1,168,000 1,639,000 6,328,000 2,860,000 6,559,000 1,121,900 13,130,000
The accompanying notes are an integral part of the financial statements.
102
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Cosmetics and Toiletries 2,600 Unicharm Corp. . . . . . . . . . . . . . . . . . . . . . . Diversified Financial Services 400 Hitachi Capital Corp. . . . . . . . . . . . . . . . . . . Diversified Minerals 3,000 Dowa Holdings Co., Ltd.. . . . . . . . . . . . . . . . E-Commerce/Products 500 MonotaRO Co., Ltd. . . . . . . . . . . . . . . . . . . . 3,600 Rakuten, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 500 Syuppin Co., Ltd. . . . . . . . . . . . . . . . . . . . . .
Fair Value (JPY)
1.9
7,564,700
0.3
1,296,000
0.9
3,468,000
0.7 1.7 0.2 2.6
2,690,000 7,119,000 972,500 10,781,500
E-Commerce/Services 900 Enigmo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 400 Gurunavi, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 0.2 700 Ikyu Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.9 Electric – Generation 700 eRex Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Electric Products – Miscellaneous 1,000 Casio Computer Co., Ltd. . . . . . . . . . . . . . . . 0.6 200 Mabuchi Motor Co., Ltd.. . . . . . . . . . . . . . . . 0.4 1,200 Nidec Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 3.7 Electronic Components – Miscellaneous 400 Hoya Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1,300 Omron Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.7 2.2 Electronic Components – Semiconductors 1,000 New Japan Radio Co., Ltd. . . . . . . . . . . . . . . 0.2 4,000 Sanken Electric Co., Ltd. . . . . . . . . . . . . . . . . 0.7 600 Thine Electronics, Inc.. . . . . . . . . . . . . . . . . . 0.2 4,900 UT Holdings Co., Ltd.. . . . . . . . . . . . . . . . . . 0.7 1.8 Electronic Measuring Instruments 800 ESPEC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 700 Nippon Ceramic Co., Ltd. . . . . . . . . . . . . . . . 0.3 0.6 E-Marketing and Information 400 Septeni Holdings Co., Ltd. . . . . . . . . . . . . . . 0.1 Engineering – Research and Development Services 1,000 JGC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 E-Services and Consulting 1,000 SMS Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Finance – Credit Card 500 AEON Financial Service Co., Ltd. . . . . . . . . . 0.4 Finance – Investment Bankers/Brokers 700 Kyokuto Securities Co., Ltd. . . . . . . . . . . . . . 0.3 Finance – Leasing Company 1,400 ORIX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Finance – Other Services 1,100 eGuarantee, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.7 Food – Confectionery 600 Ezaki Glico Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.9 Food – Dairy Products 400 Yakult Honsha Co., Ltd. . . . . . . . . . . . . . . . . 0.7 Food – Miscellaneous/Diversified 1,900 Fuji Oil Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . 1.0 Food – Retail 1,300 Daikokutenbussan Co., Ltd. . . . . . . . . . . . . . 1.5 Golf 2,300 Accordia Golf Co., Ltd. . . . . . . . . . . . . . . . . . 0.7
1,281,600 806,400 1,831,900 3,919,900 904,400 2,416,000 1,548,000 10,998,000 14,962,000 1,962,800 6,916,000 8,878,800 726,000 3,028,000 729,000 2,979,200 7,462,200 1,120,000 1,194,200 2,314,200 548,000 2,312,000 1,617,000 1,700,000 1,242,500 2,549,400 2,797,300 3,648,000 2,904,000 4,077,400 6,136,000 2,658,800
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Hotels and Motels 400 Resorttrust, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.3 Instruments – Scientific 2,000 Hamamatsu Photonics KK. . . . . . . . . . . . . . . 1.8 300 Horiba, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2.2 Internet Content – Information/News 3,000 COOKPAD, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.6 700 Kakaku.com, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 1,100 M3, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 2.6 Investment Management and Advisory Services 2,000 Kenedix, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Leisure and Recreational Products 400 Daiichikosho Co., Ltd.. . . . . . . . . . . . . . . . . . 0.4 400 Sun Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.6 Life and Health Insurance 700 Anicom Holdings, Inc. . . . . . . . . . . . . . . . . . 0.4 Machine Tools and Related Products 600 THK Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Machinery – Electrical 400 Disco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Machinery – General Industrial 700 Eagle Industry Co., Ltd. . . . . . . . . . . . . . . . . 0.5 2,000 Freund Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 3,000 Makino Milling Machine Co., Ltd.. . . . . . . . . 0.9 1,400 Nabtesco Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1 3.2 Machinery – Material Handling 3,000 Tsubakimoto Chain Co . . . . . . . . . . . . . . . . . 0.9 Machinery – Print Trade 700 MIMAKI ENGINEERING Co., Ltd. . . . . . . . . 0.2 Medical – Biomedical and Genetic 1,700 Eiken Chemical Co., Ltd. . . . . . . . . . . . . . . . 1.0 Medical – Drugs 2,400 Chugai Pharmaceutical Co., Ltd. . . . . . . . . . . 2.5 200 Eisai Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,400 Rohto Pharmaceutical Co., Ltd. . . . . . . . . . . . 0.7 2,500 Santen Pharmaceutical Co., Ltd. . . . . . . . . . . 1.1 1,800 Shionogi & Co., Ltd. . . . . . . . . . . . . . . . . . . . 2.1 6.8 Medical – Outpatient and Home Medical Care 1,000 St-Care Holding Corp.. . . . . . . . . . . . . . . . . . 0.3 Medical Instruments 1,200 Olympus Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.2 2,000 Shimadzu Corp. . . . . . . . . . . . . . . . . . . . . . . 0.8 700 Sysmex Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1,000 Topcon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 4.0 Medical Products 600 Asahi Intecc Co., Ltd. . . . . . . . . . . . . . . . . . . 1.2 1,300 Terumo Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 2.1 Metal Processors and Fabrication 1,000 Nachi-Fujikoshi Corp.. . . . . . . . . . . . . . . . . . 0.2 1,700 NSK, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.0 Metal Products – Distributors 2,100 MISUMI Group, Inc. . . . . . . . . . . . . . . . . . . . 0.9
Fair Value (JPY) 1,191,200 7,220,000 1,494,000 8,714,000 6,660,000 1,240,400 2,708,200 10,608,600 942,000 1,724,000 698,000 2,422,000 1,568,700 1,587,600 4,052,000 1,993,600 2,958,000 3,705,000 4,298,000 12,954,600 3,591,000 658,000 4,163,300 10,140,000 1,643,200 2,830,800 4,332,500 8,541,000 27,487,500 1,274,000 5,076,000 3,326,000 5,110,000 2,950,000 16,462,000 5,034,000 3,818,100 8,852,100 722,000 3,214,700 3,936,700
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (JPY)
Miscellaneous Manufacturing 600 Amano Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 300 Glory, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 800 Nikkiso Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.3 0.8 Real Estate Management/Services 200 Daito Trust Construction Co., Ltd. . . . . . . . . 0.6 300 Relo Holdings, Inc. . . . . . . . . . . . . . . . . . . . . 0.9 1.5 Real Estate Operating/Development 4,700 Hulic Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.3 Recreational Centers 2,600 Tosho Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1.8 Resorts and Theme Parks 800 Oriental Land Co., Ltd. . . . . . . . . . . . . . . . . . 1.5 Retail – Apparel and Shoe 300 Workman Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.5 Retail – Convenience Store 200 Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Retail – Drug Store 200 Cosmos Pharmaceutical Corp.. . . . . . . . . . . . 0.8 3,300 Medical System Network Co., Ltd. . . . . . . . . 0.4 1.2 Retail – Major Department Stores 1,500 H2O Retailing Corp. . . . . . . . . . . . . . . . . . . . 0.9 Retail – Restaurants 1,700 Hiramatsu, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Rubber – Tires 1,900 Toyo Tire & Rubber Co., Ltd. . . . . . . . . . . . . 1.2 Rubber and Vinyl 2,000 Zeon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Rubber/Plastic Products 1,100 Asahi Rubber, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 Schools – Day Care 14,200 JP-Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.2 Semiconductor Equipment 1,100 Shinkawa, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Steel – Specialty 2,000 Hitachi Metals, Ltd. . . . . . . . . . . . . . . . . . . . . 0.9 Transportation – Railroad 9,000 Tokyu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Transportation – Truck 400 Hamakyorex Co., Ltd. . . . . . . . . . . . . . . . . . . 0.5 900 Yamato Holdings Co., Ltd.. . . . . . . . . . . . . . . 0.5 1.0 Venture Capital 100 Jafco Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Web Portals/Internet Service Providers 1,000 GMO internet, Inc. . . . . . . . . . . . . . . . . . . . . 0.4 6,500 Yahoo Japan Corp.. . . . . . . . . . . . . . . . . . . . . 0.8 1.2
1,642,000 3,211,000 4,853,000
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.0
399,608,500
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.0
399,608,500
Adjustments from last traded to bid market prices . . . . . . . . (0.2)
(744,050)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.8
398,864,450
960,000 1,087,500 1,027,200 3,074,700 2,536,000 3,630,000 6,166,000 5,104,200 7,412,600 6,252,000 2,019,000 1,676,000 3,320,000 1,623,600 4,943,600 3,825,000 1,402,500 4,917,200 2,260,000 1,104,400 4,785,400 1,195,700 3,762,000 7,380,000 1,956,000 2,132,550 4,088,550 488,500
3,649,800
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015 103
Janus Japan Emerging Opportunities Fund PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
45,992 46,534 51,153 45,360 49,536 53,622 45,215 53,514 45,237 49,768 46,043 46,249 51,335 52,899 53,154 59,594 59,467 57,725 59,428 52,836 52,829 57,478 54,342 54,474 382,031 416,113 438,064 439,903 383,437 383,682 426,264 395,374 446,392 444,138
Currency Sold AUD CAD HKD EUR EUR USD EUR USD EUR GBP CNH CNH AUD EUR CAD HKD USD EUR USD EUR EUR GBP CNH CNH EUR EUR USD USD EUR EUR GBP CAD CNH CNH
482 467 3,211 329 359 434 328 433 328 257 2,323 2,333 541 383 533 3,747 482 418 482 382 382 296 2,744 2,751 2,794 3,044 3,578 3,593 2,805 2,807 2,217 4,010 22,704 22,590
Current Market Value (JPY) 45,399 45,712 50,671 (154) (169) (112) (154) (112) (154) (110) 45,659 45,864 50,994 (326) 52,181 59,130 (31) (355) (31) (326) (326) (331) 53,946 54,077 1,954 2,129 3,191 3,204 1,961 1,963 1,819 392,638 446,370 444,116
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
593 822 482 483 528 546 482 545 482 367 384 385 341 709 973 464 513 773 513 708 708 627 396 397 840 915 387 389 844 844 398 2,736 22 22
Total
20,618
Total Financial Assets at fair value through profit or loss
398,885,068
The accompanying notes are an integral part of the financial statements.
104
Financial Liabilities at fair value through profit or loss
Unrealised Appreciation (JPY)
Janus Capital Funds Plc / 30 June 2015
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank CNH CNH CNH HKD AUD CNH USD EUR EUR EUR GBP EUR USD CAD CNH CNH JPY JPY USD USD GBP EUR EUR AUD EUR EUR CAD HKD
13,228 13,076 912,622 1,125,152 167,797 921,038 144,813 113,788 123,667 115,015 90,261 114,839 146,226 161,908 219 186 385,990 438,770 2,104 2,079 1,308 1,809 1,685 2,413 1,689 1,666 2,327 16,129
Currency Sold JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY AUD HKD JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
263,223 260,209 18,141,058 17,949,677 16,044,512 18,308,367 17,912,647 15,781,471 17,151,616 15,951,643 17,601,314 15,927,302 18,087,475 16,283,173 4,333 3,670 4,117 27,808 260,550 257,433 255,242 250,970 233,850 230,862 234,302 231,148 234,077 257,446
Current Market Value (JPY) 266,390 263,340 18,339,979 18,144,067 16,285,542 18,509,122 343,856 373,735 406,183 377,764 350,504 377,188 347,211 16,714,090 4,352 3,686 387,732 438,819 5,306 5,243 5,263 6,043 5,630 234,452 5,642 5,565 240,360 260,369
Total Total Financial Liabilities at fair value through profit or loss
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (JPY) (3,167) (3,131) (198,921) (194,390) (241,030) (200,755) (199,043) (259,947) (282,516) (262,749) (260,243) (262,349) (200,985) (430,917) (19) (16) (1,742) (49) (3,202) (3,164) (3,955) (4,234) (3,945) (3,590) (3,953) (3,899) (6,283) (2,923) (3,041,117) (3,041,117)
Janus Japan Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence 2,000 Kawasaki Heavy Industries, Ltd. . . . . . . . . . . Airlines 400 Japan Airlines Co., Ltd. . . . . . . . . . . . . . . . . Applications Software 600 FFRI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Audio and Video Products 1,100 Panasonic Corp. . . . . . . . . . . . . . . . . . . . . . . 2,800 Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Automotive – Cars and Light Trucks 1,200 Fuji Heavy Industries, Ltd. . . . . . . . . . . . . . . 300 Honda Motor Co., Ltd. . . . . . . . . . . . . . . . . . 500 Mazda Motor Corp. . . . . . . . . . . . . . . . . . . . 1,000 Toyota Motor Corp. . . . . . . . . . . . . . . . . . . .
0.5
1,142,000
0.7
1,708,000
2.0
5,100,000
0.7 3.8 4.5
1,849,650 9,692,200 11,541,850
2.1 0.5 0.5 3.2 6.3
5,409,600 1,188,450 1,199,000 8,203,000 16,000,050
Automotive – Truck Parts and Equipment – Original 100 Denso Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 700 Sumitomo Electric Industries, Ltd. . . . . . . . . 0.5 0.7 Beverages – Wine and Spirits 1,500 Takara Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.5 Building – Residential and Commercial 1,100 West Holdings Corp. . . . . . . . . . . . . . . . . . . Building and Construction – Miscellaneous 4,500 Hazama Ando Corp. . . . . . . . . . . . . . . . . . . . 3,000 Nishimatsu Construction Co., Ltd. . . . . . . . . 2,900 Penta-Ocean Construction Co., Ltd. . . . . . . .
Fair Value (JPY)
609,600 1,327,900 1,937,500 1,437,000
0.4
968,000
1.2 0.5 0.6 2.3
2,983,500 1,377,000 1,467,400 5,827,900
Chemicals – Diversified 200 Nitto Denko Corp. . . . . . . . . . . . . . . . . . . . . 0.8 3,000 Tosoh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 1.7 Chemicals – Specialty 6,000 Teijin, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Commercial Banks – Non U.S. 19,700 Mizuho Financial Group, Inc., . . . . . . . . . . . 2.1 3,000 Nishi-Nippon City Bank, Ltd.. . . . . . . . . . . . 0.4 1,400 Sumitomo Mitsui Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 6,000 Sumitomo Mitsui Trust Holdings, Inc. . . . . . 1.3 6.8 Commercial Services 1,400 First Energy Service Co., Ltd. . . . . . . . . . . . . 0.4 500 TechnoPro Holdings, Inc. . . . . . . . . . . . . . . . 0.6 1.0 Commercial Services – Finance 700 GMO Payment Gateway, Inc. . . . . . . . . . . . . 1.1 Computers – Integrated Systems 300 Otsuka Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Computers – Memory Devices 100 TDK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Cosmetics and Toiletries 500 Kao Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 100 Kose Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.5 Diversified Banking Institutions 9,800 Mitsubishi UFJ Financial Group, Inc. . . . . . . 3.4
2,012,000 2,283,000 4,295,000 2,850,000 5,220,500 1,059,000 7,642,600 3,363,600 17,285,700 1,099,000 1,540,000 2,639,000 2,768,500 1,716,000 937,000 2,846,500 1,006,000 3,852,500 8,622,040
Share or Principal Amount
Percentage of Net Assets (%)
E-Commerce/Products 1,700 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1,200 Syuppin Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.9 2.2 Electric – Generation 300 Electric Power Development Co., Ltd.. . . . . . . 0.5 Electric – Integrated 900 Kyushu Electric Power Co., Inc. . . . . . . . . . . 0.5 Electric Products – Miscellaneous 200 Nidec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Electronic Components – Miscellaneous 200 Alps Electric Co., Ltd. . . . . . . . . . . . . . . . . . 0.3 100 Murata Manufacturing Co., Ltd. . . . . . . . . . . 0.8 4,000 NEC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,000 Star Micronics Co., Ltd. . . . . . . . . . . . . . . . . 0.8 2.5 Electronic Connectors 100 Iriso Electronics Co., Ltd., . . . . . . . . . . . . . . 0.3 E-Marketing and Information 1,600 Septeni Holdings Co., Ltd. . . . . . . . . . . . . . . 0.9 E-Services and Consulting 900 Digital Garage, Inc.. . . . . . . . . . . . . . . . . . . . 0.6 Finance – Investment Bankers/Brokers 1,900 GCA Savvian Corp. . . . . . . . . . . . . . . . . . . . 1.1 Finance – Leasing Company 700 ORIX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Food – Miscellaneous/Diversified 1,000 Ajinomoto Co., Inc. . . . . . . . . . . . . . . . . . . . 1.0 200 Ariake Japan Co., Ltd., . . . . . . . . . . . . . . . . . 0.4 100 MEIJI Holdings Co., Ltd. . . . . . . . . . . . . . . . 0.6 2.0 Food – Retail 200 San-A Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . 0.4 300 Seven & I Holdings Co., Ltd. . . . . . . . . . . . . 0.6 1.0 Hotels and Motels 800 Resorttrust, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.9 Human Resources 1,200 JAC Recruitment Co., Ltd. . . . . . . . . . . . . . . 0.4 600 Recruit Holdings Co., Ltd. . . . . . . . . . . . . . . 0.9 1.3 Internet Content – Information/News 900 COOKPAD, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.8 300 Mixi, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1.5 Leisure and Recreational Products 1,600 Sun Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Life and Health Insurance 1,300 Dai-ichi Life Insurance Co., Ltd. . . . . . . . . . . 1.2 Machine Tools and Related Products 1,100 Asahi Diamond Industrial Co., Ltd. . . . . . . . 0.6 800 DMG Mori Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.7 1.3 Machinery – Farm 1,000 Kubota Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Machinery – General Industrial 500 Harmonic Drive Systems, Inc. . . . . . . . . . . . 0.5 2,000 Makino Milling Machine Co., Ltd. . . . . . . . . 1.0 5,000 Mitsubishi Heavy Industries, Ltd. . . . . . . . . . 1.5 3.0 Machinery – Pumps 1,100 Teikoku Electric Manufacturing Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair Value (JPY) 3,361,750 2,334,000 5,695,750 1,297,500 1,278,000 1,833,000 755,000 2,136,000 1,484,000 2,088,000 6,463,000 868,000 2,192,000 1,467,900 2,888,000 1,274,700 2,651,500 1,002,000 1,580,000 5,233,500 1,084,000 1,578,000 2,662,000 2,382,400 908,400 2,241,000 3,149,400 1,998,000 1,824,000 3,822,000 2,792,000 3,128,450 1,516,900 1,892,000 3,408,900 1,941,500 1,201,000 2,470,000 3,723,500 7,394,500
1,167,100
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
105
Janus Japan Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (JPY)
Medical – Biomedical and Genetic 800 JCR Pharmaceuticals Co., Ltd. . . . . . . . . . . . 0.9 1,600 PeptiDream, Inc. . . . . . . . . . . . . . . . . . . . . . 2.2 1,800 Takara Bio, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.0 4.1 Medical – Drugs 800 HEALIOS KK . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,000 Kyowa Hakko Kirin Co., Ltd. . . . . . . . . . . . . 1.3 200 Ono Pharmaceutical Co., Ltd. . . . . . . . . . . . 1.1 500 Shionogi & Co., Ltd. . . . . . . . . . . . . . . . . . . 0.9 500 Sosei Group Corp. . . . . . . . . . . . . . . . . . . . . 1.4 300 UMN Pharma, Inc. . . . . . . . . . . . . . . . . . . . . 0.3 5.4 Medical – Generic Drugs 1,000 NanoCarrier Co., Ltd.. . . . . . . . . . . . . . . . . . 0.5 Medical Information Systems 1,300 FINDEX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Medical Instruments 2,000 Shimadzu Corp. . . . . . . . . . . . . . . . . . . . . . . 1.3 100 Sysmex Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 300 Topcon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1.9 Medical Labs and Testing Services 200 Tella, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical Products 400 Asahi Intecc Co., Ltd. . . . . . . . . . . . . . . . . . . 1.3 1,100 CYBERDYNE, Inc. . . . . . . . . . . . . . . . . . . . . 1.4 2.7 Metal – Diversified 700 OSAKA Titanium Technologies Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Metal Processors and Fabrication 2,000 Nachi-Fujikoshi Corp. . . . . . . . . . . . . . . . . . 0.6 600 NSK, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.0 Miscellaneous Manufacturing 500 Rion Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,000 Towa Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 600 Toyo Tanso Co., Ltd. . . . . . . . . . . . . . . . . . . 0.5 1.7 Office Supplies and Forms 100 Pilot Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Photo Equipment and Supplies 500 FUJIFILM Holdings Corp. . . . . . . . . . . . . . . 0.9 Real Estate Operating/Development 400 Jowa Holdings Co., Ltd. . . . . . . . . . . . . . . . . 0.9 6,700 Leopalace21 Corp. . . . . . . . . . . . . . . . . . . . . 2.0 1,000 Mitsui Fudosan Co., Ltd. . . . . . . . . . . . . . . . 1.4 2,700 Tokyu Fudosan Holdings Corp. . . . . . . . . . . 1.0 5.3 Research and Development 900 Shin Nippon Biomedical Laboratories, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Retail – Drug Store 300 Welcia Holdings Co., Ltd.. . . . . . . . . . . . . . . 0.7 Retail – Home Furnishings 100 Nitori Holdings Co., Ltd. . . . . . . . . . . . . . . . 0.4 Retail – Major Department Stores 500 H2O Retailing Corp.. . . . . . . . . . . . . . . . . . . 0.5 Retail – Regional Department Stores 300 J Front Retailing Co., Ltd.. . . . . . . . . . . . . . . 0.3 Security Services 400 Sohgo Security Services Co., Ltd. . . . . . . . . . 0.8
2,388,000 5,488,000 2,444,400 10,320,400 1,035,200 3,202,000 2,674,000 2,372,500 3,550,000 825,000 13,658,700 1,171,000 1,827,800 3,326,000 730,000 885,000 4,941,000 273,600 3,356,000 3,509,000 6,865,000
2,303,000 1,444,000 1,134,600 2,578,600 933,500 1,950,000 1,224,600 4,108,100 478,500 2,186,750 2,268,000 5,031,700 3,427,000 2,548,800 13,275,500
656,100 1,677,000 998,000 1,275,000 691,200 1,932,000
The accompanying notes are an integral part of the financial statements.
106
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Steel – Producers 2,000 Japan Steel Works, Ltd. . . . . . . . . . . . . . . . . 0.4 13,000 Kobe Steel, Ltd. . . . . . . . . . . . . . . . . . . . . . . 1.1 6,000 Nippon Steel & Sumitomo Metal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 2.3 Telephone – Integrated 600 Nippon Telegraph & Telephone Corp. . . . . . . 1.0 400 SoftBank Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.1 Transportation – Services 500 Kintetsu World Express, Inc. . . . . . . . . . . . . 1.1 Travel Services 400 HIS Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Web Portals/Internet Service Providers 1,500 GMO internet, Inc. . . . . . . . . . . . . . . . . . . . . 1.0
Fair Value (JPY) 1,012,000 2,678,000 1,904,400 5,594,400 2,660,099 2,883,600 5,543,700 2,750,000 1,668,000 2,463,000
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.6
242,203,989
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 95.6
242,203,989
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(439,000)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.4
241,764,989
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
44,622 43,159 41,528 41,543 291,628 292,818 254,338 13,659 253,916 255,234 283,482 255,314 263,086 295,750 297,138 13,536 13,451 15,127 13,532 16,459 16,658 14,512 13,241 13,252 11,877 11,626 44,699 39,891 39,563 39,552 39,587 44,662 39,585 38,751
Currency Sold USD GBP CNH CNH USD USD EUR CAD EUR EUR GBP EUR CAD CNH CNH AUD EUR HKD EUR USD USD GBP EUR EUR CNH CNH HKD CAD EUR EUR EUR USD EUR AUD
362 222 2,097 2,098 2,382 2,392 1,860 137 1,857 1,867 1,474 1,868 2,668 15,043 15,113 142 98 950 98 133 135 75 96 96 599 586 2,811 400 286 286 286 362 286 409
Current Market Value (JPY) (23) (247) 41,226 41,240 2,124 2,134 1,301 13,418 1,298 1,305 1,209 1,307 261,265 295,736 297,123 13,362 (45) 14,985 (45) (35) (34) (33) (44) (44) 11,778 11,530 44,351 39,160 (243) (243) (245) (22) (245) 38,493
Total Total Financial Assets at fair value through profit or loss
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised Appreciation (JPY) 385 469 302 303 258 258 559 241 559 562 265 561 1,821 14 15 174 143 142 143 168 169 108 140 140 99 96 348 731 529 529 531 384 531 258
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank CNH CNH USD GBP USD EUR EUR AUD HKD CNH CNH HKD AUD EUR USD CAD EUR CNH EUR CNH USD EUR GBP JPY JPY EUR EUR CAD
121 139 832 523 842 667 678 967 6,452 5,226 5,285 708,268 105,604 71,370 91,165 101,845 71,637 574,520 72,219 579,184 91,953 72,272 56,681 256,972 292,081 679 671 931
Currency Sold JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY AUD HKD JPY JPY JPY
2,389 2,750 103,080 102,104 104,311 92,562 94,118 92,543 102,977 103,990 105,176 11,299,090 10,097,707 9,898,508 11,276,629 10,242,654 9,935,447 11,420,284 10,016,269 11,512,993 11,374,113 10,023,632 11,053,080 2,741 18,511 94,218 93,057 93,679
Current Market Value (JPY) 2,399 2,762 2,098 2,105 2,123 2,229 2,265 93,982 104,146 105,241 106,441 11,421,456 10,249,400 234,414 216,469 10,513,715 235,290 11,545,510 237,203 11,639,236 218,340 237,377 220,105 258,132 292,114 2,268 2,241 96,193
Settle Date
Unrealised (Depreciation) (JPY)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(10) (12) (1,266) (1,582) (1,281) (1,562) (1,587) (1,439) (1,169) (1,251) (1,265) (122,366) (151,693) (163,044) (125,304) (271,061) (163,653) (125,226) (164,984) (126,243) (126,387) (165,105) (163,424) (1,160) (33) (1,589) (1,570) (2,514)
Total
(1,887,780)
Total Financial Liabilities at fair value through profit or loss
(1,887,780)
11,935 241,776,924
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
107
Janus Opportunistic Alpha Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Common Stock Airlines 8,064 Southwest Airlines Co. . . . . . . . . . . . . . . . . . 0.4 72,194 United Continental Holdings, Inc. . . . . . . . . 5.6 6.0 Apparel Manufacturers 5,022,000 Global Brands Group Holding, Ltd. . . . . . . . 1.5 Applications Software 27,123 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 1.8 Cable/Satellite TV 24,546 Comcast Corp. – Class A . . . . . . . . . . . . . . . 2.2 Chemicals – Diversified 139,581 Aceto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 Diversified Banking Institutions 12,729 JP Morgan Chase & Co. . . . . . . . . . . . . . . . . 1.3 Diversified Operations 39,113 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Drug Delivery Systems 158,257 Flamel Technologies S.A. . . . . . . . . . . . . . . . 4.9 E-Commerce/Products 29,966 Lands’ End, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.1 Finance – Investment Bankers/Brokers 56,869 E*TRADE Financial Corp. . . . . . . . . . . . . . . 2.5 Finance – Other Services 8,555 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 1.2 Industrial Gases 27,882 Air Products and Chemeicals, Inc. . . . . . . . . 5.6 Instruments – Controls 29,304 Sensata Technologies Holding N.V. . . . . . . . . 2.3 Machine Tools and Related Products 35,393 Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . 1.8 Media 33,273 Tribune Co. . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Medical – Drugs 24,766 Eagle Pharmaceuticals, Inc. . . . . . . . . . . . . . 2.9 77,519 Endo International PLC . . . . . . . . . . . . . . . . 9.0 621,193 Indivior PLC. . . . . . . . . . . . . . . . . . . . . . . . . 3.2 219,302 Pernix Therapeutics Holdings, Inc.. . . . . . . . 1.9 17.0 Oil Refining and Marketing 19,810 Murphy USA, Inc. . . . . . . . . . . . . . . . . . . . . 1.6 Paper and Related Products 52,968 Veritiv Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Pharmaceuticals 45,703 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 7.9 Pipelines 17,423 MarkWest Energy Partners L.P. . . . . . . . . . . . 1.4 Publishing – Newspapers 42,173 Tribune Publishing Co. . . . . . . . . . . . . . . . . . 1.0 Real Estate Operating/Development 109,214 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Resorts and Theme Parks 21,972 Six Flags Entertainment Corp. . . . . . . . . . . . 1.4 Retail – Discount 11,613 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Retail – Restaurants 122,619 Wendy’s Co. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Telecommunication Equipment 108,749 Knowles Corp. . . . . . . . . . . . . . . . . . . . . . . . 2.9
Fair Value (USD)
Toys
266,838 3,827,004 4,093,842 1,056,066 1,197,480 1,476,196 3,437,880 862,517 1,805,065 3,353,466 744,056 1,703,227 796,128 3,815,094 1,545,493 1,207,609 1,776,445 2,002,579 6,174,388 2,193,810 1,298,268 11,669,045 1,105,794 1,931,213 5,380,157 982,309 655,368 1,696,093 985,444 947,969 1,383,142 1,968,357
The accompanying notes are an integral part of the financial statements.
108
Share or Principal Amount
Percentage of Net Assets (%)
Janus Capital Funds Plc / 30 June 2015
127,290 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Vitamins and Nutrition Products 24,214 Herbalife, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 2.0 Wireless Equipment 60,501 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 5.1
3,270,080 1,333,949
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.1
65,648,611
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 96.1
65,648,611
3,469,127
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(34,483)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.0
65,614,128
PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD 10 USD 99 USD 214 USD 130 USD 32,693 CNH 20,144 USD 900 USD 136,584 USD 410 USD 546 USD 38 USD 44,630 USD 178 USD 293 USD 134 USD 12 USD 22 USD 75 USD 1,729 USD 263,144 USD 789 USD 1,050
Currency Sold CNH EUR EUR EUR EUR USD EUR EUR EUR EUR CNH EUR EUR EUR EUR CNH CNH CNH EUR EUR EUR EUR
60 88 191 116 29,148 3,238 805 122,138 366 489 238 39,813 158 261 120 73 135 467 1,549 235,697 707 940
Current Market Value (USD) 10 98 213 129 32,505 3,238 897 136,204 409 544 38 44,399 177 291 133 12 22 75 1,727 262,841 788 1,049
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— 1 1 1 188 — 3 380 1 2 — 231 1 2 1 — — — 2 303 1 1
Total
1,119
Total Financial Assets at fair value through profit or loss
65,615,247
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 10,047,390 EUR 30,117 EUR 40,325 EUR 66,377 EUR 3,488 USD 476 USD 72,471 USD 218 USD 289 EUR 11,575
Currency Sold USD USD USD USD USD EUR EUR EUR EUR USD
11,269,173 33,779 45,229 74,449 3,894 429 65,288 196 261 12,936
Current Market Value (USD) 11,333,837 33,973 45,489 74,876 3,899 478 72,807 219 290 12,964
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (64,664) (194) (260) (427) (5) (2) (336) (1) (1) (28)
Total
(65,918)
Total Financial Liabilities at fair value through profit or loss
(65,918)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
109
Janus US Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Airlines 216 Southwest Airlines Co. . . . . . . . . . . . . . . . . . Apparel Manufacturers 316 Gildan Activewear, Inc. . . . . . . . . . . . . . . . . Applications Software 302 NetSuite, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 337 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 113 ServiceNow, Inc.. . . . . . . . . . . . . . . . . . . . . . Automotive – Truck Parts and Equipment – Original 187 Delphi Automotive PLC . . . . . . . . . . . . . . . . Brewery 98 SABMiller PLC . . . . . . . . . . . . . . . . . . . . . . . Cable/Satellite TV 572 Comcast Corp. – Class A . . . . . . . . . . . . . . . 268 Liberty Global PLC – Class C . . . . . . . . . . . . Cellular Telecommunications 300 T-Mobile US, Inc. . . . . . . . . . . . . . . . . . . . . . Chemicals – Diversified 210 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . Commercial Services 84 CoStar Group, Inc. . . . . . . . . . . . . . . . . . . . . Commercial Services – Finance 475 Mastercard, Inc. – Class A . . . . . . . . . . . . . . Computer Aided Design 130 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Computers 796 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Consulting Services 286 Verisk Analytics, Inc. – Class A . . . . . . . . . . . Consumer Products – Miscellaneous 242 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . Cosmetics and Toiletries 144 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 123 Estee Lauder Cos, Inc. – Class A. . . . . . . . . .
Fair Value (USD)
0.4
7,147
0.5
10,504
1.4 1.2 0.4 3.0
27,709 23,465 8,397 59,571
0.8
15,912
0.3
5,087
1.8 0.7 2.5
34,400 13,569 47,969
0.6
11,631
1.2
24,091
0.9
16,906
2.3
44,403
0.6
11,861
5.1
99,838
1.1
20,809
1.3
25,645
0.5 0.5 1.0
9,419 10,659 20,078
Diversified Operations 603 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1.4 E-Commerce/Products 120 Alibaba Group Holding, Ltd. (ADR) . . . . . . . 0.5 54 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 1.2 1.7 E-Commerce/Services 92 Ctrip.com International, Ltd. (ADR) . . . . . . . 0.3 10 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 0.6 0.9 Electric – Transmission 396 Brookfield Infrastructure Partners L.P. . . . . . 0.9 Electronic Components – Miscellaneous 142 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . 0.5 Electronic Components – Semiconductors 1,757 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 1.5 179 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 1.2 576 Freescale Semiconductor, Ltd. . . . . . . . . . . . 1.2 3.9 Electronic Connectors 301 Amphenol Corp. – Class A . . . . . . . . . . . . . . 0.9 Electronic Design Automation 1,522 Cadence Design Systems, Inc. . . . . . . . . . . . 1.5
The accompanying notes are an integral part of the financial statements.
110
Janus Capital Funds Plc / 30 June 2015
27,828 9,872 23,441 33,313 6,681 11,514 18,195 17,673 9,131 28,624 23,794 23,023 75,441 17,449 29,923
Share or Principal Amount
Percentage of Net Assets (%)
Electronic Forms 150 Adobe Systems, Inc. . . . . . . . . . . . . . . . . . . . Energy – Alternate Sources 107 SolarCity Corp. . . . . . . . . . . . . . . . . . . . . . . Enterprise Software/Services 241 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 105 Ultimate Software Group, Inc. . . . . . . . . . . .
Fair Value (USD)
0.6
12,152
0.3
5,730
0.5 0.9 1.4
9,712 17,256 26,968
1.6
31,359
0.6
12,342
1.1
22,208
1.2
23,928
0.8
15,018
2.0
38,039
1.3 1.9 3.2
26,002 37,076 63,078
1.0
19,139
2.2
42,539
0.3
4,959
1.8 1.8 1.1 1.0 5.7
35,156 35,143 20,948 19,895 111,142
1.8 1.4 0.9 2.1 1.0
35,611 26,549 17,282 40,303 19,368
0.8 8.0
16,217 155,330
3.2
63,120
0.9
16,614
0.5
10,602
0.7
13,191
0.3
5,819
0.7 1.4 2.1
13,246 27,964 41,210
Oil – Field Services 125 Baker Hughes, Inc. . . . . . . . . . . . . . . . . . . . . 0.4
7,713
Finance – Credit Card 467 Visa, Inc. – Class A . . . . . . . . . . . . . . . . . . . . Finance – Investment Bankers/Brokers 378 Charles Schwab Corp. . . . . . . . . . . . . . . . . . Food – Confectionery 250 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . Food – Retail 330 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . Food – Wholesale/Distribution 416 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . Industrial Gases 278 Air Products and Chemeicals, Inc. . . . . . . . . Instruments – Controls 255 Honeywell International, Inc. . . . . . . . . . . . . 703 Sensata Technologies Holding N.V. . . . . . . . . Insurance Brokers 192 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . Internet Content – Entertainment 496 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . Internet Content – Information/News 24 LinkedIn Corp.. . . . . . . . . . . . . . . . . . . . . . . Medical – Biomedical and Genetic 229 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 87 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 181 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 39 Regeneron Pharmaceuticals, Inc. . . . . . . . . . Medical – Drugs 530 399 207 506 110 73
AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . Endo International PLC . . . . . . . . . . . . . . . . Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . Valeant Pharmaceuticals International, Inc. . . . . . . . . . . . . . . . . . . .
Medical – Generic Drugs 208 Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . Medical Information Systems 145 Athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . Medical Instruments 599 Boston Scientific Corp. . . . . . . . . . . . . . . . . . Metal Processors and Fabrication 66 Precision Castparts Corp. . . . . . . . . . . . . . . . Multi-Industry 256 Southwestern Energy Co. . . . . . . . . . . . . . . . Multimedia 407 Twenty-First Century Fox, Inc. . . . . . . . . . . . 245 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . .
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Oil Companies – Exploration and Production 96 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 0.4 167 Antero Resources Finance Corp. . . . . . . . . . . 0.3 0.7 Pharmaceuticals 153 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 0.9 Pipelines 225 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . 0.4 Real Estate Management/Services 892 CBRE Group, Inc. – Class A . . . . . . . . . . . . . 1.8 Recreational Vehicles 69 Polaris Industries, Inc. . . . . . . . . . . . . . . . . . 0.5 REIT – Diversified 299 American Tower Corp. . . . . . . . . . . . . . . . . . 1.4 Retail – Auto Parts 24 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 Retail – Building Products 431 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 2.6 Retail – Discount 183 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.7 Retail – Diversified 541 Sally Beauty Holdings, Inc. . . . . . . . . . . . . . . 0.9 Retail – Major Department Stores 474 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Retail – Restaurants 55 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 1.7 367 Dunkin' Brands Group, Inc. . . . . . . . . . . . . . 1.0 458 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 1.3 4.0 Semiconductor Components/Integrated Circuits 930 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 320 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) . . . . . . . . . 0.4 0.9 Transportation – Railroad 147 Canadian Pacific Railway, Ltd. . . . . . . . . . . . 1.2 276 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 1.4 2.6 Web Portals/Internet Service Providers 29 Google, Inc. – Class A . . . . . . . . . . . . . . . . . 0.8 91 Google, Inc. – Class C . . . . . . . . . . . . . . . . . 2.5 3.3 Wireless Equipment 287 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.8 Cruise Lines 177 Norwegian Cruise Line Holdings, Ltd. . . . . . 0.5 Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.8 Contract Amount Schedule of Purchased Options – Calls 4 Microsoft Corp, expires August 2015, 2 contracts, exercise price 47 USD (covered) . . . . . . . . . . . . . . . . . . . . 4 Oracle Corp, expires September 2015, 4 contracts, exercise price 45 USD (covered) . . . . . . . . . . . . . . . . . . . . 3 Oracle Corp, expires September 2015, 3 contracts, exercise price 45 USD (covered) . . . . . . . . . . . . . . . . . . . . 1 Oracle Corp, expires September 2015, 1 contracts, exercise price 45 USD (covered) . . . . . . . . . . . . . . . . . . . .
Fair Value (USD) 7,494 5,735 13,229 18,011 8,638 33,004 10,220 27,894
Share or Principal Amount
Percentage of Net Assets (%)
1 HESS Corp, expires August 2015, 1 contracts, exercise price 80 USD (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule of Purchased Options – Puts 2 SPDR S&P 500 ETF Trust, expires August 2015, 2 contracts, exercise price 210 USD (covered) . . . . . . . . . . . . . . . 3 Semiconductor Holders Trust, expires August 2015, 3 contracts, exercise price 52 USD (covered) . . . . . . . . . . . . . . . . 2 Semiconductor Holders Trust, expires August 2015, 2 contracts, exercise price 52 USD (covered) . . . . . . . . . . . . . . . .
Fair Value (USD)
—
15
—
1,344
—
263
—
175
Total Schedule of Purchased Options. . . . . . . . . . . . . . . . . . . . . . —
2,161
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
2,161
16,006
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 95.8
1,866,297
47,897
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(457)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.8
1,865,840
14,455 17,085 31,365 33,274 20,185 24,556 78,015 9,165 7,267 16,432 23,554 26,322 49,876 15,661 47,366 63,027 16,457 9,920 1,864,136
—
220
—
72
—
54
—
18
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
111
Janus US Fund PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD USD USD USD USD USD
3,643 1,851 270 543 12,251 6,259
Currency Sold EUR EUR EUR EUR EUR EUR
3,258 1,655 241 484 10,973 5,606
Current Market Value (USD)
Settle Date
3,633 1,846 269 540 12,237 6,252
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
10 5 1 3 14 7
Total
40
Total Financial Assets at fair value through profit or loss
1,865,880
Financial Liabilities at fair value through profit or loss Percentage of Net Assets (%)
Contract Amount
Schedule of Written Options – Calls (1) Oracle Corp, expires September 2015, 1 contracts, exercise price 42 USD (covered) . . . . . . . . . . . . . . . . . . . . (3) Oracle Corp, expires September 2015, 3 contracts, exercise price 42 USD (covered) . . . . . . . . . . . . . . . . . . . . (4) Microsoft Corp, expires August 2015, 4 contracts, exercise price 45 USD (covered) . . . . . . . . . . . . . . . . . . . . (4) Oracle Corp, expires September 2015, 4 contracts, exercise price 42 USD (covered) . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
—
(258)
—
(775)
—
(878)
—
(1,034)
Total Schedule of Written Options. . . . . . . . . . . . . . . . . . . . . . . . —
(2,945)
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 262,711 EUR 512,267 USD 1,116 USD 2,192 Credit Suisse USD 26,752 GBP 937 GBP 1,400
Currency Sold
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
USD USD EUR EUR
294,657 574,560 1,005 1,975
296,348 577,857 1,121 2,202
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(1,691) (3,297) (5) (10)
GBP USD USD
17,300 1,475 2,201
27,175 1,478 2,203
16-Jul-15 16-Jul-15 16-Jul-15
(423) (3) (2)
Total
(5,431)
Total Financial Liabilities at fair value through profit or loss
(8,376)
The accompanying notes are an integral part of the financial statements.
112
Janus Capital Funds Plc / 30 June 2015
Janus US Research Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence – Equipment 13,840 United Technologies Corp. . . . . . . . . . . . . . . Airlines 38,458 United Continental Holdings, Inc. . . . . . . . . Applications Software 6,725 NetSuite, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 11,806 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . Athletic Footwear 15,143 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . Automotive – Truck Parts and Equipment – Original 17,399 Delphi Automotive PLC . . . . . . . . . . . . . . . . Beverages – Non-Alcoholic 15,560 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Beverages – Wine and Spirits 7,800 Brown-Forman Corp. – Class B . . . . . . . . . . Cable/Satellite TV 40,368 Comcast Corp. – Class A . . . . . . . . . . . . . . . 4,237 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . Casino Hotels 20,460 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . Cellular Telecommunications 32,038 T-Mobile US, Inc. . . . . . . . . . . . . . . . . . . . . . Chemicals – Diversified 13,624 LyondellBasell Industries N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,080 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . Commercial Banks – Western U.S. 42,924 PacWest Bancorp. . . . . . . . . . . . . . . . . . . . . . Commercial Services – Finance 29,102 Mastercard, Inc. – Class A . . . . . . . . . . . . . . Computer Aided Design 12,566 ANSYS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Computer Services 4,055 IHS, Inc. – Class A . . . . . . . . . . . . . . . . . . . . Computers 42,604 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Computers – Memory Devices 21,822 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Consulting Services 22,124 Verisk Analytics, Inc. – Class A . . . . . . . . . . . Consumer Products – Miscellaneous 14,399 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . Containers – Metal and Glass 36,548 Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . Cosmetics and Toiletries 26,478 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . Diversified Banking Institutions 42,715 Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . 40,655 JP Morgan Chase & Co. . . . . . . . . . . . . . . . .
Fair Value (USD)
0.8
1,535,271
1.0
2,038,659
0.3 0.4 0.7
617,019 822,052 1,439,071
0.8
1,635,747
0.8
1,480,481
0.7
1,452,370
0.4
781,404
1.2 0.4 1.6
2,427,732 754,906 3,182,638
0.5
1,075,582
0.6
1,242,113
0.7 0.9 1.6
1,410,356 1,729,978 3,140,334
1.0
2,007,126
1.4
2,720,455
0.6
1,146,522
0.3
521,595
2.7
5,343,607
0.3
575,883
0.8
1,609,742
0.8
1,525,862
1.0
1,933,755
0.9
1,731,926
1.2 1.4 2.6
2,359,577 2,754,783 5,114,360
Diversified Manufacturing Operations 15,898 AO Smith Corp. . . . . . . . . . . . . . . . . . . . . . . 0.6 Diversified Operations 39,531 Colfax Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 21,643 Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.7
1,144,338 1,824,356 1,518,906 3,343,262
Share or Principal Amount
Percentage of Net Assets (%)
E-Commerce/Products 4,935 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . E-Commerce/Services 1,138 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . Electric – Transmission 46,731 Brookfield Infrastructure Partners L.P. . . . . . . Electronic Components – Miscellaneous 31,190 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . Electronic Components – Semiconductors 8,626 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 27,378 Freescale Semiconductor, Ltd. . . . . . . . . . . . Electronic Connectors 36,699 Amphenol Corp. – Class A . . . . . . . . . . . . . . Electronic Design Automation 62,170 Cadence Design Systems, Inc. . . . . . . . . . . . Electronic Measuring Instruments 28,036 National Instruments Corp. . . . . . . . . . . . . . Enterprise Software/Services 74,465 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 3,654 Tyler Technologies, Inc. . . . . . . . . . . . . . . . . 4,634 Ultimate Software Group, Inc. . . . . . . . . . . .
Fair Value (USD)
1.1
2,142,234
0.7
1,310,259
1.1
2,085,605
1.0
2,005,517
0.6 0.6 1.2
1,146,654 1,094,299 2,240,953
1.1
2,127,441
0.6
1,222,262
0.4
825,941
1.5 0.2 0.4 2.1
3,000,940 472,755 761,552 4,235,247
Finance – Credit Card 24,064 American Express Co. . . . . . . . . . . . . . . . . . 1.0 21,979 Discover Financial Services. . . . . . . . . . . . . . 0.6 36,384 Visa, Inc. – Class A . . . . . . . . . . . . . . . . . . . . 1.2 2.8 Finance – Investment Bankers/Brokers 75,291 E*TRADE Financial Corp. . . . . . . . . . . . . . . 1.1 41,678 LPL Financial Holdings, Inc. . . . . . . . . . . . . 1.0 2.1 Finance – Other Services 7,238 Intercontinental Exchange . . . . . . . . . . . . . . 0.8 Food – Confectionery 18,881 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Food – Retail 38,074 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 16,961 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.3 1.7 Food – Wholesale/Distribution 42,400 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Industrial Gases 17,688 Air Products and Chemeicals, Inc. . . . . . . . . 1.2 Instruments – Controls 16,342 Honeywell International, Inc. . . . . . . . . . . . . 0.8 46,401 Sensata Technologies Holding N.V. . . . . . . . . 1.2 2.0 Insurance 159,653 MGIC Investment Corp. . . . . . . . . . . . . . . . . 0.9 Insurance Brokers 22,823 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Internet Content – Entertainment 32,711 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.4 Internet Content – Information/News 2,319 LinkedIn Corp.. . . . . . . . . . . . . . . . . . . . . . . 0.2 Investment Management and Advisory Services 6,545 BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.2 Machinery – General Industrial 7,363 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . 0.6 Medical – Biomedical and Genetic 20,616 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
1,870,254 1,266,430 2,443,186 5,579,870 2,254,965 1,937,610 4,192,575 1,618,489 1,677,199 2,760,746 668,942 3,429,688 1,530,640 2,420,249 1,666,394 2,447,189 4,113,583 1,816,850 2,274,997 2,805,459 479,175 2,264,439 1,269,823 3,164,968
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
113
Janus US Research Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
7,531 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . 1.5 21,203 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.2 4,273 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 1.1 5.4 Medical – Drugs 32,978 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 35,183 Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . 1.2 22,566 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 1.0 29,902 Endo International PLC . . . . . . . . . . . . . . . . 1.2 92,810 Ironwood Pharmaceuticals, Inc. . . . . . . . . . . 0.6 18,275 Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.7 5.8 Medical – Hospitals 8,475 Universal Health Services, Inc. . . . . . . . . . . . 0.6 Medical Information Systems 12,785 Athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . 0.7 Medical Instruments 108,560 Boston Scientific Corp. . . . . . . . . . . . . . . . . . 1.0 Metal Processors and Fabrication 57,674 Rexnord Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.7 Multimedia 45,299 Twenty-First Century Fox, Inc. . . . . . . . . . . . 0.7 21,036 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 1.2 1.9 Oil – Field Services 38,417 Baker Hughes, Inc. . . . . . . . . . . . . . . . . . . . . 1.2 50,842 NOW, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.7 Oil Companies – Exploration and Production 37,817 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 1.5 Oil Companies – Integrated 40,628 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.7 32,174 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 3.0 Pharmaceuticals 22,194 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 1.4 Pharmacy Services 19,215 Express Scripts Holding Co. . . . . . . . . . . . . . 0.9 Pipelines 89,130 Enterprise Products Partners L.P. . . . . . . . . . 1.4 2 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . — 48,436 MarkWest Energy Partners L.P. . . . . . . . . . . . 1.4 2.8 Private Equity 44,722 Blackstone Group L.P. . . . . . . . . . . . . . . . . . . 1.0 Real Estate Management/Services 12,819 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . 1.1 Recreational Vehicles 8,818 Polaris Industries, Inc. . . . . . . . . . . . . . . . . . 0.7 REIT – Diversified 21,682 American Tower Corp. . . . . . . . . . . . . . . . . . 1.0 72,702 Lexington Realty Trust . . . . . . . . . . . . . . . . . 0.3 1.3 REIT – Regional Malls 8,692 Simon Property Group, Inc. . . . . . . . . . . . . . 0.8 Retail – Auto Parts 8,624 Advance Auto Parts, Inc. . . . . . . . . . . . . . . . 0.7 1,031 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.1 Retail – Building Products 33,823 Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 1.2 Retail – Catalog Shopping 18,604 MSC Industrial Direct Co., Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
3,042,072 2,453,929 2,179,785 10,840,754 2,215,792 2,341,077 1,884,035 2,381,694 1,119,289 1,292,408 11,234,295 1,204,298 1,464,905 1,921,512 1,378,985 1,474,256 2,401,049 3,875,305 2,370,329 1,012,264 3,382,593 2,951,995 3,380,250 2,591,937 5,972,187 2,612,678
Retail – Gardening Products 15,059 Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . Retail – Major Department Stores 27,207 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . Retail – Miscellaneous 4,792 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . Retail – Restaurants 39,804 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . Semiconductor Components/Integrated Circuits 91,111 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 15,517 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . Semiconductor Equipment 8,733 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . Super – Regional Banks 40,088 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . Telecommunication Equipment 29,669 CommScope Holding Co., Inc. . . . . . . . . . . . Telecommunication Services 33,441 Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . Tobacco 34,304 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . Toys 32,554 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Transactional Software 20,081 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . . Transportation – Railroad 11,551 Kansas City Southern . . . . . . . . . . . . . . . . . . 24,456 Union Pacific Corp. . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.7
1,354,406
0.9
1,800,287
0.2
394,238
1.1
2,134,090
0.5 0.5 1.0
897,899 971,830 1,869,729
0.2
490,882
0.9
1,739,819
0.5
905,201
0.9
1,825,544
0.9
1,677,809
0.4
836,312
0.5
894,809
0.5 1.2 1.7
1,053,450 2,332,369 3,385,819
Web Portals/Internet Service Providers 8,729 Google, Inc. – Class C . . . . . . . . . . . . . . . . . 2.3 Wireless Equipment 21,005 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.7
4,543,532 1,204,427
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.4
195,484,391
1,708,982
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.4
195,484,391
2,664,096 77 2,730,822 5,394,995
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(51,845)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.4
195,432,546
1,827,788 2,192,049 1,306,034 2,022,714 616,513 2,639,227 1,503,890 1,373,717 687,574 2,061,291 2,265,126
1,298,001
The accompanying notes are an integral part of the financial statements.
114
Share or Principal Amount
Percentage of Net Assets (%)
Janus Capital Funds Plc / 30 June 2015
PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD USD USD USD USD USD USD
10,018 41 17 4,041 5 112 27,288
Currency Sold EUR EUR EUR EUR EUR EUR EUR
8,959 37 15 3,605 5 101 24,442
Current Market Value (USD) 9,990 41 17 4,020 5 112 27,258
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
28 — — 21 — — 30
Total
79
Total Financial Assets at fair value through profit or loss
195,432,625
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 1,132,500 EUR 4,688 USD 1,301
Currency Sold USD USD EUR
1,270,214 5,258 1,172
Current Market Value (USD) 1,277,502 5,288 1,307
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (7,288) (30) (6)
Total
(7,324)
Total Financial Liabilities at fair value through profit or loss
(7,324)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
115
Janus US Twenty Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Common Stock Airlines 204,463 United Continental Holdings, Inc. . . . . . . . . 3.0 Applications Software 464,274 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 5.6 156,701 Salesforce.com, Inc. . . . . . . . . . . . . . . . . . . . 3.0 8.6 Athletic Footwear 141,297 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 4.2 Casino Hotels 219,302 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . 3.2 Chemicals – Diversified 106,406 E.I. du Pont de Nemours & Co. . . . . . . . . . . 1.9 148,617 LyondellBasell Industries N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 6.1 Commercial Banks – Western U.S. 175,691 PacWest Bancorp. . . . . . . . . . . . . . . . . . . . . . 2.2 Commercial Services – Finance 175,739 Mastercard, Inc. – Class A . . . . . . . . . . . . . . 4.5 Consulting Services 52,223 Towers Watson & Co. . . . . . . . . . . . . . . . . . 1.8 E-Commerce/Products 22,165 Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . 2.6 E-Commerce/Services 15,040 priceline.com, Inc. . . . . . . . . . . . . . . . . . . . . 4.7 Electronic Connectors 114,959 Amphenol Corp. – Class A . . . . . . . . . . . . . . 1.8 Finance – Investment Bankers/Brokers 280,424 E*TRADE Financial Corp. . . . . . . . . . . . . . . 2.3 Hotels and Motels 85,985 Starwood Hotels & Resorts Worldwide, Inc. . . . . . . . . . . . . . . . . . . . . 1.9 Internet Content – Entertainment 171,078 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 4.0 Medical – Biomedical and Genetic 118,601 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 3.8 28,675 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 4.0 7.8 Medical – Drugs 279,179 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 98,549 Endo International PLC . . . . . . . . . . . . . . . . 2.1 72,550 Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.3 69,963 Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . 1.4 10.9 Medical – Generic Drugs 47,455 Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Oil Companies – Integrated 102,655 Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Private Equity 426,481 Blackstone Group L.P. . . . . . . . . . . . . . . . . . . 4.8 Retail – Restaurants 16,959 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 2.8 251,410 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . 3.7 6.5 Semiconductor Components/Integrated Circuits 132,761 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 2.3
10,838,584
Fair Value (USD)
Web Portals/Internet Service Providers 31,672 Google, Inc. – Class C . . . . . . . . . . . . . . . . . 4.5 352,646 Yahoo!, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 8.3
16,485,593 13,855,461 30,341,054
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.7
356,778,463
20,497,697 10,911,091 31,408,788
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 97.7
356,778,463
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(88,807)
15,262,902
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.7
356,689,656
11,528,706 6,804,664 15,384,832 22,189,496 8,215,311 16,428,082 6,569,653 9,621,605 17,316,605 6,664,173 8,398,699
6,972,524 14,672,505 13,726,287 14,627,978 28,354,265 18,758,037 7,849,428 8,285,210 4,947,783 39,840,458 14,400,694 8,269,887 17,430,278 10,260,025 13,479,347 23,739,372 8,314,822
The accompanying notes are an integral part of the financial statements.
116
Share or Principal Amount
Percentage of Net Assets (%)
Janus Capital Funds Plc / 30 June 2015
PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank CNH CNH USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
50 21,568 121,456 783,589 253,646 1,727 6,852 460 30 44,820 1,192 80 307 3 10,334 8 50,456 937,261 6,376 25,510 1,713 84 797
Currency Sold USD 8 USD 3,467 AUD 157,413 AUD 1,015,570 EUR 226,818 EUR 1,544 EUR 6,128 EUR 411 CNH 186 EUR 39,983 EUR 1,063 EUR 71 EUR 274 CNH 18 EUR 9,222 CNH 48 EUR 45,147 EUR 839,501 EUR 5,711 EUR 22,849 EUR 1,534 CNH 522 EUR 708
Current Market Value (USD) 8 3,467 121,201 781,946 252,940 1,722 6,833 459 30 44,588 1,186 80 305 3 10,285 8 50,347 936,184 6,369 25,481 1,711 84 790
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — 255 1,643 706 5 19 1 — 232 6 — 2 — 49 — 109 1,077 7 29 2 — 7
Total
4,149
Total Financial Assets at fair value through profit or loss
356,693,805
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank AUD 1,396,994 EUR 233,626 EUR 63,095 EUR 939,357 EUR 34,410,128 EUR 40,404 USD 44,792 EUR 1,036 USD 78,271 USD 141 USD 2,105 USD 534 USD 3,059
Currency Sold USD USD USD USD USD USD AUD USD EUR EUR EUR EUR AUD
1,080,317 262,036 70,767 1,053,585 38,594,468 45,119 58,275 1,161 70,514 127 1,896 481 3,988
Current Market Value (USD) 1,085,003 263,540 71,173 1,059,631 38,815,932 45,180 44,870 1,166 78,634 142 2,115 536 3,070
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (4,686) (1,504) (406) (6,046) (221,464) (61) (78) (5) (363) (1) (10) (2) (11)
Total
(234,637)
Total Financial Liabilities at fair value through profit or loss
(234,637)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
117
Janus US Venture Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence – Equipment 85,904 HEICO Corp. – Class A . . . . . . . . . . . . . . . . Agricultural Chemicals 64,461 Phibro Animal Health Corp. . . . . . . . . . . . . . Apparel Manufacturers 36,776 Carter’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Applications Software 18,446 Demandware, Inc. . . . . . . . . . . . . . . . . . . . . 123,838 RealPage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . Auto Repair Centers 20,486 Monro Muffler Brake, Inc. . . . . . . . . . . . . . . Batteries and Battery Systems 65,832 EnerSys . . . . . . . . . . . . . . . . . . . . . . . . . . . . Beverages – Non-Alcoholic 14,002 DavidsTea, Inc. . . . . . . . . . . . . . . . . . . . . . . . Biotechnology 8,148 Puma Biotechnology, Inc. . . . . . . . . . . . . . . . 45,373 Relypsa, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Building – Maintenance & Service 43,005 ABM Industries, Inc.. . . . . . . . . . . . . . . . . . . Chemicals – Diversified 64,066 Aceto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . Chemicals – Specialty 74,407 Sensient Technology Corp. . . . . . . . . . . . . . . Commercial Services 47,064 Alarm.com Holdings, Inc. . . . . . . . . . . . . . . 8,522 CoStar Group, Inc. . . . . . . . . . . . . . . . . . . . . 59,879 ServiceMaster Global Holdings, Inc. . . . . . . . 96,453 SP Plus Corp. . . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.5
4,361,346
0.9
2,510,111
1.4
3,909,289
0.5 0.8 1.3
1,311,142 2,361,591 3,672,733
0.4
1,273,410
1.6
4,627,324
0.1
300,903
0.3 0.5 0.8
951,279 1,501,393 2,452,672
0.5
1,413,574
0.5
1,577,946
1.8
5,084,974
0.3 0.6 0.8 0.9 2.6
723,844 1,715,138 2,165,823 2,518,388 7,123,193
Commercial Services – Finance 69,700 Euronet Worldwide, Inc. . . . . . . . . . . . . . . . 1.5 16,005 LendingTree, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4 20,482 WEX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 2.7 Computer Services 22,631 Barracuda Networks, Inc. . . . . . . . . . . . . . . . 0.3 42,732 FleetMatics Group PLC. . . . . . . . . . . . . . . . . 0.7 44,092 j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.0 2.0 Computer Software 64,538 Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.3 49,367 Envestnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7 85,466 SS&C Technologies Holdings, Inc. . . . . . . . . 1.9 3.9 Computers – Other 34,844 Stratasys, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Consulting Services 32,722 Advisory Board Co. . . . . . . . . . . . . . . . . . . . 0.6 23,852 CEB, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 21,058 MAXIMUS, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.5 1.8 Consumer Products – Miscellaneous 49,477 Prestige Brands Holdings, Inc. . . . . . . . . . . . 0.8 65,835 Tumi Holdings, Inc. . . . . . . . . . . . . . . . . . . . 0.5 1.3 Data Processing and Management 87,916 Broadridge Financial Solutions, Inc. . . . . . . . 1.5
4,300,490 1,258,153 2,334,334 7,892,977 896,640 2,001,140 2,995,610 5,893,390 3,675,439 1,995,908 5,341,625 11,012,972 1,217,101 1,788,912 2,076,556 1,384,141 5,249,609 2,287,816 1,350,934 3,638,750 4,396,679
The accompanying notes are an integral part of the financial statements.
118
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Decision Support Software 41,335 MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Diagnostic Kits 64,311 Quidel Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 38,881 Trinity Biotech PLC . . . . . . . . . . . . . . . . . . . 0.2 0.7 Disposable Medical Products 12,961 ICU Medical, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4 Distribution/Wholesale 59,852 WESCO International, Inc.. . . . . . . . . . . . . . 1.4 Diversified Banking Institutions 44,607 Bank of America Corp. . . . . . . . . . . . . . . . . . 0.7 Diversified Manufacturing Operations 47,829 AO Smith Corp. . . . . . . . . . . . . . . . . . . . . . . 1.2 85,589 Raven Industries, Inc. . . . . . . . . . . . . . . . . . . 0.6 1.8 Drug Delivery Systems 122,040 Catalent, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.2 119,619 Flamel Technologies S.A. . . . . . . . . . . . . . . . 0.9 2.1 E-Commerce/Services 97,202 ChannelAdvisor Corp. . . . . . . . . . . . . . . . . . 0.4 15,158 Zillow Group, Inc. . . . . . . . . . . . . . . . . . . . . 0.5 0.9 Electric Products – Equipment 43,088 Belden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Electric Products – Miscellaneous 21,506 GrafTech International, Ltd. . . . . . . . . . . . . . . — Electronic Components – Miscellaneous 148,998 CTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 30,930 OSI Systems, Inc. . . . . . . . . . . . . . . . . . . . . . 0.8 41,949 Sparton Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.4 2.2 Electronic Components – Semiconductors 297,766 ON Semiconductor Corp.. . . . . . . . . . . . . . . 1.2 Electronic Design Automation 233,042 Cadence Design Systems, Inc. . . . . . . . . . . . 1.6 Electronic Measuring Instruments 48,862 National Instruments Corp. . . . . . . . . . . . . . 0.5 Energy – Alternate Sources 35,044 SolarEdge Technologies, Inc. . . . . . . . . . . . . 0.4 Enterprise Software/Services 27,884 Advent Software, Inc. . . . . . . . . . . . . . . . . . . 0.4 17,618 Evolent Health, Inc. . . . . . . . . . . . . . . . . . . . 0.1 23,930 Guidewire Software, Inc. . . . . . . . . . . . . . . . 0.4 8,156 Tyler Technologies, Inc. . . . . . . . . . . . . . . . . 0.4 1.3 Entertainment 125,640 SFX Entertainment, Inc. . . . . . . . . . . . . . . . . 0.2 Finance – Credit Card 53,308 Blackhawk Network Holdings, Inc. . . . . . . . 0.8 Finance – Investment Bankers/Brokers 81,875 LPL Financial Holdings, Inc. . . . . . . . . . . . . 1.3 35,132 Virtu Financial, Inc. . . . . . . . . . . . . . . . . . . . 0.3 1.6 Footwear and Related Apparel 130,371 Wolverine World Wide, Inc. . . . . . . . . . . . . . 1.3 Hazardous Waste Disposal 81,577 Heritage-Crystal Clean, Inc. . . . . . . . . . . . . . 0.4 Health Care Cost Containment 39,174 HealthEquity, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4 Human Resources 39,596 Paylocity Holding Corp. . . . . . . . . . . . . . . . . 0.5
Fair Value (USD) 2,544,169 1,475,937 702,191 2,178,128 1,239,849 4,108,241 2,040,770 3,442,731 1,740,024 5,182,755 3,579,433 2,534,727 6,114,160 1,161,564 1,314,805 2,476,369 3,500,038 106,670 2,871,191 2,189,535 1,146,047 6,206,773 3,480,885 4,581,606 1,439,475 1,273,849 1,232,752 343,551 1,266,615 1,055,223 3,898,141 564,124 2,196,290 3,806,369 824,899 4,631,268 3,712,966 1,199,182 1,255,527 1,419,517
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Industrial Audio and Video Products 35,024 Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . Instruments – Scientific 24,720 FEI Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Internet Applications Software 34,351 Textura Corp. . . . . . . . . . . . . . . . . . . . . . . . . Internet Incubators 56,224 HomeAway, Inc. . . . . . . . . . . . . . . . . . . . . . . Investment Management and Advisory Services 37,312 Artisan Partners Asset Management, Inc. . . . . . . . . . . . . . . . . . . . 28,872 Financial Engines, Inc. . . . . . . . . . . . . . . . . . 91,048 WisdomTree Investments, Inc. . . . . . . . . . . .
Fair Value (USD)
1.0
2,728,019
0.7
2,050,030
0.3
955,988
0.6
1,749,691
0.6 0.4 0.7 1.7
1,733,516 1,226,483 1,999,869 4,959,868
0.9
2,494,375
1.3
3,661,622
1.1
3,173,438
0.9
2,445,831
0.1 0.4 0.5 0.2 1.2
385,906 1,251,706 1,536,203 710,868 3,884,683
0.2 0.6 0.9 0.6 0.5 0.4 0.3 0.4 3.9
579,099 1,750,056 2,655,766 1,864,464 1,333,088 1,014,667 956,064 1,050,676 11,203,880
Leisure 79,061 Diamond Resorts International, Inc. . . . . . . . Machine Tools and Related Products 107,316 Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . Machinery – General Industrial 33,674 Wabtec Corp. . . . . . . . . . . . . . . . . . . . . . . . . Medical 56,551 LDR Holding Corp. . . . . . . . . . . . . . . . . . . . Medical – Biomedical and Genetic 43,556 Achillion Pharmaceuticals, Inc.. . . . . . . . . . . 17,320 Concordia Healthcare Corp. . . . . . . . . . . . . . 15,225 Ligand Pharmaceuticals, Inc. . . . . . . . . . . . . 24,572 OvaScience, Inc. . . . . . . . . . . . . . . . . . . . . . . Medical – Drugs 7,479 37,880 32,844 51,906 110,538 8,885 13,519 177,479
Anacor Pharmaceuticals, Inc. . . . . . . . . . . . . Chimerix, Inc. . . . . . . . . . . . . . . . . . . . . . . . Eagle Pharmaceuticals, Inc. . . . . . . . . . . . . . Insys Therapeutics, Inc. . . . . . . . . . . . . . . . . Ironwood Pharmaceuticals, Inc. . . . . . . . . . . Medivation, Inc. . . . . . . . . . . . . . . . . . . . . . . Pacira Pharmaceuticals, Inc. . . . . . . . . . . . . . Pernix Therapeutics Holdings, Inc.. . . . . . . .
Medical Imaging Systems 42,262 EndoChoice Holdings, Inc.. . . . . . . . . . . . . . 0.2 134,714 Novadaq Technologies, Inc. . . . . . . . . . . . . . 0.6 0.8 Medical Information Systems 14,690 Athenahealth, Inc. . . . . . . . . . . . . . . . . . . . . 0.6 Medical Instruments 143,465 Endologix, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 19,750 Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1.5 Medical Products 1,755 Glaukos Corp. . . . . . . . . . . . . . . . . . . . . . . . . — 42,792 Wright Medical Group, Inc. . . . . . . . . . . . . . 0.4 0.4 Metal Processors and Fabrication 12,537 CIRCOR International, Inc. . . . . . . . . . . . . . 0.2 208,180 Rexnord Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.7 1.9 Oil Field Machinery and Equipment 20,921 Dril-Quip, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5 Patient Monitoring Equipment 43,294 Insulet Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 71,786 Masimo Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.0 1.5
690,984 1,631,387 2,322,371 1,683,180 2,200,753 1,944,783 4,145,536 50,860 1,123,718 1,174,578 683,643 4,977,584 5,661,227 1,574,305 1,341,465 2,780,990 4,122,455
Share or Principal Amount Pharmaceuticals 40,810 98,287 19,378 4,728
Percentage of Net Assets (%)
Acadia Pharmaceuaticals, Inc.. . . . . . . . . . . . Dyax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . Seres Therapeutics, Inc. . . . . . . . . . . . . . . . .
Pharmacy Services 93,339 Diplomat Pharmacy, Inc. . . . . . . . . . . . . . . . Pipelines 59,844 DCP Midstream Partners L.P. . . . . . . . . . . . . Printing – Commercial 21,367 VistaPrint N.V. . . . . . . . . . . . . . . . . . . . . . . . Professional Sports 90,639 Manchester United Plc – Class A . . . . . . . . . Property and Casualty Insurance 28,807 RLI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . Real Estate 31,403 Re/Max Holdings, Inc. – Class A. . . . . . . . . . Real Estate Management/Services 11,624 Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . Real Estate Operating/Development 66,023 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . REIT – Office Property 78,657 Easterly Government Properties, Inc. . . . . . . Retail – Convenience Store 20,599 Casey’s General Stores, Inc.. . . . . . . . . . . . . . Retail – Diversified 136,202 Sally Beauty Holdings, Inc. . . . . . . . . . . . . . . Retail – Leisure Products 30,110 Party City Holdco, Inc. . . . . . . . . . . . . . . . . . Retail – Restaurants 8,155 Biglari Holdings, Inc. . . . . . . . . . . . . . . . . . . 13,932 Bojangles’ Inc. . . . . . . . . . . . . . . . . . . . . . . . 114,811 Domino’s Pizza Group PLC . . . . . . . . . . . . . . Retail – Sporting Goods 45,947 Hibbett Sports, Inc. . . . . . . . . . . . . . . . . . . . Retirement and Aged Care 50,018 Capital Senior Living Corp. . . . . . . . . . . . . . Rubber/Plastic Products 12,820 Proto Labs, Inc. . . . . . . . . . . . . . . . . . . . . . . Semiconductor Components/Integrated Circuits 367,262 Atmel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . Soap and Cleaning Preparations 105,923 Ontex Group N.V.. . . . . . . . . . . . . . . . . . . . . Telecommunication Equipment 67,414 NICE Systems, Ltd. (ADR) . . . . . . . . . . . . . . Theatres 175,967 National CineMedia, Inc. . . . . . . . . . . . . . . . Therapeutics 6,180 GW Pharmaceuticals PLC (ADR) . . . . . . . . . Transactional Software 73,321 ACI Worldwide, Inc. . . . . . . . . . . . . . . . . . . 93,892 Solera Holdings, Inc. . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.6 0.9 0.8 0.1 2.4
1,709,123 2,604,606 2,281,178 196,212 6,791,119
1.5
4,176,920
0.6
1,836,612
0.6
1,798,247
0.6
1,618,813
0.5
1,480,392
0.4
1,115,121
0.7
1,987,704
0.4
1,025,337
0.4
1,252,219
0.7
1,972,148
1.5
4,301,259
0.2
610,330
1.2 0.1 0.5 1.8
3,374,131 332,418 1,401,460 5,108,009
0.7
2,140,211
0.4
1,225,441
0.3
865,094
1.3
3,619,367
1.1
3,178,508
1.5
4,286,856
1.0
2,808,433
0.3
759,151
0.6 1.5 2.1
1,801,495 4,183,830 5,985,325
Transportation – Services 48,155 HUB Group, Inc. – Class A . . . . . . . . . . . . . . 0.7 Transportation – Truck 24,368 Old Dominion Freight Line, Inc. . . . . . . . . . 0.6 26,327 Saia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.0
1,942,573 1,671,767 1,034,388 2,706,155
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
119
Janus US Venture Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Web Hosting and Design 150,012 Endurance International Group Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.2 Wound, Burn & Skin Care 134,174 IGI Laboratories, Inc. . . . . . . . . . . . . . . . . . . 0.3
3,099,245
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.5
271,486,667
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 94.5
271,486,667
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(83,505)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.5
271,403,162
845,296
Currency Purchased
Currency Sold
Bank of America USD 120,680 CAD USD 2,039,278 GBP USD 281,048 CAD USD 1,815,167 EUR ILS 2,953,000 USD Citibank USD 118,960 CAD USD 427,624 EUR USD 201,001 EUR USD 78,564 EUR USD 1,243 AUD USD 1 EUR USD 152,399 EUR USD 184,573 EUR AUD 205,761 USD USD 2,869 EUR USD 101,138 EUR USD 4 EUR USD 430,752 EUR USD 357,165 EUR Credit Suisse USD 1,759,883 CAD USD 2,366,649 EUR USD 42,746 GBP JP Morgan Chase & Co. ILS 4,500,000 USD
Current Market Value (USD) 119,314 2,036,975 279,353 1,811,340 773,328
2-Jul-15 30-Jul-15 30-Jul-15 30-Jul-15 2-Jul-15
1,366 2,303 1,695 3,827 4,805
146,000 376,000 180,000 70,355 1,609 1 136,279 165,051 158,152 2,561 90,287 3 385,823 319,911
116,875 419,259 200,708 78,458 1,239 1 151,975 184,059 157,876 2,856 100,685 4 430,257 356,754
23-Jul-15 23-Jul-15 23-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
2,085 8,365 293 106 4 — 424 514 276 13 453 — 495 411
2,168,000 2,100,700 27,000
1,735,691 2,342,154 42,412
16-Jul-15 16-Jul-15 16-Jul-15
24,192 24,495 334
1,192,532
1,191,965
2-Jul-15
Total Financial Assets at fair value through profit or loss
120
Janus Capital Funds Plc / 30 June 2015
Unrealised Appreciation (USD)
149,000 1,296,900 349,000 1,624,300 778,133
Total
The accompanying notes are an integral part of the financial statements.
Settle Date
567 77,023 271,480,185
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Bank of America USD 1,980,567 GBP USD 159,599 CAD USD 1,783,343 EUR USD 489,442 ILS USD 97,260 ILS USD 177,428 ILS CAD 349,000 USD GBP 1,296,900 USD EUR 1,624,300 USD USD 778,148 ILS Citibank EUR 17,398 USD EUR 127 USD AUD 157,677 USD EUR 16,480,086 USD EUR 13,601,181 USD EUR 29,100 USD EUR 52,524 USD USD 825 AUD USD 55,874 EUR USD 45,879 EUR EUR 43,955 USD EUR 19,998 USD USD 6,590 AUD Credit Suisse USD 750,458 GBP USD 1,223,266 ILS USD 46,738 ILS JP Morgan Chase & Co. USD 1,162,620 ILS USD 1,192,533 ILS Royal Bank of Canada USD 1,234,038 ILS ILS 422,000 USD
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
1,296,900 200,000 1,624,300 1,900,000 373,000 680,000 281,166 2,039,674 1,814,522 2,953,000
2,037,442 160,152 1,810,623 503,753 98,895 180,290 282,866 2,041,905 1,818,420 783,152
2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 30-Jul-15
(56,875) (553) (27,280) (14,311) (1,635) (2,862) (1,700) (2,231) (3,898) (5,004)
19,568 142 121,934 18,484,097 15,255,111 32,607 58,855 1,081 50,336 41,332 49,123 22,349 8,590
19,735 143 122,463 18,590,163 15,342,648 32,763 59,137 832 56,133 46,092 49,229 22,397 6,615
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(167) (1) (529) (106,066) (87,537) (156) (282) (7) (259) (213) (106) (48) (25)
485,300 4,690,000 179,000
762,317 1,243,649 47,466
16-Jul-15 16-Jul-15 16-Jul-15
(11,859) (20,383) (728)
4,500,000 4,500,000
1,193,099 1,193,427
2-Jul-15 30-Jul-15
(30,479) (894)
4,740,000 112,366
1,256,908 112,830
16-Jul-15 16-Jul-15
(22,870) (464)
Total
(399,422)
Total Financial Liabilities at fair value through profit or loss
(399,422)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
121
Perkins Global Value Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence – Equipment 226,580 BBA Aviation PLC . . . . . . . . . . . . . . . . . . . . . 0.6 505,297 Cobham PLC . . . . . . . . . . . . . . . . . . . . . . . . 1.2 1.8 Agricultural Chemicals 22,935 Mosaic Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 99,500 Nitto FC Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.4 1.0 Applications Software 69,433 Lectra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 114,805 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 3.0 3.6 Automotive – Cars and Light Trucks 23,014 Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . 1.6 Banks 115,048 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 1.4 Beverages – Non-Alcoholic 128,207 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 2.9 47,906 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2.6 5.5 Beverages – Wine and Spirits 46,021 Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 599,225 Stock Spirits Group PLC. . . . . . . . . . . . . . . . 1.1 1.9 Broadcast Services and Programming 69,091 Grupo Televisa S.A.B. (ADR) . . . . . . . . . . . . 1.6 Cellular Telecommunications 4,039,052 America Movil S.A.B. de C.V. . . . . . . . . . . . . 2.5 43,600 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . 0.5 93,840 Rogers Communications, Inc.. . . . . . . . . . . . 1.9 660,449 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 1.4 6.3 Chemicals – Specialty 60,200 Nippon Fine Chemical Co., Ltd.. . . . . . . . . . 0.3 Commercial Banks 82,727 CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 2.2 Commercial Banks – Western U.S. 87,109 Zions Bancorporation . . . . . . . . . . . . . . . . . . 1.6 Cosmetics and Toiletries 8,600 Pola Orbis Holdings, Inc. . . . . . . . . . . . . . . . 0.3 70,864 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 3.2 47,397 Unilever N.V. . . . . . . . . . . . . . . . . . . . . . . . . 1.2 4.7 Dental Supplies and Equipment 11,000 Nakanishi, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Diversified Financial Services 84,052 Ally Financial, Inc. . . . . . . . . . . . . . . . . . . . . 1.1 Electric – Generation 13,572 Talen Energy Corp . . . . . . . . . . . . . . . . . . . . 0.1 Electric – Integrated 83,630 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.5 64,464 GDF Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 108,661 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 4.1 Electric Products – Miscellaneous 18,200 Icom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Electronic Measuring Instruments 84,555 Cosel Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.6 Enterprise Software/Services 137,872 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 3.2
1,073,923 2,087,751 3,161,674 1,074,505 641,542 1,716,047 990,681 5,068,641 6,059,322 2,806,585 2,395,299 5,029,561 4,471,546 9,501,107 1,331,024 1,816,868 3,147,892 2,682,113 4,317,886 835,159 3,328,886 2,384,844 10,866,775 464,893 3,845,978 2,764,404 487,031 5,544,399 1,973,593 8,005,023 435,074 1,885,286 232,896 2,627,655 1,195,717 3,202,240 7,025,612 458,830 1,025,412 5,556,242
The accompanying notes are an integral part of the financial statements.
122
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Fiduciary Banks 126,401 Citizens Financial Group, Inc. . . . . . . . . . . . Food – Miscellaneous/Diversified 54,336 Danone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,997 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 133,760 Orkla A.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . Food – Retail 940,169 Tesco PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . Food – Wholesale/Distribution 55,150 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . Investment Companies 102,000 CK Hutchison Holdings, Ltd. . . . . . . . . . . . . Machinery – General Industrial 40,622 Babcock and Wilcox Co. . . . . . . . . . . . . . . . Machinery – Pumps 13,597 Pfeiffer Vacuum Technology A.G. . . . . . . . . . Medical – Drugs 126,113 GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . . 54,137 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 43,949 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 126,087 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,037 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 16,387 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
2.0
3,452,011
2.0 1.4 0.6 4.0
3,512,358 2,455,117 1,053,107 7,020,582
1.8
3,139,375
1.2
1,990,915
0.9
1,498,824
0.8
1,332,402
0.7
1,211,314
1.5 3.1 2.5 2.5 1.0 0.9 11.5
2,620,184 5,276,192 4,332,834 4,227,697 1,692,194 1,611,844 19,760,945
Medical Instruments 22,000 As One Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 3,440 Medikit Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 25,433 Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . 1.1 1.6 Medical Products 24,088 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Metal Products – Fasteners 44,026 Kitagawa Industries Co., Ltd. . . . . . . . . . . . . 0.3 Office Automation and Equipment 22,400 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Oil Companies – Exploration and Production 39,047 Canadian Natural Resources, Ltd. . . . . . . . . . 0.6 25,363 Devon Energy Corp. . . . . . . . . . . . . . . . . . . . 0.9 1.5 Oil Companies – Integrated 87,080 BP PLC (ADR) . . . . . . . . . . . . . . . . . . . . . . . 2.0 105,085 Cenovus Energy, Inc. . . . . . . . . . . . . . . . . . . 1.0 60,808 Royal Dutch Shell PLC – Class A . . . . . . . . . 1.0 4.0 Property and Casualty Insurance 47,250 NKSJ Holdings, Inc. . . . . . . . . . . . . . . . . . . . 1.0 Protection – Safety 23,900 Secom Joshinetsu Co., Ltd. . . . . . . . . . . . . . . 0.4 Publishing – Periodicals 155,484 UBM PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Real Estate Operating/Development 102,000 Cheung Kong Property Holdings, Ltd. . . . . . 0.5 REIT – Mortgage 67,866 American Capital Agency Corp. . . . . . . . . . . 0.7 53,368 Hatteras Financial Corp. . . . . . . . . . . . . . . . . 0.5 240,668 Two Harbors Investment Corp.. . . . . . . . . . . 1.4 2.6 Retail – Miscellaneous and Diversified 69,129 Matas A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Schools 82,900 Shingakukai Co., Ltd. . . . . . . . . . . . . . . . . . . 0.2
757,784 109,916 1,884,585 2,752,285 2,302,090 486,060 729,002 1,060,598 1,508,845 2,569,443 3,479,717 1,680,452 1,706,632 6,866,801 1,734,277 738,269 1,305,598 846,132 1,246,698 869,898 2,344,106 4,460,702 1,472,303 414,602
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Security Services 337,839 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 24,500 Secom Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.9 1.7 Super – Regional Banks 94,397 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 3.1 Telecommunication Services 55,753 Telenor A.S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.7 Tobacco 11,375 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 104,008 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 1.7 2.3 Transportation – Services 142,722 UTi Worldwide, Inc. (U.S. Shares) . . . . . . . . 0.8 Warehousing and Harbour Transportation Services 49,247 Hamburger Hafen und Logistik A.G. . . . . . . 0.6 Web Portals/Internet Service Providers 6,574 Google, Inc. – Class A . . . . . . . . . . . . . . . . . 2.2
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD) 1,425,581 1,590,689 3,016,270 5,308,887 1,222,228 967,976 2,959,957 3,927,933 1,425,793 996,356 3,550,223
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.9
159,568,086
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 92.9
159,568,086
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(134,575)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.8
159,433,511
Currency Purchased
Currency Sold
Citibank USD 6 EUR 5 USD 66 EUR 59 USD 140 EUR 125 USD 11 EUR 10 USD 7,558 EUR 6,759 USD 408 EUR 365 USD 4,095 EUR 3,653 USD 222 EUR 198 USD 75 EUR 67 USD 6 EUR 5 USD 70 EUR 63 USD 5 EUR 5 USD 631 EUR 565 USD 34,115 EUR 30,557 USD 1,836 EUR 1,645 USD 49 EUR 44 JP Morgan Chase & Co. USD 1,291,206 EUR 1,152,500 Royal Bank of Canada USD 1,793,407 EUR 1,597,000 Credit Suisse USD 2,975,351 EUR 2,641,000
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
6 66 140 11 7,537 407 4,074 221 75 6 70 5 630 34,076 1,834 49
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — — — 21 1 21 1 — — — — 1 39 2 —
1,285,213
30-Jul-15
5,993
1,780,557
16-Jul-15
12,850
2,944,556
16-Jul-15
30,795
Total
49,724
Total Financial Assets at fair value through profit or loss
159,483,235
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Citibank EUR 1,707,706 USD 1,915,366 EUR 91,885 USD 103,059 EUR 2,481 USD 2,783 EUR 31,818 USD 35,687 EUR 4,931 USD 5,507 USD 3,840 EUR 3,460 USD 208 EUR 187 EUR 19,988 USD 22,481 JP Morgan Chase & Co. USD 1,257,873 EUR 1,152,500 EUR 1,152,500 USD 1,290,871 Royal Bank of Canada USD 3,643,695 JPY 454,305,000 EUR 187,000 USD 209,850 Credit Suisse USD 2,796,069 JPY 345,650,000
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
1,926,357 103,650 2,799 35,892 5,514 3,857 209 22,673
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(10,991) (591) (16) (205) (7) (17) (1) (192)
1,284,703 1,297,039
2-Jul-15 2-Jul-15
(26,830) (6,168)
3,713,311 211,206
16-Jul-15 16-Jul-15
(69,616) (1,356)
2,825,213
16-Jul-15
(29,144)
Total
(145,134)
Total Financial Liabilities at fair value through profit or loss
(145,134)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
123
Perkins US Strategic Value Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence 13,294 Rockwell Collins, Inc.. . . . . . . . . . . . . . . . . . Aerospace and Defence – Equipment 29,045 United Technologies Corp. . . . . . . . . . . . . . . Applications Software 31,316 Check Point Software Technologies, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,024 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.5
1,227,701
1.2
3,221,962
0.9 3.0 3.9
2,491,188 8,080,510 10,571,698
156,109 Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . 1.2 Beverages – Non-Alcoholic 24,747 Coca-Cola Enterprises, Inc. . . . . . . . . . . . . . 0.4 43,198 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.9 Building and Construction Products – Miscellaneous 109,715 Simpson Manufacturing Co., Inc. . . . . . . . . . 1.4 Chemicals – Diversified 51,218 FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Commercial Banks – Western U.S. 138,394 Umpqua Holdings Corp. . . . . . . . . . . . . . . . 0.9 121,414 Zions Bancorporation . . . . . . . . . . . . . . . . . . 1.4 2.3 Computer Services 19,541 Accenture PLC – Class A . . . . . . . . . . . . . . . 0.7 Computers 44,257 NetScout Systems, Inc. . . . . . . . . . . . . . . . . . 0.6 Computers – Memory Devices 78,167 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Cosmetics and Toiletries 87,416 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 2.6 Diversified Banking Institutions 82,263 JP Morgan Chase & Co. . . . . . . . . . . . . . . . . 2.1 Electric – Integrated 48,070 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 1.0 55,222 Edison International . . . . . . . . . . . . . . . . . . . 1.1 40,982 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 162,372 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 4.4 Electronic Design Automation 90,082 Synopsys, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.7 Electronic Parts Distributors 34,041 Tech Data Corp. . . . . . . . . . . . . . . . . . . . . . . 0.7 Electronic Security Devices 57,782 Tyco International Plc . . . . . . . . . . . . . . . . . . 0.8 Enterprise Software/Services 173,987 Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Entertainment 51,301 Cedar Fair L.P. . . . . . . . . . . . . . . . . . . . . . . . 1.0 Finance – Credit Card 52,593 Discover Financial Services. . . . . . . . . . . . . . 1.1 Finance – Investment Bankers/Brokers 25,547 Evercore Partners, Inc. – Class A . . . . . . . . . 0.5 61,340 Raymond James Financial, Inc.. . . . . . . . . . . 1.4 1.9 Gas – Distribution 42,620 Southwest Gas Corp. . . . . . . . . . . . . . . . . . . 0.8 Instruments – Controls 26,778 Honeywell International, Inc. . . . . . . . . . . . . 1.0
3,250,189
Banks
1,075,010 4,032,101 5,107,111 3,730,310 2,691,506 2,489,708 3,853,073 6,342,781 1,891,178 1,622,904 2,062,827 6,839,428 5,574,141 2,774,600 3,069,239 1,287,654 4,785,103 11,916,596 4,562,653 1,959,400 2,223,451 7,011,676 2,795,391 3,030,409 1,378,516 3,654,637 5,033,153 2,267,810 2,730,553
The accompanying notes are an integral part of the financial statements.
124
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Instruments – Scientific 24,617 Thermo Fisher Scientific, Inc.. . . . . . . . . . . . Insurance Brokers 37,524 Marsh & McLennan Cos., Inc. . . . . . . . . . . . Machine Tools and Related Products 26,656 Lincoln Electric Holdings, Inc. . . . . . . . . . . . Machinery – General Industrial 82,564 Babcock and Wilcox Co. . . . . . . . . . . . . . . . Medical – Drugs 37,902 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 100,617 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 80,698 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 182,268 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 41,961 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Medical – Generic Drugs 44,162 Teva Pharmaceutical Industries, Ltd. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Medical Labs and Testing Services 57,579 Laboratory Corp. of America Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . Medical Products 49,379 Baxter International, Inc. . . . . . . . . . . . . . . . 30,096 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 22,261 Zimmer Holdings, Inc. . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.2
3,194,302
0.8
2,127,611
0.6
1,623,084
1.0
2,708,099
0.9 3.7 1.7 2.3 0.8 9.4
2,546,635 9,806,133 4,594,137 6,111,446 2,023,359 25,081,710
1.0
2,609,974
2.6
6,979,726
1.3 1.1 0.9 3.3
3,453,073 2,876,275 2,431,569 8,760,917
Metal Processors and Fabrication 43,425 Timken Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Multi-Line Insurance 69,402 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.7 79,819 American International Group, Inc. . . . . . . . 1.8 3.5 Multimedia 50,543 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 2.2 Non-Hazardous Waste Disposal 104,021 Waste Connections, Inc. . . . . . . . . . . . . . . . . 1.8 Oil – Field Services 36,119 Oceaneering International, Inc. . . . . . . . . . . 0.6 34,099 Schlumberger, Ltd. . . . . . . . . . . . . . . . . . . . . 1.1 1.7 Oil Companies – Exploration and Production 50,000 Anadarko Petroleum Corp. . . . . . . . . . . . . . . 1.5 Oil Companies – Integrated 78,377 Royal Dutch Shell PLC (ADR). . . . . . . . . . . . 1.7 Pipelines 61,021 Western Gas Partners L.P. . . . . . . . . . . . . . . . 1.4 Reinsurance 37,230 Berkshire Hathaway, Inc. – Class B . . . . . . . . 1.9 REIT – Apartments 12,209 AvalonBay Communities, Inc.. . . . . . . . . . . . 0.7 REIT – Diversified 98,206 Potlatch Corp. . . . . . . . . . . . . . . . . . . . . . . . 1.3 REIT – Health Care 56,863 Healthcare Trust of America, Inc. . . . . . . . . . 0.5 REIT – Office Property 19,552 Alexandria Real Estate Equities, Inc. . . . . . . . 0.6 REIT – Storage 19,676 Extra Space Storage, Inc. . . . . . . . . . . . . . . . 0.5 REIT – Warehouse and Industrial 19,393 EastGroup Properties, Inc. . . . . . . . . . . . . . . 0.4 Retail – Convenience Store 64,073 Casey’s General Stores, Inc.. . . . . . . . . . . . . . 2.3
1,588,052 4,502,108 4,934,411 9,436,519 5,768,978 4,901,470 1,682,784 2,938,993 4,621,777 3,903,000 4,468,273 3,866,901 5,067,375 1,951,853 3,468,636 1,361,869 1,710,018 1,283,269 1,090,468 6,134,349
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Semiconductor Components/Integrated Circuits 30,592 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . 0.7 41,158 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . 1.0 1.7 Steel Pipe and Tube 15,980 Valmont Industries, Inc. . . . . . . . . . . . . . . . . 0.7 Super – Regional Banks 70,025 PNC Financial Services Group, Inc. . . . . . . . 2.5 189,020 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 4.0 6.5 Television 52,381 CBS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Transportation – Marine 21,397 Kirby Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Transportation – Railroad 81,867 CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 24,889 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 0.9 1.9 Web Portals/Internet Service Providers 6,262 Google, Inc. – Class A . . . . . . . . . . . . . . . . . 1.3 Electronics – Miscellaneous 61,046 Agilent Technologies, Inc.. . . . . . . . . . . . . . . 0.9 Automotive – Truck Parts and Equipment – Replacement 63,735 Standard Motor Products, Inc. . . . . . . . . . . . 0.8
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD) 1,963,548 2,577,726 4,541,274 1,899,543 6,697,891 10,630,485 17,328,376 2,907,146 1,640,294 2,672,958 2,373,664 5,046,622 3,381,730 2,355,155
Currency Purchased Citibank USD 13,015 USD 816 USD 32,451 USD 20,738 USD 200,195 USD 345 USD 81,631 USD 5,198 USD 19 USD 2,104 USD 20,186 USD 193 USD 49,953 USD 1,275 USD 9,248 USD 13 USD 50 USD 35,130 USD 536,351 USD 219,202 USD 13,941 USD 2,068 USD 3,891
Currency Sold EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
11,604 727 28,933 18,571 179,020 308 72,997 4,648 17 1,878 18,008 172 44,562 1,137 8,253 12 45 31,433 480,407 196,338 12,487 1,852 3,459
Current Market Value (USD) 12,940 811 32,264 20,710 199,638 344 81,404 5,184 19 2,095 20,081 192 49,694 1,268 9,204 13 50 35,054 535,734 218,950 13,925 2,066 3,858
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
75 5 187 28 557 1 227 14 — 9 105 1 259 7 44 — — 76 617 252 16 2 33
Total 2,238,373
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.2
252,711,571
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 94.2
252,711,571
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(105,882)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.2
252,605,689
2,515
Total Financial Assets at fair value through profit or loss
252,608,204
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 10,481,530 EUR 669,180 EUR 97,946 EUR 25,647,884 USD 3,027 USD 1,000 EUR 11,285 EUR 6,300
Currency Sold USD USD USD USD EUR EUR USD USD
11,756,105 750,553 109,857 28,766,718 2,727 901 12,611 7,086
Current Market Value (USD) 11,823,564 754,860 110,487 28,931,788 3,041 1,005 12,638 7,146
Settle Date
Unrealised (Depreciation) (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(67,459) (4,307) (630) (165,070) (14) (5) (27) (60)
Total
(237,572)
Total Financial Liabilities at fair value through profit or loss
(237,572)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
125
INTECH All-World Minimum Variance Core Fund(a) PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Common Stock Advertising Services 92,100 Hakuhodo DY Holdings, Inc. . . . . . . . . . . . . 0.1 Aerospace and Defence 260,000 AviChina Industry & Technology Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 27,298 Elbit Systems, Ltd. . . . . . . . . . . . . . . . . . . . . 0.3 12,800 General Dynamics Corp . . . . . . . . . . . . . . . . 0.2 17,800 L-3 Communications Holdings, Inc . . . . . . . 0.3 13,400 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 0.3 15,800 Northrop Grumman Corp. . . . . . . . . . . . . . . 0.3 25,200 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 15,000 TransDigm Group, Inc. . . . . . . . . . . . . . . . . . 0.5 2.2 Agricultural Operations 47,200 Archer-Daniels-Midland Co . . . . . . . . . . . . . 0.3 Airlines 868,000 Air China, Ltd.* . . . . . . . . . . . . . . . . . . . . . . 0.1 840,567 Air New Zealand, Ltd. . . . . . . . . . . . . . . . . . 0.2 15,500 American Airlines Group, Inc . . . . . . . . . . . . 0.1 203,000 ANA Holdings, Inc . . . . . . . . . . . . . . . . . . . . 0.1 2,067,000 China Airlines, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 690,000 China Eastern Airlines Corp., Ltd. . . . . . . . . 0.1 446,000 China Southern Airlines Co., Ltd.. . . . . . . . . 0.1 1,096,000 Eva Airways Corp. . . . . . . . . . . . . . . . . . . . . 0.1 36,200 Southwest Airlines Co. . . . . . . . . . . . . . . . . . 0.2 1.1 Airport Development and Maintenance 71,587 Auckland International Airport, Ltd. . . . . . . . . — Apparel 86,900 Hanesbrands, Inc . . . . . . . . . . . . . . . . . . . . . 0.4 Apparel Manufacturers 20,000 Under Armour, Inc. – Class A. . . . . . . . . . . . 0.2 34,700 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.5 Appliances 12,022 LG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Applications Software 19,500 Check Point Software Technologies, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 16,100 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 42,000 Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2 0.6 Athletic Footwear 9,300 NIKE, Inc. – Class B . . . . . . . . . . . . . . . . . . . 0.1 353,500 Yue Yuen Industrial Holdings, Ltd. . . . . . . . . 0.2 0.3 Automotive – Cars and Light Trucks 520,000 Geely Automobile Holdings, Ltd. . . . . . . . . . . — 1,800 Tesla Motors, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Automotive – Truck Parts and Equipment – Original 37,047 Halla Visteon Climate Control Corp . . . . . . . 0.2 32,100 Koito Manufacturing Co., Ltd. . . . . . . . . . . . 0.2 17,000 NOK Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 19,700 Tokai Rika Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.1 26,500 Toyota Boshoku Corp. . . . . . . . . . . . . . . . . . 0.1 0.7 Banks 811,000 Agricultural Bank of China, Ltd. . . . . . . . . . . 0.1 641,000 Aozora Bank, Ltd.. . . . . . . . . . . . . . . . . . . . . 0.3 134,000 Dah Sing Financial Holdings, Ltd. . . . . . . . . 0.1 311,279 First Gulf Bank PJSC . . . . . . . . . . . . . . . . . . 0.2 38,803 Industrial Bank of Korea . . . . . . . . . . . . . . . . 0.1
986,705
254,255 2,145,217 1,813,632 2,018,164 2,491,060 2,506,354 2,411,136 3,370,050 17,009,868 2,275,984 980,958 1,451,970 618,993 550,922 881,019 577,724 527,056 747,794 1,197,858 7,534,294 239,313 2,895,508 1,668,800 2,419,978 4,088,778 666,212
1,551,225 1,622,397 1,854,300 5,027,922 1,004,586 1,183,460 2,188,046 277,735 482,868 760,603 1,280,633 1,252,575 527,907 492,621 446,972 4,000,708 436,298 2,420,055 879,068 1,288,239 502,783
Share or Principal Amount
Percentage of Net Assets (%)
50,300 Senshu Ikeda Holdings, Inc . . . . . . . . . . . . . . — 7,436,700 TMB Bank PCL . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.9 Beverages – Non-Alcoholic 41,900 Dr. Pepper Snapple Group, Inc. . . . . . . . . . . 0.4 310 Lotte Chilsung Beverage Co., Ltd.. . . . . . . . . 0.1 14,800 Monster Beverage Corp . . . . . . . . . . . . . . . . 0.3 17,000 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1.0 Beverages – Wine and Spirits 24,800 Brown-Forman Corp. – Class B . . . . . . . . . . 0.3 22,100 Constellation Brands, Inc. – Class A . . . . . . . 0.4 0.7 Bicycle Manufacturing 7,200 Shimano, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Biotechnology 6,000 BioMarin Pharmaceutical, Inc . . . . . . . . . . . . 0.1 4,900 CSL, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,400 Illumina, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Brewery 16,700 Asahi Group Holdings, Ltd. . . . . . . . . . . . . . 0.1 29,500 Molson Coors Brewing Co. . . . . . . . . . . . . . . 0.3 0.4 Building – Heavy Construction 352,000 Cheung Kong Infrastructure Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,928,200 DMCI Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.1 25,800 SBA Communications Corp. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.9 Building and Construction – Miscellaneous 763,000 China Communications Construction Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building and Construction Products – Miscellaneous 233,812 CSR, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cable/Satellite TV 44,300 Comcast Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.3 34,000 Comcast Corp. – Class A . . . . . . . . . . . . . . . 0.3 22,100 DIRECTV . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 29,800 DISH Network Corp. . . . . . . . . . . . . . . . . . . 0.3 5,375 Kabel Deutschland Holding A.G. . . . . . . . . . 0.1 10,400 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.2 1.5 Cellular Telecommunications 90,500 China Mobile, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 Chemicals – Diversified 140,000 Asahi Kasei Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 1,700 Ashland, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . — 6,100 E.I. du Pont de Nemours & Co. . . . . . . . . . . . — 485,000 Eternal Materials Co., Ltd. . . . . . . . . . . . . . . 0.1 39,100 Hitachi Chemical Co., Ltd. . . . . . . . . . . . . . . 0.1 816,000 Huabao International Holdings, Ltd. . . . . . . 0.1 671 KCC Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . — 26,400 Lintec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 54,900 Mitsubishi Chemical Holdings Corp . . . . . . . . — 2,400 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . — 8,700 Sherwin-Williams Co . . . . . . . . . . . . . . . . . . 0.3 676,000 Sinopec Shanghai Petrochemical Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 17,586 Symrise A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.9 Chemicals – Plastics 1,462 EMS-Chemie Holding A.G.. . . . . . . . . . . . . . 0.1
Fair Value (USD) 228,132 515,374 6,269,949 3,054,510 738,863 1,983,496 1,586,780 7,363,649 2,484,464 2,564,042 5,048,506 982,594 820,680 326,844 960,784 2,108,308 531,215 2,059,395 2,590,610
2,733,795 857,423 2,966,226 6,557,444
1,141,851 656,520 2,655,342 2,044,760 2,050,659 2,017,758 718,982 1,852,968 11,340,469 1,158,793 1,150,364 207,230 390,095 513,268 705,506 491,625 295,428 603,423 345,677 275,328 2,392,674 367,160 1,091,305 8,829,083 617,835
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
126
Janus Capital Funds Plc / 30 June 2015
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Chemicals – Specialty 85,400 Daicel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 5,900 Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 847 Givaudan S.A. . . . . . . . . . . . . . . . . . . . . . . . 16,400 International Flavors & Fragrances, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,100 Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.1 0.1 0.2
1,097,073 667,113 1,466,188
0.2 0.1 0.7
1,792,356 989,385 6,012,115
Coal 691,100 Tambang Batubara Bukit Asam Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . 0.1 Coatings and Paint Products 29,000 Nippon Paint Holdings Co., Ltd. . . . . . . . . . 0.1 Commercial Banks 302,100 Seven Bank, Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.2 Commercial Banks – Non U.S. 565,500 Bank Central Asia Tbk PT. . . . . . . . . . . . . . . 0.1 1,122,000 Bank of China, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 230,000 Bank of Communications Co., Ltd.. . . . . . . . . — 307,400 BDO Unibank, Inc.. . . . . . . . . . . . . . . . . . . . 0.1 15,700 Canadian Imperial Bank of Commerce. . . . . . 0.1 209,000 China Construction Bank Corp. . . . . . . . . . . . — 315,736 Commercial International Bank Egypt SAE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 13,600 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . . — 301,900 Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . 0.2 15,300 Suruga Bank, Ltd. . . . . . . . . . . . . . . . . . . . . . . — 22,700 Toronto-Dominion Bank. . . . . . . . . . . . . . . . 0.1 1.0 Commercial Services 3,000 FleetCor Technologies, Inc . . . . . . . . . . . . . . 0.1 2,747,500 Jasa Marga Persero Tbk PT . . . . . . . . . . . . . . 0.1 4,800 SEI Investments Co . . . . . . . . . . . . . . . . . . . . — 434,000 Shenzhen International Holdings, Ltd.. . . . . . 0.1 412,000 Taiwan Secom Co., Ltd. . . . . . . . . . . . . . . . . 0.2 161,048 Transurban Group . . . . . . . . . . . . . . . . . . . . 0.1 1,936,000 Zhejiang Expressway Co., Ltd. . . . . . . . . . . . 0.4 1.0 Commercial Services – Finance 7,700 Automatic Data Processing, Inc. . . . . . . . . . . 0.1 24,700 Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 24,300 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 16,300 McGraw Hill Financial, Inc. . . . . . . . . . . . . . 0.2 6,900 Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.8 Computer Services 3,279 SK C&C Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 Computers 1,975,000 Acer, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 253,000 Advantech Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.2 24,700 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 169,000 Asustek Computer, Inc. . . . . . . . . . . . . . . . . 0.2 101,500 BlackBerry, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.1 682,000 Chicony Electronics Co., Ltd. . . . . . . . . . . . . 0.2 38,612 EOH Holdings Ltd. . . . . . . . . . . . . . . . . . . . 0.1 308,000 Foxconn Technology Co., Ltd. . . . . . . . . . . . 0.1 91,900 Hewlett-Packard Co . . . . . . . . . . . . . . . . . . . 0.4 1,300,000 Lenovo Group, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 16,400 Obic Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.1 323,000 Quanta Computer, Inc.. . . . . . . . . . . . . . . . . 0.1 2,465,000 Wistron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.2 2.4 Computers – Integrated Systems 8,100 CGI Group, Inc. – Class A . . . . . . . . . . . . . . . —
435,509 818,788 1,399,777 572,721 729,542 239,754 739,185 1,158,014 190,900 2,335,957 208,974 1,498,694 328,456 964,132 8,966,329 468,180 1,128,493 235,344 758,115 1,239,266 1,155,362 2,687,475 7,672,235 617,771 2,398,123 720,495 1,637,335 744,924 6,118,648 812,987 957,034 1,738,504 3,097,998 1,646,078 829,849 1,830,349 497,230 1,118,119 2,757,919 1,801,252 731,748 764,266 1,869,614 19,639,960 316,852
Share or Principal Amount
Percentage of Net Assets (%)
Computers – Memory Devices 31,200 EMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 13,500 Seagate Technology PLC . . . . . . . . . . . . . . . . 0.1 10,700 Western Digital Corp. . . . . . . . . . . . . . . . . . . 0.1 0.3 Consumer Products – Miscellaneous 23,000 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . 0.3 Containers – Metal and Glass 34,300 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Containers – Paper and Plastic 181,012 Amcor, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 20,100 MeadWestvaco Corp. . . . . . . . . . . . . . . . . . . 0.1 0.4 Cosmetics and Toiletries 5,805 AMOREPACIFIC Corp. . . . . . . . . . . . . . . . . 0.3 9,984 AMOREPACIFIC Group . . . . . . . . . . . . . . . . 0.2 36,900 Kao Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 33,700 Kose Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 861 LG Household & Health Care, Ltd. . . . . . . . 0.1 58,100 Pigeon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 61,400 Unicharm Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2 1.6 Data Processing and Management 42,200 Broadridge Financial Solutions, Inc. . . . . . . . 0.3 3,100 Dun & Bradstreet Corp. . . . . . . . . . . . . . . . . . — 32,000 Fidelity National Information Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.6 Dialysis Centres 36,300 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,895 Fresenius S.E. & Co. . . . . . . . . . . . . . . . . . . . — 0.4 Disposable Medical Products 8,700 C.R. Bard, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2 Distribution/Wholesale 87,300 Canon Marketing Japan, Inc . . . . . . . . . . . . . 0.2 5,300 Genuine Parts Co . . . . . . . . . . . . . . . . . . . . . 0.1 1,151,600 Goldin Financial Holdings, Ltd. . . . . . . . . . . 0.2 0.5 Diversified Financial Services 12,900 AerCap Holdings N.V. . . . . . . . . . . . . . . . . . 0.1 35,752 Capitec Bank Holdings, Ltd. . . . . . . . . . . . . . 0.2 615,500 China Galaxy Securities Co., Ltd. . . . . . . . . . 0.1 393,953 Egyptian Financial Group-Hermes Holding Co . . . . . . . . . . . . . . . . . . . . . . . . 0.1 582,000 Far East Horizon, Ltd. . . . . . . . . . . . . . . . . . 0.1 274,000 Fubon Financial Holding Co., Ltd. . . . . . . . . 0.1 39,700 Hong Kong Exchange and Clearing, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 82,377 JSE, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 25,089 Provident Financial PLC . . . . . . . . . . . . . . . . 0.1 80,447 PSG Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.2 21,313 Samsung Card Co., Ltd. . . . . . . . . . . . . . . . . 0.1 1,683,000 Taishin Financial Holding Co., Ltd. . . . . . . . 0.1 22,700 Zenkoku Hosho Co., Ltd. . . . . . . . . . . . . . . . 0.1 1.6 Diversified Manufacturing Operations 10,300 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Diversified Operations 2,729 CJ Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 770,200 IJM Corp. Bhd . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,792,000 NWS Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.3 98,500 Swire Pacific, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 54,284 Tongaat Hulett, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 0.9
Fair Value (USD) 823,368 641,250 839,094 2,303,712 2,437,310 2,406,145 1,915,760 948,519 2,864,279 2,175,834 1,674,146 1,716,693 2,770,467 597,573 1,830,314 1,459,862 12,224,889 2,110,422 378,200 1,977,600 4,466,222 2,884,761 185,717 3,070,478 1,485,090 1,486,034 474,509 1,482,719 3,443,262 590,691 1,426,317 802,003 712,525 554,123 545,303 1,401,307 870,733 1,153,672 1,356,337 707,121 700,981 808,793 11,629,906 1,589,290 724,340 1,331,666 2,593,926 1,238,354 580,620 6,468,906
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
127
INTECH All-World Minimum Variance Core Fund(a) PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Diversified Operations – Commercial Services 37,317 Bunzl PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 E-Commerce/Products 27,100 Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 E-Commerce/Services 700 Netflix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Electric – Generation 1,326,400 Aboitiz Power Corp . . . . . . . . . . . . . . . . . . . 0.2 40,171 CEZ A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 308,000 China Resources Power Holdings Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 22,600 Cia Energetica de Sao Paulo . . . . . . . . . . . . . . — 395,800 Electricity Generating PCL . . . . . . . . . . . . . . 0.2 6,124,100 Energy Development Corp. . . . . . . . . . . . . . 0.1 408,000 Huadian Fuxin Energy Corp., Ltd. – Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 954,000 Huadian Power International Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,172,000 Huaneng Power International, Inc. . . . . . . . . 0.2 608,300 Ratchaburi Electricity Generating Holding PCL . . . . . . . . . . . . . . . . . . . . . . . 0.1 4,084 Talen Energy Corp . . . . . . . . . . . . . . . . . . . . . — 1.1 Electric – Integrated 50,500 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 0.4 50,400 American Electric Power Co., Inc. . . . . . . . . 0.3 29,700 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.1 1,884,394 Colbun S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 234,859 Contact Energy, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 20,800 Dominion Resources, Inc.. . . . . . . . . . . . . . . 0.2 34,800 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . 0.3 53,100 Edison International . . . . . . . . . . . . . . . . . . . 0.4 45,800 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 47,500 Eversource Energy . . . . . . . . . . . . . . . . . . . . 0.3 99,700 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 7,200 Fortis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 30,100 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.4 125,100 Pepco Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.4 20,800 PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 237,000 Power Assets Holdings, Ltd. . . . . . . . . . . . . . 0.3 32,700 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 52,500 Public Service Enterprise Group, Inc. . . . . . . 0.3 14,506 SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 555,500 Tenaga Nasional Bhd . . . . . . . . . . . . . . . . . . 0.2 60,700 Transmissora Alianca de Energia Eletrica S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.1 64,500 WEC Energy Group, Inc. . . . . . . . . . . . . . . . 0.4 80,000 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3 5.6 Electric – Transmission 9,030 Red Electrica Corp S.A. . . . . . . . . . . . . . . . . 0.1 Electric Products – Miscellaneous 28,700 Casio Computer Co., Ltd.. . . . . . . . . . . . . . . 0.1 19,400 Mabuchi Motor Co., Ltd. . . . . . . . . . . . . . . . 0.2 9,700 Nidec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Electrical Components – Equipment 307,000 Delta Electronics, Inc.. . . . . . . . . . . . . . . . . . 0.2 96,600 Dongfang Electric Corp Ltd. . . . . . . . . . . . . . . — 9,000 Hermes Microvision Inc . . . . . . . . . . . . . . . . 0.1 298,000 Johnson Electric Holdings, Ltd. . . . . . . . . . . 0.1 0.4 Electronic Components – Miscellaneous 8,700 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . — 581,000 Hon Hai Precision Industry Co., Ltd. . . . . . . 0.2 31,500 Hoya Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
1,018,903 437,936 459,858 1,338,771 933,586 860,271 142,295 1,799,329 1,016,165 195,281 1,057,227 1,632,970 1,031,382 70,081 10,077,358 2,914,860 2,669,688 945,648 536,584 797,058 1,390,896 2,597,472 2,951,298 3,228,900 2,156,975 3,132,574 202,255 2,950,703 3,370,194 1,021,280 2,161,695 963,669 2,062,200 350,038 1,861,981 402,298 2,900,565 2,574,400 44,143,231 723,525 566,636 1,227,066 726,490 2,520,192 1,572,225 180,207 586,351 959,210 3,297,993 382,191 1,826,699 1,263,141
Share or Principal Amount
Percentage of Net Assets (%)
24,961 LG Display Co., Ltd.. . . . . . . . . . . . . . . . . . . 0.1 5,500 Murata Manufacturing Co., Ltd. . . . . . . . . . . 0.1 0.6 Electronic Components – Semiconductors 3,300 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 0.1 36,000 Broadcom Corp. – Class A . . . . . . . . . . . . . . 0.2 2,996,000 Hanergy Thin Film Power Group, Ltd.* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 69,800 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 74,000 MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 27,400 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 14,300 Texas Instruments, Inc.. . . . . . . . . . . . . . . . . 0.1 1.1 Electronic Connectors 25,600 Amphenol Corp. – Class A . . . . . . . . . . . . . . 0.2 Electronic Forms 4,500 Adobe Systems, Inc. . . . . . . . . . . . . . . . . . . . . — Electronic Security Devices 19,400 Tyco International PLC . . . . . . . . . . . . . . . . . 0.1 Electronics – Miscellaneous 26,400 Corning, Inc . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 719,900 Delta Electronics Thailand PCL . . . . . . . . . . 0.2 84,300 Flextronics International Ltd. . . . . . . . . . . . . 0.1 28,700 Jabil Circuit, Inc . . . . . . . . . . . . . . . . . . . . . . 0.1 17,000 Japan Aviation Electronics Industry, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 608,000 Pegatron Corp . . . . . . . . . . . . . . . . . . . . . . . 0.2 108,500 Venture Corp, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 0.9 Engineering and Construction 246,000 Beijing Capital International Airport Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 122,000 Grupo Aeroportuario del Pacifico S.A.B. de C.V. . . . . . . . . . . . . . . . . . . . . . . 0.1 7,600 Japan Airport Terminal Co., Ltd. . . . . . . . . . 0.1 328,000 Metallurgical Corp of China, Ltd. . . . . . . . . . . — 107,000 Obayashi Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1 341,098 Sydney Airport . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Entertainment 316,441 Aristocrat Leisure, Ltd. . . . . . . . . . . . . . . . . . 0.2 5,239,200 Bloomberry Resorts Corp . . . . . . . . . . . . . . . 0.1 61,100 Heiwa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Entertainment Software 19,200 COLOPL, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.0 Fiduciary Banks 21,000 Bank of New York Mellon Corp. . . . . . . . . . . 0.1 3,800 Northern Trust Corp. . . . . . . . . . . . . . . . . . . . — 0.1 Finance – Credit Card 16,700 Discover Financial Services. . . . . . . . . . . . . . 0.1 Finance – Investment Bankers/Brokers 23,500 Charles Schwab Corp. . . . . . . . . . . . . . . . . . 0.1 162,000 Haitong Securities Co., Ltd. . . . . . . . . . . . . . 0.1 3,231 Korea Investment Holdings Co., Ltd. . . . . . . . — 4,900 TD Ameritrade Holding Corp. . . . . . . . . . . . . — 0.2 Finance – Mortgage Loan Banker 72,500 FNF Group. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Finance – Other Services 6,000 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 Fisheries 6,600 Toyo Suisan Kaisha, Ltd.. . . . . . . . . . . . . . . . —
Fair Value (USD) 578,588 960,040 5,010,659 438,669 1,853,640 1,511,281 2,122,967 1,012,193 551,014 736,593 8,226,357 1,484,032 364,545 746,512 520,872 1,929,511 953,433 611,023 462,614 1,779,551 622,072 6,879,075
283,726 835,323 414,252 142,604 780,837 1,310,353 3,767,095 1,867,385 1,000,664 1,217,307 4,085,356 388,017 881,370 290,548 1,171,918 962,254 767,275 428,446 184,554 180,418 1,560,693 2,681,775 558,360 240,819
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
128
Janus Capital Funds Plc / 30 June 2015
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Food – Catering 15,000 Compass Group PLC . . . . . . . . . . . . . . . . . . . — Food – Confectionery 19,900 Ezaki Glico Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 410 Lindt & Spruengli A.G. . . . . . . . . . . . . . . . . 0.5 0.6 Food – Dairy Products 54,800 Saputo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Food – Meat Products 30,000 BRF S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 42,300 Hormel Foods Corp. . . . . . . . . . . . . . . . . . . 0.3 98,000 NH Foods, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.3 36,400 Tyson Foods, Inc. – Class A . . . . . . . . . . . . . 0.2 0.9 Food – Miscellaneous/Diversified 110,000 Ajinomoto Co., Inc. . . . . . . . . . . . . . . . . . . . 0.3 59,000 Calbee, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,794 CJ CheilJedang Corp. . . . . . . . . . . . . . . . . . . 0.1 32,345 Frutarom Industries, Ltd. . . . . . . . . . . . . . . . 0.2 50,600 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 0.4 2,700 George Weston, Ltd. . . . . . . . . . . . . . . . . . . . . — 212,000 Indofood CBP Sukses Makmur Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 105,700 Industrias Bachoco S.A.B. de C.V. . . . . . . . . . 0.1 1,764,780 JG Summit Holdings, Inc. . . . . . . . . . . . . . . 0.4 12,467 Kerry Group PLC . . . . . . . . . . . . . . . . . . . . . 0.1 133,600 Kewpie Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 37,500 Loblaw Cos, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 7,200 MEIJI Holdings Co., Ltd. . . . . . . . . . . . . . . . 0.1 3,338 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 36,300 Nissin Foods Holdings Co., Ltd.. . . . . . . . . . 0.2 16,458 Pioneer Foods, Ltd. . . . . . . . . . . . . . . . . . . . . — 1,729,500 Thai Union Frozen Products PCL . . . . . . . . . 0.1 173,000 Yamazaki Baking Co., Ltd. . . . . . . . . . . . . . . 0.4 3.3 Food – Retail 35,800 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 47,900 Metro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Forestry 14,600 Fibria Celulose S.A. . . . . . . . . . . . . . . . . . . . . — Gas – Distribution 468,000 China Gas Holdings, Ltd. . . . . . . . . . . . . . . . 0.1 33,883 Enagas S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 127,600 Hong Kong & China Gas Co., Ltd. . . . . . . . . . — 143,010 National Grid PLC . . . . . . . . . . . . . . . . . . . . 0.2 53,000 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 827,800 Perusahaan Gas Negara Persero Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 28,400 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . 0.4 39,000 Tokyo Gas Co., Ltd. . . . . . . . . . . . . . . . . . . . . — 1.1 Gold Mining 177,724 Gold Fields, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 28,228 Newcrest Mining, Ltd. . . . . . . . . . . . . . . . . . . — 0.1 Health Care Products 16,700 Hospira, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Home Builders 600 NVR, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Home Decoration Products 28,800 Newell Rubbermaid, Inc. . . . . . . . . . . . . . . . 0.2 Home Furnishings 16,500 Hoshizaki Electric Co., Ltd. . . . . . . . . . . . . . 0.1 33,100 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . 0.2
Fair Value (USD) 248,139 988,739 3,715,108 4,703,847 1,325,679 633,937 2,384,451 2,237,575 1,551,732 6,807,695 2,383,469 2,487,865 709,428 1,357,532 2,819,432 212,121 198,405 474,184 2,806,920 924,009 2,829,871 1,894,219 929,640 241,056 1,592,964 250,472 1,116,615 2,882,627 26,110,829 2,595,858 1,285,721 3,881,579 200,103 749,884 921,384 267,669 1,835,993 2,416,270 267,968 2,809,896 207,159 9,476,223 569,606 283,512 853,118 1,481,457 804,000 1,183,968 970,826 1,611,308
Share or Principal Amount
Percentage of Net Assets (%)
2,400 Whirlpool Corp . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Hotels and Motels 5,619 Hotel Shilla Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 17,747 InterContinental Hotels Group PLC . . . . . . . 0.1 13,800 Marriott International, Inc. – Class A . . . . . . . 0.1 66,300 Resorttrust, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Human Resources 14,800 Robert Half International, Inc. . . . . . . . . . . . 0.1 Independent Power Producer 7,000 NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . — Industrial Gases 5,600 Air Products and Chemicals, Inc. . . . . . . . . . 0.1 Instruments – Scientific 9,200 Thermo Fisher Scientific, Inc.. . . . . . . . . . . . 0.2 Insurance 295,878 Direct Line Insurance Group PLC . . . . . . . . . 0.2 3,200 Markel Corp . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 272,000 People’s Insurance Co Group of China, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 346,000 PICC Property & Casualty Co., Ltd. . . . . . . . 0.1 31,300 Renaissancere Holdings, Ltd. . . . . . . . . . . . . 0.4 63,320 Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1.2 Insurance Brokers 4,400 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 43,000 Marsh & McLennan Cos., Inc. . . . . . . . . . . . 0.3 0.4 Internet Content – Entertainment 27,500 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Internet Content – Information/News 7,758 Daum Kakao Corp.. . . . . . . . . . . . . . . . . . . . 0.1 16,400 Liberty Ventures . . . . . . . . . . . . . . . . . . . . . . 0.1 2,900 LinkedIn Corp.. . . . . . . . . . . . . . . . . . . . . . . 0.1 82,500 M3, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Internet Infrastructure Software 6,300 F5 Networks, Inc.. . . . . . . . . . . . . . . . . . . . . 0.1 Internet Security 16,100 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . . — Investment Companies 18,000 CK Hutchison Holdings, Ltd. . . . . . . . . . . . . . — 12,895 GT Capital Holdings, Inc.. . . . . . . . . . . . . . . . — — Investment Management and Advisory Services 2,910 Partners Group Holding A.G. . . . . . . . . . . . . 0.1 Leisure and Recreational Products 3,500 Jarden Corp . . . . . . . . . . . . . . . . . . . . . . . . . . — Life and Health Insurance 60,000 AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.1 1,017,000 Cathay Financial Holding Co., Ltd. . . . . . . . 0.2 10,100 Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Linen Supply and Related Materials 30,800 Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Lodging 532,390 Echo Entertainment Group, Ltd. . . . . . . . . . 0.2 117,210 Sun International, Ltd. . . . . . . . . . . . . . . . . . 0.1 0.3 Machine Tools and Related Products 109,500 Techtronic Industries Co., Ltd. . . . . . . . . . . . . —
Fair Value (USD) 415,320 2,997,454 561,799 715,415 1,026,582 1,613,479 3,917,275 821,400 160,160 766,248 1,193,792 1,560,880 2,562,176 174,051 788,304 3,177,263 1,320,192 9,582,866 438,592 2,438,100 2,876,692 2,358,538 877,923 644,028 599,227 1,659,844 3,781,022 758,205 374,325 264,498 390,744 655,242 870,167 181,125 392,839 1,776,761 588,022 2,757,622 2,605,372 1,790,589 1,065,459 2,856,048 358,818
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
129
INTECH All-World Minimum Variance Core Fund(a) PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Machinery – Electrical 11,100 Disco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Machinery – General Industrial 6,600 Nabtesco Corp. . . . . . . . . . . . . . . . . . . . . . . . — 2,298,000 Shanghai Electric Group Co., Ltd. . . . . . . . . 0.2 87,000 Sumitomo Heavy Industries, Ltd. . . . . . . . . . 0.1 0.3 Media 12,400 Charter Communications, Inc . . . . . . . . . . . 0.3 3,000 Gannett Co., Inc . . . . . . . . . . . . . . . . . . . . . . . — 100,188 SKY Network Television, Ltd. . . . . . . . . . . . . 0.1 40,800 SKY Perfect JSAT Holdings, Inc . . . . . . . . . . . — 2,980,600 Surya Citra Media Tbk PT . . . . . . . . . . . . . . 0.1 6,000 TEGNA, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.5 Medical – Biomedical and Genetic 10,900 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 800 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . . — 7,300 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 13,200 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . 0.2 600 Regeneron Pharmaceuticals, Inc. . . . . . . . . . . — 0.5 Medical – Drugs 7,300 AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 33,600 Astellas Pharma, Inc. . . . . . . . . . . . . . . . . . . 0.1 16,694 AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . . 0.1 38,700 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.4 6,100 Jazz Pharmaceuticals PLC . . . . . . . . . . . . . . . 0.1 30,200 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.4 48,000 Kaken Pharmaceutical Co., Ltd. . . . . . . . . . . 0.2 22,000 Kyowa Hakko Kirin Co., Ltd. . . . . . . . . . . . . . — 51,200 Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . 0.4 2,616 Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . — 16,482 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 22,064 Novo Nordisk A/S – Class B . . . . . . . . . . . . . 0.2 8,700 Ono Pharmaceutical Co., Ltd. . . . . . . . . . . . 0.1 26,100 Otsuka Holdings Co., Ltd. . . . . . . . . . . . . . . 0.1 101,900 Santen Pharmaceutical Co., Ltd. . . . . . . . . . . 0.2 20,200 Shionogi & Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 9,684 Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.8 Medical – Generic Drugs 10,900 Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4 41,572 Teva Pharmaceutical Industries, Ltd. . . . . . . 0.3 0.7 Medical – HMO 22,100 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 5,800 Anthem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 21,700 Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 16,400 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 27,400 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 0.4 1.7 Medical – Hospitals 452,500 Bangkok Dusit Medical Services PCL . . . . . . . — 35,800 HCA Holdings, Inc. . . . . . . . . . . . . . . . . . . . 0.4 1,340,700 IHH Healthcare Bhd . . . . . . . . . . . . . . . . . . . 0.3 36,167 Ramsay Health Care, Ltd. . . . . . . . . . . . . . . . 0.2 15,700 Universal Health Services, Inc. . . . . . . . . . . . 0.3 1.2 Medical – Wholesale Drug Distributors 27,700 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 0.4 32,800 Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . 0.4 12,500 McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . 0.4 296,000 Sinopharm Group Co., Ltd. . . . . . . . . . . . . . 0.2 1.4
918,877 165,580 1,876,638 507,625 2,549,843 2,123,500 41,970 407,883 219,054 642,863 192,420 3,627,690 1,673,368 323,152 844,866 1,545,456 306,078 4,692,920 490,487 479,274 1,054,034 3,231,063 1,074,027 2,943,292 1,676,882 287,832 2,914,816 260,637 1,624,924 1,202,328 950,552 832,568 1,443,105 783,272 775,131 22,024,224 3,307,714 2,460,125 5,767,839 2,816,866 952,012 3,515,400 3,136,992 3,342,800 13,764,070 264,004 3,247,776 2,012,297 1,714,965 2,230,970 9,470,012 2,945,618 2,743,720 2,810,125 1,315,551 9,815,014
The accompanying notes are an integral part of the financial statements.
130
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Medical Information Systems 2,800 Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . — Medical Instruments 25,200 Edwards Lifesciences Corp. . . . . . . . . . . . . . 0.5 15,600 Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . 0.1 56,000 Nihon Kohden Corp. . . . . . . . . . . . . . . . . . . 0.2 20,000 Shimadzu Corp. . . . . . . . . . . . . . . . . . . . . . . . — 0.8 Medical Products 16,300 Becton Dickinson and Co. . . . . . . . . . . . . . . 0.3 16,174 Cochlear, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 10,654 Coloplast A/S . . . . . . . . . . . . . . . . . . . . . . . . 0.1 69,556 Smith & Nephew PLC . . . . . . . . . . . . . . . . . 0.1 5,238 Sonova Holding A.G. . . . . . . . . . . . . . . . . . . 0.1 4,200 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.8 Metal Products – Distributors 34,200 MISUMI Group, Inc. . . . . . . . . . . . . . . . . . . 0.1 Mining 384,000 Aluminum Corp of China, Ltd. . . . . . . . . . . . — 744,000 China Hongqiao Group, Ltd. . . . . . . . . . . . . 0.1 215,000 China Molybdenum Co., Ltd. . . . . . . . . . . . . . — 80,997 Sibanye Gold, Ltd. . . . . . . . . . . . . . . . . . . . . . — 2,400,000 United Co. RUSAL PLC . . . . . . . . . . . . . . . . 0.2 3,192,000 Zijin Mining Group Co., Ltd. . . . . . . . . . . . . 0.1 0.4 Miscellaneous Manufacturing 3,700 Illinois Tool Works, Inc . . . . . . . . . . . . . . . . . — 8,000 Largan Precision Co., Ltd. . . . . . . . . . . . . . . 0.1 0.1 MRI/Medical Diagnostic Imaging 38,832 Sonic Healthcare, Ltd. . . . . . . . . . . . . . . . . . 0.1 Multi-Line Insurance 41,000 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Multimedia 14,300 Time Warner, Inc.. . . . . . . . . . . . . . . . . . . . . 0.2 15,300 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.2 0.4 Non-Hazardous Waste Disposal 15,600 Republic Services, Inc. . . . . . . . . . . . . . . . . . 0.1 Office Automation and Equipment 28,600 Seiko Epson Corp. . . . . . . . . . . . . . . . . . . . . 0.1 37,400 Xerox Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Office Supplies and Forms 3,720 Societe BIC S.A. . . . . . . . . . . . . . . . . . . . . . . 0.1 Oil Companies – Integrated 62,100 PTT PCL. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 6,272 Royal Dutch Shell PLC – Class A . . . . . . . . . . — 0.1 Oil Refining and Marketing 31,381 Caltex Australia, Ltd. . . . . . . . . . . . . . . . . . . 0.1 3,800 Marathon Petroleum Corp . . . . . . . . . . . . . . . — 8,200 Tesoro Corp . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Pharmaceuticals 854,000 CSPC Pharmaceutical Group, Ltd. . . . . . . . . 0.1 26,017 Hikma Pharmaceuticals PLC. . . . . . . . . . . . . 0.1 9,300 Kissei Pharmaceutical Co., Ltd. . . . . . . . . . . . — 22,400 Kobayashi Pharmaceutical Co., Ltd. . . . . . . . 0.2 58,000 Nippon Shinyaku Co., Ltd. . . . . . . . . . . . . . 0.2 1,448,000 Sino Biopharmaceutical, Ltd. . . . . . . . . . . . . 0.2 0.8
Fair Value (USD) 193,368 3,589,236 1,155,960 1,386,615 271,799 6,403,610 2,308,895 1,000,001 699,195 1,173,586 708,338 401,394 6,291,409 485,737 193,702 700,685 158,935 130,064 1,195,158 1,124,223 3,502,767 339,623 914,047 1,253,670 640,138 2,659,670 1,249,963 1,746,342 2,996,305 611,052 507,401 397,936 905,337 592,976 660,256 176,029 836,285 771,003 198,778 692,162 1,661,943 843,944 790,069 236,357 1,522,988 1,777,397 1,681,271 6,852,026
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Pharmacy Services 27,500 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Photo Equipment and Supplies 5,400 FUJIFILM Holdings Corp. . . . . . . . . . . . . . . . — Pipelines 327,846 APA Group . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 9,000 Enbridge, Inc . . . . . . . . . . . . . . . . . . . . . . . . 0.1 21,000 Inter Pipeline, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 5,500 Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . — 8,700 ONEOK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . — 10,600 Pembina Pipeline Corp . . . . . . . . . . . . . . . . . . — 21,500 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.1 11,300 TransCanada Corp. . . . . . . . . . . . . . . . . . . . . 0.1 30,100 Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.2 0.9 Property and Casualty Insurance 32,573 Dongbu Insurance Co., Ltd. . . . . . . . . . . . . . 0.2 3,200 Fairfax Financial Holdings, Ltd. . . . . . . . . . . 0.2 2,300 Intact Financial Corp.. . . . . . . . . . . . . . . . . . . — 6,443 Samsung Fire & Marine Insurance Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 5,900 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.1 8,800 WR Berkley Corp. . . . . . . . . . . . . . . . . . . . . 0.1 0.8 Publishing – Books 24,252 Reed Elsevier N.V.. . . . . . . . . . . . . . . . . . . . . 0.1 Publishing – Periodicals 21,600 Nielsen Holdings N.V. . . . . . . . . . . . . . . . . . 0.1 56,111 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Real Estate 389,000 Evergrande Real Estate Group, Ltd. . . . . . . . . — 90,200 Henderson Land Development Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 867,800 SP Setia Bhd Group . . . . . . . . . . . . . . . . . . . 0.1 123,000 Swire Properties, Ltd. . . . . . . . . . . . . . . . . . . 0.1 1,013,471 Talaat Moustafa Group . . . . . . . . . . . . . . . . . 0.2 70,000 Wheelock & Co., Ltd. . . . . . . . . . . . . . . . . . . — 0.5 Real Estate Management/Services 17,600 Daito Trust Construction Co., Ltd. . . . . . . . . 0.2 15,262 Deutsche Wohnen A.G. . . . . . . . . . . . . . . . . . — 56,968 Lend Lease Group . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Real Estate Operating/Development 15,600 Brookfield Asset Management, Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 45,500 Cheung Kong Property Holdings, Ltd. . . . . . . . — 92,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 0.2 0.3 Reinsurance 17,300 Berkshire Hathaway, Inc. – Class B . . . . . . . . 0.3 16,800 Everest Re Group, Ltd. . . . . . . . . . . . . . . . . . 0.4 25,400 PartnerRe, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.1 REIT – Apartments 16,200 AvalonBay Communities, Inc.. . . . . . . . . . . . 0.4 43,000 Equity Residential. . . . . . . . . . . . . . . . . . . . . 0.4 9,500 Essex Property Trust, Inc. . . . . . . . . . . . . . . . 0.3 1.0 REIT – Diversified 24,500 American Tower Corp. . . . . . . . . . . . . . . . . . 0.3 1,474,300 CapitaCommercial Trust . . . . . . . . . . . . . . . . 0.2 25,000 Communications Sales & Leasing, Inc . . . . . . 0.1 83,385 Dexus Property Group . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 2,591,875 192,996 2,083,899 420,956 482,623 211,145 343,476 342,667 700,900 459,311 1,727,439 6,772,416 1,650,264 1,578,168 159,847 1,698,567 570,294 456,984 6,114,124 575,142 967,032 912,356 1,879,388 232,358 617,332 713,387 392,742 1,187,478 357,618 3,500,915 1,823,716 349,693 660,495 2,833,904
545,151 377,441 1,490,748 2,413,340 2,354,703 3,057,768 3,263,900 8,676,371 2,589,894 3,017,310 2,018,750 7,625,954 2,285,605 1,708,063 618,000 469,559
Share or Principal Amount 47,000 35,100 174,835 110,113 992,800 18,900
Percentage of Net Assets (%)
Digital Realty Trust, Inc. . . . . . . . . . . . . . . . . Duke Realty Corp . . . . . . . . . . . . . . . . . . . . . GPT Group. . . . . . . . . . . . . . . . . . . . . . . . . . Intu Properties PLC . . . . . . . . . . . . . . . . . . . Suntec Real Estate Investment Trust . . . . . . . Vornado Realty Trust . . . . . . . . . . . . . . . . . .
0.4 0.1 0.1 0.1 0.2 0.2 1.8
REIT – Health Care 22,800 Health Care REIT, Inc. . . . . . . . . . . . . . . . . . 0.2 REIT – Mortgage 40,700 American Capital Agency Corp. . . . . . . . . . . 0.1 93,700 Annaly Capital Management, Inc. . . . . . . . . . 0.1 0.2 REIT – Office Property 11,400 Boston Properties, Inc. . . . . . . . . . . . . . . . . . 0.2 7,400 SL Green Realty Corp . . . . . . . . . . . . . . . . . . 0.1 0.3 REIT – Regional Malls 42,800 General Growth Properties, Inc . . . . . . . . . . 0.1 3,700 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . . — 8,700 Simon Property Group, Inc. . . . . . . . . . . . . . 0.2 0.3 REIT – Shopping Centres 12,800 Federal Realty Investment Trust . . . . . . . . . . 0.2 301,074 Federation Centres . . . . . . . . . . . . . . . . . . . . 0.1 395,000 Link REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 13,100 Regency Centers Corp . . . . . . . . . . . . . . . . . 0.1 118,010 Shopping Centres Australasia Property Group . . . . . . . . . . . . . . . . . . . . . . — 13,400 Weingarten Realty Investors . . . . . . . . . . . . . 0.1 185,790 Westfield Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2 1.0 Resorts and Theme Parks 44,400 Oriental Land Co., Ltd. . . . . . . . . . . . . . . . . 0.4 Respiratory Products 665,583 Fisher & Paykel Healthcare Corp., Ltd. . . . . . . 0.4 Retail – Apparel and Shoe 25,700 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 11,535 Next PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 5,400 Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . — 0.5 Retail – Auto Parts 16,700 Advance Auto Parts, Inc. . . . . . . . . . . . . . . . 0.3 4,800 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.5 14,100 O’Reilly Automotive, Inc. . . . . . . . . . . . . . . . 0.4 1.2 Retail – Automobile 47,600 USS Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Building Products 18,400 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 15,400 Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Retail – Consumer Electronics 32,500 Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Convenience Store 311,000 President Chain Store Corp. . . . . . . . . . . . . . 0.3 Retail – Discount 9,000 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 0.2 5,700 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 2,900 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.3 Retail – Drug Store 8,900 Cosmos Pharmaceutical Corp. . . . . . . . . . . . 0.2 Retail – Home Furnishings 42,000 Nitori Holdings Co., Ltd. . . . . . . . . . . . . . . . 0.4
Fair Value (USD) 3,133,960 651,807 577,234 532,110 1,271,875 1,794,177 13,042,390 1,496,364 747,659 861,103 1,608,762 1,379,856 813,186 2,193,042 1,098,248 276,020 1,505,274 2,879,542 1,639,552 678,166 2,313,554 772,638 193,900 438,046 1,307,064 7,342,920 2,835,549 3,088,434 2,203,261 1,350,051 262,494 3,815,806 2,660,143 3,201,120 3,186,318 9,047,581 859,655 2,044,792 1,031,338 3,076,130 1,059,825 2,187,456 1,215,540 450,243 236,727 1,902,510 1,207,322 3,425,350
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
131
INTECH All-World Minimum Variance Core Fund(a) PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Retail – Major Department Stores 9,800 H2O Retailing Corp.. . . . . . . . . . . . . . . . . . . . — Retail – Miscellaneous 28,000 ABC-Mart, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2 45,200 Alimentation Couche-Tard, Inc . . . . . . . . . . 0.2 665,000 ANTA Sports Products, Ltd. . . . . . . . . . . . . . 0.2 17,000 Bic Camera Inc . . . . . . . . . . . . . . . . . . . . . . . . — 240,000 Big C Supercenter PCL . . . . . . . . . . . . . . . . . 0.2 66,000 Cafe de Coral Holdings Ltd. . . . . . . . . . . . . . . — 3,900 Canadian Tire Corp., Ltd. . . . . . . . . . . . . . . . 0.1 28,900 CVS Caremark Corp. . . . . . . . . . . . . . . . . . . 0.4 3,700 Darden Restaurants, Inc . . . . . . . . . . . . . . . . . — 13,611 Fielmann A.G. . . . . . . . . . . . . . . . . . . . . . . . 0.1 43,400 Foot Locker, Inc . . . . . . . . . . . . . . . . . . . . . . 0.4 58,947 Harvey Norman Holdings, Ltd. . . . . . . . . . . . — 7,700 lululemon athletica, Inc . . . . . . . . . . . . . . . . 0.1 15,000 Restaurant Brands International, Inc. . . . . . . 0.1 7,200 Ryohin Keikaku Co., Ltd. . . . . . . . . . . . . . . . 0.2 7,600 Signet Jewelers, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 40,700 Tsuruha Holdings, Inc . . . . . . . . . . . . . . . . . 0.4 2.7 Retail – Office Supplies 45,500 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Regional Department Stores 7,400 Macy’s, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Restaurants 1,900 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 0.1 214,840 Jollibee Foods Corp. . . . . . . . . . . . . . . . . . . . 0.1 0.2 Satellite Telecommunications 51,725 SES S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Schools 104,300 Kroton Educacional S.A.. . . . . . . . . . . . . . . . 0.1 Security Services 10,300 ADT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . — Semiconductor Components/Integrated Circuits 103,000 Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . . 0.1 Semiconductor Equipment 91,400 ASM Pacific Technology, Ltd. . . . . . . . . . . . . 0.1 12,800 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Semiconductors 1,136,000 Advanced Semiconductor Engineering, Inc . . . . . . . . . . . . . . . . . . . . 0.2 41,300 Applied Materials, Inc . . . . . . . . . . . . . . . . . 0.1 1,192,000 Inotera Memories, Inc . . . . . . . . . . . . . . . . . 0.1 92,000 Nanya Technology Corp. . . . . . . . . . . . . . . . . — 188,000 Novatek Microelectronics Corp. . . . . . . . . . . 0.1 199,000 Realtek Semiconductor Corp . . . . . . . . . . . . 0.1 986,000 Siliconware Precision Industries Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 5,200 Skyworks Solutions, Inc . . . . . . . . . . . . . . . . 0.1 314,000 Transcend Information, Inc. . . . . . . . . . . . . . 0.1 1.0 Soap and Cleaning Preparations 4,000 Church & Dwight Co., Inc. . . . . . . . . . . . . . . — 12,499 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.1 0.1 Software 3,200 Akamai Technologies, Inc . . . . . . . . . . . . . . . . — 26,900 Electronic Arts, Inc . . . . . . . . . . . . . . . . . . . . 0.2 27,500 Fiserv, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 19,800 Rackspace Hosting, Inc. . . . . . . . . . . . . . . . . 0.1 0.6
204,217 1,713,819 1,933,886 1,612,896 214,219 1,371,813 238,412 417,170 3,031,032 262,996 925,048 2,908,234 205,077 502,810 573,671 1,396,813 974,624 3,169,659 21,452,179 696,605 499,278 1,149,481 940,292 2,089,773 1,737,520 398,651 345,771
469,065 905,595 719,488 1,625,083
1,539,125 793,786 950,453 154,169 907,953 510,210 1,510,073 541,320 1,155,167 8,062,256 324,520 1,077,620 1,402,140 223,424 1,788,850 2,277,825 736,362 5,026,461
The accompanying notes are an integral part of the financial statements.
132
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Steel – Producers 330,000 Angang Steel Co., Ltd. . . . . . . . . . . . . . . . . . . — 136,800 Usinas Siderurgicas de Minas Gerais S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Super – Regional Banks 3,300 Capital One Financial Corp. . . . . . . . . . . . . . . — 5,000 PNC Financial Services Group, Inc. . . . . . . . 0.1 17,500 U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . 0.1 42,800 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 0.4 0.6 Telecommunication Equipment 5,347 NICE Systems, Ltd. . . . . . . . . . . . . . . . . . . . . — Telecommunication Services 53,700 Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 15,700 BCE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,460,100 DiGi.Com Bhd . . . . . . . . . . . . . . . . . . . . . . . 0.3 4,841,000 PCCW, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,538,165 Spark New Zealand, Ltd. . . . . . . . . . . . . . . . 0.4 2,672,600 Tower Bersama Infrastructure Tbk PT. . . . . . . 0.2 1.8 Telecommunications 1,676,000 China Telecom Corp., Ltd. . . . . . . . . . . . . . . 0.1 495,600 Frontier Communications Corp . . . . . . . . . . 0.3 4,200 Level 3 Communications, Inc . . . . . . . . . . . . . — 376,000 M1 Ltd/Singapore . . . . . . . . . . . . . . . . . . . . . 0.1 4,200 Palo Alto Networks, Inc . . . . . . . . . . . . . . . . 0.1 1,654,600 Telekom Malaysia Bhd . . . . . . . . . . . . . . . . . 0.4 72,034 TPG Telecom, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 25,400 Windstream Holdings, Inc . . . . . . . . . . . . . . . — 2,372,900 XL Axiata Tbk PT . . . . . . . . . . . . . . . . . . . . . 0.1 1.2 Telephone – Integrated 42,864 Belgacom S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.2 601,143 Bezeq The Israeli Telecommunication Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 70,400 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 42,200 Nippon Telegraph & Telephone Corp. . . . . . . 0.2 15,980 Philippine Long Distance Telephone Co . . . . . . . . . . . . . . . . . . . . . . 0.1 2,352 Swisscom A.G. . . . . . . . . . . . . . . . . . . . . . . . 0.2 13,300 Verizon Communications, Inc. . . . . . . . . . . . 0.1 1.2 Television 51,736 ITV PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Textile – Home Furnishings 1,600 Mohawk Industries, Inc . . . . . . . . . . . . . . . . . — Textile – Products 37,000 Toray Industries, Inc. . . . . . . . . . . . . . . . . . . . — Tobacco 60,800 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4 65,200 British American Tobacco Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 281,500 Gudang Garam Tbk PT . . . . . . . . . . . . . . . . 0.1 45,058 Imperial Tobacco Group PLC . . . . . . . . . . . . 0.3 23,552 KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 45,285 Reynolds American, Inc.. . . . . . . . . . . . . . . . 0.4 1.6 Toys 35,100 Bandai Namco Holdings, Inc. . . . . . . . . . . . . 0.1 Transportation 2,203,500 BTS Group Holdings PCL . . . . . . . . . . . . . . . 0.1 4,700 Central Japan Railway Co . . . . . . . . . . . . . . . 0.1 280,000 China Shipping Development Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Fair Value (USD) 227,769 571,725 799,494 290,301 478,250 759,500 2,407,072 3,935,123 340,239 2,931,483 667,074 2,075,350 2,891,631 2,912,259 1,849,598 13,327,395 983,812 2,453,220 221,214 904,745 733,740 2,869,557 498,436 162,052 655,985 9,482,761 1,513,208 1,024,828 2,068,352 1,528,918 996,101 1,318,549 619,913 9,069,869 214,003 305,440 313,096 2,973,728 1,071,972 952,428 2,171,010 2,004,201 3,380,978 12,554,317 679,226 652,589 849,011 212,042
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
11,050 9,200 374,000 34,758 212,000 309,000 65,000 779,800 40,000 545,000 203,000 1,821,100 47,000 2,014,000 7,400 1,242,000
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
CJ Korea Express Co., Ltd. . . . . . . . . . . . . . . 0.2 FedEx Corp . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Guangshen Railway Co., Ltd. . . . . . . . . . . . . . — Hanjin Shipping Co., Ltd. . . . . . . . . . . . . . . . — Kawasaki Kisen Kaisha, Ltd. . . . . . . . . . . . . . 0.1 Keihan Electric Railway Co., Ltd. . . . . . . . . . 0.2 Keisei Electric Railway Co., Ltd. . . . . . . . . . . 0.1 MISC Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 MTR Corp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . — Nankai Electric Railway Co., Ltd. . . . . . . . . . 0.3 Orient Overseas International, Ltd. . . . . . . . 0.1 Singapore Post, Ltd. . . . . . . . . . . . . . . . . . . . 0.4 Sotetsu Holdings, Inc. . . . . . . . . . . . . . . . . . . — Wan Hai Lines, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 West Japan Railway Co. . . . . . . . . . . . . . . . . 0.1 Yang Ming Marine Transport Corp.. . . . . . . . 0.1 2.4 Transportation – Railroad 8,500 Canadian National Railway Co . . . . . . . . . . . 0.1 16,600 CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 544,000 Nagoya Railroad Co., Ltd.. . . . . . . . . . . . . . . 0.3 13,300 Norfolk Southern Corp. . . . . . . . . . . . . . . . . 0.1 16,800 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 0.2 0.8 Transportation – Services 23,600 CH Robinson Worldwide, Inc. . . . . . . . . . . . 0.2 818,500 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . 0.2 0.4 Transportation – Truck 3,173 Hyundai Glovis Co., Ltd. . . . . . . . . . . . . . . . 0.1 Travel Services 710,800 China Travel International Investment Hong Kong, Ltd. . . . . . . . . . . . . . . . . . . . . . — Vitamins and Nutrition Products 7,200 Mead Johnson Nutrition Co. . . . . . . . . . . . . 0.1 Water 63,400 American Water Works Co., Inc. . . . . . . . . . 0.4 480,000 Beijing Enterprises Water Group, Ltd. . . . . . 0.1 1,052,000 Guangdong Investment, Ltd. . . . . . . . . . . . . 0.2 26,981 Severn Trent PLC . . . . . . . . . . . . . . . . . . . . . 0.1 142,854 United Utilities Group PLC . . . . . . . . . . . . . 0.3 1.1 Water Treatment Systems 24,750 Coway Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.3 Web Hosting and Design 4,900 Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Web Portals/Internet Service Providers 10,500 Yahoo!, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
1,922,256 1,567,680 206,028 178,901 500,678 1,800,417 773,392 1,596,410 186,292 2,449,539 1,038,403 2,562,929 245,044 1,599,355 473,801 434,775 19,249,542
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.5
755,984,208
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 96.5
755,984,208
Adjustments from last traded to bid market prices . . . . . . . . . (0.1) Total Investment
96.4
490,479 541,990 2,036,055 1,161,888 1,602,216 5,832,628 1,472,404 1,902,640 3,375,044 574,736
312,700 649,584 3,083,142 393,845 1,473,915 882,077 2,001,859 7,834,838
Currency Purchased
Currency Sold
Currency Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
Citibank GBP 5,933,028 GBP 1,010,717 GBP 2,170,631 GBP 29,817,533 GBP 831,084 GBP 2,067,445 GBP 29,754,664 GBP 1,458,874 GBP 9,702,285 GBP 3,348,118 GBP 11,525,424 GBP 3,929,668 GBP 820,631 GBP 204,838,362 GBP 10,303,294 GBP 6,783,974 GBP 5,541,535 GBP 6,248,428 GBP 3,957,126
MYR 33,540,000 DKK 10,314,000 NZD 4,663,000 JPY 5,671,268,000 PLN 4,709,000 ZAR 39,077,000 HKD 352,444,000 THB 75,186,000 KRW 16,437,612,000 ILS 19,738,000 TWD 542,398,000 INR 385,972,000 BRL 3,972,000 USD 313,204,000 EUR 14,104,000 AUD 13,367,000 SGD 11,429,000 CAD 11,922,000 CHF 5,660,000
5,544,616 965,287 1,915,187 29,332,762 778,072 2,026,380 28,483,697 1,392,766 9,141,453 3,322,616 10,986,502 3,818,879 805,106 304,640,118 9,843,220 6,429,778 5,323,355 5,978,101 3,799,971
14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15
388,412 45,430 255,444 484,771 53,011 41,065 1,270,967 66,108 560,833 25,502 538,922 110,789 15,526 8,563,882 460,073 354,196 218,180 270,327 157,155
HSBC USA GBP 1,458,430 GBP 3,958,457 GBP 3,916,499 GBP 11,523,689 GBP 832,965 GBP 10,331,180 GBP 29,767,858 GBP 3,347,409 GBP 6,259,976 GBP 1,013,432 GBP 29,812,685 GBP 2,173,386 GBP 2,064,346 GBP 819,730 GBP 5,538,298 GBP 9,698,392 GBP 6,794,083 GBP 5,935,056
THB 75,185,000 CHF 5,660,000 INR 385,971,000 TWD 542,397,000 PLN 4,708,000 EUR 14,104,000 HKD 352,444,000 ILS 19,738,000 CAD 11,922,000 DKK 10,314,000 JPY 5,671,267,000 NZD 4,663,000 ZAR 39,076,000 BRL 3,972,000 SGD 11,428,000 KRW 16,437,611,000 AUD 13,366,000 MYR 33,539,000
1,392,991 3,799,213 3,826,380 10,987,463 776,732 9,827,310 28,476,165 3,323,021 5,971,505 963,739 29,335,520 1,913,609 2,028,080 805,626 5,324,461 9,143,698 6,423,223 5,543,206
14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15 14-Jul-15
65,440 159,245 90,120 536,226 56,233 503,870 1,291,693 24,389 288,470 49,693 477,164 259,777 36,266 14,104 213,836 554,694 370,860 391,850
Total
19,264,523
Total Financial Assets at fair value through profit or loss
774,501,655
2,028,470 1,244,600 412,545
(747,076) 755,237,132
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
133
INTECH European Core Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Advertising Agencies 7,514 WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertising Services 1,706 Publicis Groupe S.A.. . . . . . . . . . . . . . . . . . . Aerospace and Defence 178,125 BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . 52,423 Finmeccanica SpA . . . . . . . . . . . . . . . . . . . . 8,347 Meggitt PLC . . . . . . . . . . . . . . . . . . . . . . . . . 6,006 Rolls-Royce Holdings PLC . . . . . . . . . . . . . .
Fair Value (EUR)
0.2
151,011
0.1
113,142
1.2 0.6 0.1 0.1 2.0
1,132,693 591,331 54,867 73,642 1,852,533
Agricultural Chemicals 5,399 Yara International A.S.A. . . . . . . . . . . . . . . . 0.3 Airlines 7,331 easyJet PLC. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 55,309 International Consolidated Airlines Group S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.6 Apparel Manufacturers 3,200 Burberry Group PLC . . . . . . . . . . . . . . . . . . 0.1 Appliances 6,482 Electrolux A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.2 Applications Software 4,177 Sage Group PLC . . . . . . . . . . . . . . . . . . . . . . . — Automotive – Cars and Light Trucks 40,037 Fiat Chrysler Automobiles N.V. . . . . . . . . . . 0.5 36,746 Peugeot S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 4,477 Renault S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 746 Volkswagen A.G. . . . . . . . . . . . . . . . . . . . . . 0.2 1.8 Automotive – Truck Parts and Equipment – Original 5,774 Valeo S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Banks 3,627 DNB ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 4,800 KBC Groep N.V. . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 Brewery 6,300 Anheuser-Busch InBev N.V. . . . . . . . . . . . . . 0.7 3,964 Heineken Holding N.V.. . . . . . . . . . . . . . . . . 0.3 8,308 Heineken N.V. . . . . . . . . . . . . . . . . . . . . . . . 0.6 1.6 Building – Residential and Commercial 20,272 Persimmon PLC . . . . . . . . . . . . . . . . . . . . . . 0.6 Building and Construction – Miscellaneous 6,262 Bouygues S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.2 31,404 Ferrovial S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 0.8 Building and Construction Products – Miscellaneous 2,464 Geberit A.G. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Building Products – Cement and Aggregate 7,302 CRH PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,741 Holcim, Ltd . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.4 Cable/Satellite TV 12,614 British Sky Broadcasting Group PLC. . . . . . . 0.2 278 Kabel Deutschland Holding A.G. . . . . . . . . . . — 9,228 Numericable-SFR . . . . . . . . . . . . . . . . . . . . . 0.5 0.7 Chemicals – Diversified 2,299 Arkema S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,652 Croda International PLC. . . . . . . . . . . . . . . . 0.1
252,407 159,732 385,836 545,568 70,851 182,333 30,170 526,086 677,780 418,241 154,832 1,776,939 816,155 54,307 287,712 342,019 677,250 249,534 565,526 1,492,310
The accompanying notes are an integral part of the financial statements.
134
Janus Capital Funds Plc / 30 June 2015
564,263 209,996 610,808 820,804 737,135 184,887 181,521 366,408 184,353 33,360 438,745 656,458 148,584 102,859
Share or Principal Amount
Percentage of Net Assets (%)
1,976 Evonik Industries A.G. . . . . . . . . . . . . . . . . . 0.1 2 K+S A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 9,641 Symrise A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1.0 Chemicals – Plastics 70 EMS-Chemie Holding A.G.. . . . . . . . . . . . . . . — Chemicals – Specialty 3,396 Brenntag A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 613 Givaudan S.A. . . . . . . . . . . . . . . . . . . . . . . . 1.0 5,000 Lonza Group A.G. . . . . . . . . . . . . . . . . . . . . 0.6 1.8 Commercial Banks – Non U.S. 190,303 Banco Santander Central Hispand S.A. . . . . . . . . . . . . . . . . . . . . . . . 1.2 646,604 Bank of Ireland . . . . . . . . . . . . . . . . . . . . . . . 0.2 18,041 Bankinter S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.1 30,948 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . 0.1 91,055 Skandinaviska Enskilda Banken A.B. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.7 Commercial Services 2,073 ISS A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 9,053 Randstad Holding N.V. . . . . . . . . . . . . . . . . . 0.5 0.6 Computer Aided Design 19,106 Dassault Systemes. . . . . . . . . . . . . . . . . . . . . 1.3 Computers 4,398 Cap Gemini S.A.. . . . . . . . . . . . . . . . . . . . . . 0.4 Cosmetics and Toiletries 704 L’Oreal S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Diagnostic Kits 14,591 QIAGEN N.V. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Dialysis Centres 13,862 Fresenius Medical Care A.G. & Co KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2,120 Fresenius S.E. & Co. . . . . . . . . . . . . . . . . . . 0.1 1.2 Distribution/Wholesale 6,800 Wolseley PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Diversified Banking Institutions 53,012 Natixis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Diversified Financial Services 72,407 Investec PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.6 4,317 Julius Baer Group, Ltd. . . . . . . . . . . . . . . . . . 0.2 11,313 Schroders PLC . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.3 Diversified Operations 24,993 Bollore S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,936 GEA Group A.G. . . . . . . . . . . . . . . . . . . . . . 0.1 7,821 Industrivarden A.B. . . . . . . . . . . . . . . . . . . . 0.1 0.3 Diversified Operations – Commercial Services 8,969 Bunzl PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Electric – Distribution 127,804 Enel SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Electric – Integrated 12,954 EDP - Energias de Portugal S.A. . . . . . . . . . . . — 25,945 Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 372,822 Iberdrola S.A. . . . . . . . . . . . . . . . . . . . . . . . . 2.3 19,497 SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 3.1 Electric – Transmission 14,205 Red Electrica Corp S.A. . . . . . . . . . . . . . . . . 1.0
Fair Value (EUR) 67,629 76 536,714 855,862 26,538 174,656 951,938 599,380 1,725,974
1,192,058 234,071 119,594 88,573 1,045,025 2,679,321 61,371 528,786 590,157 1,246,093 349,069 112,640 321,513
1,026,342 122,006 1,148,348 389,380 342,192 583,707 217,319 506,380 1,307,406 119,342 77,459 132,270 329,071 219,691 519,395 44,108 413,563 2,252,591 422,063 3,132,325 1,021,055
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Electrical Components – Equipment 7,125 OSRAM Licht A.G. . . . . . . . . . . . . . . . . . . . . 0.3 5,128 Prysmian SpA . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Electronic Components – Semiconductors 16,520 ARM Holdings PLC . . . . . . . . . . . . . . . . . . . 0.2 Electronics – Military 2,485 Safran S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Energy – Alternate Sources 1,141 Vestas Wind Systems A/S . . . . . . . . . . . . . . . 0.1 Finance – Investment Bankers/Brokers 43,888 ICAP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Finance – Other Services 2,029 Deutsche Boerse A.G. . . . . . . . . . . . . . . . . . . 0.2 30,375 London Stock Exchange Group PLC. . . . . . . 1.0 1.2 Food – Catering 70,909 Compass Group PLC . . . . . . . . . . . . . . . . . . 1.1 Food – Confectionery 126 Lindt & Spruengli A.G. . . . . . . . . . . . . . . . . 1.3 Food – Miscellaneous/Diversified 11,004 Jeronimo Martins SGPS S.A. . . . . . . . . . . . . . 0.1 4,445 METRO A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 19,216 Orkla A.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,571 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Food – Retail 3,856 Delhaize Group S.A. . . . . . . . . . . . . . . . . . . . 0.3 4,380 Koninklijke Ahold N.V.. . . . . . . . . . . . . . . . . 0.1 21,356 TESCO PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.5 Gambling – Non-Hotel 14,196 William Hill PLC . . . . . . . . . . . . . . . . . . . . . 0.1 Gas – Distribution 14,983 Enagas S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 26,009 Gas Natural SDG S.A. . . . . . . . . . . . . . . . . . . 0.5 135,400 National Grid PLC . . . . . . . . . . . . . . . . . . . . 1.6 2.5 Hotels and Motels 8,039 Accor S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 17,621 InterContinental Hotels Group PLC . . . . . . . 0.7 15,785 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . 1.1 2.2 Human Resources 8,059 Adecco S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 7,529 Capita PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.7 Industrial Gases 1,248 Air Liquide S.A. . . . . . . . . . . . . . . . . . . . . . . 0.1 Insurance 6,976 Standard Life PLC. . . . . . . . . . . . . . . . . . . . . . — 14,450 Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.3 Internet Content – Information/News 5,752 United Internet A.G.. . . . . . . . . . . . . . . . . . . 0.2 Investment Companies 327 Groupe Bruxelles Lambert S.A. . . . . . . . . . . . . — 29,030 Investor A.B.. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1.0 Investment Management and Advisory Services 16,888 Hargreaves Lansdown PLC . . . . . . . . . . . . . . 0.3 102,556 Old Mutual PLC . . . . . . . . . . . . . . . . . . . . . . 0.3
Fair Value (EUR) 306,054 99,381 405,435 241,439 151,063 51,097 327,514 150,653 1,014,572 1,165,225 1,052,320 1,317,243 126,546 125,705 135,722 98,920 486,893 285,575 73,584 63,973 423,132 80,649 365,510 529,023 1,559,428 2,453,961 363,926 637,244 1,100,315 2,101,485 587,074 131,364 718,438 141,586 43,652 270,275 313,927 229,361 23,609 970,916 994,525 274,426 291,242
Share or Principal Amount
Percentage of Net Assets (%)
1,419 Partners Group Holding A.G. . . . . . . . . . . . . 0.4 1.0 Life and Health Insurance 144,954 Aviva PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 558,524 Legal & General Group PLC . . . . . . . . . . . . . 2.0 27,442 Prudential PLC . . . . . . . . . . . . . . . . . . . . . . . 0.6 3.6 Machinery – Construction and Mining 27,687 Atlas Copco A.B. . . . . . . . . . . . . . . . . . . . . . 0.7 Machinery – Electrical 3,216 Schindler Holding A.G. . . . . . . . . . . . . . . . . 0.5 Machinery – General Industrial 1,380 ANDRITZ A.G. . . . . . . . . . . . . . . . . . . . . . . . 0.1 7,873 Kone OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 14,467 Zardoya Otis S.A. . . . . . . . . . . . . . . . . . . . . . 0.1 0.5 Media 6,430 Lagardere SCA . . . . . . . . . . . . . . . . . . . . . . . 0.2 Medical – Drugs 9,492 Actelion, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 16,368 Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 13,843 Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1,034 Novo Nordisk A/S – Class B . . . . . . . . . . . . . 0.1 3,389 Roche Holding A.G. . . . . . . . . . . . . . . . . . . . 0.9 1,777 Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 40,309 Shire PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 3,190 UCB S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 8.5 Medical Products 2,738 Sonova Holding A.G. . . . . . . . . . . . . . . . . . . 0.3 Metal – Aluminum 173,382 Norsk Hydro A.S.A. . . . . . . . . . . . . . . . . . . . 0.7 Metal – Diversified 36,438 Boliden A.B. . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 22,169 Glencore Xstrata PLC . . . . . . . . . . . . . . . . . . 0.1 0.7 Metal Processors and Fabrication 25,644 Assa Abloy A.B. . . . . . . . . . . . . . . . . . . . . . . 0.4 14,998 SKF A.B. – Class B . . . . . . . . . . . . . . . . . . . . 0.3 0.7 Multi-Line Insurance 2,066 Allianz S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,159 Baloise Holding A.G. . . . . . . . . . . . . . . . . . . 0.2 28,062 Sampo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 3,947 Zurich Insurance Group A.G. . . . . . . . . . . . . 1.1 2.8 Multimedia 32,787 Pearson PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Office Supplies and Forms 3,910 Societe BIC S.A. . . . . . . . . . . . . . . . . . . . . . . 0.6 Oil Companies – Integrated 4,383 OMV A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Oil Refining and Marketing 26,944 Neste Oil Oyj . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Optical Supplies 8,280 Essilor International S.A. . . . . . . . . . . . . . . . 0.9 Paper and Related Products 15,063 Mondi PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 32,377 Stora Enso OYJ . . . . . . . . . . . . . . . . . . . . . . . 0.3 30,171 UPM-Kymmene OYJ. . . . . . . . . . . . . . . . . . . 0.5 1.1 Private Equity 53,381 3i Group PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4
Fair Value (EUR) 380,657 946,325 1,006,131 1,959,228 592,699 3,558,058 676,426 471,717 68,517 286,577 141,343 496,437 168,209 1,246,274 1,462,972 1,224,321 50,548 852,202 156,802 2,894,439 205,404 8,092,962 332,162 655,962 596,123 79,766 675,889 433,417 307,073 740,490 288,620 236,226 1,185,620 1,078,132 2,788,598 556,810 559,130 108,172 615,940 885,960 291,050 299,325 478,814 1,069,189 388,575
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
135
INTECH European Core Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (EUR)
Property and Casualty Insurance 11,334 Admiral Group PLC . . . . . . . . . . . . . . . . . . . 0.2 12,190 Gjensidige Forsikring A.S.A . . . . . . . . . . . . . 0.2 0.4 Public Thoroughfares 48,217 Atlantia SpA . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Publishing – Books 76,081 Reed Elsevier N.V.. . . . . . . . . . . . . . . . . . . . . 1.7 Publishing – Periodicals 122,057 Reed Elsevier PLC . . . . . . . . . . . . . . . . . . . . 1.8 23,752 Wolters Kluwer N.V. . . . . . . . . . . . . . . . . . . . 0.6 2.4 Real Estate 17,162 Deutsche Annington Immobilien S.E. . . . . . . . . . . . . . . . . . . . . 0.4 Real Estate Management/Services 29,753 Deutsche Wohnen A.G. . . . . . . . . . . . . . . . . 0.6 3,072 Swiss Prime Site A.G. . . . . . . . . . . . . . . . . . . 0.2 0.8 Reinsurance 3,765 Hannover Rueckversicherung S.E. . . . . . . . . 0.3 9,216 SCOR S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 5,547 Swiss Re A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.1 REIT – Diversified 65,001 British Land Co. PLC . . . . . . . . . . . . . . . . . . 0.7 145,170 Intu Properties PLC . . . . . . . . . . . . . . . . . . . 0.6 12,330 Klepierre . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 9,148 Land Securities Group PLC . . . . . . . . . . . . . 0.2 47,004 Segro PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 5,363 Unibail-Rodamco S.E. . . . . . . . . . . . . . . . . . 1.2 3.5 REIT – Office Property 916 ICADE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 REIT – Shopping Centres 43,602 Hammerson PLC . . . . . . . . . . . . . . . . . . . . . 0.4 Rental – Auto/Equipment 3,621 Ashtead Group PLC . . . . . . . . . . . . . . . . . . . 0.1 Resorts and Theme Parks 42,123 Merlin Entertainments PLC . . . . . . . . . . . . . 0.3 Retail – Apparel and Shoe 20,764 Next PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Retail – Building Products 4,227 Travis Perkins PLC . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Consumer Electronics 73,988 Dixons Carphone PLC . . . . . . . . . . . . . . . . . 0.5 Retail – Jewellery 9,681 Pandora A/S . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Retail – Miscellaneous 10,585 Luxottica Group SpA . . . . . . . . . . . . . . . . . . 0.6 Rubber – Tires 802 Cie Generale des Etablissements Michelin . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 717 Continental A.G. . . . . . . . . . . . . . . . . . . . . . 0.2 18,191 Pirelli & C. SpA . . . . . . . . . . . . . . . . . . . . . . 0.3 0.6 Satellite Telecommunications 5,626 Eutelsat Communications S.A. . . . . . . . . . . . 0.2 28,487 Inmarsat PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4 23,649 SES S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1.3
221,553 176,382 397,935 1,068,489 1,618,623 1,780,415 632,872 2,413,287
434,199 611,573 209,191 820,764 326,764 291,640 440,551 1,058,955 726,918 629,334 486,480 155,228 268,822 1,215,792 3,482,574 58,679 378,227 56,085 253,552 2,180,146 125,699 472,886 933,283 631,395
75,380 152,183 275,412 502,975 162,873 367,556 712,663 1,243,092
The accompanying notes are an integral part of the financial statements.
136
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Security Services 46,652 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 8,023 Securitas A.B. – Class B . . . . . . . . . . . . . . . . 0.1 0.3 Semiconductor Equipment 2,462 ASML Holding N.V. . . . . . . . . . . . . . . . . . . . 0.2 Semiconductors 4,356 Infineon Technologies A.G. . . . . . . . . . . . . . . — 55,699 STMicroelectronics N.V. . . . . . . . . . . . . . . . . 0.4 0.4 Soap and Cleaning Preparations 5,312 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.4 Software 6,044 Amadeus IT Holding S.A. . . . . . . . . . . . . . . . 0.2 Steel – Producers 29,372 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . 0.7 Telecommunication Services 3,158 Tele2 A.B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Telephone – Integrated 11,282 Belgacom S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.4 55,140 BT Group PLC . . . . . . . . . . . . . . . . . . . . . . . 0.4 21,787 Deutsche Telekom A.G. . . . . . . . . . . . . . . . . 0.3 63,068 Orange S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 1,840 Swisscom A.G. . . . . . . . . . . . . . . . . . . . . . . . 1.0 68,708 Telecom Italia SpA (RSP) . . . . . . . . . . . . . . . 0.1 3.1 Television 313,853 ITV PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 13,241 ProSiebenSat.1 Media A.G. . . . . . . . . . . . . . . 0.6 1.8 Tobacco 8,758 British American Tobacco PLC . . . . . . . . . . . 0.4 6,425 Imperial Tobacco Group PLC . . . . . . . . . . . . 0.3 5,173 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 0.1 0.8 Transportation 4,840 DSV A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Transportation – Marine 39 AP Moeller - Maersk A/S – Class A . . . . . . . . 0.1 Transportation – Railroad 56,522 Groupe Eurotunnel S.A. . . . . . . . . . . . . . . . . 0.8 Transportation – Services 2,650 Kuehne + Nagel International A.G. . . . . . . . . 0.3 Travel Services 5,604 TUI A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Water 19,518 Severn Trent PLC . . . . . . . . . . . . . . . . . . . . . 0.6 10,780 Suez Environnement Co. . . . . . . . . . . . . . . . 0.2 48,089 United Utilities Group PLC . . . . . . . . . . . . . 0.6 4,035 Veolia Environnement S.A. . . . . . . . . . . . . . . 0.1 1.5 Wireless Equipment 261,902 Nokia Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Telecommunications 9,704 Altice S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 32,669 Koninklijke KPN N.V. . . . . . . . . . . . . . . . . . . 0.1 30,063 Telefonica Deutschland Holding A.G. . . . . . . 0.2 1.5 Apparel 1,115 Christian Dior S.E. . . . . . . . . . . . . . . . . . . . . 0.2 Home Builders 38,194 Taylor Wimpey PLC . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (EUR) 176,602 95,206 271,808 228,227 48,482 409,666 458,148 410,857 216,103 685,396 32,961 357,301 349,857 336,609 870,969 925,377 62,902 2,903,015 1,164,650 586,576 1,751,226 421,516 277,719 132,070 831,305 140,692 61,442 734,221 315,637 81,349 572,434 179,864 604,546 73,800 1,430,644 1,594,983 1,198,929 112,055 155,426 1,466,410 195,237 100,014
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (EUR)
Cruise Lines 16,225 Carnival PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.8
742,938
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.9
96,312,298
Preferred Stock Automotive – Cars and Light Trucks 1,593 Porsche Automobile Holding S.E., . . . . . 0.1 2.77% . . . . . . . . . . . . . . . . . . . . . . . 393 Volkswagen A.S., 2.58% . . . . . . . . . . . . . . . . 0.1 0.2
120,384 81,744 202,128
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
202,128
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.1
96,514,426
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(31,480)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.1
96,482,946
Total Financial Assets at fair value through profit or loss
96,482,946
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
137
INTECH Global All Country Low Volatility Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Common Stock Advertising Agencies 900 Omnicom Group, Inc. . . . . . . . . . . . . . . . . . . — Advertising Services 1,438 JCDecaux S.A. . . . . . . . . . . . . . . . . . . . . . . . . — Aerospace and Defence 2,200 CAE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,666 Korea Aerospace Industries, Ltd. . . . . . . . . . 0.2 3,162 Zodiac Aerospace . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Aerospace and Defence – Equipment 24,532 Cobham PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.1 600 United Technologies Corp. . . . . . . . . . . . . . . . — 0.1 Agricultural Chemicals 2,000 Monsanto Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Agricultural Operations 1,300 Bunge, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 784,000 Golden Agri-Resources, Ltd. . . . . . . . . . . . . . 0.1 0.2 Airlines 27,000 Cathay Pacific Airways, Ltd. . . . . . . . . . . . . . . — 7,523 Deutsche Lufthansa A.G. . . . . . . . . . . . . . . . 0.1 2,900 Japan Airlines Co., Ltd. . . . . . . . . . . . . . . . . 0.1 25,600 Singapore Airlines, Ltd. . . . . . . . . . . . . . . . . 0.1 0.3 Airport Development and Maintenance 137,147 Auckland International Airport, Ltd. . . . . . . 0.3 Apparel 22,000 Eclat Textile Co., Ltd. . . . . . . . . . . . . . . . . . . 0.2 70,000 Far Eastern New Century Corp. . . . . . . . . . . . — 71 LPP S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Apparel Manufacturers 186 Hermes International . . . . . . . . . . . . . . . . . . 0.1 13,500 Michael Kors Holding, Ltd. . . . . . . . . . . . . . 0.3 600 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.4 Appliances 6,941 Electrolux A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.1 14,444 LG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.6 Athletic Footwear 180,000 Pou Chen Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2 77,000 Yue Yuen Industrial Holdings, Ltd. . . . . . . . . 0.2 0.4 Automotive – Cars and Light Trucks 12,400 Daihatsu Motor Co., Ltd. . . . . . . . . . . . . . . . 0.1 600 Honda Motor Co., Ltd. . . . . . . . . . . . . . . . . . . — 11,582 Kia Motors Corp. . . . . . . . . . . . . . . . . . . . . . 0.3 29,700 Mitsubishi Motors Corp. . . . . . . . . . . . . . . . 0.2 7,941 Peugeot S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.7 Automotive – Truck Parts and Equipment – Original 3,579 Hyundai Mobis. . . . . . . . . . . . . . . . . . . . . . . 0.4 372 Hyundai Wia Corp. . . . . . . . . . . . . . . . . . . . . — 700 WABCO Holdings, Inc. . . . . . . . . . . . . . . . . 0.1 0.5 Banks 11,477 Banca Monte dei Paschi di Siena SpA . . . . . . . — 1,846,918 Banco Comercial Portugues S.A. . . . . . . . . . . 0.1 94,493 Banco de Sabadell S.A. . . . . . . . . . . . . . . . . . 0.1 15,803 Banco Popular Espanol S.A. . . . . . . . . . . . . . 0.1
62,541 59,998 26,196 332,628 102,921 461,745 101,360 66,558 167,918 213,180 114,140 238,723 352,863 66,392 96,983 101,193 204,001 468,569 458,478 360,822 74,193 125,580 560,595 69,374 568,215 41,844 679,433 217,639 800,430 1,018,069 256,711 257,783 514,494 176,622 19,424 470,467 252,900 163,272 1,082,685
The accompanying notes are an integral part of the financial statements.
138
Janus Capital Funds Plc / 30 June 2015
680,369 34,358 86,604 801,331 22,337 160,583 228,042 76,557
Share or Principal Amount 3,565 626 2,300 1,200 1,776 3,300 1,149 1,510 13,548
Percentage of Net Assets (%)
Bank Pekao S.A. . . . . . . . . . . . . . . . . . . . . . . 0.1 Bank Zachodni WBK S.A. . . . . . . . . . . . . . . . . — Chugoku Bank, Ltd. . . . . . . . . . . . . . . . . . . . . — Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . — Erste Group Bank A.G. . . . . . . . . . . . . . . . . . . — Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . — KBC Groep N.V. . . . . . . . . . . . . . . . . . . . . . . 0.1 Komercni banka A/S . . . . . . . . . . . . . . . . . . . 0.3 Powszechna Kasa Oszczednosci Bank Polski S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 3,918 Qatar National Bank SAQ . . . . . . . . . . . . . . . 0.1 10,800 Regions Financial Corp. . . . . . . . . . . . . . . . . 0.1 5,286 Svenska Handelsbanken A.B. . . . . . . . . . . . . . — 13,000 Yamaguchi Financial Group, Inc. . . . . . . . . . 0.1 1.2 Batteries and Battery Systems 400 Energizer Holdings, Inc. . . . . . . . . . . . . . . . . . — Beverages – Non-Alcoholic 16,900 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 0.4 300 Dr. Pepper Snapple Group, Inc. . . . . . . . . . . . — 17,200 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.0 8,600 Suntory Beverage & Food, Ltd. . . . . . . . . . . 0.2 1.6 Broadcast Services and Programming 2,000 Scripps Networks Interactive, Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building – Heavy Construction 5,000 Cheung Kong Infrastructure Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . — 1,400 SBA Communications Corp. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Building – Residential and Commercial 7,900 Iida Group Holdings Co., Ltd. . . . . . . . . . . . 0.1 Building and Construction – Miscellaneous 116,000 China State Construction International Holdings, Ltd. . . . . . . . . . . . 0.1 19,000 Taisei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Building Products – Air and Heating 3,100 Rinnai Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Building Products – Cement and Aggregate 33,500 Anhui Conch Cement Co., Ltd. . . . . . . . . . . 0.1 619 Lafarge S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . — 170,600 Semen Indonesia Persero Tbk PT . . . . . . . . . 0.1 195,000 Taiheiyo Cement Corp.. . . . . . . . . . . . . . . . . 0.4 45,000 Taiwan Cement Corp.. . . . . . . . . . . . . . . . . . . — 0.6 Building Products – Doors and Windows 23,000 Asahi Glass Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 Cable/Satellite TV 84,251 British Sky Broadcasting Group PLC. . . . . . . 0.8 8,200 DIRECTV . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,263 Kabel Deutschland Holding A.G. . . . . . . . . . 0.3 3,100 Liberty Global PLC – Class A . . . . . . . . . . . . 0.1 5,700 Liberty Global PLC – Class C . . . . . . . . . . . . 0.2 1.9 Casino Hotels 29,840 Crown, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 16,800 Sands China, Ltd. . . . . . . . . . . . . . . . . . . . . . . — 54,800 Wynn Macau, Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Casino Services 23,700 Sega Sammy Holdings, Inc. . . . . . . . . . . . . . 0.2
Fair Value (USD) 170,690 56,839 36,294 61,584 50,433 68,706 76,771 335,050 112,179 207,576 111,888 77,195 162,009 2,014,733 52,620 662,987 21,870 1,605,448 342,609 2,632,914
130,740
38,832 160,958 199,790 125,889
208,915 109,153 318,068 244,464 117,555 40,876 153,581 570,483 56,812 939,307 138,146 1,372,556 760,878 436,472 167,617 288,591 3,026,114 280,827 56,569 91,483 428,879 309,880
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Cellular Telecommunications 8,300 Advanced Info Service PCL . . . . . . . . . . . . . . — 240,700 Axiata Group Bhd. . . . . . . . . . . . . . . . . . . . . 0.2 258,000 Far EasTone Telecommunications Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 4,300 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . . — 136,000 Taiwan Mobile Co., Ltd. . . . . . . . . . . . . . . . . 0.3 1.0 Chemicals – Diversified 1,700 Ashland, Inc . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,387 Croda International PLC. . . . . . . . . . . . . . . . . — 800 E.I. du Pont de Nemours & Co. . . . . . . . . . . . — 4,200 FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 55,824 Israel Chemicals, Ltd. . . . . . . . . . . . . . . . . . . 0.3 582 KCC Corp . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,400 Kuraray Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . — 665 LANXESS A.G. . . . . . . . . . . . . . . . . . . . . . . . . — 200 PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . — 0.8 Chemicals – Plastics 568 EMS-Chemie Holding A.G.. . . . . . . . . . . . . . 0.1 Chemicals – Specialty 1,600 International Flavors & Fragrances, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 9,900 Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . . . 0.8 0.9 Coal 2,300 CONSOL Energy, Inc.. . . . . . . . . . . . . . . . . . . — Commercial Banks – Non U.S. 20,400 AMMB Holdings Bhd . . . . . . . . . . . . . . . . . . . — 194,352 Bank Hapoalim BM . . . . . . . . . . . . . . . . . . . 0.6 182,813 Bank Leumi Le-Israel BM . . . . . . . . . . . . . . . 0.5 51,646 Bank of Ireland . . . . . . . . . . . . . . . . . . . . . . . . — 21,148 Bankinter S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.1 31,683 CaixaBank S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.1 90,900 CIMB Group Holdings Bhd . . . . . . . . . . . . . 0.1 5,000 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 0.1 6,000 Gunma Bank, Ltd. . . . . . . . . . . . . . . . . . . . . . — 6,600 Hang Seng Bank, Ltd. . . . . . . . . . . . . . . . . . . 0.1 83,300 Hong Leong Bank Bhd . . . . . . . . . . . . . . . . . 0.2 85,516 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . 0.2 86,500 Mizuho Financial Group, Inc., . . . . . . . . . . . 0.1 5,735 OTP Bank PLC . . . . . . . . . . . . . . . . . . . . . . . 0.1 11,000 Oversea-Chinese Banking Corp, Ltd. . . . . . . . — 113,700 Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . 0.3 84,800 Resona Holdings, Inc.. . . . . . . . . . . . . . . . . . 0.3 131,000 Shinsei Bank, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2 4,567 Skandinaviska Enskilda Banken A.B. – Class A . . . . . . . . . . . . . . . . . . . . . . . — 6,003 Swedbank A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.1 4,000 United Overseas Bank, Ltd. . . . . . . . . . . . . . 0.1 3.2 Commercial Banks – Western U.S. 3,000 First Republic Bank . . . . . . . . . . . . . . . . . . . 0.1 Commercial Services 2,514 Bureau Veritas S.A. . . . . . . . . . . . . . . . . . . . . . — 1,500 CDK Global, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 2,885 Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,021 Experian PLC . . . . . . . . . . . . . . . . . . . . . . . . . — 3,427 ISS A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 3,300 SEI Investments Co . . . . . . . . . . . . . . . . . . . 0.1 0.3 Commercial Services – Finance 500 Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . —
Fair Value (USD) 58,995 408,508 623,847 82,367 454,041 1,627,758 207,230 59,965 51,160 220,710 390,295 256,243 41,594 39,206 22,944 1,289,347 240,034
174,864 1,379,565 1,554,429 50,002 32,621 1,047,583 773,574 20,840 156,270 146,778 131,855 76,829 44,325 128,998 296,001 284,192 187,321 113,583 83,164 564,430 463,257 264,419 58,427 140,047 68,533 5,083,047 189,090 57,897 80,970 71,281 55,006 113,093 161,799 540,046 48,545
Share or Principal Amount
Percentage of Net Assets (%)
Computer Aided Design 7,356 Dassault Systemes. . . . . . . . . . . . . . . . . . . . . 0.3 Computer Services 2,600 International Business Machines Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 9,000 Nomura Research Institute, Ltd. . . . . . . . . . . 0.2 288 SK C&C Co., Ltd. . . . . . . . . . . . . . . . . . . . . . — 0.5 Computers 174,000 Lenovo Group, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 15,200 Netapp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 22,000 Quanta Computer, Inc.. . . . . . . . . . . . . . . . . . — 215,000 Wistron Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.6 Computers – Integrated Systems 60,000 Fujitsu, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,200 Otsuka Corp. . . . . . . . . . . . . . . . . . . . . . . . . . — 0.2 Computers – Peripheral Equipment 135,000 Lite-On Technology Corp. . . . . . . . . . . . . . . 0.1 Consulting Services 2,800 Verisk Analytics, Inc. – Class A . . . . . . . . . . . 0.1 Consumer Products – Miscellaneous 5,800 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 9,358 Husqvarna A.B. . . . . . . . . . . . . . . . . . . . . . . . — 12,300 Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . 0.8 1.2 Containers – Metal and Glass 3,300 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 69,869 Rexam PLC. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.5 Containers – Paper and Plastic 9,342 Amcor, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,500 Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Cosmetics and Toiletries 12,600 Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . 0.5 4,400 Estee Lauder Cos, Inc. – Class A. . . . . . . . . . 0.2 153 LG Household & Health Care, Ltd. . . . . . . . 0.1 17,400 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 0.8 46,300 Shiseido Co., Ltd. . . . . . . . . . . . . . . . . . . . . . 0.6 13,900 Unicharm Corp. . . . . . . . . . . . . . . . . . . . . . . 0.2 2.4 Data Processing and Management 2,300 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Dialysis Centres 4,700 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 19,968 Fresenius Medical Care A.G. & Co KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1.2 Distribution/Wholesale 1,500 Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,200 Jardine Cycle & Carriage, Ltd. . . . . . . . . . . . . — 244 Jardine Cycle & Carriage, Ltd. Rights* . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 374,000 Li and Fung, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 300 WW Grainger, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Diversified Banking Institutions 5,900 Bank of America Corp. . . . . . . . . . . . . . . . . . 0.1 275,034 Lloyds Banking Group PLC . . . . . . . . . . . . . 0.2 17,200 Mitsubishi UFJ Financial Group, Inc.. . . . . . . 0.1 6,936 Royal Bank of Scotland Group, PLC . . . . . . . . — 0.4
Fair Value (USD) 534,787
422,916 352,292 71,406 846,614 241,091 479,712 52,055 163,070 935,928 335,573 56,092 391,665 158,402 203,728 603,316 70,533 1,303,431 1,977,280 231,495 605,898 837,393 98,872 77,070 175,942 824,166 381,304 106,189 1,361,376 1,051,086 330,490 4,054,611 107,824 373,509 1,648,007 2,021,516 63,270 54,081 1,289 296,738 70,995 486,373 100,418 368,304 123,662 38,301 630,685
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
139
INTECH Global All Country Low Volatility Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Diversified Financial Services 26,386 BS Financial Group, Inc.. . . . . . . . . . . . . . . . 0.2 144,000 China Development Financial Holding Corp.. . . . . . . . . . . . . . . . . . . . . . . — 38,000 Fubon Financial Holding Co., Ltd. . . . . . . . . 0.1 82,000 SinoPac Financial Holdings Co., Ltd. . . . . . . . . — 303,652 Taiwan Cooperative Financial Holding Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.1 82,000 Yuanta Financial Holding Co., Ltd. . . . . . . . . . — 0.4 Diversified Manufacturing Operations 66,100 Bombardier, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 19,000 Toshiba Corp. . . . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Diversified Minerals 4,000 Sumitomo Metal Mining Co., Ltd. . . . . . . . . . — Diversified Operations 45,530 Aboitiz Equity Ventures, Inc. . . . . . . . . . . . . . — 33,453 Bollore S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 258 CJ Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 57,600 IJM Corp. Bhd . . . . . . . . . . . . . . . . . . . . . . . 0.1 529,500 Noble Group, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2 160,000 NWS Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 198,700 Sime Darby Bhd . . . . . . . . . . . . . . . . . . . . . . 0.3 5,500 Swire Pacific, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 9,000 Wharf Holdings, Ltd. . . . . . . . . . . . . . . . . . . . — 0.9 E-Commerce/Products 5,800 eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 E-Commerce/Services 3,400 Zillow Group, Inc. . . . . . . . . . . . . . . . . . . . . 0.2 Electric – Distribution 18,509 AGL Energy, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 Electric – Generation 25,730 CEZ A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Electric – Integrated 2,900 American Electric Power Co., Inc. . . . . . . . . 0.1 18,100 Chubu Electric Power Co., Inc. . . . . . . . . . . 0.2 9,800 Chugoku Electric Power Co., Inc.. . . . . . . . . 0.1 49,500 CLP Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.3 26,300 Consolidated Edison, Inc.. . . . . . . . . . . . . . . 0.9 500 Dominion Resources, Inc.. . . . . . . . . . . . . . . . — 600 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . . — 21,400 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . 0.9 9,600 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 8,800 Eversource Energy . . . . . . . . . . . . . . . . . . . . 0.2 27,500 Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 700 FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . . — 4,068 Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . . . — 13,400 Hokuriku Electric Power Co. . . . . . . . . . . . . 0.1 45,200 Kansai Electric Power Co., Inc. . . . . . . . . . . . 0.3 31,000 Kyushu Electric Power Co., Inc. . . . . . . . . . . 0.2 43,900 Pepco Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.7 1,900 PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 110,851 PGE Polska Grupa Energetyczna S.A. . . . . . . 0.3 7,000 Power Assets Holdings, Ltd. . . . . . . . . . . . . . . — 29,000 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 11,300 Public Service Enterprise Group, Inc. . . . . . . 0.3 1,500 SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . — 16,100 Shikoku Electric Power Co., Inc. . . . . . . . . . 0.1 71,600 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . 1.8 65,802 SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 25,200 Tohoku Electric Power Co., Inc. . . . . . . . . . . 0.2 12,100 Tokyo Electric Power Co., Inc. . . . . . . . . . . . . — 8,556 WEC Energy Group, Inc. . . . . . . . . . . . . . . . 0.3
335,977 54,609 75,626 36,280 158,953 44,386 705,831 119,094 65,367 184,461 60,914 58,630 178,060 68,479 99,590 298,864 231,601 448,933 69,147 59,913 1,513,217 349,392 294,916 222,020 597,973 153,613 269,866 143,032 420,840 1,522,244 33,435 44,784 1,511,268 676,800 399,608 864,050 22,785 72,282 199,735 500,683 359,729 1,182,666 93,290 543,874 63,848 854,630 443,864 75,975 241,165 3,000,040 1,587,839 341,437 65,953 384,763
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
140
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
3,500 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 9.6 Electric Products – Miscellaneous 12,300 Casio Computer Co., Ltd.. . . . . . . . . . . . . . . 0.2 7,697 LG Electronics, Inc. . . . . . . . . . . . . . . . . . . . 0.2 500 Nidec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.4 Electrical Components – Equipment 7,000 Delta Electronics, Inc.. . . . . . . . . . . . . . . . . . . — 8,000 Hermes Microvision Inc . . . . . . . . . . . . . . . . 0.4 2,576 Prysmian SpA . . . . . . . . . . . . . . . . . . . . . . . . . — 0.4 Electronic Components – Miscellaneous 1,400 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 100 Murata Manufacturing Co., Ltd. . . . . . . . . . . . — 0.1 Electronic Components – Semiconductors 1,992,600 Hanergy Thin Film Power Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 2,475 Hynix Semiconductor, Inc. . . . . . . . . . . . . . . 0.1 2,000 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.8 Engineering – Research and Development Services 1,000 JGC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 727 KEPCO Plant Service & Engineering Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 234,900 Singapore Technologies Engineering, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 Electronics – Miscellaneous 2,600 FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . . — 4,100 Ibiden Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . — 2,600 Trimble Navigation, Ltd.. . . . . . . . . . . . . . . . . — — Engineering and Construction 1,468 Daelim Industrial Co., Ltd. . . . . . . . . . . . . . . 0.1 99,000 Kajima Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 7,000 Shimizu Corp. . . . . . . . . . . . . . . . . . . . . . . . . — 16,191 Sydney Airport . . . . . . . . . . . . . . . . . . . . . . . . — 0.4 Entertainment 4,257 OPAP S.A.* . . . . . . . . . . . . . . . . . . . . . . . . . . — 49,016 Tabcorp Holdings, Ltd. . . . . . . . . . . . . . . . . . 0.1 0.1 Entertainment Software 11,500 Konami Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.1 Feminine Health Care Products 4,000 Hengan International Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . — Fiduciary Banks 1,100 Bank of New York Mellon Corp. . . . . . . . . . . . — Finance – Consumer Loans 28,000 Navient Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Finance – Credit Card 1,900 Discover Financial Services. . . . . . . . . . . . . . 0.1 Finance – Investment Bankers/Brokers 1,700 Charles Schwab Corp. . . . . . . . . . . . . . . . . . . — 5,821 ICAP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,228 Korea Investment Holdings Co., Ltd. . . . . . . . — 1,300 Raymond James Financial, Inc.. . . . . . . . . . . 0.1 0.1 Finance – Mortgage Loan Banker 4,600 FNF Group. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 112,630 16,186,728 242,844 325,770 37,448 606,062 35,849 521,201 55,649 612,699 61,502 17,455 78,957
1,005,133 93,878 88,320 1,187,331 18,894 76,924 575,692 671,510 80,132 69,355 60,996 210,482 107,941 465,188 58,977 62,199 694,305 33,034 172,040 205,074 213,892
47,528 46,167 509,880 109,478 55,505 48,422 70,143 77,454 251,524 170,154
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Finance – Other Services 6,200 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4 5,500 Intercontinental Exchange . . . . . . . . . . . . . . 0.7 1,200 NASDAQ OMX Group, Inc. . . . . . . . . . . . . . . — 20,500 Singapore Exchange, Ltd. . . . . . . . . . . . . . . . 0.1 1.2 Food – Baking 864 Aryzta A.G.. . . . . . . . . . . . . . . . . . . . . . . . . . . — Food – Confectionery 14,400 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,700 J.M. Smucker Co. . . . . . . . . . . . . . . . . . . . . . 0.1 13 Lindt & Spruengli A.G. . . . . . . . . . . . . . . . . 0.3 316,000 Want Want China Holdings, Ltd. . . . . . . . . . 0.2 1.4 Food – Meat Products 6,000 NH Foods, Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.1 Food – Miscellaneous/Diversified 200 Barry Callebaut A.G.. . . . . . . . . . . . . . . . . . . 0.2 3,900 Campbell Soup Co. . . . . . . . . . . . . . . . . . . . 0.1 475 CJ CheilJedang Corp. . . . . . . . . . . . . . . . . . . 0.1 11,100 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . . 0.3 28,400 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 0.9 600 George Weston, Ltd. . . . . . . . . . . . . . . . . . . . . — 98,600 Indofood Sukses Makmur Tbk PT . . . . . . . . . — 7,700 Kellogg Co.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 6,800 McCormick & Co., Inc. . . . . . . . . . . . . . . . . 0.3 52,000 Uni-President Enterprises Corp. . . . . . . . . . . 0.1 119,400 Wilmar International, Ltd. . . . . . . . . . . . . . . 0.2 2.5 Food – Retail 5,000 Empire Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . 0.2 1,376 ICA Gruppen A.B. . . . . . . . . . . . . . . . . . . . . . — 1,000 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,900 Whole Foods Market, Inc. . . . . . . . . . . . . . . 0.1 38,255 WM. Morrison Supermarkets PLC . . . . . . . . 0.1 7,700 Safeway, Inc.* . . . . . . . . . . . . . . . . . . . . . . . . . — 0.4 Forestry 1,500 West Fraser Timber Co., Ltd. . . . . . . . . . . . . . — Food – Wholesale/Distribution 2,200 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Gambling – Non-Hotel 141,000 Genting Singapore PLC . . . . . . . . . . . . . . . . 0.1 5,916 William Hill PLC . . . . . . . . . . . . . . . . . . . . . . — 0.1 Gas – Distribution 85,000 Beijing Enterprises Holdings, Ltd. . . . . . . . . 0.4 23,252 Centrica PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.1 110,000 China Gas Holdings, Ltd. . . . . . . . . . . . . . . . 0.1 61,000 Osaka Gas Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.1 23,000 Toho Gas Co., Ltd. . . . . . . . . . . . . . . . . . . . . 0.1 0.8 Gold Mining 23,414 AngloGold Ashanti, Ltd. . . . . . . . . . . . . . . . . 0.1 4,600 Barrick Gold Corp. . . . . . . . . . . . . . . . . . . . . . — 21,000 Eldorado Gold Corp. . . . . . . . . . . . . . . . . . . 0.1 1,700 Franco-Nevada Corp. . . . . . . . . . . . . . . . . . . . — 14,669 Gold Fields, Ltd. . . . . . . . . . . . . . . . . . . . . . . — 6,900 Goldcorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 14,046 Newcrest Mining, Ltd. . . . . . . . . . . . . . . . . . 0.1 43,300 Newmont Mining Corp. . . . . . . . . . . . . . . . . 0.6 6,272 Randgold Resources, Ltd. . . . . . . . . . . . . . . . 0.3 9,100 Yamana Gold, Inc. . . . . . . . . . . . . . . . . . . . . . — 1.3
Fair Value (USD) 576,972 1,229,855 58,572 119,209 1,984,608 42,613 1,279,152 184,297 526,971 334,293 2,324,713 136,994 227,881 185,835 187,836 485,292 1,582,448 47,138 48,635 482,790 550,460 92,196 290,852 4,181,363 352,218 48,841 72,510 114,376 108,658 376 696,979 82,435 79,420 93,721 37,464 131,185 639,862 96,363 176,255 240,919 136,267 1,289,666 211,200 49,175 87,108 81,093 47,014 111,998 141,073 1,011,488 422,214 27,399 2,189,762
Share or Principal Amount
Percentage of Net Assets (%)
Hazardous Waste Disposal 2,000 Stericycle, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.2 Health Care Products 500 Hospira, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . — Home Furnishings 1,200 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . 0.1 164,000 Sharp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Human Resources 6,195 Capita PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Import and Export 3,900 ITOCHU Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1 7,500 Marubeni Corp. . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Industrial Gases 1,100 Airgas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,800 Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Insurance 3,300 MS&AD Insurance Group Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,689 NN Group N.V.. . . . . . . . . . . . . . . . . . . . . . . . — 2,087 Powszechny Zaklad Ubezpieczen S.A. . . . . . 0.1 3,949 Qatar Insurance Co SAQ . . . . . . . . . . . . . . . 0.1 6,852 QBE Insurance Group, Ltd. . . . . . . . . . . . . . . — 7,600 Renaissancere Holdings, Ltd. . . . . . . . . . . . . 0.5 292,000 Shin Kong Financial Holding Co., Ltd. . . . . . 0.1 866 Swiss Life Holding A.G. . . . . . . . . . . . . . . . . 0.1 4,900 Willis Group Holdings PLC . . . . . . . . . . . . . 0.1 1.1 Insurance Brokers 1,000 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Internet Content – Entertainment 2,701 NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 600 Twitter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.3 Internet Content – Information/News 7,500 Kakaku.com, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 300 LinkedIn Corp.. . . . . . . . . . . . . . . . . . . . . . . . — 8,900 M3, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Internet Infrastructure Software 2,000 F5 Networks, Inc.. . . . . . . . . . . . . . . . . . . . . 0.2 Internet Security 14,100 Trend Micro, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 Investment Companies 1,878 Investment A.B. Kinnevik . . . . . . . . . . . . . . . 0.1 586 Pargesa Holding S.A. . . . . . . . . . . . . . . . . . . . — 0.1 Investment Management and Advisory Services 369 Partners Group Holding A.G. . . . . . . . . . . . . 0.1 Life and Health Insurance 1,776 Samsung Life Insurance Co., Ltd. . . . . . . . . . 0.1 900 Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . . — 0.1 Lottery Services 83,097 Tatts Group, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 Machine Tools and Related Products 205,500 Techtronic Industries Co., Ltd. . . . . . . . . . . . 0.4 Machinery – Electrical 1,379 Schindler Holding A.G. . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 267,820 44,355 58,416 199,690 258,106 120,486 51,535 43,044 94,579 116,358 215,190 331,548
102,827 75,580 240,246 104,663 72,255 771,476 89,156 198,364 229,810 1,884,377 99,680 480,764 21,732 502,496 108,605 61,989 179,062 349,656 240,700 482,790 59,407 39,434 98,841 110,341 171,198 52,398 223,596 238,456 673,399 225,284
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
141
INTECH Global All Country Low Volatility Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Machinery – Farm 12,200 AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 16,200 Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 1.4 Machinery – General Industrial 800 ANDRITZ A.G. . . . . . . . . . . . . . . . . . . . . . . . . — 6,407 MAN S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 3,000 Sumitomo Heavy Industries, Ltd. . . . . . . . . . . — 0.4 Machinery – Pumps 4,980 Weir Group PLC . . . . . . . . . . . . . . . . . . . . . . 0.1 Media 200 Charter Communications, Inc . . . . . . . . . . . . — 4,200 Discovery Communications, Inc. . . . . . . . . . 0.1 758 RTL Group S.A. . . . . . . . . . . . . . . . . . . . . . . . — 2,300 Twenty-First Century Fox, Inc. . . . . . . . . . . . . — 0.1 Medical – Biomedical and Genetic 100 Biogen Idec, Inc.. . . . . . . . . . . . . . . . . . . . . . . — Medical – Drugs 10,300 Chugai Pharmaceutical Co., Ltd. . . . . . . . . . 0.2 17,300 Daiichi Sankyo Co., Ltd.. . . . . . . . . . . . . . . . 0.2 10,600 Eisai Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 0.4 10,000 Johnson & Johnson . . . . . . . . . . . . . . . . . . . 0.6 15,900 Mitsubishi Tanabe Pharma Corp. . . . . . . . . . 0.1 3,402 Novo Nordisk A/S – Class B . . . . . . . . . . . . . 0.1 21,900 Otsuka Holdings Co., Ltd. . . . . . . . . . . . . . . 0.4 1,300 Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,100 Quintiles Transnational Holdings, Inc. . . . . . 0.2 17,165 Richter Gedeon Nyrt . . . . . . . . . . . . . . . . . . 0.2 23,500 Santen Pharmaceutical Co., Ltd. . . . . . . . . . . 0.2 3,300 Takeda Pharmaceutical Co., Ltd. . . . . . . . . . 0.1 2.7 Medical – HMO 5,300 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Medical – Hospitals 10,300 HCA Holdings, Inc. . . . . . . . . . . . . . . . . . . . 0.6 Medical Instruments 1,900 Sysmex Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical Labs and Testing Services 700 Miraca Holdings, Inc. . . . . . . . . . . . . . . . . . . . — Medical Products 800 Varian Medical Systems, Inc. . . . . . . . . . . . . . — Metal – Copper 8,388 Antofagasta PLC . . . . . . . . . . . . . . . . . . . . . . 0.1 Metal – Iron 59,170 Fortescue Metals Group, Ltd. . . . . . . . . . . . . 0.1 Metal Processors and Fabrication 200 Precision Castparts Corp. . . . . . . . . . . . . . . . . — Mining 35,000 Mitsubishi Materials Corp. . . . . . . . . . . . . . . 0.1 Mining Services 8,696 Orica, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Multi-Industry 20,800 Southwestern Energy Co. . . . . . . . . . . . . . . . 0.3 Multi-Line Insurance 800 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . . — 10,892 Delta Lloyd N.V. . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Multimedia 2,600 Twenty-First Century Fox, Inc. . . . . . . . . . . . 0.1 400 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . — 0.1
692,716 1,572,210 2,264,926 44,276 659,839 17,504 721,619 132,766 34,250 133,588 68,491 74,106 310,435 40,394 355,622 320,072 711,691 974,600 238,429 185,384 698,592 43,589 297,701 258,003 332,806 159,404 4,575,893 1,013,784
The accompanying notes are an integral part of the financial statements.
142
Janus Capital Funds Plc / 30 June 2015
934,416 113,345 35,009 67,464 90,859 87,180 39,974 134,428 142,748 472,784 51,896 178,781 230,677 84,617 45,656 130,273
Share or Principal Amount
Percentage of Net Assets (%)
Non-Hazardous Waste Disposal 12,700 Republic Services, Inc. . . . . . . . . . . . . . . . . . 0.3 1,200 Waste Management, Inc.. . . . . . . . . . . . . . . . . — 0.3 Office Automation and Equipment 17,200 Seiko Epson Corp. . . . . . . . . . . . . . . . . . . . . 0.2 Office Supplies and Forms 2,600 Avery Dennison Corp. . . . . . . . . . . . . . . . . . 0.1 Oil – Field Services 3,800 Core Laboratories N.V. . . . . . . . . . . . . . . . . . 0.3 1,600 Oceaneering International, Inc. . . . . . . . . . . . — 6,422 Saipem SpA . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.3 Oil and Gas Drilling 8,100 Diamond Offshore Drilling, Inc. . . . . . . . . . . 0.1 1,700 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . 0.1 0.2 Oil Companies – Exploration and Production 8,500 Antero Resources Finance Corp. . . . . . . . . . . 0.2 7,900 ARC Resources, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 19,800 Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . 0.4 9,100 Cobalt International Energy, Inc. . . . . . . . . . 0.1 1,600 Energen Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 3,000 EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 10,001 GS Holdings Corp. . . . . . . . . . . . . . . . . . . . . 0.3 16,000 Peyto Exploration & Development Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 10,400 Range Resources Corp. . . . . . . . . . . . . . . . . . 0.3 900 Tourmaline Oil Corp. . . . . . . . . . . . . . . . . . . . — 1.8 Oil Field Machinery and Equipment 900 FMC Technologies, Inc. . . . . . . . . . . . . . . . . . — Oil Refining and Marketing 2,550 Caltex Australia, Ltd. . . . . . . . . . . . . . . . . . . 0.1 42,100 JX Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 3,550 SK Holdings Co., Ltd.. . . . . . . . . . . . . . . . . . 0.4 510 SK Innovation Co., Ltd. . . . . . . . . . . . . . . . . . — 6,863 S-Oil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 16,000 TonenGeneral Sekiyu KK . . . . . . . . . . . . . . . 0.1 0.9 Paper and Related Products 36,500 Klabin S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Petrochemicals 1,188 LG Chem, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.2 Pharmaceuticals 10,600 Alfresa Holdings Corp. . . . . . . . . . . . . . . . . . 0.1 3,812 Celltrion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,900 Taisho Pharmaceutical Holdings Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Pharmacy Services 2,300 Express Scripts Holding Co. . . . . . . . . . . . . . 0.1 13,400 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.8 0.9 Photo Equipment and Supplies 39,000 Nikon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Pipelines 18,818 APA Group . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Property and Casualty Insurance 39,519 Admiral Group PLC . . . . . . . . . . . . . . . . . . . 0.5 200 Alleghany Corp. . . . . . . . . . . . . . . . . . . . . . . 0.1 8,500 Arch Capital Group, Ltd. . . . . . . . . . . . . . . . 0.3 2,400 Chubb Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 497,459 55,620 553,079 305,150 158,444 433,352 74,544 67,828 575,724 209,061 119,714 328,775 291,890 135,378 624,492 88,361 109,280 244,020 446,153 391,160 513,552 27,040 2,871,326 37,341 62,651 181,721 630,290 55,793 416,014 148,925 1,495,394 223,355 296,680 165,103 266,621 195,988 627,712 204,562 1,262,950 1,467,512 451,287 119,614 861,110 93,752 569,160 228,336
PORTFOLIO INVESTMENTS
Share or Principal Amount 11,282 200 15,700 975
Percentage of Net Assets (%)
Dongbu Insurance Co., Ltd. . . . . . . . . . . . . . 0.3 Fairfax Financial Holdings, Ltd. . . . . . . . . . . 0.1 Intact Financial Corp.. . . . . . . . . . . . . . . . . . 0.6 Samsung Fire & Marine Insurance Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 700 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . . — 1,700 WR Berkley Corp. . . . . . . . . . . . . . . . . . . . . 0.1 2.3 Publishing – Newspapers 198,000 Singapore Press Holdings, Ltd. . . . . . . . . . . . 0.4 Publishing – Periodicals 667 Axel Springer S.E.. . . . . . . . . . . . . . . . . . . . . . — 3,200 Nielsen Holdings N.V. . . . . . . . . . . . . . . . . . 0.1 0.1 Real Estate 6,600 Henderson Land Development Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . — 42,500 Kerry Properties, Ltd. . . . . . . . . . . . . . . . . . . 0.1 1,400 Seibu Holdings, Inc. . . . . . . . . . . . . . . . . . . . . — 62,400 Swire Properties, Ltd. . . . . . . . . . . . . . . . . . . 0.1 13,000 Wheelock & Co., Ltd. . . . . . . . . . . . . . . . . . 0.1 0.3 Real Estate Management/Services 18,269 Lend Lease Group . . . . . . . . . . . . . . . . . . . . 0.1 10,840 Swiss Prime Site A.G. . . . . . . . . . . . . . . . . . . 0.5 0.6 Real Estate Operating/Development 12,000 China Overseas Land & Investment, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 65,600 Global Logistic Properties, Ltd.. . . . . . . . . . . 0.1 39,000 Hysan Development Co., Ltd.. . . . . . . . . . . . 0.1 19,000 UOL Group, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Recreational Vehicles 800 Polaris Industries, Inc. . . . . . . . . . . . . . . . . . 0.1 Reinsurance 15,300 Axis Capital Holdings, Ltd.. . . . . . . . . . . . . . 0.5 900 Berkshire Hathaway, Inc. – Class B . . . . . . . . 0.1 3,600 Everest Re Group, Ltd. . . . . . . . . . . . . . . . . . 0.4 7,100 PartnerRe, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.5 REIT – Apartments 1,200 AvalonBay Communities, Inc.. . . . . . . . . . . . 0.1 1,200 Camden Property Trust . . . . . . . . . . . . . . . . 0.1 2,900 Equity Residential. . . . . . . . . . . . . . . . . . . . . 0.1 200 Essex Property Trust, Inc. . . . . . . . . . . . . . . . . — 5,700 UDR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 REIT – Diversified 35,000 CapitaCommercial Trust . . . . . . . . . . . . . . . . . — 4,000 Liberty Property Trust. . . . . . . . . . . . . . . . . . 0.1 4,300 Plum Creek Timber Co., Inc. . . . . . . . . . . . . 0.1 49,900 Suntec Real Estate Investment Trust . . . . . . . 0.1 400 United Urban Investment Corp. . . . . . . . . . . 0.3 900 Vornado Realty Trust . . . . . . . . . . . . . . . . . . 0.1 2,300 Weyerhaeuser Co.. . . . . . . . . . . . . . . . . . . . . . — 0.7 REIT – Health Care 14,500 HCP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 4,800 Health Care REIT, Inc. . . . . . . . . . . . . . . . . . 0.2 10,400 Ventas, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.9 REIT – Mortgage 25,800 American Capital Agency Corp. . . . . . . . . . . 0.3
Fair Value (USD) 571,586 98,636 1,091,130 257,039 67,662 88,281 3,926,692 599,955 35,012 143,264 178,276
45,171 166,682 32,446 199,245 66,415 509,959 211,813 822,829 1,034,642
42,341 123,259 169,056 97,646 432,302 118,488 816,561 122,499 655,236 912,350 2,506,646 191,844 89,136 203,493 42,500 182,571 709,544 40,550 128,880 174,451 63,927 565,825 85,437 72,450 1,131,520 528,815 315,024 645,736 1,489,575 473,946
Share or Principal Amount
Percentage of Net Assets (%)
157,900 Annaly Capital Management, Inc. . . . . . . . . . 0.9 1.2 REIT – Office Property 23,000 American Realty Capital Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 600 Boston Properties, Inc. . . . . . . . . . . . . . . . . . . — 149 Japan Prime Realty Investment Corp. . . . . . . 0.3 87 Japan Real Estate Investment Corp. . . . . . . . 0.2 92 Nippon Building Fund, Inc. . . . . . . . . . . . . . 0.2 2,000 SL Green Realty Corp . . . . . . . . . . . . . . . . . . 0.1 0.9 REIT – Regional Malls 2,200 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 REIT – Shopping Centres 85,000 CapitaMall Trust . . . . . . . . . . . . . . . . . . . . . . 0.1 3,500 Federal Realty Investment Trust . . . . . . . . . . 0.3 519 Japan Retail Fund Investment Corp. . . . . . . . 0.6 1.0 REIT – Storage 500 Public Storage . . . . . . . . . . . . . . . . . . . . . . . 0.1 REIT – Warehouse and Industrial 264 Nippon Prologis REIT, Inc. . . . . . . . . . . . . . . 0.3 REITS – Single Tenant 11,900 Realty Income Corp.. . . . . . . . . . . . . . . . . . . 0.3 Rental – Auto/Equipment 3,957 Ashtead Group PLC . . . . . . . . . . . . . . . . . . . . — Resorts and Theme Parks 6,500 Oriental Land Co., Ltd. . . . . . . . . . . . . . . . . 0.2 Retail – Apparel and Shoe 6,000 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 334 Hugo Boss A.G. . . . . . . . . . . . . . . . . . . . . . . . — 6,000 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 5,802 Next PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 3,200 Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 800 Shimamura Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 1.0 Retail – Auto Parts 3,000 Advance Auto Parts, Inc. . . . . . . . . . . . . . . . 0.3 2,900 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.2 2,000 O'Reilly Automotive, Inc. . . . . . . . . . . . . . . . 0.3 1.8 Retail – Automobile 16,600 USS Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Retail – Building Products 29,475 Kingfisher PLC . . . . . . . . . . . . . . . . . . . . . . . 0.1 6,226 Travis Perkins PLC . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Retail – Consumer Electronics 1,600 Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . . — 14,284 Dixons Carphone PLC . . . . . . . . . . . . . . . . . 0.1 21,300 Yamada Denki Co., Ltd. . . . . . . . . . . . . . . . . 0.1 0.2 Retail – Convenience Store 13,700 CP ALL PCL . . . . . . . . . . . . . . . . . . . . . . . . . . — 5,400 FamilyMart Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 8,800 Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 7,700 Safeway Casa* . . . . . . . . . . . . . . . . . . . . . . . . — 0.5 Retail – Discount 500 Costco Wholesale Corp. . . . . . . . . . . . . . . . . . — 2,500 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 5,600 Dollarama, Inc.. . . . . . . . . . . . . . . . . . . . . . . 0.2 3,800 Don Quijote Holdings Co., Ltd. . . . . . . . . . . 0.1
Fair Value (USD) 1,451,101 1,925,047
186,990 72,624 463,304 395,293 402,975 219,780 1,740,966 164,120 135,722 448,315 1,038,679 1,622,716 92,185 486,276 528,241 68,319 415,114 207,660 37,324 514,380 679,063 155,552 84,073 1,678,052 477,870 1,934,010 451,960 2,863,840 299,796 160,818 206,380 367,198 52,176 101,766 85,291 239,233 18,765 248,443 602,632 7,815 877,655 67,530 197,475 339,462 161,788
*Fair Valued by Janus Global Pricing Committee at 30 June 2015. The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
143
INTECH Global All Country Low Volatility Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
2,403 E-Mart Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.3 12,800 Family Dollar Stores . . . . . . . . . . . . . . . . . . . 0.6 23,200 Wal-Mart Stores, Inc. . . . . . . . . . . . . . . . . . . 1.0 2.3 Retail – Home Furnishings 8,900 Nitori Holdings Co., Ltd. . . . . . . . . . . . . . . . 0.4 Retail – Hypermarkets 291,000 Sun Art Retail Group, Ltd. . . . . . . . . . . . . . . 0.2 Retail – Jewellery 811 Pandora A/S . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail – Major Department Stores 500 Hyundai Department Store Co., Ltd. . . . . . . . — 3,200 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 5,900 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.3 Retail – Miscellaneous 1,000 Dick's Sporting Goods, Inc. . . . . . . . . . . . . . . — 5,800 Dollar General Corp. . . . . . . . . . . . . . . . . . . 0.3 1,800 Foot Locker, Inc . . . . . . . . . . . . . . . . . . . . . . 0.1 13,000 Hotai Motor Co., Ltd. . . . . . . . . . . . . . . . . . . 0.1 3,200 Jean Coutu Group PJC, Inc. . . . . . . . . . . . . . . — 900 lululemon athletica, Inc . . . . . . . . . . . . . . . . . — 1,400 PVH Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 19,400 Raia Drogasil S.A. . . . . . . . . . . . . . . . . . . . . . 0.1 10,516 Sports Direct International PLC . . . . . . . . . . 0.1 1,020 Swatch Group A.G. . . . . . . . . . . . . . . . . . . . . — 12,600 Wal-Mart de Mexico S.A.B. de C.V. . . . . . . . . . — 0.8 Retail – Miscellaneous and Diversified 16,000 China Resources Enterprise, Ltd. . . . . . . . . . . — Retail – Office Supplies 74,600 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Retail – Perfume and Cosmetics 6,500 Ulta Salon Cosmetics & Fragrance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Retail – Regional Department Stores 4,000 Kohl's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,399 Lotte Shopping Co., Ltd. . . . . . . . . . . . . . . . 0.2 0.3 Retail – Restaurants 21,500 McDonald's Corp. . . . . . . . . . . . . . . . . . . . . 1.2 1,200 Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . — 1.2 Retirement / Aged Care 41,210 Ryman Healthcare, Ltd. . . . . . . . . . . . . . . . . 0.1 Rubber – Tires 175,000 Cheng Shin Rubber Industry Co., Ltd. . . . . . 0.2 2,686 Hankook Tire Co., Ltd. . . . . . . . . . . . . . . . . 0.1 3,550 Pirelli & C. SpA . . . . . . . . . . . . . . . . . . . . . . . — 0.3 Satellite Telecommunications 1,363 Eutelsat Communications S.A. . . . . . . . . . . . . — 15,616 Inmarsat PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Savings/Loans/Thrifts – Eastern U.S. 15,500 New York Community Bancorp, Inc. . . . . . . 0.2 14,800 People's United Financial, Inc. . . . . . . . . . . . 0.1 0.3 Schools 13,500 Benesse Holdings, Inc. . . . . . . . . . . . . . . . . . 0.2 Security Services 220,201 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6
497,752 1,008,768 1,645,576 3,918,351 725,848 262,045 87,151 65,907 238,400 390,403 694,710 51,770 450,892 120,618 184,138 59,449 58,770 161,280 250,224 118,701 114,653 30,780 1,601,275 51,604 1,142,126
1,003,925 250,440 294,176 544,616 2,044,005 64,338 2,108,343
The accompanying notes are an integral part of the financial statements.
144
Janus Capital Funds Plc / 30 June 2015
221,092 387,416 101,159 59,912 548,487 43,985 224,597 268,582 284,890 239,908 524,798 338,686 929,183
Share or Principal Amount
Percentage of Net Assets (%)
Semiconductor Components/Integrated Circuits 700 QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . — Semiconductor Equipment 13,500 ASM Pacific Technology, Ltd. . . . . . . . . . . . . 0.1 Semiconductors 8,000 Novatek Microelectronics Corp. . . . . . . . . . . . — Shipbuilding 1,806 Hyundai Heavy Industries Co., Ltd. . . . . . . . 0.1 11,625 Samsung Heavy Industries Co., Ltd. . . . . . . . 0.1 0.2 Silver Mining 40,268 Fresnillo PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Soap and Cleaning Preparations 3,300 Church & Dwight Co., Inc. . . . . . . . . . . . . . 0.2 333 Reckitt Benckiser Group PLC . . . . . . . . . . . . . — 0.2 Software 1,000 Electronic Arts, Inc . . . . . . . . . . . . . . . . . . . . . — 11,400 Nuance Communications, Inc. . . . . . . . . . . . 0.1 0.1 Steel – Producers 2,014 Hyundai Steel Co . . . . . . . . . . . . . . . . . . . . . 0.1 1,100 Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . — 196 POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 6,068 Severstal PAO . . . . . . . . . . . . . . . . . . . . . . . . . — 1,804 ThyssenKrupp A.G. . . . . . . . . . . . . . . . . . . . . — 0.1 Steel – Specialty 3,000 Hitachi Metals, Ltd. . . . . . . . . . . . . . . . . . . . . — Super – Regional Banks 600 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . — Telecommunication Equipment 8,142 NICE Systems, Ltd. . . . . . . . . . . . . . . . . . . . 0.3 Telecommunication Services 510,000 Chunghwa Telecom Co., Ltd. . . . . . . . . . . . . 1.0 284,600 DiGi.Com Bhd . . . . . . . . . . . . . . . . . . . . . . . 0.2 365,000 HKT Trust & HKT, Ltd. . . . . . . . . . . . . . . . . 0.3 49,000 Singapore Telecommunications, Ltd. . . . . . . . 0.1 104,493 Spark New Zealand, Ltd. . . . . . . . . . . . . . . . 0.1 1.7 Telecommunications 725 Altice S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,200 Level 3 Communications, Inc . . . . . . . . . . . . 0.1 7,085 Ooredoo QSC. . . . . . . . . . . . . . . . . . . . . . . . 0.1 10,986 Turkcell Iletisim Hizmetleri A/S . . . . . . . . . . . — 0.3 Telephone – Integrated 13,500 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,548 Belgacom S.A.. . . . . . . . . . . . . . . . . . . . . . . . . — 335,574 Bezeq The Israeli Telecommunication Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 7,751 BT Group PLC . . . . . . . . . . . . . . . . . . . . . . . . — 10,800 Nippon Telegraph & Telephone Corp. . . . . . . 0.2 3,645 Philippine Long Distance Telephone Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,122 Swisscom A.G. . . . . . . . . . . . . . . . . . . . . . . . 0.7 24,150 Tele Danmark A/S. . . . . . . . . . . . . . . . . . . . . 0.1 7,200 Verizon Communications, Inc. . . . . . . . . . . . 0.2 1.9 Textile – Home Furnishings 400 Mohawk Industries, Inc . . . . . . . . . . . . . . . . . — Tobacco 13,200 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 0.4 17,000 British American Tobacco Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair Value (USD) 43,841 133,759 38,636 179,758 177,732 357,490 439,032 267,729 28,710 296,439 66,500 199,614 266,114 122,263 48,477 39,369 64,199 46,925 321,233 46,114 33,744 518,089 1,626,614 404,523 429,452 153,205 197,840 2,811,634 99,848 115,874 169,293 50,635 435,650 479,520 54,648 572,086 54,820 391,287 227,208 1,189,610 177,115 335,592 3,481,886 76,360 645,612 279,502
PORTFOLIO INVESTMENTS
Share or Principal Amount 1,363 8,003 6,400 11,034
Percentage of Net Assets (%)
Fair Value (USD)
Imperial Tobacco Group PLC . . . . . . . . . . . . . — KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Philip Morris International, Inc. . . . . . . . . . . 0.3 Reynolds American, Inc.. . . . . . . . . . . . . . . . 0.5 1.8
65,673 681,030 513,088 823,798 3,008,703
21,700 Bandai Namco Holdings, Inc. . . . . . . . . . . . . 0.2 11,300 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 10,500 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.9 Tools – Hand Held 700 Snap-on, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,900 Stanley Black & Decker, Inc. . . . . . . . . . . . . 0.1 0.2 Transportation 1,500 Expeditors International of Washington, Inc.. . . . . . . . . . . . . . . . . . . . . — 3,000 Hankyu Hanshin Holdings, Inc. . . . . . . . . . . . — 600 JB Hunt Transport Services, Inc. . . . . . . . . . . . — 29,000 Mitsui OSK Lines, Ltd. . . . . . . . . . . . . . . . . . 0.1 12,000 MTR Corp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . — 7,236 TNT Express N.V. . . . . . . . . . . . . . . . . . . . . . . — 3,900 United Parcel Service, Inc. . . . . . . . . . . . . . . 0.2 0.3 Transportation – Railroad 6,487 Groupe Eurotunnel S.A. . . . . . . . . . . . . . . . . 0.1 Transportation – Services 124,500 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . 0.2
419,920 845,127 269,745 1,534,792
Toys
Transportation – Truck 105 Hyundai Glovis Co., Ltd. . . . . . . . . . . . . . . . . — 5,800 Yamato Holdings Co., Ltd. . . . . . . . . . . . . . . 0.1 0.1 Travel Services 12,102 TUI A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Warehousing and Harbour Transportation Services 30,000 COSCO Pacific, Ltd. . . . . . . . . . . . . . . . . . . . . — Water 800 American Water Works Co., Inc. . . . . . . . . . . — Water Treatment Systems 2,605 Coway Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . 0.1 3,600 Kurita Water Industries, Ltd. . . . . . . . . . . . . . — 0.1 Web Portals/Internet Service Providers 29 NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . . — 124,900 Yahoo Japan Corp. . . . . . . . . . . . . . . . . . . . . 0.3 0.3 Wireless Equipment 93,000 HTC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 3,200 Motorola Solutions, Inc. . . . . . . . . . . . . . . . . 0.1 0.2 Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.5
111,475 199,956 311,431
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Preferred Stock Automotive – Cars and Light Trucks 447 Bayerische Motoren Werke A.G., 3.91% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Electric – Integrated 24,500 Cia Energetica de Minas Gerais, . . . . . 0.1 4.83% . . . . . . . . . . . . . . . . . . . . . . .
37,833 92,932
Preferred Stock Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
130,765
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.6
165,611,534
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(179,633)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.5
165,431,901
Total Financial Assets at fair value through profit or loss
165,431,901
69,158 17,725 49,254 92,899 55,888 61,374 377,949 724,247 93,931 289,406
19,019 112,308 131,327 195,826 40,716 38,903 213,502 83,962 297,464 16,487 504,214 520,701 217,036 183,488 400,524 165,480,769
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
145
INTECH Global Dividend Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Common Stock Aerospace and Defence 1,825 BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . 0.6 100 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 0.9 1.5 Aerospace and Defence – Equipment 624 Cobham PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Agricultural Chemicals 1,591 Incitec Pivot, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 100 Potash Corp of Saskatchewan, Inc. . . . . . . . . 0.1 15 Syngenta A.G.. . . . . . . . . . . . . . . . . . . . . . . . 0.3 94 Yara International A.S.A. . . . . . . . . . . . . . . . 0.2 0.8 Airport Development and Maintenance 1,780 Auckland International Airport, Ltd. . . . . . . 0.3 Appliances 215 Electrolux A.B. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Athletic Footwear 1,500 Yue Yuen Industrial Holdings, Ltd. . . . . . . . . 0.2 Automotive – Cars and Light Trucks 200 Daihatsu Motor Co., Ltd. . . . . . . . . . . . . . . . 0.2 143 Daimler A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 200 General Motors Co. . . . . . . . . . . . . . . . . . . . 0.3 1.1 Beverages – Non-Alcoholic 300 Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . 0.6 Building – Heavy Construction 1,000 Cheung Kong Infrastructure Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 176 Skanska A.B. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 50 Vinci S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.7 Building – Residential and Commercial 437 Persimmon PLC . . . . . . . . . . . . . . . . . . . . . . 0.7 300 Sekisui House, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 0.9 Building and Construction – Miscellaneous 396 Bouygues S.A.. . . . . . . . . . . . . . . . . . . . . . . . 0.7 70 Koninklijke Boskalis Westminister N.V. . . . . . . . . . . . . . . . . . . . 0.2 0.9 Building and Construction Products – Miscellaneous 84 CIE de St-Gobain . . . . . . . . . . . . . . . . . . . . . 0.2 594 Fletcher Building, Ltd. . . . . . . . . . . . . . . . . . 0.2 0.4 Cable/Satellite TV 221 British Sky Broadcasting Group PLC. . . . . . . 0.2 200 Cablevision Systems Corp. . . . . . . . . . . . . . . 0.2 200 Shaw Communications, Inc. . . . . . . . . . . . . . 0.2 0.6 Casino Hotels 100 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . 0.3 Cellular Telecommunications 36 Millicom International Cellular S.A. . . . . . . . 0.1 300 NTT DOCOMO, Inc. . . . . . . . . . . . . . . . . . . 0.3 100 Rogers Communications, Inc.. . . . . . . . . . . . 0.2 1,349 Vodafone Group PLC . . . . . . . . . . . . . . . . . . 0.2 0.8 Chemicals – Diversified 100 Agrium, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 30 BASF S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 100 Dow Chemical Co. . . . . . . . . . . . . . . . . . . . . 0.3 45 Koninklijke DSM N.V. . . . . . . . . . . . . . . . . . 0.1
The accompanying notes are an integral part of the financial statements.
146
Janus Capital Funds Plc / 30 June 2015
12,936 18,590 31,526 2,578 4,725 3,097 6,098 4,899 18,819 5,950 6,741 5,022 2,849 13,014 6,666 22,529 11,769
7,766 3,569 2,892 14,227 13,559 4,766 18,325 14,803 3,425 18,228 3,771 3,267 7,038 3,600 4,788 4,356 12,744 5,257 2,657 5,747 3,547 4,871 16,822 10,600 2,636 5,117 2,608
Share or Principal Amount
Percentage of Net Assets (%)
100 LyondellBasell Industries N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.5 Chemicals – Specialty 3 Givaudan S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.3 Commercial Banks – Non U.S. 1,200 Bank of East Asia, Ltd. . . . . . . . . . . . . . . . . . 0.3 100 Bank of Nova Scotia . . . . . . . . . . . . . . . . . . . 0.2 536 Bendigo and Adelaide Bank, Ltd. . . . . . . . . . 0.2 6,500 BOC Hong Kong Holdings, Ltd. . . . . . . . . . . 1.3 100 Canadian Imperial Bank of Commerce . . . . . . . . . . . . . . . . . . . . . . . . 0.4 900 DBS Group Holdings, Ltd. . . . . . . . . . . . . . . 0.7 300 Hang Seng Bank, Ltd. . . . . . . . . . . . . . . . . . . 0.3 1,000 Oversea-Chinese Banking Corp, Ltd. . . . . . . 0.4 300 United Overseas Bank, Ltd. . . . . . . . . . . . . . 0.2 4.0 Commercial Services 133 Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1 SGS S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Commercial Services – Finance 200 H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3 200 Western Union Co. . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Computers – Memory Devices 200 Seagate Technology PLC . . . . . . . . . . . . . . . . 0.5 Consumer Products – Miscellaneous 100 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 108 Husqvarna A.B. . . . . . . . . . . . . . . . . . . . . . . . — 0.6 Containers – Metal and Glass 578 Rexam PLC. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Containers – Paper and Plastic 410 Amcor, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Cosmetics and Toiletries 200 Procter & Gamble Co. . . . . . . . . . . . . . . . . . 0.8 90 Unilever N.V. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1.0 Data Processing and Management 400 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Distribution/Wholesale 4,000 Li and Fung, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.2 228 Rexel S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.4 Diversified Financial Services 850 Investec PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.4 411 Platinum Asset Management, Ltd. . . . . . . . . 0.1 0.5 Diversified Manufacturing Operations 22 Siemens A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 203 Smiths Group PLC . . . . . . . . . . . . . . . . . . . . 0.2 78 Wartsila Oyj Abp . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Diversified Minerals 194 Anglo American PLC . . . . . . . . . . . . . . . . . . 0.1 111 BHP Billiton PLC . . . . . . . . . . . . . . . . . . . . . 0.1 149 BHP Billiton, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.1 200 Teck Resources, Ltd. . . . . . . . . . . . . . . . . . . . 0.1 0.4 Diversified Operations 247 Industrivarden A.B. . . . . . . . . . . . . . . . . . . . 0.2 1,000 Keppel Corp., Ltd. . . . . . . . . . . . . . . . . . . . . 0.3 2,000 NWS Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 10,352 31,313 5,193 5,248 5,163 5,069 27,086 7,376 13,829 5,864 7,560 5,140 82,335 3,286 1,825 5,111 5,930 4,066 9,996 9,500 10,402 814 11,216 5,012 4,339 15,648 3,748 19,396 18,752 3,174 3,675 6,849 7,638 2,372 10,010 2,216 3,601 3,654 9,471 2,799 2,316 2,924 1,983 10,022 4,656 6,105 2,895
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
1,000 Swire Pacific, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.6 1,000 Wharf Holdings, Ltd. . . . . . . . . . . . . . . . . . . 0.3 1.5 Diversified Operations – Commercial Services 346 Brambles, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.1 Electric – Distribution 100 Ameren Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.2 Electric – Integrated 100 Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . 0.3 100 American Electric Power Co., Inc. . . . . . . . . 0.3 500 CLP Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . 0.2 200 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.3 100 Consolidated Edison, Inc.. . . . . . . . . . . . . . . 0.3 1,385 Contact Energy, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 100 DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . 0.4 100 Duke Energy Corp.. . . . . . . . . . . . . . . . . . . . 0.3 2,054 EDP - Energias de Portugal S.A. . . . . . . . . . . 0.4 200 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.7 300 Eversource Energy . . . . . . . . . . . . . . . . . . . . 0.7 100 Fortis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 577 Fortum Oyj . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 100 MDU Resources Group, Inc. . . . . . . . . . . . . . 0.1 100 NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . 0.5 100 OGE Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.1 200 Pepco Holdings, Inc. . . . . . . . . . . . . . . . . . . 0.3 200 PG&E Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 100 Pinnacle West Capital Corp. . . . . . . . . . . . . . 0.3 500 Power Assets Holdings, Ltd. . . . . . . . . . . . . . 0.2 200 PPL Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 100 Public Service Enterprise Group, Inc. . . . . . . 0.2 200 SCANA Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 100 Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 221 SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 213 WEC Energy Group, Inc. . . . . . . . . . . . . . . . 0.5 200 Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3 9.0 Electric – Transmission 67 Red Electrica Corp S.A. . . . . . . . . . . . . . . . . 0.3 1,886 Terna Rete Elettrica Nazionale SpA . . . . . . . . 0.4 0.7 Electrical Components – Equipment 100 Emerson Electric Co. . . . . . . . . . . . . . . . . . . 0.3 Electronic Components – Miscellaneous 200 Garmin, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Electronic Components – Semiconductors 1,000 Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 100 Microchip Technology, Inc.. . . . . . . . . . . . . . 0.2 1.7 Electronics – Miscellaneous 86 Koninklijke Philips N.V. . . . . . . . . . . . . . . . . . 0.1 Engineering – Research and Development Services 1,000 Sembcorp Industries, Ltd. . . . . . . . . . . . . . . 0.1 2,000 Singapore Technologies Engineering, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.3 Engineering and Construction 629 WorleyParsons, Ltd. . . . . . . . . . . . . . . . . . . . 0.2 Enterprise Software/Services 500 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Finance – Investment Bankers/Brokers 1,250 ICAP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Finance – Other Services 149 ASX, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 180 Deutsche Boerse A.G. . . . . . . . . . . . . . . . . . 0.7 1,000 Singapore Exchange, Ltd. . . . . . . . . . . . . . . . 0.3 1.2
Fair Value (USD) 12,572 6,657 32,885 2,829 3,768 5,772 5,297 4,251 6,368 5,788 4,700 7,464 7,062 7,796 14,100 13,623 2,809 10,252 1,953 9,803 2,857 5,388 9,820 5,689 4,561 5,894 3,928 10,130 4,190 5,333 9,579 6,436 180,843 5,368 8,334 13,702 5,543 8,786 30,415 4,743 35,158 2,188 2,889 4,902 7,791 5,051 14,645 10,398 4,586 14,898 5,815 25,299
Share or Principal Amount
Percentage of Net Assets (%)
Food – Miscellaneous/Diversified 100 Campbell Soup Co. . . . . . . . . . . . . . . . . . . . 100 General Mills, Inc. . . . . . . . . . . . . . . . . . . . . 100 Kraft Foods Group, Inc. . . . . . . . . . . . . . . . . 43 Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 783 Orkla A.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 351 Tate & Lyle PLC . . . . . . . . . . . . . . . . . . . . . . 101 Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . Food – Retail 63 55 1,058 718 114 151
Casino Guichard Perrachon S.A.. . . . . . . . . . ICA Gruppen A.B. . . . . . . . . . . . . . . . . . . . . J. Sainsbury PLC. . . . . . . . . . . . . . . . . . . . . . Koninklijke Ahold N.V.. . . . . . . . . . . . . . . . . Wesfarmers, Ltd. . . . . . . . . . . . . . . . . . . . . . Woolworths, Ltd. . . . . . . . . . . . . . . . . . . . . .
Food – Wholesale/Distribution 100 Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . Gambling – Non-Hotel 776 William Hill PLC . . . . . . . . . . . . . . . . . . . . . Gas – Distribution 100 Canadian Utilities, Ltd.. . . . . . . . . . . . . . . . . 100 CenterPoint Energy, Inc. . . . . . . . . . . . . . . . . 1,037 Centrica PLC . . . . . . . . . . . . . . . . . . . . . . . . 417 Enagas S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . 371 Gas Natural SDG S.A. . . . . . . . . . . . . . . . . . . 200 Keyera Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1,038 National Grid PLC . . . . . . . . . . . . . . . . . . . . 100 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . Gas – Transportation 1,148 SNAM Rete Gas SpA. . . . . . . . . . . . . . . . . . . Home Furnishings 200 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . Human Resources 159 Adecco S.A. . . . . . . . . . . . . . . . . . . . . . . . . . Import and Export 400 ITOCHU Corp. . . . . . . . . . . . . . . . . . . . . . . 1,000 Marubeni Corp. . . . . . . . . . . . . . . . . . . . . . . 400 Mitsui & Co., Ltd. . . . . . . . . . . . . . . . . . . . . 300 Sumitomo Corp.. . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.2 0.3 0.4 0.2 0.3 0.1 0.2 1.7
4,765 5,572 8,514 3,105 6,165 2,865 4,332 35,318
0.2 0.1 0.2 0.6 0.2 0.2 1.5
4,772 1,952 4,410 13,446 3,432 3,140 31,152
0.2
3,610
0.2
4,914
0.1 0.1 0.2 0.5 0.4 0.3 0.7 0.5 2.8
2,880 1,903 4,298 11,340 8,412 6,678 13,326 9,894 58,731
0.3
5,462
0.5
9,736
0.6
12,911
0.3 0.3 0.3 0.2 1.1
5,286 5,739 5,434 3,491 19,950
Insurance 2,756 Direct Line Insurance Group PLC . . . . . . . . . 0.7 697 Standard Life PLC. . . . . . . . . . . . . . . . . . . . . 0.2 270 Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1.2 Investment Management and Advisory Services 717 Aberdeen Asset Management PLC . . . . . . . . 0.2 100 CI Financial Corp. . . . . . . . . . . . . . . . . . . . . 0.1 188 Hargreaves Lansdown PLC . . . . . . . . . . . . . . 0.2 100 IGM Financial, Inc. . . . . . . . . . . . . . . . . . . . 0.2 3,992 Old Mutual PLC . . . . . . . . . . . . . . . . . . . . . . 0.6 1.3 Life and Health Insurance 200 Great-West Lifeco, Inc. . . . . . . . . . . . . . . . . . 0.3 6,778 Legal & General Group PLC . . . . . . . . . . . . . 1.3 100 Power Corp. of Canada . . . . . . . . . . . . . . . . 0.1 100 Power Financial Corp. . . . . . . . . . . . . . . . . . 0.1 1.8 Lottery Services 1,868 Tatts Group, Ltd. . . . . . . . . . . . . . . . . . . . . . 0.3
14,536 4,862 5,629 25,027 4,551 2,691 3,405 3,185 12,637 26,469 5,823 26,503 2,558 2,872 37,756 5,360
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
147
INTECH Global Dividend Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Machine Tools and Related Products 335 Sandvik A.B.. . . . . . . . . . . . . . . . . . . . . . . . . Machinery – Construction and Mining 594 Atlas Copco A.B. . . . . . . . . . . . . . . . . . . . . . Machinery – General Industrial 74 Kone OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 Metso Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . Medical – Drugs 400 329 800 400 222 100 39 169 200 13 41 400
AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . . Daiichi Sankyo Co., Ltd.. . . . . . . . . . . . . . . . Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . . Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . Novartis A.G. . . . . . . . . . . . . . . . . . . . . . . . . Orion Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . Roche Holding A.G. . . . . . . . . . . . . . . . . . . . Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Takeda Pharmaceutical Co., Ltd. . . . . . . . . .
Fair Value (USD)
0.2
3,706
0.7
14,804
0.1 0.3 0.4
3,003 6,976 9,979
1.3 1.0 0.7 1.6 0.2 0.3 0.2 0.3 0.3 0.2 0.2 0.9 7.2
26,876 20,773 14,801 33,396 4,612 5,693 3,845 5,912 6,706 3,644 4,033 19,322 149,613
Medical Products 100 Baxter International, Inc. . . . . . . . . . . . . . . . 0.4 81 Cochlear, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.6 Metal – Diversified 86 Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . 0.2 124 Rio Tinto, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.4 Metal Processors and Fabrication 590 SKF A.B. – Class B . . . . . . . . . . . . . . . . . . . . 0.7 Mining Services 250 Orica, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Miscellaneous Manufacturing 128 IMI PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 607 Melrose Industries PLC. . . . . . . . . . . . . . . . . 0.1 17 Sulzer A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 MRI/Medical Diagnostic Imaging 221 Sonic Healthcare, Ltd. . . . . . . . . . . . . . . . . . 0.2 Multi-Line Insurance 26 Allianz S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 216 AXA S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 100 Cincinnati Financial Corp. . . . . . . . . . . . . . . 0.2 421 CNP Assurances . . . . . . . . . . . . . . . . . . . . . . 0.3 1,043 Mapfre S.A. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 92 Sampo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 22 Zurich Insurance Group A.G. . . . . . . . . . . . . 0.3 1.7 Multimedia 803 Pearson PLC . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Networking Products 100 Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 Non-Hazardous Waste Disposal 100 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.2 Office Automation and Equipment 100 Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Oil – Field Services 361 AMEC PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 204 Petrofac, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 35 Technip S.A. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4
The accompanying notes are an integral part of the financial statements.
148
Janus Capital Funds Plc / 30 June 2015
6,993 5,008 12,001 3,532 5,141 8,673 13,465 4,104 2,262 2,360 1,749 6,371 3,643 4,049 5,449 5,018 7,030 3,589 4,333 6,699 36,167 15,201 2,746 4,635 3,254 4,636 2,966 2,166 9,768
Share or Principal Amount
Percentage of Net Assets (%)
Oil and Gas Drilling 100 Helmerich & Payne, Inc. . . . . . . . . . . . . . . . Oil Companies – Exploration and Production 200 ARC Resources, Ltd. . . . . . . . . . . . . . . . . . . . 300 ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . 100 Occidental Petroleum Corp. . . . . . . . . . . . . . 100 Vermilion Energy, Inc. . . . . . . . . . . . . . . . . . 447 Woodside Petroleum, Ltd. . . . . . . . . . . . . . .
Fair Value (USD)
0.3
7,042
0.2 0.9 0.4 0.2 0.6 2.3
3,427 18,423 7,777 4,320 11,803 45,750
Oil Companies – Integrated 200 Cenovus Energy, Inc. . . . . . . . . . . . . . . . . . . 0.2 400 Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . 1.6 100 Husky Energy, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 100 Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . 0.2 110 OMV A.G. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 160 Repsol S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 160 Repsol S.A. - Rights . . . . . . . . . . . . . . . . . . . . — 164 Royal Dutch Shell PLC – Class A . . . . . . . . . 0.2 139 Royal Dutch Shell PLC – Class B . . . . . . . . . 0.2 432 Statoil ASA . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 100 Suncor Energy, Inc.. . . . . . . . . . . . . . . . . . . . 0.1 90 Total S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 3.4 Oil Field Machinery and Equipment 100 National Oilwell Varco, Inc. . . . . . . . . . . . . . 0.2 Paper and Related Products 329 UPM-Kymmene OYJ. . . . . . . . . . . . . . . . . . . 0.3 Pipelines 200 Spectra Energy Corp. . . . . . . . . . . . . . . . . . . 0.3 300 TransCanada Corp. . . . . . . . . . . . . . . . . . . . . 0.6 0.9 Property and Casualty Insurance 325 Admiral Group PLC . . . . . . . . . . . . . . . . . . . 0.3 652 Gjensidige Forsikring A.S.A . . . . . . . . . . . . . 0.5 2,386 Insurance Australia, Ltd.. . . . . . . . . . . . . . . . 0.5 1.3 Publishing – Books 147 Reed Elsevier N.V.. . . . . . . . . . . . . . . . . . . . . 0.2 Publishing – Newspapers 1,500 Singapore Press Holdings, Ltd. . . . . . . . . . . . 0.2 Publishing – Periodicals 105 Axel Springer S.E.. . . . . . . . . . . . . . . . . . . . . 0.3 125 Wolters Kluwer N.V. . . . . . . . . . . . . . . . . . . . 0.2 0.5 Real Estate Management/Services 100 Daito Trust Construction Co., Ltd. . . . . . . . . 0.5 391 Lend Lease Group . . . . . . . . . . . . . . . . . . . . 0.2 38 Swiss Prime Site A.G. . . . . . . . . . . . . . . . . . . 0.1 0.8 Real Estate Operating/Development 1,000 Hang Lung Properties, Ltd.. . . . . . . . . . . . . . 0.1 1,000 Hysan Development Co., Ltd.. . . . . . . . . . . . 0.2 4,000 Sino Land Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.3 1,000 Sun Hung Kai Properties, Ltd. . . . . . . . . . . . 0.8 1.4 Reinsurance 53 Hannover Rueckversicherung S.E. . . . . . . . . 0.2 21 Muenchener Rueckversicherungs A.G. . . . . . 0.2 171 SCOR S.E. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 55 Swiss Re A.G. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.9 Retail – Apparel and Shoe 300 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 100 Hennes & Mauritz A.B. . . . . . . . . . . . . . . . . 0.2 31 Hugo Boss A.G. . . . . . . . . . . . . . . . . . . . . . . 0.2 0.9
3,198 33,280 1,913 4,157 3,026 2,809 83 4,603 3,946 7,723 2,755 4,371 71,864 4,828 5,820 6,520 12,194 18,714 7,082 10,516 10,270 27,868 3,486 4,545 5,512 3,713 9,225 10,362 4,533 2,884 17,779 2,974 4,335 6,688 16,204 30,201 5,127 3,722 6,032 4,869 19,750 10,383 3,852 3,464 17,699
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Retail – Building Products 872 Kingfisher PLC . . . . . . . . . . . . . . . . . . . . . . . Retail – Computer Equpment 100 GameStop Corp. – Class A . . . . . . . . . . . . . . Retail – Convenience Store 100 Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Retail – Major Department Stores 597 Marks & Spencer Group PLC . . . . . . . . . . . . Retail – Office Supplies 1,100 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . Rubber – Tires 39 Cie Generale des Etablissements Michelin . . . . . . . . . . . . . . . . . . . . . . . . . . 164 Nokian Renkaat OYJ. . . . . . . . . . . . . . . . . . .
Fair Value (USD)
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Toys 0.2
4,758
0.2
4,296
0.3
6,848
0.2
5,027
0.8
16,841
0.2 0.2 0.4
4,086 5,139 9,225
Satellite Telecommunications 113 Eutelsat Communications S.A. . . . . . . . . . . . 0.2 737 Inmarsat PLC . . . . . . . . . . . . . . . . . . . . . . . . 0.5 118 SES S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.9 Schools 100 Benesse Holdings, Inc. . . . . . . . . . . . . . . . . . 0.1 Security Services 1,088 G4S PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 393 Securitas A.B. – Class B . . . . . . . . . . . . . . . . 0.3 0.5 Semiconductors 200 Maxim Integrated Products. . . . . . . . . . . . . . 0.3 Shipbuilding 1,000 Sembcorp Marine, Ltd. . . . . . . . . . . . . . . . . . 0.1 6,000 Yangzijiang Shipbuilding Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 Soap and Cleaning Preparations 41 Reckitt Benckiser Group PLC . . . . . . . . . . . . 0.2 Steel – Producers 100 Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Telecommunication Services 143 BCE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 4,000 HKT Trust & HKT, Ltd. . . . . . . . . . . . . . . . . 0.2 12,000 PCCW, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,000 Singapore Telecommunications, Ltd. . . . . . . 0.3 2,000 StarHub, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 240 Telenor A.S.A. . . . . . . . . . . . . . . . . . . . . . . . 0.3 1.7 Telephone – Integrated 100 AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 427 Elisa Oyj. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 7 Swisscom A.G. . . . . . . . . . . . . . . . . . . . . . . . 0.2 451 TELE DANMARK A/S . . . . . . . . . . . . . . . . . . 0.2 1,001 TeliaSonera A.B. . . . . . . . . . . . . . . . . . . . . . . 0.3 1,171 Telstra Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1.9 Television 2,015 ITV PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 260 ProSiebenSat.1 Media A.G. . . . . . . . . . . . . . . 0.6 1.0 Tobacco 1,000 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 2.4 214 British American Tobacco PLC . . . . . . . . . . . 0.6 107 Imperial Tobacco Group PLC . . . . . . . . . . . . 0.2 100 Philip Morris International, Inc. . . . . . . . . . . 0.4 504 Reynolds American, Inc.. . . . . . . . . . . . . . . . 1.8 114 Swedish Match A.B. . . . . . . . . . . . . . . . . . . . 0.2 5.6
3,647 10,600 3,964 18,211
200 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 100 Mattel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.8 Transportation – Services 2,000 ComfortDelGro Corp., Ltd. . . . . . . . . . . . . . 0.2 37 Kuehne + Nagel International A.G. . . . . . . . . 0.2 0.4 Travel Services 118 Flight Centre Travel Group, Ltd.. . . . . . . . . . 0.2 Water 205 Suez Environnement Co. . . . . . . . . . . . . . . . 0.2 Wireless Equipment 209 Telefonaktiebolaget L.M. Ericsson. . . . . . . . . 0.1
14,958 2,569 17,527
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.1
1,987,723
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 96.1
1,987,723
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(949)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.0
1,986,774
4,649 4,912 9,561 3,105 3,813 2,167
2,509 4,591 5,199 9,790 6,915 2,109 6,305 8,414 3,535 4,407 6,076 4,706 7,168 6,253 5,867 5,261 35,331 3,552 13,532 3,924 3,308 5,897 5,546 35,759 8,335 12,839 21,174 48,910 11,481 5,156 8,017 37,629 3,244 114,437
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
149
INTECH Global Dividend Fund PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
6 174 5 169 89 6 6 274 19 524 18 533 17 49 94 3 3 3 97 3 8 8 7 1,612 1,587 57 56 57 830 50
Currency Sold EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
5 155 5 151 79 5 5 245 17 469 17 476 15 44 84 3 3 3 86 3 7 7 6 1,444 1,422 51 50 51 744 45
Current Market Value (USD) 6 173 5 168 88 6 6 273 19 523 18 532 17 49 94 3 3 3 97 3 8 8 7 1,610 1,585 57 56 57 829 50
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— 1 — 1 1 — — 1 — 1 — 1 — — — — — — — — — — — 2 2 — — — 1 —
Total
11
Total Financial Assets at fair value through profit or loss
1,986,785
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR EUR EUR EUR EUR EUR EUR USD USD USD
72,617 2,277 2,518 2,601 37,534 71,773 2,602 225 115 221
Currency Sold USD USD USD USD USD USD USD EUR EUR EUR
81,448 2,554 2,825 2,918 42,098 80,501 2,918 203 104 199
Current Market Value (USD) 81,915 2,569 2,841 2,935 42,340 80,963 2,935 226 116 222
Settle Date
Unrealised (Depreciation) (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(467) (15) (16) (17) (242) (462) (17) (1) (1) (1)
Total
(1,239)
Total Financial Liabilities at fair value through profit or loss
(1,239)
The accompanying notes are an integral part of the financial statements.
150
Janus Capital Funds Plc / 30 June 2015
INTECH US Core Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Common Stock Advertising Agencies 2,000 Omnicom Group, Inc. . . . . . . . . . . . . . . . . . Advertising Services 10,800 Interpublic Group of Cos, Inc. . . . . . . . . . . . Aerospace and Defence 4,700 General Dynamics Corp . . . . . . . . . . . . . . . . 22,900 Lockheed Martin Corp. . . . . . . . . . . . . . . . . 5,600 Northrop Grumman Corp. . . . . . . . . . . . . . . 19,500 Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . 5,400 Rockwell Collins, Inc.. . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.1
138,980
0.1
208,116
0.4 2.6 0.5 1.1 0.3 4.9
665,943 4,257,110 888,328 1,865,760 498,690 8,175,831
Agricultural Operations 5,400 Archer-Daniels-Midland Co . . . . . . . . . . . . . 0.2 Airlines 2,600 American Airlines Group, Inc . . . . . . . . . . . . 0.1 87,900 Southwest Airlines Co. . . . . . . . . . . . . . . . . . 1.8 1.9 Apparel 3,900 Hanesbrands, Inc . . . . . . . . . . . . . . . . . . . . . 0.1 Apparel Manufacturers 1,500 Ralph Lauren Corp. . . . . . . . . . . . . . . . . . . . 0.1 6,200 Under Armour, Inc. – Class A. . . . . . . . . . . . 0.3 31,100 VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1.7 Applications Software 9,300 Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 7,000 Red Hat, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.9 Automotive – Cars and Light Trucks 7,500 Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . 0.1 Automotive – Truck Parts and Equipment – Original 2,200 BorgWarner, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 2,300 Delphi Automotive PLC . . . . . . . . . . . . . . . . 0.1 700 Johnson Controls, Inc. . . . . . . . . . . . . . . . . . . — 0.2 Banks 6,700 Huntington Bancshares, Inc.. . . . . . . . . . . . . . — Beverages – Non-Alcoholic 22,200 Dr. Pepper Snapple Group, Inc. . . . . . . . . . . 1.0 3,700 Monster Beverage Corp . . . . . . . . . . . . . . . . 0.3 1,800 PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.4 Beverages – Wine and Spirits 5,200 Constellation Brands, Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Building Products – Cement and Aggregate 300 Martin Marietta Materials, Inc. . . . . . . . . . . . . — 18,000 Vulcan Materials Co.. . . . . . . . . . . . . . . . . . . 0.9 0.9 Building Products – Wood 5,700 Masco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cable/Satellite TV 500 Time Warner Cable, Inc.. . . . . . . . . . . . . . . . 0.1 Chemicals – Diversified 2,500 LyondellBasell Industries N.V. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,600 Sherwin-Williams Co . . . . . . . . . . . . . . . . . . 0.6 0.8
260,388 103,831 2,908,611 3,012,442 129,948 198,540 517,328 2,168,914 2,884,782 937,161 531,510 1,468,671 112,575 125,048 195,707 34,671 355,426 75,777 1,618,380 495,874 168,012 2,282,266
603,304 42,453 1,510,740 1,553,193 152,019 89,085
258,800 990,072 1,248,872
Share or Principal Amount
Percentage of Net Assets (%)
Chemicals – Specialty 1,900 Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,100 International Flavors & Fragrances, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Commercial Banks – Eastern U.S. 1,600 M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 Commercial Services – Finance 8,500 Automatic Data Processing, Inc. . . . . . . . . . . 0.4 2,800 Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 7,900 McGraw Hill Financial, Inc. . . . . . . . . . . . . . 0.5 2,200 Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,500 Total System Services, Inc. . . . . . . . . . . . . . . . — 13,500 Western Union Co. . . . . . . . . . . . . . . . . . . . . 0.2 1.4 Computer Services 2,500 Cognizant Technology Solutions Corp. . . . . . . 0.1 Computers 7,100 Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1,400 Netapp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.5 Computers – Memory Devices 5,800 Seagate Technology PLC . . . . . . . . . . . . . . . . 0.2 10,000 Western Digital Corp. . . . . . . . . . . . . . . . . . . 0.5 0.7 Consumer Products – Miscellaneous 1,100 Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Containers – Metal and Glass 4,500 Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Containers – Paper and Plastic 17,000 Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . 0.5 Cosmetics and Toiletries 800 Estee Lauder Cos, Inc. – Class A. . . . . . . . . . . — Cruise Lines 7,500 Carnival Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.2 7,900 Royal Caribbean Cruises, Ltd. . . . . . . . . . . . 0.4 0.6 Data Processing and Management 1,800 Dun & Bradstreet Corp. . . . . . . . . . . . . . . . . 0.1 17,500 Fidelity National Information Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.7 6,800 Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1.0 Dental Supplies and Equipment 7,200 Patterson Cos, Inc. . . . . . . . . . . . . . . . . . . . . 0.2 Dialysis Centres 3,300 DaVita, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Distribution/Wholesale 9,800 Genuine Parts Co . . . . . . . . . . . . . . . . . . . . . 0.5 Diversified Banking Institutions 5,400 Goldman Sachs Group, Inc. . . . . . . . . . . . . . 0.7 34,100 Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . . 0.8 1.5 Diversified Financial Services 400 Affiliated Managers Group, Inc. . . . . . . . . . . 0.1 Electric – Distribution 26,400 Ameren Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.6 Electric – Integrated 3,800 CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . 0.1 1,600 Edison International . . . . . . . . . . . . . . . . . . . 0.1 14,600 Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6
Fair Value (USD) 214,833 229,509 444,342 199,888 681,955 271,852 793,555 237,512 62,655 274,455 2,321,984 152,725 890,518 44,184 934,702 275,500 784,200 1,059,700 114,422 315,675 873,460 69,328 370,425 621,651 992,076 219,600 1,081,500 318,784 1,619,884 350,280 262,251 877,394 1,127,466 1,322,739 2,450,205 87,440 994,752 120,992 88,928 1,029,300
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
151
INTECH US Core Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
8,400 1,700 3,100 13,400 1,692
Eversource Energy . . . . . . . . . . . . . . . . . . . . 0.2 Exelon Corp. . . . . . . . . . . . . . . . . . . . — FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . 0.1 Pinnacle West Capital Corp. . . . . . . . . . . . . . 0.5 WEC Energy Group, Inc. . . . . . . . . . . . . . . . . — 1.6 Electronic Components – Miscellaneous 700 TE Connectivity, Ltd. (U.S. Shares) . . . . . . . . . — Electronic Components – Semiconductors 16,100 Avago Technologies, Ltd. . . . . . . . . . . . . . . . 1.3 28,800 Broadcom Corp. – Class A . . . . . . . . . . . . . . 0.9 5,300 NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.3 Electronic Connectors 21,000 Amphenol Corp. – Class A . . . . . . . . . . . . . . 0.7 Electronics – Miscellaneous 6,600 Allegion PLC. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 4,100 PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Energy – Alternate Sources 1,800 First Solar, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 Enterprise Software/Services 13,800 CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Fiduciary Banks 7,800 Northern Trust Corp. . . . . . . . . . . . . . . . . . . 0.4 3,300 State Street Corp. . . . . . . . . . . . . . . . . . . . . . 0.2 0.6 Finance – Consumer Loans 45,700 Navient Corp.. . . . . . . . . . . . . . . . . . . . . . . . 0.5 Finance – Credit Card 25,800 Discover Financial Services. . . . . . . . . . . . . . 0.9 Finance – Investment Bankers/Brokers 19,300 E*TRADE Financial Corp. . . . . . . . . . . . . . . 0.3 Finance – Other Services 30,800 CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . 1.7 11,200 NASDAQ OMX Group, Inc. . . . . . . . . . . . . . 0.3 2.0 Food – Confectionery 1,300 Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 400 J.M. Smucker Co. . . . . . . . . . . . . . . . . . . . . . . — 0.1 Food – Meat Products 2,200 Hormel Foods Corp. . . . . . . . . . . . . . . . . . . 0.1 Food – Miscellaneous/Diversified 23,800 ConAgra Foods, Inc.. . . . . . . . . . . . . . . . . . . 0.6 Food – Retail 39,400 Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Gas – Distribution 10,300 NiSource, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.3 5,000 Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.6 Hazardous Waste Disposal 1,400 Stericycle, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 Health Care Products 3,100 Hospira, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Home Builders 20,700 D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . 0.3 6,100 Lennar Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 12,600 PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.2 0.7 Home Decoration Products 32,300 Newell Rubbermaid, Inc. . . . . . . . . . . . . . . . 0.8
381,444 53,414 100,905 762,326 76,089 2,613,398 45,010 2,140,173 1,482,912 106,583 3,729,668 1,217,370 396,924 215,824 612,748 84,564 404,202 596,388 254,100 850,488 832,197 1,486,596 578,035 2,866,248 546,672 3,412,920 115,479 43,364 158,843 124,014 1,040,536 2,856,894 469,577 494,700 964,277 187,474 275,001 566,352 311,344 253,890 1,131,586 1,327,853
The accompanying notes are an integral part of the financial statements.
152
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Home Furnishings 13,300 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . 0.4 5,200 Whirlpool Corp . . . . . . . . . . . . . . . . . . . . . . 0.5 0.9 Hotels and Motels 25,600 Marriott International, Inc. – Class A . . . . . . . 1.1 9,600 Wyndham Worldwide Corp. . . . . . . . . . . . . 0.5 1.6 Human Resources 3,200 Robert Half International, Inc. . . . . . . . . . . . 0.1 Industrial Gases 2,600 Air Products and Chemeicals, Inc. . . . . . . . . 0.2 Insurance 1,400 ACE, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 3,500 Aflac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 20,600 Hartford Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 4,500 Lincoln National Corp. . . . . . . . . . . . . . . . . . 0.2 300 Principal Financial Group, Inc.. . . . . . . . . . . . — 0.9 Insurance Brokers 2,900 Aon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 15,500 Marsh & McLennan Cos., Inc. . . . . . . . . . . . 0.5 0.7 Internet Content – Entertainment 31,900 Facebook, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1.6 Internet Infrastructure Software 5,800 F5 Networks, Inc.. . . . . . . . . . . . . . . . . . . . . 0.4 Internet Security 24,700 Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . 0.3 4,000 VeriSign, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Investment Management and Advisory Services 500 BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.1 Linen Supply and Related Materials 10,700 Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Machinery – General Industrial 300 Roper Industries, Inc. . . . . . . . . . . . . . . . . . . . — Media 3,950 Gannett Co., Inc . . . . . . . . . . . . . . . . . . . . . . . — 7,900 TEGNA, Inc . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.2 Medical – Biomedical and Genetic 4,700 Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 5,300 Celgene Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.4 500 Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . . . — 2,000 Regeneron Pharmaceuticals, Inc. . . . . . . . . . 0.6 1,100 Vertex Pharmaceuticals, Inc. . . . . . . . . . . . . . 0.1 1.5 Medical – Drugs 6,500 Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . 0.3 11,800 Endo International PLC . . . . . . . . . . . . . . . . 0.6 46,400 Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 2.2 Medical – Generic Drugs 8,316 Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Medical – HMO 7,583 Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 25,000 Anthem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2.5 5,100 Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,200 Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.3 9,300 UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 0.7 4.6
Fair Value (USD) 647,444 899,860 1,547,304 1,904,384 786,336 2,690,720 177,600 355,758 142,352 217,700 856,342 266,490 15,387 1,498,271 289,072 878,850 1,167,922 2,735,904 698,030 574,275 246,880 821,155 172,990 905,113 51,738 55,261 253,353 308,614 721,544 613,396 58,540 1,020,260 135,828 2,549,568 542,685 939,870 2,237,408 3,719,963 2,523,573 966,529 4,103,500 826,200 420,816 1,134,600 7,451,645
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Medical – Hospitals 3,800 Universal Health Services, Inc. . . . . . . . . . . . Medical – Wholesale Drug Distributors 26,600 AmerisourceBergen Corp. . . . . . . . . . . . . . . . 25,300 Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . 3,000 McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . Medical Information Systems 14,200 Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . Medical Instruments 26,800 Boston Scientific Corp. . . . . . . . . . . . . . . . . . 7,700 Edwards Lifesciences Corp. . . . . . . . . . . . . . 1,900 Intuitive Surgical, Inc. . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.3
539,980
1.7 1.3 0.4 3.4
2,828,644 2,116,345 674,430 5,619,419
0.6
980,652
0.3 0.7 0.6 1.6
474,360 1,096,711 920,550 2,491,621
Medical Labs and Testing Services 3,800 Laboratory Corp. of America Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 9,400 Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . 0.4 0.7 Medical Products 3,400 Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Miscellaneous Manufacturing 300 Illinois Tool Works, Inc . . . . . . . . . . . . . . . . . — 10,800 Pall Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 5,800 Textron, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1.0 Multi-Line Insurance 15,200 Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,200 Cincinnati Financial Corp. . . . . . . . . . . . . . . . — 3,800 XL Group PLC . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.7 Multimedia 2,600 Time Warner, Inc.. . . . . . . . . . . . . . . . . . . . . 0.1 4,200 Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 Non-Hazardous Waste Disposal 27,400 Republic Services, Inc. . . . . . . . . . . . . . . . . . 0.6 28,400 Waste Management, Inc.. . . . . . . . . . . . . . . . 0.8 1.4 Office Automation and Equipment 9,700 Xerox Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Office Supplies and Forms 1,600 Avery Dennison Corp. . . . . . . . . . . . . . . . . . 0.1 Oil – Field Services 1,400 Baker Hughes, Inc. . . . . . . . . . . . . . . . . . . . . 0.1 Oil Companies – Exploration and Production 4,700 Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . 0.3 7,700 Newfield Exploration Co. . . . . . . . . . . . . . . . 0.2 1,000 Pioneer Natural Resources Co. . . . . . . . . . . . 0.1 0.6 Oil Refining and Marketing 5,800 Marathon Petroleum Corp . . . . . . . . . . . . . . 0.2 7,300 Tesoro Corp . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 8,700 Valero Energy Corp. . . . . . . . . . . . . . . . . . . . 0.3 0.9 Pharmaceuticals 12,500 Mallinckrodt PLC . . . . . . . . . . . . . . . . . . . . . 0.9 Pipelines 100 Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . . — Property and Casualty Insurance 2,000 Chubb Corp. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 7,300 Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . 0.4 0.5
460,636 681,688 1,142,324 324,938 27,537 1,344,060 258,854 1,630,451 986,024 60,216 141,360 1,187,600 227,266 479,388 706,654 1,073,258 1,316,340 2,389,598 103,208 97,504 86,380 518,457 278,124 138,690 935,271 303,398 616,193 544,620 1,464,211 1,471,500 5,739 190,280 705,618 895,898
Share or Principal Amount
Percentage of Net Assets (%)
Real Estate Management/Services 8,600 CBRE Group, Inc. – Class A . . . . . . . . . . . . . Reinsurance 1,700 Berkshire Hathaway, Inc. – Class B . . . . . . . . REIT – Apartments 4,300 AvalonBay Communities, Inc.. . . . . . . . . . . . 15,900 Equity Residential. . . . . . . . . . . . . . . . . . . . . 1,200 Essex Property Trust, Inc. . . . . . . . . . . . . . . .
Fair Value (USD)
0.2
318,200
0.1
231,387
0.4 0.7 0.2 1.3
687,441 1,115,703 255,000 2,058,144
REIT – Diversified 1,500 Plum Creek Timber Co., Inc. . . . . . . . . . . . . . — 700 Vornado Realty Trust . . . . . . . . . . . . . . . . . . . — — REIT – Health Care 600 Health Care REIT, Inc. . . . . . . . . . . . . . . . . . . — REIT – Office Property 2,900 Boston Properties, Inc. . . . . . . . . . . . . . . . . . 0.2 600 SL Green Realty Corp . . . . . . . . . . . . . . . . . . . — 0.2 REIT – Regional Malls 5,200 General Growth Properties, Inc . . . . . . . . . . 0.1 4,100 Macerich Co. . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.3 REIT – Storage 22,300 Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . 0.4 Retail – Apparel and Shoe 11,800 Coach, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 33,900 L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1.8 37,600 Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.1 3.1 Retail – Auto Parts 300 AutoZone, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.1 4,200 O’Reilly Automotive, Inc. . . . . . . . . . . . . . . . 0.6 0.7 Retail – Building Products 29,600 Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . 2.0 47,000 Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . 1.9 3.9 Retail – Consumer Electronics 35,900 Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 Retail – Discount 3,700 Costco Wholesale Corp. . . . . . . . . . . . . . . . . 0.3 21,400 Dollar Tree, Inc. . . . . . . . . . . . . . . . . . . . . . . 1.0 22,700 Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.4 Retail – Gardening Products 3,000 Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . 0.2 Retail – Major Department Stores 6,000 Nordstrom, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.3 2,000 TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.4 Retail – Miscellaneous 3,800 AutoNation, Inc.. . . . . . . . . . . . . . . . . . . . . . 0.1 4,500 Bed Bath & Beyond, Inc. . . . . . . . . . . . . . . . 0.2 11,600 CarMax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 0.5 35,200 CVS Caremark Corp. . . . . . . . . . . . . . . . . . . 2.2 13,800 Darden Restaurants, Inc . . . . . . . . . . . . . . . . 0.6 3,400 Dollar General Corp. . . . . . . . . . . . . . . . . . . 0.2 1,400 Walgreens Boots Alliance, Inc. . . . . . . . . . . . 0.1 3.9 Retail – Office Supplies 77,300 Staples, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
60,855 66,451 127,306 39,378 351,016 65,934 416,950 133,432 305,860 439,292 691,300 408,398 2,906,247 1,827,736 5,142,381 200,070 949,116 1,149,186 3,289,448 3,147,590 6,437,038 1,170,699 499,722 1,690,386 1,853,001 4,043,109 269,820 447,000 132,340 579,340 239,324 310,410 768,036 3,691,776 980,904 264,316 118,216 6,372,982 1,183,463
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
153
INTECH US Core Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Retail – Regional Department Stores 17,500 Kohl’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Retail – Restaurants 700 Chipotle Mexican Grill, Inc. . . . . . . . . . . . . . 0.3 Rubber – Tires 6,400 Goodyear Tire & Rubber Co. . . . . . . . . . . . . 0.1 Security Services 15,100 ADT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Semiconductor Components/Integrated Circuits 800 Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . — Semiconductor Equipment 7,400 KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . 0.3 9,000 Lam Research Corp. . . . . . . . . . . . . . . . . . . . 0.4 0.7 Semiconductors 15,900 Skyworks Solutions, Inc . . . . . . . . . . . . . . . . 1.1 Software 4,100 Akamai Technologies, Inc . . . . . . . . . . . . . . . 0.2 27,400 Electronic Arts, Inc . . . . . . . . . . . . . . . . . . . . 1.1 14,900 Fiserv, Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 2.0 Super – Regional Banks 1,300 Capital One Financial Corp. . . . . . . . . . . . . . 0.1 12,972 Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . 0.4 0.5 Telecommunication Equipment 3,100 Juniper Networks, Inc. . . . . . . . . . . . . . . . . . . — Telecommunications 31,700 Frontier Communications Corp . . . . . . . . . . 0.1 10,400 Level 3 Communications, Inc . . . . . . . . . . . . 0.3 0.4 Telephone – Integrated 41,100 CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . 0.7 Television 3,400 CBS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Textile – Home Furnishings 1,900 Mohawk Industries, Inc . . . . . . . . . . . . . . . . 0.2 Tobacco 45,900 Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . 1.4 7,112 Reynolds American, Inc.. . . . . . . . . . . . . . . . 0.3 1.7 Toys 2,100 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Transportation 3,200 FedEx Corp . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Transportation – Railroad 32,800 CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 8,200 Kansas City Southern . . . . . . . . . . . . . . . . . . 0.5 17,700 Norfolk Southern Corp. . . . . . . . . . . . . . . . . 0.9 16,700 Union Pacific Corp. . . . . . . . . . . . . . . . . . . . 1.0 3.0 Transportation – Services 14,400 CH Robinson Worldwide, Inc. . . . . . . . . . . . 0.5 Web Portals/Internet Service Providers 31,000 Yahoo!, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Wireless Equipment 900 Crown Castle International Corp. . . . . . . . . . . —
415,954 732,150 1,148,104
Citibank USD 4,434 USD 13,610 USD 1 USD 39,247 USD 98,321 USD 29 USD 313,079 USD 18,238 USD 2,918 USD 8,848 USD 10 USD 694,160 USD 217,544 USD 65
1,655,190
Total
1,095,675 423,493 192,960 506,907 51,348
Currency Sold EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
3,953 12,134 1 35,146 87,921 26 279,965 16,281 2,603 7,893 9 621,757 194,853 58
Current Market Value (USD) 4,408 13,532 1 39,194 98,047 29 312,209 18,156 2,903 8,802 10 693,362 217,294 65
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
26 78 — 53 274 — 870 82 15 46 — 798 250 — 2,492
Total Financial Assets at fair value through profit or loss 286,262 1,822,100 1,234,167 3,342,529
165,315,004
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 114,361 729,545 843,906 80,507 156,915 547,768 704,683 1,207,518 188,700 362,710 2,244,969 530,982 2,775,951 157,059 545,280 1,070,920 747,840 1,546,272 1,592,679 4,957,711 898,416 1,217,990 72,270
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.7
165,353,555
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.7
165,353,555
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(41,043)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.7
165,312,512
The accompanying notes are an integral part of the financial statements.
154
Currency Purchased
Janus Capital Funds Plc / 30 June 2015
Currency Purchased Citibank EUR 2,759 EUR 9,264,825 EUR 29,432,408 EUR 9,117 EUR 33,076 EUR 19,930 EUR 49,800 USD 31,518 USD 100,306 EUR 19,388 EUR 60,686 EUR 25,895 EUR 21,610
Currency Sold USD USD USD USD USD USD USD EUR EUR USD USD USD USD
3,095 10,391,446 33,011,447 10,181 37,051 22,332 55,802 28,394 90,365 21,668 67,822 29,125 24,306
Current Market Value (USD) 3,114 10,451,074 33,200,874 10,195 37,217 22,439 56,069 31,664 100,772 21,715 67,969 29,373 24,513
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (19) (59,628) (189,427) (14) (166) (107) (267) (146) (466) (47) (147) (248) (207)
Total
(250,889)
Total Financial Liabilities at fair value through profit or loss
(250,889)
Janus Global Diversified Alternatives Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Financial Assets at fair value through profit or loss Futures 3 US 10 Year Note Future 21/9/15. . . . . . . . . . . —
2,201
Total Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
2,201
Government Obligations Norwegian Notes/Bonds 200,000 0.0000%, due 28/8/15 . . . . . . . . . . . . . . . . . 8.6 U.S. Treasury Notes/Bonds 500,000 0.0000%, due 10/9/15 . . . . . . . . . . . . . . . . 21.4 500,000 0.0000%, due 27/8/15 . . . . . . . . . . . . . . . . 21.3 500,000 0.0000%, due 24/9/15 . . . . . . . . . . . . . . . . 21.3 64.0
500,020 500,008 500,000 1,500,028
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 72.6
1,700,018
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 72.6
1,702,219
Adjustments from last traded to bid market prices . . . . . . . . . . . —
(18)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.6
1,702,201
199,990
Currency Purchased Citibank USD 399 USD 127 USD 175 USD 219 USD 102 USD 116 USD 125 USD 989 USD 424 USD 435 USD 516 USD 440 USD 737 USD 426 USD 514 USD 508 USD 467 USD 215 USD 232 USD 198 USD 193 USD 188 USD 328 USD 219 USD 228 Credit Suisse AUD 29,000 USD 10,719 USD 19,069 GBP 9,000 NOK 90,000 USD 2,428
Currency Sold
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
EUR SEK EUR EUR SEK GBP EUR EUR SEK EUR CHF EUR EUR SEK CHF GBP EUR EUR CHF SEK EUR SEK EUR CHF GBP
357 1,044 156 196 842 74 112 882 3,497 388 481 392 657 3,515 479 322 418 193 215 1,632 173 1,547 294 204 145
398 126 175 218 101 116 125 984 422 433 516 438 733 424 514 508 466 215 231 197 193 187 328 218 228
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
1 1 — 1 1 — — 5 2 2 — 2 4 2 — — 1 — 1 1 — 1 — 1 —
USD CHF EUR USD USD SEK
22,366 10,000 17,000 14,135 11,464 20,000
22,365 10,699 18,950 14,131 11,444 2,414
2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15 2-Jul-15
1 20 119 4 20 14
Total
204
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
155
Janus Global Diversified Alternatives Fund PORTFOLIO INVESTMENTS Total Return Swaps Outstanding at 30 June 2015 Notional Counterparty Amount
BNP Paribas Goldman Sachs & Co
Goldman Sachs & Co Goldman Sachs & Co
Return Paid by the Fund
Forward Currency Contracts, Open as at 30 June 2015
Unrealised Return Received Termination Appreciation (USD) by the Fund Date
4,563
1-month USD LIBOR plus 30 basis points
BNP Paribas Commodity Swap Future
31-Dec-50
4,435
(45)
1-month USD LIBOR plus 40 basis points
MSCI Daily Trust Gross World Future
31-Dec-50
6,912
(587)
1-month USD LIBOR plus 10 basis points
MSCI The World Index Large Cap Future
31-Dec-50
18,373
(52)
1-month USD LIBOR plus 5 basis points
S&P 500 Pure Growth Trust Future
31-Dec-50
10,319
Total
40,039
Total Financial Assets at fair value through profit or loss
1,742,444
Currency Purchased Citibank CHF 147,891 EUR 232,219 EUR 204,328 EUR 122,057 CHF 146,085 EUR 118,973 GBP 101,503 SEK 1,067,427 SEK 1,080,608 EUR 39,975 USD 207 USD 180 Credit Suisse CAD 3,000 USD 55,745 NZD 39,000
Currency Sold
Current Market Value (USD)
Percentage of Net Assets (%)
Share or Principal Amount
Fair Value (USD)
Futures 2 S&P 500 Emini Index Future 18/9/15 . . . . . . . . . . . . . . . . . . . . . . — 3 Euro-Bund Option Future 1/8/15 . . . . . . . . . . — 3 Dollar Index 14/9/15 . . . . . . . . . . . . . . . . . . . — Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(5,847) (3,095) (356) (9,297)
Total Return Swaps Outstanding at 30 June 2015 Notional Counterparty Amount Barclays Capital
BNP Paribas
BNP Paribas
Goldman Sachs & Co
Goldman Sachs & Co Goldman Sachs & Co
Return Paid by the Fund
Unrealised Return Received Termination Appreciation (USD) by the Fund Date
2,175
1-month USD LIBOR plus 20 basis points
Barclays U.S. Interest Rate Swap Future
31-Dec-50
(7,517)
1,126
1-month USD LIBOR plus 30 basis points
BNP Paribas Commodity Swap Future
31-Dec-50
(6,776)
1,541
1-month USD LIBOR plus 30 basis points
BNP Paribas Commodity Swap Future
31-Dec-50
(2,832)
1-month USD LIBOR plus 45 basis points
MSCI Daily Trust Gross Small Cap Future
31-Dec-50
(7,776)
2,044
1-month USD LIBOR plus 40 basis points
MSCI Daily Trust Gross Small Cap Future
31-Dec-50
(6,915)
53
1-month USD LIBOR plus 35 basis points
S&P 500 Pure Value Trust Future
31-Dec-50
707
Total
The accompanying notes are an integral part of the financial statements.
156
(13,096) (44,912)
Janus Capital Funds Plc / 30 June 2015
Unrealised Appreciation (USD)
USD USD USD USD USD USD USD USD USD USD CHF CHF
159,006 260,457 229,175 136,899 157,064 133,440 160,063 129,990 131,596 44,639 194 169
159,584 261,952 230,490 137,685 157,635 134,206 160,701 131,064 132,683 44,699 208 181
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(578) (1,495) (1,315) (786) (571) (766) (638) (1,074) (1,087) (60) (1) (1)
USD JPY USD
2,422 6,900,000 26,869
2,442 56,388 27,323
2-Jul-15 2-Jul-15 2-Jul-15
(20) (643) (454)
Total Total Financial Liabilities at fair value through profit or loss
Financial Liabilities at fair value through profit or loss
Settle Date
(9,489) (63,698)
Janus Global Real Estate Fund PORTFOLIO INVESTMENTS
Share or Principal Amount Financial Assets at fair value through profit or loss Common Stock Advertising Sales 26,100 Lamar Advertising Co. . . . . . . . . . . . . . Building – Residential and Commercial 41,500 Iida Group Holdings Co., Ltd. . . . . . . . 43,826 LGI Homes, Inc. . . . . . . . . . . . . . . . . . 136,235 New Home Co., Inc. . . . . . . . . . . . . . .
Percentage of Net Assets (%)
Fair Value (USD)
. . . . . 1.0
1,500,228
. . . . . 0.5 . . . . . 0.6 . . . . . 1.6 2.7
661,314 866,878 2,347,329 3,875,521
Casino Hotels 73,331 Crown, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 26,068 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . 1.0 1.5 Computer Software 22,025 InterXion Holding N.V. . . . . . . . . . . . . . . . . . 0.4 Consulting Services 85,102 Savills PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Diversified Operations 274,620 Wharf Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 1.3 Electric – Transmission 36,254 Brookfield Infrastructure Partners L.P. . . . . . . 1.1 Finance – Other Services 147,674 Tricon Capital Group, Inc. . . . . . . . . . . . . . . . 0.9 Hotels and Motels 16,842 Whitbread PLC . . . . . . . . . . . . . . . . . . . . . . . 0.9 Investment Management and Advisory Services 56,285 NorthStar Asset Management Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Metal – Copper 164,113 Copper Mountain Mining Corp. . . . . . . . . . . 0.1 Real Estate – Operationg / Development 171,387 Scentre Group . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Real Estate – Private 125,961 NorthStar Realty Finance Corp. . . . . . . . . . . . 1.4 Real Estate Management/Services 15,407 Arealink Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . — 461,343 Atrium European Real Estate, Ltd. . . . . . . . . . 1.5 25,363 CBRE Group, Inc. – Class A. . . . . . . . . . . . . . 0.7 224,840 Corp Inmobiliaria Vesta S.A.B. de C.V. . . . . . . 0.3 206,829 Countrywide PLC . . . . . . . . . . . . . . . . . . . . . 1.3 84,279 First Capital Realty, Inc. . . . . . . . . . . . . . . . . . 0.8 117,642 Hispania Activos Inmobiliarios SAU . . . . . . . 1.2 207,517 Kennedy Wilson Europe Real Estate PLC . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 208,443 Kennedy-Wilson Holdings, Inc. . . . . . . . . . . . 3.6 73,000 Mitsubishi Estate Co., Ltd. . . . . . . . . . . . . . . . 1.1 13.1 Real Estate Operating/Development 40,559 Brookfield Asset Management, Inc. – Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 1,132,400 CapitaLand, Ltd. . . . . . . . . . . . . . . . . . . . . . . 2.0 34,730,000 CSI Properties, Ltd. . . . . . . . . . . . . . . . . . . . . 0.9 263,200 Cyrela Commercial Properties S.A. Empreendimentos e Participacoes . . . . . . . 0.6 116,263 Cyrela Commercial Properties S.A. Empreendimentos e Participacoes – Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 176,884 Dalian Wanda Commercial Properties Co., Ltd. – Class H . . . . . . . . . . . . . . . . . . . 1.0 38,100 First Juken Co., Ltd. . . . . . . . . . . . . . . . . . . . 0.3 512,115 Global Logistic Properties, Ltd. . . . . . . . . . . . 0.7 945,000 Hang Lung Properties, Ltd. . . . . . . . . . . . . . . 2.0 91,000 Hysan Development Co., Ltd. . . . . . . . . . . . . 0.3
690,124 1,370,395 2,060,519 608,991 1,264,757 1,828,136 1,618,016
Share or Principal Amount 153,700 Iguatemi Empresa de Shopping Centers S.A. . . . . . . . . . . . . . . . . . . . 501,632 Kindom Construction Corp. . . . . . . . . 25,943 LEG Immobilien A.G. . . . . . . . . . . . . . 36,000 Mitsui Fudosan Co., Ltd. . . . . . . . . . . . 839,600 PDG Realty S.A. Empreendimentos e Participacoes . . . . . . . . . . . . . . . . . . 368,172 Phoenix Mills, Ltd. . . . . . . . . . . . . . . . . 269,600 Prestige Estates Projects Ltd. . . . . . . . . 425,714 Primecity Investment PLC . . . . . . . . . . 2,296,000 Shun Tak Holdings, Ltd. . . . . . . . . . . . 164,702 St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . 8,833 Sun Hung Kai Properties, Ltd. . . . . . . . 131,528 TLG Immobilien A.G. . . . . . . . . . . . . . Recreational Centers 80,604 Clubcorp Holdings, Inc. . . . . . . . . . . . REIT – Apartments 76,053 American Homes 4 Rent . . . . . . . . . . . 6,872 AvalonBay Communities, Inc. . . . . . . . 19,830 Camden Property Trust . . . . . . . . . . . . 420 Kenedix Residential Investment Corp. . 34,168 Post Properties, Inc. . . . . . . . . . . . . . . . 36,706 Starwood Waypoint Residential Trust .
Percentage of Net Assets (%) ..... ..... ..... .....
0.9 0.2 1.3 0.7
1,230,808 344,699 1,802,211 1,008,189
..... ..... ..... ..... ..... ..... ..... .....
0.1 1.5 0.7 1.1 0.9 1.8 0.1 1.5 19.6
102,647 2,187,384 1,046,662 1,627,684 1,270,738 2,557,822 143,128 2,126,640 28,066,955
. . . . . 1.3
1,924,824
..... ..... ..... ..... ..... .....
0.8 0.8 1.0 0.9 1.3 0.6 5.4
1,219,890 1,098,627 1,472,972 1,244,178 1,857,714 872,135 7,765,516
..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
0.7 2.5 1.0 1.0 0.4 0.4 1.0 1.0 0.9 1.5 0.3 0.8 1.2 0.5
1,051,338 3,647,079 1,424,584 1,426,436 615,972 612,532 1,437,442 1,470,148 1,262,225 2,160,178 488,984 1,167,581 1,789,559 667,332
...... — ...... — . . . . . 0.5 13.7
69,891 11,480 735,617 20,038,378
. . . . . 1.7
2,426,105
. . . . . 0.7 . . . . . 3.2
1,076,644 4,558,981
. . . . . 0.6 . . . . . 1.2 5.7
852,541 1,761,725 8,249,891
1,290,138 1,308,651
1,040,710 152,443 495,780 2,002,780 15,612 2,124,404 938,431 366,265 1,845,593 1,206,686 1,725,744 3,703,465 5,125,613 1,572,808 18,624,621
1,416,726 2,943,482 1,344,166 884,476 2,992 1,422,826 436,825 962,236 2,810,150 394,464
REIT – Diversified 26,813 American Assets Trust, Inc. . . . . . . . . . 39,094 American Tower Corp. . . . . . . . . . . . . . 142,601 Armada Hoffler Properties, Inc. . . . . . . 372,813 Astro Japan Property Group . . . . . . . . . 176,662 Charter Hall Group . . . . . . . . . . . . . . . 774,685 Cromwell Property Group . . . . . . . . . . 61,508 Gramercy Property Trust, Inc. . . . . . . . 293 Kenedix Office Investment Corp.. . . . . 66,732 Land Securities Group PLC . . . . . . . . . 254,738 Lexington Realty Trust . . . . . . . . . . . . . 342,644 Mirvac Group. . . . . . . . . . . . . . . . . . . . 902 Mori Hills REIT Investment Corp. . . . . 1,385,006 National Storage REIT . . . . . . . . . . . . . 176,935 Pure Industrial Real Estate Trust . . . . . 24,586 Retrocom Real Estate Investment Trust . . . . . . . . . . . . . . . . . . . . . . . . . 574 STAG Industrial, Inc. . . . . . . . . . . . . . . 2,911 Unibail-Rodamco S.E. . . . . . . . . . . . . . REIT – Health Care 39,074 Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . REIT – Hotels 1,123,800 Ascott Residence Trust . . . . . . . . . . . . . 172,232 Chatham Lodging Trust . . . . . . . . . . . . 773,544 Concentradora Fibra Hotelera Mexicana S.A. de C.V.. . . . . . . . . . . . 41,085 Pebblebrook Hotel Trust . . . . . . . . . . .
Fair Value (USD)
REIT – Mortgage 52,245 Colony Financial, Inc. . . . . . . . . . . . . . . . . . . 0.8 80,620 Starwood Property Trust, Inc. . . . . . . . . . . . . 1.2 2.0 REIT – Office Property 7,324 Alexandria Real Estate Equities, Inc. . . . . . . . 0.4 12,953 Boston Properties, Inc. . . . . . . . . . . . . . . . . . . 1.1 464,673 Concentradora Fibra Dabhos S.A. de C.V.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 38,930 Easterly Government Properties, Inc.. . . . . . . 0.4 59,272 Equity Commonwealth . . . . . . . . . . . . . . . . . 1.1 76,064 Great Portland Estates PLC . . . . . . . . . . . . . . 0.6
1,183,349 1,738,973 2,922,322 640,557 1,567,831 1,088,714 619,766 1,521,512 927,293
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
157
Janus Global Real Estate Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
880 Hulic REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . 0.9 35,667 Mack-Cali Realty Corp. . . . . . . . . . . . . . . . . . 0.5 37,751 Parkway Properties, Inc. . . . . . . . . . . . . . . . . 0.5 6.3 REIT – Regional Malls 21,747 Simon Property Group, Inc. . . . . . . . . . . . . . . 2.6 REIT – Shopping Centres 567,464 Federation Centres . . . . . . . . . . . . . . . . . . . . . 0.9 677 Kenedix Retail REIT Corp. . . . . . . . . . . . . . . . 1.1 28,471 Kite Realty Group Trust . . . . . . . . . . . . . . . . . 0.5 54,637 Ramco-Gershenson Properties Trust . . . . . . . 0.6 60,360 WP GLIMCHER, Inc.. . . . . . . . . . . . . . . . . . . 0.6 . . . . . 3.7 REIT – Warehouse and Industrial 1,757,000 AIMS AMP Capital Industrial REIT . . . . . . . . 1.4 99,064 Chambers Street Properties . . . . . . . . . . . . . . 0.5 281 Nippon Prologis REIT, Inc. . . . . . . . . . . . . . . 0.4 589,688 Prologis Property Mexico S.A. de C.V. . . . . . . 0.7 18,730 Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 49,469 QTS Realty Trust, Inc. . . . . . . . . . . . . . . . . . . 1.3 89,996 Terreno Realty Corp. . . . . . . . . . . . . . . . . . . . 1.2 6.0 Resorts and Theme Parks 7,895 Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . 0.6 Retirement and Aged Care 55,456 Capital Senior Living Corp. . . . . . . . . . . . . . . 0.9 Television 35,100 Fuji Media Holdings, Inc. . . . . . . . . . . . . . . . 0.3 Transportation – Marine 61,705 Hoegh LNG Partners LP. . . . . . . . . . . . . . . . . 0.8 Web Hosting and Design 4,954 Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 0.9
1,254,164 657,343 658,377 8,935,557
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.8
140,697,445
Corporate Bonds Real Estate Operating/Development 347,000 Consolidated-Tomoka Land Co., 4.5000%, due 15/3/20 . . . . . . . . . . . . . . . . 0.2
374,326
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
374,326
Preferred Stock Real Estate 6,025 American Homes 4 Rent, 5.5000% . . . . . . . . 0.1
151,830
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
151,830
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.1
141,223,601
3,762,666 1,278,206 1,607,163 696,685 891,676 816,671 5,290,401 1,950,772 787,559 517,589 992,875 694,883 1,803,145 1,772,921 8,519,744 862,134 1,358,672 466,107 1,178,566 1,258,316
Currency Purchased Citibank USD 7 USD 16,141 USD 8 USD 1,341 USD 116 USD 146 USD 6 CNH 20,258 USD 14 USD 28,072 USD 254 USD 201 USD 11 USD 13 AUD 1,666 USD 14 USD 22,113 USD 1,893 USD 200 USD 158 USD 9 USD 10 USD 2,839 USD 32 USD 25 USD 1 USD 2 USD 285 USD 2 USD 109,780 USD 74 USD 54 USD 992 USD 785 USD 43 USD 9,624
Currency Sold AUD EUR CNH GBP EUR EUR EUR USD AUD EUR EUR EUR EUR CNH USD AUD EUR GBP EUR EUR EUR CNH EUR EUR EUR EUR CNH GBP AUD EUR AUD CNH EUR EUR EUR GBP
9 14,391 49 850 103 131 6 3,256 18 25,103 227 180 10 80 1,281 19 19,727 1,202 179 141 8 62 2,534 29 23 1 15 181 3 98,329 96 337 888 703 38 6,122
Current Market Value (USD) 7 16,048 8 1,336 114 145 6 3,256 14 27,994 253 200 11 13 1,279 14 21,998 1,888 199 157 9 10 2,825 32 25 1 2 285 2 109,654 74 54 991 784 43 9,615
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Total
— 93 — 5 2 1 — — — 78 1 1 — — 2 — 115 5 1 1 — — 14 — — — — — — 126 — — 1 1 — 9 456
Total Financial Assets at fair value through profit or loss
Contract Amount
Unrealised (Depreciation) (USD)
Settle Date
141,067,046
Percentage of Net Assets (%)
Fair Value (USD)
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(157,011)
Schedule of Written Options – Puts (192) Simon Property Group Inc, expires October 2015, 192 contracts, exercise price 155 USD (covered) . . . . . . . . . —
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.0
141,066,590
Total Schedule of Written Options – Puts . . . . . . . . . . . . . . . . . . . —
(49,359)
Total Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(49,359)
The accompanying notes are an integral part of the financial statements.
158
Janus Capital Funds Plc / 30 June 2015
(49,359)
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 52,621 EUR 2,273 AUD 4,020 EUR 41,641 GBP 358,180 EUR 5,836,361 GBP 4,936 USD 2,415 USD 3,464 EUR 4,460
Currency Sold USD 59,020 USD 2,550 USD 3,109 USD 46,705 USD 564,823 USD 6,546,074 USD 7,761 GBP 1,540 EUR 3,120 USD 4,984
Current Market Value (USD) 59,359 2,565 3,122 46,973 567,075 6,583,637 7,769 2,420 3,480 4,994
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (339) (15) (13) (268) (2,252) (37,563) (8) (5) (16) (10)
Total
(40,489)
Total Financial Liabilities at fair value through profit or loss
(89,848)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
159
Janus Flexible Income Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 638,000 AmeriCredit Automobile Receivables Trust 2012-4, 3.8200%, due 10/2/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,135,000 AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, due 8/6/21 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,837,000 AmeriCredit Automobile Receivables Trust, 2.6800%, due 9/10/18 . . . . . . . . . . . 0.2 617,000 AmeriCredit Automobile Receivables Trust, 3.3100%, due 8/10/19 . . . . . . . . . . . 0.1 5,761,000 Applebee's/IHOP Funding LLC, 4.2770%, due 5/9/44 . . . . . . . . . . . . . . . . . 0.6 1,207,000 Aventura Mall Trust 2013-AVM, 3.8674%, due 5/12/32 (144A) . . . . . . . . . . 0.1 1,448,000 BAMLL Commercial Mortgage Securities Trust 2015-200P, 3.7157%, due 14/4/33 . . . . . . . . . . . . . . . . 0.1 660,000 Banc of America Commercial Mortgage Trust 2006-6, 5.4210%, due 10/10/45 . . . . . . . . . . . . . . . 0.1 436,000 Banc of America Commercial Mortgage Trust 2007-5, 5.7720%, due 10/2/51 . . . . . . . . . . . . . . . . .— 967,000 BHP Billiton PLC, 3.2355%, due 15/8/26 (144A) . . . . . . . . . . . . . . . . . . 0.1 483,000 CGBAM Commercial Mortgage Trust 2014-HD, 3.1855%, due 15/2/31 . . . . . . . . .— 2,454,275 CKE Restaurant Holdings, Inc., 4.4740%, due 20/3/43 (144A) . . . . . . . . . . 0.2 1,089,000 COMM 2007-C9 Mortgage Trust, 5.6500%, due 10/12/49 . . . . . . . . . . . . . . . 0.1 176,000 COMM 2007-C9 Mortgage Trust, 5.9889%, due 10/12/49 . . . . . . . . . . . . . . . .— 1,791,887 Commercial Mortgage Trust 2007GG11, 5.8670%, due 10/12/49 . . . . . . . . . . 0.2 1,589,000 Core Industrial Trust 2015-TEXW, 3.9770%, due 10/2/34 . . . . . . . . . . . . . . . . 0.1 1,128,173 DB Master Finance LLC 2015-1, 3.2620%, due 20/2/45 . . . . . . . . . . . . . . . . 0.1 1,752,778 Domino’s Pizza Master Issuer LLC, 5.2160%, due 25/1/42 . . . . . . . . . . . . . . . . 0.2 2,028,214 Fannie Mae Pool 3.5000%, due 1/1/43 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 8,863,040 Fannie Mae Pool 3.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 2,187,923 Fannie Mae Pool 3.5000%, due 1/3/43 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 5,007,521 Fannie Mae Pool 3.5000%, due 1/10/29 0.5 3,680,030 Fannie Mae Pool 3.5000%, due 1/2/45 . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,087,952 Fannie Mae Pool 4.0000%, due 1/4/34 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,017,192 Fannie Mae Pool 4.0000%, due 1/7/42 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,069,935 Fannie Mae Pool 4.0000%, due 1/9/29 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 407,586 Fannie Mae Pool 4.0000%, due 1/6/29 . . . . . . . . . . . . . . . . . . . . . . . . . .— 2,517,898 Fannie Mae Pool 4.5000%, due 1/3/45 . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,381,454 Fannie Mae Pool 4.5000%, due 1/10/44 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,842,954 Fannie Mae Pool 5.0000%, due 1/7/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 580,591 Fannie Mae Pool, 5.0000%, due 1/10/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1
654,336 1,138,001 1,871,762 633,483 5,848,121 1,184,358 1,287,639 680,856 459,369 966,550 483,378 2,495,490 1,139,546 182,916 1,924,316 1,499,948 1,133,485 1,811,294 2,094,025 9,150,662 2,258,735 5,280,362 3,799,054 1,174,562 1,085,789 1,150,860 438,436 2,772,859 1,521,338 2,081,808
The accompanying notes are an integral part of the financial statements.
160
Janus Capital Funds Plc / 30 June 2015
646,232
Share or Principal Amount
Percentage of Net Assets (%)
433,735 Freddie Mac Giant 4.0000%, due 1/8/44 . . . . . . . . . . . . . . . . . . . . . . . . . .— 1,564,570 Freddie Mac Gold Pool 3.5000%, due 1/2/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 922,765 Freddie Mac Gold Pool 3.5000%, due 1/7/29 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 769,832 Freddie Mac Gold Pool 3.5000%, due 1/9/29 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 4,982,250 Freddie Mac Gold Pool 4.5000%, due 1/9/44 . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 1,554,220 Freddie Mac Gold Pool 5.5000%, due 1/4/40 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 464,000 Freddie Mac Structured Agency Credit Risk Debt Notes, 2.5848%, due 25/10/24 . . . . . . . . . . . . . . . . . . . . . . . .— 420,000 Freddie Mac Structured Agency Credit Risk Debt Notes, 2.8348%, due 25/10/24 . . . . . . . . . . . . . . . . . . . . . . . .— 4,391,159 FREMF 2010 K-SCT Mortgage Trust, 2.0000%, due 25/1/20 (144A) . . . . . . . . . . 0.4 752,000 GAHR Commercial Mortgage Trust 2015-NRF, 3.4949%, due 15/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1 541,180 Ginnie Mae I pool, 4.0000%, due 15/8/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,217,404 Ginnie Mae I pool, 4.5000%, due 15/5/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,691,905 Ginnie Mae I pool, 5.0000%, due 15/9/39 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,405,901 Ginnie Mae II pool, 5.0000%, due 20/6/41 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,136,449 Ginnie Mae II pool, 5.5000%, due 20/3/35 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 565,118 Ginnie Mae II pool, 5.5000%, due 20/3/36 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,717,000 GS Mortgage Securities Corporation II, 3.5495%, due 10/12/27 (144A) . . . . . . . . . 0.2 784,000 GS Mortgage Securities Corporation Trust 2013-NYC5, 3.7706%, due 10/1/30 (144A) . . . . . . . . . . . . . . . . . . 0.1 701,000 Hilton U.S.A. Trust 2013-HLT, 4.4065%, due 5/11/30 (144A) . . . . . . . . . . 0.1 965,000 Hilton U.S.A. Trust 2013-HLT, 5.6086%, due 5/11/30 (144A) . . . . . . . . . . 0.1 1,160,000 JP Morgan Chase Commercial Mortgage Securities Trust 2013JWRZ MZ, 4.8447%, due 16/2/25 (144A) . . . . . . . . . . . . . . . . . . 0.1 513,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014FBLU, 2.7815%, due 15/12/28 . . . . . . . . . . 0.1 440,000 JP Morgan Chase Commercial Mortgage Securities Trust 2014FBLU, 3.6815%, due 15/12/28 (144A) . . . . . . . . . . . . . . . . . .— 865,000 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, 1.9860%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 937,000 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, 4.1356%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,040,000 LB-UBS Commercial Mortgage Trust, 5.4930%, due 15/2/40 . . . . . . . . . . . . . . . . 0.2 2,213,794 Multiple Pool 4.0000%, due 1/5/43 . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,802,000 Santander Drive Auto Receivables Trust 2013-4, 4.6700%, due 15/1/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair Value (USD) 463,525 1,615,477 973,412 812,217 5,489,884 1,754,084 465,911 424,913 3,929,747 739,080 576,669 1,336,546 3,052,299 1,551,309 2,438,893 643,996 1,633,335 795,069 708,998 981,062
1,209,352 513,833
439,994
864,905
943,573 2,142,322 2,363,456 1,875,054
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
1,217,000 Santander Drive Auto Receivables Trust 2013-A, 4.7100%, due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,163,000 Santander Drive Auto Receivables Trust 2015-1, 3.2400%, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 767,000 Santander Drive Auto Receivables Trust, 2.5200%, due 17/9/18 . . . . . . . . . . . 0.1 759,000 Santander Drive Auto Receivables Trust, 3.3000%, due 17/9/18 . . . . . . . . . . . 0.1 448,000 Starwood Retail Property Trust 2014STAR, 2.5000%, due 15/11/27 . . . . . . . . . . .— 1,825,000 Starwood Retail Property Trust 2014STAR, 3.2500%, due 15/11/27 . . . . . . . . . . 0.2 888,000 Starwood Retail Property Trust 2014STAR, 4.1500%, due 15/11/27 . . . . . . . . . . 0.1 1,849,000 Structured Agency Credit Risk, 2.2500%, due 25/3/25 . . . . . . . . . . . . . . . . 0.2 2,652,147 Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 834,000 Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 6.1496%, due 15/2/51 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 737,000 Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.4355%, due 15/2/27 (144A) . . . . . . . . . . . . . . . . . . 0.1 532,000 Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.9355%, due 15/1/27 (144A) . . . . . . . . . . . . . . . . . . 0.1 215,000 Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.4355%, due 15/2/27 (144A) . . . . . . . . . . . . . . . . . . .— 4,101,000 Wendys Funding LLC 3.3710%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
4,100,647
Total Asset-Backed/Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6
117,769,127
Corporate Bonds Aerospace and Defence – Equipment 1,446,000 Exelis, Inc., 4.2500%, due 1/10/16 . . . . . . . 626,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . 862,000 Harris Corp., 3.8320%, due 27/4/25. . . . . . . . 1,306,000 Harris Corp., 5.0540%, due 27/4/45. . . . . . . . Airlines 1,241,000 Southwest Airlines Co., 5.1250%, due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . Automotive – Cars and Light Trucks 822,000 General Motors Co., 3.5000%, due 2/10/18 . . . . . . . . . . . . . . . . . . . . . . . 5,047,000 General Motors Co., 4.8750%, due 2/10/23 . . . . . . . . . . . . . . . . . . . . . . . 669,000 General Motors Co., 6.2500%, due 2/10/43 . . . . . . . . . . . . . . . . . . . . . . . Automotive – Truck Parts and Equipment – Original 803,000 Schaeffler Finance B.V., 4.2500%, due 15/5/21 (144A) . . . . . . . . . . . . . . . . . 991,000 ZF North America Capital, Inc., 4.0000%, due 29/4/20 . . . . . . . . . . . . . . . 520,000 ZF North America Capital, Inc., 4.5000%, due 29/4/22 . . . . . . . . . . . . . . . 991,000 ZF North America Capital, Inc., 4.7500%, due 29/4/25 . . . . . . . . . . . . . . .
0.1 0.1 0.1 0.1 0.4
0.1
1,289,287 1,170,612 771,179 775,584 447,485 1,831,201 891,423 1,837,462 2,724,757 863,853 733,638
Share or Principal Amount
Percentage of Net Assets (%)
Building – Residential and Commercial 1,403,000 D.R. Horton, Inc., 3.7500%, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 797,000 D.R. Horton, Inc., 4.7500%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,596,000 MDC Holdings, Inc., 5.5000%, due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2 686,000 Toll Brothers Finance Corp., 4.0000%, due 31/12/18 . . . . . . . . . . . . . . 0.1 382,000 Toll Brothers Finance Corp., 4.3750%, due 15/4/23 . . . . . . . . . . . . . . . . — 558,000 Toll Brothers Finance Corp., 5.8750%, due 15/2/22 . . . . . . . . . . . . . . . 0.1 0.6 Building and Construction Products – Miscellaneous 895,000 Owens Corning, 4.2000%, due 1/12/24 . . . . . . . . . . . . . . . . . . 0.1 Building Products – Cement and Aggregate 1,410,000 Hanson, Ltd., 6.1250%, due 15/8/16. . . . . . . 1,082,000 Martin Marietta Materials, Inc., 4.2500%, due 2/7/24 . . . . . . . . . . . . . . . . 3,797,000 Vulcan Materials Co., 4.5000%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 Vulcan Materials Co., 7.0000%, due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 809,000 Vulcan Materials Co., 7.5000%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . .
529,790 213,724
1,492,743 689,710 839,618 1,248,915 4,270,986
1,317,319
0.1
850,778
0.5
5,346,151
0.1 0.7
748,918 6,945,847
0.1
786,940
0.1
993,478
0.1
511,316
0.1 0.4
963,133 3,254,867
Casino Hotels 1,184,000 Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.2500%, due 30/5/23 (144A) . . . . . . . . . . . . . . . . . Chemicals – Specialty 3,023,000 Albemarle Corp., 4.1500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 2,486,000 Albemarle Corp., 5.4500%, due 1/12/44 . . . . . . . . . . . . . . . . . . . . . . . 1,295,000 Ashland, Inc., 3.8750%, due 15/4/18 . . . . . . 1,703,000 Ashland, Inc., 6.8750%, due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 2,418,000 Rockwood Specialties Group, Inc., 4.6250%, due 15/10/20 . . . . . . . . . . . . . .
Fair Value (USD)
1,417,030 830,873 1,576,050 701,435 376,270 601,245 5,502,903
880,191
0.1
1,472,040
0.1
1,097,315
0.4
3,806,493
0.2
1,702,500
0.1 0.9
934,395 9,012,743
0.1
1,095,200
0.3
3,019,061
0.2 0.1
2,497,264 1,335,469
0.2
1,737,060
0.2 1.0
2,520,765 11,109,619
Commercial Banks – Eastern U.S. 4,831,000 CIT Group, Inc., 4.2500%, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,216,000 CIT Group, Inc., 5.5000%, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.3 0.8 Commercial Banks – Non U.S. 1,963,000 Intesa Sanpaolo SpA, 5.0170%, due 26/6/24 (144A) . . . . . . . . . . . . . . . . . 0.2 5,587,000 Santander U.K. PLC, 5.0000%, due 7/11/23 (144A) . . . . . . . . . . . . . . . . . 0.6 0.8 Commercial Banks – Western U.S. 1,826,000 SVB Financial Group, 5.3750%, due 15/9/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,357,000 Zions Bancorporation, 5.8000%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.5 Computer Aided Design 1,387,000 Autodesk, Inc., 3.6000%, due 15/12/22 . . . . . . . . . . . . . . . . . . . . . . 0.1
4,915,543 3,360,720 8,276,263
1,910,537 5,726,787 7,637,324 2,039,432 3,201,739 5,241,171
1,381,915
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
161
Janus Flexible Income Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Computers – Memory Devices 6,839,000 Seagate HDD Cayman, 4.7500%, due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . 2,177,000 Seagate HDD Cayman, 4.8750%, due 1/6/27 (144A) . . . . . . . . . . . . . . . . . . 723,000 Seagate Technology PLC, 4.7500%, due 1/6/23 . . . . . . . . . . . . . . . . . . . . . . . . 2,588,000 Seagate Technology PLC, 5.7500%, due 1/12/34 . . . . . . . . . . . . . . . . . . . . . . . Consulting Services 4,448,000 Verisk Analytics, Inc., 4.0000%, due 15/6/25 . . . . . . . . . . . . . . . . . . . . . . . 1,434,000 Verisk Analytics, Inc., 4.1250%, due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 1,203,000 Verisk Analytics, Inc., 4.8750%, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 2,404,000 Verisk Analytics, Inc., 5.5000%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . 4,756,000 Verisk Analytics, Inc., 5.8000%, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.7
6,809,804
0.2
2,120,901
0.1
735,531
0.3 1.3
2,555,562 12,221,798
0.4
4,364,782
0.1
1,462,409
0.1
1,287,050
0.2
2,372,914
0.5 1.3
5,357,634 14,844,789
Data Processing and Management 393,000 Fidelity National Information Services, Inc., 5.0000%, due 15/3/22 . . . . . . . . . . . . — 1,321,000 Fiserv, Inc., 3.1250%, due 1/10/15 . . . . . . . . 0.1 0.1 Diagnostic Equipment 1,616,000 Life Technologies Corp., 6.0000%, due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Dialysis Centres 2,722,000 Fresenius Medical Care U.S. Finance II, Inc., 5.8750%, due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.3 Diversified Banking Institutions 1,014,000 Bank of America Corp., 1.5000%, due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 3,533,000 Bank of America Corp., 8.0000%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 1,240,000 Citigroup, Inc., 5.8000%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 984,000 Goldman Sachs Group, Inc., 5.6250%, due 15/1/17 . . . . . . . . . . . . . . . . . . . . . . . 2,230,000 Morgan Stanley 5.5500%, due . . . . . . . . . . 4,763,000 Royal Bank of Scotland Group PLC, 5.1250%, due 28/5/24 . . . . . . . . . . . . . . . 2,375,000 Royal Bank of Scotland Group PLC, 6.0000%, due 19/12/23 . . . . . . . . . . . . . . 3,700,000 Royal Bank of Scotland Group PLC, 6.1000%, due 10/6/23 . . . . . . . . . . . . . . . 1,887,000 Royal Bank of Scotland Group PLC, 2.5500%, due 18/9/15 . . . . . . . . . . . . . . . Diversified Financial Services 1,546,000 Carlyle Holdings Finance LLC, 3.8750%, due 1/2/23 (144A) . . . . . . . . . . 3,300,000 General Electric Capital Corp., 6.2500%, due 15/12/49 . . . . . . . . . . . . . . 830,000 General Electric Capital Corp., 6.3750%, due 15/11/67 . . . . . . . . . . . . . . 800,000 General Electric Capital Corp., 7.1250%, due 15/12/49 . . . . . . . . . . . . . . 1,201,000 AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.6250%, due 1/7/22 . . . . . . . . . . . . . . . . . . . . . . . .
415,176 1,328,106 1,743,282
1,819,640
2,898,930
0.1
1,016,393
0.4
3,731,731
0.1
1,244,650
0.1 0.2
1,042,358 2,216,620
0.5
4,765,620
0.2
2,519,141
0.4
3,940,174
0.2 2.2
1,892,372 22,369,059
0.2
1,564,048
0.4
3,613,500
0.1
894,325
0.1
924,000
0.1 0.9
1,205,504 8,201,377
The accompanying notes are an integral part of the financial statements.
162
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Diversified Operations 1,627,000 GE Capital Trust I, 6.3750%, due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . Electric – Integrated 911,000 Ipalco Enterprises, Inc., 5.0000%, due 1/5/18 . . . . . . . . . . . . . . . . . . . . . . . . 1,220,000 PPL WEM Holdings PLC, 3.9000%, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 1,794,000 PPL WEM Holdings PLC, 5.3750%, due 1/5/21 (144A) . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.2
1,741,704
0.1
965,660
0.1
1,244,660
0.2 0.4
1,986,961 4,197,281
Electric Products – Miscellaneous 1,018,000 Molex Electronic Technologies LLC, 2.8780%, due 15/4/20 . . . . . . . . . . . . . . . 0.1 4,052,000 Molex Electronic Technologies LLC, 3.9000%, due 15/4/25 . . . . . . . . . . . . . . . 0.4 0.5 Electronic Design Automation 3,725,000 Cadence Design Systems, Inc., 4.3750%, due 15/10/24 . . . . . . . . . . . . . . 0.4 Electronic Measuring Instruments 2,040,000 FLIR Systems, Inc., 3.7500%, due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 4,362,000 Trimble Navigation, Ltd., 4.7500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.6 Finance – Auto Loans 2,338,000 Ally Financial, Inc., 4.1250%, due 30/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,817,000 Ally Financial, Inc., 4.6250%, due 19/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 417,000 Ally Financial, Inc., 8.0000%, due 31/12/18 . . . . . . . . . . . . . . . . . . . . . . . — 816,000 General Motors Financial Co., Inc., 3.2500%, due 15/5/18 . . . . . . . . . . . . . . . 0.1 0.5 Finance – Consumer Loans 2,283,000 Synchrony Financial, 3.0000%, due 15/8/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Finance – Credit Card 1,667,000 American Express Co., 6.8000%, due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,736,000 Discover Financial Services, 3.7500%, due 4/3/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 829,000 Discover Financial Services, 3.9500%, due 6/11/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.5 Finance – Investment Bankers/Brokers 1,477,000 Charles Schwab Corp., 3.0000%, due 10/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,798,000 Charles Schwab Corp., 7.0000%, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,237,000 E*TRADE Financial Corp., 4.6250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,432,000 E*TRADE Financial Corp., 5.3750%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,296,000 Lazard Group LLC, 4.2500%, due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.2 51,000 Lazard Group LLC, 6.8500%, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . . — 5,353,000 Raymond James Financial, Inc., 5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 0.6 1,576,000 Stifel Financial Corp., 4.2500%, due 18/7/24 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,053,000 TD Ameritrade Holding Corp., 2.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.2
1,003,484 3,934,075 4,937,559
3,743,860
2,091,802 4,376,107 6,467,909
2,339,450 1,796,559 466,519 835,127 5,437,655
2,301,417
1,719,344 1,660,894 807,068 4,187,306
1,450,551 2,092,764 3,188,445 2,498,880 2,417,043 55,739 5,965,094 1,560,079 2,037,416
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
3,430,000 TD Ameritrade Holding Corp., 3.6250%, due 1/4/25 . . . . . . . . . . . . . . . . 0.3 2.3 Finance – Leasing Company 4,811,000 LeasePlan Corp. N.V., 2.5000%, due 16/5/18 (144A) . . . . . . . . . . . . . . . . . 0.5 Food – Confectionery 2,862,000 Wm Wrigley Jr, Co., 2.4000%, due 21/10/18 . . . . . . . . . . . . . . . . . . . . . . 0.3 2,079,000 Wm Wrigley Jr, Co., 3.3750%, due 21/10/20 . . . . . . . . . . . . . . . . . . . . . . 0.2 0.5 Food – Meat Products 350,000 Sun Merger Sub, Inc., 5.2500%, due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . . — 980,000 Tyson Foods, Inc., 6.6000%, due 1/4/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 Food – Miscellaneous/Diversified 1,266,000 HJ Heinz Co, 3.5000%, due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.1 1,475,000 HJ Heinz Co, 2.8000%, due 2/7/20 (144A) . . . . . . . . . . . . . . . . . . 0.1 0.2 Gas – Distribution 2,047,000 NGL Energy Partners L.P. / NGL Energy Finance Corp., 5.1250%, due 15/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 228,000 Southern Star Central Gas Pipeline, Inc., 6.0000%, due 1/6/16 (144A) . . . . . . . — 0.2 Hotels and Motels 1,272,000 Starwood Hotels & Resorts Worldwide, Inc., 7.1500%, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Instruments – Scientific 1,142,000 Thermo Fisher Scientific, Inc., 3.3000%, due 15/2/22 . . . . . . . . . . . . . . . 0.1 Investment Management and Advisory Services 3,088,000 Ameriprise Financial, Inc., 7.5180%, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,601,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 4.8750%, due 15/4/45 . . . . . . . . . . . . . . . 0.2 2,338,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.2 0.7 Life and Health Insurance 592,000 CNO Financial Group, Inc., 4.5000%, due 30/5/20 . . . . . . . . . . . . . . . 0.1 1,687,000 CNO Financial Group, Inc., 5.2500%, due 30/5/25 . . . . . . . . . . . . . . . 0.2 3,955,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.7 Linen Supply and Related Items 706,000 Cintas Corp. No 2, 2.8500%, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 755,000 Cintas Corp. No 2, 4.3000%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Machinery – Farm 1,391,000 CNH Capital LLC, 3.6250%, due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 3,487,504 24,753,515
4,821,382
2,904,893 2,144,948 5,049,841
356,125 1,017,641 1,373,766
1,270,892 1,477,829 2,748,721
2,052,118 234,876 2,286,994
1,481,046
1,130,165
3,095,720 2,367,188 2,507,505 7,970,413
602,360 1,718,547 4,225,830 6,546,737
715,122 815,093 1,530,215
1,397,955
Share or Principal Amount
Percentage of Net Assets (%)
Medical – Biomedical and Genetic 486,000 Life Technologies Corp., 5.0000%, due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical – Drugs 1,308,000 Valeant Pharmaceuticals International, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . 0.1 1,308,000 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 . . . . . . . . . . . . 0.1 0.2 Medical – Generic Drugs 221,000 Actavis Funding SCS, 2.4500%, due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . . — 3,108,000 Actavis Funding SCS, 3.0000%, due 12/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,596,000 Actavis Funding SCS, 3.8000%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.3 629,000 Actavis Funding SCS, 3.8500%, due 15/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,714,000 Actavis Funding SCS, 4.5500%, due 15/3/35 . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,284,000 Actavis Funding SCS, 4.7500%, due 15/3/45 . . . . . . . . . . . . . . . . . . . . . . . 0.1 559,000 Actavis Funding SCS, 4.8500%, due 15/6/44 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.1 Medical – Hospitals 1,007,000 HCA, Inc., 3.7500%, due 15/3/19 . . . . . . . . 0.1 Medical Labs and Testing Services 2,392,000 Laboratory Corp of America Holdings, 3.2000%, due 1/2/22 . . . . . . . . 0.2 2,392,000 Laboratory Corp of America Holdings, 3.6000%, due 1/2/25 . . . . . . . . 0.2 0.4 Medical Products 2,051,000 Becton Dickinson and Co., 1.8000%, due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 0.2 2,330,000 Zimmer Holdings, Inc., 2.7000%, due 1/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1,653,000 Zimmer Holdings, Inc., 3.1500%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,073,000 Zimmer Holdings, Inc., 3.5500%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.8 Multi-Line Insurance 1,580,000 ING U.S., Inc., 5.6500%, due 15/5/53 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Oil – Field Services 4,478,000 Oceaneering International, Inc., 4.6500%, due 15/11/24 . . . . . . . . . . . . . . 0.4 Oil and Gas Drilling 3,227,000 Helmerich & Payne International Drilling Co., 4.6500%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.3 404,000 Nabors Industries, Inc., 6.1500%, due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . . — 0.3 Oil Companies – Exploration and Production 1,866,000 Chesapeake Energy Corp., 4.8750%, due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,112,000 Chesapeake Energy Corp., 5.3750%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 4,240,000 Cimarex Energy Co., 4.3750%, due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,715,000 Cimarex Energy Co., 5.8750%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.5
Fair Value (USD)
535,324 1,343,970 1,348,875 2,692,845 220,324 3,122,819 3,539,521 622,584 1,634,813 1,227,182 541,377 10,908,620 1,017,070
2,361,722 2,292,299 4,654,021 2,052,471 2,321,034 1,628,431 2,006,981 8,008,917 1,621,475
4,482,317
3,337,544 436,520 3,774,064 1,628,085 1,921,920 4,208,963 5,068,625
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
163
Janus Flexible Income Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
1,571,000 Devon Energy Corp., 2.2500%, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.2 1.5 Oil Companies – Integrated 1,662,000 Chevron Corp., 1.3450%, due 15/11/17 . . . . . . . . . . . . . . . . . . . . . . 0.2 Oil Field Machinery and Equipment 1,103,000 Forum Energy Technologies, Inc., 6.2500%, due 1/10/21 . . . . . . . . . . . . . . . 0.1 Oil Frield Services 1,246,000 Korea National Oil Corp., 4.0000%, due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.1 Oil Refining and Marketing 921,000 Motiva Enterprises LLC, 5.7500%, due 15/1/20 (144A) . . . . . . . . . . . . . . . . . 0.1 Paper and Related Products 3,673,000 Georgia-Pacific LLC, 3.1630%, due 15/11/21 . . . . . . . . . . . . . . . . . . . . . . 0.4 1,851,000 Georgia-Pacific LLC, 3.6000%, due 1/3/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.6 Pharmacy Services 969,000 Omnicare, Inc., 4.7500%, due 1/12/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,197,000 Omnicare, Inc., 5.0000%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Pipelines 1,263,000 DCP Midstream Operating L.P., 3.8750%, due 15/3/23 . . . . . . . . . . . . . . . 0.1 2,954,000 DCP Midstream Operating L.P., 4.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.3 581,000 DCP Midstream Operating L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 107,000 El Paso Corp., 6.5000%, due 15/9/20. . . . . . . . — 961,000 El Paso Pipeline Partners Operating Co LLC, 4.3000%, due 1/5/24 . . . . . . . . . 0.1 930,000 El Paso Pipeline Partners Operating Co. LLC, 5.0000%, due 1/10/21 . . . . . . . . 0.1 1,042,000 Energy Transfer Partners L.P., 4.1500%, due 1/10/20 . . . . . . . . . . . . . . . 0.1 1,382,000 EnLink Midstream Partners L.P., 4.4000%, due 1/4/24 . . . . . . . . . . . . . . . . 0.1 1,063,000 EnLink Midstream Partners L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 1,148,000 Kinder Morgan, Inc., 7.7500%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . 0.1 669,000 Phillips 66 Partners L.P., 3.6050%, due 15/2/25 . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,539,000 Spectra Energy Corp., 4.7500%, due 15/3/24 . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,981,000 Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.1250%, due 15/11/19 . . . . . . . . . . . . . . 0.2 3,990,000 Western Gas Partners L.P., 5.3750%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2.1 Publishing – Periodicals 820,000 Nielsen Finance LLC / Nielsen Finance Co., 4.5000%, due 1/10/20 (144A) . . . . . . 0.1 1,979,000 UBM PLC, 5.7500%, due 3/11/20 (144A) . . . . . . . . . . . . . . . . . 0.2 0.3 Real Estate Management/Services 2,799,000 Jones Lang LaSalle, Inc., 4.4000%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.3
1,576,527 14,404,120
1,669,338
1,097,485
1,291,387
1,013,677
3,722,883 1,836,549 5,559,432
1,031,985 1,292,760 2,324,745
1,170,715 2,921,435 521,677 122,492 950,081 985,346 1,072,145 1,388,154 1,036,461 1,322,105 630,860 2,687,976 1,971,095 4,312,081 21,092,623
818,975 2,137,991 2,956,966
2,875,264
The accompanying notes are an integral part of the financial statements.
164
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
2,789,000 Kennedy-Wilson, Inc., 5.8750%, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.6 Real Estate Operating/Development 1,314,000 Post Apartment Homes L.P., 4.7500%, due 15/10/17 . . . . . . . . . . . . . . 0.1 REIT – Diversified 2,355,000 American Tower Trust I, 1.5510%, due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.2 3,018,000 Goodman Funding Pty, Ltd., 6.3750%, due 15/4/21 (144A) . . . . . . . . . 0.3 0.5 REIT – Health Care 681,000 Senior Housing Properties Trust, 6.7500%, due 15/12/21 . . . . . . . . . . . . . . 0.1 582,000 Senior Housing Properties Trust, 6.7500%, due 15/4/20 . . . . . . . . . . . . . . . 0.1 0.2 REIT – Office Property 1,552,000 Alexandria Real Estate Equities, Inc., 2.7500%, due 15/1/20 . . . . . . . . . . . . . . . 0.2 1,173,000 Alexandria Real Estate Equities, Inc., 4.5000%, due 30/7/29 . . . . . . . . . . . . . . . 0.1 2,900,000 Alexandria Real Estate Equities, Inc., 4.6000%, due 1/4/22 . . . . . . . . . . . . . . . . 0.3 1,257,000 Reckson Operating Partnership L.P., 5.0000%, due 15/8/18 . . . . . . . . . . . . . . . 0.1 394,000 Reckson Operating Partnership L.P., 6.0000%, due 31/3/16 . . . . . . . . . . . . . . . . — 2,236,000 Reckson Operating Partnership L.P., 7.7500%, due 15/3/20 . . . . . . . . . . . . . . . 0.3 1.0 REIT – Shopping Centres 887,000 Retail Opportunity Investments Partnership L.P., 4.0000%, due 15/12/24 . . . . . . . . . . . . . . . . . . . . . . 0.1 401,000 Retail Opportunity Investments Partnership L.P., 5.0000%, due 15/12/23 . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Retail – Regional Department Stores 564,000 Macy’s Retail Holdings, Inc., 5.9000%, due 1/12/16 . . . . . . . . . . . . . . . 0.1 Retail – Restaurants 2,598,000 1011778 BC ULC / New Red Finance, Inc., 4.6250%, due 15/1/22 . . . . . . . . . . . . 0.3 4,346,000 Brinker International, Inc., 3.8750%, due 15/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.7 Rubber – Tires 538,000 Continental Rubber Of America Corp., 4.5000%, due 15/9/19 (144A) . . . . . 0.1 Semiconductor Components/Integrated Circuits 6,405,000 TSMC Global, Ltd., 1.6250%, due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.7 Special Purpose Entity 3,255,000 Goldman Sachs Capital I, 6.3450%, due 15/2/34 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Steel – Producers 1,869,000 Reliance Steel & Aluminum Co., 4.5000%, due 15/4/23 . . . . . . . . . . . . . . . 0.3 Telecommunication Services 1,303,000 SBA Tower Trust, 2.9330%, due 15/12/17 (144A) . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 2,782,028 5,657,292
1,400,870 2,345,016 3,471,916 5,816,932
776,147 654,740 1,430,887
1,537,838 1,178,261 3,059,245 1,346,744 407,020 2,666,714 10,195,822
879,323 421,447 1,300,770
601,117
2,565,525 4,244,586 6,810,111
553,597
6,335,941
3,786,112
1,841,604
1,322,679
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Transportation – Services 275,000 Asciano Finance, Ltd., 3.1250%, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . . — Transportation – Truck 1,977,000 J.B. Hunt Transport Services, Inc., 3.3750%, due 15/9/15 . . . . . . . . . . . . . . . 0.2 Trucking and Leasing 1,063,000 Penske Truck Leasing Co L.P. / PTL Finance Corp., 2.5000%, due 15/6/19 (144A) . . . . . . . . . . . . . . . . . 0.1 161,000 Penske Truck Leasing Co L.P. / PTL Finance Corp., 4.8750%, due 11/7/22 (144A) . . . . . . . . . . . . . . . . . . — 277,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 2.5000%, due 15/3/16 (144A) . . . . . . . . . . . . . . . . . . — 2,526,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 3.3750%, due 15/3/18 (144A) . . . . . . . . . . . . . . . . . 0.3 1,169,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 4.2500%, due 17/1/23 (144A) . . . . . . . . . . . . . . . . . 0.1 0.5
Fair Value (USD)
276,133
1,987,033
1,053,839 170,384 278,984 2,605,051 1,186,576 5,294,834
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.0
367,846,824
Government Obligations U.S. Treasury Notes/Bonds 1,421,000 0.3750%, due 31/5/16 . . . . . . . . . . . . . . . . . 0.1 15,045,000 0.5000%, due 30/4/17 . . . . . . . . . . . . . . . . . 1.5 13,536,000 0.5000%, due 30/11/16 . . . . . . . . . . . . . . . . 1.3 3,034,000 0.5000%, due 30/6/16 . . . . . . . . . . . . . . . . . 0.3 33,178,000 0.5000%, due 31/1/17 . . . . . . . . . . . . . . . . . 3.3 21,483,000 0.6250%, due 15/7/16 . . . . . . . . . . . . . . . . . 2.1 56,788,000 0.6250%, due 31/12/16 . . . . . . . . . . . . . . . . 5.6 3,107,000 0.7500%, due 30/6/17 . . . . . . . . . . . . . . . . . 0.3 1,036,000 0.7500%, due 31/10/17 . . . . . . . . . . . . . . . . 0.1 1,276,000 0.7500%, due 31/12/17 . . . . . . . . . . . . . . . . 0.1 1,525,000 0.7500%, due 31/3/18 . . . . . . . . . . . . . . . . . 0.1 175,000 0.8750%, due 15/10/17 . . . . . . . . . . . . . . . . . — 971,000 0.8750%, due 15/7/17 . . . . . . . . . . . . . . . . . 0.1 1,946,000 0.8750%, due 28/2/17 . . . . . . . . . . . . . . . . . 0.2 16,715,000 0.8750%, due 31/1/17 . . . . . . . . . . . . . . . . . 1.7 2,033,000 0.8750%, due 31/1/18 . . . . . . . . . . . . . . . . . 0.2 21,000,000 1.0000%, due 15/12/17 . . . . . . . . . . . . . . . . 2.1 102,000 1.0000%, due 15/9/17 . . . . . . . . . . . . . . . . . . — 254,000 1.3750%, due 31/3/20 . . . . . . . . . . . . . . . . . . — 6,721,000 1.3750%, due 31/7/18 . . . . . . . . . . . . . . . . . 0.7 21,557,000 1.5000%, due 30/11/19 . . . . . . . . . . . . . . . . 2.1 10,888,000 1.5000%, due 31/10/19 . . . . . . . . . . . . . . . . 1.1 23,491,000 1.5000%, due 31/8/18 . . . . . . . . . . . . . . . . . 2.4 2,331,000 1.6250%, due 31/12/19 . . . . . . . . . . . . . . . . 0.2 12,786,000 1.6250%, due 31/7/19 . . . . . . . . . . . . . . . . . 1.3 7,725,000 1.7500%, due 30/9/19 . . . . . . . . . . . . . . . . . 0.8 15,724,000 2.1250%, due 15/5/25 . . . . . . . . . . . . . . . . . 1.5 6,585,000 2.1250%, due 30/9/21 . . . . . . . . . . . . . . . . . 0.7 19,996,000 2.2500%, due 15/11/24 . . . . . . . . . . . . . . . . 2.0 2,062,000 2.3750%, due 31/5/18 . . . . . . . . . . . . . . . . . 0.2 10,550,000 3.0000%, due 15/5/45 . . . . . . . . . . . . . . . . . 1.0 3,427,000 3.0000%, due 15/11/44 . . . . . . . . . . . . . . . . 0.3 12,044,000 3.1250%, due 15/8/44 . . . . . . . . . . . . . . . . . 1.2 148,000 3.3750%, due 15/5/44 . . . . . . . . . . . . . . . . . . — 9,334,000 3.6250%, due 15/2/44 . . . . . . . . . . . . . . . . . 1.0 1,295,000 3.7500%, due 15/11/43 . . . . . . . . . . . . . . . . 0.2 35.8
1,422,054 15,021,500 13,545,516 3,039,215 33,170,236 21,543,410 56,912,252 3,113,310 1,035,191 1,273,408 1,517,375 175,410 975,097 1,956,643 16,809,022 2,033,634 21,091,875 102,598 251,519 6,788,734 21,562,044 10,894,805 23,799,319 2,340,834 12,895,883 7,818,542 15,440,229 6,651,364 19,875,704 2,145,123 10,340,646 3,352,836 12,065,643 155,481 10,263,750 1,456,875 362,837,077
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 35.8
362,837,077
Share or Principal Amount
Percentage of Net Assets (%)
Mortgage-Backed Securities Fannie Mae Pool 3,215,719 3.5000%, due 1/7/42. . . . . . . . . . . . . . . . . . 0.3 440,648 4.0000%, due 1/12/42. . . . . . . . . . . . . . . . . . — 7,649,581 4.5000%, due 1/5/44. . . . . . . . . . . . . . . . . . 0.8 2,818,429 5.5000%, due 1/7/41. . . . . . . . . . . . . . . . . . 0.3 4,288,947 3.5000%, due 1/1/44 . . . . . . . . . . . . . . . . . . 0.4 1,501,010 3.5000%, due 1/4/44 . . . . . . . . . . . . . . . . . . 0.2 5,064,219 3.5000%, due 1/5/44 . . . . . . . . . . . . . . . . . . 0.5 1,072,343 4.0000%, due 1/11/42 . . . . . . . . . . . . . . . . . 0.1 1,578,098 4.0000%, due 1/2/44 . . . . . . . . . . . . . . . . . . 0.2 1,614,363 4.0000%, due 1/6/42 . . . . . . . . . . . . . . . . . . 0.2 2,490,555 4.0000%, due 1/6/44 . . . . . . . . . . . . . . . . . . 0.3 2,950,047 4.0000%, due 1/7/43 . . . . . . . . . . . . . . . . . . 0.3 4,615,344 4.0000%, due 1/7/44 . . . . . . . . . . . . . . . . . . 0.5 705,447 4.0000%, due 1/8/42 . . . . . . . . . . . . . . . . . . 0.1 2,600,855 4.0000%, due 1/8/43 . . . . . . . . . . . . . . . . . . 0.3 3,521,480 4.0000%, due 1/8/44 . . . . . . . . . . . . . . . . . . 0.4 1,694,352 4.0000%, due 1/9/42 . . . . . . . . . . . . . . . . . . 0.2 773,546 4.0000%, due 1/9/43 . . . . . . . . . . . . . . . . . . 0.1 270,137 4.5000%, due 1/10/40 . . . . . . . . . . . . . . . . . . — 4,811,127 4.5000%, due 1/2/43 . . . . . . . . . . . . . . . . . . 0.5 1,189,884 4.5000%, due 1/8/41 . . . . . . . . . . . . . . . . . . 0.1 403,436 5.0000%, due 1/1/30 . . . . . . . . . . . . . . . . . . . — 276,063 5.0000%, due 1/10/40 . . . . . . . . . . . . . . . . . . — 2,630,329 5.0000%, due 1/2/41 . . . . . . . . . . . . . . . . . . 0.3 505,923 5.0000%, due 1/4/41 . . . . . . . . . . . . . . . . . . 0.1 481,074 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1 1,282,068 5.0000%, due 1/7/41 . . . . . . . . . . . . . . . . . . 0.1 1,013,187 5.0000%, due 1/9/29 . . . . . . . . . . . . . . . . . . 0.1 280,027 5.5000%, due 1/1/25 . . . . . . . . . . . . . . . . . . . — 185,697 5.5000%, due 1/1/33 . . . . . . . . . . . . . . . . . . . — 1,511,735 5.5000%, due 1/12/41 . . . . . . . . . . . . . . . . . 0.2 579,721 5.5000%, due 1/2/41 . . . . . . . . . . . . . . . . . . 0.1 1,042,732 5.5000%, due 1/3/40 . . . . . . . . . . . . . . . . . . 0.1 2,452,018 5.5000%, due 1/4/40 . . . . . . . . . . . . . . . . . . 0.3 807,915 5.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1 696,122 5.5000%, due 1/6/41 . . . . . . . . . . . . . . . . . . 0.1 920,250 6.0000%, due 1/10/35 . . . . . . . . . . . . . . . . . 0.1 776,840 6.0000%, due 1/10/38 . . . . . . . . . . . . . . . . . 0.1 732,853 6.0000%, due 1/12/35 . . . . . . . . . . . . . . . . . 0.1 349,576 6.0000%, due 1/2/37 . . . . . . . . . . . . . . . . . . . — 1,121,769 6.0000%, due 1/9/37 . . . . . . . . . . . . . . . . . . 0.1 320,434 7.0000%, due 1/2/39 . . . . . . . . . . . . . . . . . . . — 7.8 Freddie Mac Gold Pool 691,155 4.5000%, due 1/1/41 . . . . . . . . . . . . . . . . . . 0.1 186,581 5.0000%, due 1/1/19 . . . . . . . . . . . . . . . . . . . — 1,111,857 5.0000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1 366,298 5.0000%, due 1/6/20 . . . . . . . . . . . . . . . . . . . — 670,598 5.5000%, due 1/10/36 . . . . . . . . . . . . . . . . . 0.1 641,340 5.5000%, due 1/12/28 . . . . . . . . . . . . . . . . . 0.1 969,643 5.5000%, due 1/5/41 . . . . . . . . . . . . . . . . . . 0.1 172,622 5.5000%, due 1/8/19 . . . . . . . . . . . . . . . . . . . — 3,620,392 6.0000%, due 1/4/40 . . . . . . . . . . . . . . . . . . 0.4 0.9 Ginnie Mae 1,086,710 5.1000%, due 15/1/32 . . . . . . . . . . . . . . . . . 0.1 Ginnie Mae I pool 964,538 4.5000%, due 15/9/40. . . . . . . . . . . . . . . . . 0.1 1,256,657 5.0000%, due 15/5/40. . . . . . . . . . . . . . . . . 0.1 4,538,580 5.0000%, due 15/6/44. . . . . . . . . . . . . . . . . 0.6 1,968,775 5.0000%, due 15/11/43. . . . . . . . . . . . . . . . 0.2 2,558,811 5.5000%, due 15/6/39. . . . . . . . . . . . . . . . . 0.3 1,117,358 4.5000%, due 15/7/41 . . . . . . . . . . . . . . . . . 0.1 2,093,301 4.5000%, due 15/8/41 . . . . . . . . . . . . . . . . . 0.2
Fair Value (USD)
3,329,696 471,458 8,436,714 3,167,260 4,450,874 1,554,227 5,253,321 1,144,874 1,685,173 1,723,421 2,659,196 3,150,057 4,949,098 753,112 2,777,277 3,776,141 1,809,055 825,331 294,322 5,246,914 1,295,314 445,636 309,644 2,930,845 564,050 533,106 1,428,282 1,118,528 305,866 208,732 1,707,583 661,974 1,191,663 2,766,756 907,339 783,300 1,052,690 884,351 838,668 404,460 1,235,185 387,695 79,419,188 752,122 194,916 1,240,768 390,678 756,981 718,238 1,087,960 181,089 4,131,125 9,453,877 1,244,841 1,059,491 1,402,520 5,143,069 2,190,219 2,971,142 1,219,275 2,316,903
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
165
Janus Flexible Income Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
1,253,686 294,264 525,356 938,089 952,371 314,875 416,358 369,918 1,244,218 514,796 524,415 2,345,137 335,822
4.9000%, due 15/10/34 . . . . . . . . . . . . . . . . 0.1 5.0000%, due 15/1/40 . . . . . . . . . . . . . . . . . . — 5.0000%, due 15/10/39 . . . . . . . . . . . . . . . . 0.1 5.0000%, due 15/11/39 . . . . . . . . . . . . . . . . 0.1 5.0000%, due 15/2/41 . . . . . . . . . . . . . . . . . 0.1 5.0000%, due 15/4/41 . . . . . . . . . . . . . . . . . . — 5.0000%, due 15/5/40 . . . . . . . . . . . . . . . . . 0.1 5.0000%, due 15/5/41 . . . . . . . . . . . . . . . . . . — 5.0000%, due 15/7/40 . . . . . . . . . . . . . . . . . 0.1 5.0000%, due 15/9/41 . . . . . . . . . . . . . . . . . 0.1 5.5000%, due 15/3/36 . . . . . . . . . . . . . . . . . 0.1 5.5000%, due 15/8/39 . . . . . . . . . . . . . . . . . 0.3 5.5000%, due 15/9/35 . . . . . . . . . . . . . . . . . . — 2.7 Ginnie Mae II pool 110,802 7.0000%, due 20/5/39. . . . . . . . . . . . . . . . . . — 591,780 3.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.1 767,497 5.5000%, due 20/1/42 . . . . . . . . . . . . . . . . . 0.1 597,622 5.5000%, due 20/11/37 . . . . . . . . . . . . . . . . 0.1 827,109 5.5000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.1 1,347,368 5.5000%, due 20/7/42 . . . . . . . . . . . . . . . . . 0.1 211,707 6.0000%, due 20/1/39 . . . . . . . . . . . . . . . . . . — 279,599 6.0000%, due 20/1/42 . . . . . . . . . . . . . . . . . . — 96,942 6.0000%, due 20/10/41 . . . . . . . . . . . . . . . . . — 488,508 6.0000%, due 20/11/34 . . . . . . . . . . . . . . . . 0.1 316,229 6.0000%, due 20/11/42 . . . . . . . . . . . . . . . . . — 458,711 6.0000%, due 20/12/41 . . . . . . . . . . . . . . . . 0.1 426,323 6.0000%, due 20/2/42 . . . . . . . . . . . . . . . . . 0.1 387,262 6.0000%, due 20/2/43 . . . . . . . . . . . . . . . . . 0.1 281,362 6.0000%, due 20/3/42 . . . . . . . . . . . . . . . . . . — 1,082,504 6.0000%, due 20/4/42 . . . . . . . . . . . . . . . . . 0.1 776,501 6.0000%, due 20/5/42 . . . . . . . . . . . . . . . . . 0.1 319,289 6.0000%, due 20/7/42 . . . . . . . . . . . . . . . . . . — 305,489 6.0000%, due 20/8/42 . . . . . . . . . . . . . . . . . . — 375,395 6.0000%, due 20/9/42 . . . . . . . . . . . . . . . . . . — 1.1
1,396,280 326,783 586,757 1,041,903 1,058,353 350,974 469,533 419,998 1,381,059 574,447 599,806 2,698,721 391,260 27,598,493
Total Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . 12.6
129,130,799
131,531 617,748 873,430 669,627 942,603 1,515,170 239,981 321,353 111,559 566,920 362,484 526,095 490,072 445,383 323,516 1,244,584 882,220 366,952 350,974 432,198 11,414,400
Preferred Stock Diversified Banking Institutions 67,000 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.2 77,000 Morgan Stanley, 7.1250% . . . . . . . . . . . . . . . 0.2 0.4 Diversified Financial Services 47,000 Citigroup Capital XIII, 7.8750%. . . . . . . . . . 0.1 10,278 General Electric Capital Corp., 4.7000% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Fiduciary Banks 14,375 State Street Corp., 5.9000% . . . . . . . . . . . . . . — Finance – Auto Loans 1,503 Ally Financial, Inc., 7.0000% . . . . . . . . . . . . 0.2 Finance – Credit Card 105,000 Discover Financial Services, 6.5000% . . . . . . 0.3 Finance – Investment Bankers/Brokers 13,475 Morgan Stanley Capital Trust III, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,779 Morgan Stanley Capital Trust IV, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 843 Morgan Stanley Capital Trust V, 5.7500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 705 Morgan Stanley Capital Trust VIII, 6.4500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — — Medical – Generic Drugs 767 Allergan PLC 5.5000% . . . . . . . . . . . . . . . . . 0.1
1,787,560 2,152,150 3,939,710 1,220,120 249,755 1,469,875 369,006 1,526,250 2,674,350
The accompanying notes are an integral part of the financial statements.
166
Janus Capital Funds Plc / 30 June 2015
344,017 45,258 21,294 17,872 428,441 799,659
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Super – Regional Banks 100,000 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.3
2,760,000
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4
13,967,291
Tranche Loans Electronic Components – Semiconductors 8,053,158 Avago Technologies Cayman, Ltd., 3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . Media 4,618,313 Tribune Media Co 3.0000%, due 27/12/20 . . . . . . . . . . . . . . . . . . . . . . Medical Information Systems 2,474,010 IMS Health, Inc., 3.5000%, due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . Retail - Office Supplies 796,000 Staples, Inc 2.7500%, due 23/4/21
0.8
8,060,325
0.5
4,616,881
0.2
2,458,547
0.1
794,177
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
15,929,930
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 99.4
1,007,481,048
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(1,669,006)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.2
1,005,812,042
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
Citibank AUD 126 CNH 19,935 CNH 87 CNH 31 EUR 86 USD 7,399 USD 4 USD 184,683 USD 1,032 USD 11,704 USD 24,428 USD 67,140 USD 50 USD 5 USD 6 USD 15,247 USD 510 USD 10,576 USD 3,294 USD 16,426 USD 88,098 USD 3,081 USD 343,894 USD 2 USD 112,533
USD USD USD USD USD AUD AUD EUR EUR EUR EUR EUR GBP GBP CNH EUR AUD EUR EUR EUR EUR AUD EUR CNH EUR
97 3,204 14 5 96 9,582 6 164,657 920 10,435 21,779 59,860 32 3 35 13,594 660 9,471 2,950 14,709 78,893 3,992 306,999 10 100,429
97 3,204 14 5 96 7,377 4 183,621 1,026 11,637 24,287 66,754 50 5 6 15,159 509 10,562 3,290 16,404 87,979 3,075 342,355 2 111,995
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — — — — 22 — 1,062 6 67 141 386 — — — 88 1 14 4 22 119 6 1,539 — 538
USD USD USD USD USD USD USD USD USD USD USD USD
EUR EUR EUR EUR AUD GBP CNH EUR EUR EUR EUR EUR
20,075 38,313 87 21,502 9 5 61 17,423 358,119 5,497 79,461 2,766
22,387 42,726 98 23,978 7 7 10 19,430 399,363 6,130 88,614 3,084
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
108 205 — 115 — — — 42 865 53 760 27
22,495 42,931 98 24,093 7 7 10 19,472 400,228 6,183 89,374 3,111
Total Total Financial Assets at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank AUD 3,470 AUD 6,904,047 AUD 510,850 EUR 13,619,680 EUR 7,754,060 EUR 34,169,277 EUR 507,006 EUR 46,098,849 EUR 46,098,849 EUR 14,800 EUR 7,550 EUR 11,906 EUR 40,719 EUR 196 EUR 519 EUR 23,166 EUR 5,819,295 GBP 258,214 GBP 1,955 USD 91,974 USD 1,465 USD 951 USD 960 USD 256,212 USD 13,055 USD 20,884 USD 38,351 USD 16,394 USD 189
Currency Sold USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR EUR GBP AUD EUR AUD EUR EUR EUR AUD
2,683 5,339,003 395,048 15,275,860 8,696,969 38,324,329 568,659 51,704,561 51,704,561 16,527 8,431 13,391 45,612 219 580 26,056 6,526,933 407,184 3,082 82,859 1,320 606 1,257 230,819 17,097 18,814 34,550 14,769 247
Current Market Value (USD) 2,695 5,362,168 396,762 15,363,516 8,746,874 38,544,242 571,922 52,001,253 52,001,253 16,549 8,442 13,505 45,816 220 581 26,278 6,564,388 408,807 3,094 92,401 1,472 952 968 257,402 13,164 20,981 38,529 16,470 191
Settle Date
Unrealised (Depreciation) (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(12) (23,165) (1,714) (87,656) (49,905) (219,913) (3,263) (296,692) (296,692) (22) (11) (114) (204) (1) (1) (222) (37,455) (1,623) (12) (427) (7) (1) (8) (1,190) (109) (97) (178) (76) (2)
Total
(1,020,772)
Total Financial Liabilities at fair value through profit or loss
(1,020,772)
6,190 1,005,818,232
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
167
Janus Global Flexible Income Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 13,000 AmeriCredit Automobile Receivables Trust, 2.6800%, due 9/10/18 . . . . . . . . . . . 0.1 25,000 AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, due 8/6/21 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 8,000 AmeriCredit Automobile Receivables Trust, 3.3100%, due 8/10/19 . . . . . . . . . . . — 91,295 AmeriCredit Automobile Receivables Trust, 4.0000%, due 8/5/17 . . . . . . . . . . . . 0.4 37,604 Broadgate Financing PLC, 1.5296%, due 5/1/22 . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 31,515 Commercial Mortgage Trust 2007-GG11, 5.8670%, due 10/12/49 . . . . . . . . . . . . . . . . . . . . . . . 0.1 135,000 CSMC Trust 2014-SURF, 2.4355%, due 15/2/29 . . . . . . . . . . . . . . . . 0.6 49,386 DECO 12-UK 4 PLC 0.8406%, due 27/1/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 270,000 DECO 2012-MHILL, Ltd., 2.8428%, due 28/7/21 . . . . . . . . . . . . . . . . 1.9 43,877 Eddystone Finance PLC, 1.0938%, due 19/4/21 . . . . . . . . . . . . . . . . 0.3 28,768 FREMF 2010 K-SCT Mortgage Trust, 2.0000%, due 25/1/20 (144A) . . . . . . . . . . 0.1 93,795 German Residential Funding 2013-2, Ltd., 1.1380%, due 27/8/24 . . . . . . . . . . . . 0.5 106,926 German Residential Funding 2013-2, Ltd., 3.4880%, due 27/8/24 . . . . . . . . . . . . 0.5 100,000 Hilton U.S.A. Trust 2013-HLT, 5.6086%, due 5/11/30 (144A) . . . . . . . . . . 0.4 46,429 London & Regional Debt Securitisation No 2 PLC, 5.8721%, due 15/10/15 . . . . . . . . . . . . . . . 0.3 223,576 Magellan Mortgages No3 PLC 0.2510%, due 15/5/58 . . . . . . . . . . . . . . . . 0.9 253,140 Nemus II Arden PLC, 0.7969%, due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . . . 1.7 101,000 Residential Mortgage Securities 28 Plc, 2.2213%, due 15/6/46 . . . . . . . . . . . . . . . . 0.7 29,825 Rivoli Pan Europe PLC, 0.1730%, due 3/8/18 . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 26,000 Santander Drive Auto Receivables Trust 2015-1, 3.2400%, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 11,000 Santander Drive Auto Receivables Trust, 2.5200%, due 17/9/18 . . . . . . . . . . . — 1,000,000 Scandinavian Consumer Loans No. 4, Ltd., 4.1100%, due 15/1/37 . . . . . . . . . . . . 0.6 114,000 Starwood Retail Property Trust 2014STAR, 2.5000%, due 15/11/27 . . . . . . . . . . 0.5 167,400 Starwood Retail Property Trust 2014STAR, 3.2500%, due 15/11/27 . . . . . . . . . . 0.7 96,569 Taurus 2013 GMF1 PLC, 1.9880%, due 21/5/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 68,000 Ulysses European Loan Conduit No 27 PLC 0.8006%, due 25/7/17 . . . . . . . . . . 0.4 92,000 Wendys Funding LLC 3.3710%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . . 0.4
13,246 25,066 8,214 91,572 58,312 33,844 134,777 72,621 424,328 67,414 25,745 106,487 124,494 101,665 74,161 213,029 391,122 156,717 32,831 26,170 11,060 129,243 113,869 167,969 109,798 103,463 91,992
Total Asset-Backed/Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.5
2,909,209
Corporate Bonds Aerospace and Defence – Equipment 56,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . 0.3 20,000 Harris Corp., 3.8320%, due 27/4/25 . . . . . . . 0.1 30,000 Harris Corp., 5.0540%, due 27/4/45 . . . . . . . 0.1 0.5
61,699 19,481 28,689 109,869
The accompanying notes are an integral part of the financial statements.
168
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Automotive – Cars and Light Trucks 50,000 General Motors Co., 4.8750%, due 2/10/23 . . . . . . . . . . . . . . . . . . . . . . . 103,000 Volkswagen International Finance N.V., 3.5000%, due 29/12/99 . . . . . . . . . . 88,000 Volkswagen International Finance N.V., 3.7500%, due 24/3/49 . . . . . . . . . . . 25,000 Volkswagen International Finance N.V., 4.6250%, due 24/3/49 . . . . . . . . . . .
Fair Value (USD)
0.2
52,964
0.5
105,358
0.4
101,537
0.1 1.2
28,996 288,855
Automotive – Truck Parts and Equipment – Original 100,000 Schaeffler Finance B.V., 3.2500%, due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Broadcast Services and Programming 100,000 Discovery Communications LLC, 1.9000%, due 19/3/27 . . . . . . . . . . . . . . . 0.4 Building – Residential and Commercial 31,000 D.R. Horton, Inc., 3.7500%, due 1/3/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Building Products – Cement and Aggregate 150,000 Holcim Finance Canada, Inc., 3.6500%, due 10/4/18 . . . . . . . . . . . . . . . 0.5 51,000 Martin Marietta Materials, Inc., 1.3731%, due 30/6/17 . . . . . . . . . . . . . . . 0.2 87,000 Vulcan Materials Co., 4.5000%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 25,000 Vulcan Materials Co., 7.0000%, due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,000 Vulcan Materials Co., 7.5000%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . . — 1.2 Cellular Telecommunications 52,000 Rogers Communications, Inc., 5.3800%, due 4/11/19 . . . . . . . . . . . . . . . 0.2 Chemicals – Specialty 168,000 Albemarle Corp., 1.8750%, due 8/12/21 . . . . . . . . . . . . . . . . . . . . . . . 0.8 24,000 Albemarle Corp., 4.1500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 25,000 Albemarle Corp., 5.4500%, due 1/12/44 . . . . . . . . . . . . . . . . . . . . . . . 0.1 39,000 Ashland, Inc., 6.8750%, due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.2 84,000 Rockwood Specialties Group, Inc., 4.6250%, due 15/10/20 . . . . . . . . . . . . . . 0.4 1.6 Commercial Banks – Non U.S. 100,000 Bank of Ireland, 3.2500%, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 130,000 Bank of Ireland, 4.2500%, due 11/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.6 100,000 Bankia S.A., 4.0000%, due 22/5/24 . . . . . . . 0.5 223,000 Intesa Sanpaolo SpA, 5.0170%, due 26/6/24 (144A) . . . . . . . . . . . . . . . . . 0.9 200,000 Svenska Handelsbanken AB 5.2500%, due 1/3/21 . . . . . . . . . . . . . . . 0.8 3.3 Commercial Banks – Western U.S. 57,000 Zions Bancorporation, 5.8000%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Computers – Memory Devices 98,000 Seagate HDD Cayman, 4.7500%, due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . 0.4 49,000 Seagate HDD Cayman, 4.8750%, due 1/6/27 (144A) . . . . . . . . . . . . . . . . . . 0.2
112,546
101,359
31,310
126,119 50,811 87,218 28,375 2,310 294,833
47,378
184,947 23,969 25,113 39,780 87,570 361,379
117,550 145,286 108,798 217,040 194,103 782,777
54,364
97,582 47,737
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
18,000 Seagate Technology PLC, 4.7500%, due 1/6/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 49,000 Seagate Technology PLC, 5.7500%, due 1/12/34 . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.9 Consulting Services 100,000 Verisk Analytics, Inc., 4.0000%, due 15/6/25 . . . . . . . . . . . . . . . . . . . . . . . 0.4 75,000 Verisk Analytics, Inc., 4.1250%, due 12/9/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 31,000 Verisk Analytics, Inc., 4.8750%, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1 54,000 Verisk Analytics, Inc., 5.5000%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . 0.2 44,000 Verisk Analytics, Inc., 5.8000%, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 1.2 Dialysis Centres 50,000 Fresenius Medical Care U.S. Finance II, Inc., 5.8750%, due 31/1/22 (144A) . . . . . . . . . . . . . . . . . 0.2 Diversified Banking Institutions 66,000 Bank of America Corp., 8.0000%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.3 49,000 Morgan Stanley, 4.1000%, due 22/5/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 248,000 Morgan Stanley, 5.0000%, due 30/9/21 . . . . . . . . . . . . . . . . . . . . . . . 0.9 100,000 Royal Bank of Scotland Group PLC, 1.6250%, due 25/6/19 . . . . . . . . . . . . . . . 0.5 201,000 Royal Bank of Scotland Group PLC, 6.0000%, due 19/12/23 . . . . . . . . . . . . . . 0.9 100,000 UBS A.G., 4.7500%, due 12/2/26 . . . . . . . . . 0.5 3.3 Diversified Financial Services 21,000 General Electric Capital Corp., 6.3750%, due 15/11/67 . . . . . . . . . . . . . . 0.1 100,000 General Electric Capital Corp., 7.1250%, due 15/12/49 . . . . . . . . . . . . . . 0.5 104,000 Permanent TSB PLC 2.3750%, due 22/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.1 Diversified Operations 16,000 GE Capital Trust I, 6.3750%, due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . 0.1 E-Commerce/Services 116,000 Expedia, Inc., 2.5000%, due 3/6/22 . . . . . . . . 0.5 Electric – Integrated 29,000 PPL WEM Holdings PLC, 3.9000%, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.1 Electric Products – Miscellaneous 23,000 Molex Electronic Technologies LLC, 2.8780%, due 15/4/20 . . . . . . . . . . . . . . . 0.1 92,000 Molex Electronic Technologies LLC, 3.9000%, due 15/4/25 . . . . . . . . . . . . . . . 0.4 0.5 Electronic Design Automation 221,000 Cadence Design Systems, Inc., 4.3750%, due 15/10/24 . . . . . . . . . . . . . . 1.0 Electronic Measuring Instruments 142,000 Trimble Navigation, Ltd., 4.7500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.6 Finance – Auto Loans 41,000 Ally Financial, Inc., 4.6250%, due 19/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2
Fair Value (USD) 18,312 48,386 212,017
98,129 76,486 33,166 53,302 49,566 310,649
53,250
69,713 49,174 199,207 111,896 213,199 118,445 761,634
22,628 115,500 114,611 252,739
17,128 127,668
29,586
22,672 89,323 111,995
222,119
142,459
40,539
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
100,000 FCE Bank PLC, 1.8750%, due 18/4/19 . . . . . . . 0.5 0.7 Finance – Investment Bankers/Brokers 76,000 E*TRADE Financial Corp., 4.6250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3 22,000 E*TRADE Financial Corp., 5.3750%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.1 48,000 Lazard Group LLC, 4.2500%, due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.2 123,000 Raymond James Financial, Inc., 5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 0.6 48,000 TD Ameritrade Holding Corp., 2.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.2 54,000 TD Ameritrade Holding Corp., 3.6250%, due 1/4/25 . . . . . . . . . . . . . . . . 0.2 1.6 Food – Miscellaneous/Diversified 29,000 HJ Heinz Co, 3.5000%, due 15/7/22 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 34,000 HJ Heinz Co, 2.8000%, due 2/7/20 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.2 Investment Management and Advisory Services 59,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 4.8750%, due 15/4/45 (144A) . . . . . . . . . 0.2 36,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.2 0.4 Life and Health Insurance 13,000 CNO Financial Group, Inc., 4.5000%, due 30/5/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 38,000 CNO Financial Group, Inc., 5.2500%, due 30/5/25 . . . . . . . . . . . . . . . . . . . . . . . 0.2 68,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . . . . 0.3 0.6 Machinery – Farm 48,000 CNH Capital LLC, 3.6250%, due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Medical – Drugs 100,000 Bayer AG, 2.3750%, due 2/4/75 . . . . . . . . . . 0.5 100,000 Valeant Pharmaceuticals International, Inc., 4.5000%, due 15/5/23 . . . . . . . . . . . . 0.5 30,000 Valeant Pharmaceuticals International, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . 0.1 30,000 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 . . . . . . . . . . . . 0.1 1.2 Medical – Generic Drugs 72,000 Actavis Funding SCS, 3.0000%, due 12/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 84,000 Actavis Funding SCS, 3.8000%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.4 40,000 Actavis Funding SCS, 4.5500%, due 15/3/35 . . . . . . . . . . . . . . . . . . . . . . . 0.2 30,000 Actavis Funding SCS, 4.7500%, due 15/3/45 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.0 Medical Labs and Testing Services 56,000 Laboratory Corp of America Holdings, 3.2000%, due 1/2/22 . . . . . . . . . . . . . . . . 0.3 Medical Products 23,000 FMC Finance VIII S.A., 5.2500%, due 31/7/19 . . . . . . . . . . . . . . . . . . . . . . . 0.1
114,245 154,784
74,860 22,605 50,531 137,065 47,636 54,905 387,602
29,112 34,065 63,177
53,696 38,610 92,306
13,228 38,711 72,657 124,596
48,240 105,995 108,115 30,825 30,938 275,873
72,343 82,681 38,152 28,672 221,848
55,291
28,971
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
169
Janus Global Flexible Income Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
54,000 Zimmer Holdings, Inc., 2.7000%, due 1/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 64,000 Zimmer Holdings, Inc., 3.1500%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 74,000 Zimmer Holdings, Inc., 3.5500%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.9 Oil and Gas Drilling 131,000 Helmerich & Payne International Drilling Co., 4.6500%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.6 Oil Companies – Exploration and Production 21,000 Chesapeake Energy Corp., 4.8750%, due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 33,000 Chesapeake Energy Corp., 5.3750%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 53,000 Cimarex Energy Co., 4.3750%, due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 18,000 Cimarex Energy Co., 5.8750%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.5 Oil Companies – Integrated 200,000 TOTAL S.A. 2.2500%, due 29/12/49 . . . . . . . 0.9 100,000 TOTAL S.A. 2.6250%, due 29/12/49 . . . . . . . 0.4 1.3 Pipelines 16,000 DCP Midstream Operating L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 18,000 EnLink Midstream Partners L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 0.2 Property Trust 125,000 Prologis International Funding II S.A. 1.8760%, due 17/4/25 . . . . . . . . . . . . . . . 0.6 Radio 217,000 Sirius XM Radio, Inc., 5.2500%, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 1.0 Real Estate 145,000 Kennedy Wilson Europe Real Estate Plc 3.9500%, due 30/6/22 . . . . . . . . . . . . 1.0 Retail – Restaurants 59,000 1011778 BC ULC / New Red Finance, Inc., 4.6250%, due 15/1/22 . . . . . . . . . . . 0.3 Semiconductor Components/Integrated Circuits 200,000 TSMC Global, Ltd., 1.6250%, due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.9 Textile – Home Furnishings 116,000 Mohawk Industries, Inc., 2.0000%, due 14/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.6 Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.8 Government Obligations Bundesobligation 255,000 0.5000%, due 15/2/25 . . . . . . . . . . . . . . . . . German Governmant Bond 179,000 1.0000%, due 15/8/24 . . . . . . . . . . . . . . . . . Ireland Government Bond 111,000 2.0000%, due 18/2/45 . . . . . . . . . . . . . . . . . 200,000 2.4000%, due 15/5/30 . . . . . . . . . . . . . . . . . 49,000 3.4000%, due 18/3/24 . . . . . . . . . . . . . . . . . 285,000 3.9000%, due 20/3/23 . . . . . . . . . . . . . . . . .
53,792 63,049 71,643 217,455
135,488
18,323 30,030 52,612 19,350 120,315 216,417 103,860 320,277
14,366 17,551 31,917
129,701
227,579
224,709
58,263
197,844
129,846 7,643,025
1.2
277,153
1.0
204,467
0.5 1.0 0.3 1.6 3.4
108,695 231,608 63,190 379,455 782,948
Italian Government Bond 129,000 4.5000%, due 1/5/23 . . . . . . . . . . . . . . . . . . 0.7
169,940
The accompanying notes are an integral part of the financial statements.
170
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
89,000 4.7500%, due 1/9/44 . . . . . . . . . . . . . . . . . . 0.5 86,000 4.5000%, due 1/3/24 . . . . . . . . . . . . . . . . . . 0.5 1.7 Mexican Government Bond 37,700 4.7500%, due 14/6/18 . . . . . . . . . . . . . . . . . 1.0 29,500 7.7500%, due 13/11/42 . . . . . . . . . . . . . . . . 0.9 1.9 New Zealand Government Bond 172,000 3.0000%, due 15/4/20 . . . . . . . . . . . . . . . . . 0.5 304,000 4.5000%, due 15/4/27 . . . . . . . . . . . . . . . . . 1.0 461,000 5.0000%, due 15/3/19 . . . . . . . . . . . . . . . . . 1.4 1,041,000 5.5000%, due 15/4/23 . . . . . . . . . . . . . . . . . 3.5 6.4 Spain Government Bond 243,000 4.4000%, due 31/10/23 . . . . . . . . . . . . . . . . 1.4 91,000 4.8500%, due 31/10/20 . . . . . . . . . . . . . . . . 0.5 35,000 5.1500%, due 31/10/44 . . . . . . . . . . . . . . . . 0.2 84,000 5.5000%, due 30/4/21 . . . . . . . . . . . . . . . . . 0.5 — 3.8000%, due 30/4/24 . . . . . . . . . . . . — 2.6 Sweden Government Bond 1,665,000 1.5000%, due 13/11/23 . . . . . . . . . . . . . . . . 0.9 4,730,000 2.5000%, due 12/5/25 . . . . . . . . . . . . . . . . . 2.8 3.7 U.S. Treasury Notes/Bonds 232,000 0.3750%, due 15/2/16 . . . . . . . . . . . . . . . . . 1.0 93,000 0.3750%, due 30/4/16 . . . . . . . . . . . . . . . . . 0.4 470,000 0.3750%, due 31/3/16 . . . . . . . . . . . . . . . . . 2.0 1,281,000 0.3750%, due 31/5/16 . . . . . . . . . . . . . . . . . 5.5 449,000 0.5000%, due 30/6/16 . . . . . . . . . . . . . . . . . 1.9 305,000 0.6250%, due 15/7/16 . . . . . . . . . . . . . . . . . 1.3 1,546,000 2.0000%, due 30/4/16 . . . . . . . . . . . . . . . . . 6.7 403,000 2.1250%, due 15/5/25 . . . . . . . . . . . . . . . . . 1.7 115,000 2.3750%, due 31/3/16 . . . . . . . . . . . . . . . . . 0.5 202,000 2.5000%, due 15/2/45 . . . . . . . . . . . . . . . . . 0.8 416,000 3.0000%, due 15/5/45 . . . . . . . . . . . . . . . . . 1.8 6,000 3.0000%, due 15/11/44 . . . . . . . . . . . . . . . . . — 28,000 3.1250%, due 15/8/44 . . . . . . . . . . . . . . . . . 0.1 93,000 3.5000%, due 15/2/39 . . . . . . . . . . . . . . . . . 0.4 24.1 United Kingdom Treasury 242,000 1.7500%, due 22/7/19 . . . . . . . . . . . . . . . . . 1.7 217,470 2.2500%, due 7/9/23 . . . . . . . . . . . . . . . . . . 1.5 159,000 3.2500%, due 22/1/44 . . . . . . . . . . . . . . . . . 1.2 4.4 Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 50.4 Preferred Stock Diversified Banking Institutions 1,050 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.1 Diversified Financial Services 218 General Electric Capital Corp., 4.7000% . . . . . . . . . . . . . . . . . . . . . . . . . . . — Finance – Investment Bankers/Brokers 300 Morgan Stanley Capital Trust III, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 43 Morgan Stanley Capital Trust IV, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 20 Morgan Stanley Capital Trust V, 5.7500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 17 Morgan Stanley Capital Trust VIII, 6.4500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — — Medical – Generic Drugs 19 Allergan PLC 5.5000% . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD) 125,032 113,116 408,088 241,171 209,706 450,877 116,201 223,282 334,898 812,438 1,486,819 318,471 119,613 52,199 114,543 — 604,826 211,560 652,621 864,181 232,308 93,073 470,514 1,281,950 449,772 305,858 1,567,862 395,727 116,842 177,819 407,745 5,870 28,050 100,280 5,633,670 386,887 349,758 275,647 1,012,292 11,725,317
28,014
5,297
7,659 1,094 505 431 9,689 19,809
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Super – Regional Banks 1,525 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.2
42,090
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
104,899
Tranche Loans Apparel Manufacturers 51,000 Hanesbrands, Inc., 2.5000%, due 29/4/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Distribution/Wholesale 89,635 American Builders & Contractors Supply Co., Inc., 3.5000%, due 5/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Electronic Components – Semiconductors 201,199 Avago Technologies Cayman, Ltd., 3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 0.7 Medical Information Systems 25,740 IMS Health, Inc., 3.5000%, due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Retail - Office Supplies 18,000 Staples, Inc 2.7500%, due 23/4/21 . . . . . . . . . .—
51,255
89,164
201,378
25,577 17,959
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
385,333
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 97.7
22,767,783
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(40,668)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.5
22,727,115
Currency Purchased
Currency Sold
Citibank USD 8,266 EUR USD 29 EUR USD 6 GBP USD 6 GBP USD 10 GBP USD 27,000 EUR USD 9 GBP USD 4,478 EUR USD 10,220 EUR USD 1,288 EUR USD 49 EUR JP Morgan Chase & Co. AUD 326,000 USD USD 3,744,869 EUR USD 243,233 ILS INR 59,661,000 USD JPY 201,667,000 USD USD 1,493,081 NZD PHP 20,758,000 USD USD 866,270 SEK USD 23,275 NZD
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
7,377 26 4 4 6 24,072 6 3,993 9,112 1,148 43
8,226 29 6 6 10 26,845 9 4,452 10,161 1,281 49
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
40 — — — — 155 — 26 59 7 —
250,409 3,348,000 913,000 934,247 1,622,722 2,184,000 459,807 7,141,000 34,000
249,784 3,733,478 242,131 933,367 1,596,811 1,475,343 459,575 862,400 22,969
29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15
625 11,391 1,102 880 25,911 17,738 232 3,870 306
Total
62,342
Total Financial Assets at fair value through profit or loss
22,789,457
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Citibank EUR 10,670 USD USD 7,442 EUR USD 3,222 EUR USD 929 EUR USD 16,285 EUR EUR 33,600 USD EUR 74,965 USD GBP 1,868 USD EUR 396,717 USD EUR 1,383,833 USD EUR 13,191 USD EUR 3,196,548 USD EUR 7,307,111 USD EUR 30,683 USD JP Morgan Chase & Co. CAD 341,000 USD GBP 263,400 USD MXN 3,460,000 USD USD 129,056 NOK ILS 913,000 USD MXN 362,000 USD USD 24,625 JPY EUR 224,000 USD
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
11,952 6,704 2,903 837 14,671 37,551 84,317 2,945 444,958 1,552,109 14,795 3,585,254 8,195,670 34,263
12,007 7,477 3,237 933 16,361 37,632 85,035 2,957 447,513 1,561,017 14,880 3,605,828 8,242,699 34,309
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(55) (35) (15) (4) (76) (81) (718) (12) (2,555) (8,908) (85) (20,574) (47,029) (46)
274,889 413,992 223,275 1,015,000 243,912 23,189 3,018,000 251,814
276,823 414,272 226,847 129,428 245,692 23,392 24,673 253,839
29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15
(1,934) (280) (3,572) (372) (1,780) (203) (48) (2,025)
Total
(90,407)
Total Financial Liabilities at fair value through profit or loss
(90,407)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
171
Janus Global High Yield Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 152,000 COMM 2015-3BP Mortgage Trust, 3.3463%, due 10/2/35 . . . . . . . . . . . . . . . 294,343 DECO 12-UK 4 PLC 1.0006%, due 27/1/20 . . . . . . . . . . . . . . . . . . . . . . . 226,000 Fannie Mae Connecticut Avenue Securities, 4.1849%, due 25/5/25 . . . . . . . . 176,799 Fannie Mae Connecticut Avenue Securities, 5.0848%, due 25/11/24 . . . . . . . 330,000 GAHR Commercial Mortgage Trust 2015-NRF, 3.4949%, due 15/12/19 . . . . . . . 119,000 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, 4.1356%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . 432,714 London & Regional Debt Securitisation No 2 PLC, 5.8721%, due 15/10/15 . . . . . . . . . . . . . . . . . . . . . . 100,587 Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.2
133,007
0.7
426,807
0.3
221,148
0.3
182,628
0.5
311,050
0.2
119,835
1.1
691,180
0.2
103,341
Asset-Backed/Commercial Mortgage-Backed Securities Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5
2,188,996
Common Stock Casino Hotels 2,963 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . 0.2 Finance – Investment Bankers/Brokers 5,978 E*TRADE Financial Corp. . . . . . . . . . . . . . . 0.3 Telecommunication Equipment 6,271 CommScope Holding Co., Inc. . . . . . . . . . . . 0.3
155,765 179,041 191,328
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Corporate Bonds Aerospace and Defence 1,031,000 ADS Tactical, Inc., 11.0000%, due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . 1.6 466,000 TA MFG, Ltd., 3.6250%, due 15/4/23 . . . . . . . . . . . . . . . . . . . . . . . 0.8 2.4 Apparel Manufacturers 342,000 Boardriders S.A., 8.8750%, due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 0.5 315,000 QS Wholesale, Inc., 7.8750%, due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 0.4 58,000 Quiksilver, Inc., 10.0000%, due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . . — 0.9 Automotive – Cars and Light Trucks 384,000 Fiat Chrysler Automobiles N.V., 4.5000%, due 15/4/20 . . . . . . . . . . . . . . . 0.6 Automotive – Medical and Heavy Duty Trucks 197,000 Navistar International Corp., 8.2500%, due 11/1/21 . . . . . . . . . . . . . . . 0.3 Automotive – Truck Parts and Equipment – Original 381,000 MPG Holdco I, Inc., 7.3750%, due 15/10/22 . . . . . . . . . . . . . . . . . . . . . . 0.6 275,000 Schaeffler Holding, 5.7500%, due 15/11/21 . . . . . . . . . . . . . . . . . . . . . . 0.5 280,000 Schaeffler Holding, 6.8750%, due 15/8/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5 200,000 ZF North America Capital, Inc., 2.7500%, due 27/4/23 . . . . . . . . . . . . . . . 0.3 1.9
526,134
1,072,240 506,536 1,578,776
336,719
Broadcast Services and Programming 342,000 Crown Media Holdings, Inc., 10.5000%, due 15/7/19 . . . . . . . . . . . . . . 432,000 iHeartCommunications, Inc., 14.0000%, due 1/2/21 . . . . . . . . . . . . . . . 479,000 iHeartCommunications, Inc., 9.0000%, due 15/9/22 . . . . . . . . . . . . . . . 552,000 Univision Communications, Inc., 5.1250%, due 15/2/25 . . . . . . . . . . . . . . .
22,040 629,659
383,040
188,135
407,670 324,314 324,335 211,013 1,267,332
Janus Capital Funds Plc / 30 June 2015
Fair Value (USD)
0.6
361,665
0.5
308,340
0.7
434,094
0.8 2.6
534,170 1,638,269
0.4
290,778
0.9
588,550
0.2 0.5
136,959 359,100
0.2
157,560
0.2
144,788
0.4
232,190
0.3
210,613
0.6 3.7
398,156 2,518,694
0.3
192,940
0.5
331,000
0.3
175,725
0.2
152,685
0.4
229,224
0.3 1.7
211,117 1,099,751
0.2
146,595
0.5
294,480
0.4
257,250
0.2
128,865
0.4 1.7
260,150 1,087,340
Casino Services 579,000 Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.3750%, due 15/2/18 (144A) . . . . . . . . . 0.9
605,779
Building – Residential and Commercial 299,000 AV Homes, Inc., 8.5000%, due 1/7/19. . . . . . . 596,000 Century Communities, Inc., 6.8750%, due 15/5/22 . . . . . . . . . . . . . . . 137,000 D.R. Horton, Inc., 4.0000%, due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . . 342,000 KB Home, 7.6250%, due 15/5/23. . . . . . . . . 156,000 Meritage Homes Corp., 6.0000%, due 1/6/25 . . . . . . . . . . . . . . . . . . . . . . . . 135,000 Meritage Homes Corp., 7.0000%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 214,000 Meritage Homes Corp., 7.1500%, due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 203,000 WCI Communities, Inc., 6.8750%, due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 393,000 William Lyon Homes, Inc., 5.7500%, due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . Building and Construction Products – Miscellaneous 176,000 Summit Materials LLC / Summit Materials Finance Corp., 10.5000%, due 31/1/20 . . . . . . . . . . . . . . Cable/Satellite TV 331,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.2500%, due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 180,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.3750%, due 1/5/25 . . . . . . . . . . . . . . . . . . . . . . . . 156,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.8750%, due 1/5/27 . . . . . . . . . . . . . . . . . . . . . . . . 238,000 DISH DBS Corp., 5.8750%, due 15/11/24 . . . . . . . . . . . . . . . . . . . . . . 185,000 Unitymedia Hessen GmbH & Co., K.G. / Unitymedia NRW GmbH, 4.0000%, due 15/1/25 . . . . . . . . . . . . . . .
270,900
The accompanying notes are an integral part of the financial statements.
172
Share or Principal Amount
Percentage of Net Assets (%)
Casino Hotels 174,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Properties, 11.0000%, due 1/10/21 . . . . . . . . . . . . . . 311,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Properties, 8.0000%, due 1/10/20 . . . . . . . . . . . . . . . 245,000 MGM Resorts International, 6.6250% due 15/12/21 . . . . . . . . . . . . . . . 121,000 MGM Resorts International, 6.7500%, due 1/10/20 . . . . . . . . . . . . . . . 242,000 Station Casinos LLC, 7.5000%, due 1/3/21 . . . . . . . . . . . . . . . . . . . . . . . .
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
184,000 CCM Merger, Inc., 9.1250%, due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.3 1.2 Cellular Telecommunications 205,000 Sprint Corp., 7.1250%, due 15/6/24 . . . . . . 0.3 106,000 Sprint Corp., 7.8750%, due 15/9/23 . . . . . . 0.2 413,000 T-Mobile U.S., Inc., 6.0000%, due 1/3/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1.1 Commercial Banks – Non U.S. 400,000 Banco Bilbao Vizcaya Argentaria S.A. 6.7500%, due 18/2/20 . . . . . . . . . . . . . . . 0.7 443,000 Bank of Ireland, 4.2500%, due 11/6/24. . . . . . . 0.8 200,000 Bank of Ireland, 7.3750%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . 0.3 700,000 Bankia S.A., 4.0000%, due 22/5/24 . . . . . . . 1.2 3.0 Commercial Services – Finance 570,000 Cardtronics, Inc., 5.1250%, due 1/8/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.9 245,000 TransUnion Holding Co., Inc., 8.1250%, due 15/6/18 . . . . . . . . . . . . . . . 0.4 149,000 TransUnion Holding Co., Inc., 9.6250%, due 15/6/18 . . . . . . . . . . . . . . . 0.2 1.5 Computer Services 402,000 IHS, Inc., 5.0000%, due 1/11/22 . . . . . . . . . 0.6 Consumer Products – Miscellaneous 427,000 GHD Bondco PLC, 7.0000%, due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9 100,000 GHD Bondco PLC, 7.0000%, due 15/4/20 (144A) . . . . . . . . . . . . . . . . . 0.2 1.1 Containers – Metal and Glass 261,000 Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.2500%, due 15/1/22 . . . . . . . . . . . . . . . 0.4 Containers – Paper and Plastic 261,000 Kloeckner Pentaplast of America, Inc., 7.1250%, due 1/11/20 . . . . . . . . . . . 0.4 133,000 Sealed Air Corp., 4.5000%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.6 Dialysis Centres 88,000 Fresenius Medical Care U.S. Finance II, Inc., 5.6250%, due 31/7/19 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 85,000 Fresenius Medical Care U.S. Finance II, Inc., 5.8750%, due 31/1/22 (144A). . . . . . . . 0.1 0.2 Disposable Medical Products 200,000 ConvaTec Healthcare E S.A., 10.8750%, due 15/12/18 . . . . . . . . . . . . . 0.4 226,000 ConvaTec Healthcare E S.A., 8.2500%, due 15/1/19 (144A) . . . . . . . . . 0.3 0.7 Diversified Banking Institutions 491,000 Lloyds Banking Group PLC 7.0000%, due 27/6/19 . . . . . . . . . . . . . . . 1.2 Diversified Financial Services 100,000 Baggot Securities, 10.2400%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.2 Diversified Operations 200,000 Horizon Pharma Financing, Inc., 6.6250%, due 1/5/23 . . . . . . . . . . . . . . . . 0.3
Fair Value (USD) 197,800 803,579 190,671 103,647 423,841 718,159
444,465 495,090 222,215 761,586 1,923,356
560,025 250,696 149,603 960,324 400,995
603,735 141,390 745,125
289,852
291,664 150,442 442,106
95,590 90,525 186,115
235,648 222,893 458,541
775,337
115,249
209,250
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Educational Software 803,000 Blackboard, Inc., 7.7500%, due 15/11/19 (144A) . . . . . . . . . . . . . . . . 1.2 Electronic Components – Semiconductors 87,000 Micron Technology, Inc., 5.2500%, due 1/8/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 311,000 Micron Technology, Inc., 5.2500%, due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.6 Environmental Control 100,000 Paprec Holding, 5.2500%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 100,000 Paprec Holding, 7.3750%, due 1/4/23 . . . . . . . 0.2 0.4 E-Services and Consulting 405,000 TES Finance PLC, 6.7500%, due 15/7/20 . . . . . . . . . . . . . . . . . . . . . . . 1.0 Food – Confectionery 620,000 R&R Ice Cream PLC 4.7500%, due 15/5/20 . . . . . . . . . . . . . . . . . . . . . . . 1.1 Food – Dairy Products 764,000 FAGE Dairy Industry S.A. / FAGE USA Dairy Industry, Inc., 9.8750%, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 1.2 Food – Flour and Grain 323,000 Post Holdings, Inc., 7.3750%, due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Food – Meat Products 64,000 JBS USA LLC / JBS USA Finance, Inc., 5.8750%, due 15/7/24 . . . . . . . . . . . . . . . 0.1 286,000 JBS USA LLC / JBS USA Finance, Inc., 7.2500%, due 1/6/21 (144A) . . . . . . . . . . 0.5 120,000 JBS USA LLC / JBS USA Finance, Inc., 8.2500%, due 1/2/20 (144A) . . . . . . . . . . 0.2 0.8 Food – Retail 653,000 SUPERVALU, Inc., 6.7500%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.0 280,000 SUPERVALU, Inc., 7.7500%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.5 1.5 Gambling – Non-Hotel 210,000 Ameristar Casinos, Inc., 7.5000%, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3 165,000 Greektown Holdings LLC/Greektown Mothership Corp., 8.8750%, due 15/3/19 (144A) . . . . . . . . . . . . . . . . . 0.3 444,000 Mohegan Tribal Gaming Authority, 9.7500%, due 1/9/21 . . . . . . . . . . . . . . . . 0.7 1.3 Hotels and Motels 370,000 NH Hotels S.A., 6.8750%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.7 420,000 Playa Resorts Holdings, 8.0000%, due 15/8/20 (144A) . . . . . . . . . . . . . . . . . 0.7 1.4 Internet Connectivity Services 687,000 United Group B.V., 7.8750%, due 15/11/20 . . . . . . . . . . . . . . . . . . . . . . 1.2 Medical – Biomedical and Genetic 354,000 Concordia Healthcare Corp., 7.0000%, due 15/4/23 . . . . . . . . . . . . . . . 0.5 Medical – Drugs 279,000 Capsugel S.A., 7.0000%, due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.4
758,835
83,629 294,478 378,107
114,814 115,929 230,743
642,618
708,392
800,290
329,864
64,560 302,803 127,800 495,163
662,795 295,225 958,020
223,388 174,075 467,310 864,773
452,652 436,800 889,452
811,839
354,885
284,438
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
173
Janus Global High Yield Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
109,000 Endo Finance LLC & Endo Finco, Inc., 7.0000%, due 15/12/20 (144A) . . . . . . . . . . . . . . . . 39,000 Endo Finance LLC & Endo Finco, Inc., 7.0000%, due 15/7/19 (144A). . . . . . . 275,000 Endo Finance LLC / Endo Ltd / Endo Finco, Inc., 6.0000%, due 1/2/25 . . . . . . . 265,000 Valeant Pharmaceuticals International, Inc., 6.3750%, due 15/10/20 (144A). . . . . . . 332,000 Valeant Pharmaceuticals International, Inc., 4.5000%, due 15/5/23 . . . . . . . . . . . . 184,000 Valeant Pharmaceuticals International, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . 336,000 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 . . . . . . . . . . . .
Fair Value (USD)
0.2
114,859
0.1
40,541
0.4
280,844
0.4
279,741
0.5
358,941
0.3
189,060
0.5 2.8
346,500 1,894,924
Medical – HMO 327,000 Centene Corp., 4.7500%, due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical – Hospitals 332,000 Tenet Healthcare Corp., 6.7500%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5 280,000 Tenet Healthcare Corp., 8.0000%, due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.9 Medical Information Systems 642,000 IMS Health, Inc., 4.1250%, due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Oil – Field Services 443,000 Hiland Partners L.P. / Hiland Partners Finance Corp., 5.5000%, due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.7 566,000 Hiland Partners L.P. / Hiland Partners Finance Corp., 7.2500%, due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.9 1.6 Oil Companies – Exploration and Production 505,000 Chesapeake Energy Corp., 6.1250%, due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 0.7 651,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 7.0000%, due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 1.0 221,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 8.1250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 235,000 EP Energy LLC / Everest Acquisition Finance, Inc., 6.3750%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 184,000 Newfield Exploration Co., 5.3750%, due 1/1/26 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 129,000 Oasis Petroleum, Inc., 6.5000%, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 113,000 Oasis Petroleum, Inc., 6.8750%, due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 235,000 Parsley Energy LLC / Parsley Finance Corp., 7.5000%, due 15/2/22 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 166,000 QEP Resources, Inc., 5.2500%, due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 212,000 QEP Resources, Inc., 5.3750%, due 1/10/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 193,000 Rice Energy, Inc., 6.2500%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 4.4 Oil Field Machinery and Equipment 393,000 Dresser-Rand Group, Inc., 6.5000%, due 5/1/21 . . . . . . . . . . . . . . . . 0.6
338,445
339,055 292,250 631,305
693,989
461,551 614,110 1,075,661
477,225 651,000 229,011 236,469 183,080 129,000 115,260 239,627 159,775 205,788 192,518 2,818,753
The accompanying notes are an integral part of the financial statements.
174
Janus Capital Funds Plc / 30 June 2015
424,833
Share or Principal Amount
Percentage of Net Assets (%)
Oil Refining and Marketing 143,000 Seven Generations Energy, Ltd., 6.7500%, due 1/5/23 . . . . . . . . . . . . . . . . 0.2 Paper and Related Products 411,000 Resolute Forest Products, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . . . . 0.6 318,000 Sappi Papier Holding GmbH, 3.3750%, due 1/4/22 . . . . . . . . . . . . . . . . 0.5 1.1 Pharmaceuticals 200,000 Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc, 6.0000%, due 15/7/23 (144A) . . . . . . . . . . . . . . . . . 0.3 Pipelines 87,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.0000%, due 15/12/20 . . . . . . . . . 0.1 510,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.1250%, due 3/1/22 . . . . . . . . . . . 0.8 253,000 Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.5000%, due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 182,000 MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 4.5000%, due 15/7/23 . . . . . . . . . . . . . . . 0.3 380,000 Sabine Pass Liquefaction LLC, 5.6250%, due 1/2/21 . . . . . . . . . . . . . . . . 0.6 2.2 Poultry 628,000 Simmons Foods, Inc., 7.8750%, due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 0.9 Publishing – Newspapers 200,000 Johnston Press Bond PLC, 8.6250%, due 1/6/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Radio 666,000 Entercom Radio LLC, 10.5000%, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 1.1 408,000 Townsquare Media, Inc., 6.5000%, due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1.7 Real Estate Management/Services 770,000 Kennedy-Wilson, Inc., 5.8750%, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Real Estate Operating/Development 55,000 Forest City Enterprises, Inc., 3.6250%, due 15/8/20 . . . . . . . . . . . . . . . 0.1 409,000 Forestar USA Real Estate Group, Inc., 8.5000%, due 1/6/22 (144A) . . . . . . . . . . 0.7 187,000 Greystar Real Estate Partners LLC, 8.2500%, due 1/12/22 . . . . . . . . . . . . . . . 0.3 24,000 Howard Hughes Corp., 6.8750%, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . . — 566,000 Hunt Cos, Inc., 9.6250%, due 1/3/21 (144A) . . . . . . . . . . . . . . . . . . 0.9 2.0 Rental – Auto/Equipment 100,000 Europcar Groupe S.A. 5.7500%, due 15/6/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Retail – Apparel and Shoe 319,000 New Look Secured Issuer PLC 6.5000%, due 1/7/22 . . . . . . . . . . . . . . . . 0.7 107,000 New Look Senior Issuer PLC 8.0000%, due 1/7/23 . . . . . . . . . . . . . . . . 0.3 1.0
Fair Value (USD)
143,358
376,065 338,346 714,411
204,750
90,480 522,750 253,633 179,270 389,500 1,435,633
579,330
309,479
717,615 405,450 1,123,065
768,075
60,088 426,383 198,220 25,560 585,810 1,296,061
114,257
487,994 164,735 652,729
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Retail – Discount 170,000 Family Tree Escrow LLC, 5.7500%, due 1/3/23 . . . . . . . . . . . . . . . . . . . . . . . . Retail – Drug Store 115,000 Rite Aid Corp., 6.1250%, due 1/4/23. . . . . . . Retail – Propane Distribution 344,000 Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.6250%, due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . Retail – Regional Department Stores 190,000 JC Penney Corp., Inc., 5.7500%, due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 213,000 JC Penney Corp., Inc., 8.1250%, due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.3
178,500
0.2
118,881
0.5
357,760
0.3
186,913
0.3 0.6
211,935 398,848
Retail – Restaurants 37,000 Landry’s Holdings II, Inc., 10.2500%, due 1/1/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,090,000 Landry’s, Inc., 9.3750%, due 1/5/20 (144A) . . . . . . . . . . . . . . . . . . 1.8 685,000 Wok Acquisition Corp., 10.2500%, due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 1.1 3.0 Special Purpose Entity 510,000 ROC Finance LLC, 12.1250%, due 1/9/18 (144A) . . . . . . . . . . . . . . . . . . 0.8 Specified Purpose Acquisition 249,000 Argos Merger Sub, Inc., 7.1250%, due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 Steel – Producers 160,000 ArcelorMittal, 5.1250%, due 1/6/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Telecommunication Equipment 655,000 CommScope Holding Co., Inc., 6.6250%, due 1/6/20 (144A) . . . . . . . . . . 1.0 789,000 CommScope Technologies Finance LLC, 6.0000%, due 15/6/25 . . . . . . . . . . . 1.2 2.2 Telecommunication Services 382,000 Altice Financing S.A. 5.2500%, due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . . 0.7 538,000 Altice Finco S.A. 7.6250%, due 15/2/25 . . . . . . . . . . . . . . . . . . . . . . . 0.8 236,000 Altice US Finance I Corp., 5.3750%, due 15/7/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 615,000 Eileme 2 AB, 11.7500%, due 31/1/20 . . . . . . 1.2 316,000 Play Finance 2 S.A., 5.2500%, due 1/2/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 505,000 Play Topco SA, 7.7500%, due 28/2/20 . . . . . . . . . . . . . . . . . . . . . . . 0.9 367,000 Wind Acquisition Finance S.A. 7.3750%, due 23/4/21 . . . . . . . . . . . . . . . 0.6 5.2 Telephone – Integrated 300,000 Telefonica Europe B.V. 5.8750%, due 31/12/49. . . . . . . . . . . . . . . . . . . . . . . 0.5 Television 243,000 Tribune Media, Co., 5.8750%, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4 Transportation – Marine 229,000 CMA CGM S.A., 8.7500%, due 15/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.4 165,000 Eletson Holdings, 9.6250%, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.2
38,480 1,174,475 711,544 1,924,499
546,975
261,450
162,600
682,019 788,014 1,470,033
430,074 517,825 230,690 761,752 363,482 578,663 372,046 3,254,532
355,081
245,430 269,944 161,700
Share or Principal Amount
Percentage of Net Assets (%)
37,000 Navios Maritime Holdings Inc / Navios Maritime Finance II US, Inc., 7.3750%, due 15/1/22 . . . . . . . . . . . . — 220,000 Navios Maritime Holdings Inc / Navios Maritime Finance II US, Inc., 8.1250%, due 15/2/19 . . . . . . . . . . . 0.3 0.9 Transportation – Railroad 639,000 Florida East Coast Holdings Corp., 6.7500%, due 1/5/19 (144A) . . . . . . . . . . 1.0 570,000 Florida East Coast Holdings Corp., 9.7500%, due 1/5/20 (144A) . . . . . . . . . . 0.8 1.8 Transportation – Services 103,000 CEVA Group PLC, 4.0000%, due 1/5/18 (144A) . . . . . . . . . . . . . . . . . . 0.1 723,000 XPO Logistics, Inc., 7.8750%, due 1/9/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.2 1.3 Travel Services 252,000 Carlson Wagonlit B.V., 7.5000%, due 15/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Wire and Cable Products 439,000 Belden, Inc., 5.5000%, due 15/4/23. . . . . . . . 0.8 X-Ray Equipment 162,000 Hologic, Inc., 5.2500%, due 15/7/22 . . . . . . . 0.3
Fair Value (USD)
32,190 173,525 637,359
642,195 542,925 1,185,120
94,760 775,309 870,069
297,759 508,634 165,848
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.0
54,993,341
Preferred Stock Cellular Telecommunications 2,400 T-Mobile US, Inc., 5.5000% . . . . . . . . . . . . . 0.3 Medical – Generic Drugs 57 Allergan PLC 5.5000% . . . . . . . . . . . . . . . . . 0.1
164,136
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
223,563
Tranche Loans Building Products – Cement and Aggregate 356,000 Hanson Building Products 9.5000%, due 13/3/23 . . . . . . . . . . . . . . . . . . . . . . Diversified Minerals 405,000 Oxbow Carbon and Minerals LLC, 8.0000%, due 19/1/20 . . . . . . . . . . . . . . . Food – Canned 42,000 Del Monte Foods, Inc., 8.2500%, due 18/8/21 . . . . . . . . . . . . . . . . . . . . . . . Food – Miscellaneous/Diversified 593,706 Iglo Foods Term Loan, 4.2500%, due 30/6/20 . . . . . . . . . . . . . . . . . . . . . . . Medical – Hospitals 160,000 Surgery Center Holdings, Inc., 7.5000%, due 3/11/21 . . . . . . . . . . . . . . . Oil and Gas Companies – Exploration and Production 115,000 Chief Exploration, 8.7500%, due 12/5/21 . . . . . . . . . . . . . . . . . . . . . . . 556,000 Templar Energy LLC, 8.0000%, due 25/11/20 . . . . . . . . . . . . . . . . . . . . . .
59,427
0.5
347,100
0.6
381,713
0.1
37,879
1.4
931,337
0.2
159,267
0.2
107,870
0.6 0.8
408,104 515,974
Professional Sports 775,000 Delta 2 Lux Sarl, 6.7500%, due 29/7/22 . . . . . . . . . . . . . . . . . . . . . . . 1.2 Transport – Equipment and Leasing 135,108 Maxim Crane Works L.P., 10.2500%, due 26/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.2
773,063
135,108
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
175
Janus Global High Yield Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Transportation – Marine 177,658 OSG International, Inc., 4.7500%, due 5/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 127,040 Overseas Shipholding Term Loan, 4.2500%, due 5/8/19 . . . . . . . . . . . . . . . . 0.2 0.5 Total Tranche Loans
177,880 126,961 304,841
5.5
3,586,282
Total Investments at last traded prices
94.1
61,518,316
Adjustments from last traded to bid market prices
(0.4)
(242,176)
Total Investments
93.7
61,276,140
Currency Purchased Citibank USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
Currency Sold
Current Market Value (USD)
EUR AUD EUR EUR AUD EUR EUR EUR EUR GBP EUR EUR EUR EUR EUR AUD EUR EUR AUD GBP GBP EUR EUR EUR EUR
23,286 5 3,238 6 5 10,564 724 6 14 3 12,868 45 3 9,982 5 5 11 4 4 2 2 3,996 54,933 24,555 16
25,968 4 3,611 6 4 11,781 807 7 16 4 14,350 51 3 11,132 6 4 12 5 3 3 3 4,456 61,259 27,383 18
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
150 — 21 — — 68 5 — — — 19 — — 50 — — — — — — — 10 71 32 —
12 12 12 12 8,462 1,879 14 40
AUD AUD GBP GBP EUR EUR EUR EUR
15 15 8 8 7,579 1,683 12 36
12 12 12 12 8,452 1,877 14 40
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — — — 10 2 — —
JP Morgan Chase & Co. USD 1,872,434 EUR USD 2,940,697 GBP USD 199,496 EUR
1,674,000 1,871,000 178,000
1,866,738 2,938,708 198,494
29-Jul-15 29-Jul-15 29-Jul-15
5,696 1,989 1,002
Total Total Financial Assets at fair value through profit or loss
176
Janus Capital Funds Plc / 30 June 2015
Unrealised Appreciation (USD)
26,118 4 3,632 6 4 11,849 812 7 16 4 14,369 51 3 11,182 6 4 12 5 3 3 3 4,466 61,330 27,415 18
USD USD USD USD USD USD USD USD
The accompanying notes are an integral part of the financial statements.
Settle Date
9,125 61,285,265
PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 2,062,163 EUR 14,883,646 EUR 6,606,500 EUR 3,290 AUD 4,102 EUR 4,465 EUR 9,910 GBP 2,078 EUR 452,495 AUD 4,243 GBP 2,078 EUR 2,980 USD 19,904 USD 2,744 USD 615 USD 8,976
Currency Sold USD 2,312,926 USD 16,693,527 USD 7,409,863 USD 3,690 USD 3,172 USD 5,008 USD 11,115 USD 3,277 USD 507,519 USD 3,281 USD 3,277 USD 3,339 EUR 17,932 EUR 2,472 EUR 554 EUR 8,087
Current Market Value (USD) 2,326,198 16,789,318 7,452,382 3,711 3,186 5,037 11,179 3,290 510,431 3,295 3,290 3,355 19,996 2,757 618 9,018
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (13,272) (95,791) (42,519) (21) (14) (29) (64) (13) (2,912) (14) (13) (16) (92) (13) (3) (42)
Total
(154,828)
Total Financial Liabilities at fair value through profit or loss
(154,828)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
177
Janus Global Investment Grade Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 209,792 Broadgate Financing PLC, 1.5296%, due 5/1/22 . . . . . . . . . . . . . . . . . . . . . . . . 390,000 CSMC Trust 2014-SURF, 2.4355%, due 15/2/29 . . . . . . . . . . . . . . . . . . . . . . . 77,805 DB Master Finance LLC 2015-1, 3.2620%, due 20/2/45 . . . . . . . . . . . . . . . 219,385 Eddystone Finance PLC, 1.0938%, due 19/4/21 . . . . . . . . . . . . . . . . . . . . . . . 170,908 German Residential Funding 2013-2, Ltd., 2.9880%, due 27/11/24 . . . . . . . . . . 142,568 German Residential Funding 2013-2, Ltd., 3.4880%, due 27/8/24 . . . . . . . . . . . 617,069 Magellan Mortgages No3 PLC 0.2510%, due 15/5/58 . . . . . . . . . . . . . . . . . . . . . . . . . 626,823 Nemus II Arden PLC, 0.7969%, due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . . 155,092 Rivoli Pan Europe PLC, 0.1730%, due 3/8/18 . . . . . . . . . . . . . . . . . . . . . . . . 115,882 Taurus 2013 GMF1 PLC, 1.9880%, due 21/5/24 . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.5
325,318
0.6
389,356
0.1
78,171
0.6
337,072
0.3
196,608
0.3
165,992
0.9
587,961
1.6
968,492
0.3
170,720
0.2
131,757
Asset-Backed/Commercial Mortgage-Backed Securities Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4
3,351,447
Corporate Bonds Aerospace and Defence – Equipment 195,000 Exelis, Inc., 5.5500%, due 1/10/21 . . . . . . . 0.3 53,000 Harris Corp., 3.8320%, due 27/4/25 . . . . . . . 0.1 80,000 Harris Corp., 5.0540%, due 27/4/45 . . . . . . . 0.1 0.5 Airport Development and Maintenance 475,000 DAA Finance PLC, 6.5872%, due 9/7/18 . . . . . . . . . . . . . . . . . . . . . . . . 1.0 202,000 Heathrow Funding, Ltd., 4.6250%, due 31/10/46 . . . . . . . . . . . . . . . . . . . . . . 0.5 1.5 Automotive – Cars and Light Trucks 307,000 General Motors Co., 4.8750%, due 2/10/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5 74,000 General Motors Co., 6.2500%, due 2/10/43 . . . . . . . . . . . . . . . . . . . . . . . 0.1 240,000 Renault S.A., 3.1250%, due 5/3/21 . . . . . . . . 0.5 325,000 Volkswagen International Finance N.V., 3.5000%, due 29/12/99 . . . . . . . . . . 0.5 321,000 Volkswagen International Finance N.V., 3.7500%, due 24/3/49 . . . . . . . . . . . 0.6 300,000 Volkswagen International Finance N.V., 4.6250%, due 24/3/49 . . . . . . . . . . . 0.6 2.8 Automotive – Truck Parts and Equipment – Original 176,000 Schaeffler Finance B.V., 3.2500%, due 15/5/25 . . . . . . . . . . . . . . . . . . . . . . . 0.3 113,000 Schaeffler Finance B.V., 3.2500%, due 15/5/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 113,000 Schaeffler Finance B.V., 3.5000%, due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 200,000 ZF North America Capital, Inc., 2.7500%, due 27/4/23 . . . . . . . . . . . . . . . 0.3 1.0 Banks 700,000 Santander U.S. Debt SAU, 3.7810%, due 7/10/15 (144A) . . . . . . . . . . . . . . . . . . . 1.1 Beverages – Wine and Spirits 300,000 Pernod Ricard S.A., 2.0000%, due 22/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.6
214,846 51,624 76,503 342,973
619,944 338,000 957,944
325,197 82,840 288,187 332,440 370,378 347,957 1,746,999
The accompanying notes are an integral part of the financial statements.
178
Janus Capital Funds Plc / 30 June 2015
185,876 127,177 126,794 211,013 650,860
704,883
347,572
Share or Principal Amount
Percentage of Net Assets (%)
Broadcast Services and Programming 213,000 Discovery Communications LLC, 1.9000%, due 19/3/27 . . . . . . . . . . . . . . . 0.3 343,000 Discovery Communications LLC, 2.3750%, due 7/3/22 . . . . . . . . . . . . . . . . 0.6 0.9 Building – Residential and Commercial 156,000 MDC Holdings, Inc., 6.0000%, due 15/1/43 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Building Products – Cement and Aggregate 588,000 Holcim Finance Canada, Inc., 3.6500%, due 10/4/18 . . . . . . . . . . . . . . . 0.8 194,000 Martin Marietta Materials, Inc., 1.3731%, due 30/6/17 . . . . . . . . . . . . . . . 0.3 238,000 Vulcan Materials Co., 4.5000%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 70,000 Vulcan Materials Co., 7.0000%, due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 6,000 Vulcan Materials Co., 7.5000%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . . — 1.6 Cable/Satellite TV 610,000 Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH, 5.5000%, due 15/1/23 . . . . . . . . . . . . . . . . 1.0 Cellular Telecommunications 395,000 Rogers Communications, Inc., 5.3800%, due 4/11/19 . . . . . . . . . . . . . . . 0.6 Chemicals – Diversified 172,000 LyondellBasell Industries N.V., 4.6250%, due 26/2/55 . . . . . . . . . . . . . . . 0.2 Chemicals – Specialty 81,000 Albemarle Corp., 4.1500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1 381,000 Albemarle Corp., 5.4500%, due 1/12/44 . . . . . . . . . . . . . . . . . . . . . . . 0.6 391,000 Ashland, Inc., 6.8750%, due 15/5/43 (144A) . . . . . . . . . . . . . . . . . 0.6 250,000 Ecolab, Inc., 5.5000%, due 8/12/41 . . . . . . . 0.4 228,000 Rockwood Specialties Group, Inc., 4.6250%, due 15/10/20 . . . . . . . . . . . . . . 0.4 2.1 Commercial Banks – Non U.S. 278,000 Abbey National Treasury Services PLC 1.1250%, due 14/1/22 . . . . . . . . . . . . . . . . 0.5 306,000 Abbey National Treasury Services PLC, 0.8750%, due 13/1/20 . . . . . . . . . . . . . . . . 0.5 470,000 Bank of Ireland, 3.2500%, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.9 267,000 Bank of Ireland, 4.2500%, due 11/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.5 300,000 Bankia S.A., 4.0000%, due 22/5/24 . . . . . . . 0.5 300,000 BBVA Senior Finance SAU, 3.7500%, due 17/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.6 653,000 BBVA U.S. Senior SAU, 4.6640%, due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 1.1 200,000 Caixabank, 5.0000%, due 14/11/23 . . . . . . . 0.4 290,000 ING Bank N.V., 0.7000%, due 16/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 634,000 Intesa Sanpaolo SpA, 5.0170%, due 26/6/24 (144A) . . . . . . . . . . . . . . . . . 1.0 200,000 National Bank of Abu Dhabi PJSC, 2.2500%, due 11/2/20 . . . . . . . . . . . . . . . 0.3 304,000 Santander U.K. PLC, 5.0000%, due 7/11/23 (144A) . . . . . . . . . . . . . . . . . 0.5 540,000 Svenska Handelsbanken A.B., 2.6560%, due 15/1/24 . . . . . . . . . . . . . . . 1.0
Fair Value (USD)
215,894 395,357 611,251
131,820
494,385 193,282 238,595 79,450 6,930 1,012,642
624,106
359,887
152,109
80,894 382,726 398,820 274,112 237,690 1,374,242
301,379 337,231 552,484 298,395 326,394 359,675 659,299 237,324 318,243 617,056 196,875 311,606 625,244
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
400,000 Svenska Handelsbanken A.B. 5.2500%, due 1/3/21 . . . . . . . . . . . . . . . . 0.6 8.9 Commercial Banks – Western U.S. 336,000 Zions Bancorporation, 5.8000%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Computers – Memory Devices 584,000 Seagate HDD Cayman, 4.7500%, due 1/1/25 (144A) . . . . . . . . . . . . . . . . . . 0.9 132,000 Seagate HDD Cayman, 4.8750%, due 1/6/27 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 62,000 Seagate Technology PLC, 4.7500%, due 1/6/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 300,000 Seagate Technology PLC, 5.7500%, due 1/12/34 . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.7 Consulting Services 270,000 Verisk Analytics, Inc., 4.0000%, due 15/6/25 . . . . . . . . . . . . . . . . . . . . . . . 0.4 187,000 Verisk Analytics, Inc., 4.8750%, due 15/1/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3 146,000 Verisk Analytics, Inc., 5.5000%, due 15/6/45 . . . . . . . . . . . . . . . . . . . . . . . 0.2 148,000 Verisk Analytics, Inc., 5.8000%, due 1/5/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1.2 Data Processing and Management 34,000 Fidelity National Information Services, Inc., 5.0000%, due 15/3/22 . . . . . . . . . . . 0.1 Dialysis Centres 154,000 Fresenius Medical Care U.S. Finance II, Inc., 5.8750%, due 31/1/22 (144A) . . . . . . . . . . . . . . . . . . 0.3 Diversified Banking Institutions 410,000 Bank of America Corp., 5.5000%, due 22/11/21 . . . . . . . . . . . . . . . . . . . . . . 1.2 516,000 Bank of America Corp., 8.0000%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.9 496,000 Citigroup, Inc., 1.3750%, due 27/10/21 . . . . . . . . . . . . . . . . . . . . . . 0.9 295,000 Goldman Sachs Group, Inc., 1.3750%, due 26/7/22 . . . . . . . . . . . . . . . 0.5 141,000 Morgan Stanley 5.5500%, due 29/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.2 292,000 Morgan Stanley, 1.7500%, due 30/1/25 . . . . . . . . . . . . . . . . . . . . . . . 0.5 235,000 Morgan Stanley, 2.1250%, due 25/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4 729,000 Morgan Stanley, 5.0000%, due 30/9/21 . . . . . . . . . . . . . . . . . . . . . . . 0.9 540,000 Royal Bank of Scotland Group PLC, 1.6250%, due 25/6/19 . . . . . . . . . . . . . . . 1.0 890,000 Royal Bank of Scotland Group PLC, 6.0000%, due 19/12/23 . . . . . . . . . . . . . . 1.5 726,000 UBS A.G., 4.7500%, due 12/2/26 . . . . . . . . . 1.4 9.4 Diversified Financial Services 223,000 Carlyle Holdings Finance LLC, 3.8750%, due 1/2/23 (144A) . . . . . . . . . . 0.4 520,000 General Electric Capital Corp., 5.8750%, due 14/1/38 . . . . . . . . . . . . . . . 1.0 300,000 General Electric Capital Corp., 6.2500%, due 15/12/49 . . . . . . . . . . . . . . 0.5 336,000 General Electric Capital Corp., 6.3750%, due 15/11/67 . . . . . . . . . . . . . . 0.6 200,000 General Electric Capital Corp., 7.1250%, due 15/12/49 . . . . . . . . . . . . . . 0.4
Fair Value (USD) 388,206 5,529,411
320,460
581,507 128,598 63,075 296,240 1,069,420
264,949 200,065 144,112 166,722 775,848
35,919
164,010
718,089 545,025 549,156 322,246 140,154 312,434 236,684 585,572 604,240 944,015 859,913 5,817,528
225,603 623,181 328,500 362,040 231,000
Share or Principal Amount
Percentage of Net Assets (%)
280,000 Permanent TSB PLC 2.3750%, due 22/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5 3.4 Diversified Operations 5,000 GE Capital Trust I, 6.3750%, due 15/11/67 . . . . . . . . . . . . . . . . . . . . . . . . — E-Commerce/Services 312,000 Expedia, Inc., 2.5000%, due 3/6/22 . . . . . . . 0.6 Electric – Integrated 178,000 Enel Finance International N.V., 5.6250%, due 14/8/24 . . . . . . . . . . . . . . . 0.5 242,000 PPL WEM Holdings PLC, 3.9000%, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 0.4 0.9 Electric Products – Miscellaneous 62,000 Molex Electronic Technologies LLC, 2.8780%, due 15/4/20 . . . . . . . . . . . . . . . 0.1 250,000 Molex Electronic Technologies LLC, 3.9000%, due 15/4/25 . . . . . . . . . . . . . . . 0.4 0.5 Electronic Design Automation 601,000 Cadence Design Systems, Inc., 4.3750%, due 15/10/24 . . . . . . . . . . . . . . 1.0 Electronic Measuring Instruments 106,000 FLIR Systems, Inc., 3.7500%, due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 413,000 Trimble Navigation, Ltd., 4.7500%, due 1/12/24 . . . . . . . . . . . . . . . . . . . . . . . 0.7 0.9 Finance – Auto Loans 111,000 Ally Financial, Inc., 4.6250%, due 19/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.2 28,000 Ally Financial, Inc., 8.0000%, due 31/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.1 211,000 FCE Bank PLC, 1.8750%, due 18/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.4 235,000 FCE Bank PLC, 1.8750%, due 24/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4 310,000 FGA Capital Ireland PLC, 2.0000%, due 23/10/19 . . . . . . . . . . . . . . . . . . . . . . 0.6 200,000 FGA Capital Ireland PLC, 2.8750%, due 26/1/18 . . . . . . . . . . . . . . . . . . . . . . . 0.4 2.1 Finance – Credit Card 405,000 American Express Co., 6.8000%, due 1/9/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 114,000 Discover Financial Services, 3.7500%, due 4/3/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.9 Finance – Investment Bankers/Brokers 96,000 Charles Schwab Corp., 3.0000%, due 10/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.2 187,000 Charles Schwab Corp., 7.0000%, due 28/2/49 . . . . . . . . . . . . . . . . . . . . . . . 0.3 212,000 E*TRADE Financial Corp., 4.6250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.3 69,000 E*TRADE Financial Corp., 5.3750%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.1 183,000 Lazard Group LLC, 4.2500%, due 14/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.3 8,000 Lazard Group LLC, 6.8500%, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . . — 628,000 Raymond James Financial, Inc., 5.6250%, due 1/4/24 . . . . . . . . . . . . . . . . 1.1 134,000 TD Ameritrade Holding Corp., 2.9500%, due 1/4/22 . . . . . . . . . . . . . . . . 0.2
Fair Value (USD) 308,567 2,078,891
5,353 343,384
320,446 246,892 567,338
61,116 242,724 303,840
604,043
108,692 414,336 523,028 109,751 31,325 241,057 265,577 347,928 231,490 1,227,128
417,717 109,068 526,785
94,281 217,657 208,820 70,898 192,648 8,743 699,809 132,983
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
179
Janus Global Investment Grade Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
325,000 TD Ameritrade Holding Corp., 3.6250%, due 1/4/25 . . . . . . . . . . . . . . . . 0.5 3.0 Finance – Leasing Company 452,000 LeasePlan Corp. N.V., 2.5000%, due 16/5/18 (144A) . . . . . . . . . . . . . . . . . 0.7 Food – Catering 216,000 Compass Group PLC 3.8500%, due 26/6/26 . . . . . . . . . . . . . . . . . . . . . . . 0.6 Food – Miscellaneous/Diversified 78,000 HJ Heinz Co, 3.5000%, due 15/7/22 (144A) . . . . . . . . . . . . . . . . . 0.1 91,000 HJ Heinz Co, 2.8000%, due 2/7/20 (144A) . . . . . . . . . . . . . . . . . . 0.1 0.2 Investment Companies 500,000 JAB Holdings BV, 1.5000%, due 24/11/21 . . . . . . . . . . . . . . . . . . . . . . 0.9 Investment Management and Advisory Services 276,000 Ameriprise Financial, Inc., 7.5180%, due 1/6/66 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 160,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 4.8750%, due 15/4/45 . . . . . . . . . . . . . . . 0.2 274,000 Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 5.8750%, due 15/3/22 (144A) . . . . . . . . . 0.5 1.1 Life and Health Insurance 36,000 CNO Financial Group, Inc., 4.5000%, due 30/5/20 . . . . . . . . . . . . . . . 0.1 103,000 CNO Financial Group, Inc., 5.2500%, due 30/5/25 . . . . . . . . . . . . . . . 0.2 476,000 Primerica, Inc., 4.7500%, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.1 Medical – Biomedical and Genetic 310,000 Gilead Sciences, Inc., 4.5000%, due 1/2/45 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical – Drugs 326,000 AbbVie, Inc., 4.4000%, due 6/11/42 . . . . . . 0.5 513,000 Almirall S.A., 4.6250%, due 1/4/21 . . . . . . . 1.0 860,000 Bayer A.G., 2.3750%, due 2/4/75 . . . . . . . . . 1.5 134,000 Johnson & Johnson, 4.5000%, due 5/12/43 . . . . . . . . . . . . . . . . . . . . . . . 0.2 200,000 Merck KGaA, 2.6250%, due 12/12/74 . . . . . . . . . . . . . . . . . . . . . . 0.4 235,000 Merck KGaA, 3.3750%, due 12/12/74 . . . . . . . . . . . . . . . . . . . . . . 0.4 300,000 UCB S.A., 1.8750%, due 2/4/22 . . . . . . . . . . 0.5 293,000 UCB S.A., 4.1250%, due 4/1/21 . . . . . . . . . . 0.6 155,000 Valeant Pharmaceuticals International, Inc., 4.5000%, due 15/5/23 . . . . . . . . . . . . 0.3 83,000 Valeant Pharmaceuticals International, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . 0.1 83,000 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 . . . . . . . . . . . . 0.1 5.6 Medical – Generic Drugs 203,000 Actavis Funding SCS, 3.0000%, due 12/3/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 235,000 Actavis Funding SCS, 3.8000%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.4 45,000 Actavis Funding SCS, 3.8500%, due 15/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.1
330,449 1,956,288
452,975
361,729
78,301 91,175 169,476
551,340
276,690 145,617 293,865 716,172
36,630 104,926 508,596 650,152
309,559 309,651 596,189 911,556 143,127 218,634 259,104 330,086 365,491 167,578 85,283 85,594 3,472,293
The accompanying notes are an integral part of the financial statements.
180
Janus Capital Funds Plc / 30 June 2015
203,968 231,309 44,541
Share or Principal Amount
Percentage of Net Assets (%)
112,000 Actavis Funding SCS, 4.5500%, due 15/3/35 . . . . . . . . . . . . . . . . . . . . . . . 0.2 84,000 Actavis Funding SCS, 4.7500%, due 15/3/45 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.1 Medical Instruments 308,000 Medtronic, Inc., 3.5000%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical Labs and Testing Services 160,000 Laboratory Corp of America Holdings, 3.2000%, due 1/2/22 . . . . . . . . 0.3 160,000 Laboratory Corp of America Holdings, 3.6000%, due 1/2/25 . . . . . . . . 0.2 643,000 Laboratory Corp of America Holdings, 4.7000%, due 1/2/45 . . . . . . . . 0.9 1.4 Medical Products 120,000 Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.7500%, due 1/8/22 . . . . . . . . . . . . . . . . 0.2 150,000 Zimmer Holdings, Inc., 2.7000%, due 1/4/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 177,000 Zimmer Holdings, Inc., 3.1500%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 205,000 Zimmer Holdings, Inc., 3.5500%, due 1/4/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1.0 Oil and Gas Drilling 360,000 Helmerich & Payne International Drilling Co., 4.6500%, due 15/3/25 . . . . . . . . . . . . . . . . . . . . . . . 0.6 Oil Companies – Exploration and Production 78,000 Chesapeake Energy Corp., 4.8750%, due 15/4/22 . . . . . . . . . . . . . . . . . . . . . . . 0.1 105,000 Chesapeake Energy Corp., 5.3750%, due 15/6/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 322,000 Cimarex Energy Co., 4.3750%, due 1/6/24 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 51,000 Cimarex Energy Co., 5.8750%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.9 Oil Companies – Integrated 557,000 TOTAL S.A. 2.2500%, due 29/12/49 . . . . . . . . 1.0 560,000 TOTAL S.A. 2.6250%, due 29/12/49 . . . . . . . . 0.9 1.9 Oil Field Services 235,000 Korea National Oil Corp., 2.7500%, due 23/1/19 (144A) . . . . . . . . . . . . . . . . . 0.4 366,000 Korea National Oil Corp., 4.0000%, due 27/10/16 (144A) . . . . . . . . . . . . . . . . 0.6 1.0 Pipelines 48,000 DCP Midstream Operating L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 83,000 Energy Transfer Partners L.P., 4.1500%, due 1/10/20 . . . . . . . . . . . . . . . 0.1 473,000 Energy Transfer Partners L.P., 5.1500%, due 1/2/43 . . . . . . . . . . . . . . . . 0.7 72,000 EnLink Midstream Partners L.P., 5.6000%, due 1/4/44 . . . . . . . . . . . . . . . . 0.1 285,000 Enterprise Products Operating LLC, 4.8500%, due 15/3/44 . . . . . . . . . . . . . . . 0.4 295,000 Phillips 66 Partners L.P., 4.6800%, due 15/2/45 . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.8
Fair Value (USD) 106,826 80,283 666,927
307,325
157,975 153,331 591,213 902,519
123,150 149,423 174,369 198,471 645,413
372,332
68,055 95,550 319,643 54,825 538,073 602,721 581,617 1,184,338
238,576 379,332 617,908
43,099 85,401 422,692 70,202 269,044 260,671 1,151,109
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Property Trust 152,000 Prologis International Funding II S.A. 1.8760%, due 17/4/25 . . . . . . . . . . . . . . . 0.3 297,000 Prologis International Funding II S.A. 2.8750%, due 4/4/22 . . . . . . . . . . . . . . . . 0.6 0.9 Publishing – Periodicals 500,000 Bertelsmann SE & Co KGaA, 3.5000%, due 23/4/75 . . . . . . . . . . . . . . . . 0.8 Radio 624,000 Sirius XM Radio, Inc., 5.2500%, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 1.0 Real Estate 389,000 Kennedy Wilson Europe Real Estate PLC 3.9500%, due 30/6/22. . . . . . . . . . . . 1.0 Real Estate Management/Services 630,000 Deutsche Annington Finance, B.V., 3.2000%, due 2/10/17 (144A) . . . . . . . . . 1.0 503,000 Jones Lang LaSalle, Inc., 4.4000%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.8 1.8 REIT – Diversified 536,000 GELF Bond Issuer I S.A., 1.7500%, due 22/11/21 . . . . . . . . . . . . . . . . . . . . . . 0.9 457,000 Goodman Funding Pty, Ltd., 6.3750%, due 15/4/21 (144A) . . . . . . . . . 0.8 1.7 REIT – Office Property 279,000 Alexandria Real Estate Equities, Inc., 4.6000%, due 1/4/22 . . . . . . . . . . . . . . . . 0.5 REIT – Warehouse and Industrial 220,000 Prologis L.P., 3.3750%, due 20/2/24 . . . . . . . 0.4 Retail – Discount 162,000 Wal-Mart Stores, Inc., 4.8750%, due 19/1/39 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Retail – Major Department Stores 339,000 John Lewis PLC, 4.2500%, due 18/12/34 . . . . . . . . . . . . . . . . . . . . . . 0.8 Retail – Restaurants 158,000 1011778 BC ULC / New Red Finance, Inc., 4.6250%, due 15/1/22 . . . . . . . . . . . . 0.3 Rubber – Tires 500,000 Pirelli International PLC, 1.7500%, due 18/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.9 Semiconductor Components/Integrated Circuits 630,000 TSMC Global, Ltd., 1.6250%, due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 1.0 Special Purpose Entity 92,000 Goldman Sachs Capital I, 6.3450%, due 15/2/34 . . . . . . . . . . . . . . . . . . . . . . . 0.2 Steel – Producers 219,000 Reliance Steel & Aluminum Co., 4.5000%, due 15/4/23 . . . . . . . . . . . . . . . 0.3 Super – Regional Banks 208,000 Wells Fargo & Co., 1.1250%, due 29/10/21 . . . . . . . . . . . . . . . . . . . . . . 0.4 Telephone – Integrated 200,000 Telefonica Emisiones SAU, 5.4450%, due 8/10/29. . . . . . . . . . . . . . . . . . . . . . . . 0.6 300,000 Telefonica Europe B.V. 5.8750%, due 31/12/49 . . . . . . . . . . . . . . . . . . . . . . 0.6 336,000 TeliaSonera A.B., 1.6250%, due 23/2/35 . . . . . . . . . . . . . . . . . . . . . . . 0.5 186,000 TeliaSonera A.B., 3.6250%, due 14/2/24 . . . . . . . . . . . . . . . . . . . . . . . 0.4 2.1
Fair Value (USD)
157,716 349,116 506,832
509,120
654,420
602,839
644,879 516,705 1,161,584
586,057 525,734 1,111,791
294,320
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Transportation – Services 57,000 Asciano Finance, Ltd., 3.1250%, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.1 470,000 Brambles Finance, Ltd., 2.3750%, due 12/6/24 . . . . . . . . . . . . . . . . . . . . . . . 0.9 1.0 Textile – Home Furnishings 317,000 Mohawk Industries, Inc., 2.0000%, due 14/1/22 . . . . . . . . . . . . . . . . . . . . . . . 0.6
547,277 604,512
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.6
53,985,973
57,235
354,838
Preferred Stock Diversified Banking Institutions 5,700 Morgan Stanley, 6.8750% . . . . . . . . . . . . . . . 0.2 Diversified Financial Services 1,375 Citigroup Capital XIII, 7.8750%. . . . . . . . . . 0.1 590 General Electric Capital Corp., 4.7000% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.1 Finance – Investment Bankers/Brokers 825 Morgan Stanley Capital Trust III, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 112 Morgan Stanley Capital Trust IV, 6.2500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 51 Morgan Stanley Capital Trust V, 5.7500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — 44 Morgan Stanley Capital Trust VIII, 6.4500% . . . . . . . . . . . . . . . . . . . . . . . . . . . — — Super – Regional Banks 8,200 Wells Fargo & Co., 6.6250% . . . . . . . . . . . . 0.4
226,320
Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
454,742
152,076 35,695 14,337 50,032
21,062 2,849 1,288 1,115 26,314
265,758
304,614
529,079
156,025
552,514
623,207
107,011
215,790
229,919
349,000 355,081
Tranche Loans Apparel Manufacturers 139,000 Hanesbrands, Inc., 2.5000%, due 29/4/22 . . . . . . . . . . . . . . . . . . . . . . . Casino Hotels 950,000 Las Vegas Sands LLC, 2.5000%, due 19/12/20 . . . . . . . . . . . . . . . . . . . . . . Electronic Components – Semiconductors 1,032,766 Avago Technologies Cayman, Ltd., 3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . Investment Companies 319,000 RPI Finance Trust, 2.7500%, due 9/11/20 . . . . . . . . . . . . . . . . . . . . . . . Medical Information Systems 129,690 IMS Health, Inc., 3.5000%, due 17/3/21 . . . . . . . . . . . . . . . . . . . . . . . Semiconductor Equipment 630,000 Sensata Technologies B.V., 2.2500%, due 14/10/21 . . . . . . . . . . . . . . . . . . . . . . Wire and Cable Products 630,000 Belden Finance 2013 L.P., 2.5000%, due 3/10/20 . . . . . . . . . . . . . . . . . . . . . . .
0.2
139,695
1.6
944,889
1.7
1,033,686
0.5
319,548
0.2
128,879
1.0
631,014
1.0
630,000
Tranche Loans Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2
3,827,711
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 98.9
61,619,873
Adjustments from last traded to bid market prices . . . . . . . . . (0.3)
(164,699)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.6
61,455,174
318,441 243,676 1,266,198
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
181
Janus Global Investment Grade Bond Fund PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Citibank USD 8 EUR 7 USD 17 EUR 15 USD 4,568 EUR 4,073 USD 10,041 EUR 8,952 USD 1,093 EUR 975 USD 3,479 EUR 3,102 USD 15 EUR 13 USD 38,159 GBP 24,205 USD 20,159 EUR 18,053 USD 15,685 EUR 13,998 USD 8 EUR 7 USD 22 EUR 20 USD 11 EUR 10 USD 20,377 EUR 18,116 JP Morgan Chase & Co. USD 8,529,978 EUR 7,626,000 JPY 162,627,000 USD 1,308,585 USD 609,829 GBP 388,000 USD 276,829 EUR 247,000 USD 158,508 EUR 141,000
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
8 17 4,542 9,983 1,087 3,459 15 38,017 20,132 15,610 8 22 11 20,203
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — 26 58 6 20 — 142 27 75 — — — 174
8,504,028 1,287,689 609,416 275,439 157,235
29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15
25,950 20,896 413 1,390 1,273
Total
50,450
Total Financial Assets at fair value through profit or loss
61,505,624
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased
Currency Sold
Citibank EUR 1,368,294 USD EUR 2,305,809 USD EUR 2,533 USD EUR 413,558 USD EUR 1,031,748 USD GBP 7,792,712 USD EUR 7,376 USD EUR 3,659 USD USD 3,238 EUR USD 7,130 EUR USD 1,303 EUR USD 4,226 EUR USD 32,140 GBP JP Morgan Chase & Co. CAD 1,281,000 USD USD 235,047 AUD CHF 416,000 USD USD 276,153 GBP EUR 308,000 USD EUR 105,000 USD
Current Market Value (USD)
Settle Date
Unrealised (Depreciation) (USD)
1,534,682 2,586,200 2,841 463,848 1,157,211 12,288,514 8,273 4,104 2,917 6,423 1,174 3,807 20,480
1,543,488 2,601,040 2,857 466,510 1,163,851 12,337,499 8,320 4,128 3,253 7,163 1,309 4,246 32,167
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(8,806) (14,840) (16) (2,662) (6,640) (48,985) (47) (24) (15) (33) (6) (20) (27)
1,032,647 306,000 445,711 176,000 345,238 117,239
1,039,914 235,636 445,821 276,436 347,014 117,389
29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15 29-Jul-15
(7,267) (589) (110) (283) (1,776) (150)
Total
(92,296)
Total Financial Liabilities at fair value through profit or loss
(92,296)
The accompanying notes are an integral part of the financial statements.
182
Janus Capital Funds Plc / 30 June 2015
Janus High Yield Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 1,595,000 COMM 2015-3BP Mortgage Trust, 3.3463%, due 10/2/35 . . . . . . . . . . . . . . . 2,639,000 Fannie Mae Connecticut Avenue Securities, 4.1849%, due 25/5/25 . . . . . . . . 1,266,000 Fannie Mae Connecticut Avenue Securities, 5.0848%, due 25/11/24 . . . . . . . 3,462,000 GAHR Commercial Mortgage Trust 2015-NRF, 3.4949%, due 15/12/19 . . . . . . . 1,348,000 JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO, 4.1356%, due 15/1/32 . . . . . . . . . . . . . . . . . . . . . . . 1,334,000 Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, due 15/4/47 . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.2
1,395,693
0.4
2,582,345
0.2
1,307,740
0.4
3,263,200
0.2
1,357,456
0.2
1,370,522
Total Asset-Backed/Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6
11,276,956
Common Stock Building and Construction Products – Miscellaneous 82,894 Summit Materials, Inc. . . . . . . . . . . . . . . . . . Casino Hotels 33,657 Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . Finance – Investment Bankers/Brokers 73,534 E*TRADE Financial Corp. . . . . . . . . . . . . . . Telecommunication Equipment 68,885 CommScope Holding Co., Inc. . . . . . . . . . . .
0.3
2,113,798
0.2
1,769,348
0.3
2,202,343
0.3
2,101,680
Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1
8,187,169
Corporate Bonds Aerospace and Defence 16,352,000 ADS Tactical, Inc., 11.0000%, due 1/4/18 (144A) . . . . . . . . . . . . . . . . . . Apparel Manufacturers 1,837,000 Levi Strauss & Co., 5.0000%, due 1/5/25 . . . . . . . . . . . . . . . . . . . . . . . . 4,236,000 QS Wholesale, Inc., 7.8750%, due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 5,071,000 Quiksilver, Inc., 10.0000%, due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . .
2.3
17,006,080
0.2
1,786,483
0.5
3,642,960
0.3 1.0
1,926,980 7,356,423
Automotive – Cars and Light Trucks 1,813,000 Chrysler Group LLC / CG Co-Issuer Inc., 8.2500%, due 15/6/21 . . . . . . . . . . . 0.3 3,909,000 Fiat Chrysler Automobiles N.V., 4.5000%, due 15/4/20 . . . . . . . . . . . . . . . 0.5 0.8 Automotive – Medical and Heavy Duty Trucks 2,978,000 Navistar International Corp., 8.2500%, due 11/1/21 . . . . . . . . . . . . . . . 0.4 Automotive – Truck Parts and Equipment – Original 3,725,000 MPG Holdco I, Inc., 7.3750%, due 15/10/22 . . . . . . . . . . . . . . . . . . . . . . 0.5 3,790,000 Schaeffler Holding, 6.2500%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.5 1,526,000 Schaeffler Holding, 6.7500%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.2 1.2 Broadcast Services and Programming 6,082,000 Crown Media Holdings, Inc., 10.5000%, due 15/7/19 . . . . . . . . . . . . . . 0.9
1,980,703 3,899,228 5,879,931
2,843,990
3,985,750 4,007,925 1,653,803 9,647,478
6,431,715
Share or Principal Amount
Percentage of Net Assets (%)
4,633,000 iHeartCommunications, Inc., 14.0000%, due 1/2/21 . . . . . . . . . . . . . . . 0.5 4,381,000 iHeartCommunications, Inc., 9.0000%, due 15/9/22 . . . . . . . . . . . . . . . 0.5 6,225,000 Univision Communications, Inc., 5.1250%, due 15/2/25 . . . . . . . . . . . . . . . 0.8 2.7 Building – Residential and Commercial 2,924,000 AV Homes, Inc., 8.5000%, due 1/7/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 6,724,000 Century Communities, Inc., 6.8750%, due 15/5/22 . . . . . . . . . . . . . . . 0.9 1,523,000 D.R. Horton, Inc., 4.0000%, due 15/2/20 . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,687,000 KB Home, 7.6250%, due 15/5/23. . . . . . . . . 0.5 1,841,000 Meritage Homes Corp., 6.0000%, due 1/6/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,555,000 Meritage Homes Corp., 7.0000%, due 1/4/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,878,000 Meritage Homes Corp., 7.1500%, due 15/4/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,993,000 WCI Communities, Inc., 6.8750%, due 15/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3.5 Building and Construction Products – Miscellaneous 766,000 NCI Building Systems, Inc., 8.2500%, due 15/1/23 . . . . . . . . . . . . . . . 0.1 2,026,000 Summit Materials LLC / Summit Materials Finance Corp., 10.5000%, due 31/1/20 . . . . . . . . . . . . . . 0.3 0.4 Cable/Satellite TV 5,272,000 Block Communications, Inc., 7.2500%, due 1/2/20 (144A) . . . . . . . . . . 0.7 3,895,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.2500%, due 15/3/21 . . . . . . . . . . . . . . . 0.5 2,095,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.3750%, due 1/5/25 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,841,000 CCO Holdings LLC / CCO Holdings Capital Corp., 5.8750%, due 1/5/27 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 3,138,000 DISH DBS Corp., 5.8750%, due 15/11/24 . . . . . . . . . . . . . . . . . . . . . . 0.4 2,408,000 Harron Communications L.P. / Harron Finance Corp., 9.1250%, due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . 0.4 2.5 Casino Hotels 1,880,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope, 11.0000%, due 1/10/21 . . . . . . . . . . . . . . 0.2 3,060,000 Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope, 8.0000%, due 1/10/20 . . . . . . . . . . . . . . . 0.4 1,969,000 MGM Resorts International, 6.6250% due 15/12/21 . . . . . . . . . . . . . . . 0.3 2,819,000 MGM Resorts International, 6.7500%, due 1/10/20 . . . . . . . . . . . . . . . 0.4 2,583,000 MGM Resorts International, 7.7500%, due 15/3/22 . . . . . . . . . . . . . . . 0.4 2,505,000 Station Casinos LLC, 7.5000%, due 1/3/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 2.1
Fair Value (USD) 3,306,804 3,970,281 6,023,933 19,732,733
2,843,590 6,639,950 1,522,543 3,871,350 1,859,410 3,812,738 3,122,630 2,067,738 25,739,949
819,620 2,221,003 3,040,623
5,403,800 3,895,000 2,045,244 1,801,879 3,022,286 2,612,680 18,780,889
1,583,900
2,897,453 2,067,450 3,002,235 2,854,215 2,692,875 15,098,128
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
183
Janus High Yield Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Casino Services 5,982,000 Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.3750%, due 15/2/18 (144A) . . . . . . . . . 0.9 2,011,000 CCM Merger, Inc., 9.1250%, due 1/5/19 (144A) . . . . . . . . . . . . . . . . . . 0.3 1.2 Cellular Telecommunications 2,906,000 Sprint Nextel Corp., 7.0000%, due 15/8/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 7,137,000 T-Mobile U.S., Inc., 6.0000%, due 1/3/23 . . . . . . . . . . . . . . . . . . . . . . . . 1.0 4,125,000 T-Mobile U.S., Inc., 6.2500%, due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 2.0 Chemicals – Specialty 7,425,000 Rockwood Specialties Group, Inc., 4.6250%, due 15/10/20 . . . . . . . . . . . . . . 1.1 Commercial Banks – Eastern U.S. 3,036,000 CIT Group, Inc., 5.5000%, due 15/2/19 (144A) . . . . . . . . . . . . . . . . . 0.4 Commercial Services – Finance 6,832,000 Cardtronics, Inc., 5.1250%, due 1/8/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.9 2,108,000 TransUnion Holding Co., Inc., 8.1250%, due 15/6/18 . . . . . . . . . . . . . . . 0.3 4,033,000 TransUnion Holding Co., Inc., 9.6250%, due 15/6/18 . . . . . . . . . . . . . . . 0.6 1.8 Computer Services 4,696,000 IHS, Inc., 5.0000%, due 1/11/22 . . . . . . . . . 0.6 Data Processing and Management 3,076,000 First Data Corp., 12.6250%, due 15/1/21 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Dialysis Centres 1,404,000 Fresenius Medical Care U.S. Finance II, Inc., 5.6250%, due 31/7/19 (144A) . . . . . . . . . . . . . . . . . 0.2 2,847,000 Fresenius Medical Care U.S. Finance II, Inc., 5.8750%, due 31/1/22 (144A) . . . . . . 0.4 0.6 Disposable Medical Products 4,101,000 ConvaTec Healthcare E S.A., 8.2500%, due 15/1/19 (144A) . . . . . . . . . 0.6 Distribution/Wholesale 3,115,000 American Builders & Contractors Supply Co., Inc., 5.6250%, due 15/4/21 (144A) . . . . . . . . . . . . . . . . . 0.4 3,100,000 Park-Ohio Industries, Inc., 8.1250%, due 1/4/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.9 Diversified Banking Institutions 5,741,000 Royal Bank of Scotland Group PLC, 5.1250%, due 28/5/24 . . . . . . . . . . . . . . . 0.8 Diversified Operations 1,238,000 Horizon Pharma Financing, Inc., 6.6250%, due 1/5/23 . . . . . . . . . . . . . . . . 0.2 Educational Software 11,954,000 Blackboard, Inc., 7.7500%, due 15/11/19 (144A) . . . . . . . . . . . . . . . . 1.5 Electronic Components – Semiconductors 961,000 Micron Technology, Inc., 5.2500%, due 1/8/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 3,690,000 Micron Technology, Inc., 5.2500%, due 15/1/24 . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.6
6,258,668 2,161,825 8,420,493
2,891,470 7,324,346 4,238,438 14,454,254
7,740,563
3,172,620
6,712,440 2,157,011 4,049,334 12,918,785 4,684,260
3,560,470
1,525,095 3,032,055 4,557,150
4,044,611
3,185,088 3,301,500 6,486,588
5,744,158
1,295,258
11,296,530
923,761 3,493,969 4,417,730
The accompanying notes are an integral part of the financial statements.
184
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Finance – Commercial 1,682,000 Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.3750%, due 1/4/20 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Food – Dairy Products 8,412,000 FAGE Dairy Industry S.A. / FAGE USA Dairy Industry, Inc., 9.8750%, due 1/2/20 (144A) . . . . . . . . . . . . . . . . . . 1.2 Food – Flour and Grain 3,176,000 Post Holdings, Inc., 7.3750%, due 15/2/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4 Food – Meat Products 3,274,000 JBS USA LLC / JBS USA Finance, Inc., 5.8750%, due 15/7/24 . . . . . . . . . . . . . . . 0.5 6,855,000 JBS USA LLC / JBS USA Finance, Inc., 7.2500%, due 1/6/21 (144A) . . . . . . . . . . 1.0 4,120,000 JBS USA LLC / JBS USA Finance, Inc., 8.2500%, due 1/2/20 (144A) . . . . . . . . . . 0.6 123,000 Smithfield Foods, Inc., 6.6250%, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . . — 17,000 Sun Merger Sub, Inc., 5.8750%, due 1/8/21 (144A) . . . . . . . . . . . . . . . . . . . — 2.1 Food – Retail 1,148,000 Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., 7.7500%, due 15/10/22 . . . . . . . . . . . . . . 0.2 8,917,000 SUPERVALU, Inc., 6.7500%, due 1/6/21 . . . . . . . . . . . . . . . . . . . . . . . . 1.2 2,722,000 SUPERVALU, Inc., 7.7500%, due 15/11/22 . . . . . . . . . . . . . . . . . . . . . . 0.4 1.8 Gambling – Non-Hotel 5,722,000 Ameristar Casinos, Inc., 7.5000%, due 15/4/21 . . . . . . . . . . . . . . . . . . . . . . . 0.8 3,317,000 Greektown Holdings LLC/Greektown Mothership Corp., 8.8750%, due 15/3/19 (144A) . . . . . . . . . . . . . . . . . 0.5 5,475,000 Mohegan Tribal Gaming Authority, 9.7500%, due 1/9/21 . . . . . . . . . . . . . . . . 0.8 2.1 Gas – Distribution 991,000 Altice US Finance S.A., 7.7500%, due 15/7/25 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Hotels and Motels 4,968,000 Playa Resorts Holdings, 8.0000%, due 15/8/20 (144A) . . . . . . . . . . . . . . . . . 0.7 Medical – Biomedical and Genetic 4,336,000 Concordia Healthcare Corp., 7.0000%, due 15/4/23 . . . . . . . . . . . . . . . 0.6 Medical – Drugs 3,207,000 Capsugel S.A., 7.0000%, due 15/5/19 (144A) . . . . . . . . . . . . . . . . . 0.4 1,396,000 Endo Finance LLC & Endo Finco, Inc., 7.0000%, due 15/12/20 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 582,000 Endo Finance LLC & Endo Finco, Inc., 7.0000%, due 15/7/19 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2,700,000 Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.0000%, due 1/2/25. . . . . . . . 0.4 4,138,000 Valeant Pharmaceuticals International, Inc., 6.3750%, due 15/10/20 (144A). . . . . . . 0.6 2,059,000 Valeant Pharmaceuticals International, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . 0.3
Fair Value (USD)
1,660,975
8,811,570
3,243,490
3,302,648 7,257,731 4,387,800 131,764 17,595 15,097,538
1,224,055 9,050,755 2,870,009 13,144,819
6,086,778 3,499,435 5,762,438 15,348,651
953,838
5,166,720
4,346,840
3,269,504 1,471,035 604,989 2,757,375 4,368,176 2,115,623
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
7,470,000 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 . . . . . . . . . . . 1.1 3.1 Medical – HMO 3,694,000 Centene Corp., 4.7500%, due 15/5/22 . . . . . . . . . . . . . . . . . . . . . . . 0.5 Medical – Hospitals 7,219,000 CHS/Community Health Systems, Inc., 8.0000%, due 15/11/19 . . . . . . . . . . 1.0 2,241,000 Tenet Healthcare Corp., 6.0000%, due 1/10/20 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,857,000 Tenet Healthcare Corp., 6.7500%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,272,000 Tenet Healthcare Corp., 8.0000%, due 1/8/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2.1 Medical Products 2,194,000 Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC, 5.5000%, due 15/4/25 . . . . . . . . . . . . . . . 0.3 Motion Pictures and Services 1,440,000 Dreamworks Animation, 6.8750%, due 15/8/20 (144A) . . . . . . . . . . . . . . . . . 0.2 Oil – Field Services 4,992,000 Hiland Partners L.P. / Hiland Partners Finance Corp., 5.5000%, due 15/5/22 (144A) . . . . . . . . . . . . . . . . . 0.7 5,851,000 Hiland Partners L.P. / Hiland Partners Finance Corp., 7.2500%, due 1/10/20 (144A) . . . . . . . . . . . . . . . . . 0.9 1.6 Oil Companies – Exploration and Production 737,000 Carrizo Oil & Gas, Inc., 6.2500%, due 15/4/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1 5,750,000 Chesapeake Energy Corp., 6.1250%, due 15/2/21 . . . . . . . . . . . . . . . . . . . . . . . 0.7 7,467,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 7.0000%, due 15/8/21 (144A) . . . . . . . . . . . . . . . . . 1.0 2,539,000 Endeavor Energy Resources L.P. / EER Finance, Inc., 8.1250%, due 15/9/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,756,000 EP Energy LLC / Everest Acquisition Finance, Inc., 6.3750%, due 15/6/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,735,000 Kodiak Oil & Gas Corp., 8.1250%, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,036,000 Newfield Exploration Co., 5.3750%, due 1/1/26 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,215,000 Oasis Petroleum, Inc., 6.5000%, due 1/11/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,565,000 Oasis Petroleum, Inc., 6.8750%, due 15/3/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,583,000 Parsley Energy LLC / Parsley Finance Corp., 7.5000%, due 15/2/22 (144A) . . . . . . . . . . . . . . . . . 0.4 2,424,000 QEP Resources, Inc., 5.2500%, due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,495,000 QEP Resources, Inc., 5.3750%, due 1/10/22 . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,204,000 Rice Energy, Inc., 6.2500%, due 1/5/22 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 1,151,000 Sanchez Energy Corp., 6.1250%, due 15/1/23 . . . . . . . . . . . . . . . . . . . . . . . 0.1 5.1
Fair Value (USD) 7,703,438 22,290,140
3,823,290
7,625,069 2,395,069 3,938,961 2,371,400 16,330,499
2,136,408
1,432,800
5,201,040 6,348,335 11,549,375
742,528 5,433,750 7,467,000 2,631,039 2,773,225 1,825,003 2,025,820 1,215,000 2,616,300 2,633,859 2,333,100 2,421,897 2,198,490 1,035,900 37,352,911
Share or Principal Amount
Percentage of Net Assets (%)
Oil Field Machinery and Equipment 5,045,000 Dresser-Rand Group, Inc., 6.5000%, due 5/1/21 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Oil Refining and Marketing 3,461,000 PBF Holding Co., LLC / PBF Finance Corp., 8.2500%, due 15/2/20 . . . . . . . . . . 0.5 1,700,000 Seven Generations Energy, Ltd., 6.7500%, due 1/5/23 . . . . . . . . . . . . . . . . 0.2 0.7 Paper and Related Products 4,839,000 Resolute Forest Products, Inc., 5.8750%, due 15/5/23 . . . . . . . . . . . . . . . 0.6 Pharmaceuticals 1,785,000 Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc, 6.0000%, due 15/7/23 (144A) . . . . . . . . . . . . . . . . . 0.3 Pharmacy Services 2,432,000 Catamaran Corp., 4.7500%, due 15/3/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4 Pipelines 1,107,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.0000%, due 15/12/20 . . . . . . . . . 0.2 5,743,000 Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.1250%, due 3/1/22 . . . . . . . . . . . 0.8 3,270,000 Holly Energy Partners L.P. / Holly Energy Finance Corp., 6.5000%, due 1/3/20 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 7,192,000 MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 4.5000%, due 15/7/23 . . . . . . . . . . . . . . . 1.0 5,388,000 Sabine Pass Liquefaction LLC, 5.6250%, due 1/2/21 . . . . . . . . . . . . . . . . 0.8 3,129,000 Sabine Pass Liquefaction LLC, 5.6250%, due 15/4/23 . . . . . . . . . . . . . . . 0.4 1,347,000 Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.6250%, due 1/10/20 . . . . . . . . . . . . . . . 0.2 3.8 Poultry 7,681,000 Simmons Foods, Inc., 7.8750%, due 1/10/21 . . . . . . . . . . . . . . . . . . . . . . . 1.0 Radio 6,500,000 Entercom Radio LLC, 10.5000%, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 1.0 4,566,000 Townsquare Media, Inc., 6.5000%, due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 1.6 Real Estate Management/Services 8,664,000 Kennedy-Wilson, Inc., 5.8750%, due 1/4/24 . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Real Estate Operating/Development 1,281,000 Forest City Enterprises, Inc., 3.6250%, due 15/8/20 . . . . . . . . . . . . . . . 0.2 4,474,000 Forestar USA Real Estate Group, Inc., 8.5000%, due 1/6/22 (144A) . . . . . . . . . . 0.6 1,815,000 Greystar Real Estate Partners LLC, 8.2500%, due 1/12/22 . . . . . . . . . . . . . . . 0.3 7,817,000 Howard Hughes Corp., 6.8750%, due 1/10/21 (144A) . . . . . . . . . . . . . . . . . 1.1 6,815,000 Hunt Cos, Inc., 9.6250%, due 1/3/21 (144A) . . . . . . . . . . . . . . . . . . 1.0 3.2
Fair Value (USD)
5,453,645
3,677,313 1,704,250 5,381,563
4,427,685
1,827,394
2,699,520
1,151,280 5,886,575 3,278,175 7,084,120 5,522,700 3,133,881 1,407,615 27,464,346
7,085,723
7,003,750 4,537,463 11,541,213
8,642,340
1,399,493 4,664,145 1,923,900 8,325,105 7,053,525 23,366,168
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
185
Janus High Yield Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Research and Development 1,740,000 Jaguar Holding Co. II / Jaguar Merger Sub, Inc., 9.5000%, due 1/12/19 (144A) . . . . . . . . . . . . . . . . . Retail – Discount 3,900,000 Family Tree Escrow LLC, 5.7500%, due 1/3/23 . . . . . . . . . . . . . . . . . . . . . . . . Retail – Drug Store 1,269,000 Rite Aid Corp., 6.1250%, due 1/4/23 . . . . . . . . . . . . . . . . . . . . . . . . Retail – Propane Distribution 2,073,000 Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.6250%, due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . Retail – Regional Department Stores 2,071,000 JC Penney Corp., Inc., 5.7500%, due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 2,465,000 JC Penney Corp., Inc., 8.1250%, due 1/10/19 . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.3
1,857,450
0.6
4,095,000
0.2
1,311,829
0.3
2,155,920
0.3
2,037,346
0.3 0.6
2,452,675 4,490,021
Retail – Restaurants 771,000 Landry’s Holdings II, Inc., 10.2500%, due 1/1/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 11,028,000 Landry’s, Inc., 9.3750%, due 1/5/20 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 8,364,000 Wok Acquisition Corp., 10.2500%, due 30/6/20 (144A) . . . . . . . . . . . . . . . . . 1.2 2.9 Special Purpose Entity 7,387,000 ROC Finance LLC, 12.1250%, due 1/9/18 (144A) . . . . . . . . . . . . . . . . . . 1.1 Specified Purpose Acquisition 2,702,000 Argos Merger Sub, Inc., 7.1250%, due 15/3/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 Steel – Producers 1,880,000 ArcelorMittal, 5.1250%, due 1/6/20 . . . . . . . . 0.3 Telecommunication Equipment 8,167,000 CommScope Holding Co., Inc., 6.6250%, due 1/6/20 (144A) . . . . . . . . . . 1.2 9,306,000 CommScope Technologies Finance LLC, 6.0000%, due 15/6/25 . . . . . . . . . . . 1.3 2.5 Telecommunication Services 6,083,000 Altice Financing S.A., 6.6250%, due 15/2/23 . . . . . . . . . . . . . . . . . . . . . . . 0.8 3,235,000 Altice Finco S.A. 7.6250%, due 15/2/25 . . . . . . . . . . . . . . . . . . . . . . . 0.4 2,750,000 Altice US Finance I Corp., 5.3750%, due 15/7/23 . . . . . . . . . . . . . . . . . . . . . . . 0.4 3,867,000 UPCB Finance IV Ltd., 5.3750%, due 15/1/25 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2.1 Telephone – Integrated 2,936,000 Level 3 Financing, Inc., 5.1250%, due 1/5/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 4,383,000 Level 3 Financing, Inc., 5.3750%, due 15/8/22 . . . . . . . . . . . . . . . . . . . . . . . 0.6 1,028,000 Sprint Capital Corp., 6.9000%, due 1/5/19 . . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.1 Television 2,755,000 Tribune Media, Co., 5.8750%, due 15/7/22 . . . . . . . . . . . . . . . . . . . . . . . 0.4 Theatres 3,079,000 National CineMedia LLC, 7.8750%, due 15/7/21 . . . . . . . . . . . . . . . . . . . . . . . 0.4
801,840 11,882,670 8,688,105 21,372,615
7,922,558
2,837,100 1,910,550
8,503,889 9,294,368 17,798,257
6,054,410 3,113,688 2,688,125 3,710,387 15,566,610
2,866,270 4,443,266 1,051,130 8,360,666
2,782,550
3,240,648
The accompanying notes are an integral part of the financial statements.
186
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Transportation – Marine 1,870,000 Eletson Holdings, 9.6250%, due 15/1/22 (144A) . . . . . . . . . . . . . . . . . 0.3 405,000 Navios Maritime Holdings Inc / Navios Maritime Finance II US, Inc., 7.3750%, due 15/1/22 . . . . . . . . . . . . . — 2,447,000 Navios Maritime Holdings Inc / Navios Maritime Finance II US, Inc., 8.1250%, due 15/2/19 . . . . . . . . . . . . 0.3 0.6 Transportation – Railroad 7,816,000 Florida East Coast Holdings Corp., 6.7500%, due 1/5/19 (144A) . . . . . . . . . . 1.1 6,945,000 Florida East Coast Holdings Corp., 9.7500%, due 1/5/20 (144A) . . . . . . . . . . 0.9 2,618,000 Watco Cos LLC / Watco Finance Corp., 6.3750%, due 1/4/23 (144A) . . . . . . . . . . . 0.4 2.4 Transportation – Services 1,812,000 CEVA Group PLC, 4.0000%, due 1/5/18 (144A) . . . . . . . . . . . . . . . . . . 0.2 8,712,000 XPO Logistics, Inc., 7.8750%, due 1/9/19 . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1.5 X-Ray Equipment 1,845,000 Hologic, Inc., 5.2500%, due 15/7/22 . . . . . . . . 0.3 Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.3 Preferred Stock Building – Residential and Commercial 10,603 William Lyon Homes, 6.5000% . . . . . . . . . . 0.2 Cellular Telecommunications 28,150 T-Mobile US, Inc., 5.5000% . . . . . . . . . . . . . 0.3 Medical – Generic Drugs 665 Allergan PLC 5.5000% . . . . . . . . . . . . . . . . . 0.1 Total Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.6
Tranche Loans Building and Construction – Miscellaneous 1,139,065 Orleans Homebuilders, Inc., 10.5000%, due 14/2/16 . . . . . . . . . . . . . . 0.1 Building Products - Cement and Aggregate 4,190,000 Hanson Building Products 9.5000%, due 13/3/23 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Casino Hotels 2,218,000 Cosmopolitan of Las Vegas 8.7500%, due 19/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 Diversified Minerals 5,310,000 Oxbow Carbon and Minerals LLC, 8.0000%, due 19/1/20 . . . . . . . . . . . . . . . 0.7 Food – Canned 574,000 Del Monte Foods, Inc., 8.2500%, due 18/8/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical – Hospitals 1,615,000 Surgery Center Holdings, Inc., 7.5000%, due 3/11/21 . . . . . . . . . . . . . . . 0.2 Oil and Gas Companies – Exploration and Production 1,456,000 Chief Exploration, 8.7500%, due 12/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.2 6,510,000 Templar Energy LLC, 8.0000%, due 25/11/20 . . . . . . . . . . . . . . . . . . . . . . 0.6 0.8
Fair Value (USD)
1,832,600 352,350 1,930,071 4,115,021
7,855,080 6,615,113 2,663,815 17,134,008
1,667,040 9,342,310 11,009,350 1,888,819 608,348,127
1,342,605 1,925,179 693,316 3,961,100
1,130,522
4,085,250
2,218,000
5,004,675
517,679
1,607,603
1,365,728 4,778,340 6,144,068
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Professional Sports 8,480,000 Delta 2 Lux Sarl, 6.7500%, due 29/7/22 . . . . . . . . . . . . . . . . . . . . . . . Real Estate Services 2,645,000 Dtz Term Loan, 8.2500%, due 28/10/22 . . . . . . . . . . . . . . . . . . . . . . Transport – Equipment and Leasing 2,215,423 Maxim Crane Works L.P., 10.2500%, due 26/11/18 . . . . . . . . . . . . . . . . . . . . . . Transportation – Marine 1,880,788 OSG International, Inc. 4.7500%, due 5/8/19 . . . . . . . . . . . . . . . . . . . . . . . . 1,343,845 Overseas Shipholding Term Loan, 4.7500%, due 5/8/19 . . . . . . . . . . . . . . . .
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
1.2
8,458,800
0.4
2,645,000
0.3
2,215,423
0.2
1,883,138
0.2 0.4
1,343,012 3,226,150
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1
37,253,170
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 91.7
669,026,522
Adjustments from last traded to bid market prices . . . . . . . . . (0.3)
(2,455,552)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.4
666,570,970
Currency Purchased
Currency Sold
Current Market Value (USD)
Settle Date
Unrealised Appreciation (USD)
Citibank CNH 24,682 AUD 100 USD 6,163 EUR 180 USD 2 USD 2,457 USD 3 USD 3 USD 42,769 USD 2,190 USD 1 USD 58 USD 53,802 AUD 150 USD 296 USD 10,973 USD 333 CNH 4 CNH 149 USD 110,652 USD 7,980,973 USD 3 USD 5 USD 243 USD 5
USD USD EUR USD AUD AUD AUD GBP EUR AUD CNH CNH EUR USD AUD EUR AUD USD USD EUR EUR AUD AUD CNH CNH
3,967 77 5,519 201 3 3,182 4 2 38,246 2,835 7 359 48,030 115 386 9,789 433 1 24 98,750 7,122,498 4 7 1,512 32
3,967 77 6,156 201 2 2,451 3 3 42,651 2,183 1 58 53,561 115 296 10,916 333 1 24 110,123 7,942,785 3 5 243 5
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — 7 — — 6 — — 118 7 — — 241 — — 57 — — — 529 38,188 — — — —
USD USD USD AUD USD AUD USD USD USD USD USD USD USD USD USD USD USD AUD USD USD USD USD USD USD USD USD USD
GBP GBP EUR USD EUR USD EUR EUR EUR CNH AUD EUR CNH GBP GBP AUD EUR USD EUR EUR AUD AUD AUD CNH EUR AUD CNH
3 3 10,192 840 61,000 7,984 36,566 14,959 193,650 4,153 14 697 87 8 8 23 14,255 460 361 2,091 1,583 2 1 509 21,807 1,399 10
4 4 11,365 833 68,026 7,921 40,777 16,682 215,952 667 11 778 14 13 13 17 15,897 458 403 2,332 1,218 2 1 82 24,320 1,077 2
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
— — 25 7 147 63 47 19 248 — — 1 — — — — 18 2 3 20 4 — — — 140 3 —
4 4 11,390 1,100 68,173 10,452 40,824 16,701 216,200 667 11 779 14 13 13 17 15,915 600 406 2,352 1,222 2 1 82 24,460 1,080 2
Total
39,900
Total Financial Assets at fair value through profit or loss
666,610,870
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
187
Janus High Yield Fund PORTFOLIO INVESTMENTS Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 9,273,775 AUD 3,548 GBP 2,084 AUD 3,696,253 AUD 5,898 GBP 2,084 EUR 56,931,906 EUR 38,179 EUR 27,428 AUD 66,740 EUR 150,000 USD 3,468 USD 62,221 USD 3,149 EUR 3,280 USD 12,556 USD 11,419 USD 35,488 USD 3,026 EUR 478 AUD 4,147,821 EUR 26,049,233 CNH 1,142,298 EUR 8,080,363 EUR 456,214
Currency Sold USD 10,401,485 USD 2,743 USD 3,286 USD 2,858,368 USD 4,561 USD 3,286 USD 63,854,939 USD 42,634 USD 30,725 USD 51,542 USD 168,080 AUD 4,542 EUR 56,054 AUD 4,125 USD 3,666 AUD 16,368 AUD 14,886 AUD 46,260 AUD 3,945 USD 537 USD 3,207,572 USD 29,216,872 USD 183,598 USD 9,062,952 USD 511,691
Current Market Value (USD) 10,461,171 2,755 3,299 2,870,769 4,581 3,299 64,221,353 42,692 30,863 51,697 168,885 3,497 62,510 3,175 3,674 12,603 11,462 35,619 3,037 542 3,221,488 29,384,525 183,600 9,114,962 514,627
Settle Date
Unrealised (Depreciation) (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(59,686) (12) (13) (12,401) (20) (13) (366,414) (58) (138) (155) (805) (29) (289) (26) (8) (47) (43) (131) (11) (5) (13,916) (167,653) (2) (52,010) (2,936)
Total
(676,821)
Total Financial Liabilities at fair value through profit or loss
(676,821)
The accompanying notes are an integral part of the financial statements.
188
Janus Capital Funds Plc / 30 June 2015
Janus Global Unconstrained Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 267,566 Alternative Loan Trust 2006-4CB 5.5000%, due 25/4/36 . . . . . . . . . . . . . . . . 0.1 2,277,380 Alternative Loan Trust 2003-4CB 5.7500%, due 25/4/33 . . . . . . . . . . . . . . . . 1.4 420,625 Alternative Loan Trust 2006-14CB, 6.0000%, due 25/6/36 . . . . . . . . . . . . . . . . 0.2 701,225 Alternative Loan Trust 2006-45T1, 6.0000%, due 25/2/37 . . . . . . . . . . . . . . . . 0.3 900,126 Alternative Loan Trust 2006-5T2, 6.0000%, due 25/4/36 . . . . . . . . . . . . . . . . 0.4 25,307 Banc of America Mortgage Trust 2004-5 4.7500%, due 25/6/19 . . . . . . . . . . 0.0 561,979 Banc of America Alternative Loan Trust 2003-5, 5.5000%, due 25/7/33 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 198,522 Banc of America Funding 2006-7 Trust, 6.0000%, due 25/9/36 . . . . . . . . . . . 0.1 5,462,799 Bear Stearns Asset Backed Securities I Trust 2005-AC4, 5.5000%, due 25/7/35 . . . . . . . . . . . . . . . . . . . . . . . . 3.0 413,060 CHL Mortgage Pass-Through Trust 2006-13 6.2500%, due 25/9/36 . . . . . . . . . 0.2 50,000 General Obligation Unlimited 6.1380%, due 1/12/39 . . . . . . . . . . . . . . . . 0.0 2,162,155 GSR Mortgage Loan Trust 2006-5F, 6.0000%, due 25/6/36 . . . . . . . . . . . . . . . . 1.2 361,324 JP Morgan Mortgage Trust 2005-S3 5.5000%, due 25/1/36 . . . . . . . . . . . . . . . . 0.2 364,803 JP Morgan Mortgage Trust 2005-S3, 5.7500%, due 25/1/36 . . . . . . . . . . . . . . . . 0.2 102,950 Morgan Stanley Mortgage Loan Trust 2006-2 5.2500%, due 25/2/21 . . . . . . . . . . 0.1 206,966 Morgan Stanley Mortgage Loan Trust 2006-11 6.0000%, due 25/8/36 . . . . . . . . . 0.1 2,000,000 Springleaf Mortgage Loan Trust 2012-2, 6.0000%, due 25/10/57. . . . . . . . . 1.2 4,053,744 Structured Asset Securities Corp Trust 2005-14, .4848%, due 25/7/35 . . . . . . . . . . 2.1 249,305 Wells Fargo Mortgage Loan 2010-RR2 Trust, 5.5000%, due 27/4/35 (144A). . . . . . . . 0.1 1,236,573 Wells Fargo Mortgage Backed Securities 2007-8 Trust, 6.0000%, due 25/7/37 . . . . . . . . . . . . . . . . 0.5 Asset-Backed/Commercial Mortgage-Backed Securities Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 Common Stock Chemicals – Specialty 117,999* Sigma-Aldrich Corp.. . . . . . . . . . . . . . . . . . . 9.4 REIT – Mortgage 10,449 American Capital Agency Corp. . . . . . . . . . . 0.1 22,522 Annaly Capital Management, Inc. . . . . . . . . . 0.1 0.2 Total Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6 Corporate Bonds Automotive – Cars and Light Trucks 1,597,000 Ford Motor Credit Co., LLC, 5.6250%, due 15/9/15 . . . . . . . . . . . . . . . 0.9 296,000 Ford Motor Credit Co., LLC, 1.4610%, due 27/3/17 . . . . . . . . . . . . . . . 0.2 770,000 Ford Motor Credit Co., LLC, 4.2070%, due 15/4/16 . . . . . . . . . . . . . . . 0.4 1.5
Fair Value (USD)
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Banks
261,409 2,306,810 370,027 593,478 784,114 25,703 572,896 195,715 5,168,758 380,568 42,891 2,100,924 345,331 326,049 99,887 192,938 2,019,988 3,592,594 246,516 923,588 20,550,184
16,443,161 191,948 206,977 398,925 16,842,086
1,611,577 294,802 787,658 2,694,037
206,000 HSBC Bank Brasil S.A. - Banco Multiplo, 4.0000%, due 11/5/16 (144A) . . . . . . . . . . . . . . . . . 0.1 Beverages – Wine and Spirits 838,000 Constellation Brands, Inc., 7.2500%, due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 733,000 Constellation Brands, Inc., 7.2500%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.0 Building – Residential and Commercial 733,000 D.R. Horton, Inc., 4.7500%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.4 270,000 Lennar Corp., 4.5000%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 0.2 733,000 Lennar Corp., 4.7500%, due 15/12/17 . . . . . . . . . . . . . . . . . . . . . . 0.4 1.0 Building Products – Cement and Aggregate 717,000 Hanson, Ltd., 6.1250%, due 15/8/16. . . . . . . 0.4 Cable/Satellite TV 2,631,000 Dish DBS Corp., 7.1250%, due 1/2/16 . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Casino Hotels 1,000,000 MGM Resorts International, 10.0000%, due 1/11/16 . . . . . . . . . . . . . . 0.6 3,986,000 MGM Resorts International, 6.6250%, due 15/7/15 . . . . . . . . . . . . . . . 2.3 140,000 MGM Resorts International, 6.8750%, due 1/4/16 . . . . . . . . . . . . . . . . 0.1 3.0 Commercial Banks – Eastern U.S. 59,000 CIT Group, Inc., 4.2500%, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . . — 1,222,000 CIT Group, Inc., 5.0000%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.8 0.8 Computers 326,000 Dell, Inc., 2.3000%, due 10/9/15 . . . . . . . . . 0.2 385,000 Hewlett-Packard Co., 2.2000%, due 1/12/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 576,000 Hewlett-Packard Co., 2.6500%, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 451,000 Hewlett-Packard Co., 3.0000%, due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 575,000 Hewlett-Packard Co., 3.3000%, due 9/12/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 170,000 Hewlett-Packard, Co., 2.1250%, due 13/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1.4 Containers – Metal and Glass 596,000 Owens-Brockway Glass Container, Inc., 7.3750%, due 15/5/16 . . . . . . . . . . . 0.4 Dialysis Centres 717,000 Fresenius Medical Care US Finance, Inc., 6.8750%, due 15/7/17 . . . . . . . . . . . 0.4 Diversified Banking Institutions 3,465,000 Bank of America Corp., 5.7500%, due 15/8/16 . . . . . . . . . . . . . . . . . . . . . . . 2.1 100,000 Bank of America Corp., 6.0500%, due 16/5/16 . . . . . . . . . . . . . . . . . . . . . . . . — 1,140,000 Royal Bank of Scotland Group, PLC, 2.5500%, due 18/9/15 . . . . . . . . . . . . . . . 0.7 1,215,000 Royal Bank of Scotland PLC, 3.9500%, due 21/9/15 . . . . . . . . . . . . . . . 0.7 3.5
209,502
887,233 800,363 1,687,596
764,153 274,725 765,985 1,804,863 748,548
2,703,353
1,095,000 3,990,385 145,250 5,230,635
60,033 1,263,181 1,323,214 326,408 387,110 583,372 460,296 590,429 170,570 2,518,185
626,545
779,738
3,629,362 103,862 1,143,246 1,222,439 6,098,909
*15,500 shares with a value of $2,159,925 is held as non-cash collateral with Goldman Sachs. The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
189
Janus Global Unconstrained Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
Diversified Manufacturing Operations 202,000 Harsco Corp., 2.7000%, due 15/10/15 . . . . . . . . . . . . . . . . . . . . . . 0.1 431,000 Pentair Finance S.A., 1.3500%, due 1/12/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 420,000 SPX Corp., 6.8750%, due 1/9/17 . . . . . . . . . 0.3 0.6 Diversified Operations 326,000 Leucadia National Corp., 8.1250%, due 15/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 833,000 Noble Group, Ltd., 4.8750%, due 5/8/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.7 E-Commerce/Products 1,332,000 Amazon.com, Inc., 0.6500%, due 27/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.8 Electric – Integrated 327,000 Duquesne Light Holdings, Inc., 5.5000%, due 15/8/15 . . . . . . . . . . . . . . . 0.2 434,000 Entergy Corp., 3.6250%, due 15/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 677,000 LG&E and KU Energy LLC, 2.1250%, due 15/11/15 . . . . . . . . . . . . . . 0.1 94,000 Talen Energy Supply LLC, 5.7000%, due 15/10/15 . . . . . . . . . . . . . . . . . . . . . . 0.4 0.9 Finance – Auto Loans 2,273,000 Ally Financial, Inc., 3.1250%, due 15/1/16 . . . . . . . . . . . . . . . . . . . . . . . 1.3 2,455,000 Ally Financial, Inc., 3.2500%, due 13/2/18 . . . . . . . . . . . . . . . . . . . . . . . 1.4 952,000 Ally Financial, Inc., 3.2500%, due 29/9/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5 148,000 Ally Financial, Inc., 3.5000%, due 18/7/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 815,000 Ally Financial, Inc., 3.6000%, due 21/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,566,000 Ally Financial, Inc., 5.5000%, due 15/2/17 . . . . . . . . . . . . . . . . . . . . . . . 1.5 700,000 Ally Financial, Inc., 8.0000%, due 31/12/18 . . . . . . . . . . . . . . . . . . . . . . 0.4 1,656,000 Ford Motor Credit Co. LLC, 2.5000%, due 15/1/16 . . . . . . . . . . . . . . . 1.0 575,000 Ford Motor Credit Co. LLC, 8.0000%, due 15/12/16 . . . . . . . . . . . . . . 0.4 575,000 General Motors Financial Co., Inc., 2.7500%, due 15/5/16 . . . . . . . . . . . . . . . 0.3 7.4 Finance – Consumer Loans 39,000 Navient Corp., 3.8750%, due 10/9/15. . . . . . . . . . . . . . . . . . . . . . . . . — Finance – Investment Bankers/Brokers 376,000 Jefferies Group LLC, 3.8750%, due 9/11/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 256,000 Nomura Holdings, Inc., 4.1250%, due 19/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.3 Finance – Leasing Company 184,000 Air Lease Corp., 4.5000%, due 15/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 717,000 Aircastle, Ltd., 6.7500%, due 15/4/17 . . . . . . . . . . . . . . . . . . . . . . . 0.4 69,000 International Lease Finance Corp., 5.7500%, due 15/5/16 . . . . . . . . . . . . . . . . — 5,951,000 International Lease Finance Corp., 8.6250%, due 15/9/15 . . . . . . . . . . . . . . . 3.5 4.0
202,126 431,623 454,650 1,088,399
330,277 830,918 1,161,195
1,332,173
328,554 435,713 94,118 679,564 1,537,949
2,284,365 2,442,725 954,380 150,590 817,038 2,681,470 783,125 1,669,599 626,843 581,994 12,992,129
39,098
379,195 260,273 639,468
186,875 765,398 70,811 6,032,826 7,055,910
The accompanying notes are an integral part of the financial statements.
190
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Finance – Mortgage Loan Banker 793,000 Countrywide Financial Corp., 6.2500%, due 15/5/16 . . . . . . . . . . . . . . . 0.5 860,000 Nationwide Building Society, 5.0000%, due 1/8/15 . . . . . . . . . . . . . . . . 0.5 1.0 Food – Miscellaneous/Diversified 240,000 ConAgra Foods, Inc, 1.3000%, due 25/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Gas – Distribution 167,000 Sempra Energy, 6.5000%, due 1/6/16 . . . . . . 0.1 Life and Health Insurance 21,000 Prudential Financial, Inc., 4.7500%, due 17/9/15 . . . . . . . . . . . . . . . . . . . . . . . . — Machinery – Farm 717,000 CNH Industrial America LLC, 7.2500%, due 15/1/16 . . . . . . . . . . . . . . . 0.4 928,000 CNH Industrial Capital LLC, 3.8750%, due 1/11/15 . . . . . . . . . . . . . . . 0.5 0.9 Media 136,000 Historic TW, Inc, 8.0500%, due 15/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Medical Products 357,000 Becton Dickinson and Co., 0.7359%, due 15/6/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 48,000 Fresenius US Finance II, Inc., 9.0000%, due 15/7/15 . . . . . . . . . . . . . . . . — 0.2 Multi-Line Insurance 901,000 American International Group, Inc., 2.3750%, due 24/8/15 . . . . . . . . . . . . . . . 0.5 125,000 American International Group, Inc., 5.0500%, due 1/10/15 . . . . . . . . . . . . . . . 0.1 0.6 Oil and Gas Drilling 278,000 Transocean, Inc., 4.9500%, due 15/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.2 Oil Companies – Exploration and Production 576,000 Anadarko Petroleum Corp., 5.9500%, due 15/9/16. . . . . . . . . . . . . . . . . . . . . . . . 0.3 387,000 Chesapeake Energy Corp., 3.2500%, due 15/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 622,000 Gazprom OAO Via Gaz Capital S.A., 4.3000%, due 12/11/15 (144A) . . . . . . . . 0.8 622,000 Gazprom OAO Via Gaz Capital S.A., 4.9500%, due 23/5/16 (144A) . . . . . . . . . 0.4 1,418,000 Gazprom OAO Via Gaz Capital S.A., 5.0920%, due 29/11/15 (144A) . . . . . . . . 0.4 2.1 Oil Companies – Integrated 298,000 Marathon Oil Corp., .9000%, due 1/11/15 . . . . . . . . . . . . . . . . . . . . . . . 0.2 210,000 Petrobras Global Finance B.V., 3.2500%, due 17/3/17 . . . . . . . . . . . . . . . 0.1 1,625,000 Petrobras Global Finance B.V., 3.8750%, due 27/1/16 . . . . . . . . . . . . . . . 1.0 1,310,000 Petrobras Global Finance B.V., 2.0000%, due 20/5/16 . . . . . . . . . . . . . . . 0.7 385,000 Petrobras International Finance Co., S.A., 3.5000%, due 6/2/17 . . . . . . . . . . . . 0.2 341,000 Petrobras International Finance Co., S.A., 6.1250%, due 6/10/16 . . . . . . . . . . . 0.2 2.4
Fair Value (USD)
824,312 862,466 1,686,778
240,066 174,999
21,164
734,925 932,640 1,667,565
141,019
357,249 48,107 405,356
902,779 126,270 1,029,049
281,836
607,807 385,791 1,435,725 626,817 632,885 3,689,025
297,950 207,608 1,633,970 1,297,778 381,816 351,230 4,170,352
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Oil Refining and Marketing 495,000 Marathon Petroleum Corp., 3.5000%, due 1/3/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Pipelines 85,000 DCP Midstream Operating L.P., 2.5000%, due 1/12/17 . . . . . . . . . . . . . . . . — 1,299,000 DCP Midstream Operating L.P., 3.2500%, due 1/10/15 . . . . . . . . . . . . . . . 0.8 425,000 Enbridge Energy Management LLC, 1.2500%, due 13/8/15 . . . . . . . . . . . . . . . 0.2 1,688,000 Kinder Morgan Finance Co., LLC, 5.7000%, due 5/1/16 . . . . . . . . . . . . . . . . 1.2 224,000 Spectra Energy Partners LP, 2.9500%, due 15/6/16 . . . . . . . . . . . . . . . . . . . . . . . . — 576,000 Tennessee Gas Pipeline Co., LLC, 8.0000%, due 1/2/16 . . . . . . . . . . . . . . . . 0.3 2.5 Publishing – Newspapers 733,000 Gannett Co., Inc., 6.3750%, due 1/9/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 REIT – Health Care 257,000 HCP, Inc., 3.7500%, due 1/2/16 . . . . . . . . . . 0.1 REIT – Mortgage 86,000 iStar Financial, Inc., 3.8750%, due 1/7/16 . . . . . . . . . . . . . . . . . . . . . . . . . — REIT – Shopping Centres 1,733,000 Regency Centers L.P., 5.2500%, due 1/8/15 . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Retail – Regional Department Stores 146,000 Dillard’s, Inc., 6.6250%, due 15/1/18 . . . . . . . 0.1 Savings/Loans/Thrifts – Eastern U.S. 576,000 Santander Holdings USA, Inc., 4.6250%, due 19/4/16 . . . . . . . . . . . . . . . 0.3 Special Purpose Banks 713,000 Eksportfinans ASA, 2.0000%, due 15/9/15 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 615,000 Eksportfinans ASA, 2.3750%, due 25/5/16 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.8 Steel – Producers 733,000 ArcelorMittal, 4.5000%, due 1/3/16 . . . . . . . 0.4 195,000 ArcelorMittal, 4.5000%, due 5/8/15 . . . . . . . 0.1 14,000 United States Steel Corp., 6.0500%, due 1/6/17 . . . . . . . . . . . . . . . . . . . . . . . . . — 0.5 Super – Regional Banks 1,649,000 Key Corp., 3.7500%, due 13/8/15 . . . . . . . . 1.0 Telecommunication Equipment 111,000 Juniper Networks, Inc., 3.1000%, due 15/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Telecommunication Services 204,000 PCCW-HKT Capital No 4, Ltd., 4.2500%, due 24/2/16 . . . . . . . . . . . . . . . 0.1 109,000 Qwest Corp., 6.5000%, due 1/6/17 . . . . . . . 0.1 0.2 Telecommunications 31,000 Embarq Corp, 7.0820%, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . . — 951,000 Verizon Florida LLC, 6.8600%, due 1/2/28 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 0.6
Fair Value (USD)
503,440
82,414 1,299,255 425,211 1,725,568 227,199 597,724 4,357,371
738,039 260,383
86,533
1,738,617 160,783
590,475
713,891 616,538 1,330,429 747,660 195,182 14,630 957,472 1,653,977
112,627
207,951 117,900 325,851
Share or Principal Amount
Percentage of Net Assets (%)
Telephone – Integrated 742,000 CenturyLink, Inc., 5.1500%, due 15/6/17 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 394,000 Verizon Communications, Inc., 2.5000%, due 15/9/16 . . . . . . . . . . . . . . . 0.2 0.7 Tobacco 46,000 Reynolds American, Inc, 1.0500%, due 30/10/15 . . . . . . . . . . . . . . . . . . . . . . 0.3 425,000 RJ Reynolds Tobacco, Co., 3.5000%, due 4/8/16 . . . . . . . . . . . . . . . . . . . . . . . . . — 0.3 Transport – Equipment and Leasing 454,000 Aviation Capital Group Corp., 3.8750%, due 27/9/16 . . . . . . . . . . . . . . . 0.3 576,000 GATX Corp., 3.5000%, due 15/7/16 . . . . . . 0.3 0.6 Trucking and Leasing 237,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 2.5000%, due 15/3/16 (144A) . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD)
772,608 400,511 1,173,119
434,650 45,846 480,496
462,170 588,224 1,050,394
238,698
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.0
82,580,221
Exchange Traded Funds 62,744 BlackRock Build America Bond Trust . . . . . . 0.7 730 iShares US Preferred Stock ETF . . . . . . . . . . . — 0.7
1,246,723 28,594 1,275,317
Total Exchange Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7
1,275,317
Government Obligations Mexican Government Bond 137,650 4.5000%, due 4/12/25 . . . . . . . . . . . . . . . . . Special Purpose Banks 550,000 Chicago Board of Education, 6.0380%, due 1/12/29 . . . . . . . . . . . . . . . 100,000 City of Chicago IL, 6.2070%, due 1/1/36 . . . . . . . . . . . . . . . . . . . . . . . . 100,000 City of Chicago IL, 6.2570%, due 1/1/40 . . . . . . . . . . . . . . . . . . . . . . . . 124,000 Eksportfinans ASA, 5.5000%, due 25/5/16 . . . . . . . . . . . . . . . . . . . . . . .
3.0
5,294,340
0.3
484,022
0.1
89,157
0.1
88,311
0.1 0.6
127,720 789,210
Brazilian Government Bond 771,000 3.3750%, due 26/9/16 . . . . . . . . . . . . . . . . . 0.3
778,710
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . . 3.9
6,862,260
Tranche Loans Finance – Investment Bankers/Brokers 562,000 Citigroup Global Markets Holdings, Inc., due 7/9/16 . . . . . . . . . . . . . . . . . . . . 0.3 Special Purpose Entity 400,000 Toll Road Investors Partnership II L.P., due 15/2/43 . . . . . . . . . . . . . . . . . . . . . . . 0.1
552,934
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4
623,286
70,352
Futures 32,245 1,010,617 1,042,862
68 100 35 55
Euro-Bund Option Future 1/8/15 . . . . . . . . . . Euro-Bund Option Future 1/8/15 . . . . . . . . . . Euro-Bund Option Future 1/8/15 . . . . . . . . . . Euro-Bund Option Future 1/8/15 . . . . . . . . . .
— — — —
19,860 8,138 12,484 10,349
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
191
Janus Global Unconstrained Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
36 S&P 500 Emini Index Future 18/9/15 . . . . . . . . . . . . . . . . . . . . . . — 100 S&P 500 Emini Index Future 18/9/15 . . . . . . . . . . . . . . . . . . . . . 0.1 15 S&P 500 Emini Index Future 18/9/15 . . . . . . . . . . . . . . . . . . . . . . — 51 S&P 500 Emini Index Future 18/9/15 . . . . . . . . . . . . . . . . . . . . . 0.1
76,146 110,500 13,575 80,673
Total Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
331,725
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 73.5
129,065,079
Adjustments from last traded to bid market prices . . . . . . . . . (0.2)
(335,367)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.3
128,729,712
Currency Purchased
Currency Sold
Citibank CNH 18 USD 3 USD 5,618 EUR 5,015 CNH 13 USD 2 CHF 47 USD 50 CAD 19 USD 16 CNH 18,786 USD 3,019 USD 11 EUR 10 USD 2 CNH 11 USD 31,940 EUR 28,609 USD 20,151 EUR 18,050 USD 46 CHF 43 USD 4,791 EUR 4,292 USD 36 EUR 33 USD 125,742 EUR 112,627 USD 2,182 CHF 2,029 USD 40 GBP 25 USD 552 GBP 351 USD 14,545 EUR 13,028 USD 39 SGD 53 USD 13 AUD 16 USD 13 CAD 17 USD 14 CNH 87 JP Morgan Chase & Co. USD 5,278,902 MXN 82,784,000
Current Market Value (USD)
Settle Date
3 5,593 2 50 16 3,019 11 2 31,903 20,128 46 4,786 36 125,597 2,173 40 551 14,529 39 13 13 14
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
5,256,154
30-Jul-15
Total
Unrealised Appreciation (USD) — 25 — — — — — — 37 23 — 6 — 145 9 — 1 17 — — — — 22,746 23,009
Credit Default Swaps
Counterparty
The accompanying notes are an integral part of the financial statements.
192
Janus Capital Funds Plc / 30 June 2015
Reference Asset
Unrealised Notional Termination Appreciation Amount (USD) Date (USD)
Barclays Capital, Inc.
Republic of Indonesia CDS
3,194,000
20-Jun-17
16,475
Barclays Capital, Inc.
Prudential Financial, Inc.
527,000
20-Dec-19
7,822
Barclays Capital, Inc.
Berkshire Hathaway, Inc.
527,000
20-Dec-19
9,016
Barclays Capital, Inc.
General Electric Capital Corporation
527,000
20-Dec-19
11,426
Barclays Capital, Inc.
Metlife, Inc.
527,000
20-Dec-19
8,571
Barclays Capital, Inc.
Berkshire Hathaway, Inc.
722,000
20-Dec-19
12,353
Barclays Capital, Inc.
General Electric Capital Corporation
1,133,000
20-Dec-15
4,754
Barclays Capital, Inc.
Bank of America Corporation
1,133,000
20-Dec-15
4,278
Barclays Capital, Inc.
Goldman Sachs Group, Inc.
1,133,000
20-Dec-15
3,793
Barclays Capital, Inc.
JP Morgan Chase & Co.
1,133,000
20-Dec-15
4,207
Barclays Capital, Inc.
Morgan Stanley
1,133,000
20-Dec-15
4,024
Barclays Capital, Inc.
Berkshire Hathaway, Inc.
1,390,000
20-Mar-20
22,502
Barclays Capital, Inc.
Republic of Colombia CDS
1,936,000
20-Mar-17
866
PORTFOLIO INVESTMENTS
Counterparty
Reference Asset
Unrealised Notional Termination Appreciation Amount (USD) Date (USD)
Counterparty
Reference Asset
Unrealised Notional Termination Appreciation Amount (USD) Date (USD)
Barclays Capital, Inc.
Republic of Colombia CDS
1,936,000
20-Mar-16
4,485
Bank of America Corporation
1,343,000
20-Mar-16
7,726
BNP Paribas
Federal Republic of Brazil CDS
Citigroup Global Markets, Ltd.
6,876,000
20-Dec-15
5,229
Credit Suisse
Berkshire Hathaway, Inc.
1,717,000
20-Jun-20
26,219
BNP Paribas
United Mexican States CDS
3,438,000
20-Jun-16
15,959
Goldman Sachs Group, Inc.
United Mexican States CDS
3,142,000
20-Jun-16
14,585
BNP Paribas
Federal Republic of Brazil CDS
6,917,000
20-Jun-16
1,634
Goldman Sachs Group, Inc.
United Mexican States CDS
3,404,000
20-Jun-17
16,986
BNP Paribas
United Mexican States CDS
17,256
Goldman Sachs Group, Inc.
People's Republic of China CDS
786,000
20-Dec-19
7,244
BNP Paribas
People's Republic of China CDS
48,742
Goldman Sachs Group, Inc.
Berkshire Hathaway, Inc.
783,000
20-Dec-19
13,396
BNP Paribas
People's Republic of China CDS
874,000
20-Dec-19
8,055
Goldman Sachs Group, Inc.
Metlife, Inc.
783,000
20-Dec-19
12,734
BNP Paribas
People's Republic of China CDS
1,573,000
20-Dec-19
14,498
Goldman Sachs Group, Inc.
People's Republic of China CDS
3,423,000
20-Dec-19
31,549
BNP Paribas
People's Republic of China CDS
9,714
Goldman Sachs Group, Inc.
Berkshire Hathaway, Inc.
1,343,000
20-Mar-20
21,742
BNP Paribas
Goldman Sachs Group, Inc.
4,447
Goldman Sachs Group, Inc.
Berkshire Hathaway, Inc.
1,343,000
20-Mar-20
21,742
BNP Paribas
People's Republic of China CDS
3,622
Goldman Sachs Group, Inc.
Metlife, Inc.
1,392,000
20-Mar-20
20,651
BNP Paribas
Federal Republic of Brazil CDS
1,118
Goldman Sachs Group, Inc.
Berkshire Hathaway, Inc.
1,392,000
20-Mar-20
22,535
BNP Paribas
Federal Republic of Brazil CDS
2,768
Goldman Sachs Group, Inc.
Italian Government Bonds CDS
2,797,000
20-Mar-17
10,186
Goldman Sachs Group, Inc.
Spanish Government Bonds CDS
2,797,000
20-Mar-17
16,536
JP Morgan Chase & Co.
United Mexican States CDS
3,187,000
20-Jun-16
14,794
JP Morgan Chase & Co.
People's Republic of China CDS
786,000
20-Dec-19
7,244
JP Morgan Chase & Co.
Federal Republic of Brazil CDS
1,935,000
20-Mar-16
2,236
JP Morgan Chase & Co.
United Mexican States CDS
1,935,000
20-Mar-16
7,612
JP Morgan Chase & Co.
Federal Republic of Brazil CDS
967,000
20-Mar-16
1,118
Morgan Stanley
Berkshire Hathaway, Inc.
1,343,000
20-Mar-20
21,741
Citigroup Global Markets, Ltd.
General Electric Capital Corporation
Citigroup Global Markets, Ltd.
Berkshire Hathaway, Inc.
3,458,000 3,435,000
1,054,000 722,000 393,000 967,000 2,395,000
1,574,000
1,573,000
20-Jun-17 20-Jun-18
20-Dec-19 20-Dec-19 20-Dec-19 20-Mar-16 20-Mar-16
20-Dec-19
20-Dec-19
34,125
26,912
Citigroup Global Markets, Ltd.
General Electric Capital Corporation
Citigroup Global Markets, Ltd.
People's Republic of China CDS
Citigroup Global Markets, Ltd.
Markit MCDX CDS
722,000
20-Dec-19
1,810
Citigroup Global Markets, Ltd.
Berkshire Hathaway, Inc.
614,000
20-Dec-19
10,505
Citigroup Global Markets, Ltd.
Berkshire Hathaway, Inc.
635,000
20-Mar-20
10,280
Citigroup Global Markets, Ltd.
United Mexican States CDS
956,000
20-Mar-16
3,761
Citigroup Global Markets, Ltd.
United Mexican States CDS
1,911,000
20-Mar-16
7,518
Citigroup Global Markets, Ltd.
JP Morgan Chase & Co.
1,343,000
20-Mar-16
7,598
1,338,000
1,269,000
20-Dec-19
20-Dec-19
29,009
11,696
Total
689,404
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
193
Janus Global Unconstrained Bond Fund PORTFOLIO INVESTMENTS Interest Rate Swaps Outstanding at 30 June 2015
Counterparty Goldman Sachs Group, Inc. Goldman Sachs Group, Inc. Goldman Sachs Group, Inc.
Morgan Stanley
Morgan Stanley
Morgan Stanley
Notional Amount
Return Paid by the Fund
Unrealised Return Received Termination Appreciation Date (USD) by the Fund
3,159,000
Fixed 0.719%
6-month EUR EURIBOR
73,552,000
Mexico Interbank TIIE 28 day
Fixed 7.775%
2-Jun-25
19,720
57,111,000
Mexico Interbank TIIE 28 day
Fixed 7.900%
28-May-25
31,678
56,690,000
Mexico Interbank TIIE 28 day
Fixed 7.875%
29-May-25
28,184
73,716,000
Mexico Interbank TIIE 28 day
Fixed 7.825%
30-May-25
28,288
73,430,000
Mexico Interbank TIIE 28 day
Fixed 7.775%
21-Apr-25
180,917
30-May-25
19,933
Total
308,720
Total Financial Assets at fair value through profit or loss
129,750,845
Financial Liabilities at fair value through profit or loss
Contract Amount
Percentage of Net Assets (%)
Fair Value (USD)
Schedule of Written Options – Calls (1,445,000) Euribor 6M, expires July 2015, exercise price EUR 0.70 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (841,000) British Libor 6M, expires July 2015, exercise price GBP 1.80 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (186,460,000) CDX USD 5 Year, expires September 2015, exercise price USD 60 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (3,144,000) U.S. 3M Libor, expires July 2015, exercise price USD 2.40 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (24,907,568) EUR/USD Currency Option, expires August 2015, exercise price EUR 1.17 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (3,441,895) USD/MXN Currency Option, expires July 2015, exercise price USD 15.50 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (7,333,766) USD/JPY Currency Option, expires August 2015, exercise price USD 127 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (20,984,794) USD/JPY Currency Option, expires July 2015, exercise price USD 117 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (34) US Bond Based Future, expires August 2015, exercise price USD 158 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . —
The accompanying notes are an integral part of the financial statements.
194
Janus Capital Funds Plc / 30 June 2015
— (1)
(91,808) (81)
(75,993)
(65,792)
(12,423)
(16,620)
(62,688)
Contract Amount
Percentage of Net Assets (%)
(35) US Bond Based Future, expires August 2015, exercise price USD 158 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (37) US Bond Based Future, expires August 2015, exercise price USD 155 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (37) US Bond Based Future, expires August 2015, exercise price USD 156 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (73) US Bond Based Future, expires August 2015, exercise price USD 155 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (48) US Bond Based Future, expires August 2015, exercise price USD 155 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (48) US Bond Based Future, expires August 2015, exercise price USD 156 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (35) S&P 500 Emini Index, expires July 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (69) S&P 500 Emini Index, expires August 2015, exercise price USD 2,180 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (35) S&P 500 Emini Index, expires August 2015, exercise price USD 2,180 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (48) S&P 500 Emini Index, expires August 2015, exercise price USD 2,180 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (95) S&P 500 Emini Index, expires August 2015, exercise price USD 2,180 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (102) S&P 500 Emini Index, expires August 2015, exercise price USD 2,180 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (69) S&P 500 Emini Index, expires August 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (35) S&P 500 Emini Index, expires August 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (37) S&P 500 Emini Index, expires August 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (95) S&P 500 Emini Index, expires August 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (100) S&P 500 Emini Index, expires August 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Fair Value (USD)
(64,532)
(58,969)
(49,141)
(116,344)
(76,500)
(127,500)
(350)
(8,453)
(8,576)
(5,880)
(11,638)
(24,990)
(6,038)
(9,189)
(3,238)
(8,313)
(8,750)
PORTFOLIO INVESTMENTS
Contract Amount
Percentage of Net Assets (%)
Fair Value (USD)
(51) S&P 500 Emini Index, expires August 2015, exercise price USD 2,190 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (69) S&P 500 Emini Index, expires August 2015, exercise price USD 2,200 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(17,252)
Total Schedule of Written Options – Calls . . . . . . . . . . . . . . . . . . (0.5)
(935,522)
Schedule of Written Options – Puts (60,408,000) CDX USD 5 Year, expires September 2015, exercise price USD 100 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (123,160,000) CDX USD 5 Year, expires September 2015, exercise price USD 110 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (25,588,000) CDX USD 5 Year, expires September 2015, exercise price USD 90 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (11,915,845) EUR/USD Currency Option, expires August 2015, exercise price EUR 1.08 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (20,742,839) USD/MXN Currency Option, expires July 2015, exercise price USD 14.80 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (7,293,965) USD/JPY Currency Option, expires July 2015, exercise price USD 120 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (100) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (200) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (102) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (300) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . .(0.1) (102) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (205) US 10 Year Treasury Note Future, expires August 2015, exercise price USD 124 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (199) US 5 Year Treasury Note Future, expires August 2015, exercise price USD 117 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . — (100) US 5 Year Treasury Note Future, expires August 2015, exercise price USD 117 (covered) . . . . . . . . . . . . . . . . . . . . . . . . . . . —
(4,463)
(61,529)
(108,287)
(40,173)
(104,359)
(1,141)
(25,135)
(121,875)
(81,250)
(41,438)
(121,875)
Contract Amount (102) US 5 Year Treasury Note Future, expires August 2015, exercise price USD 118 (covered) . . . . . . . . . . . . . . . . . . . . . (103) US Bond Based Future, expires August 2015, exercise price USD 146 (covered) . . . . . . . . . . . . . . . . . . . . . (35) S&P 500 Emini Index, expires July 2015, exercise price USD 1,970 (covered) . . . . . . . . . . . . . . . . . . . . . (37) S&P 500 Emini Index, expires July 2015, exercise price USD 1,970 (covered) . . . . . . . . . . . . . . . . . . . . . (95) S&P 500 Emini Index, expires July 2015, exercise price USD 1,970 (covered) . . . . . . . . . . . . . . . . . . . . . (50) S&P 500 Emini Index, expires July 2015, exercise price USD 1,970 (covered) . . . . . . . . . . . . . . . . . . . . . (35) S&P 500 Emini Index, expires July 2015, exercise price USD 1,960 (covered) . . . . . . . . . . . . (100) S&P 500 Emini Index, expires July 2015, exercise price USD 1,980 (covered) . . . . . . . . . . . . (51) S&P 500 Emini Index, expires July 2015, exercise price USD 1,980 (covered) . . . . . . . . . . . . . . . . . . . . . (102) S&P 500 Emini Index, expires July 2015, exercise price USD 2,020 (covered) . . . . . . . . . . . . . . . . . . . . . (51) S&P 500 Emini Index, expires July 2015, exercise price USD 2,020 (covered) . . . . . . . . . . . . . . . . . . . . . (102) S&P 500 Emini Index, expires July 2015, exercise price USD 2,020 (covered) . . . . . . . . . . . . . . . . . . . . . (100) S&P 500 Emini Index, expires August 2015, exercise price USD 1,970 (covered) . . . . . . . . . . . . . . . . . . . . .
Percentage of Net Assets (%)
Fair Value (USD)
....... —
(44,626)
. . . . . .(0.1)
(133,574)
. . . . . .(0.1)
(89,690)
....... —
(56,889)
. . . . . .(0.1)
(97,376)
....... —
(25,625)
....... —
(61,252)
. . . . . .(0.1)
(115,000)
....... —
(29,325)
. . . . . .(0.2)
(298,353)
....... —
(49,725)
. . . . . .(0.1)
(99,450)
. . . . . .(0.1)
(126,236)
Total Schedule of Written Options – Puts . . . . . . . . . . . . . . . . . . (1.2)
(2,082,262)
(41,438)
(83,281)
(15,547)
(7,813)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
195
Janus Global Unconstrained Bond Fund PORTFOLIO INVESTMENTS Interest Rate Swaps Outstanding at 30 June 2015
Credit Default Swaps
Counterparty
Reference Asset
Unrealised Notional Termination (Depreciation) Amount (USD) Date (USD)
Barclays Capital, Inc.
Russian Federation CDS
3,415,000
20-Dec-15
(23,780)
Barclays Capital, Inc.
Israel Electric Corp.
2,245,000
20-Sep-15
(172)
Barclays Capital, Inc.
Russian Federation CDS
1,054,000
20-Dec-15
(7,339)
Barclays Capital, Inc.
Federal Republic of Brazil CDS
Barclays Capital, Inc.
Federal Republic of Brazil CDS
466,000
20-Dec-19
(26,960)
BNP Paribas
Republic of Indonesia CDS
1,573,000
20-Dec-19
(32,077)
BNP Paribas
Russian Federation CDS
1,355,000
20-Dec-15
(9,435)
BNP Paribas
Republic of Indonesia CDS
1,054,000
20-Dec-19
(21,493)
BNP Paribas
United Mexican States CDS
1,054,000
20-Dec-19
(7,854)
BNP Paribas
United Mexican States CDS
614,000
20-Dec-19
(4,576)
BNP Paribas
United Mexican States CDS
1,515,000
20-Mar-20
(15,249)
Citigroup Global Markets, Ltd.
Markit MCDX CDS
Citigroup Global Markets, Ltd.
United Mexican States CDS
642,000
1,557,000.00
400,000.00
20-Dec-19
20-Jun-20
20-Dec-19
(37,142)
(460)
Republic of Indonesia CDS
Citigroup Global Markets, Ltd.
Federal Republic of Brazil CDS
Citigroup Global Markets Ltd.
53,206,000
Mexico Interbank TIIE 28 day
Fixed 7.37%
15-May-25
(33,151)
53,468,000
Mexico Interbank TIIE 28 day
Fixed 7.36%
19-May-25
(34,724)
Fixed 1.922%
6-month EUR EURIBOR
15-Jun-25
(20,466)
4,240,000
Fixed 1.89%
6-month EUR EURIBOR
16-Jun-25
(13,195)
52,907,000
Mexico Interbank TIIE 28 day
Fixed 7.405%
14-May-25
(28,736)
53,468,000
Mexico Interbank TIIE 28 day
Fixed 7.35%
20-May-25
(35,985)
Fixed 2.015%
6-month EUR EURIBOR
12-Jun-25
(31,687)
4,244,000
Fixed 1.8875%
6-month EUR EURIBOR
15-Jun-25
(12,733)
52,907,000
Mexico Interbank TIIE 28 day
Fixed 7.4%
14-May-25
(29,332)
54,351,000
Mexico Interbank TIIE 28 day
Fixed 7.402%
20-May-25
(30,220)
54,028,000
Mexico Interbank TIIE 28 day
Fixed 7.55%
21-May-25
(12,111)
Fixed 2.0125%
6-month EUR EURIBOR
11-Jun-25
Citigroup Global Markets Ltd. Citigroup Global Markets Ltd. Citigroup Global Markets Ltd. Goldman Sachs Group, Inc. Goldman Sachs Group, Inc. Goldman Sachs Group, Inc. Goldman Sachs Group, Inc.
Morgan Stanley
3,277,000.00
20-Dec-19
20-Dec-19
(35,522)
Morgan Stanley Republic of Colombia CDS
932,000.00
20-Dec-19
(21,194)
Citigroup Global Markets, Ltd.
Republic of Colombia CDS
987,000.00
20-Dec-19
(22,444)
Citigroup Global Markets, Ltd.
Russian Federation CDS
3,423,000.00
20-Dec-15
(23,835)
Goldman Sachs Group, Inc.
Republic of Colombia CDS
716,000.00
20-Dec-19
(16,282)
Goldman Sachs Group, Inc.
Petrobras International Finance Co.
468,000.00
20-Mar-16
(3,868)
Goldman Sachs Group, Inc.
United Mexican States CDS
3,423,000.00
20-Dec-19
(25,508)
Goldman Sachs Group, Inc.
United Mexican States CDS
1,504,000.00
20-Mar-20
(15,138)
JP Morgan Chase & Co.
United Mexican States CDS
1,269,000.00
20-Dec-19
(9,457)
Total
Total
(429,591)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
3,227,000
(66,825)
Morgan Stanley 614,000.00
4,244,000
(2,981)
Citigroup Global Markets, Ltd.
196
Return Paid by the Fund
Morgan Stanley
Citigroup Global Markets, Ltd.
Unrealised Return Received Termination Depreciation Date (USD) by the Fund
Notional Counterparty Amount
3,959,000
(38,468) (320,808)
PORTFOLIO INVESTMENTS Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank EUR 4,853 AUD 3,831 EUR 935,786 EUR 6,199,300 EUR 4,033,116 EUR 2,604,941 EUR 25,531,599 SGD 12,640 CHF 460,333 CHF 9,272 GBP 6,194 CAD 3,701 GBP 79,213 EUR 7,819 EUR 41,948 EUR 349,988 EUR 13,987 EUR 1,150,000 EUR 4,980 EUR 3,964 GBP 5,000 EUR 4,309 EUR 24,980 EUR 6,557,050
Currency Sold USD 5,443 USD 2,962 USD 1,049,579 USD 6,953,147 USD 4,523,550 USD 2,921,707 USD 28,636,293 USD 9,407 USD 494,930 USD 9,969 USD 9,767 USD 3,010 USD 124,913 USD 8,770 USD 46,842 USD 390,822 USD 15,642 USD 1,288,207 USD 5,580 USD 4,430 USD 7,869 USD 4,846 USD 28,091 USD 7,375,042
Current Market Value (USD) 5,474 2,975 1,055,602 6,993,046 4,549,508 2,938,472 28,800,614 9,431 496,730 10,005 9,806 3,058 125,411 8,820 46,906 391,350 15,685 1,293,973 5,607 4,440 7,885 4,888 28,326 7,437,885
Settle Date 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
Unrealised (Depreciation) (USD) (31) (13) (6,023) (39,899) (25,957) (16,765) (164,321) (24) (1,800) (36) (39) (48) (498) (50) (63) (528) (44) (5,766) (27) (10) (16) (41) (234) (62,843)
Total
(325,076)
Total Financial Liabilities at fair value through profit or loss
(4,093,259)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
197
Janus US Short-Term Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Financial Assets at fair value through profit or loss Asset-Backed/Commercial Mortgage-Backed Securities 3,009,000 AmeriCredit Automobile Receivables Trust 2012-2, 3.3800%, due 9/4/18 . . . . . . . . . . . . . . . . 1,141,000 Americredit Automobile Receivables Trust 2014-4, 1.8700%, due 9/12/19 . . . . . . . . . . . . . . . . . . . . . . . 2,807,000 AmeriCredit Automobile Receivables Trust, 1.9300%, due 8/8/18 . . . . . . . . . . . 1,324,000 Capital Auto Receivables Asset Trust 2015-1, 2.1000%, due 21/1/20 . . . . . . . . . 320,828 Citigroup Commercial Mortgage Trust 2014-GC25, 1.4850%, due 10/10/47 . . . . . . . . . . . . . . . . . . . . . . 546,791 Citigroup Commercial Mortgage Trust 2015-GC27, 1.3530%, due 10/2/48 . . . . . . . . . . . . . . . . . . . . . . . 415,011 COMM 2014-CCRE19 Mortgage Trust, 1.4150%, due 10/8/47 . . . . . . . . . . 315,686 COMM 2014-CCRE20 Mortgage Trust, 1.3240%, due 10/11/47 . . . . . . . . . 398,504 COMM 2014-UBS4 Mortgage Trust, 1.3090%, due 10/8/47 . . . . . . . . . . . . . . . 539,493 COMM 2015-DC1 Mortgage Trust, 1.4880%, due 10/2/48 . . . . . . . . . . . . . . . 428,646 COMM 2015-LC19 Mortgage Trust, 1.3990%, due 10/2/48 . . . . . . . . . . . . . . . 324,510 Commercial Mortgage Pass Through Certificates, 1.4450%, due 10/12/47. . . . . . . 377,443 Csail 2015-C2 Commercial Mortgage Trust, 1.4544%, due 15/6/57 . . . . . . . . . . 308,993 GS Mortgage Securities Trust 2014GC24, 1.5090%, due 10/9/47 . . . . . . . . . . 541,826 GS Mortgage Securities Trust 2014GC26, 1.4340%, due 10/11/47 . . . . . . . . . 326,368 GS Mortgage Securities Trust 2015GC28, 1.5280%, due 10/2/48 . . . . . . . . . . 365,497 JPMBB Commercial Mortgage Securities Trust 2014-C26, 1.5962%, due 15/1/48 . . . . . . . . . . . . . . . 338,596 JPMBB Commercial Mortgage Securities Trust 2015-C27, 1.4137%, due 15/2/48 . . . . . . . . . . . . . . . 432,477 JPMBB Commercial Mortgage Securities Trust 2015-C28, 1.4451%, due 15/10/48 . . . . . . . . . . . . . . 2,582,000 Santander Drive Auto Receivables Trust 2015-1, 1.9700%, due 15/11/19 . . . . . . . . . . . . . . . . . . . . . . 2,257,000 Santander Drive Auto Receivables Trust 2015-2, 1.8300%, due 15/1/20 . . . . . . . . . . . . . . . . . . . . . . . 2,176,000 Santander Drive Auto Receivables Trust, 1.9400%, due 15/3/18 . . . . . . . . . . 266,519 SMART Trust, 0.9700%, due 14/3/17 . . 321,980 Wells Fargo Commercial Mortgage Trust 2014-LC18, 1.4370%, due 15/12/47 . . . . . . . . . . . . . . . . . 338,842 Wells Fargo Commercial Mortgage Trust 2015-C27, 1.7300%, due 15/2/48. . . . . . . . 322,424 Wells Fargo Commercial Mortgage Trust 2015-LC20, 1.4710%, due 15/4/50 . . . . . . . . . . . . . . . . . . . . . . . 303,960 WFRBS Commercial Mortgage Trust 2014-C21, 1.4130%, due 15/8/47 . . . . . . . Total Asset-Backed/Commercial Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
0.6
3,066,707
0.3
1,145,790
0.7
2,823,996
0.3
1,323,102
0.1
320,449
0.1
544,940
0.1
414,424
0.1
314,481
0.1
397,837
0.1
539,910
0.1
428,253
0.1
324,208
0.1
377,325
0.1
308,936
0.1
539,976
0.1
326,074
0.1
365,636
0.1
337,466
0.1
430,865
0.5
2,591,987
0.5
2,253,621
0.5 0.1
2,185,896 266,625
0.1
321,559
0.1
339,740
0.1
321,627
0.1
303,771
5.4
22,915,201
The accompanying notes are an integral part of the financial statements.
198
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Corporate Bonds Aerospace and Defence – Equipment 1,642,000 Exelis, Inc., 4.2500%, due 1/10/16 . . . . . . . 0.4 1,626,000 Harris Corp., 1.9990%, due 27/4/18 . . . . . . . 0.4 0.8 Apparel Manufacturers 1,338,000 Hanesbrands, Inc., 6.3750%, due 15/12/20 . . . . . . . . . . . . . . . . . . . . . . 0.3 Automotive – Cars and Light Trucks 3,848,000 General Motors Co., 3.5000%, due 2/10/18 . . . . . . . . . . . . . . . . . . . . . . . 0.9 Brewery 4,303,000 SABMiller Holdings, Inc., 0.9682%, due 1/8/18 (144A) . . . . . . . . . . . . . . . . . . 1.0 Building Products – Cement and Aggregate 2,435,000 Martin Marietta Materials, Inc., 1.3731%, due 30/6/17 . . . . . . . . . . . . . . . 0.6 2,049,000 Vulcan Materials Co., 7.0000%, due 15/6/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5 1.1 Casino Hotels 6,330,000 MGM Resorts International, 6.6250%, due 15/7/15 . . . . . . . . . . . . . . . 1.5 Chemicals – Specialty 1,967,000 Albemarle Corp., 3.0000%, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,043,000 Ashland, Inc., 3.8750%, due 15/4/18 . . . . . . . 0.5 1,972,000 Ecolab, Inc., 1.0000%, due 9/8/15 . . . . . . . . 0.5 5,818,000 Rockwood Specialties Group, Inc., 4.6250%, due 15/10/20 . . . . . . . . . . . . . . 1.4 2.9 Commercial Banks – Eastern U.S. 4,445,000 CIT Group, Inc., 5.0000%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 4,242,000 PNC Bank NA 1.6000%, due 1/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 1.0 2.1 Commercial Banks – Non U.S. 5,188,000 BBVA U.S. Senior SAU, 4.6640%, due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 1.2 2,066,000 ICICI Bank, Ltd., 4.7000%, due 21/2/18 (144A) . . . . . . . . . . . . . . . . . 0.5 2,315,000 Intesa Sanpaolo SpA, 3.1250%, due 15/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.6 938,000 Intesa Sanpaolo SpA, 3.6250%, due 12/8/15 (144A) . . . . . . . . . . . . . . . . . 0.2 2.5 Computers – Memory Devices 3,444,000 Seagate HDD Cayman, 3.7500%, due 15/11/18 . . . . . . . . . . . . . . . . . . . . . . 0.8 Data Processing and Management 2,175,000 Dun & Bradstreet Corp., 4.0000%, due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.5 3,092,000 Fiserv, Inc., 3.1250%, due 1/10/15 . . . . . . . . 0.7 1.2 Diversified Banking Institutions 2,898,000 Bank of America Corp., 1.2500%, due 11/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.7 1,411,000 Bank of America Corp., 1.5000%, due 9/10/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3 3,483,000 Bank of America Corp., 3.6250%, due 17/3/16 . . . . . . . . . . . . . . . . . . . . . . . 0.8 1,104,000 Bank of America Corp., 3.7500%, due 12/7/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 525,000 Bank of America Corp., 6.0500%, due 16/5/16 . . . . . . . . . . . . . . . . . . . . . . . 0.1
Fair Value (USD)
1,695,079 1,622,364 3,317,443
1,403,228
3,982,718
4,317,901
2,425,991 2,325,615 4,751,606
6,336,963
1,972,805 2,106,844 1,972,371 6,065,265 12,117,285
4,594,797 4,237,079 8,831,876
5,238,043 2,176,597 2,332,951 940,348 10,687,939
3,593,318
2,187,743 3,108,632 5,296,375
2,905,468 1,414,330 3,548,049 1,132,036 545,273
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
5,033,000 Citigroup, Inc., 1.8500%, due 24/11/17 . . . . . . . . . . . . . . . . . . . . . . 5,364,000 Goldman Sachs Group, Inc., 3.6250%, due 7/2/16 . . . . . . . . . . . . . . . . 1,896,000 Goldman Sachs Group, Inc., 5.6250%, due 15/1/17 . . . . . . . . . . . . . . . 8,660,000 JP Morgan Chase & Co., 5.1500%, due 1/10/15 . . . . . . . . . . . . . . . . . . . . . . . 4,661,000 Morgan Stanley, 1.0173%, due 23/7/19 . . . . . . . . . . . . . . . . . . . . . . . 2,028,000 Morgan Stanley, 1.8750%, due 5/1/18 . . . . . . . . . . . . . . . . . . . . . . . . 2,802,000 Morgan Stanley, 3.4500%, due 2/11/15 . . . . . . . . . . . . . . . . . . . . . . . 1,121,000 Morgan Stanley, 3.8000%, due 29/4/16 . . . . . . . . . . . . . . . . . . . . . . . 2,863,000 Royal Bank of Scotland Group PLC, 4.7000%, due 3/7/18 . . . . . . . . . . . . . . . . 5,205,000 Royal Bank of Scotland Group PLC, 2.5500%, due 18/9/15 . . . . . . . . . . . . . . . 374,000 UBS A.G., 5.8750%, due 15/7/16 . . . . . . . . . 2,718,000 UBS AG/Stamford CT, 1.8000%, due 26/3/18 . . . . . . . . . . . . . . . . . . . . . . .
Fair Value (USD)
1.2
5,048,215
1.3
5,451,369
0.5
2,008,446
2.1
8,740,694
1.1
4,634,129
0.5
2,034,123
0.7
2,827,543
0.3
1,145,818
0.7
2,960,520
1.2 0.1
5,219,819 390,575
0.6 12.5
2,715,032 52,721,439
Diversified Financial Services 2,994,000 General Electric Capital Corp., 4.3750%, due 21/9/15 . . . . . . . . . . . . . . . 0.7 1,668,000 General Electric Capital Corp., 5.0000%, due 8/1/16 . . . . . . . . . . . . . . . . 0.4 1.1 Diversified Manufacturing Operations 1,462,000 Eaton Corp PLC, 0.9500%, due 2/11/15 . . . . . . . . . . . . . . . . . . . . . . . 0.3 Electric – Integrated 5,925,000 PPL WEM Holdings PLC, 3.9000%, due 1/5/16 (144A) . . . . . . . . . . . . . . . . . . 1.4 Electric Products – Miscellaneous 1,792,000 Molex Electronic Technologies LLC, 2.8780%, due 15/4/20 . . . . . . . . . . . . . . . 0.4 Electronic Measuring Instruments 3,162,000 FLIR Systems, Inc., 3.7500%, due 1/9/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Entertainment 1,372,000 GLP Capital L.P. / GLP Financing II, Inc., 4.3750%, due 1/11/18 . . . . . . . . . . . 0.3 Finance – Auto Loans 1,122,000 Ally Financial, Inc., 3.1250%, due 15/1/16 . . . . . . . . . . . . . . . . . . . . . . . 0.3 2,177,000 Ally Financial, Inc., 3.6000%, due 21/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.5 2,603,000 General Motors Financial Co., Inc., 2.7500%, due 15/5/16 . . . . . . . . . . . . . . . 0.6 1.4 Finance – Consumer Loans 561,000 Navient Corp., 3.8750%, due 10/9/15 . . . . . . . . . . . . . . . . . . . . . . . 0.1 799,000 Synchrony Financial, 1.8750%, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.3 Finance – Investment Bankers/Brokers 4,066,000 Raymond James Financial, Inc., 4.2500%, due 15/4/16 . . . . . . . . . . . . . . . 1.0 Finance – Leasing Company 2,300,000 AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust, 2.7500%, due 15/5/17 . . . . . . . . . . . . . . . . . . . . . . . 0.5
3,019,365 1,706,589 4,725,954
1,463,066
6,044,762
1,766,448
3,242,293
1,414,875
1,127,610 2,182,443 2,634,660 5,944,713
562,403 799,080 1,361,483
4,168,418
2,291,375
Share or Principal Amount
Percentage of Net Assets (%)
1,154,000 International Lease Finance Corp., 2.2359%, due 15/6/16 . . . . . . . . . . . . . . . 0.3 374,000 International Lease Finance Corp., 8.6250%, due 15/9/15 . . . . . . . . . . . . . . . 0.1 0.9 Finance – Mortgage Loan Banker 5,932,000 NNRAM Covered Bond L.L.P., 5.6250%, due 22/6/17 (144A) . . . . . . . . . 1.5 Food – Miscellaneous/Diversified 2,533,000 HJ Heinz Co, 1.6000%, due 30/6/17 (144A) . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Linen Supply and Related Items 830,000 Cintas Corp. No 2, 2.8500%, due 1/6/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Machinery – Farm 503,000 CNH Capital LLC, 3.6250%, due 15/4/18 . . . . . . . . . . . . . . . . . . . . . . . 0.1 1,484,000 CNH Industrial Capital LLC, 3.8750%, due 1/11/15 . . . . . . . . . . . . . . . 0.4 0.5 Medical – Drugs 3,327,000 Valeant Pharmaceuticals International, Inc., 5.3750%, due 15/3/20 . . . . . . . . . . . . 0.8 Medical – Generic Drugs 3,292,000 Actavis Funding SCS, 1.8500%, due 1/3/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 3,841,000 Actavis Funding SCS, 2.3500%, due 12/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.9 1,179,000 Actavis, Inc., 1.8750%, due 1/10/17. . . . . . . . 0.3 1,971,000 Mylan, Inc., 1.3500%, due 29/11/16 . . . . . . . 0.5 4,965,000 Perrigo Co., PLC, 1.3000%, due 8/11/16 . . . . . . . . . . . . . . . . . . . . . . . 1.2 3.7 Medical – Hospitals 2,675,000 HCA, Inc., 7.1900%, due 15/11/15 . . . . . . . 0.6 Medical Products 1,025,000 Fresenius US Finance II, Inc., 9.0000%, due 15/7/15 . . . . . . . . . . . . . . . 0.2 2,234,000 Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 4.8750%, due 15/4/20 . . . . . . . . . . . . . . . 0.6 1,634,000 Zimmer Holdings, Inc., 1.4500%, due 1/4/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1,699,000 Zimmer Holdings, Inc., 2.0000%, due 1/4/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.4 1.6 Multi-Line Insurance 3,093,000 American International Group, Inc., 2.3750%, due 24/8/15 . . . . . . . . . . . . . . . 0.7 Multimedia 1,927,000 NBCUniversal Enterprise, Inc., 0.8123%, due 15/4/16 (144A) . . . . . . . . . 0.5 2,337,000 Time Warner, Inc., 3.1500%, due 15/7/15 . . . . . . . . . . . . . . . . . . . . . . . 0.6 . . . . . 1.1 Oil and Gas Drilling 739,000 Nabors Industries, Inc., 2.3500%, due 15/9/16 . . . . . . . . . . . . . . . . . . . . . . . 0.2 2,935,000 Nabors Industries, Inc., 6.1500%, due 15/2/18 . . . . . . . . . . . . . . . . . . . . . . . 0.7 2,685,000 Rowan Cos., Inc., 5.0000%, due 1/9/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.7 1.6 Oil Companies – Exploration and Production 4,271,000 Chesapeake Energy Corp., 3.2500%, due 15/3/16 . . . . . . . . . . . . . . . . . . . . . . . 1.0
Fair Value (USD) 1,155,443 379,143 3,825,961
6,472,257 2,534,492
840,724
505,515 1,491,420 1,996,935
3,443,445
3,309,415 3,863,777 1,181,055 1,965,694 4,945,617 15,265,558 2,731,844
1,027,281 2,281,584 1,635,252 1,700,735 6,644,852
3,099,106 1,932,904 2,339,447 4,272,351
741,376 3,171,250 2,771,981 6,684,607
4,257,653
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
199
Janus US Short-Term Bond Fund PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
4,326,000 Chesapeake Energy Corp., 3.5253%, due 15/4/19 . . . . . . . . . . . . . . . . . . . . . . . 0.9 248,000 Chesapeake Energy Corp., 6.5000%, due 15/8/17 . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.0 Oil Frield Services 2,171,000 Korea National Oil Corp., 2.7500%, due 23/1/19 (144A) . . . . . . . . . . . . . . . . . 0.5 Oil Refining and Marketing 2,202,000 Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P., 1.7000%, due 1/5/18 . . . . . . . . . . . . . . . . 0.5 1,289,000 Chevron Phillips Chemical Co., LLC / Chevron Phillips Chemical Co., L.P., 2.4500%, due 1/5/20 . . . . . . . . . . . . . . . . 0.3 0.8 Pipelines 1,210,000 DCP Midstream Operating L.P., 2.5000%, due 1/12/17 . . . . . . . . . . . . . . . 0.3 4,163,000 DCP Midstream Operating L.P., 3.2500%, due 1/10/15 . . . . . . . . . . . . . . . 1.0 1,445,000 Enbridge Energy Management LLC, 1.2500%, due 13/8/15 . . . . . . . . . . . . . . . 0.3 1,071,000 Enbridge, Inc., 0.7338%, due 2/6/17 . . . . . . . . . . . . . . . . . . . . . . . . 0.2 962,000 EnLink Midstream Partners L.P., 2.7000%, due 1/4/19 . . . . . . . . . . . . . . . . 0.2 1,723,000 Kinder Morgan Energy Partners L.P., 2.6500%, due 1/2/19 . . . . . . . . . . . . . . . . 0.4 1,352,000 Kinder Morgan Finance Co., LLC, 5.7000%, due 5/1/16 . . . . . . . . . . . . . . . . 0.3 4,308,000 Kinder Morgan, Inc., 3.0500%, due 1/12/19 . . . . . . . . . . . . . . . . . . . . . . . 1.0 3,015,000 Plains All American Pipeline L.P., 3.9500%, due 15/9/15 . . . . . . . . . . . . . . . 0.7 1,532,000 Spectra Energy Partners L.P., 2.9500%, due 25/9/18 . . . . . . . . . . . . . . . 0.4 4.8 Property and Casualty Insurance 2,156,000 ACE INA Holdings, Inc., 2.6000%, due 23/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.5 Publishing – Newspapers 3,443,000 Gannett Co., Inc., 6.3750%, due 1/9/15 . . . . . . . . . . . . . . . . . . . . . . . . 0.8 REIT – Office Property 3,172,000 Reckson Operating Partnership L.P., 6.0000%, due 31/3/16 . . . . . . . . . . . . . . . 0.8 Retail – Restaurants 1,236,000 Brinker International, Inc., 2.6000%, due 15/5/18 . . . . . . . . . . . . . . . . . . . . . . . 0.3 Semiconductor Components/Integrated Circuits 1,949,000 TSMC Global, Ltd., 0.9500%, due 3/4/16 (144A) . . . . . . . . . . . . . . . . . . 0.5 2,280,000 TSMC Global, Ltd., 1.6250%, due 3/4/18 (144A) . . . . . . . . . . . . . . . . . . 0.5 1.0 Steel – Producers 2,538,000 ArcelorMittal, 4.5000%, due 1/3/16 . . . . . . . . . . . . . . . . . . . . . . . . 0.6 3,074,000 ArcelorMittal, 5.2500%, due 25/2/17 . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.4 Super – Regional Banks 3,160,000 Bank of America NA 1.6500%, due 26/3/18 . . . . . . . . . . . . . . . . . . . . . . . 0.7
3,969,105 255,130 8,481,888
2,204,034
2,200,725 1,281,631 3,482,356
1,173,187 4,163,816 1,445,718 1,058,680 950,607 1,710,096 1,382,090 4,307,634 3,032,216 1,567,982 20,792,026
2,171,260 3,466,671
3,276,819
1,239,263
1,944,445 2,255,417 4,199,862
2,588,760 3,200,803 5,789,563
3,156,546
The accompanying notes are an integral part of the financial statements.
200
Janus Capital Funds Plc / 30 June 2015
Share or Principal Amount
Percentage of Net Assets (%)
Fair Value (USD)
2,073,000 Bank of America NA 1.7500%, due 5/6/18 . . . . . . . . . . . . . . . . . . . . . . . . 0.5 532,000 PNC Funding Corp., 5.2500%, due 15/11/15 . . . . . . . . . . . . . . . . . . . . . . 0.1 1.3 Telecommunication Equipment 500,000 CommScope Holding Co., Inc., 6.6250%, due 1/6/20 (144A) . . . . . . . . . . 0.1 1,548,000 CommScope, Inc., 4.3750%, due 15/6/20 . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.5 Telephone – Integrated 1,636,000 Verizon Communications, Inc., 2.5000%, due 15/9/16 . . . . . . . . . . . . . . . 0.4 Textile – Products 3,096,000 INVISTA Finance LLC, 4.2500%, due 15/10/19 . . . . . . . . . . . . . . . . . . . . . . . 0.8 Transportation – Services 3,353,000 Asciano Finance, Ltd., 3.1250%, due 23/9/15 (144A) . . . . . . . . . . . . . . . . . 0.9 Transportation – Truck 485,000 J.B. Hunt Transport Services, Inc., 3.3750%, due 15/9/15 . . . . . . . . . . . . . . . 0.1 Trucking and Leasing 2,597,000 Penske Truck Leasing Co., L.P. / PTL Finance Corp., 2.5000%, due 15/3/16 (144A) . . . . . . . . . . . . . . . . . . . . . 0.6
1,663,035
Total Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.9
279,458,618
Government Obligations U.S. Treasury Notes/Bonds 2,468,000 0.3750%, due 31/10/16 . . . . . . . . . . . . . . . . 7,003,000 0.5000%, due 30/9/16 . . . . . . . . . . . . . . . . . 3,997,000 0.5000%, due 30/11/16 . . . . . . . . . . . . . . . . 378,000 0.5000%, due 30/6/16 . . . . . . . . . . . . . . . . . 5,634,000 0.5000%, due 31/3/17 . . . . . . . . . . . . . . . . . 1,701,000 0.6250%, due 30/9/17 . . . . . . . . . . . . . . . . . 20,093,000 0.6250%, due 31/12/16 . . . . . . . . . . . . . . . . 3,882,000 0.7500%, due 15/4/18 . . . . . . . . . . . . . . . . . 1,693,000 0.7500%, due 30/6/17 . . . . . . . . . . . . . . . . . 1,699,000 0.7500%, due 31/12/17 . . . . . . . . . . . . . . . . 1,703,000 0.7500%, due 31/3/18 . . . . . . . . . . . . . . . . . 7,200,000 0.8750%, due 15/1/18 . . . . . . . . . . . . . . . . . 3,015,000 0.8750%, due 15/10/17 . . . . . . . . . . . . . . . . 11,025,000 0.8750%, due 15/11/17 . . . . . . . . . . . . . . . . 3,830,000 0.8750%, due 15/8/17 . . . . . . . . . . . . . . . . . 1,850,000 0.8750%, due 15/9/16 . . . . . . . . . . . . . . . . . 1,959,000 1.0000%, due 15/12/17 . . . . . . . . . . . . . . . . 2,927,000 1.0000%, due 15/9/17 . . . . . . . . . . . . . . . . . 1,673,000 1.3750%, due 30/6/18 . . . . . . . . . . . . . . . . . 1,677,000 1.3750%, due 30/9/18 . . . . . . . . . . . . . . . . . 1,680,000 1.3750%, due 31/12/18 . . . . . . . . . . . . . . . . 333,000 3.5000%, due 15/2/18 . . . . . . . . . . . . . . . . .
2,069,420 540,741 5,766,707
520,625 1,567,350 2,087,975
3,065,040
3,366,818
487,461
2,615,605
0.6 1.7 0.9 0.1 1.3 0.4 4.8 0.9 0.4 0.4 0.4 1.7 0.7 2.6 0.9 0.4 0.5 0.7 0.4 0.4 0.4 0.1 20.7
2,466,650 7,012,846 3,999,810 378,650 5,628,715 1,696,082 20,136,963 3,861,984 1,696,438 1,695,549 1,694,485 7,202,815 3,022,067 11,046,532 3,844,064 1,860,839 1,967,571 2,944,149 1,691,299 1,691,018 1,689,712 355,555 87,583,793
Total Government Obligations. . . . . . . . . . . . . . . . . . . . . . . . . 20.7
87,583,793
Tranche Loans Electronic Components – Semiconductors 6,130,106 Avago Technologies Cayman, Ltd., 3.7500%, due 6/5/21 . . . . . . . . . . . . . . . . 1.4 Hotels and Motels 2,497,184 Hilton Worldwide Finance LLC, 3.7500%, due 23/9/20 . . . . . . . . . . . . . . . 0.6
6,135,562
2,497,584
PORTFOLIO INVESTMENTS
Share or Principal Amount
Percentage of Net Assets (%)
Forward Currency Contracts, Open as at 30 June 2015 Fair Value (USD)
Investment Companies 347,000 RPI Finance Trust, 2.75000%, due 9/11/20 . . . . . . . . . . . . . . . . . . . . . . . 0.1 Oil and Gas Companies – Exploration and Production 448,000 Chief Exploration, 8.7500%, due 12/5/21 . . . . . . . . . . . . . . . . . . . . . . . 0.1 REIT – Hotels 1,116,001 ESH Hospitality, Inc., 4.2500%, due 24/6/19 . . . . . . . . . . . . . . . . . . . . . . . 0.3
1,134,136
Total Tranche Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5
10,535,102
Total Investments at last traded prices . . . . . . . . . . . . . . . . . . . 94.5
400,492,714
Adjustments from last traded to bid market prices . . . . . . . . . (0.1)
(477,346)
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.4
400,015,368
347,596
420,224
Currency Purchased Citibank USD USD USD USD USD
2,153 10 226 28 43,349
Currency Sold EUR EUR CHF EUR EUR
1,928 9 211 25 38,541
Current Market Value (USD) 2,150 10 226 28 42,980
Settle Date
Unrealised Appreciation (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
3 — — — 369
Total
372
Total Financial Assets at fair value through profit or loss
400,015,740
Financial Liabilities at fair value through profit or loss
Forward Currency Contracts, Open as at 30 June 2015 Currency Purchased Citibank AUD 3,363 CHF 1,985,098 EUR 425,388 GBP 2,403 GBP 1,904 CHF 2,274 GBP 1,851 EUR 19,604,389 EUR 416,315 EUR 7,581,116 GBP 1,059 EUR 2,212 EUR 349,965 EUR 3,591 USD 407 USD 226 USD 848 EUR 1,039
Currency Sold USD 2,601 USD 2,134,289 USD 477,116 USD 3,789 USD 3,003 USD 2,445 USD 2,919 USD 21,988,322 USD 466,939 USD 8,502,995 USD 1,670 USD 2,470 USD 392,024 USD 4,023 EUR 367 EUR 204 CHF 794 USD 1,169
Current Market Value (USD) 2,613 2,142,050 479,854 3,804 3,015 2,454 2,931 22,114,496 469,618 8,551,787 1,677 2,473 393,779 4,042 409 227 850 1,179
Settle Date
Unrealised (Depreciation) (USD)
31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15 31-Jul-15
(12) (7,761) (2,738) (15) (12) (9) (12) (126,174) (2,679) (48,792) (7) (3) (1,755) (19) (2) (1) (2) (10)
Total
(190,003)
Total Financial Liabilities at fair value through profit or loss
(190,003)
The accompanying notes are an integral part of the financial statements.
Janus Capital Funds Plc / 30 June 2015
201
Statements of Financial Position Janus Asia Frontier Markets Fund As of 30 June 2015 (USD) (unaudited) Assets: Financial assets at fair value through profit or loss . . . . . . . . . . . . . . Cash and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Margin and collateral cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Collateral receivable from broker . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivables:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting settlement. . . . . . . . . . . Funds shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities (amounts falling due within one year) Payables: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial liabilities at fair value through profit or loss. . . . . . . . . . Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . Collateral payable to broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting payment . . . . . . . . . . . . Fund shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees. . . . . . . . . . . Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustment from bid market prices to last traded prices. . . . . . . . . . . . Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . .
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
Janus Asia Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
2,801,168 24,701 — —
2,773,148 132,248 — —
2,689,337 78,272 — —
2,653,143 95,141 — —
120,838,539 14,029,188 1,270,265 —
108,351,798 13,351,040 2,430,265 —
— — — 10,801 — 20,411 — 2,857,081
— — — 646 — 29,735 — 2,935,777
— — — 12,510 — 21,648 — 2,801,767
— — — 491 — 32,681 — 2,781,456
— 942 — 633,536 — 12,282 — 136,784,752
1,895,958 815 — 24,461 — 21,348 — 126,075,685
5,244 — — — — — — 1,849 — 230 13,764
6,309 48,199 — — — — — 1,797 — 270 22,228
5,142 — — — — — — 1,930 — 225 21,919
7,186 — — — — — — 1,911 — 261 28,816
100,649 1,330,119 — 2,439,509 — — — 1,973 — 7,518 49,307
34,161 — — 5,977,276 — — — 1,255 — 7,846 66,669
21,087
78,803
29,216
38,174
3,929,075
6,087,207
2,835,994 7,468
2,856,974 15,109
2,772,551 8,719
2,743,282 5,298
132,855,677 228,227
119,988,478 147,079
2,843,462
2,872,083
2,781,270
2,748,580
133,083,904
120,135,557
The accompanying notes are an integral part of the financial statements.
202
Janus Asia Growth Drivers Fund
Janus Capital Funds Plc / 30 June 2015
Janus Balanced Fund As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
Janus Emerging Markets Fund As of 30 June 2015 (USD) (unaudited)
Janus Europe Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (EUR) (unaudited)
Janus Global Life Sciences Fund
As of 31 December 2014 (EUR) (audited)
As of 30 June 2015 (USD) (unaudited)
Janus Global Research Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
741,119,264 11,902,554 — —
638,699,628 4,005,597 — —
54,855,578 113,559 187,196 —
4,314,412 335,270 187,196 —
217,379,184 53,764 1,636,202 —
207,582,127 24,771 1,093,226 —
1,781,191,415 1,014,681 — —
688,503,598 22,625,417 — —
41,921,378 545,206 — —
40,226,725 194,625 — —
— 687 758,985 324,360 3,126,379 — 6,846 757,239,075
226,210 — 2,310,571 380,824 2,712,633 — 7,430 648,342,893
— 15,845 60,000,000 36,717 — 1,541 1,080 115,211,516
128,789 26 — 859 — 8,217 1,089 4,975,858
2,265,300 — 49,704 324,914 — — 276,552 221,985,620
2,309,977 — 35,344 124,790 — — 189,052 211,359,287
28,604,467 22,091 12,461,851 211,641 — — 99,166 1,823,605,312
125,071 452 18,407,221 92,906 — — 17,493 729,772,158
334,579 — 33,047 36,555 — 6,942 10,577 42,888,284
193,810 — 30,189 21,958 — 7,111 7,814 40,682,232
1,319,460 — — 6,638,143 — 1,969,807 636,229 1,097,995 9,114 63,273 9,963
1,871,364 — — — — 1,190,443 553,243 808,748 9,647 95,439 63,199
14,083 437,408 — 49,834,234 — — — 5,756 751 3,728 28,870
28,789 93,650 — 142,844 — — — 5,939 756 444 54,366
1,277,550 5,934,203 — — 11,713 577,981 72,633 57,358 — 15,462 16,446
1,685,008 2,047,909 — 252,094 25,529 68,269 68,047 60,580 — 17,151 27,061
1,323,044 — — 11,060,547 — 13,007,503 2,334,571 1,677,452 23,447 148,946 49,928
1,559,618 — — 212,694 — 2,562,782 901,237 701,930 17,154 71,132 106,016
7,259 — — 536,415 575 919 — 4,445 53 2,609 12,054
24,099 — — 25,406 1,260 — — 4,516 52 2,886 40,366
11,743,984
4,592,083
50,324,830
326,788
7,963,346
4,251,648
29,625,438
6,132,563
564,329
98,585
745,495,091 1,124,575
643,750,810 695,350
64,886,686 88,160
4,649,070 12,917
214,022,274 496,876
207,107,639 399,264
1,793,979,874 1,183,488
723,639,595 285,657
42,323,955 19,900
40,583,647 11,836
746,619,666
644,446,160
64,974,846
4,661,987
214,519,150
207,506,903
1,795,163,362
723,925,252
42,343,855
40,595,483
Janus Capital Funds Plc / 30 June 2015
203
Statements of Financial Position Janus Global Technology Fund As of 30 June 2015 (USD) (unaudited) Assets: Financial assets at fair value through profit or loss . . . . . . . . . . . . . . Cash and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Margin and collateral cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Collateral receivable from broker . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivables:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting settlement. . . . . . . . . . . Funds shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities (amounts falling due within one year) Payables: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial liabilities at fair value through profit or loss. . . . . . . . . . Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . Collateral payable to broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting payment . . . . . . . . . . . . Fund shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees. . . . . . . . . . . Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustment from bid market prices to last traded prices. . . . . . . . . . . . Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . .
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (JPY) (unaudited)
As of 31 December 2014 (JPY) (audited)
Janus Japan Fund As of 30 June 2015 (JPY) (unaudited)
As of 31 December 2014 (JPY) (audited)
64,585,627 549,936 — —
79,664,577 1,260,610 — —
398,885,068 7,231,241 — —
344,688,665 1,635,145 — —
241,776,924 8,349,430 — —
216,716,707 4,728,955 — —
179,145 — 70,456 65,891 — — — 65,451,055
— — 97,330 25,469 — — — 81,047,986
— — — 310,175 — 8,852,745 — 415,279,229
1,934,026 — — 372,997 — 3,910,455 — 352,541,288
3,783,252 — — 152,332 — 8,701,856 — 262,763,794
— — — 110,279 — 4,212,750 — 225,768,691
121,574 — — 518,865 666 275,935 87,325 104,656 5,508 7,102 8,597
262,357 — — — — 657,746 144,940 98,631 5,720 9,263 43,505
3,041,117 503,494 — — — — — 239,730 — 32,921 4,567,488
592,332 — — — — — — 198,669 — 32,921 3,421,735
1,887,780 747,411 — 3,536,194 — — — 148,017 — 16,177 3,354,125
374,329 2 — — — — — 129,449 — 21,520 3,101,962
1,130,228
1,222,162
8,384,750
4,245,657
9,689,704
3,627,262
64,320,827 23,770
79,825,824 14,772
406,894,479 744,050
348,295,631 338,700
253,074,090 439,000
222,141,429 238,600
64,344,597
79,840,596
407,638,529
348,634,331
253,513,090
222,380,029
The accompanying notes are an integral part of the financial statements.
204
Janus Japan Emerging Opportunities Fund
Janus Capital Funds Plc / 30 June 2015
Janus Opportunistic Alpha Fund As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
Janus US Fund As of 30 June 2015 (USD) (unaudited)
Janus US Research Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
Janus US Twenty Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
Janus US Venture Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
65,615,247 2,092,148 — —
90,479,451 7,225,933 — —
1,865,880 124,935 — —
1,619,300 27,848 — —
195,432,625 1,632,323 — —
189,637,233 2,818,866 — —
356,693,805 7,486,997 — —
345,049,133 8,955,737 — —
271,480,185 13,159,719 — —
272,863,880 17,832,224 — —
903,497 26 86,157 34,504 — — — 68,731,579
467,942 — 1,808,033 45,629 — — — 100,026,988
12,379 — — 818 — 1,073 58 2,005,143
— — 6,052 810 — 4,477 62 1,658,549
2,034,230 — — 103,110 — 2,171 — 199,204,459
— — — 134,335 — — — 192,590,434
— — 2,458,582 44,178 — — 16,756 366,700,318
— — 1,238,125 54,757 — — 18,187 355,315,939
1,167,794 304 5,284,101 35,318 — — 2,243 291,129,664
— 60 7,532,306 47,967 — — — 298,276,437
65,918 — — — — 206,011 73,050 112,445 3,606 505 —
234,611 — — 2,089,854 — 789,133 97,857 133,196 5,054 11,235 21,537
8,376 — — 33,740 — — — 2,576 294 124 14,510
9,999 — — — — — — 1,903 284 160 25,758
7,324 — — 2,496,246 — — — 23,633 276 11,888 19,247
24,008 — — 29,964 — 3,377 21,522 24,140 294 13,405 40,533
234,637 — — — 106 587,472 356,306 333,669 10,150 32,221 27,208
694,379 — 490,000 — — 298,689 374,332 326,848 11,805 36,455 55,046
399,422 — — 1,524,028 — 1,618,710 282,227 250,640 2,649 15,667 5,632
544,415 — — 5,833,215 — 285,450 234,131 152,182 2,720 24,587 28,937
461,535
3,382,477
59,620
38,104
2,558,614
157,243
1,581,769
2,287,554
4,098,975
7,105,637
68,270,044 34,483
96,644,511 40,412
1,945,523 457
1,620,445 357
196,645,845 51,845
192,433,191 37,395
365,118,549 88,807
353,028,385 73,532
287,030,689 83,505
291,170,800 145,527
68,304,527
96,684,923
1,945,980
1,620,802
196,697,690
192,470,586
365,207,356
353,101,917
287,114,194
291,316,327
Janus Capital Funds Plc / 30 June 2015
205
Statements of Financial Position Perkins Global Value Fund As of 30 June 2015 (USD) (unaudited) Assets: Financial assets at fair value through profit or loss . . . . . . . . . . . . . . Cash and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Margin and collateral cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Collateral receivable from broker . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivables:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting settlement. . . . . . . . . . . Funds shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities (amounts falling due within one year) Payables: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial liabilities at fair value through profit or loss. . . . . . . . . . Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . Collateral payable to broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting payment . . . . . . . . . . . . Fund shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees. . . . . . . . . . . Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustment from bid market prices to last traded prices. . . . . . . . . . . . Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . .
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
INTECH All-World Minimum Variance Core Fund(a) As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
159,483,235 11,860,100 — —
157,816,237 11,747,242 — —
252,608,204 15,703,966 — —
411,850,431 22,322,543 — —
774,501,655 5,861,394 — —
— — — —
— 274 22,280 345,642 — 16,281 99,668 171,827,480
2,350,586 — 18,033,955 313,769 — — 67,886 190,329,675
1,503,351 — 93,455 282,523 — — — 270,191,499
1,845,329 — 422,184 645,782 — — — 437,086,269
600,843 — — 1,652,493 — 75,721 2,694 782,694,800
— — — — — — — —
145,134 3 — 9,898 — — — 10,133 5 9,929 16,952
96,089 4 — 16,670,893 13,919 — 8,022 11,378 6 10,673 46,080
237,572 — — 1,094,969 17 232,161 364,936 245,800 1,555 20,000 —
851,895 — — 1,248,332 — 286,651 592,268 357,671 1,772 41,095 58,090
— 1,156 — 396,132 6,396 — — — — 43,837 59,501
— — — — — — — — — — —
192,054
16,857,064
2,197,010
3,437,774
507,022
—
171,635,426 134,575
173,472,611 35,905
267,994,489 105,882
433,648,495 79,103
782,187,778 747,076
— —
171,770,001
173,508,516
268,100,371
433,727,598
782,934,854
—
The accompanying notes are an integral part of the financial statements.
206
As of 31 December 2014 (USD) (audited)
Perkins US Strategic Value Fund
Janus Capital Funds Plc / 30 June 2015
INTECH European Core Fund As of 30 June 2015 (EUR) (unaudited)
INTECH Global All Country Low Volatility Fund
As of 31 December 2014 (EUR) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
INTECH Global Dividend Fund As of 30 June 2015 (USD) (unaudited)
INTECH US Core Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
Janus Global Diversified Alternatives Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
96,482,946 634,599 — —
85,055,714 473,479 — —
165,431,901 2,156,285 — —
161,389,340 1,815,459 — —
1,986,785 19,923 — —
2,385,502 15,427 — —
165,315,004 903,339 — —
158,393,000 1,545,616 — —
1,742,444 396,912 264,865 —
1,691,567 280,764 262,375 —
— — — 129,417 — 12,756 114,658 97,374,376
18,839 — — 65,175 — 15,454 73,649 85,702,310
1,243 — — 268,395 — 24,401 7,831 167,890,056
1,278 — — 233,273 — 36,126 123 163,475,599
— — — 5,082 — — 67,666 2,079,456
— — — 4,166 — — 84,202 2,489,297
— 622 387,646 126,929 — — — 166,733,540
— — 232,284 167,057 — — — 160,337,957
— — — — — 13,359 — 2,417,580
— — — — — 4,938 — 2,239,644
— — — — — — — 3 — 5,677 21,505
— — — — — — — 3 — 5,755 35,455
— — — — — — — — — 9,527 22,368
— — — — — — — — — 10,790 36,171
1,239 — — — — — 1,082 1,088 — 171 7,974
6,020 — — — — — 1,756 1,593 — 276 61,355
250,889 — — 224,129 — 142,963 153,188 69,433 228 14,806 17,812
709,416 — — — — 81,386 138,438 69,091 249 15,407 37,584
63,698 — — — — — — 913 — 207 9,279
38,220 — — — — — — 2,146 — 227 9,000
27,185
41,213
31,895
46,961
11,554
71,000
873,448
1,051,571
74,097
49,593
97,347,191 31,480
85,661,097 14,864
167,858,161 179,633
163,428,638 82,246
2,067,902 949
2,418,297 695
165,860,092 41,043
159,286,386 26,586
2,343,483 18
2,190,051 10
97,378,671
85,675,961
168,037,794
163,510,884
2,068,851
2,418,992
165,901,135
159,312,972
2,343,501
2,190,061
Janus Capital Funds Plc / 30 June 2015
207
Statements of Financial Position Janus Global Real Estate Fund As of 30 June 2015 (USD) (unaudited) Assets: Financial assets at fair value through profit or loss . . . . . . . . . . . . . . Cash and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Margin and collateral cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Collateral receivable from broker . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivables:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting settlement. . . . . . . . . . . Funds shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable from Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities (amounts falling due within one year) Payables: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial liabilities at fair value through profit or loss. . . . . . . . . . Bank overdraft and foreign currency . . . . . . . . . . . . . . . . . . . . . . . Collateral payable to broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spot foreign exchange contracts awaiting payment . . . . . . . . . . . . Fund shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees. . . . . . . . . . . Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities (excluding net assets attributable to holders of redeemable ordinary shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares (at bid market prices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustment from bid market prices to last traded prices. . . . . . . . . . . . Net Assets attributable to holders of redeemable participating shares (at last traded prices/mid market prices) . . . . . . . . . . . . . . . . . . . . . . . .
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
Janus Global Flexible Income Fund
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
141,067,046 1,272,995 — —
159,573,102 4,657,128 — —
1,005,818,232 13,018,595 — —
953,653,010 3,930,437 — —
22,789,457 371,049 — —
21,297,346 314,923 — —
748,044 746 564,005 537,105 4,728 — 58,494 144,253,163
2,969 — 279,076 518,382 — — 54,067 165,084,724
365,933 — 768,647 45,052 5,558,052 — — 1,025,574,511
2,124,442 — 857,934 55,612 5,781,234 — — 966,402,669
457,935 2,000 121,017 337 144,977 — — 23,886,772
18,862 — 63,915 316 202,231 — — 21,897,593
89,848 — — — — 83,106 135,479 72,323 1,235 13,088 110,855
181,098 — — 6,329 — 328,001 153,201 65,628 1,362 16,666 148,177
1,020,772 — — 9,974,545 1,319 2,833,608 555,218 537,438 5,891 79,862 118,459
3,743,363 — — — — 712,082 537,027 573,916 8,589 88,601 118,376
90,407 196,800 — 317,392 — — 14,055 26,827 — 1,855 5,046
250,278 190,017 — — — — 11,719 22,506 — 2,026 43,845
505,934
900,462
15,127,112
5,781,954
652,382
520,391
143,747,229 157,011
164,184,262 153,822
1,010,447,399 1,669,006
960,620,715 1,154,266
23,234,390 40,668
21,377,202 36,437
143,904,240
164,338,084
1,012,116,405
961,774,981
23,275,058
21,413,639
The accompanying notes are an integral part of the financial statements.
208
Janus Flexible Income Fund
Janus Capital Funds Plc / 30 June 2015
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
Janus High Yield Fund
Janus Global Unconstrained Bond Fund
Janus US Short-Term Bond Fund
Company Total in US Dollar
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
As of 31 December 2014 (USD) (audited)
As of 30 June 2015 (USD) (unaudited)
61,285,265 3,948,732 — —
77,374,956 1,614,777 — —
61,505,624 1,944,629 — —
62,966,169 3,026,115 — —
666,610,870 53,279,858 — —
750,972,603 48,237,166 — —
129,750,845 36,884,581 8,961,187 —
71,584,125 6,668,328 136,810 —
400,015,740 23,205,085 — —
581,123,142 4,359,035 — —
8,066,099,922 224,476,305 12,507,387 —
6,395,658,797 190,051,492 4,339,347 —
205,433 — — — 1,031,766 — 1,406 66,472,602
43,650 — 32,630 — 1,476,638 — 163 80,542,814
— — 132,442 1,770 622,304 — 1,529 64,208,298
109,234 — 209,961 1,714 783,005 — — 67,096,198
6,391,224 — 197,047 — 12,349,050 — — 738,828,049
549,990 — 282,109 — 14,015,367 — — 814,057,235
34,544 61,934 7,354,066 6,192 1,446,582 — — 184,499,931
6,271 — 291,897 13,986 836,029 — — 79,537,446
528,108 — 415,118 — 2,624,958 — — 426,789,009
3,795,229 — 414,918 — 3,293,762 — — 592,986,086
46,628,795 105,471 91,264,307 5,331,681 26,908,796 353,504 812,096 8,474,488,264
16,719,419 1,353 52,593,453 3,019,044 29,100,899 231,160 576,360 6,692,291,324
154,828 643,633 — 362,000 9 4,454 25,163 83,918 8 4,623 24,183
591,594 1,312,358 — — — 228,909 24,336 109,747 10 7,035 57,873
92,296 — — 1,754,134 171 115,876 34,967 39,732 8 4,369 3,702
249,739 — — — — 122,137 34,242 45,005 9 5,563 28,416
676,821 3,043 — 3,630,000 99 5,204,124 446,165 445,936 56,724 69,185 112,783
1,704,712 — — — — 1,246,561 509,859 533,777 66,613 86,483 126,129
4,093,259 — — 4,215,953 — 505,708 123,344 168,915 — 12,509 84,476
1,239,727 — — 962,615 — — 58,114 81,324 — 6,929 14,543
190,003 — — 2,531,404 352 235,280 243,522 390,519 3,998 34,409 32,445
782,347 — — 2,937,116 — 947,030 300,850 495,313 4,530 54,290 67,921
12,183,261 9,237,240 — 99,621,181 22,766 27,667,912 5,947,791 5,779,103 125,500 636,378 993,873
17,792,566 4,122,006 490,000 36,441,548 46,067 9,822,976 4,779,425 4,708,131 136,626 647,613 1,580,648
1,302,819
2,331,862
2,045,255
485,111
10,644,880
4,274,134
9,204,164
2,363,252
3,661,932
5,589,397
162,215,005
80,567,606
65,169,783 242,176
78,210,952 321,601
62,163,043 164,699
66,611,087 174,569
728,183,169 2,455,552
809,783,101 3,107,630
175,295,767 335,367
77,174,194 128,403
423,127,077 477,346
587,396,689 522,160
8,312,273,259 10,293,031
6,611,723,718 7,814,551
65,411,959
78,532,553
62,327,742
66,785,656
730,638,721
812,890,731
175,631,134
77,302,597
423,604,423
587,918,849
8,322,566,290
6,619,538,269
As of 31 December 2014 (USD) (audited)
Janus Capital Funds Plc / 30 June 2015
209
Income Statements Janus Asia Frontier Markets Fund
For the periods ended 30 June 2015 and 30 June 2014 Revenue: Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net (loss)/gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . Total Investments (Loss)/Income Expenses: Investment Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal and other professional fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . Net Operating (Loss)/Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finance Costs: Total distributions to holders of redeemable ordinary shares . . . . . . . . Withholding tax on dividends and other investment income . . . . . . . . Movement in adjustment from bid prices to last traded prices . . . . . . . Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations. . . . . . . . .
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Janus Asia Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
— 46,680 1,034
— — —
— 39,756 1,272
— — —
— 1,738,266 —
— 1,800,424 1,989
(49,645) (1,931)
— —
15,928 56,956
— —
10,957,119 12,695,385
5,844,252 7,646,665
15,264 3,363 — 1,372 4,220 2,800 2,791 6,498 4,209 8,053 48,570 (25,100) 23,470 (25,401)
— — — — — — — — — — — — — —
14,673 3,213 — 1,338 3,773 2,800 8,534 4,053 3,438 6,864 48,686 (25,980) 22,706 34,250
— — — — — — — — — — — — — —
5,896 3,515 — 45,665 32,781 2,800 7,180 5,883 10,613 68,205 182,538 (118,508) 64,030 12,631,355
2,997 1,728 — 54,311 31,434 2,123 6,621 3,522 19,474 27,527 149,737 (121,932) 27,805 7,618,860
— (6,509) (7,641)
— — —
— (4,982) 3,421
— — —
— (217,955) 81,148
— (172,852) (38,703)
(39,551)
—
32,689
—
12,494,548
7,407,305
The accompanying notes are an integral part of the financial statements.
210
Janus Asia Growth Drivers Fund
Janus Capital Funds Plc / 30 June 2015
Janus Balanced Fund Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Janus Emerging Markets Fund Period ended 30 June 2015 (USD) (unaudited)
Janus Europe Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (EUR) (unaudited)
Janus Global Life Sciences Fund
Period ended 30 June 2014 (EUR) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Janus Global Research Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
7,612,113 4,576,483 281,830
5,239,385 2,478,615 199,713
— 76,717 —
— 70,554 —
— 3,356,901 —
— 3,095,429 —
— 6,788,334 359,110
20,376 1,514,530 65,591
— 380,491 1,990
— 431,187 712
(18,456,279) (5,985,853)
16,740,243 24,657,956
285,914 362,631
322,851 393,405
33,121,522 36,478,423
6,859,324 9,954,753
177,977,420 185,124,864
28,501,873 30,102,370
1,576,995 1,959,476
2,189,562 2,621,461
3,456,295 2,089,489 54,272 373,919 67,606 3,051 8,833 47,063 121,787 19,091 6,241,406 2,199 6,243,605 (12,229,458)
2,109,525 1,189,836 54,899 262,212 43,075 1,757 6,409 29,218 95,653 59,111 3,851,695 (2,585) 3,849,110 20,808,846
27,586 11,022 4,254 2,232 13,647 2,800 9,449 3,193 2,465 12,481 89,129 (39,439) 49,690 312,941
29,848 11,905 4,323 3,531 12,032 2,015 9,641 1,223 4,925 20,316 99,759 (46,386) 53,373 340,032
497,260 120,477 — 87,912 38,394 2,800 6,588 11,455 18,243 152,849 935,978 (92,057) 843,921 35,634,502
618,732 98,915 — 83,788 23,472 1,586 5,697 8,967 25,643 32,017 898,817 (33,606) 865,211 9,089,542
10,094,233 2,788,178 115,062 756,616 122,188 3,051 9,788 82,625 112,478 10,648 14,094,867 2,895 14,097,762 171,027,102
2,771,249 1,280,984 88,034 296,968 51,938 3,275 9,837 23,421 72,903 50,005 4,648,614 (7,696) 4,640,918 25,461,452
11,799 7,843 37 14,706 12,237 3,051 9,449 5,241 6,906 11,144 82,413 (58,017) 24,396 1,935,080
40,212 10,848 35 22,675 15,133 3,454 10,114 4,913 10,070 24,451 141,905 (78,567) 63,338 2,558,123
(2,898,065) (1,099,224) 429,225
(914,833) (596,661) (203,948)
— (9,987) 75,243
— (8,841) 1,739
— (502,580) 97,612
— (376,061) 169,733
— (1,768,180) 897,831
— (329,667) 19,966
— (77,719) 8,064
— (73,637) (14,743)
(15,797,522)
19,093,404
378,197
332,930
35,229,534
8,883,214
170,156,753
25,151,751
1,865,425
2,469,743
Janus Capital Funds Plc / 30 June 2015
211
Income Statements Janus Global Technology Fund
For the periods ended 30 June 2015 and 30 June 2014 Revenue: Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net (loss)/gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . Total Investments (Loss)/Income Expenses: Investment Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal and other professional fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . Net Operating (Loss)/Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finance Costs: Total distributions to holders of redeemable ordinary shares . . . . . . . . Withholding tax on dividends and other investment income . . . . . . . . Movement in adjustment from bid prices to last traded prices . . . . . . . Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations. . . . . . . . .
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (JPY) (unaudited)
Janus Japan Fund
Period ended 30 June 2014 (JPY) (unaudited)
Period ended 30 June 2015 (JPY) (unaudited)
Period ended 30 June 2014 (JPY) (unaudited)
— 431,789 15,092
— 440,702 782
— 2,586,502 29,654
— — —
— 1,824,107 19,754
— — —
1,868,610 2,315,491
4,155,849 4,597,333
58,097,806 60,713,962
— —
31,086,853 32,930,714
— —
582,645 220,949 31,154 45,219 25,096 3,051 8,288 8,185 12,661 11,424 948,672 (2,364) 946,308 1,369,183
627,303 220,219 35,186 67,433 15,575 3,276 9,743 6,405 13,646 29,187 1,027,973 (11,137) 1,016,836 3,580,497
1,968,135 438,399 — 182,128 410,093 14,138 734,154 707,989 264,454 370,563 5,090,053 (2,055,572) 3,034,481 57,679,481
— — — — — — — — — — — — — —
1,062,629 270,580 — 87,687 83,883 125,180 734,154 699,112 250,463 351,652 3,665,340 (1,940,852) 1,724,488 31,206,226
— — — — — — — — — — — — — —
— (99,950) 8,998
— (109,198) (30,329)
— (387,979) 405,350
— — —
— (273,617) 200,400
— — —
1,278,231
3,440,970
57,696,852
—
31,133,009
—
The accompanying notes are an integral part of the financial statements.
212
Janus Japan Emerging Opportunities Fund
Janus Capital Funds Plc / 30 June 2015
Janus Opportunistic Alpha Fund Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Janus US Fund Period ended 30 June 2015 (USD) (unaudited)
Janus US Research Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Janus US Twenty Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Janus US Venture Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
— 636,806 10,221
— 398,327 57,744
— 8,391 56
— 6,753 228
— 1,562,331 8,986
— 1,180,399 4,625
— 2,568,392 20,067
— 2,363,506 27,393
— 1,100,491 62,974
— 989,396 22,459
(3,139,871) (2,492,844)
9,404,306 9,860,377
32,924 41,371
64,141 71,122
4,610,239 6,181,556
10,585,184 11,770,208
17,723,553 20,312,012
6,954,761 9,345,660
18,121,948 19,285,413
5,273,660 6,285,515
509,412 250,593 28,424 53,199 11,677 3,051 14,850 9,289 13,519 474 894,488 (734) 893,754 (3,386,598)
459,693 245,778 29,185 51,725 6,998 2,483 8,250 5,629 18,440 14,522 842,703 (762) 841,941 9,018,436
10,646 4,556 1,638 744 3,539 2,800 8,160 3,010 2,147 5,693 42,933 (23,770) 19,163 22,208
8,403 3,327 1,421 1,009 3,422 2,073 8,211 2,665 5,542 8,692 44,765 (29,753) 15,012 56,110
97,847 44,426 1,639 68,060 13,087 3,051 9,288 8,061 17,809 8,883 272,151 (106,339) 165,812 6,015,744
128,696 63,113 3,710 84,265 15,708 2,397 8,038 8,845 21,610 24,127 360,509 (122,523) 237,986 11,532,222
2,010,349 678,380 59,581 192,303 27,305 3,051 9,600 27,205 62,912 29,125 3,099,811 3,689 3,103,500 17,208,512
2,168,607 810,927 82,968 226,699 24,111 2,826 8,609 22,277 66,965 49,544 3,463,533 (617) 3,462,916 5,882,744
1,475,843 482,465 15,129 155,512 27,504 3,051 9,500 17,856 17,673 18,139 2,222,672 (60,408) 2,162,264 17,123,149
1,079,998 390,583 15,940 179,605 30,811 3,780 8,495 15,502 35,697 39,187 1,799,598 (106,307) 1,693,291 4,592,224
— (193,854) (5,929)
— (119,345) (10,774)
— (2,118) 100
— (1,694) (160)
— (387,950) 14,450
— (294,278) (16,984)
— (602,928) 15,275
— (448,842) (91,004)
— (230,412) (62,022)
— (159,933) (147,938)
(3,586,381)
8,888,317
20,190
54,256
5,642,244
11,220,960
16,620,859
5,342,898
16,830,715
4,284,353
Janus Capital Funds Plc / 30 June 2015
213
Income Statements Perkins Global Value Fund
For the periods ended 30 June 2015 and 30 June 2014 Revenue: Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net (loss)/gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . Total Investments (Loss)/Income Expenses: Investment Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal and other professional fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . Net Operating (Loss)/Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finance Costs: Total distributions to holders of redeemable ordinary shares . . . . . . . . Withholding tax on dividends and other investment income . . . . . . . . Movement in adjustment from bid prices to last traded prices . . . . . . . Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations. . . . . . . . .
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
INTECH All-World Minimum Variance Core Fund(a) Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
— 2,955,510 —
1 2,727,644 —
— 3,082,486 137,415
— 5,184,355 35,193
— 4,027,742 45
— — —
(643,651) 2,311,859
9,543,289 12,270,934
(10,857,667) (7,637,766)
28,722,247 33,941,795
3,771,007 7,798,794
— —
37,537 19,779 33 57,743 19,690 2,800 8,476 8,780 16,891 7,086 178,815 (113,880) 64,935 2,246,924
27,094 15,632 33 68,594 20,021 2,454 9,312 7,087 12,275 32,180 194,682 (146,089) 48,593 12,222,341
2,402,853 510,734 9,245 149,987 24,220 3,051 10,949 22,437 50,079 69,805 3,253,360 1,794 3,255,154 (10,892,920)
3,941,587 863,410 9,377 261,601 28,889 2,826 15,066 37,882 79,644 106,480 5,346,762 589 5,347,351 28,594,444
— — — 62,305 43,227 2,800 7,500 6,231 7,788 15,237 145,088 (142,199) 2,889 7,795,905
— — — — — — — — — — — — — —
— (603,874) 98,670
— (509,550) (28,006)
— (816,372) 26,779
— (1,427,828) (34,872)
— (713,267) 747,076
— —
1,741,720
11,684,785
(11,682,513)
27,131,744
7,829,714
—
The accompanying notes are an integral part of the financial statements.
214
Perkins US Strategic Value Fund
Janus Capital Funds Plc / 30 June 2015
INTECH European Core Fund Period ended 30 June 2015 (EUR) (unaudited)
Period ended 30 June 2014 (EUR) (unaudited)
INTECH Global All Country Low Volatility Fund Period ended 30 June 2015 (USD) (unaudited)
INTECH Global Dividend Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
INTECH US Core Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Janus Global Diversified Alternatives Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
62 1,891,944 112
76 1,812,291 147
— 2,298,008 —
— — —
— 50,026 103
1 2,430,174 —
— 1,505,906 625,192
— 1,245,072 6,325
— — —
— — —
9,971,779 11,863,897
3,156,875 4,969,389
2,595,273 4,893,281
— —
(88,775) (38,646)
4,454,649 6,884,824
(2,427,086) (295,988)
9,162,259 10,413,656
(106,433) (106,433)
79,791 79,791
14 7 — 32,066 16,308 2,800 5,151 3,449 9,172 521 69,488 (68,709) 779 11,863,118
8 4 — 18,371 6,014 1,581 4,804 1,752 8,266 6,938 47,738 (47,721) 17 4,969,372
— — — 55,495 35,685 2,800 5,789 5,302 11,001 9,629 125,701 (116,330) 9,371 4,883,910
— — — — — — — — — — — — — —
8,787 2,181 — 1,095 16,218 2,340 7,294 4,396 936 12,432 55,679 (41,966) 13,713 (52,359)
5,158 2,944 — 36,132 45,692 1,224 9,379 2,936 2,878 49,618 155,961 (123,994) 31,967 6,852,857
813,564 149,289 1,307 83,199 15,140 3,347 6,185 12,172 20,268 22,772 1,127,243 — 1,127,243 (1,423,231)
722,179 144,965 1,470 86,970 11,469 3,110 6,084 10,948 24,872 93,848 1,105,915 — 1,105,915 9,307,741
10,679 4,520 — 1,234 3,803 2,800 9,949 8,174 4,707 16,146 62,012 (36,923) 25,089 (131,522)
10,662 3,162 — 341 605 1,861 3,814 1,279 3,941 8,341 34,006 (10,216) 23,790 56,001
— (177,024) 16,616
— (185,855) 52,214
— (454,388) 97,387
— — —
(6,162) (6,685) 1,644
(9,849) (349,346) (36,610)
— (407,759) 67,629
— (355,055) 6,706
— — 8
— — 10
11,702,710
4,835,731
4,526,909
—
(63,562)
6,457,052
(1,763,361)
8,959,392
(131,514)
56,011
Janus Capital Funds Plc / 30 June 2015
215
Income Statements Janus Global Real Estate Fund
For the periods ended 30 June 2015 and 30 June 2014 Revenue: Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net (loss)/gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . Total Investments (Loss)/Income Expenses: Investment Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shareholder Service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting, Administration and Transfer Agent fees . . . . . . . . . . . . . Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Listing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Printing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal and other professional fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Expenses after Expense Reimbursement . . . . . . . . . . . . . . . . . . . . . Net Operating (Loss)/Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finance Costs: Total distributions to holders of redeemable ordinary shares . . . . . . . . Withholding tax on dividends and other investment income . . . . . . . . Movement in adjustment from bid prices to last traded prices . . . . . . . Net (Decrease)/Increase in net assets attributable to holders of redeemable shares resulting from operations. . . . . . . . .
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Janus Global Flexible Income Fund
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
25 2,613,589 126,025
15,157,260 466,610 342,606
20,193,287 756,002 23,942
(1,492,420) 975,639
21,253,637 23,993,276
(31,778,994) (15,812,518)
25,724,629 46,697,860
(2,004,402) (1,680,793)
587,842 824,122
804,832 144,883 1,915 81,036 27,750 3,051 9,949 12,771 23,750 18,439 1,128,376 (6,347) 1,122,029 (146,390)
972,728 130,601 3,874 108,174 22,873 3,058 9,099 11,400 35,831 256,825 1,554,463 — 1,554,463 22,438,813
3,035,643 1,009,414 41,391 472,406 91,925 3,051 11,852 54,270 148,528 124,357 4,992,837 (45,353) 4,947,484 (20,760,002)
3,568,974 1,248,612 52,159 419,379 47,730 2,511 7,040 40,450 207,991 100,793 5,695,639 (30,775) 5,664,864 41,032,996
97,871 49,476 — 10,911 16,516 2,800 8,150 6,523 4,336 1,472 198,055 (22,095) 175,960 (1,856,753)
47,339 22,611 — 10,672 15,207 2,726 7,737 3,610 7,395 18,280 135,577 (51,717) 83,860 740,262
(1,173,645) (117,338) 3,189
(1,175,158) (338,678) (146,500)
(6,195,649) (270,066) 514,740
(9,970,233) (501,458) (554,102)
(41,013) (3,016) 4,231
(45,080) (2,406) (4,906)
(1,434,184)
20,778,477
(26,710,977)
30,007,203
(1,896,551)
Janus Capital Funds Plc / 30 June 2015
313,856 2,636 7,117
Period ended 30 June 2014 (USD) (unaudited)
4,726 2,339,522 123,811
The accompanying notes are an integral part of the financial statements.
216
Janus Flexible Income Fund
232,758 3,522 —
687,870
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
Janus High Yield Fund
Janus Global Unconstrained Bond Fund
Janus US Short-Term Bond Fund
Company Total in US Dollar
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
Period ended 30 June 2015 (USD) (unaudited)
Period ended 30 June 2014 (USD) (unaudited)
2,170,558 14,046 178,056
2,796,290 5,541 21,023
1,064,482 13,618 27,319
1,199,791 44,236 —
24,699,516 164,168 2,021,727
37,352,884 79,191 181,763
2,148,404 57,461 558,997
— — —
5,900,793 — 233,238
8,260,808 — 132
59,071,777 42,793,361 5,018,792
75,295,710 33,489,936 775,841
(3,170,496) (807,836)
2,012,127 4,834,981
(3,740,757) (2,635,338)
2,552,065 3,796,092
(5,609,118) 21,276,293
26,672,137 64,285,975
(4,101,578) (1,336,716)
— —
(5,245,497) 888,534
(376,219) 7,884,721
195,180,627 302,064,557
234,152,716 343,714,203
194,918 152,886 54 27,780 14,588 2,800 9,449 10,032 17,231 27,692 457,430 (47,385) 410,045 (1,217,881)
263,655 207,707 60 43,980 13,124 1,707 8,104 8,042 33,771 20,393 600,543 (54,675) 545,868 4,289,113
136,538 76,471 50 26,017 14,924 2,800 9,449 13,241 12,111 5,163 296,764 (41,809) 254,955 (2,890,293)
112,729 75,097 14,536 28,957 12,966 1,772 7,886 6,888 20,764 19,497 301,092 (66,042) 235,050 3,561,042
2,721,116 897,687 335,339 429,901 57,462 3,051 11,352 48,129 110,779 135,769 4,750,585 (54,378) 4,696,207 16,580,086
3,919,017 1,366,385 480,146 659,087 64,649 2,823 8,095 55,937 195,511 127,599 6,879,249 (48,519) 6,830,730 57,455,245
571,666 298,414 — 61,738 12,379 2,800 8,375 13,147 15,519 104,622 1,088,660 (25,488) 1,063,172 (2,399,888)
— — — — — — — — — — — — — —
1,488,089 804,649 23,914 219,773 36,606 3,051 7,977 28,394 63,916 73,829 2,750,198 (5,843) 2,744,355 (1,855,821)
1,516,374 932,171 28,021 306,030 38,727 1,966 6,597 31,388 89,458 67,614 3,018,346 (84,263) 2,934,083 4,950,638
31,213,512 10,847,949 724,438 3,586,872 859,591 89,120 273,619 510,379 931,151 1,030,848 50,067,479 (1,361,638) 48,705,841 253,358,716
25,382,034 9,378,117 905,377 3,420,363 612,601 61,837 206,573 356,158 1,125,730 1,301,526 42,750,316 (1,255,428) 41,494,888 302,219,315
(2,128,031) (3,982) (79,425)
(2,097,384) — 7,940
(362,930) (19,560) (9,870)
(273,781) (26,603) (20,113)
(13,881,564) (40,794) (652,078)
(20,038,913) — (871,159)
(72,310) (32,299) 206,964
— — —
(521,353) — (44,814)
(521,512) — 172,919
(27,280,722) (8,950,744) 2,572,070
(35,046,743) (6,596,000) (1,737,384)
(3,429,319)
2,199,669
(3,282,653)
3,240,545
2,005,650
36,545,173
(2,297,533)
—
(2,421,988)
4,602,045
219,699,320
258,839,188
Janus Capital Funds Plc / 30 June 2015
217
Statements of Changes in Net Assets Janus Asia Frontier Markets Fund
For the periods ended 30 June 2015 and 30 June 2014 (Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . Redemption of redeemable ordinary shares. . . . . . . . . . . . . . . . . . . Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable shares at 1 January 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Period Ended 30 June 2015 (USD) (unaudited)
Janus Asia Growth Drivers Fund
Period Ended 30 June 2014 (USD) (unaudited)
(Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . Redemption of redeemable ordinary shares. . . . . . . . . . . . . . . . . . . Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable shares at 1 January 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
—
32,689
—
12,494,548
7,407,305
10,930 — —
— — —
1 — —
— — —
670,536 (216,737) —
226,262 (29,172) —
10,930
—
1
—
453,799
197,090
(28,621)
—
32,690
—
12,948,347
7,604,395
2,872,083 —
— —
2,748,580 —
— —
120,135,557 —
114,237,251 —
2,843,462
—
2,781,270
—
133,083,904
121,841,646
Period Ended 30 June 2015 (USD) (unaudited)
1,278,231
Janus Japan Emerging Opportunities Fund
Period Ended 30 June 2014 (USD) (unaudited)
3,440,970
Period Ended 30 June 2015 (JPY) (unaudited)
57,696,852
Janus Japan Fund
Period Ended 30 June 2014 (JPY) (unaudited)
Period Ended 30 June 2015 (JPY) (unaudited)
Period Ended 30 June 2014 (JPY) (unaudited)
—
31,133,009
—
103,064,828 (119,839,058) —
40,921,038 (35,778,006) —
1,307,379 (33) —
— — —
52 — —
— — —
(16,774,230)
5,143,032
1,307,346
—
52
—
(15,495,999)
8,584,002
59,004,198
—
31,133,061
—
79,840,596 —
78,473,936 —
348,634,331
— —
222,380,029
— —
64,344,597
87,057,938
407,638,529
—
253,513,090
—
The accompanying notes are an integral part of the financial statements.
218
Period Ended 30 June 2014 (USD) (unaudited)
(39,551)
Janus Global Technology Fund
For the periods ended 30 June 2015 and 30 June 2014
Period Ended 30 June 2015 (USD) (unaudited)
Janus Asia Fund
Janus Capital Funds Plc / 30 June 2015
Janus Balanced Fund Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
Janus Emerging Markets Fund Period Ended 30 June 2015 (USD) (unaudited)
Janus Europe Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (EUR) (unaudited)
Janus Global Life Sciences Fund
Period Ended 30 June 2014 (EUR) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Janus Global Research Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
(15,797,522)
19,093,404
378,197
332,930
35,229,534
8,883,214
170,156,753
25,151,751
1,865,425
2,469,743
341,302,440 (223,331,412) —
338,565,289 (203,229,661) —
60,106,014 (171,352) —
103,019 (141,469) —
15,126,096 (43,343,383) —
113,148,519 (69,314,785) —
1,732,597,807 (831,516,450) —
571,339,798 (375,535,710) —
780,690 (897,743) —
1,294,349 (1,505,910) —
117,971,028
135,335,628
59,934,662
(38,450)
(28,217,287)
43,833,734
901,081,357
195,804,088
(117,053)
(211,561)
102,173,506
154,429,032
60,312,859
294,480
7,012,247
52,716,948
1,071,238,110
220,955,839
1,748,372
2,258,182
644,446,160 —
354,127,414 —
4,661,987 —
5,089,111 —
207,506,903
151,429,861 —
723,925,252 —
188,743,164 —
40,595,483 —
43,496,055 —
746,619,666
508,556,446
64,974,846
5,383,591
214,519,150
204,146,809
1,795,163,362
409,699,003
42,343,855
45,754,237
Janus Opportunistic Alpha Fund Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
Janus US Fund Period Ended 30 June 2015 (USD) (unaudited)
Janus US Research Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Janus US Twenty Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Janus US Venture Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
(3,586,381)
8,888,317
20,190
54,256
5,642,244
11,220,960
16,620,859
5,342,898
16,830,715
4,284,353
21,194,295 (45,988,310) —
17,862,124 (20,880,426) —
412,821 (107,833) —
— — —
7,486,341 (8,901,481) —
1,389,406 (13,046,653) —
95,306,557 (99,821,977) —
112,883,253 (131,161,941) —
205,538,209 (226,571,057) —
124,666,685 (195,802,077) —
(24,794,015)
(3,018,302)
304,988
—
(1,415,140)
(11,657,247)
(4,515,420)
(18,278,688)
(21,032,848)
(71,135,392)
(28,380,396)
5,870,015
325,178
54,256
4,227,104
(436,287)
12,105,439
(12,935,790)
(4,202,133)
(66,851,039)
96,684,923 —
80,463,238 —
1,620,802 —
1,507,574 —
192,470,586 —
182,721,845 —
353,101,917 —
389,481,258 —
291,316,327 —
329,324,948 —
68,304,527
86,333,253
1,945,980
1,561,830
196,697,690
182,285,558
365,207,356
376,545,468
287,114,194
262,473,909
Janus Capital Funds Plc / 30 June 2015
219
Statements of Changes in Net Assets Perkins Global Value Fund
For the periods ended 30 June 2015 and 30 June 2014 (Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . Redemption of redeemable ordinary shares. . . . . . . . . . . . . . . . . . . Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable shares at 1 January 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Period Ended 30 June 2015 (USD) (unaudited)
Perkins US Strategic Value Fund
Period Ended 30 June 2014 (USD) (unaudited)
(Decrease)/Increase in net assets attributable to holders of redeemable ordinary shares from operations . . . . . . . . . . . . . . . . Capital Share Transactions of redeemable ordinary shares: Proceeds from redeemable ordinary shares sold . . . . . . . . . . . . . . . Redemption of redeemable ordinary shares. . . . . . . . . . . . . . . . . . . Dilution Levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) from Capital Share Transactions of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Increase/(Decrease) in Net Assets attributable to holders of redeemable ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable shares at 1 January 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notional FX (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets attributable to holders of redeemable ordinary shares at 30 June 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,684,785
(11,682,513)
27,131,744
807,427 (4,287,662) —
3,615,237 (2,902,253) —
29,127,757 (183,072,471) —
(3,480,235)
712,984
(1,738,515)
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
7,829,714
—
85,281,087 (223,727,798) —
775,105,140 — —
— — —
(153,944,714)
(138,446,711)
775,105,140
—
12,397,769
(165,627,227)
(111,314,967)
782,934,854
—
173,508,516 —
129,283,838 —
433,727,598 —
589,077,417 —
— —
— —
171,770,001
141,681,607
268,100,371
477,762,450
782,934,854
—
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
Janus Flexible Income Fund Period Ended 30 June 2015 (USD) (unaudited)
Janus Global Flexible Income Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
(1,434,184)
20,778,477
(26,710,977)
30,007,203
(1,896,551)
687,870
25,387,047 (44,386,707) —
14,549,232 (76,710,343) —
287,652,688 (210,600,287) —
198,484,186 (168,872,011) —
6,692,011 (2,934,041) —
1,294,735 (301,290) —
(18,999,660)
(62,161,111)
77,052,401
29,612,175
3,757,970
993,445
(20,433,844)
(41,382,634)
50,341,424
59,619,378
1,861,419
1,681,315
164,338,084 —
210,702,480 —
961,774,981 —
1,064,127,391 —
21,413,639 —
10,352,726 —
143,904,240
169,319,846
1,012,116,405
1,123,746,769
23,275,058
12,034,041
The accompanying notes are an integral part of the financial statements.
220
Period Ended 30 June 2014 (USD) (unaudited)
1,741,720
Janus Global Real Estate Fund
For the periods ended 30 June 2015 and 30 June 2014
Period Ended 30 June 2015 (USD) (unaudited)
INTECH All-World Minimum Variance Core Fund(a)
Janus Capital Funds Plc / 30 June 2015
INTECH European Core Fund Period Ended 30 June 2015 (EUR) (unaudited)
INTECH Global All Country Low Volatility Fund
Period Ended 30 June 2014 (EUR) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
INTECH Global Dividend Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
INTECH US Core Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Janus Global Diversified Alternatives Fund
Period Ended 30 June 2014 (USD) (unaudited)
Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
11,702,710
4,835,731
4,526,909
—
(63,562)
6,457,052
(1,763,361)
8,959,392
(131,514)
56,011
— — —
81,504,722 — —
1 — —
— — —
183,406 (469,985) —
36,000,373 (91,618,801) (56,113)
67,727,652 (59,376,128) —
32,895,323 (27,194,159) —
361,338 (76,384) —
1,796,029 (1,796,000) —
—
81,504,722
1
—
(286,579)
(55,674,541)
8,351,524
5,701,164
284,954
29
11,702,710
86,340,453
4,526,910
—
(350,141)
(49,217,489)
6,588,163
14,660,556
153,440
56,040
85,675,961 —
— —
163,510,884 —
— —
2,418,992 —
51,943,793 —
159,312,972 —
143,626,902 —
2,190,061 —
2,000,000 —
97,378,671
86,340,453
168,037,794
—
2,068,851
2,726,304
165,901,135
158,287,458
2,343,501
2,056,040
Janus Global High Yield Fund
Janus Global Investment Grade Bond Fund
Period Ended Period Ended 30 June 2015 30 June 2014 (USD) (USD) (unaudited) (unaudited)
Period Ended Period Ended 30 June 2015 30 June 2014 (USD) (USD) (unaudited) (unaudited)
(3,429,319) 4,099,143 (13,790,418) —
2,199,669
(3,282,653)
35,864,336 10,563,064 (8,111,290) (11,738,325) — —
3,240,545
Janus High Yield Fund Period Ended 30 June 2015 (USD) (unaudited)
2,005,650
12,982,816 129,785,655 (4,405,866) (214,043,315) — —
Period Ended 30 June 2014 (USD) (unaudited)
36,545,173
Janus Global Unconstrained Bond Fund Period Ended 30 June 2015 (USD) (unaudited)
Period Ended 30 June 2014 (USD) (unaudited)
Janus US Short-Term Bond Fund Period Ended 30 June 2015 (USD) (unaudited)
(2,421,988)
Period Ended 30 June 2014 (USD) (unaudited)
4,602,045
Company Total in US Dollar Period Ended 30 June 2015 (USD) (unaudited)
219,699,320
Period Ended 30 June 2014 (USD) (unaudited)
(2,297,533)
—
258,839,188
253,328,797 131,282,371 (251,833,767) (30,656,301) — —
— — —
97,114,219 373,801,168 (259,006,657) (146,653,325) — —
4,151,155,053 2,525,924,148 (2,639,895,610) (2,076,236,454) — (56,113)
(9,691,275)
27,753,046
(1,175,261)
8,576,950
(84,257,660)
1,495,030
100,626,070
—
(161,892,438)
227,147,843
1,511,259,443
449,631,581
(13,120,594)
29,952,715
(4,457,914)
11,817,495
(82,252,010)
38,040,203
98,328,537
—
(164,314,426)
231,749,888
1,730,958,763
708,470,769
78,532,553 —
73,476,254 —
66,785,656 —
53,538,314 —
812,890,731 1,048,178,075 — —
77,302,597 —
— —
587,918,849 —
476,517,359 —
6,619,538,269 (27,930,742)
5,828,797,251 (1,155,163)
65,411,959 103,428,969
62,327,742
65,355,809
730,638,721 1,086,218,278
175,631,134
—
423,604,423
708,267,247
8,322,566,290
6,536,112,857
Janus Capital Funds Plc / 30 June 2015
221
Notes to the Financial Statements availed of the exemption available to open-ended investment funds not to prepare a cash flow statement.
1. ACCOUNTING POLICIES The significant accounting policies and estimation techniques adopted by the Company are as follows: BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, the Companies Act and the UCITS Regulations. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Financial Reporting Council and promulgated by International Accounting Standards Board. FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, replaced the extant Irish and UK GAAP accounting standards (i.e. SSAPs and FRSs) for accounting periods commencing on or after 1 January 2015. The Company has applied FRS 104 “Interim Financial Reporting”, which is intended for use in the preparation of semi-annual reports by entities that apply FRS 102, when preparing their annual financial statements. FRS 104 replaced the Statement of Half-Yearly Financial Reporting issued by the Accounting Standards Board for accounting periods commencing on or after 1 January 2015. The Company has not applied the full disclosure requirements of FRS 102 as according to FRS 104, issued by the Financial Reporting Council, discloures demanded by financial reporting standards are generally not required for semi-annual reports. The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act, 2014 and FRS 104 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund. As the Funds are highly liquid they have
Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. In the opinion of the Directors, the Semi-Annual Report contains all significant information required to enable the shareholders and potential investors to make an informed appraisal of the financial position of the listed fund for the period, and comparative period, to which it relates. The Financial Statements of the Company have been prepared on a going concern basis. HISTORICAL COST CONVENTION The financial statements are prepared under the historical cost convention as modified to include financial assets held at fair value through profit or loss. INVESTMENT VALUATION Financial assets held at fair value through profit or loss are valued at bid market price in the financial statements. This is a departure from the Prospectus where the latest available market price on the regulated market was used. Gains and losses arising from changes in their fair value are included in the Income Statement in the year in which they arise. All the Company’s assets and liabilities are held for the purpose of being traded.
The following table presents the positions that were fair valued by Janus Global Pricing Committee at 30 June 2015. These estimated fair values may not reflect amounts that could be realised upon immediate sale or amounts that ultimately may be realised. Fund Name
Security Name
Janus Asia Frontier Markets Fund Janus Asia Frontier Markets Fund Janus Asia Growth Drivers Fund Janus Asia Growth Drivers Fund Janus Europe Fund Janus Global Life Sciences Fund Janus Global Life Sciences Fund Janus Global Life Sciences Fund INTECH All-World Minimum Variance Core Fund(a) INTECH All-World Minimum Variance Core Fund(a) INTECH Global All Country Low Volatility Fund INTECH Global All Country Low Volatility Fund INTECH Global All Country Low Volatility Fund INTECH Global All Country Low Volatility Fund
Great Wall Motor Co., Ltd. Sunway Construction Group, Bhd Great Wall Motor Co., Ltd. Sunway Construction Group, Bhd MSCI Turkey Total Return Swap Gross USD Acerta Pharma B.V. PP Clementia Pharmaceuticals INC Regenxbio INC Air China, Ltd. Hanergy Thin Film Power Group, Ltd. Jardine Cycle & Carriage, Ltd. - Rights OPAP S.A. Safeway Casa Safeway, Inc
Fair Value at 30 June 2015
$26,963 $163 $26,963 $197 €211,759 $6,616,916 $5,499,949 $6,500,000 $980,958 $1,511,281 $1,289 $33,034 $7,815 $376
Fair Value as a % of Net Assets
0.9 — 1.0 — 0.1 0.9 0.8 0.9 0.1 0.2 — — — —
The following table presents the positions that were fair valued by Janus Global Pricing Committee at 31 December 2014. These estimated fair values may not reflect amounts that could be realised upon immediate sale or amounts that ultimately may be realised. Fund Name
Security Name
Janus Europe Fund Janus Europe Fund Janus Global Life Sciences Fund Janus US Venture Fund
MSCI Daily Trust Gross Emerging Markets Index Primecity Investment PLC Diplomat Pharmacy Inc. Diplomat Pharmacy Inc.
222
Janus Capital Funds Plc / 30 June 2015
Fair Value at 31 December 2014
€(30,877) €2,640,000 $3,373,120 $2,301,092
Fair Value as a % of Net Assets
— 1.3% 0.5% 0.8%
Notes to the Financial Statements LISTED SECURITIES Securities listed on a recognised stock exchange or traded on any other organised market are valued at the last quoted bid price as at the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the relevant Business Day (normally 4:00 p.m., New York time, Monday through Friday) or, if unavailable or, in the opinion of the Administrator unrepresentative of fair value, the last available bid price on the principal exchange. This is a departure from the Prospectus, where the last quoted trade price or, if unavailable or, in the opinion of the Administrator unrepresentative of fair market value, the mid price is used. If for specific assets the latest available prices do not, in the opinion of the Administrator, reflect their fair value or if prices are unavailable, the value shall be calculated by the Administrator in consultation with the Investment Adviser or the relevant SubInvestment Advise on the basis of the probable realisation value for such assets as at the close of the regular trading session of the NYSE on the relevant Business Day. The Administrator may use a systematic fair valuation model provided by an independent third party to value equity securities in order to adjust for stale pricing which may occur between the close of foreign exchanges and the relevant Valuation Point. C ASH AND OTHER LIQUID A SSETS Cash and other liquid assets will be valued at their fair value with the relevant interest accrued, where applicable, and charged to the Income Statement when incurred at the close of the regular trading session of the New York Stock Exchange (“NYSE”) on the relevant Business Day (normally 4:00 p.m., New York time, Monday through Friday). COLLECTIVE INVESTMENT SCHEMES Units or shares in collective investment schemes will be valued at the latest available unaudited net asset value estimated by the underlying administrator or, if listed or traded on a Regulated Market, at the latest quoted trade price or a mid-quotation (or, if unavailable, a bid quotation) or, if unavailable or unrepresentative, the latest available unaudited net asset value estimated by the underlying administrator as deemed relevant to the collective investment scheme. EXCHANGE TRADED DERIVATIVE INSTRUMENTS Exchange traded derivative instruments will be valued at the close of the regular trading session of the NYSE on the relevant Business Day at the settlement price for such instruments on such market. If the settlement price of an exchange traded derivative instrument is not available, the value of such instrument shall be the probable realisation value estimated with care and in good faith by the Administrator or other competent person approved for the purpose by the Custodian. All derivatives are carried as assets when the fair value is positive and as a liability when the fair value is negative. SHORT-TERM INVESTMENTS Amortised cost calculated using the effective yield method, which approximates fair value, is used to value discounted debt obligations with 60 days or less remaining to maturity, unless the Company’s Directors determine that this does not
represent fair value. All other short-term investments, including time deposits, are valued at cost, which approximates their fair value. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. FUTURES CONTRACTS ON SECURITIES Futures are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date of an instrument, at a specified price or yield. Initial margin deposits are made upon entering into future contracts and are generally made in cash or cash equivalents. Futures contracts are fair valued based upon their daily quoted daily settlement price. For open futures contracts, changes in the fair value of the contract are recognised as unrealised gains or losses by “marking-to-market” the value of the contract at the Statement of Financial Position date. When the contract is closed, the difference between the proceeds from (or cost of) the closing transactions and the original transaction is recorded as a realised gain or loss. Futures contracts are held at fair value through profit or loss. The Variation margin receivable or payable at the year end date is reported as an asset or liability, as applicable, in the Statement of Financial Position, gains and losses arising from changes in the fair value of the futures contracts are included in the Income Statement in the year which they arise. OPTIONS Options are rights to buy or sell an underlying asset or instrument for a specified price (the exercise price) during, or at the end of, a specified year. The seller (or writer) of the option receives a payment, or premium, from the buyer, which the writer keeps regardless of whether the buyer uses (or exercises) the option. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currencies purchased. Premiums paid from the purchase of options, which expire unexercised are treated as realised losses. The premium on written call options exercised is added to the proceeds from the sale of the underlying security of foreign currency in determining the realised gain or loss. The premium on written put options exercised is subtracted from the cost of the securities or foreign currencies purchased. Premiums received from written options, which expire unexercised are treated as realised gains. A call option gives the holder (buyer) the right to buy the underlying asset from the seller (writer) of the option. A put option gives the holder the right to sell the underlying asset to the writer of the option. Options can trade on exchanges or in the OTC market and may be bought or sold on a wide variety of underlying assets or instruments, including financial indices, individual securities, and other derivative instruments, such as futures contracts, foreign currencies, forward contracts, structured investments (derivative securities which are specifically designed to combine the characteristics of one or more underlying securities in a single note) and yield curve options. Options that are written on futures contracts will be subject to margin requirements similar to those applied to futures contracts. Janus Capital Funds Plc / 30 June 2015
223
Notes to the Financial Statements Options, held at fair value though profit or loss, are fair valued daily based upon the quotation provided by counterparty on the principal exchange on which the option is traded. Realised and unrealised gains and losses arising from option contracts are included in the Income Statement in the year in which they arise. Options held by Janus Europe Fund, Janus US Fund, Janus Global Real Estate Fund and Janus Global Unconstrained Bond Fund with Goldman Sachs and UBS as at 30 June 2015 are detailed in the Portfolio Statements. Options held by Janus Global Unconstrained Bond Fund with Goldman Sachs are cleared centrally through Goldman Sachs network of companies. SWAPS A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The Company may utilise swap agreements as a means to gain exposure to certain common stocks and/or to “hedge” or protect their portfolios from adverse movements in securities prices or interest rates. The Company is subject to equity risk and interest rate risk in the normal course of pursuing their investment objectives through investments in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to a Fund. If the other party to a swap defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If a Fund utilises a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return. Swap contracts of the Company are reported as an asset or liability on the Statement of Financial Position (if applicable). Realised gains and losses of the Funds are reported in “Net gain/(loss) on financial assets and liabilities at fair value through profit or loss” on the Income Statement (if applicable). Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. The Funds’ maximum risk of loss for total return swaps from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral to the Funds to cover the Funds’ exposure to the counterparty. Financial derivative instruments shall be valued at the settlement price for such instruments on such market. Over-the-counter financial derivative instruments shall be valued daily using either the counterparty valuation or an alternative valuation, such as a valuation calculated by the Company or by an independent pricing vendor appointed by the Company provided the Company or other party has adequate human and technical means to perform the valuation and approved for that purpose by the Custodian. The counterparty to derivative instruments not traded on an exchange 224
Janus Capital Funds Plc / 30 June 2015
must be prepared to value the contract and to close out the transaction at the request of the Company at fair value. Where the counterparty valuation is used, the valuation must be approved or verified by an independent party who is approved for the purpose by the Custodian and who is independent of the counterparty at least weekly. The independent verification shall be carried out at least monthly. Where an alternative valuation is used, the Company shall follow international best practice and shall adhere to the principles on the valuation of over-the-counter instruments established by bodies such as IOSCO and AIMA such valuation shall be reconciled on a monthly basis to the valuation provided by the counterparty to such instrument. Where significant differences arise these will be promptly investigated and explained. Swaps held by Janus Asia Fund, Janus Emerging Markets Fund, Janus Europe Fund, Janus Global Diversified Alternative Fund and Janus Global Unconstrained Bond Fund with Goldman Sachs & Co., Credit Suisse, UBS, Morgan Stanley & Co., Inc, Barclays, BNP Paribas, JP Morgan and Citibank as at 30 June 2015 are detailed in the Portfolio Statements. CREDIT DEFAULT SWAPS Credit default swap agreements (“CDS”) enable the Company to buy or sell credit protection on an individual issuer or basket of issuers. The Company may enter into CDS to gain long or short exposure to sovereign bond markets. Long CDS positions are utilised to gain exposure to a sovereign bond market (similar to buying a bond) and are akin to selling insurance on the bond. Short CDS positions are utilised to short exposure to a sovereign bond market (similar to shorting a bond) and are akin to buying/selling insurance on the bond. In response to recent market events, certain regulators have proposed regulation of the CDS market. These regulations may limit the Company’s ability to use CDS and/or the benefits of CDS. CDS and similarly structured products involve risks, including the risk that the counterparty may be unable to fulfil the transaction or that the Company may be required to purchase securities to meet delivery obligations. The Company may have difficulty, be unable or may incur additional costs to acquire such securities. CDS are valued daily by independent vendor MARKIT. TRANCHE LOANS The Company may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investment in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan.
Notes to the Financial Statements When investing in a tranche loan, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. Tranche loans are fair valued based on valuations provided by the pricing vendor Market. Fees earned or paid and the receipt of payments of principal are recorded as a component of Net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Income Statement. At the 30 June 2015 tranche loans were held on Janus Balanced Fund, Janus Flexible Income Fund, Janus Global Flexible Income Fund, Janus Global High Yield Fund, Janus Global Investment Grade Bond Fund, Janus High Yield Fund and Janus US Short-Term Bond Fund.
Dividends are credited to the Income Statement on the dates on which the relevant securities are listed as “ex-dividend.” Interest income is accrued on a daily effective yield basis. Income is shown gross of non-recoverable withholding tax. Withholding tax is shown net of any reclaim receivable.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME Investment transactions are accounted for as of the date purchased or sold. Gains and losses arising from changes in the fair value of the financial assets at fair value through profit or loss are included in the Income Statement in the year in which they arise. The weighted average cost basis is used to calculate realised gains and losses on the sale of investments.
DISTRIBUTIONS PAYABLE TO HOLDERS OF R EDEEMABLE ORDINARY SHARES Proposed distributions to holders of redeemable shares are recognised in the Income Statement when they are appropriately authorised and no longer at the discretion of the Company. Distributions paid to holders of redeemable ordinary Shares are classified as finance costs in the Income Statement.
TRANSACTION COSTS Transaction costs include fees and commissions paid to agents (including employees acting as selling agents), advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative costs.
The following table presents the distribution policy applicable to each Class of Shares: Class of Share Accumulating (acc) Share Classes – All Accumulating (acc) Share Classes Distributing (dis or inc) Share Classes Janus Asia Frontier Markets Fund – All Distributing (inc) Share Classes
Janus Asia Growth Drivers Fund – All Distributing (inc) Share Classes
Frequency of Dividend Declaration
Net Investment Income
Net Realised Capital Gains
Distribution Frequency
Not applicable
Not applicable
Not applicable
Not applicable
Monthly
Monthly
Included
Monthly
Monthly
Included
Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors
Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more more frequently at the frequently at the discretion of discretion of the Directors the Directors Monthly Monthly
Included†
Janus Emerging Markets Fund – All Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more Distributing (inc) Share Classes more frequently at the frequently at the discretion of discretion of the Directors the Directors Annually or semi-annually Annually or semi-annually Janus Europe Fund – All or such other dates or or such other dates or more Distributing (inc) Share Classes more frequently at the frequently at the discretion of discretion of the Directors the Directors Janus Global Life Sciences Fund – Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more All Distributing (inc) Share Classes more frequently at the frequently at the discretion of discretion of the Directors the Directors
Included†
Janus Asia Fund – All Distributing (inc) Share Classes
Janus Balanced Fund – All Distributing (inc) Share Classes
Included
Included†
Included†
Janus Capital Funds Plc / 30 June 2015
225
Notes to the Financial Statements
Class of Share
Frequency of Dividend Declaration
Net Investment Income
Annually or semi-annually Annually or semi-annually or Janus Global Research Fund – All or such other dates or such other dates or more Distributing (dis or inc) Share Classes more frequently at the frequently at the discretion with the exception of the A$dis, discretion of the Directors of the Directors B$inc and I$dis Share Classes Annually or more Annually or more frequently Janus Global Research Fund – A$dis, frequently at the discretion at the discretion of the B$inc and I$dis Share Classes of the Directors Directors Annually or semi-annually Annually or semi-annually Janus Global Technology Fund – or such other dates or or such other dates or more All Distributing (inc) Share Classes more frequently at the frequently at the discretion of discretion of the Directors the Directors Monthly Monthly Janus Japan Emerging Opportunities Fund – All Distributing (inc) Share Classes
Net Realised Capital Gains
Distribution Frequency
Included†
Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors
Included†
Included†
Included
Janus Japan Fund – All Distributing (inc) Share Classes
Monthly
Monthly
Included
Janus Opportunistic Alpha Fund – All Distributing (dis or inc) Share Classes with the exception of the A$dis and I$dis Share Classes Janus Opportunistic Alpha Fund – A$dis and I$dis Share Classes
Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors
Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or semi-annually or such other dates or more frequently at the discretion of the Directors Annually or more frequently at the discretion of the Directors
Included†
Janus US Fund – All Distributing (inc) Share Classes
Janus US Research Fund – All Distributing (dis or inc) Share Classes with the exception of the A$dis, B$inc and I$dis Share Classes Janus US Research Fund – A$dis, B$inc and I$dis Share Classes Janus US Twenty Fund – All Distributing (dis or inc) Share Classes with the exception of the A$dis and I$dis Share Classes Janus US Twenty Fund – A$dis and I$dis Share Classes Janus US Venture Fund – All Distributing (dis or inc) Share Classes with the exception of the A$dis and I$dis Share Classes Janus US Venture Fund – A$dis and I$dis Share Classes Perkins Global Value Fund – All Distributing (inc) Share Classes
Perkins US Strategic Value Fund – All Distributing (dis or inc) Share Classes with the exception of the A$dis and I$dis Share Classes Perkins US Strategic Value Fund – A$dis and I$dis Share Classes
226
Janus Capital Funds Plc / 30 June 2015
Included†
Included†
Included†
Included†
Included†
Included†
Included†
Included†
Included†
Included†
Included†
Notes to the Financial Statements
Class of Share INTECH All-World Minimum Variance Core Fund(a) – All Distributing (inc) Share Classes INTECH European Core Fund – All Distributing (inc) Share Classes INTECH Global All Country Managed Volatility Fund – All Distributing (inc) Share Classes INTECH Global Dividend Fund – All Distributing (inc) Share Classes
Frequency of Dividend Declaration
Net Investment Income
Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more more frequently at the frequently at the discretion of discretion of the Directors the Directors Annually or more Annually or more frequently frequently at the discretion at the discretion of the of the Directors Directors Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more more frequently at the frequently at the discretion of discretion of the Directors the Directors Monthly Monthly
Annually or semi-annually Annually or semi-annually INTECH US Core Fund – All or such other dates or or such other dates or more Distributing (dis or inc) Share Classes more frequently at the frequently at the discretion of with the exception of the A$dis and discretion of the Directors the Directors I$dis Share Classes Annually or more Annually or more frequently INTECH US Core Fund – A$dis and frequently at the discretion at the discretion of the I$dis Share Classes of the Directors Directors Annually or semi-annually Annually or semi-annually Janus Global Diversified or such other dates or or such other dates or more Alternatives Fund – All Distributing more frequently at the frequently at the discretion of (inc) Share Classes discretion of the Directors the Directors Quarterly Quarterly Janus Global Real Estate Fund – All Distributing (inc) Share Classes
Net Realised Capital Gains
Distribution Frequency
Included†
Annually or semi-annually on or about 15 April and/or 15October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 October, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Annually on or about 15 May, or more frequently at the discretion of the Directors Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors Quarterly, normally on 15 February, 15 May, 15 August and 15 November unless one of these days is not a Business Day in which case the distribution will be made on the last Business Day before the aforementioned dates Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Annually or semi-annually on or about 15 February and/or 15 August, or such other dates or more frequently at the discretion of the Directors Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Annually or semi-annually on or about 15 April and/or 15 October, or such other dates or more frequently at the discretion of the Directors
Included†
Included†
Included
Included†
Included†
Included†
Included†
Janus Flexible Income Fund – All Distributing (inc) Share Classes
Monthly
Monthly
Included†
Janus Global Flexible Income Fund – All Distributing (inc) Share Classes
Monthly
Monthly
Included†
Janus Global High Yield Fund – All Distributing (inc) Share Classes with the exception of the Z$inc
Monthly
Monthly
Included†
Janus Global High Yield Fund – Z$inc Share Class
Janus Global Investment Grade Bond Fund – All Distributing (inc) Share Classes with the exception of the Z$inc
Janus Global Investment Grade Bond Fund – Z$inc Share Class
Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more more frequently at the frequently at the discretion of discretion of the Directors the Directors Monthly
Included†
Included†
Monthly
Annually or semi-annually Annually or semi-annually or such other dates or or such other dates or more more frequently at the frequently at the discretion of discretion of the Directors the Directors
Included†
Janus Capital Funds Plc / 30 June 2015
227
Notes to the Financial Statements
Frequency of Dividend Declaration
Net Investment Income
Net Realised Capital Gains
Distribution Frequency
Janus High Yield Fund – All Distributing (inc) Share Classes
Monthly
Monthly
Included†
Janus Global Unconstrained Bond Fund – All Distributing (inc) Share Classes
Monthly
Monthly
Included†
Janus US Short-Term Bond Fund – All Distributing (inc) Share Classes
Monthly
Monthly
Included†
Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month Monthly, normally on the fifteenth day of each month unless the fifteenth day is not a Business Day in which case the distribution will be made on the last Business Day before the fifteenth day of the month
Class of Share
†
In respect of each dividend declared, the Board of Directors may determine if, and to what extent, such dividend is to be paid out of net realised capital gains.
Accumulating (acc) Share Classes The Company will not declare or make dividend payments on any accumulating (acc) Class of Shares. All net income and net realised capital gains will not be distributed and will be reflected in the net asset value per Share. Distributing (dis or inc) Share Classes The distributing (dis or inc) share classes intend to declare and distribute dividends, which are comprised of net investment income as disclosed below. Any net capital gains realised (i.e. net capital gains less realised and unrealised losses) by the above Classes of Shares on sales of portfolio assets are declared and distributed periodically. During the distribution year, prior to the day that the distributions are declared, the undistributed net investment income and undistributed net realised capital gains will be retained and reflected in the net asset value of each Share Class. It should also be noted that the Class A$inc, Class AHK$inc, Class AAUD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class IRMB(CNH)inc (Hedged), Class ANZD$inc (Hedged) and ASGD$inc (Hedged) Shares of the Janus High Yield Fund, Class A$inc, Class AHK$inc, Class AAUD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class ANZD$inc (Hedged) and ASGD$inc (Hedged) Shares of the Janus Flexible Income Fund, Class A$inc, Class A€inc (Hedged), Class AHK$inc, Class AAUD$inc (Hedged), Class ACHFinc (Hedged), Class ACAD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class ASEKinc (Hedged), Class ANZD$inc (Hedged) and Class ASGD$inc (Hedged) of the Janus Balanced Fund, the INTECH Global Dividend Fund, the Janus Global Real Estate Fund, the Janus Global High Yield Fund and the Janus Global Investment Grade Bond Fund, Class A$inc (Hedged), Class A€inc, Class AHK$inc (Hedged), Class AAUD$inc (Hedged), Class ACHFinc (Hedged), Class ACAD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class ASEKinc (Hedged), Class ANZD$inc (Hedged) and Class ASGD$inc (Hedged) of the Janus Europe Allocation Fund, Janus Europe Flexible Income Fund, Class A$inc,
228
Janus Capital Funds Plc / 30 June 2015
Class A£inc (Hedged), Class A€inc (Hedged), Class AHK$inc, Class AAUD$inc (Hedged), Class ACHFinc (Hedged), Class ACAD$inc (Hedged), Class ARMB(CNH)inc (Hedged), Class ASEKinc (Hedged), Class ANZD$inc (Hedged) and Class ASGD$inc (Hedged) of the Janus Global Unconstrained Bond Fund and Class Einc and Vinc Shares of all Funds may charge certain fees and expenses to capital rather than income, which may result in an increased risk that Shareholders in these Share Classes may not receive back the full amount invested when redeeming their holding. Where the above Share Classes operate equalisation distributions made by such Share Classes will include an amount of income equalisation. This amount corresponds to the equalisation income included in the net asset value per Share of such Share Class. Certification as a “reporting fund” has been obtained from the United Kingdom HM Revenue & Customs for accounting periods beginning on or after 1 January 2013 in respect of the Class I$acc of the Janus Asia Fund, Classes I£acc and I£inc of the Janus Short Term Bond Fund and the $acc Classes of all Equity Investing Funds, except the Janus Asia Fund, the $acc and the €acc Classes of the Janus Europe Fund and the U Classes in respect of all funds (to the extent such Classes were in issue at such date). Certification has also been obtained for the active distributing Share Classes. It is the current intention of the Directors to seek to maintain such approvals and to seek reporting fund status in respect of any new Classes falling within such descriptions with effect from the date on which such Classes become available to investors in the United Kingdom, although no guarantees can be given that such status will be obtained or maintained. The Directors reserve the right to seek approval as a “reporting fund” in respect of any other Class. A full list of approved reporting funds is published on the website of HM Revenue & Customs. INCOME EQUALISATION All Funds operating an income or distributing share class intend to operate income equalisation. Income equalisation prevents
Notes to the Financial Statements the dilution of current shareholders’ earnings by applying a portion of the proceeds from Shares issued or redeemed to undistributed income. When Shares are purchased or redeemed the price may include an element of income. Equalisation is this element of income paid out to shareholders who have purchased or redeemed during this period. DILUTION LEVY A Fund may suffer dilution which is a reduction in the value of the assets as a result of the costs incurred in dealing in its underlying investments and of any spread between the buying and the selling prices of such investments which is not reflected in the issue or redemption price paid by or to shareholders. With a view to countering this (which, if it is significant, disadvantages existing or continuing shareholders), the Directors may make an adjustment to the share price on a daily and quarterly basis. The dilution adjustment may apply to redemptions or to subscriptions and if charged, the value of the dilution adjustment will be paid into the Fund and will become part of the property attributed to the relevant Fund. FOREIGN EXCHANGE TRANSLATION Functional and Presentation Currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which the Company operates (the “functional currency”), which is the US Dollar. All amounts disclosed in the financial statements are in USD (the “presentational currency”), with the exception of the Janus Europe Fund and INTECH European Core Fund, the functional currency of which is the Euro, and the Janus Japan Emerging Opportunities Fund and Janus Japan Fund, the functional currency of which is JPY. Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the Statement of Financial Position date. Transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Income Statement in determining the result for the year. FOREIGN FORWARD CURRENCY CONTRACTS The Company may, without limitation, enter into three types of forward foreign exchange currency contracts: Australian Dollar, British Pound, Canadian Dollar, Chinese Renminbi, Euro, Hong Kong Dollar, Japanese Yen, Singapore Dollar, Swedish Kronor and Swiss Franc Class level hedging, foreign security hedging and security transaction level hedging. The unrealised appreciation or depreciation on open forward exchange contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts, which have been settled or offset by other contracts.
For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses are allocated at Fund level. For AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, SEK, SGD and USD Class level hedge the realised and unrealised gains and losses are allocated solely to the relevant Class. While the Company will attempt to hedge against currency exposure in the AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, SEK, SGD and USD Classes, there can be no guarantee that the value of these Classes will not be affected by the value of these currencies relative to the Euro, Japanese Yen or US Dollar as applicable. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position where the Company has a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. 2. SHARE C APITAL AUTHORISED The paid up share capital of the Company shall at all times equal the combined net asset value of the Funds. The Directors are authorised to issue up to 500 billion Shares of no par value each. For accounting purposes, these are deemed to be either subscriber shares or redeemable ordinary Shares (“Ordinary Shares”). SUBSCRIBER SHARES There are currently 30,000 subscriber shares in issue of no par value, held by three subscriber shareholders. The subscriber shares do not form part of the net asset value of the Company and are thus not disclosed in the financial statements except by way of this note only. The subscriber shares entitle the shareholders holding them to attend and vote at all meetings of the Company, but do not entitle the holders to participate in the dividends or net asset value of any Fund or of the Company. R EDEEMABLE ORDINARY SHARES The Company issues redeemable shares, which are redeemable at the holder’s option and are classified as financial liabilities. Redeemable shares can be put back to the Company at any time for cash equal to a proportionate share of the net asset value per share of the relevant Fund. The redeemable share is carried at the redemption amount that is payable at the Statement of Financial Position date if the holder exercises the right to put the share back to the Company at that date. Holders of redeemable ordinary shares are entitled to attend and vote at meetings of the Company and of the fund represented by those Shares. Redeemable shares are issued and redeemed at the holder’s option at prices based on the net asset value per share of the relevant Fund at the time of issue or redemption. The net asset value per share of the relevant Fund is calculated by dividing
Janus Capital Funds Plc / 30 June 2015
229
Notes to the Financial Statements the net assets attributable to the holders of redeemable shares in that class by the total number of outstanding redeemable shares in that class (adjusted to the nearest whole unit of the base currency). In accordance with the provisions of the Company’s articles of association and prospectus, investment positions which are listed or traded on a regulated market for which market quotations are readily available are valued based on the last quoted trade price for the purpose of determining the net asset value per Share for subscriptions and redemptions. Distributions on these Ordinary Shares are recognised in the Income Statement as finance costs. 3. R ELATED PARTY TRANSACTIONS Janus Capital International Limited (“JCIL”) acts as Investment Adviser and Distributor to the Company. JCIL is a company incorporated under the laws of England and Wales, which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the UK. JCIL holds 29,998 Subscriber Shares of the Company as of 30 June 2015 (31 December 2014: 29,998). JCIL has delegated to Janus Capital Management LLC (“JCM”) responsibility for providing discretionary investment management and advisory services to the whole or part of the assets of the Equity & Allocation Funds (except for the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Asia Fund, Janus Japan Emerging Opportunities Fund, Janus Japan Fund, Perkins Global Value Fund and Perkins US Strategic Value Fund), the Alternative Investment Funds and the Fixed Income Funds pursuant to an Investment Management Delegation Agreement dated 17 August, 1999, as amended. JCM is registered as an investment adviser with the US Securities and Exchange Commission. JCM which indirectly owns JCIL is owned by Janus Capital Group Inc. JCM holds 2 Subscriber Shares of the Company as of 30 June 2015 (31 December 2014: 2). JCIL has delegated to Janus Capital Singapore Pte. Limited (“JCSL”) responsibility for providing discretionary investment management and advisory services the whole or part of the assets of the Janus Asia Fund and Janus Emerging Markets Fund, pursuant to an Investment Management Delegation Agreement dated 30 August 2011, amended on 21 December 2012. JCSL has been in the fund management and investment management business since 2007 and acts as the securities trader and execution agent of JCM. As of 3 0 June 2015 JCM had assets under management of approximately $128.3 billion (31 December 2014: $119.9 billion). JCSL is registered with the Securities and Exchange Commission as an investment adviser and has been granted a licence by the Monetary Authority of Singapore to deal in securities and to manage funds. JCIL has delegated to INTECH responsibility for providing discretionary investment management and advisory services
230
Janus Capital Funds Plc / 30 June 2015
to the INTECH Sub-Advised Funds pursuant to an Investment Management Delegation Agreement dated 6 January, 2003, as amended. INTECH has been in the investment advisory business since 1987 and serves as investment adviser or subadviser to a number of mutual funds, institutional investors and separately managed accounts. As of 30 June 2015, approximately 96.81% (31 December 2014: 96.81%) of the outstanding voting shares of INTECH was ultimately owned by Janus Capital Group Inc. JCIL has delegated to DIAM International Ltd. (“DIAM UK”) responsibility for providing discretionary investment management and advisory services to the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan Emerging Opportunities Fund and Janus Japan Fund pursuant to an investment management delegation agreement dated 28 July 2014. DIAM UK is a company incorporated under the laws of England and Wales and is authorized and regulated by the FCA. As of 30 June 2015, DIAM UK had assets under management of approximately US$6.62 billion. Up to 12 April 2015 DIAM UK has appointed DIAM Asset Management (HK) Limited as sub-sub-investment manager of the Janus Asia Frontier Markets Fund and the Janus Asia Growth Drivers Fund. With effect from 20 May 2015, DIAM Singapore Pte. Ltd has been appointed as sub-sub-investment manager to these sub-funds. JCIL has delegated to Perkins Investment Management LLC (“Perkins”) responsibility for providing discretionary investment management and advisory services to the Perkins Global Value Fund and Perkins US Strategic Value Fund pursuant to an Investment Management Delegation Agreement dated 11 July, 2003, as amended. Perkins serves as investment adviser or sub-adviser to a number of US domiciled mutual funds, institutional investors and individually managed accounts. As of 30 June 2015, JCM owned 100% (31 December 2014: 100%) of Perkins. Perkins is ultimately owned by Janus Capital Group, Inc. Mr. Cheh is an officer of Janus Capital Group Inc., which indirectly owns JCIL, Mr. Cheh did not receive Directors’ fees from the Company. All transactions with related parties Directors or any party in which they have a material interest are entered into in the ordinary course of business and on normal commercial terms. During the period ended 30 June 2015, Arthur Cox invoiced fees of €45,892 (30 June 2014 €140,549) for services to the Company, all of which were paid during the period. None of the Directors have entered into an employment or service contract with the Company. Directors’ remuneration is detailed in Note 18 to the financial statements. CONNECTED PARTIES The Board is satisfied that (i) there are arrangements (evidenced by written procedures) in place, to ensure that any transaction
Notes to the Financial Statements carried out with the Company by JCIL, the Custodian and/or associated or group companies of these (“connected parties”) are carried out as if negotiated at arm’s length and that such transactions are in the best interests of the shareholders; and (ii) all transactions with connected parties during the period complied with these obligations.
Investment Management Fees Funds
INVESTMENT M ANAGEMENT FEES The Investment Adviser was entitled to receive an investment management fee in respect of Class A, B, E, I, U and V Shares for each launched Fund for the period ended 30 June 2015 calculated daily and paid monthly in arrears, as set out in the following schedule:
Annual Percentage (of a Fund’s Net Asset Value for Class A, B, E and V Shares)*
Annual Percentage (of a Fund’s Net Asset Value for Class I Shares)*
Annual Percentage (of a Fund’s Net Asset Value for Class U Shares)*
1.25% 1.25% 1.25% 1.00% 1.25% 1.25% 1.50% 1.25% 1.50% 1.25% 1.00% 1.25% 1.25% 1.50% 1.25% 1.50% 1.25% 1.50% 0.85% 1.00% 0.75% 0.85% 1.00% 1.25% 1.25% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 0.65%
1.00% 1.00% 1.00% 0.80% 1.10% 1.00% 1.50% 1.00% 1.50% 1.00% 0.90% 0.95% 0.95% 0.95% 0.95% 1.50% 1.00% 1.50% 0.80% 1.00% 0.70% 0.80% 0.95% 1.10% 1.00% 0.55% 0.70% 0.80% 0.60% 0.65% 0.75% 0.65%
0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.75% 0.75% 0.65% 0.75% 0.75% 0.90% 0.80% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
Janus Asia Frontier Markets Fund............................................................... Janis Asia Growth Drivers Fund ................................................................. Janus Asia Fund .......................................................................................... Janus Balanced Fund ................................................................................... Janus Emerging Markets Fund .................................................................... Janus Europe Fund ...................................................................................... Janus Global Life Sciences Fund ................................................................. Janus Global Research Fund ....................................................................... Janus Global Technology Fund ................................................................... Janus Japan Emerging Opportunities Fund ................................................ Janus Japan Fund ........................................................................................ Janus Opportunistic Alpha Fund. ............................................................... Janus US Fund ............................................................................................. Janus US Research Fund ............................................................................. Janus US Twenty Fund ................................................................................ Janus US Venture Fund .............................................................................. Perkins Global Value Fund .......................................................................... Perkins US Strategic Value Fund ................................................................. INTECH All-World Minimum Variance Core Fund(a) ................................. INTECH European Core Fund .................................................................... INTECH Global All Country Low Volatility Fund ...................................... INTECH Global Dividend Fund.................................................................. INTECH US Core Fund............................................................................... Janus Global Diversified Alternatives Fund ................................................ Janus Global Real Estate Fund ................................................................... Janus Flexible Income Fund ........................................................................ Janus Global Flexible Income Fund. ........................................................... Janus Global High Yield Fund ..................................................................... Janus Global Investment Grade Bond Fund. ............................................... Janus High Yield Fund ................................................................................ Janus Global Unconstrained Bond Fund .................................................... Janus US Short-Term Bond Fund ................................................................ *Calculated as a percentage of the Fund’s average daily net asset value attributed to the relevant class.
In respect of the Class Z Shares, the Investment Adviser is entitled to an investment management fee which will be payable under a separate agreement with the Investment Adviser into which each investor must enter (and maintain) prior to their initial subscription for Class Z Shares in the Fund. SHAREHOLDER SERVICE FEES A shareholder service fee with respect to Class A, Class B and Class V Shares is payable to the Distributor out of the assets of each Fund at the rate of 0.75% per annum (0.50% for INTECH Sub-Advised Funds and the Janus US Short-Term Bond Fund) of the Fund’s average daily net asset value attributable to each such Class. A shareholder service fee with respect to Class E Shares is payable out of the assets of each Fund at the rate of 1.25% for each of the Equity & Allocation Funds, INTECH Sub-Advised Funds and Alternative Investment Funds, 1.00% for each of the
Fixed Income Funds per annum of the relevant Fund’s average daily net asset value attributable to Class E Shares. There are no shareholder service fees with respect to Class I, Class U and Class Z Shares. DISTRIBUTION FEES A distribution fee with respect to Class B is payable out of the assets of each Fund at the rate of up to 1.00% per annum of the Fund’s average daily net asset value attributable to each such Class.
Janus Capital Funds Plc / 30 June 2015
231
Notes to the Financial Statements Fees charged in relation to Investment Management, Shareholder Service and Distribution Fees are shown as separate line items in the Income Statement.
No Irish tax will arise on the Company in respect of chargeable events in respect of: (i)
FUND EXPENSE LIMITS The Investment Adviser has agreed to waive all or a portion of its investment management fees to the extent necessary to ensure that the total fees and out-of-pocket expenses of each Class do not exceed the maximum expense limits which are set out in the “Fees and Expenses” section of the Prospectus and are also set out on page 302 in the Fund Expense Limits and Total Expense Ratios. The Prospectus provides that where the total fees (including all fees of the Administrator, the Custodian and any Company representative in any jurisdiction) and out-of-pocket expenses, allocated to a Fund in any fiscal year exceed the total expense limits set out in the Prospectus, the amount of such excess may be carried forward to succeeding fiscal years (together with the amount of any such unpaid excess relating to previous years) provided that such carry forward will be subject to the expense caps applicable to the relevant fiscal year. The resulting contingent liability has not been disclosed, as it cannot be calculated with any reasonable accuracy. This provision does not apply to the Janus Asia Fund, INTECH All-World Minimum Variance Core Fund(a), INTECH European Core Fund, Janus Europe Fund, Janus Global Research Fund, INTECH US Core Fund, Janus Emerging Markets Fund, Janus US Fund, Perkins Global Value Fund, Janus Global Flexible Income Fund, Janus Global High Yield Fund, Janus Global Investment Grade Bond Fund, Janus Global Real Estate Fund, Janus Japan Fund, Janus Japan Emerging Opportunities Fund, Janus Asia Growth Drivers Fund, Janus Asia Frontier Markets Fund, Janus Emerging Market Debt Fund, Janus Global Diversified Alternatives Fund, and Janus Global Unconstrained Bond Fund; any fees and expenses incurred by these Funds in excess of the maximum expense limits, may not be carried forward to succeeding fiscal years and the Investment Adviser will waive such portion of its investment management fee in respect of such Funds to the extent necessary to ensure that the total expense limits for those Funds are not exceeded. Fees charged by the administrator and custodian are shown as separate line items on the Income Statement. 4. TAXATION The Directors have been advised that under current Irish law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997 (of Ireland) (as amended). On that basis it is not generally chargeable to Irish tax on its income and gains. Tax may however arise on the happening of a chargeable event in the Company. A chargeable event includes any payments of distributions to Shareholders, any encashment, repurchase, redemption, cancellation or transfer of Shares and any deemed disposal of Shares as described in the Company’s Prospectus. 232
Janus Capital Funds Plc / 30 June 2015
a Shareholder who is neither resident nor ordinarily resident in Ireland at the time of the chargeable event and has made the necessary signed statutory declarations to that effect which are held by the Company or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and
(ii) Certain exempted Irish resident investors as defined in the Prospectus and who have provided the Company with the necessary signed statutory declarations. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders. 5. C ASH AT BANK All cash balances, for the period ended 30 June 2015 and 31 December 2014, were held by the Citibank International Limited, Ireland Branch, with the exception of cash held as collateral. As at the 30 June 2015, UBS, Goldman Sachs, JP Morgan and Merrill Lynch held cash as collateral for financial derivatives such as options and futures on Janus Asia Fund, Janus Emerging Markets Fund, Janus Europe Fund, Janus Global Diversified Alternatives Fund, Janus Global Unconstrained Bond Fund and Janus Europe Fund. Cash collateral provided by the Fund is identified in the Statement of Financial Position as margin and collateral cash and is not included as a component of cash and foreign currency. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pledge the collateral, the Fund classifies that asset in its Statement of Financial Position separately from other assets and identifies the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, a disclosure of the collateral provided is made in the notes to the financial statements. At 30 June 2015 the Janus Unconstrained Bond Fund had 15,500 Shares, of Sigma-Aldrich Corp., with a value of $2,159,925, held as non-cash collateral with Goldman Sachs. At 31 December 2014 the Janus Unconstrained Bond Fund had 2,100,000 shares, of United States Treasury Inflation Indexed Bond 2.375% 15/01/25 with a value of $2,938,007, held as non-cash collateral with Goldman Sachs. 6. OTHER INCOME Included in other income are amounts relating to a commission recapture program. The Company has entered into a commission recapture agreement with Russell Investment Group enabling the
Notes to the Financial Statements Company to benefit from brokerage discounts. Income from the Frank Russell Securities, Inc. commission recapture program for the period ended 30 June 2015 amounted to $135,972 (30 June 2014: $74,764). 7. SECURITIES LENDING As at 30 June 2015 and 31 December 2014 the Company had no securities on loan. 8. SOFT COMMISSION A RRANGEMENTS The Company commenced a soft commission arrangement in July 2007 where the Investment Adviser and connected persons have entered into arrangements with brokers in respect of which certain goods and services used to support the investment decision process are received. The Investment Adviser and connected persons do not make direct payment for these services but do transact an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions. The goods and services utilised for the Company include computer hardware and software used for economic and political analysis, portfolio analysis including valuation and performance measurement, market analysis, data and quotation services and investment related publications. The Investment Adviser considers these arrangements are to the benefit of the Company and has satisfied itself that it obtains best execution on behalf of the Company. 9. CROSS LIABILITY The Company has segregated liability between Funds. This ensures that the liabilities incurred on behalf of a Fund will generally be discharged solely out of the assets of that Fund and there generally can be no recourse to the other Funds to satisfy those liabilities. Notwithstanding the foregoing, there can be no assurance that, should an action be brought against the Company in the courts of another jurisdiction, the segregated nature of the Funds would necessarily be upheld. In addition, whether or not there is a cross-liability between Funds, proceedings involving an individual Fund could involve the Company as a whole which could potentially affect the operation of all Funds. 10. EFFICIENT PORTFOLIO M ANAGEMENT The Company may, for the purposes of efficient portfolio management and hedging of currency risks, enter into futures and swaps contracts or write call options and purchase put options on currencies provided that these transactions may only concern contracts which are traded on a regulated market operating regularly, being organised and open to the public. The Company may also enter into forward purchases or sales of currencies or exchange currencies on the basis of “over the counter” arrangements with highly rated financial institutions specialising in this type of transaction. During the year, the Company entered into futures contracts and forward currency transactions for the purpose of hedging currency risk on investment and cash holdings, to hedge benchmark
risk and also to attempt to hedge the value of certain Classes of Australian Dollar, British Pound, Canadian Dollar, Chinese Renminbi, Euro, Hong Kong Dollar, Japanese Yen, Singapore Dollar, Swedish Kronor and Swiss Franc denominated Shares. Contracts outstanding at 30 June 2015 are disclosed in the relevant Funds Portfolio Investments. For UCITS which have invested in financial derivative instruments and/or engaged in efficient portfolio management techniques, disclosures are required under UCITS Notice 8.4. The Investment Manager of the Funds has identified all financial derivative instruments which are forward currency contracts, futures, options, swaps, fully funded equity swaps and total return swaps, all which are detailed further in the accounting policies note 1. During the period, forward currency contracts, futures, options, swaps, fully funded equity swaps and total return swaps transactions were entered into for the purpose of efficient portfolio management in order to hedge currency and market exposure and/or for investment purposes. Details of all open transactions at the year end are disclosed in the Portfolio Investments. The Funds did not engage in any efficient portfolio management techniques of repurchase, reverse repurchase and stock lending arrangements. 11. EXCHANGE R ATES The functional and presentational currency of the Company is US Dollar. All amounts disclosed in the financial statements are in US Dollar, with the exception of the Janus Europe Fund, and INTECH European Core Fund which are Euro and Janus Japan Emerging Opportunities Fund and Janus Japan Fund which are JPY. An average foreign exchange rate of Euro/USD: 0.9012 was used in the aggregation of the financial statements for the Janus Europe Fund and the INTECH European Core Fund. An average foreign exchange rate of JPY/USD: 120.4650 was used in the aggregation of the financial statements for the Janus Emerging Opportunities Fund and the Janus Japan Fund. (31 December 2014: An average foreign exchange rate of Euro/USD: 0.7529 was used in the aggregation of the financial statements for the Janus Europe Fund and Euro/USD: 0.7559 was used in the aggregation of the financial statements for the INTECH European Core Fund reflecting the average rate from the launch date of this Fund. An average foreign exchange rate of JPY/USD: 113.8803 was used in the aggregation of the financial statements for the Janus Emerging Opportunities Fund and the Janus Japan Fund, reflecting the average rate from the launch date of these Funds). The Statement of Financial Position is translated using exchange rates at the year end and the Income Statement and Statement of Changes in Net Assets are translated at an average rate over the period for inclusion in the combined financial statements of the Company. The resulting notional currency gain/(loss) and the notional currency gain/(loss) on retranslation of opening net assets is included in the Statement of Changes in Net Assets. The method of translation has no effect on the value of net assets allocated to the individual Funds. Janus Capital Funds Plc / 30 June 2015
233
Notes to the Financial Statements The following exchange rates have been used to translate assets and liabilities in currencies other than US Dollar: As at 30 June 2015:
AED AUD BRL CAD CHF CLP CNH CNY COP CZK DKK EGP EUR GBP HKD HUF IDR ILS INR JPY KRW MXN MYR NOK NZD PEN PHP PLN QAR RON SEK SGD THB TRY TWD ZAR
As at 31 December 2014:
3.6728 1.2963 3.1082 1.2488 0.9347 638.9776 6.2061 6.2010 N/A 24.4403 6.6908 7.6300 0.8971 0.6365 7.7513 282.7535 13,329.7787 3.7717 63.6740 122.3700 1,115.2002 15.7151 3.7710 7.8368 1.4762 3.1791 45.0796 3.7584 3.6410 4.0085 8.2856 1.3465 33.7655 2.6795 30.8518 12.1560
AED AUD BRL CAD CHF CLP CNH CNY COP CZK DKK EGP EUR GBP HKD HUF IDR ILS INR JPY KRW MXN MYR NOK NZD PEN PHP PLN QAR RON SEK SGD THB TRY TWD ZAR
3.6728 1.2252 2.6572 1.1615 0.9939 606.4281 6.2158 6.2040 2,375.2969 22.8770 6.1533 7.1500 0.8265 0.6417 7.7538 261.3286 12,379.3018 3.8942 63.1154 119.7600 1,098.9977 14.7506 3.4950 7.4479 1.2824 2.9790 44.7247 3.5371 — 3.7023 7.7904 1.3243 32.8904 2.3315 31.5996 11.5578
The following exchange rates have been used to translate assets and liabilities in the Janus Europe Fund and the INTECH European Core Fund in currencies other than Euro: As at 30 June 2015:
AED CHF DKK GBP HKD HUF NOK PLN SEK USD
As at 30 June 2015:
234
The following table details the transaction costs for the period ended 30 June 2015 and 30 June 2014. Fund Name
Janus Asia Frontier Markets Fund Janus Asia Fund Janus Asia Growth Drivers Fund Janus Balanced Fund Janus Emerging Markets Fund Janus Europe Fund Janus Global Life Sciences Fund Janus Global Research Fund Janus Global Technology Fund Janus Japan Emerging Opportunities Fund Janus Japan Fund Janus Opportunistic Alpha Fund Janus US Fund Janus US Research Fund Janus US Twenty Fund Janus US Venture Fund Perkins Global Value Fund Perkins US Strategic Value Fund INTECH All-World Minimum Variance Core Fund(a) INTECH European Core Fund INTECH Global All Country Low Volatility Fund INTECH Global Dividend Fund INTECH US Core Fund Janus Global Diversified Alternatives Fund Janus Global Real Estate Fund Janus Flexible Income Fund Janus Global Flexible Income Fund Janus Global High Yield Fund Janus Global Investment Grade Bond Fund Janus High Yield Fund Janus Global Unconstrained Bond Fund Janus US Short-Term Bond Fund
Period ended 30 June 2015
Period ended 30 June 2014
$72,654 $4,609,196 $148,775 $70,182 $1,246,229 €5,720,895 $922,773 $369,894 $1,162,763
— $96,790 — $43,955 $6,327 €548,893 $352,530 $17,012 $61,390
¥183,306 ¥480,790 $71,975 $595 $30,026 $91,736 $151,439 $1,310,371 $132,773
— — $95,371 $638 $40,778 $74,303 $245,413 $70,235 $271,633
$9,495,163 €369,005
— €270,575
$3,396,990 $8,438 $82,784
— $140,837 $40,963
— $226,989 $86 $1 $662
— $85,305 $73 $2 $1,277
— $9,207
$30 $17,284
$8,135 —
— —
As at 31 December 2014:
N/A 1.0419 7.4582 0.7095 N/A 315.1853 8.7357 4.1895 9.2360 1.1147
AED CHF DKK GBP HKD HUF NOK PLN SEK USD
4.4437 1.2025 7.4449 0.7764 9.3813 316.1815 9.0112 4.2795 9.4256 1.2099
The following exchange rates have been used to translate assets and liabilities in the Janus Japan Fund and the Janus Japan Emerging Opportunities Fund, in currencies other than JPY: AUD CAD CNH EUR GBP HKD USD
12. TRANSACTION COSTS
As at 31 December 2014:
94.3962 97.9901 19.7177 136.4058 192.2432 15.7871 122.3699
AUD CAD CNH EUR GBP HKD USD
97.7271 102.9729 19.2234 145.2523 185.8823 15.4061 119.7600
Janus Capital Funds Plc / 30 June 2015
13. FINANCIAL INSTRUMENTS AND FINANCIAL DERIVATIVE INSTRUMENTS As an an investment company, in pursuing their investment objectives set out in the Prospectus, the Funds hold a number of financial instruments, and derivatives for efficient portfolio management, which means that the assessment and monitoring of these risks attached to these instruments is fundamental to the financial position and results of the Company. These comprise of: • Equity and non-equity shares, fixed income securities and floating rate securities. These are held in accordance with the Fund’s investment objectives and policies; • Cash, liquid resources and short-term debtors and creditors that arise directly from operations; and • Redeemable ordinary Shares which represent investors’ monies which are invested on their behalf.
Notes to the Financial Statements Risk can be separated into the following components: Market Risk, Credit Risk and Liquidity Risk. Each type of risk is discussed in turn below and qualitative and quantitative analyses are provided where relevant to give the reader an understanding of the risk management methods used by the Investment Adviser and the Board of Directors. The main risks arising from the Company’s financial instruments are market price, foreign currency, interest rate, liquidity and credit risk. The main risks relating to the Company’s use of financial derivative instruments are counterparty risk, credit risk, increased margin calls and unlimited risk of loss. Further details of these and other risks are set out in the Prospectus under the heading “Risk Factors and Special Considerations”. A SSESSMENT AND MONITORING OF R ISK Day-to-day risk management of the Company is undertaken by the Investment Adviser. The Investment Adviser together with the Sub-Investment Advisers identify, monitor and manage all applicable risks pertaining to the Company to the extent required under the UCITS Regulations. The Investment Adviser has undertaken to report to the designated Directors on a monthly basis matters arising in relation to the monitoring of certain material risks arising from a Fund’s investments in financial instruments. In addition to the Investment Adviser undertaking a daily review of its investments in financial instruments, other risk management issues are also reported on a monthly basis to the designated Directors by the individual or individuals within the relevant service providers responsible for monitoring risk including certain operational risks relating to the Company’s key service providers. The Investment Adviser has appointed the following four Sub-Investment Advisers with responsibility for investing and managing the assets of the Funds and for assisting in identifying, monitoring and managing the relevant risks. 1. JANUS C APITAL M ANAGEMENT LLC (“JCM”) AND JANUS C APITAL SINGAPORE P TE. L IMITED (“JCSL”) JCM and JCSL generally take a “bottom-up” approach to building portfolios. In other words, they seek to identify individual companies with earnings growth potential that may not be recognised by the market at large. Those Funds in the Fundamental Equity and Allocation Funds and Alternative Fixed Income Investment Funds categories with the exception of the Perkins US Strategic Value Fund and Perkins Global Value Fund follow an investment strategy in which companies are considered principally on their own fundamental qualitative and quantitative characteristics. Commonly referred to as stock picking or bottom up investing, portfolios of fundamental based investment funds are built one security at a time following intensive in house research into each company. Areas of research focus can include the company’s management, financials, competitive strengths and weaknesses, earnings growth prospects and numerous other metrics. This approach rests on a belief that some companies have inherent strengths for creating shareholder value over time, have superior prospects to their peer groups and should therefore outperform even in
challenging industry and economic circumstances. The purpose of a fundamental investment approach is to identify and invest in such companies. 2. INTECH INVESTMENT M ANAGEMENT LLC (“INTECH”) INTECH, the Sub-Investment Adviser for the Risk Managed Equity Funds, applies a mathematical approach to building portfolios. INTECH developed the formulas underlying this mathematical process. The process is designed to take advantage of market volatility (variation in stock prices), rather than using research or market/economic trends to predict the future stocks. The process seeks to generate a return in excess of the relevant Risk Managed Equity Fund’s benchmark over the long term, while controlling the risk relative to the benchmark. INTECH’s investment and risk process is unique in that it is based on a rigorous mathematical theory – its risk process employs a proprietary optimisation process to identify the target security weights in the portfolio. Using a precise mathematical formula and applying that within specific risk constraints, the process attempts to identify a portfolio that is more efficient than the benchmark index. 3. P ERKINS INVESTMENT M ANAGEMENT LLC (“P ERKINS”) Perkins, the Sub-Investment Adviser for the Perkins Global Value Fund and Perkins US Strategic Value Fund, generally takes a “value” approach to building portfolios. The “value” approach emphasises investments in companies that Perkins believes are undervalued relative to their intrinsic worth. Perkins seeks investment in companies with solid balance sheets and strong cash flows, which are trading at low prices relative to their competitors or which are trading at low price/ earnings, or price/book ratios, or low price/cash flow. Within Perkins’s investment process, there are several factors which Perkins uses to manage risk. In addition to those referred to above, Perkins aims to calculate and carefully monitor the risk/reward ratio for each security in the portfolio, seeking a minimum of a 1.5:1 reward to risk ratio, but ideally aiming for a ratio of 2:1, Perkins monitors position sizes carefully and is price sensitive. Perkins may also consult with JCMs Risk Committee regarding the Funds’ exposures and risk levels. 4. DIAM UK DIAM UK, the Sub-Investment Advisor for the Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Japan Emerging Opportunities Fund and Janus Japan Fund manage the investment portfolios by focusing on bottomup research which aims to capture attractive investment opportunities while controlling portfolio risk levels properly. M ARKET R ISK This risk comprises of three types of risk, Market Price Risk, Foreign Currency Risk and Interest Rate Risk. Janus Capital Funds Plc / 30 June 2015
235
Notes to the Financial Statements M ARKET PRICE R ISK Market price risk arises mainly from uncertainty about future prices of financial instruments held, which are classified as financial assets at fair value through profit or loss. It represents the potential loss the Company might suffer through holding market positions in the face of price movements. The value of Shares of a Fund and the related income may rise or fall, as the fair value price of the securities in which the Fund invests may fluctuate. Each Fund seeks to maintain a diversified portfolio but certain Funds may be less diversified leading to an increased concentration of investments which will increase the risk of that Fund suffering proportionately higher loss should a particular investment decline in value. The applicable investment concentrations within the portfolio for each Fund are disclosed in the Portfolio Investments. There can be no assurance that the Funds will achieve their investment objectives. Certain Sub-Investment Advisers may take a “bottom up” approach to building portfolios. In other words, they seek to identify individual companies with earnings growth potential that may not be recognised by the market at large.
transaction which will involve the buying and selling of foreign currency in order to complete it, a forward currency contract can be entered into at the same time as the initial transaction in order to minimise exchange rate risk. The Company receives income in currencies other than US Dollar, and Euro in the case of the Janus Europe Fund and INTECH European Core Fund and JPY in the case of the Janus Japan Emerging Opportunities Fund and Janus Japan Fund, and the value of this income can be affected by movements in exchange rates. The Company converts all receipts of income into US Dollar, Euro and Japanese Yen as appropriate on or near the date of receipt. However it does not hedge or otherwise seek to avoid movement risk on income accrued but not received.
FOREIGN CURRENCY R ISK The base currency of all the sub-funds is US Dollar, with the exception of the Janus Europe Fund and the INTECH European Core Fund which are Euro and the Janus Japan Emerging Opportunities Fundand Janus Japan Fund which are JPY. Each of the Funds has the flexibility to invest a portion of its net assets in non base currency securities. As long as a Fund holds a foreign asset or liability, its value will be affected by the value of the local currency relative to the base currency of the Fund. The Funds may hedge against currency fluctuations by utilising futures contracts and forward currency contracts. The Investment Adviser has identified three principal areas where foreign currency risk could impact the Company:
The risk management process is well integrated with the Investment Adviser’s investment process. The Investment Adviser has a dedicated Risk Management Group that ensures that risk is continuously monitored versus the benchmarks. The Risk Management Group meets weekly with the Portfolio Managers to highlight the risk and positioning of the portfolios.
• Movements in rates affect the fair value of investments;
INTEREST R ATE R ISK The Fixed Income investment process begins with an investment outlook that provides a broad framework of macroeconomic factors followed by Janus Capital Management LLC (“JCM”)’s views on the valuation and expected performance of various sectors.
For interest rate sensitive portfolios, the Investment Adviser’s risk measurement tools quantify interest rate, curve, and sector risk versus the respective benchmarks. The funds may utilise interest rate swaps and swap-related products to manage interest rate risk. The Risk Management Group also generates tracking error and scenario analysis reports. These reports quantify intended and unintended risks versus the respective benchmarks and enables the Sub Investment Adviser to structure optimal portfolios based on its investment outlook.
• Movements in rates affect short-term timing differences; and • Movements in rates affect the income received. The Company can hedge the initial investment and subsequent gains of the value of investments that are priced in other currencies. The hedging is done by buying forward currency contracts to minimise the amount of foreign currency risk. For more information on forward currency contracts please refer to the section “Forward Currency Contracts” in the Portfolio Investments of the Financial Statements. The Investment Adviser also employs forward currency contracts to hedge the currency exposure of the Classes and the US Dollar and Euro as applicable provided the conditions set out in the Prospectus are met. (“Class Level Hedging”). The Company may be subject to short-term exposure to exchange rate movements, for instance, where there is an exchange difference between the date an investment purchase or sale is entered into and the date when settlement of the proceeds occurs. When the Company enters into such a 236
Janus Capital Funds Plc / 30 June 2015
The Investment Adviser’s basic investment philosophy for the credit portfolios is to add value through in-depth fundamental research. The Investment Adviser has developed a proprietary system that brings together Relative Value, Quantitative Default analysis, Risk Management and Attribution for the Credit portfolio on one platform. This system gives the Investment Adviser the ability to look across analytics and quantitative scores across bonds and bank loans and enables the Investment Adviser to have a consistent way to analyse credits. To maximize the Investment Adviser’s risk adjusted return within the sector, JCM and the SubInvestment Advisers use a combination of fundamental analysis and the Investment Adviser’s proprietary system outputs. The Investment Adviser’s Risk management tool quantifies the tail risk for the Credit portfolio, sectors and issues. The output of this tool factors default frequency, correlations between sectors, seniority in capital structure and recovery values. The Investment Adviser also has credit reviews on a periodic basis where the analyst presents the credit analysis of the names held by a Fund to the group.
Notes to the Financial Statements For Janus Asia Frontier Markets Fund, Janus Asia Growth Drivers Fund, Janus Asia Fund, Janus Balanced Fund, Janus Emerging Markets Fund, Janus Europe Fund, Janus Global Life Sciences Fund, Janus Global Research Fund, Janus Global Technology Fund, Janus Japan Emerging Opportunities Fund, Janus Japan Fund, Janus Opportunistic Alpha Fund, Janus US Fund, Janus US Research Fund, Janus US Twenty Fund, Janus US Venture Fund, Perkins Global Value Fund, Perkins US Strategic Value Fund, INTECH European Core Fund, INTECH Global All Country Low Volatility Fund, INTECH Global Dividend Fund, INTECH US Core Fund, and Janus Global Real Estate Fund the majority of the financial assets are equity shares which neither pay interest nor have a maturity date. These assets and liabilities are not subject to significant amounts of risk due to fluctuations in prevailing levels of market interest rates. The cash positions are monitored daily by the Investment Adviser and any overdraft positions are on a short term basis. Any excess cash and cash equivalents are invested at short term interest rates. Janus Balanced, Janus Flexible Income, Janus Global Flexible Fund, Janus Global High Yield Fund, Janus Global Investment Grade Bond Fund, Janus High Yield Fund, Janus Global Unconstrained Bond Fund, and the Janus US Short-Term Bond Funds invest in floating and fixed rate bonds. The basis of calculation for the floating rate notes is based on the date of change of each coupon rate as opposed to the bond maturity date in the Portfolio Investments. The floating rate notes held by the Funds at the period end are tracking the US LIBOR one or three month indices. The performance of the debt or interest bearing component depends primarily on interest rates. Generally, the value of debt securities will tend to decrease in value when interest rates rise and vice versa. Shorter-term securities are less sensitive to interest rate changes than longer-term securities, but they also usually offer lower yields. Each of the above Funds varies the average maturity profile of its portfolio based on an analysis of interest rate trends and other factors. Any change to the interest rates relevant for particular securities may result in either income increasing or decreasing, or the SubInvestment Adviser being unable to secure similar returns on the expiry of contracts or the sale of securities. In addition, changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of securities held. LIQUIDITY R ISK Liquidity risk is the risk that the Company may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. The Company is exposed to daily cash redemptions of redeemable shares. Each Fund therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of; it invests only a limited proportion of its assets in investments not actively traded on a listed exchange. Listed securities of each Fund are considered readily realisable, as they are listed on a regulated stock exchange. The Investment Advisers may make
use of derivative instruments and debt securities, if appropriate, such as exchange traded futures contracts to allow exposure to markets whilst maintaining sufficient liquidity. Where any Fund acquires securities on the over-the-counter markets, there is no guarantee that the Fund will be able to realise the fair value of such securities due to their tendency to have limited liquidity and comparatively high price volatility. The Company has the ability to borrow in the short term to ensure settlement. In order to manage the Company’s overall liquidity and to facilitate an orderly disposition of securities the Directors are able to refuse to repurchase any shares in excess of one tenth of the shares in issue in a Fund on any one valuation day by way of the provisions in the prospectus. The Company did not withhold any redemptions during the periods end 30 June 2015 and 2014. All securities investments present a risk of loss of capital. The maximum loss of capital on purchased options, long equity and debt securities is limited to the fair value of those positions. On written call options, and short future positions the maximum loss of capital can be unlimited. The maximum loss of capital on written put options, long futures and forward currency contracts is limited to the notional contract values of those positions. Credit default swaps are transactions under which the parties’ obligations depend on whether a credit event has occurred in relation to the reference asset. The credit events are specified in the contract and are intended to identify the occurrence of a significant deterioration in the creditworthiness of the reference asset. The buyer in a credit default swap contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference asset has occurred. If a credit event occurs, the seller must pay the buyer the full notional value of the reference asset that may have little or no value. The assets of the Funds comprise mainly readily realizable securities. The main liability of the Funds tends to be outstanding payables on the purchase of investments and the redemption of any redeemable ordinary Shares that investors wish to sell. Substantially all financial liabilities of each sub fund are payable within two months. CREDIT R ISK The Company will be exposed to a credit risk on parties with whom it trades and will also bear the risk of settlement default. The Company minimises concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognised and reputable exchanges. All Fund assets are currently held within Citibank International Limited, Ireland branch’s custodian network, with the exception of Term Loans and Financial Derivative Instruments as appropriate. Bankruptcy or insolvency of the Custodian may cause Funds’ rights with respect to securities held by the Custodian to be delayed or limited. The Company monitors this risk by monitoring the credit quality and financial position of the Custodian. Janus Capital Funds Plc / 30 June 2015
237
Notes to the Financial Statements The Company may invest in financial assets which are rated (by well known rating agencies) or unrated. Unrated securities are treated by the Investment Adviser as non-investment grade securities unless the Investment Adviser or relevant SubInvestment Adviser determines that such securities are the equivalent of investment grade securities. COUNTERPARTY R ISK JCIL undertakes a detailed review of all counterparties before any arrangements are entered into. The credit quality of all counterparties is monitored on a regular basis. JCIL reports to the board on a commitment basis as part of the UCITS IV monthly reporting. FAIR VALUE ESTIMATION The Company under FRS 102, is required to classify fair value measurements for Funds using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
Level B – When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. Level C – If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique, based on observable market data or nonobservable market data. FRS 102 duplicates the previous policy, FRS 29 Financial Instruments Disclosure, of the three—level fair value measurement hierarchy however there are distinct differences in these classifications for funds in preparing financial statements. The table below is to help avoid misinterpretation of this change in policy, in that it is a summary of the two different approaches.
The fair value hierarchy has the following levels: Level A – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Prior Periods Classification
Valuation Methodology
Level 1
Quoted prices for identical instruments in active markets Level A
Level 2
Prices of recent transactions for identical instruments Level B Valuation techniques using observable market data
Level 3
Valuation techniques using non—observable data
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The table below provides a summary within the fair value hierarchy of the Fund’s financial assets and liabilities
Classification A Quoted Prices Janus Asia Frontier Markets Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Janus Asia Growth Drivers Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Janus Asia Fund Common Stocks Forward Currency Contracts Fully Funded Equity Swaps Preferred Stocks Total Return Swaps Total Investments in Securities 238
Current periods classification
Level C
measured at last traded prices at 30 June 2015. Additionally the comparative figures have been disclosed in accordance with both the old and new accounting policies. 30 June 2015 Classification B Classification C Prices of Recent Valuation Transactions Techniques
Total
$
2,652,848 128,616 — 2,781,464
$
— — — —
$
27,126 — (5,198) 21,928
$
2,679,974 128,616 (5,198) 2,803,392
$
2,589,003 81,837 — 2,670,840
$
— — — —
$
27,160 — (5,086) 22,074
$
2,616,163 81,837 (5,086) 2,692,914
$
106,993,934 — — — — 106,993,934
$
— — — 1,473,650 — 1,473,650
$
— (1,628) 11,841,917 — 658,244 12,498,533
$
106,993,934 (1,628) 11,841,917 1,473,650 658,244 120,966,117
Janus Capital Funds Plc / 30 June 2015
Notes to the Financial Statements
Classification A Quoted Prices Janus Balanced Fund Common Stocks Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Emerging Markets Fund Common Stocks Warrant Forward Currency Contracts Fully Funded Equity Swaps Preferred Stocks Total Return Swaps Total Investments in Securities Janus Europe Fund Common Stocks Warrant Preferred Stocks Forward Currency Contracts Futures Options Written Total Return Swaps Total Investments in Securities Janus Global Life Sciences Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Research Fund Common Stocks Preferred Stocks Forward Currency Contracts Total Investments in Securities Janus Global Technology Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Japan Emerging Opportunities Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Japan Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Opportunistic Alpha Fund Common Stocks Forward Currency Contracts Total Investments in Securities
30 June 2015 Classification B Classification C Prices of Recent Valuation Transactions Techniques
Total
$
290,618,618 — — — — — — — 290,618,618
$
— — — — — 3,665,972 — — 3,665,972
$
— 218,757,751 52,133,127 124,595,047 45,089,140 — 7,373,022 (1,308,298) 446,639,789
$
290,618,618 218,757,751 52,133,127 124,595,047 45,089,140 3,665,972 7,373,022 (1,308,298) 740,924,379
$
50,069,877 1,934 — — — — 50,071,811
$
— — — — 481,719 — 481,719
$
— — (11,213) 4,296,033 — 91,305 4,376,125
$
50,069,877 1,934 (11,213) 4,296,033 481,719 91,305 54,929,655
€
211,412,618 176,486 — — — — — 211,589,104
€
— — 5,869,344 — — — — 5,869,344
— — — 40,894 32,758 (1,250,873) 317,283 (859,938)
€
211,412,618 176,486 5,869,344 40,894 32,758 (1,250,873) 317,283 216,598,510
$
1,763,621,740 — 1,763,621,740
$
— — —
$
18,616,865 (1,186,746) 17,430,119
$
1,782,238,605 (1,186,746) 1,781,051,859
$
41,430,884 — — 41,430,884
$
— 510,319 — 510,319
$
— — (7,184) (7,184)
$
41,430,884 510,319 (7,184) 41,934,019
$
64,600,795 — 64,600,795
$
— — —
$
— (112,972) (112,972)
$
64,600,795 (112,972) 64,487,823
¥
399,608,500 — 399,608,500
¥
— — —
¥
— (3,020,499) (3,020,499)
¥
399,608,500 (3,020,499) 396,588,001
¥
242,203,989 — 242,203,989
¥
— — —
¥
— (1,875,845) (1,875,845)
¥
242,203,989 (1,875,845) 240,328,144
$
65,648,611 — 65,648,611
$
— — —
$
— (64,799) (64,799)
$
65,648,611 (64,799) 65,583,812
€
Janus Capital Funds Plc / 30 June 2015
239
Notes to the Financial Statements
Classification A Quoted Prices Janus US Fund Common Stocks Forward Currency Contracts Options Purchased Options Written Total Investments in Securities Janus US Research Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus US Twenty Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus US Venture Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Perkins Global Value Fund Common Stocks Forward Currency Contracts Total Investments in Securities Perkins US Strategic Value Fund Common Stocks Forward Currency Contracts Total Investments in Securities INTECH All-World Minimum Variance Core Fund(a) Common Stocks Forward Currency Contracts Total Investments in Securities INTECH European Core Fund Common Stocks Preferred Stocks Total Investments in Securities INTECH Global All Country Low Volatility Fund Common Stocks Preferred Stocks Total Investments in Securities INTECH Global Dividend Fund Common Stocks Forward Currency Contracts Total Investments in Securities INTECH US Core Fund Common Stocks Forward Currency Contracts Total Investments in Securities
240
30 June 2015 Classification B Classification C Prices of Recent Valuation Transactions Techniques
Total
$
1,864,136 — — — 1,864,136
$
— — — — —
$
— (5,391) 2,161 (2,945) (6,175)
$
1,864,136 (5,391) 2,161 (2,945) 1,857,961
$
195,484,391 — 195,484,391
$
— — —
$
— (7,245) (7,245)
$
195,484,391 (7,245) 195,477,146
$
356,778,463 — 356,778,463
$
— — —
$
— (230,488) (230,488)
$
356,778,463 (230,488) 356,547,975
$
271,486,667 — — 271,486,667
$
— — — —
$
— — (322,399) (322,399)
$
271,486,667 — (322,399) 271,164,268
$
159,568,086 — 159,568,086
$
— — —
$
— (95,410) (95,410)
$
159,568,086 (95,410) 159,472,676
$
252,711,571 — 252,711,571
$
— — —
$
— (235,057) (235,057)
$
252,711,571 (235,057) 252,476,514
$
753,491,969 — 753,491,969
$
— — —
$
2,492,239 19,264,523 21,756,762
$
755,984,208 19,264,523 775,248,731
€
96,312,298 — 96,312,298
€
— 202,128 202,128
€
— — —
€
96,312,298 202,128 96,514,426
$
165,438,255 — 165,438,255
$
— 130,765 130,765
$
42,514 — 42,514
$
165,480,769 130,765 165,611,534
$
1,987,723 — 1,987,723
$
— — —
$
— (1,228) (1,228)
$
1,987,723 (1,228) 1,986,495
$
165,353,555 — 165,353,555
$
— — —
$
— (248,397) (248,397)
$
165,353,555 (248,397) 165,105,158
Janus Capital Funds Plc / 30 June 2015
Notes to the Financial Statements
Classification A Quoted Prices Janus Global Diversified Alternatives Fund Forward Currency Contracts Futures Government Obligations Total Return Swaps Total Investments in Securities Janus Global Real Estate Fund Common Stocks Corporate Bonds Preferred Stocks Forward Currency Contracts Options Written Total Investments in Securities Janus Flexible Income Fund Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Flexible Income Fund Corporate Bonds Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global High Yield Fund Common Stocks Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Investment Grade Bond Fund Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus High Yield Fund Common Stocks Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities
30 June 2015 Classification B Classification C Prices of Recent Valuation Transactions Techniques
Total
$
— — — — —
$
— — — — —
$
(9,285) (7,096) 1,700,018 (4,873) 1,678,764
$
(9,285) (7,096) 1,700,018 (4,873) 1,678,764
$
140,697,445 — — — — 140,697,445
$
— — 151,830 — — 151,830
$
— 374,326 — (40,033) (49,359) 284,934
$
140,697,445 374,326 151,830 (40,033) (49,359) 141,134,209
$
367,846,824 — — — — — — 367,846,824
$
— — — — 13,967,291 — — 13,967,291
$
— 129,130,799 362,837,077 117,769,127 — 15,929,930 (1,014,582) 624,652,351
$
367,846,824 129,130,799 362,837,077 117,769,127 13,967,291 15,929,930 (1,014,582) 1,006,466,466
$
7,643,025 — — — — — 7,643,025
$
— — — 104,899 — — 104,899
$
— 11,725,317 2,909,209 — 385,333 (28,065) 14,991,794
$
7,643,025 11,725,317 2,909,209 104,899 385,333 (28,065) 22,739,718
$
526,134 — — — — — 526,134
$
— — — 223,563 — — 223,563
$
— 54,993,341 2,188,996 — 3,586,282 (145,703) 60,622,916
$
526,134 54,993,341 2,188,996 223,563 3,586,282 (145,703) 61,372,613
$
53,985,973 — — — — 53,985,973
$
— — 454,742 — — 454,742
$
— 3,351,447 — 3,827,711 (41,846) 7,137,312
$
53,985,973 3,351,447 454,742 3,827,711 (41,846) 61,578,027
$
8,187,169 — — — — — 8,187,169
$
— — — 3,961,100 — — 3,961,100
$
— 608,348,127 11,276,956 — 37,253,170 (636,921) 656,241,332
$
8,187,169 608,348,127 11,276,956 3,961,100 37,253,170 (636,921) 668,389,601
Janus Capital Funds Plc / 30 June 2015
241
Notes to the Financial Statements 30 June 2015 Classification B Classification C Prices of Recent Valuation Transactions Techniques
Classification A Quoted Prices Janus Global Unconstrained Bond Fund Common Stocks Credit Default Swaps Exchange Traded Funds Corporate Bonds Government Obligations Asset Backed Securities Forward Currency Contracts Tranche Loans Interest Rate Swaps Options Written Futures Total Investments in Securities Janus US Short-Term Bond Fund Corporate Bonds Government Obligations Asset Backed Securities Tranche Loans Forward Currency Contracts Total Investments in Securities
Total
$
16,842,086 — 1,275,317 — — — — — — — — 18,117,403
$
— — — — — — — — — — — —
$
— 259,813 — 82,580,221 6,862,260 20,550,184 (302,067) 623,286 (12,088) (3,017,784) 331,725 107,875,550
$
16,842,086 259,813 1,275,317 82,580,221 6,862,260 20,550,184 (302,067) 623,286 (12,088) (3,017,784) 331,725 125,992,953
$
279,458,618 — — — — 279,458,618
$
— — — — — —
$
— 87,583,793 22,915,201 10,535,102 (189,631) 120,844,465
$
279,458,618 87,583,793 22,915,201 10,535,102 (189,631) 400,303,083
31 December 2014 (under new accounting policy) Classification B Classification C Prices of Recent Valuation Classification A Quoted Prices Transactions Techniques Janus Asia Frontier Markets Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Janus Asia Growth Drivers Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Janus Asia Fund Common Stocks Forward Currency Contracts Fully Funded Equity Swaps Preferred Stocks Total Return Swaps Total Investments in Securities Janus Balanced Fund Common Stocks Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities
242
Total
$
2,660,660 127,443 — 2,788,103
$
— — — —
$
— — (6,155) (6,155)
$
2,660,660 127,443 (6,155) 2,781,948
$
65,964 129,660 — 195,624
$
— — — —
$
2,461,714 — (6,083) 2,455,631
$
2,527,678 129,660 (6,083) 2,651,255
$
2,885,566 — — — — 2,885,566
$
— — — 1,092,110 — 1,092,110
$
94,690,348 (338) 8,897,100 — 899,930 104,487,040
$
97,575,914 (338) 8,897,100 1,090,110 899,930 108,464,716
$
243,971,520 — — — — — — — 243,971,520
$
— — — — — 4,041,880 — — 4,041,880
$
4,806,600 166,830,034 48,922,127 152,366,176 12,989,363 — 5,421,722 (1,825,808) 389,510,214
$
248,778,120 166,830,034 48,922,127 152,366,176 12,989,363 4,041,880 5,421,722 (1,825,808) 637,523,614
Janus Capital Funds Plc / 30 June 2015
Notes to the Financial Statements 31 December 2014 (under new accounting policy) Classification B Classification C Classification A Prices of Recent Valuation Quoted Prices Transactions Techniques Janus Emerging Markets Fund Common Stocks Forward Currency Contracts Fully Funded Equity Swaps Preferred Stocks Total Return Swaps Total Investments in Securities Janus Europe Fund Common Stocks Warrant Forward Currency Contracts Options Written Total Return Swaps Total Investments in Securities Janus Global Life Sciences Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Research Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Technology Fund Common Stocks Forward Currency Contracts Options Written Total Investments in Securities Janus Japan Emerging Opportunities Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Japan Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Opportunistic Alpha Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus US Fund Common Stocks Forward Currency Contracts Options Purchased Options Written Total Investments in Securities Janus US Research Fund Common Stocks Forward Currency Contracts Total Investments in Securities
Total
$
1,130,465 — — — — 1,130,465
$
— — — 34,626 — 34,626
$
2,964,989 (25,247) 175,266 — 18,441 3,133,449
$
4,095,454 (25,247) 175,266 34,626 18,441 4,298,540
€
4,854,923 418,112 — —
€
— — — — — —
€
202,098,795 — 213,721 (1,653,477) 364,309 201,023,348
€
206,953,718 418,112 213,720 (1,653,476) 364,309 206,296,383
5,273,035 $
615,407,696 — 615,407,696
$
— — —
$
72,828,261 (1,006,320) 71,821,941
$
688,235,957 (1,006,320) 687,229,637
$
28,633,158 — 28,633,158
$
— — —
$
11,605,157 (23,853) 11,581,304
$
40,238,315 (23,853) 40,214,462
$
70,566,154 — — 70,566,154
$
— — — —
$
9,099,726 (233,204) (15,684) 8,850,838
$
79,665,880 (233,204) (15,684) 79,416,992
¥
344,769,150 — 344,769,150
¥
— — —
¥
— (337,591) (337,591)
¥
344,769,150 (337,591) 344,431,559
¥
216,788,650 — 216,788,650
¥
— — —
¥
— (207,672) (207,672)
¥
216,788,650 (207,672) 216,580,978
$
90,516,694 — 90,516,694
$
— — —
$
— (231,442) (231,442)
$
90,516,694 (231,442) 90,285,252
$
1,563,732 — — — 1,563,732
$
— — — — —
$
52,050 (9,164) 3,631 (591) 45,926
$
1,615,782 (9,164) 3,631 (591) 1,609,658
$
189,674,555 — 189,674,555
$
— — —
$
— (23,935) (23,935)
$
189,674,555 (23,935) 189,650,620
Janus Capital Funds Plc / 30 June 2015
243
Notes to the Financial Statements 31 December 2014 (under new accounting policy) Classification B Classification C Classification A Prices of Recent Valuation Quoted Prices Transactions Techniques Janus US Twenty Fund Common Stocks Forward Currency Contracts Options Purchased Total Investments in Securities
341,364,477 — — 341,364,477
$
$
258,899,080 7,040,816 — 265,939,896
$
$
95,840,976 — 95,840,976
$
INTECH European Core Fund Common Stocks Total Investments in Securities INTECH Global All Country Low Volatility Fund Common Stocks Preferred Stocks Total Investments in Securities
Janus US Venture Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Perkins Global Value Fund Common Stocks Forward Currency Contracts Total Investments in Securities Perkins US Strategic Value Fund Common Stocks Forward Currency Contracts Total Investments in Securities
INTECH Global Dividend Fund Common Stocks Forward Currency Contracts Total Investments in Securities INTECH US Core Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Diversified Alternatives Fund Forward Currency Contracts Futures Government Obligations Total Return Swaps Total Investments in Securities Janus Global Real Estate Fund Common Stocks Preferred Stocks Forward Currency Contracts Options Written Total Investments in Securities
244
$
$
3,500,760 (690,224) 253,273 3,063,809
$
344,865,237 (690,224) 253,273 344,428,286
— — — —
$
7,068,474 — (543,378) 6,525,096
$
265,967,554 7,040,816 (543,378) 272,464,992
$
— — —
$
$
157,621,625 134,428 157,756,053
411,925,356 — 411,925,356
$
— — —
$
$
411,925,356 (847,717) 411,077,639
€
— —
€
— —
€
85,070,578 85,070,578
€
85,070,578 85,070,578
$
86,751,852 — 86,751,852
$
— 126,129 126,129
$
74,593,605 — 74,593,605
$
161,345,457 126,129 161,471,586
$
1,019,723 — 1,019,723
$
—
$
1,366,450 (5,996) 1,360,454
$
2,386,173 (5,996) 2,380,177
$
158,418,020 — 158,418,020
$
— — —
$
— (707,850) (707,850)
$
158,418,020 (707,850) 157,710,170
$
— — — — —
$
— — — — —
$
(15,931) 15,209 1,599,954 54,125 1,653,357
$
(15,931) 15,209 1,599,954 54,125 1,653,357
$
99,018,076 — — — 99,018,076
$
— 148,516 — — 148,516
$
60,559,922 — (135,252) (45,436) 60,379,234
$
159,577,998 148,516 (135,252) (45,436) 159,545,826
Janus Capital Funds Plc / 30 June 2015
— —
Total
—
—
61,780,649 134,428 61,915,077 — (847,717) (847,717)
Notes to the Financial Statements 31 December 2014 (under new accounting policy) Classification B Classification C Classification A Prices of Recent Valuation Quoted Prices Transactions Techniques Janus Flexible Income Fund Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Flexible Income Fund Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global High Yield Fund Common Stocks Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Investment Grade Bond Fund Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus High Yield Fund Common Stocks Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Unconstrained Bond Fund Common Stocks Credit Default Swaps Exchange Traded Funds Corporate Bonds Government Obligations Asset Backed Securities Forward Currency Contracts Options Written Futures Total Investments in Securities
Total
$
— — — — — — — —
$
— — — — 16,981,480 — — 16,981,480
$
365,325,620 145,927,468 329,760,533 76,164,383 — 20,627,143 (3,722,714) 934,082,433
$
365,325,620 145,927,468 329,760,533 76,164,383 16,981,480 20,627,143 (3,722,714) 951,063,913
$
— — — — — — — —
$
— — — — 70,244 — — 70,244
$
5,998,216 — 12,348,057 2,343,340 — 361,846 (38,198) 21,013,261
$
5,998,216 — 12,348,057 2,343,340 70,244 361,846 (38,198) 21,083,505
$
399,137 — — — — — 399,137
$
— — — 484,859 — — 484,859
$
— 68,550,022 1,474,788 — 6,667,075 (470,918) 76,220,967
$
399,137 68,550,022 1,474,788 484,859 6,667,075 (470,918) 77,104,963
$
— — — — — —
$
— — 415,693 — — 415,693
$
58,575,945 2,438,226 — 1,314,632 146,503 62,475,306
$
58,575,945 2,438,226 415,693 1,314,632 146,503 62,890,999
$
5,606,477 — — — — — 5,606,477
$
— — — 6,986,706 — — 6,986,706
$
— 680,461,174 11,325,021 — 49,672,720 (1,676,577) 739,782,338
$
5,606,477 680,461,174 11,325,021 6,986,706 49,672,720 (1,676,577) 752,375,521
$
4,251,414 — 1,413,507 — — — — — — 5,664,921
$
— — — — — — — — — —
$
— (117,267) — 54,977,191 7,169,319 3,350,251 (187,029) (258,641) (125,944) 64,807,880
$
4,251,414 (117,267) 1,413,507 54,977,191 7,169,319 3,350,251 (187,029) (258,641) (125,944) 70,472,801
Janus Capital Funds Plc / 30 June 2015
245
Notes to the Financial Statements 31 December 2014 (under new accounting policy) Classification B Classification C Classification A Prices of Recent Valuation Quoted Prices Transactions Techniques Janus US Short—Term Bond Fund Corporate Bonds Government Obligations Asset Backed Securities Tranche Loans Forward Currency Contracts Total Investments in Securities
$
— — — — — —
Level 1 Quoted Prices Janus Asia Frontier Markets Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Janus Asia Growth Drivers Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Janus Asia Fund Common Stocks Forward Currency Contracts Fully Funded Equity Swaps Preferred Stocks Total Return Swaps Total Investments in Securities Janus Balanced Fund Common Stocks Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Emerging Markets Fund Common Stocks Forward Currency Contracts Fully Funded Equity Swaps Preferred Stocks Total Return Swaps Total Investments in Securities Janus Europe Fund Common Stocks Warrant Forward Currency Contracts Options Written Total Return Swaps Total Investments in Securities
246
$
— — — — — —
$
367,942,145 183,251,970 19,185,832 11,262,170 (779,099) 580,863,018
Total $
31 December 2014 (under old accounting policy) Level 2 Level 3 Other Significant Significant Observable Inputs Unobservable Inputs
367,942,145 183,251,970 19,185,832 11,262,170 (779,099) 580,863,018
Total
$
2,660,660 127,443 — 2,788,103
$
— — (6,155) (6,155)
$
— — — —
$
2,660,660 127,443 (6,155) 2,781,948
$
65,964 129,660 — 195,624
$
2,461,714 — (6,083) 2,455,631
$
— — — —
$
2,527,678 129,660 (6,083) 2,651,255
$
2,885,566 — — — — 2,885,566
$
94,690,348 (338) 8,897,100 1,092,110 899,930 105,579,150
$
— — — — — —
$
97,575,914 (338) 8,897,100 1,090,110 899,930 108,464,716
$
243,971,520 — — — — — — — 243,971,520
$
4,806,600 166,830,034 48,922,127 152,366,176 12,989,363 4,041,880 5,421,722 (1,825,808) 393,552,094
$
— — — — — — — — —
$
248,778,120 166,830,034 48,922,127 152,366,176 12,989,363 4,041,880 5,421,722 (1,825,808) 637,523,614
$
1,130,465 — — — — 1,130,465
$
2,964,989 (25,247) 175,266 34,626 18,441 3,168,075
$
— — — — — —
$
4,095,454 (25,247) 175,266 34,626 18,441 4,298,540
€
4,854,923 — — — — 4,854,923
€
202,098,795 418,112 213,721 (1,653,477) 364,309 201,441,460
€
— — — — — —
€
206,953,718 418,112 213,720 (1,653,476) 364,309 206,296,383
Janus Capital Funds Plc / 30 June 2015
Notes to the Financial Statements
Level 1 Quoted Prices Janus Global Life Sciences Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Research Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Technology Fund Common Stocks Forward Currency Contracts Options Written Total Investments in Securities Janus Japan Emerging Opportunities Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Japan Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Opportunistic Alpha Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus US Fund Common Stocks Forward Currency Contracts Options Purchased Options Written Total Investments in Securities Janus US Research Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus US Twenty Fund Common Stocks Forward Currency Contracts Options Purchased Total Investments in Securities Janus US Venture Fund Common Stocks Exchange Traded Funds Forward Currency Contracts Total Investments in Securities Perkins Global Value Fund Common Stocks Forward Currency Contracts Total Investments in Securities
31 December 2014 (under old accounting policy) Level 2 Level 3 Other Significant Significant Observable Inputs Unobservable Inputs
Total
$
615,407,696 — 615,407,696
$
69,455,141 (1,006,320) 68,448,821
$
3,373,120 — 3,373,120
$
688,235,957 (1,006,320) 687,229,637
$
28,633,158 — 28,633,158
$
11,605,157 (23,853) 11,581,304
$
— — —
$
40,238,315 (23,853) 40,214,462
$
70,566,154 — — 70,566,154
$
9,099,726 (233,204) (15,684) 8,850,838
$
— — — —
$
79,665,880 (233,204) (15,684) 79,416,992
¥
344,769,150 — 344,769,150
¥
— (337,591) (337,591)
¥
— — —
¥
344,769,150 (337,591) 344,431,559
¥
216,788,650 — 216,788,650
¥
— (207,672) (207,672)
¥
— — —
¥
216,788,650 (207,672) 216,580,978
$
90,516,694 — 90,516,694
$
— (231,442) (231,442)
$
— — —
$
90,516,694 (231,442) 90,285,252
$
1,563,732 — — — 1,563,732
$
52,050 (9,164) 3,631 (591) 45,926
$
— — — — —
$
1,615,782 (9,164) 3,631 (591) 1,609,658
$
189,674,555 — 189,674,555
$
— (23,935) (23,935)
$
— — —
$
189,674,555 (23,935) 189,650,620
$
341,364,477 — — 341,364,477
$
3,500,760 (690,224) 253,273 3,063,809
$
— — — —
$
344,865,237 (690,224) 253,273 344,428,286
$
258,899,080 7,040,816 — 265,939,896
$
4,767,382 — (543,378) 4,224,004
$
2,301,092 — — 2,301,092
$
265,967,554 7,040,816 (543,378) 272,464,992
$
95,840,976 — 95,840,976
$
$
— — —
$
157,621,625 134,428 157,756,053
61,780,649 134,428 61,915,077
Janus Capital Funds Plc / 30 June 2015
247
Notes to the Financial Statements 31 December 2014 (under old accounting policy) Level 2 Level 3 Other Significant Significant Observable Inputs Unobservable Inputs
Level 1 Quoted Prices Perkins US Strategic Value Fund Common Stocks Forward Currency Contracts Total Investments in Securities
$
411,925,356 — 411,925,356
$
INTECH European Core Fund Common Stocks Total Investments in Securities
€
— —
€
INTECH Global All Country Low Volatility Fund Common Stocks Preferred Stocks Total Investments in Securities
$
86,751,852 — 86,751,852
$
$
1,019,723 — 1,019,723
$
$
158,418,020 — 158,418,020
$
INTECH Global Dividend Fund Common Stocks Forward Currency Contracts Total Investments in Securities INTECH US Core Fund Common Stocks Forward Currency Contracts Total Investments in Securities Janus Global Diversified Alternatives Fund Forward Currency Contracts Futures Government Obligations Total Return Swaps Total Investments in Securities Janus Global Real Estate Fund Common Stocks Preferred Stocks Forward Currency Contracts Options Written Total Investments in Securities Janus Flexible Income Fund Corporate Bonds Mortgage Backed Securities Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Flexible Income Fund Corporate Bonds Government Obligations Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities
248
$
— — —
$
411,925,356 (847,717) 411,077,639
85,070,578 85,070,578
€
— —
€
85,070,578 85,070,578
74,593,605 126,129 74,719,734
$
— — —
$
161,345,457 126,129 161,471,586
1,366,450 (5,996) 1,360,454
$
— — —
$
2,386,173 (5,996) 2,380,177
$
— (707,850) (707,850)
$
— — —
$
158,418,020 (707,850) 157,710,170
— — — — —
$
(15,931) 15,209 1,599,954 52,014 1,651,246
$
— — — 2,111 2,111
$
(15,931) 15,209 1,599,954 54,125 1,653,357
$
99,018,076 — — — 99,018,076
$
60,559,922 148,516 (135,252) (45,436) 60,527,750
$
— — — — —
$
159,577,998 148,516 (135,252) (45,436) 159,545,826
$
— — — — — — — —
$
365,325,620 145,927,468 329,760,533 76,164,383 16,981,480 20,627,143 (3,722,714) 951,063,913
$
— — — — — — — —
$
365,325,620 145,927,468 329,760,533 76,164,383 16,981,480 20,627,143 (3,722,714) 951,063,913
$
— — — — — — —
$
5,998,216 12,348,057 2,207,060 70,244 361,846 (38,198) 20,947,225
$
— — 136,280 — — — 136,280
$
5,998,216 12,348,057 2,343,340 70,244 361,846 (38,198) 21,083,505
Janus Capital Funds Plc / 30 June 2015
— (847,717) (847,717)
Total
Notes to the Financial Statements 31 December 2014 (under old accounting policy) Level 2 Level 3 Other Significant Significant Observable Inputs Unobservable Inputs
Level 1 Quoted Prices Janus Global High Yield Fund Common Stocks Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Investment Grade Bond Fund Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus High Yield Fund Common Stocks Corporate Bonds Asset Backed Securities Preferred Stocks Tranche Loans Forward Currency Contracts Total Investments in Securities Janus Global Unconstrained Bond Fund Common Stocks Credit Default Swaps Exchange Traded Funds Corporate Bonds Government Obligations Asset Backed Securities Forward Currency Contracts Options Written Futures Total Investments in Securities Janus US Short—Term Bond Fund Corporate Bonds Government Obligations Asset Backed Securities Tranche Loans Forward Currency Contracts Total Investments in Securities
Total
$
399,137 — — — — — 399,137
$
— 68,550,022 1,474,788 484,859 6,667,075 (470,918) 76,705,826
$
— — — — — — —
$
399,137 68,550,022 1,474,788 484,859 6,667,075 (470,918) 77,104,963
$
— — — — — —
$
58,575,945 2,438,226 415,693 1,314,632 146,503 62,890,999
$
— — — — — —
$
58,575,945 2,438,226 415,693 1,314,632 146,503 62,890,999
$
5,606,477 — — — — — 5,606,477
$
— 680,461,174 11,325,021 6,986,706 49,672,720 (1,676,577) 746,769,044
$
— — — — — — —
$
5,606,477 680,461,174 11,325,021 6,986,706 49,672,720 (1,676,577) 752,375,521
$
4,251,414 — 1,413,507 — — — — — — 5,664,921
$
— (117,267) — 54,977,191 7,169,319 3,350,251 (187,029) (258,641) (125,944) 64,807,880
$
— — — — — — — — — —
$
4,251,414 (117,267) 1,413,507 54,977,191 7,169,319 3,350,251 (187,029) (258,641) (125,944) 70,472,801
$
— — — — — —
$
367,942,145 183,251,970 19,185,832 11,262,170 (779,099) 580,863,018
$
— — — — — —
$
367,942,145 183,251,970 19,185,832 11,262,170 (779,099) 580,863,018
Janus Capital Funds Plc / 30 June 2015
249
Notes to the Financial Statements 14 NET A SSET COMPARISON
30 June 2015 Net Assets
31 December 2014
NAV Per Share
Net Assets
31 December 2013
NAV Per Share
NAV Per Share
Net Assets
Janus Asia Frontier Markets Fund Class A$acc $ Class A€acc Class AAUD$acc Class ACAD$acc Class AHKD$acc Class ARMB(CNH)acc Class IRMB(CNH)acc Class E€acc Class I$acc Class I€acc Class U€acc Class U£acc
131,026 $ 105,723 € 108,117 AUD$ 108,122 CAD$ 120,825 HKD$ 122,819 CNH 123,989 CNH 105,322 € 1,585,729 $ 106,732 € 106,895 € 118,163 £
9.67 9.63 9.84 9.69 9.66 9.91 10.01 9.60 9.76 9.72 9.74 9.77
$
121,116 $ 115,749 € 113,159 AUD$ 116,171 CAD$ 121,115 HKD$ 120,443 CNH 120,831 CNH 115,600 € 1,579,591 $ 116,123 € 116,183 € 116,002 £
9.69 9.67 9.77 9.69 9.69 9.77 9.80 9.66 9.72 9.70 9.71 9.71
— — — — — — — — — — — —
— — — — — — — — — — — —
Janus Asia Growth Drivers Fund Class A$acc $ Class A€acc Class AAUD$acc Class ACAD$acc Class AHKD$acc Class ARMB(CNH)acc Class IRMB(CNH)acc Class E€acc Class I$acc Class I€acc Class U€acc Class U£acc
118,933 $ 102,966 € 104,811 AUD$ 105,136 CAD$ 118,850 HKD$ 120,776 CNH 121,957 CNH 102,568 € 1,561,243 $ 103,975 € 104,139 € 115,916 £
9.51 9.49 9.71 9.59 9.52 9.77 9.87 9.45 9.61 9.58 9.60 9.61
$
116,238 $ 109,452 € 107,334 AUD$ 110,269 CAD$ 116,157 HKD$ 115,869 CNH 116,279 CNH 109,297 € 1,516,436 $ 109,840 € 109,903 € 111,506 £
9.30 9.29 9.40 9.35 9.30 9.39 9.42 9.28 9.33 9.33 9.33 9.32
— — — — — — — — — — — —
— — — — — — — — — — — —
$ 12.48 € 12.27 $ 13.10 € 13.00 £ 11.97 $ 131.79
$
307,993 20,759 35,041 3,413 2,928 113,867,117
$ 10.76 € 10.66 $ 11.09 € 11.02 £ 9.58 $ 113.86
Janus Asia Fund Class A$acc Class E€acc Class I$acc Class I€acc Class U£acc Class Z$inc Janus Balanced Fund Class A$acc Class A$inc Class A€acc Class A€inc Class AAUD$acc Class AAUD$inc Class ACAD$inc Class AHKD$acc Class AHKD$inc Class ARMB(CNH)inc Class B$acc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class I€inc Class V$inc Class VAUD$inc
250
$
908,795 78,885 41,408 252,629 3,470 131,798,717
$
332,646,406 $ 65,757,956 $ 74,184,336 € 3,629,284 € 51,251 AUD$ 9,388,809 AUD$ 28,717,053 CAD$ 414,131 HKD$ 21,464,739 HKD$ 684,959 CNH 10,278,556 $ 8,873,344 € 2,015,084 € 152,052,846 $ 3,318 $ 33,333,704 € 2,705 € 3,118,396 $ 2,789 AUD$
Janus Capital Funds Plc / 30 June 2015
23.04 10.15 24.56 10.05 11.43 10.29 10.27 13.63 10.14 10.54 19.58 13.16 10.05 26.32 10.67 15.51 10.57 10.29 10.39
702,062 19,614 37,736 3,230 3,159 119,369,755
$ 11.45 € 11.25 $ 11.94 € 11.86 £ 10.98 $ 119.37
$ 281,214,173 $ 51,656,042 $ 89,587,553 € 3,425,460 € 106,550 AUD$ 11,601,751 AUD$ 5,259,340 CAD$ 437,122 HKD$ 17,138,401 HKD$ 214,339 CNH 10,668,867 $ 10,115,888 € 1,617,183 € 140,455,951 $ 3,305 $ 20,887,931 € 2,934 € 50,452 $ 2,922 AUD$
23.06 10.38 24.67 10.33 11.25 10.50 10.49 13.65 10.38 10.62 19.69 13.24 10.35 26.22 10.74 15.49 10.67 10.46 10.58
$
$ 133,470,083 $ 22.09 3,128 $ 10.35 76,566,885 € 23.67 122,321 € 10.31 2,999 AUD$ 10.53 2,999 AUD$ 10.42 3,048 CAD$ 10.41 158,413 HKD$ 13.08 3,129 HKD$ 10.35 3,160 CNH 10.38 11,159,855 $ 19.06 10,772,855 € 12.76 108,400 € 10.33 72,827,356 $ 24.88 3,135 $ 10.42 48,910,366 € 14.73 3,169 € 10.36 3,128 $ 10.37 2,985 AUD$ 10.41
Notes to the Financial Statements 30 June 2015 Net Assets
Janus Emerging Markets Fund Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc Class U£acc Class Z$inc Janus Europe Fund Class A$acc Class A€acc Class ASEKacc Class E€acc Class I€acc Class ISEKacc Class U$acc Class U€acc Class Z€acc Class Z€inc
NAV Per Share
Net Assets
$
1,126,889 876,238 835,243 44,702 930,402 743,529 2,900 60,414,943
$ 8.91 € 8.53 $ 8.50 € 8.49 $ 9.30 € 9.09 £ 10.00 $ 100.69
$
1,138,802 992,652 834,123 2,098 904,376 787,126 2,814 —
€
11,636,310 17,231,995 2,470 1,674,295 50,830,206 8,853,739 3,170 12,140 63,679,315 60,595,510
$ 11.75 £ 25.82 SEK 11.73 € 16.94 € 28.03 SEK 11.51 $ 11.78 € 11.91 € 124.13 € 110.56
€
11,071,498 18,435,895 2,079 1,670,430 58,127,524 7,415,355 2,493 9,316 59,352,016 51,420,299
Janus Global Life Sciences Fund Class A$acc $ Class A€acc Class AAUD$acc Class AHKD$acc Class ARMB(CNH)acc Class B$acc Class E$acc Class E€acc Class I$acc Class I€acc Class IU€acc Class U$acc Class U$inc Class UU€acc Class U€acc Class U£acc Class U£inc Janus Global Research Fund Class A$acc Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U£acc Class Z$inc
31 December 2014
$
749,315,146 $ 105,178,457 € 24,882,254 AUD$ 3,807,442 HKD$ 365,522 CNH 26,347,026 $ 4,457,992 $ 1,984,620 € 773,575,856 $ 36,779,427 € 424,059 € 34,739,680 $ 15,378,546 $ 1,463,753 € 4,004 € 12,038,543 £ 4,421,035 £ 628,529 4,008 808,255 7,485 404,789 46,601 6,723 7,429 4,063 40,425,973
31.76 32.04 17.44 10.59 12.98 27.14 16.60 16.41 36.29 30.21 15.27 17.36 13.35 17.41 15.34 13.75 24.82
$ 15.99 $ 13.05 € 14.23 $ 14.59 € 13.77 $ 17.75 $ 14.18 € 15.12 £ 14.01 $ 134.74
$ 340,497,019 89,952,412 4,502,361 — 3,258 18,474,744 337,223 690,428 227,276,255 8,960,277 66,265 21,219,017 1,264,054 1,425,032 3,409 2,725,897 6,527,597 $
441,072 3,864 1,118,578 7,254 458,815 44,661 6,443 7,759 3,890 38,503,147
31 December 2013
NAV Per Share
$ € $ € $ € £
Net Assets
NAV Per Share
8.70 8.36 8.34 8.31 9.04 8.87 9.78 —
$
1,206,816 1,149,724 880,196 2,513 936,357 910,601 2,904 —
$ € $ € $ € £
$ 10.11 € 22.15 SEK 10.08 € 14.57 € 23.92 SEK 9.84 $ 10.05 € 10.16 € 105.33 € 93.82
€
3,389,036 8,457,650 2,247 2,305,116 101,650,328 — 2,211 2,256 35,621,017 —
$ € SEK € €
$ € AUD$ CNH $ $ € $ € € $ $ € € £ £
27.24 27.52 14.83 — 10.95 23.39 14.27 14.14 31.00 25.80 12.02 14.78 11.37 14.84 12.03 21.30 11.80
$ 15.42 $ 12.59 € 13.80 $ 14.14 € 13.46 $ 17.01 $ 13.59 € 14.55 £ 13.52 $ 128.33
$ 96,013,746 60,799,663 3,106 — — 17,872,886 3,243 17,524 13,817,693 204,104 — 3,292 — 3,357 — 4,550 — $
306,808 3,695 1,736,111 7,006 304,015 4,412,919 6,084 294,172 3,666 36,421,579
9.09 8.74 8.80 8.76 9.36 9.02 9.50 —
10.31 22.54 10.22 14.90 24.10 — $ 10.14 € 10.21 € 104.81 —
$ 20.52 € 20.75 AUD$ 10.93 — — $ 17.80 $ 10.81 € 10.72 $ 23.19 € 19.40 — $ 10.97 — € 11.04 — £ 14.89 — $ 14.74 $ 12.04 € 13.22 $ 13.66 € 12.97 $ 16.06 $ 12.84 € 14.37 £ 11.99 $ 121.39
Janus Capital Funds Plc / 30 June 2015
251
Notes to the Financial Statements 30 June 2015 Net Assets
Janus Global Technology Fund Class A$acc $ Class A€acc Class AAUD$acc Class AHKD$acc Class ARMB(CNH)acc Class B$acc Class I$acc Class I€acc Class U$acc Class U€acc
31 December 2014
NAV Per Share
34,009,935 $ 5,020,381 € 2,565,006 AUD$ 664,964 HKD$ 396,354 CNH 6,093,388 $ 10,747,790 $ 3,737,245 € 3,606 $ 1,105,928 €
7.04 7.15 11.43 10.97 11.48 6.06 8.06 19.02 12.02 12.03
Janus Japan Emerging Opportunities Fund Class A$acc ¥ 17,624,284 $ 12.48 Class A€acc 15,442,789 € 12.46 Class AAUD$acc 15,759,908 AUD$ 12.70 Class ACAD$acc 15,781,596 CAD$ 12.52 Class AHKD$acc 17,668,101 HKD$ 12.50 Class ARMB(CNH)acc 17,913,601 CNH 12.80 Class IRMB(CNH)acc 18,083,823 CNH 12.92 Class E€acc 16,781,651 € 12.41 Class I$acc 17,801,227 $ 12.60 Class I€acc 15,589,838 € 12.58 Class U€acc 15,614,370 € 12.59 Class U£acc 17,266,672 £ 12.64 Class IJPYacc 206,310,669 JPY 1,268.88 Janus Japan Fund Class A$acc Class A€acc Class AAUD$acc Class ACAD$acc Class AHKD$acc Class ARMB(CNH)acc Class IRMB(CNH)acc Class E€acc Class I$acc Class I€acc Class U€acc Class U£acc Class IJPYacc
¥
Janus Opportunistic Alpha Fund Class A$acc $ Class A$dis Class A€acc Class ARMB(CNH)acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U€acc Class U$acc Class U£acc
252
11,005,458 $ 11.69 9,643,147 € 11.67 9,838,654 AUD$ 11.89 9,846,828 CAD$ 11.72 11,031,915 HKD$ 11.71 11,185,882 CNH 11.99 11,279,440 CNH 12.09 9,606,217 € 11.62 11,103,304 $ 11.79 9,723,983 € 11.77 9,731,351 € 11.77 10,754,594 £ 11.81 128,762,317 JPY 1,187.90 38,493,054 256,189 10,737,515 3,110 3,946,842 32,133 13,131,639 1,408,916 70,846 43,041 176,880 4,362
$ $ € CNH $ € $ $ € € $ £
Janus Capital Funds Plc / 30 June 2015
18.34 14.21 18.64 10.44 15.58 13.00 21.05 15.35 14.18 12.50 12.48 15.04
Net Assets
$
31 December 2013
NAV Per Share
6.90 7.04 11.00 10.68 10.92 5.97 7.87 18.61 11.69 11.75
$ 31,276,420 17,162,059 — — — 7,582,671 15,718,852 6,727,387 3,241 3,306
¥
14,764,992 $ 10.71 14,134,535 € 10.71 13,885,059 AUD$ 10.81 14,202,327 CAD$ 10.72 14,789,009 HKD$ 10.73 14,742,679 CNH 10.81 14,790,566 CNH 10.84 14,116,184 € 10.69 14,820,712 $ 10.74 14,180,492 € 10.74 14,187,861 € 10.75 14,211,729 £ 10.76 175,808,187 JPY 1,081.28
— — — — — — — — — — — — —
— — — — — — — — — — — — —
¥
9,418,170 $ 10.25 9,017,101 € 10.25 8,857,574 AUD$ 10.34 9,058,189 CAD$ 10.26 9,433,220 HKD$ 10.26 9,404,162 CNH 10.34 9,431,062 CNH 10.37 9,005,474 € 10.23 9,450,004 $ 10.28 9,042,927 € 10.27 9,045,268 € 10.28 9,057,390 £ 10.29 112,159,488 JPY 1,034.73
— — — — — — — — — — — — —
— — — — — — — — — — — — —
45,942,392 292,200 18,974,986 — 6,230,285 46,866 8,759,028 131,838 75,455 3,263 3,199 3,726
$ 15.96 $ 12.36 € 16.28 — $ 13.76 € 11.46 $ 18.02 $ 13.13 € 12.01 € 10.73 $ 10.66 £ 12.19
$
36,439,671 $ 9,319,711 € 566,564 AUD$ 209,231 HKD$ 4,385 CNH 6,320,077 $ 20,444,016 $ 5,328,204 € 36,790 $ 1,171,948 €
NAV Per Share
Net Assets
55,469,568 265,828 15,701,604 3,170 6,977,665 40,504 17,495,367 158,952 232,573 48,317 286,875 4,499
$ $ € CNH $ € $ $ € € $ £
19.03 14.74 19.39 10.66 16.25 13.6 21.73 15.83 14.79 12.93 12.88 15.64
$
$ €
$ $ € $ €
6.48 6.62 — — — 5.66 7.32 17.33 10.80 10.87
Notes to the Financial Statements 30 June 2015 Net Assets
Janus US Fund Class A$acc Class A€acc Class B$acc Class I$acc Class I€acc Janus US Research Fund Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc Class Z$inc Janus US Twenty Fund Class A$acc Class A$dis Class A€acc Class AAUD$acc Class ARMB$acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Janus US Venture Fund Class A$acc Class A$dis Class A€acc Class AAUD$acc Class B$acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc Class Z$acc Class Z€acc Perkins Global Value Fund Class A$acc Class A€acc Class B$acc Class E€acc Class I$acc Class I€acc Class U$acc Class U€acc Class Z$inc
31 December 2014
NAV Per Share
$
415,503 555,042 328,563 362,158 284,714
$ € $ $ €
$
10,569,438 53,128 1,225,258 293,698 588,123 223,990 5,074 183,738,981
$
124,908,275 5,204 37,328,873 125,799 3,386 11,334,784 253,520 189,986,257 5,139 1,019,697 163,216 68,493 4,713
$ $ € AUD$ CNH $ € $ $ € $ € £
$
111,153,981 1,317,023 17,807,407 274,159 3,069,980 80,127,060 38,713 14,791,212 1,230,446 138 12,662,226 4,473 44,637,376
$
2,839,986 1,878,820 6,614 99,591 8,375 34,500 3,275 2,690 166,896,150
Net Assets
17.22 16.61 16.43 18.11 17.41
$
335,455 332,147 315,092 343,797 294,310
$ 22.26 $ 15.13 € 19.87 $ 19.40 $ 26.01 $ 16.70 € 15.88 $ 141.33
$
11,391,325 403,105 1,593,641 326,346 325,460 218,534 5,392 178,206,781
22.74 15.89 23.21 13.16 11.37 19.29 17.74 25.68 17.06 27.46 12.64 12.65 16.25
31 December 2013
NAV Per Share
$ € $ $ €
16.44 15.88 15.75 17.19 16.58
$ 21.86 $ 14.86 € 19.60 $ 19.15 $ 25.39 $ 16.29 € 15.55 $ 137.08
Net Assets
$
306,670 304,598 288,145 308,018 300,143
$ 18,789,223 459,130 1,743,743 772,799 205,888 231,315 5,538 160,514,209
NAV Per Share
$ € $ $ €
14.88 14.39 14.41 15.40 14.87
$ 20.04 $ 13.60 € 17.97 $ 17.72 $ 22.91 $ 14.70 € 14.05 $ 123.47
$ 123,193,883 4,943 44,561,226 3,220 3,159 12,808,918 310,336 170,828,419 4,855 1,140,471 167,627 70,407 4,450
$ $ € AUD$ CNH $ € $ $ € $ € £
21.60 15.10 22.12 12.39 10.62 18.41 16.94 24.26 16.12 26.01 11.93 11.98 15.47
$ 144,026,224 154,798 64,343,886 3,134 — 18,200,142 163,830 161,523,105 4,385 1,051,222 3,227 3,292 4,013
$ $ € AUD$
$ 22.38 $ 19.89 € 23.72 AUD$ 13.10 $ 19.20 $ 25.39 $ 21.31 € 19.08 $ 12.92 € 0.56 £ 17.35 $ 163.13 € 160.16
$
86,496,351 1,486,824 21,591,792 3,187 3,163,696 20,378,917 36,270 14,978,929 3,617 3,242 11,809,620 89,891,178 41,472,700
$ 21.04 $ 18.71 € 22.36 AUD$ 12.27 $ 18.14 $ 23.79 $ 19.97 € 17.92 $ 12.06 € 12.12 £ 16.33 $ 151.57 € 137.10
$ 71,640,923 127,920 25,684,732 3,091 3,731,527 23,093,096 89,306 1,880,539 3,243 3,308 23,739,517 179,327,746 —
$ 19.15 $ 17.01 € 20.40 AUD$ 10.88 $ 16.69 $ 21.48 $ 18.02 € 16.19 $ 10.81 € 10.88 £ 13.78 $ 134.50 —
$ 14.88 € 14.34 $ 14.12 € 10.55 $ 15.64 € 15.02 $ 10.92 € 10.92 $ 116.48
$
3,289,118 2,352,709 6,634 159,929 8,317 2,957,168 3,250 2,911 164,728,478
$ 14.85 € 14.37 $ 14.16 € 10.63 $ 15.53 € 20.18 $ 10.83 € 10.88 $ 114.97
$
1,283,463 1,627,084 6,436 31,064 1,658,941 8,210 3,084 3,145 124,662,411
$ € $ $ € $ € £
19.71 13.78 20.21 11.03 — 16.97 15.52 21.92 14.56 23.52 10.76 10.83 13.13
$ 14.27 € 13.82 $ 13.74 € 10.31 $ 14.74 € 19.24 $ 10.28 € 10.35 $ 111.08
Janus Capital Funds Plc / 30 June 2015
253
Notes to the Financial Statements 30 June 2015 Net Assets
Perkins US Strategic Value Fund Class A$acc $ Class A$dis Class A€acc Class B$acc Class E€acc Class I$acc Class I$dis Class I€acc Class I€Uacc Class U$acc Class U€acc Class U£acc
NAV Per Share
20.52 14.11 18.12 17.64 13.57 23.03 14.98 14.09 15.35 11.16 11.16 13.76
$ 128,544,748 10,415,715 40,414,529 1,951,930 145,531 234,525,322 1,171,053 15,127,246 4,080 618,997 804,383 4,061
INTECH All-World Minimum Variance Core Fund(a) Class Z£acc $ 782,934,854
£
97.72
INTECH European Core Fund Class A€acc Class Z€inc
2,875 97,375,796
€ 11.35 € 119.48
INTECH Global All Country Low Volatility Fund Class Z£acc $ 168,037,794 INTECH Global Dividend Fund Class A$acc $ Class A$inc Class A€acc Class A€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class I€inc Class U$acc Class U€acc Class U£inc Class Z€acc INTECH US Core Fund Class A$acc Class A$dis Class A€acc Class B$acc Class I$acc Class I$dis Class I€acc Class U$acc Class U€acc Class U£acc
254
$
332,929 127,308 40,370 77,195 2,708 78,085 1,389,134 3,265 2,799 2,798 2,990 2,449 3,269 3,552 47,025,615 42,322 10,019,135 252,931 76,562,918 15,161 31,972,001 3,621 2,980 4,451
31 December 2013
NAV Per Share
Net Assets
$ $ € $ € $ $ € € $ € £
€
79,081,368 7,756,175 27,733,988 1,731,994 106,694 137,982,383 1,086,772 11,380,867 3,997 506,538 725,603 3,992
31 December 2014
21.02 14.46 18.64 18.16 14.01 23.51 15.29 14.43 14.44 11.36 11.40 14.12
$ 171,741,290 19,615,742 62,484,251 1,873,812 105,592 310,465,453 1,126,277 21,651,241 3,756 3,114 3,177 3,712
—
—
—
—
€
2,552 85,673,409
€ 10.08 € 105.12
— —
— —
£ 105.63
$
163,510,884
£ 103.62
—
—
$ 10.75 $ 10.07 € 10.54 € 9.84 € 10.39 € 9.77 $ 10.88 $ 10.39 € 10.73 € 10.25 $ 9.97 € 9.94 £ 10.05 € 132.20
$
249,326 357,052 44,732 193,868 26,550 125,624 1,399,822 3,290 3,082 3,081 3,012 2,695 3,293 3,565
$ 10.86 $ 10.33 € 10.67 € 10.19 € 10.59 € 10.12 $ 10.97 $ 10.57 € 10.89 € 10.50 $ 10.04 € 10.08 £ 10.31 € 122.24
$
3,339 250,444 73,637 156,170 17,530 66,726 3,353 3,352 3,578 3,578 3,067 3,129 3,354 51,352,536
$ 11.13 $ 10.87 € 10.91 € 10.74 € 10.97 € 10.77 $ 11.17 $ 10.95 € 11.12 € 10.90 $ 10.22 € 10.29 £ 10.05 € 108.51
$ $ € $ $ $ € $ € £
$
47,687,768 41,979 12,400,831 276,158 63,882,384 25,416 34,987,251 3,578 3,206 4,399
$ $ € $ $ $ € $ € £
$ 39,935,805 37,500 16,903,603 311,301 59,289,361 4,507 27,134,517 3,172 3,236 3,900
Janus Capital Funds Plc / 30 June 2015
27.79 16.15 25.00 24.63 29.62 16.72 15.90 12.07 12.09 15.35
$ $ € $ € $ $ € € $ € £
NAV Per Share
Net Assets
27.57 16.02 24.91 24.56 29.30 16.54 15.78 11.93 11.99 15.29
$ $ € $ € $ $ € € $ € £
$ $ € $ $ $ € $ € £
19.49 13.41 17.31 17.01 13.08 21.65 14.07 13.30 11.69 10.38 10.45 12.17
24.63 14.31 22.28 22.16 26.03 14.70 14.04 10.57 10.64 12.76
Notes to the Financial Statements 30 June 2015 Net Assets
Janus Global Diversified Alternatives Fund Class A$acc $ 463,434 Class A€acc 302,181 Class ACHFacc 155,660 Class ASEKacc 128,350 Class E€acc 132,063 Class I$acc 185,980 Class I€acc 226,952 Class ICHFacc 157,638 Class ISEKacc 129,980 Class U$acc 166,733 Class U€acc 135,582 Class U£acc 158,948 Janus Global Real Estate Fund Class A$acc Class A$inc Class A€acc Class AAUD$inc Class ARMB$acc Class B$acc Class B$inc Class E€acc Class E€inc Class I$inc Class I€acc Class U£inc Class U£Uinc Janus Flexible Income Fund Class A$acc Class A$inc Class A€acc Class AAUD$acc Class AAUD$inc Class AHKD$acc Class AHKD$inc Class ARMB(CNH)inc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class U$acc Class U€acc Class U£acc Class U£inc Class V$inc Class VAUD$inc Class Z$acc
$
$
31 December 2014
NAV Per Share
Net Assets
$ € CHF SEK € $ € CHF SEK $ € £
9.88 9.88 10.03 10.15 9.73 10.03 9.97 10.16 10.27 10.04 9.99 10.40
$
$ $ € AUD$ CNH $ $ € € $ € £ £
16.48 13.32 14.19 11.27 10.71 14.67 13.58 10.93 10.47 13.79 14.79 9.92 10.83
$
83,253,299 $ 20.12 28,735,842 $ 11.74 101,822,590 € 22.53 2,677 AUD$ 10.87 5,327,604 AUD$ 9.44 3,054 HKD$ 10.17 401,490 HKD$ 9.33 3,215 CNH 9.90 1,914,630 $ 17.24 3,858,096 $ 12.27 565,010 € 11.29 6,390,561 € 10.71 15,140,222 € 9.76 196,708,646 $ 10.89 445,500,768 $ 12.31 38,089,132 € 23.48 3,145 $ 10.48 8,638,110 € 10.52 3,071 £ 10.59 406,397 £ 9.80 1,486,183 $ 9.20 391,163 AUD$ 9.58 73,471,500 $ 104.38
$
28,300,983 1,335,362 6,355,234 4,294 3,191 288,920 19,039 57,274 45,323 101,216,778 2,475 557,324 5,718,043
31 December 2013
NAV Per Share
Net Assets
424,930 150,301 152,710 141,658 149,355 191,696 196,852 153,962 142,820 171,688 151,932 162,157
$ € CHF SEK € $ € CHF SEK $ € £
10.23 10.21 10.46 10.53 10.14 10.34 10.29 10.55 10.61 10.34 10.32 10.69
— — — — — 2,000,000 — — — — — —
28,690,948 1,122,095 8,885,886 3,106 3,140 390,913 51,034 52,559 50,355 122,935,637 30,271 347,204 1,774,934
$ $ € AUD$ CNH $ $ € € $ € £ £
16.52 13.57 14.30 11.45 10.56 14.77 13.70 11.03 10.74 13.89 15.16 11.00 10.02
$ 20,479,545 1,379,810 15,431,583 2,957 — 1,194,770 43,164 3,179 3,179 172,098,451 65,842 — —
82,056,938 $ 20.15 31,746,816 $ 11.94 128,067,731 € 22.63 2,807 AUD$ 10.77 1,839,173 AUD$ 9.54 3,058 HKD$ 10.18 554,328 HKD$ 9.50 3,160 CNH 9.91 2,599,689 $ 17.35 6,769,945 $ 12.35 705,537 € 11.40 9,002,470 € 10.77 20,809,750 € 9.97 25,862,550 $ 10.84 463,381,195 $ 12.40 84,671,430 € 23.45 3,131 $ 10.44 7,998,403 € 10.49 3,031 £ 10.54 2,028,749 £ 9.94 558,524 $ 9.36 163,279 AUD$ 9.66 92,943,293 $ 103.52
NAV Per Share
$
$ $ € AUD$ $ $ € € $ €
— — — — — 10 — — — — — — 14.72 12.41 12.77 10.36 — 13.30 12.34 9.88 9.84 12.42 13.48 — —
$ 75,634,380 $ 19.48 18,930,886 $ 12.00 205,316,320 € 21.93 2,894 AUD$ 10.16 476,441 AUD$ 9.54 2,955 HKD$ 9.84 24,624 HKD$ 9.58 3,068 CNH 9.73 2,805,534 $ 16.95 7,212,777 $ 12.15 1,074,454 € 11.24 15,983,217 € 10.47 26,935,038 € 10.06 20,158,887 $ 10.36 615,737,785 $ 12.19 62,863,941 € 22.46 2,993 $ 9.98 10,942,639 € 10.05 3,072 £ 10.05 3,072 £ 9.78 9,835 $ 9.41 2,579 AUD$ 9.62 — —
Janus Capital Funds Plc / 30 June 2015
255
Notes to the Financial Statements 30 June 2015 Net Assets
Janus Global Flexible Income Fund Class A$acc $ Class A€acc Class E€acc Class E€inc Class I$inc Class I€acc Class U$acc Class U€acc Class U£acc Class U£Uinc Janus Global High Yield Fund Class A$acc Class A$inc Class A€acc Class A€inc Class AAUD$inc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$acc Class I$inc Class IAUD$inc Class I€acc Class I€inc Class U£acc Class U£inc Class Z$inc
$
NAV Per Share
Net Assets
31 December 2013
NAV Per Share
Net Assets
NAV Per Share
6,959,456 3,561,937 524,068 1,528,530 2,492,629 8,184,879 3,066 14,647 2,923 2,923
$ € € € $ € $ € £ £
9.69 9.51 9.50 8.83 9.34 9.80 10.22 10.21 10.08 9.49
$
5,842,970 4,084,912 422,645 1,448,630 2,566,943 7,021,979 3,155 16,433 2,986 2,986
$ € € € $ € $ € £ £
10.03 9.89 9.91 9.31 9.68 10.13 10.52 10.55 10.38 9.84
$
2,451,006 2,619,846 127,369 118,502 2,440,838 2,583,090 2,997 3,058 3,010 3,010
$ 9.64 € 9.52 € 9.60 € 9.33 $ 9.43 € 9.64 $ 9.99 € 10.06 £ 9.85 £ 9.57
2,404,033 5,519,469 2,269,934 16,452,179 3,142 4,004 3,281 3,638 500,467 7,302,468 3,654 1,390,186 3,250 10,965 4,941 3,241 3,241 29,529,866
$ $ € € AUD$ $ $ € € € $ $ AUD$ € € £ £ $
12.60 9.68 12.36 9.50 10.58 12.02 10.06 10.27 12.14 9.81 13.17 10.06 10.59 3.29 10.38 11.18 9.74 98.42
$
2,461,776 7,359,891 4,200,817 19,163,951 3,225 3,942 3,230 3,905 918,400 10,529,318 3,563 1,392,809 3,321 2,864,960 5,253 3,133 3,133 29,607,918
$ $ € € AUD$ $ $ € € € $ $ AUD$ € € £ £ $
12.34 9.81 12.16 9.68 10.70 11.83 10.08 10.34 11.99 10.02 12.84 10.09 10.71 12.93 10.46 10.89 9.77 98.68
$
1,958,418 1,949,101 5,992,926 20,015,993 3,498 4,047 3,316 4,569 1,324,537 9,902,349 3,588 1,149,704 3,567 8,837 5,926 3,340 3,340 31,139,198
$ 12.55 $ 10.66 € 12.38 € 10.54 AUD$ 11.45 $ 12.15 $ 10.70 € 11.00 € 12.22 € 10.96 $ 12.93 $ 10.71 AUD$ 11.46 € 13.11 € 10.94 £ 10.93 £ 10.36 $ 103.79
$ 10.99 $ 9.74 € 10.86 € 9.63 $ 10.49 $ 10.15 € 9.99 € 10.32 € 9.41 $ 11.59 $ 10.16 £ 9.26 € 10.71 € 10.01 $ 101.27
$
4,518,246 8,038,438 2,131,584 5,315,802 3,586 3,586 3,210 739,845 2,081,717 3,075,030 95,564 9,396,776 18,297 4,587 31,359,396
$ 11.46 $ 10.33 € 11.38 € 10.26 $ 10.99 $ 10.64 € 10.53 € 10.83 € 10.06 $ 12.02 $ 10.65 £ 9.71 € 11.02 € 10.54 $ 104.52
$
1,532,652 1,430,664 2,223,714 5,381,617 917,033 974,069 974,747 636,658 1,547,079 3,306,685 1,060,636 — 1,181,488 1,043,455 31,327,817
Janus Global Investment Grade Bond Fund Class A$acc $ 3,267,955 Class A$inc 8,902,271 Class A€acc 1,503,203 Class A€inc 2,515,023 Class B$acc 3,423 Class B$inc 3,423 Class B€inc 2,810 Class E€acc 458,970 Class E€inc 1,143,224 Class I$acc 1,855,216 Class I$inc 91,210 Class I£inc 12,185,123 Class I€acc 8,191 Class I€inc 4,057 Class Z$inc 30,383,643
256
31 December 2014
Janus Capital Funds Plc / 30 June 2015
$ $ € € $ $ € € € $ $
11.25 10.56 11.20 10.51 10.90 10.61 10.57 10.71 10.36 11.67 10.62 — € 11.54 € 10.58 $ 104.41
Notes to the Financial Statements 30 June 2015 Net Assets
Janus High Yield Fund Class A$acc Class A$inc Class A€acc Class AAUD$acc Class AAUD$inc Class AHKD$acc Class AHKD$inc Class ARMB(CNH)inc Class B$acc Class B$inc Class B€inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class IAUD$inc Class IRMB(CNH)inc Class U£acc Class U£inc Class V$inc Class VAUD$inc Class Z$acc
$
31 December 2014
NAV Per Share
43,078,925 $ 24.68 60,489,426 $ 8.75 28,837,380 € 27.40 2,722 AUD$ 11.05 3,144,663 AUD$ 10.36 224,472 HKD$ 12.45 7,229,677 HKD$ 9.83 183,194 CNH 10.17 1,273,010 $ 21.18 53,120,848 $ 9.17 8,927,887 € 9.38 508,159 € 12.11 10,496,144 € 9.73 52,321,327 $ 15.64 311,231,003 $ 9.18 55,287,621 € 23.44 4,526 AUD$ 15.11 3,959 CNH 10.43 3,256 £ 11.23 3,256 £ 9.70 6,572,256 $ 9.22 2,895,701 AUD$ 9.55 84,799,309 $ 117.22
Janus Global Unconstrained Bond Fund Class A$acc $ 54,040,164 $ Class A$inc 3,699,988 $ Class A€acc 7,293,396 € Class AAUD$inc 2,949 AUD$ Class A€inc 1,040,375 € Class ACAD$inc 2,972 CAD$ Class ACHFacc 491,384 CHF Class ACHFinc 9,946 CHF Class AHKD$acc 2,953 HKD$ Class ARMB(CNH)inc 3,023 CNH Class ASGDinc 9,370 SGD$ Class E€acc 4,537,561 € Class E€inc 2,938,876 € Class I€acc 37,005,042 € Class I$acc 64,273,548 $ Class U$acc 9,978 $ Class U$inc 109,181 $ Class U€acc 8,699 € Class U£acc 132,043 £ Class U£inc 9,974 £ Class UU£inc 9,712 £
9.93 9.76 9.88 9.82 9.78 9.81 9.87 9.74 9.76 9.87 9.81 10.00 9.80 9.97 10.01 9.98 9.86 10.00 9.97 10.15 9.88
Net Assets
$
$
31 December 2013
NAV Per Share
53,874,083 $ 24.01 64,631,015 $ 8.81 36,580,725 € 26.74 2,772 AUD$ 10.64 3,152,998 AUD$ 10.39 218,407 HKD$ 12.12 8,477,594 HKD$ 9.90 180,832 CNH 10.06 1,928,858 $ 20.71 58,352,858 $ 9.13 11,329,701 € 9.37 695,490 € 11.84 11,636,336 € 9.83 72,749,718 $ 15.13 351,371,246 $ 9.14 55,191,707 € 22.72 4,585 AUD$ 14.95 3,761 CNH 10.27 3,122 £ 10.85 3,122 £ 9.65 474,519 $ 9.29 316,236 AUD$ 9.51 81,711,045 $ 112.95 43,563,285 2,301,981 1,875,919 — 258,531 — 9,499 9,499 — — 9,574 9,455 45,634 9,941,666 19,218,799 9,996 9,996 9,484 9,644 9,644 9,992
$ $ € € CHF CHF SGD$ € € € $ $ $ € £ £ £
10.01 9.97 9.99 — 10.02 — 10.02 10.01 — — 9.98 10.01 10.00 10.02 10.04 10.00 9.97 10.04 10.01 10.34 9.98
NAV Per Share
Net Assets
$ 102,471,096 $ 24.15 64,789,124 $ 9.50 66,377,563 € 26.93 2,973 AUD$ 10.44 11,946,519 AUD$ 11.09 143,743 HKD$ 12.19 181,086 HKD$ 10.68 920,216 CNH 10.62 1,896,335 $ 21.03 81,645,967 $ 9.64 17,865,276 € 9.91 1,282,738 € 11.97 12,557,697 € 10.66 60,746,378 $ 15.05 489,418,027 $ 9.65 55,319,651 € 22.62 3,506 AUD$ 11.26 3,756 CNH 10.72 3,292 £ 10.77 3,293 £ 10.17 10,863 $ 10.02 9,640 AUD$ 10.01 80,579,336 $ 111.39 — — — — — — — — — — — — — — — — — — — — —
Janus Capital Funds Plc / 30 June 2015
— — — — — — — — — — — — — — — — — — — — —
257
Notes to the Financial Statements 30 June 2015
222,311,549 33,166,944 21,843,925 2,597 2,123,905 856,297 4,856,335 854,154 474,175 57,501,455 69,619,815 8,459,705 3,778 1,665 2,434 1,247,276 258,680 2,994 2,908 13,832
31 December 2013
NAV Per Share
Net Assets
NAV Per Share
Net Assets
NAV Per Share
$ 16.57 $ 11.18 € 18.53 AUD$ 10.17 CHF 9.78 $ 14.62 $ 11.15 € 10.16 € 9.44 $ 10.34 $ 11.21 € 12.56 £ 12.94 £ 5.47 CHF 7.90 $ 10.12 $ 9.93 £ 10.32 £ 9.71 $ 102.58
$ 284,347,177 39,784,224 35,323,886 2,710 2,428,832 978,767 5,277,551 1,080,615 670,060 40,732,762 88,731,289 11,479,248 3,106,256 2,428,455 53,211 1,144,694 367,830 2,951 2,866 69,975,460
$ 16.52 $ 11.17 € 18.51 AUD$ 10.11 CHF 9.87 $ 14.63 $ 11.16 € 10.15 € 9.61 $ 10.28 $ 11.20 € 12.46 £ 10.20 £ 9.88 CHF 9.96 $ 10.06 $ 9.93 £ 10.26 £ 9.70 $ 101.59
$ 264,391,461 29,447,336 54,777,431 2,891 2,344,611 1,150,140 6,208,510 1,643,628 811,521 11,739,687 59,827,829 11,246,571 1,680,426 4,380,460 228,473 205,831 120,034 3,113 173,985 26,133,421
$ 16.52 $ 11.24 € 18.55 AUD$ 10.09 CHF 9.97 $ 14.74 $ 11.25 € 10.23 € 9.95 $ 10.23 $ 11.28 € 12.47 £ 10.13 £ 9.93 CHF 10.06 $ 10.01 $ 9.99 £ 10.19 £ 10.05 $ 100.25
Net Assets
Janus US Short-Term Bond Fund Class A$acc $ Class A$inc Class A€acc Class AAUD$inc Class ACHFinc Class B$acc Class B$inc Class E€acc Class E€inc Class I$acc Class I$inc Class I€acc Class I£acc Class I£inc Class ICHFinc Class U$acc Class U$inc Class U£acc Class U£inc Class Z$acc
31 December 2014
15. C APITAL SHARE TRANSACTIONS For the period ended 30 June 2015 Janus Asia Frontier Markets Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Asia Growth Drivers Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class A$acc Class A€acc Shares Hedged Shares 12,500 1,055 — 13,555
Class AAUD$acc Hedged Shares
Class ACAD$acc Hedged Shares
Class AHKD$acc Shares
14,240 — — 14,240
13,935 — — 13,935
96,965 — — 96,965
9,846 — — 9,846
Class A$acc Hedged Shares
Class A€acc Hedged Shares
Class AAUD$acc Hedged Shares
Class ACAD$acc Hedged Shares
12,500 — — 12,500
9,734 — — 9,734
13,987 — — 13,987
13,691 — — 13,691
Class ARMB(CNH)acc Hedged Shares
Class E€acc Hedged Shares
76,886 — — 76,886
Class AKH$acc Hedged Shares
Class I$acc Shares
9,846 — — 9,846
Class I€acc Hedged Shares
162,500 — — 162,500
76,886 — — 76,886
9,846 — — 9,846
Class ARMB(CNH)acc Hedged Shares
Class E€acc Hedged Shares
Class I$acc Hedged Shares
Class I$acc Hedged Shares
Class IRMB(CNH)acc Hedged Shares
76,716 — — 76,716
9,734 — — 9,734
162,500 — — 162,500
9,734 — — 9,734
76,716 — — 76,716
96,819 — — 96,819
Class E€acc Shares
Class I$acc Shares
Class I€acc Shares
Class U£acc Shares
Class Z$inc Shares
61,329 27,788 (16,321) 72,796
1,440 5,228 (900) 5,768
3,160 — — 3,160
225 17,215 — 17,440
185 — — 185
1,000,032 — — 1,000,032
Janus Balanced Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Shares
Class A€inc Shares
Class AAUD$acc Shares
Class AAUD$inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . .
12,195,905 5,932,069 (3,689,146)
4,974,997 5,721,429 (4,214,930)
3,001,300 592,863 (884,498)
274,194 180,334 (130,646)
11,606 2,682 (8,475)
1,353,978 1,868,307 (2,039,934)
582,301 3,121,957 (211,689)
248,319 98,693 (111,529)
12,804,761 20,392,555 (16,784,837)
At end of period . . . . . . . . . . .
14,438,828
6,481,496
2,709,665
323,882
5,813
1,182,351
3,492,569
235,483
16,412,479
Janus Balanced Fund
Class I$inc Shares
Class I€acc Shares
Class I€inc Shares
Class V$inc Shares
Class VAUD$inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . .
308 3 —
1,114,703 1,134,826 (321,053)
At end of period . . . . . . . . . . .
311
1,928,476
227 3 — 230
4,822 299,971 (1,833) 302,960
338 10 — 348
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
258
Janus Capital Funds Plc / 30 June 2015
Class U€acc Hedged Shares
9,846 — — 9,846
Class A$acc Shares
Janus Asia Fund
Class IRMB(CNH)acc Hedged Shares
Class ACAD$inc Class AHKD$acc Class AHKD$inc Class ARMB(CNH)inc Shares Shares Shares Shares
Class U£acc Hedged Shares 7,699 — — 7,699
Class U€acc Class U£acc Hedged Shares Hedged Shares 9,734 — — 9,734
7,679 — — 7,679
Class B$acc Shares
Class E€acc Shares
Class E€inc Shares
Class I$acc Shares
125,440 876,953 (599,132)
541,736 88,656 (105,426)
631,546 119,609 (146,325)
129,173 86,711 (35,993)
5,357,343 962,396 (542,246)
403,261
524,966
604,830
179,891
5,777,493
Notes to the Financial Statements
Janus Emerging Markets Fund
Class A$acc Shares
Class A€acc Shares
Class B$acc Shares
Class E€acc Shares
Class I$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
130,900 1,790 (6,217) 126,473
98,150 4,566 (10,571) 92,145
100,000 — (1,744) 98,256
209 4,515 — 4,724
100,000 — — 100,000
Class A$acc Shares
Class A€acc Shares
Class ASEKacc Shares
Class E€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
1,324,328 350,718 (571,396) 1,103,650
832,398 163,447 (328,401) 667,444
1,945 — — 1,945
114,669 17,510 (33,337) 98,842
Class A$acc Shares
Class A€acc Shares
Class AAUD$acc Shares
Class AHKD$acc Shares
Class ARMB$acc Shares
Class B$acc Shares
Class E$acc Shares
Class E€acc Shares
Class I$acc Shares
Class I$acc Hedged Shares
Class I€acc Hedged
Class U$acc
Class U$inc
Janus Global Life Sciences Fund
Shares
Shares
Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
12,501,186 31,447,151 (20,357,921) 23,590,416
2,702,026 1,344,086 (1,101,056) 2,945,056
371,947 7,762,496 (6,284,908) 1,849,535
— 5,269,740 (2,482,493) 2,787,247
1,849 172,900 — 174,749
789,975 378,524 (197,636) 970,863
23,630 262,242 (17,339) 268,533
40,345 103,358 (35,199) 108,504
7,330,355 15,882,315 (1,897,495) 21,315,175
4,557 30,038 (9,677) 24,918
287,029 827,321 (22,118) 1,092,232
1,435,649 590,596 (25,141) 2,001,104
111,214 2,086,040 (1,045,253) 1,152,001
Janus Global Life Sciences Fund
Class U€acc Hedged Shares
Janus Europe Fund
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class U€acc Shares
79,384 5,982 (9,951) 75,415
— 600,000 — 600,000
Class I€acc Shares
Class ISEKacc Shares
Class U$acc Shares
Class U€acc Shares
Class Z€acc Shares
Class Z€inc Shares
2,429,708 253,066 (869,163) 1,813,611
7,104,690 — — 7,104,690
300 — — 300
917 102 — 1,019
563,466 — (50,458) 513,008
548,059 — — 548,059
Class U£acc Shares
355,046 224,099 (21,681) 557,464
82,120 35,094 (3,825) 113,389
Class A$acc Shares
Class A$dis Shares
Class A€acc Shares
Class B$acc Shares
Class E€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
28,611 26,339 (15,636 ) 39,314
307 — — 307
67,015 9,017 (25,083 ) 50,949
513 — — 513
28,177 13,977 (15,774 ) 26,380
Janus Global Technology Fund
Class A$acc Shares
Class A€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
5,282,022 7,635,944 (8,085,938) 4,832,028
1,094,287 146,828 (610,809) 630,306
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Japan Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class Z€inc Shares
185 — — 185
Janus Global Research Fund
Janus Japan Emerging Opportunities Fund
Class U£acc Shares
73,368 — — 73,368
Class U£inc Shares
234 728 (728) 234
Class I€acc Shares
Class I$acc Shares 2,624 — — 2,624
Class I$dis Shares
Class I€acc Shares
474 — — 474
Class U£acc Shares
Class Z$inc Shares
185 — — 185
300,030 — — 300,030
441 — — 441
Class AAUD$acc Shares
Class AHKD$acc Shares
Class ARMB$acc Shares
Class B$acc Shares
Class I$acc Shares
Class I€acc Shares
Class U$acc Shares
63,100 3,604,562 (3,376,678) 290,984
151,854 6,395,967 (6,078,178) 469,643
2,497 1,231,268 (1,019,493) 214,272
1,059,373 865 (54,129) 1,006,109
2,597,899 549,673 (1,813,970) 1,333,602
236,691 13,722 (74,143) 176,270
3,146 1 (2,847) 300
Class A€acc Hedged Shares
Class AAUD$acc Hedged Shares
Class ACAD$acc Hedged Shares
Class AHKD$acc Hedged Shares
Class ARMB(CNH)acc Hedged Shares
11,538 — — 11,538
9,089 — — 9,089
13,144 — — 13,144
12,863 — — 12,863
89,503 — — 89,503
70,969 — — 70,969
9,089 824 — 9,913
11,544 — — 11,544
9,089 — — 9,089
A$acc Hedged Shares
A€acc Hedged Shares
AAUD$acc Hedged Shares
ACAD$acc Hedged Shares
AHKD$acc Hedged Shares
ARMB(CNH)acc Hedged Shares
E€acc Hedged Shares
I$acc Hedged Shares
I$acc Hedged Shares
8,763 — — 8,763
8,575 — — 8,575
59,668 — — 59,668
47,313 — — 47,313
6,059 — — 6,059
Class I$acc Hedged Shares
82,445 — (1) 82,444
Class A$acc Hedged Shares
7,692 — — 7,692
Class E€acc Hedged Shares
Class U€acc Shares
6,059 — — 6,059
Class I$acc Hedged Shares
Class IJPYacc Shares
Class IRMB(CNH)acc Hedged Shares
Class U€acc Hedged Shares
Class U£acc Hedged Shares
70,969 — — 70,969
9,089 — — 9,089
7,106 — — 7,106
IRMB(CNH)acc Hedged Shares
U€acc Hedged Shares
U£acc Hedged
47,313 — — 47,313
6,059 — — 6,059
4,738 — — 4,738
162,593 — — 162,593
IJPYacc Shares
7,696 — — 7,696
6,059 — — 6,059
108,395 — — 108,395
Janus Opportunistic Alpha Fund
Class A$acc Shares
Class A$dis Shares
Class A€acc Hedged Shares
Class ARMB (CNH)acc Hedged Shares
Class B$acc Shares
Class E€acc Hedged Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Hedged Shares
Class U$acc Shares
Class U€acc Hedged Shares
Class U£acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
2,914,917 670,958 (1,486,900) 2,098,975
18,033 — — 18,033
669,151 30,188 (182,686) 516,653
1,849 — — 1,849
429,421 22,191 (198,326) 253,286
2,462 181 (425) 2,218
805,045 273,607 (454,927) 623,725
10,038 85,543 (3,767) 91,814
12,997 7,664 (16,180) 4,481
22,280 — (8,110) 14,170
3,088 — — 3,088
185 — — 185
Janus US Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class A$acc Shares 20,411 9,414 (5,700) 24,125
Class A€acc Hedged Shares
Class B$acc Shares
17,292 13,095 (410) 29,977
20,000 — — 20,000
Class I$acc Shares 20,000 — — 20,000
Class I€acc Hedged Shares 14,674 — — 14,674
Janus Capital Funds Plc / 30 June 2015
259
Notes to the Financial Statements
Janus US Research Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class A$acc Shares 521,000 166,284 (212,365) 474,919
Class A$dis Shares
Class A€acc Hedged Shares
27,131 2 (23,620) 3,513
Class B$acc Shares
67,200 158 (12,052) 55,306
17,041 — (1,901) 15,140
Class I$acc Shares
Class I$dis Shares
Class I€acc Hedged Shares
Class Z$inc Shares
12,821 147,351 (137,556) 22,616
13,415 — — 13,415
287 — — 287
1,300,030 — — 1,300,030
Janus US Twenty Fund
Class A$acc Shares
Class A$dis Shares
Class A€acc Hedged Shares
Class ARMB (CNH)acc Hedged Shares
Class AAUD$acc Hedged Shares
Class B$acc Shares
Class E€acc Hedged Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
5,703,531 2,382,540 (2,593,738) 5,492,333
327 — — 327
1,665,223 72,520 (294,971) 1,442,772
1,849 — — 1,849
318 109,608 (97,534) 12,392
695,668 15,021 (123,113) 587,576
15,145 1,510 (3,837) 12,818
7,040,644 1,565,160 (1,207,627) 7,398,177
301 — — 301
36,235 — (2,921) 33,314
Class U€acc Hedged Shares
Janus US Venture Fund
Class A$acc Shares
Class A$dis Shares
Class A€acc Hedged Shares
Class AAUD$acc Hedged Shares
Class B$acc Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Hedged Shares
Class U$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
4,110,701 5,548,959 (4,692,074) 4,967,586
79,484 26,761 (40,040) 66,205
798,140 111,760 (236,446) 673,454
318 60,043 (33,235) 27,126
174,359 39,696 (54,144) 159,911
856,796 3,197,510 (897,978) 3,156,328
1,817 — — 1,817
690,673 54,546 (49,598) 695,621
300 94,950 — 95,250
Perkins Global Value Fund
Class A$acc Shares
Class A€acc Hedged Shares
Class B$acc Shares
Class E€acc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
221,434 29,993 (60,603) 190,824
135,341 18,717 (36,498) 117,560
469 — — 469
12,434 2,208 (6,177) 8,465
Perkins US Strategic Value Fund
Class A$acc Shares
Class A$dis Shares
Class A€acc Hedged Shares
Class B$acc Shares
Class E€acc Hedged Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Hedged Shares
Class I€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
6,115,959 318,583 (2,579,779) 3,854,763
720,520 848 (171,666) 549,702
1,792,143 59,574 (478,737) 1,372,980
107,489 — (9,285) 98,204
8,586 3,378 (4,909) 7,055
9,974,497 818,546 (4,802,832) 5,990,211
76,608 — (4,040) 72,568
865,938 126,902 (268,036) 724,804
234 — — 234
INTECH All-World Minimum Variance Core Fund(a)
Class Z£acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
— 5,100,000 — 5,100,000
INTECH European Core Fund
Class A€acc Shares
Class Z€inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
253 — — 253
815,022 — — 815,022
INTECH Global All Country Low Volatility Fund
Class Z£acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
1,012,587 — — 1,012,587
Class I$acc Shares
Class I€acc Hedged Shares
Class U$acc Shares
121,095 925 (119,959) 2,061
300 — — 300
536 3 (4) 535
221 — — 221
Class A€acc Hedged Shares
Class A€inc Hedged Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$acc Shares
22,961 9,607 (1,588) 30,980
34,562 921 (22,843) 12,640
3,466 932 (961) 3,437
15,717 3,001 (11,680) 7,038
2,072 — (1,838) 234
10,263 1,980 (5,076) 7,167
127,634 — — 127,634
INTECH US Core Fund
Class A$acc Shares
Class A$dis Shares
Class A€acc Hedged Shares
Class B$acc Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Hedged Shares
Class U$acc Shares
Class U€acc Hedged Shares
Class U£acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
1,729,752 512,834 (550,669) 1,691,917
2,621 — — 2,621
411,385 65,076 (116,997) 359,464
11,246 24 (1,003) 10,267
2,180,453 650,516 (245,924) 2,585,045
1,537 — (630) 907
1,832,655 1,780,457 (1,808,832) 1,804,280
300 — — 300
221 — — 221
185 — — 185
260
Janus Capital Funds Plc / 30 June 2015
Class U£acc Shares
4,856 — — 4,856
185 — — 185
14,050 270 (1,404) 12,916
Class U£acc Shares
Class Z$acc Shares
463,975 485 — 464,460
593,076 1 (593,050) 27
221 21,101 (21,101) 221
Class Z€acc Shares 250,022 — — 250,022
Class I$inc Shares
1,432,850 — — 1,432,850
Class A$inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class U€acc Hedged Shares
Class U€acc Hedged Class Z$inc Shares Shares
Class A$acc Shares
INTECH Global Dividend Fund
Class U$acc Shares
Class U$acc Shares
Class U£acc Shares
58,342 — — 58,342
185 — — 185
54,509 927 (10,066) 45,370
Class I€acc Hedged Shares
Class I€inc Hedged Shares
234 — — 234
243 2 — 245
311 3 — 314
Class U€acc Hedged Shares
Class U$acc Shares 300 — — 300
Class U€acc Hedged Shares 221 — — 221
Class U£inc Shares 205 2 — 207
Class Z€U Shares 24 — — 24
Notes to the Financial Statements Class A$acc Shares
Class A€acc Hedged Shares
Class ACHFacc Hedged Shares
Class ASEKacc Hedged Shares
Class E€acc Hedged Shares
Class I$acc Shares
Class I€acc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
41,525 10,880 (5,518) 46,887
12,172 15,262 — 27,434
14,507 — — 14,507
104,822 — — 104,822
12,172 — — 12,172
18,548 — — 18,548
15,806 6,407 (1,795) 20,418
Janus Global Real Estate Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Hedged Shares
Class AAUD$inc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
1,737,026 614,042 (633,950) 1,717,118
82,698 51,213 (33,693) 100,218
513,760 72,379 (184,445) 401,694
332 162 — 494
Janus Flexible Income Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
4,072,970 1,173,117 (1,108,118) 4,137,969
2,657,993 986,341 (1,195,909) 2,448,425
4,676,823 506,492 (1,129,421) 4,053,894
Janus Flexible Income Fund
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$acc Shares
Class I$inc Shares
Class I€acc Hedged Shares
Class U$acc Shares
Class U€acc Hedged Shares
Class U£acc Hedged Shares
Class U£inc Hedged Shares
Class V$inc Shares
Class VAUD$inc Hedged Shares
Class Z$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
690,821 58,617 (214,098) 535,340
1,724,915 129,056 (462,300) 1,391,671
2,385,686 16,816,495 (1,140,097) 18,062,084
37,378,347 2,077,714 (3,268,918) 36,187,143
2,983,803 492,097 (2,020,692) 1,455,208
300 — — 300
630,267 149,481 (43,273) 736,475
185 — — 185
130,909 26,197 (130,715) 26,391
59,648 135,387 (33,507) 161,528
20,702 34,711 (2,484) 52,929
897,789 7,862 (201,782) 703,869
Janus Global Diversified Alternatives Fund
Janus Global Flexible Income Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Global High Yield Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Global High Yield Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Global Investment Grade Bond Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Global Investment Grade Bond Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class ARMB (CNH)acc Hedged Shares
Class ICHFacc Hedged Shares 14,507 — — 14,507
Class ISEKacc Hedged Shares 104,822 — — 104,822
Class U$acc Shares
Class U€acc Hedged Shares
Class U£acc Hedged Shares
16,600 — — 16,600
12,172 — — 12,172
9,733 — — 9,733
Class B$acc Shares
Class B$inc Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$inc Shares
Class I€acc Shares
Class U£inc Hedged Shares
Class U£inc Shares
1,849 — — 1,849
26,460 525 (7,289) 19,696
3,725 — (2,323) 1,402
3,937 2,512 (1,748) 4,701
3,875 8 — 3,883
8,852,152 610,196 (2,122,162) 7,340,186
1,650 1 (1,501) 150
22,240 17,410 (3,892) 35,758
103,523 234,071 (1,660) 335,934
Class AAUD$acc Hedged Shares
Class AAUD$inc Hedged Shares
Class AHKD$acc Shares
Class AHK$inc Shares
Class ARMB(CNH)inc Hedged Shares
Class B$acc Shares
Class B$inc Shares
Class B€inc Hedged Shares
319 — — 319
236,219 890,492 (394,769) 731,942
2,329 — — 2,329
452,480 208,924 (327,907) 333,497
1,983 32 — 2,015
149,837 30,965 (69,749) 111,053
548,084 2,698 (236,243) 314,539
51,136 46 (6,268) 44,914
Class A$acc Shares
Class A€acc Hedged Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$inc Shares
Class I€acc Hedged Shares
Class U$acc Shares
Class U€acc Hedged Shares
Class U£acc Hedged Shares
Class U£inc Hedged Shares
582,723 246,028 (110,245) 718,506
341,480 62,033 (67,662) 335,851
35,261 25,988 (11,785) 49,464
128,563 63,147 (36,330) 155,380
265,066 1,944 — 267,010
573,072 228,731 (52,585) 749,218
300 — — 300
1,287 — — 1,287
185 — — 185
195 1 — 196
Class A$acc Shares
Class A$inc Shares
Class A€acc Hedged Shares
Class A€inc Hedged Shares
Class AAUD$inc Shares
Class B$acc Shares
Class B$inc Shares
Class B€inc Hedged Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$acc Shares
199,433 47,597 (56,230) 190,800
750,093 101,068 (280,689) 570,472
285,620 31,076 (151,930) 164,766
1,636,252 113,382 (196,173) 1,553,461
369 16 — 385
333 — — 333
321 5 — 326
312 6 — 318
63,322 2,331 (28,676) 36,977
868,637 75,458 (276,475) 667,620
277 — — 277
Class IAUD$inc Hedged Shares
Class I€acc Hedged Shares
Class I€inc Hedged Shares
Class U£acc Hedged Shares
Class U£inc Hedged Shares
Class Z$inc Shares
380 18 — 398
183,187 2,500 (182,698) 2,989
415 12 — 427
185 — — 185
206 6 — 212
300,036 1 — 300,037
Class A$acc Shares
Class A$inc Shares
Class A€acc Shares
Class A€inc Shares
394,379 27,113 (124,152) 297,340
778,011 365,860 (230,236) 913,635
154,815 30,713 (61,339) 124,189
428,082 33,111 (226,849) 234,344
Class I€acc Hedged Class I€inc Hedged Class I£inc Hedged Shares Shares Shares 1,372 382 (1,068) 686
360 4 — 364
621,072 238,369 (21,950) 837,491
Class B$acc Shares 326 — — 326
Class B$inc Shares
Class B€inc Hedge Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$acc Shares
Class I$inc Shares
337 — — 337
252 — — 252
56,482 1,822 (18,399) 39,905
170,980 6,838 (68,851) 108,967
255,789 188,818 (284,604) 160,003
8,973 3 — 8,976
Class I$inc Shares 138,094 66 — 138,160
Class Z$inc Shares 300,035 — — 300,035
Janus Capital Funds Plc / 30 June 2015
261
Notes to the Financial Statements Class A$acc Shares
Class A$inc Shares
Class A€acc Hedged Shares
Class AAUD$acc Hedged Shares
Class AAUD$inc Hedged Shares
Class AHK$acc Shares
Class AHKD$inc Shares
Class ARMB(CNH)inc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
2,243,795 383,910 (881,999) 1,745,706
7,337,772 1,175,592 (1,601,189) 6,912,175
1,130,484 134,830 (320,994) 944,320
319 — — 319
371,896 307,934 (286,389) 393,441
139,739 — — 139,739
6,642,054 325,841 (1,266,992) 5,700,903
111,767 77 — 111,844
Janus High Yield Fund
Class E€inc Hedged Shares
Class I$acc Shares
Class I$inc Shares
Class I€acc Hedged Shares
Class IAUD$inc Hedged Shares
977,966 71,485 (81,342) 968,109
4,808,426 1,126,436 (2,588,679) 3,346,183
38,450,618 4,704,183 (9,241,503) 33,913,298
2,007,394 1,150,336 (1,042,162) 2,115,568
376 12 — 388
Janus High Yield Fund
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class IRMB(CNH)inc Hedged Shares
Class B$acc Shares
Class B$inc Shares
Class B€inc Hedged Shares
Class E€acc Hedged Shares
93,158 22,491 (55,531) 60,118
6,388,089 158,829 (756,713) 5,790,205
998,973 38,769 (184,115) 853,627
48,542 2,522 (13,423) 37,641
Class U£acc Hedged Shares
Class U£inc Hedged Shares
Class V$inc Shares
Class VAUD$inc Hedged Shares
Class Z$acc Shares
185 — — 185
208 6 — 214
51,096 664,865 (3,491) 712,470
40,740 365,926 (13,772) 392,894
723,409 — — 723,409
2,277 78 — 2,355
Janus Global Unconstrained Bond Fund
Class A$acc Class A$inc Shares Shares
Class A€acc Hedged Shares
Class AAUD$inc Shares
Class A€inc Shares
Class ACAD$inc Shares
Class ACHFacc Hedged Shares
Class ACHFinc Hedged Shares
Class AHKD$inc Shares
Class ARMB(CNH)inc Shares
Class ASGD$inc Hedged Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
4,353,665 3,938,602 (2,848,224) 5,444,043
155,270 529,803 (22,940) 662,133
— 389 — 389
21,334 76,492 (2,432) 95,394
— 378 — 378
942 45,600 — 46,542
943 12 — 955
— 2,344 — 2,344
— 1,901 — 1,901
1,270 16 — 1,286
781 458,319 (51,839) 407,261
3,773 271,407 (6,050) 269,130
1,914,946 4,643,520 (137,836) 6,420,630
Janus Global Unconstrained Bond Fund
Class I€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
820,045 2,510,114 (446) 3,329,713
1,000 — — 1,000
Janus US Short-Term Bond Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Hedged Shares
Class AAUD$inc Hedged Shares
Class ACHFinc Hedged Shares
Class B$acc Shares
Class B$inc Shares
Class E€acc Hedged Shares
Class E€inc Hedged Shares
Class I$acc Shares
Class I$inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . .
17,214,561 1,624,692 (5,421,666)
3,561,084 446,284 (1,039,637)
1,577,123 330,618 (850,400)
328 3 —
244,491 10,194 (51,692)
66,910 9,887 (18,218)
473,029 5,110 (42,543)
87,994 39,281 (51,890)
57,653 8,149 (20,726)
3,961,401 3,439,403 (1,838,238)
7,919,528 1,532,794 (3,240,978)
At end of period . . . . . . . . . . .
13,417,587
2,967,731
1,057,341
331
202,993
58,579
435,596
75,385
45,076
5,562,566
6,211,344
Janus US Short-Term Bond Fund
Class I€acc Hedged Shares
Class I£acc Hedged Shares
Class I£inc Hedged Shares
Class ICHFinc Hedged Shares
Class U$acc Shares
Class U$inc Shares
Class U£acc Hedged Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . .
761,705 275,653 (433,258)
195,506 1 (195,321)
157,690 2 (157,498)
5,308 2 (5,022)
113,787 98,717 (89,232)
37,044 932 (11,930)
185 — —
190 1 —
688,815 2 (688,682)
At end of period . . . . . . . . . . .
604,100
186
194
288
123,272
26,046
185
191
135
230,986 161,069 (13,012) 379,043
Class U$acc Shares
Class U$inc Shares
Class U€acc Hedged Shares
Class U£acc Hedged Shares
Class U£inc Shares
Class U£inc Hedged Shares
1,003 10,066 — 11,069
781 — — 781
618 7,815 — 8,433
620 6 — 626
620 6 — 626
Class U£inc Hedged Shares
Class Z$acc Shares
For the period ended 30 June 2014 Class A$acc Shares
Janus Asia Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Class E€acc Shares
Class I$acc Shares
Class I€acc Shares
1,415 — — 1,415
3,160 — — 3,160
Janus Balanced Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Shares
Class A€inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
6,041,642 4,203,083 (2,029,684) 8,215,041
302 5,468,935 (2,501,903) 2,967,334
2,351,641 845,094 (415,544) 2,781,191
8,628 317,250 (118,378) 207,500
Janus Balanced Fund
Class E€acc Shares
Class E€inc Shares
Class I$acc Shares
Class I$inc Shares
Class I€acc Shares
Class I€inc Shares
Class V$inc Shares
613,647 153,120 (89,534) 677,233
7,625 72,810 (2,382) 78,053
2,926,838 1,877,256 (239,020) 4,565,074
301 3 — 304
2,413,274 1,121,167 (2,841,126) 693,315
222 3 — 225
302 4 — 306
262
185 — — 185
Class Z$inc Shares
28,612 21,603 (2,655) 47,560
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
225 — — 225
Class U£acc Shares
Class AAUD$acc Shares
1,000,031 — — 1,000,031
Class AAUD$inc Shares
319 — — 319
323 3,516,685 (2,269,108) 1,247,900
Janus Capital Funds Plc / 30 June 2015
Class ACAD$inc Shares 311 721,895 (254,480) 467,726
Class ARMB(CNH)inc Shares 1,845 1,251,623 (863,859) 389,609
Class VAUD$inc Shares 321 8 — 329
Class AHKD$acc Shares 93,940 28,109 (46) 122,003
Class AHKD$inc Shares 2,343 29,374,003 (17,432,497) 11,943,849
Class B$acc Shares 585,589 20,906 (41,338) 565,157
Notes to the Financial Statements Class A$acc Shares
Class A€acc Shares
Class B$acc Shares
Class E€acc Shares
Class I$acc Shares
Class I€acc Shares
Class U£acc Shares
132,763 1,597 (6,040)
95,618 7,470 (7,279)
100,000 — —
209 — —
100,000 — —
73,368 — —
185 — —
128,320
95,809
100,000
209
100,000
73,368
185
Class A$acc Shares
Class A€acc Shares
Class ASEKacc Shares
Class E€acc Shares
Class I€acc Shares
Class ISEKacc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
452,112 1,105,646 (157,572) 1,400,186
375,269 601,935 (146,112) 831,092
1,945 — — 1,945
154,743 72,127 (52,754) 174,116
4,217,987 1,718,687 (2,582,682) 3,353,992
— 7,106,587 — 7,106,587
Janus Global Life Sciences Fund
Class A$acc Shares
Class A€acc Shares
Janus Emerging Markets Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
Janus Europe Fund
Class AAUD$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
4,678,830 20,435,184 (13,245,308) 11,868,706
2,130,300 1,864,962 (1,299,410) 2,695,852
318 — — 318
Janus Global Research Fund
Class A$acc Shares
Class A$dis Shares
Class A€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
20,814 5,921 (5,010) 21,725
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Janus US Research Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Janus US Twenty Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Class A$acc Shares 2,878,869 697,067 (842,309) 2,733,627
Class A$acc Shares 937,751 51,466 (622,603) 366,614
Class A$acc Shares 7,306,072 3,023,121 (3,967,111) 6,362,082
Class I€acc Shares
Class U$acc Shares
Class U€acc Shares
Class U£acc Shares
1,188 22,009 (3,361) 19,836
595,914 1,616,672 (1,211,196) 1,001,390
7,649 166,530 (146,695) 27,484
300 10,857 (1) 11,156
221 63,606 (1) 63,826
185 34,350 (1,600) 32,935
Class I$acc Shares
Class U€acc Shares
— 429 — 429
— 3,104 — 3,104
— 2,497 — 2,497
1,340,554 13,121 (143,625) 1,210,050
2,147,214 1,041,892 (258,872) 2,930,234
282,211 21,794 (61,947) 242,058
300 2,847 (1) 3,146
221 82,224 (1) 82,444
15,386 — — 15,386
20,000 — — 20,000
Class A€acc Shares
23,637 — (4,768) 18,869
847,142 61,751 (188,404) 720,489
Class A$dis Shares
Class A€acc Shares
33,754 219 — 33,973
70,531 9,218 (9,570) 70,179
Class A$dis Shares
Class A€acc Shares
11,235 — (9,783) 1,452
2,314,427 259,823 (683,136) 1,891,114
185 — — 185
300,030 — — 300,030
Class I€acc Shares
20,000 — — 20,000
Class A$dis Shares
14,882 — — 14,882
Class Z$inc Shares
Class U$acc Shares
Class I$acc Shares
474 — — 474
Class U£acc Shares
Class I€acc Shares
Class B$acc Shares
274,756 186 — 274,942
Class I€acc Shares
Class I$acc Shares
Class A€acc Shares
17,043 13,211 (5,446) 24,808
Class I$dis Shares
Class B$acc Shares
1,884,458 634,711 (866,008) 1,653,161
Janus Opportunistic Alpha Fund
Class I$acc Shares
Class ARMB(CNH)acc Shares
4,829,306 4,040,737 (3,697,742) 5,172,301
513 — — 513
— 350,000 — 350,000
Class AHKD$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
20,609 — — 20,609
Class E€acc Shares
339,878 46,768 (15,112) 371,534
221 — — 221
Class E€acc Shares
300 — — 300
Class B$acc Shares
Class Z€inc Shares
Class AAUD$acc Shares
Class A€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . At end of period . . . . . . . . . . .
1,004,169 115,478 (311,807) 807,840
300 — — 300
Class Z€acc Shares
95,484 54,465 (73,006) 76,943
Class A$acc Shares
Class A$acc Shares
Class E$acc Shares
Class U€acc Shares
307 — — 307
Janus Global Technology Fund
Janus US Fund
Class B$acc Shares
Class U$acc Shares
14,674 — — 14,674
Class B$acc Shares 452,687 3,329 (69,648) 386,368
Class B$acc Shares 43,604 — (18,359) 25,245
Class AAUD$acc Shares 318 — — 318
Class E€acc Shares 2,972 1 (2,150) 823
Class I$acc Shares 8,989 4,367 — 13,356
Class B$acc Shares 1,072,394 5,340 (143,425) 934,309
Class I$acc Shares
Class I$dis Shares
Class I€acc Shares
Class U$acc Shares
485,948 227,561 (92,696) 620,813
10,038 — — 10,038
4,567 1,586 (746) 5,407
300 23,172 (3) 23,469
221 2,867 — 3,088
185 — — 185
Class I$dis Shares
Class I€acc Shares
Class Z$inc Shares
Class U$acc Shares
Class U€acc Shares
15,739 688 — 16,427
287 — — 287
Class E€acc Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Shares
7,675 9,262 (3,732) 13,205
7,369,790 2,110,369 (1,464,107) 8,016,052
301 — — 301
32,487 5,164 (1,086) 36,565
Class U€acc Shares
Class U£acc Shares
1,300,030 — — 1,300,030
300 — — 300
221 4,635 — 4,856
Class U£acc Shares 185 — — 185
Janus Capital Funds Plc / 30 June 2015
263
Notes to the Financial Statements
Janus US Venture Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Perkins Global Value Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Class A$acc Shares 3,741,071 3,064,223 (3,619,021) 3,186,273
Class A$acc Shares
Class A$dis Shares
Class A€acc Shares
7,519 17,620 (12,914) 12,225
915,125 365,392 (384,783) 895,734
Class A€acc Shares
89,970 79,569 (8,526) 161,013
Class B$acc Shares
85,592 96,912 (33,290) 149,214
318 — — 318
Class E€acc Shares
469 — — 469
Class B$acc Shares 223,547 17,719 (65,093) 176,173
Class I$acc Shares
Class I€acc Shares
112,556 30,548 (142,569) 535
310 780 — 1,090
2,189 7,569 (1,939) 7,819
Class I$dis Shares
Class I€acc Shares
1,075,213 736,861 (330,387) 1,481,687
4,955 2,409 (1,760) 5,604
84,436 54,266 (66,407) 72,295
Class U$acc Shares
Class U€acc Shares
300 — — 300
Class U$acc Shares
Class U€acc Shares
221 — — 221
Class U€acc Shares
300 61,426 (6) 61,720
221 63,470 (3) 63,688
Class A€inc Shares
23,044 39,622 (15,283) 47,383
4,908 3,466 (947) 7,427
10,573 7,360 (4,011) 13,922
Class A$acc Shares
Class A$dis Shares
Class A€acc Shares
Class B$acc Shares
1,621,552 528,951 (528,842) 1,621,661
2,621 — — 2,621
551,542 86,246 (172,069) 465,719
14,049 — (1,078) 12,971
2,277,891 236,732 (73,629) 2,440,994
307 — — 307
1,405,302 554,358 (344,510) 1,615,150
300 — — 300
221 — — 221
185 — — 185
Class A CHF acc Shares
Class A$acc Shares
Class A€acc Shares
Class ASEKacc Shares
Class E€acc Shares
Class I$acc Shares
Class ICHFacc Shares
Class I€acc Shares
Class ISEKacc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
— 14,507 — 14,507
— 16,600 — 16,600
— 12,172 — 12,172
— 104,822 — 104,822
— 12,172 — 12,172
200,000 — (181,452) 18,548
— 14,507 — 14,507
— 12,172 — 12,172
— 104,822 — 104,822
Janus Global Real Estate Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Shares
Class AAUD$inc Shares
Class B$acc Shares
Class E€acc Shares
Class E€inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
1,390,816 382,559 (547,209) 1,226,166
111,187 16,793 (60,832) 67,148
878,163 27,872 (285,939) 620,096
Janus Flexible Income Fund
Class A$acc Shares
Class A$acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
INTECH US Core Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Janus Global Diversified Alternatives Fund
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
264
300 4,384 — 4,684
3,882,173 719,417 (1,113,503) 3,488,087
— 250,022 — 250,022
Class U$acc Shares
Class A€acc Shares
INTECH Global Dividend Fund
1,333,248 — (740,172) 593,076
Class I€Uacc Shares
Class A$inc Shares
— 253 — 253
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
1,040,685 214,383 (586,434) 668,634
1,122,250 — — 1,122,250
110,153 3,376 (2,093) 111,436
Class A€acc Shares
Class Z€acc Shares
Class Z$inc Shares
2,624,561 186,033 (716,925) 2,093,669
INTECH European Core Fund
Class Z$acc Shares
221 — — 221
1,462,982 24,348 (565,952) 921,378
8,809,870 1,392,393 (2,964,232) 7,238,031
Class U£acc Shares
300 — — 300
Class A€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Class B$acc Shares
Class I$acc Shares
Class A$dis Shares
Perkins US Strategic Value Fund
Class A$acc Shares
Class AAUD$acc Shares
Class E€acc Shares
Class I$acc Shares
Class I$dis Shares
Class I€acc Shares
5,871 536 (1,279) 5,128
14,343,110 1,988,261 (5,912,397) 10,418,974
80,037 334 (1,312) 79,059
1,183,465 462,401 (625,746) 1,020,120
234 — — 234
Class U£acc Shares 185 — — 185
Class Z€inc Shares — 815,021 — 815,021
Class E€acc Shares
Class E€inc Shares
Class I$acc Shares
4,505 8,561 — 13,066
300 127,334 — 127,634
1,161 911 — 2,072
Class I$acc Shares
320 6 — 326
Class A$inc Shares
Class A€acc Shares
Class AAUD$inc Shares
1,577,467 362,051 (418,948) 1,520,570
6,804,790 294,232 (1,949,966) 5,149,056
55,938 160,236 (47,950) 168,224
Class I$dis Shares
Class I€acc Shares
Class B$inc Shares
89,806 — (49,932) 39,874
3,499 226 — 3,725
Class AAUD$acc Shares 319 — — 319
Janus Capital Funds Plc / 30 June 2015
234 2,434 — 2,668
Class I$inc Shares
Class U$acc Shares
235 1,831 — 2,066
Class I€acc Shares
Class I€inc Shares
306 2 — 308
234 — — 234
Class U€acc Shares
Class U£acc Shares
Class U$acc Shares
Class U€acc Shares
239 1 — 240
300 — — 300
Class U€acc Shares
Class U$acc Shares
Class U£acc (Unhedged) Shares
— 12,172 — 12,172
— 16,600 — 16,600
— 9,733 — 9,733
Class I$inc Shares 13,854,702 614,237 (4,742,977) 9,725,962
Class AHKD$acc Shares
Class AHKD$inc Shares
Class ARMB(CNH)inc Shares
2,329 — — 2,329
19,932 403,721 (261,168) 162,485
1,909 37 — 1,946
221 — — 221
Class U£inc Shares 202 1 — 203
Class I€acc Shares 3,550 150 — 3,700
Class B$acc Shares
Class B$inc Shares
Class B€inc Shares
Class E€acc Shares
165,556 2,891 (25,971) 142,476
593,736 886 (68,110) 526,512
69,471 — (12,426) 57,045
1,110,197 48,426 (400,762) 757,861
Class Z€Uacc Shares 344,024 234,061 (578,061) 24
Notes to the Financial Statements
Janus Flexible Income Fund
Class E€inc Shares
Class I$acc Shares
Class I$inc Shares
Class I€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
1,945,522 101,731 (305,972) 1,741,281
1,946,089 1,115,545 (740,745) 2,320,889
50,501,283 2,131,571 (3,541,135) 49,091,719
2,035,040 1,179,725 (553,669) 2,661,096
Class A$acc Shares
Class A€acc Shares
Class E€acc Shares
Class E€inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
254,377 20,385 (1,724) 273,038
200,084 16,179 (7,049) 209,214
Janus Global High Yield Fund
Class A$acc Shares
Class A$inc Shares
Class A€acc Shares
Class A€inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
156,051 103,311 (55,650) 203,712
182,759 471,929 (42,047) 612,641
352,016 218,179 (143,335) 426,860
1,380,004 555,751 (131,944) 1,803,811
Janus Global High Yield Fund
Class I€inc Shares
Class IAUD$inc Shares
Class U£acc Shares
Class U£inc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
394 5,363 — 5,757
349 15 — 364
185 — — 185
195 5 — 200
Janus Global Flexible Income Fund
9,649 3,216 (7,314) 5,551
Class U$acc Shares
9,231 58,717 (6,829) 61,119
Janus High Yield Fund At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Class I$acc Shares
Class I$inc Shares
Class I€acc Shares
Class IAUD$inc Shares
4,036,207 2,624,326 (476,282) 6,184,251
50,730,721 7,450,369 (13,574,264) 44,606,826
1,777,498 1,179,305 (447,689) 2,509,114
349 78,045 (78,030) 364
78,799 72,552 (49,764) 101,587
Class B$acc Shares
Class B$inc Shares
Class B€inc Shares
Class E€acc Shares
84,142 — — 84,142
91,766 421 — 92,187
67,028 305 (2,393) 64,940
43,225 16,519 (3,872) 55,872
Class AAUD$acc Shares
Class ARMB(CNH)inc Shares
319 — — 319
524,980 497,183 (280,673) 741,490
Class IRMB(CNH)inc Shares
Class AAUD$inc Shares
Class ACHFinc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
16,003,856 5,670,991 (4,854,438) 16,820,409
2,619,073 1,512,775 (420,760) 3,711,087
2,146,342 170,238 (445,652) 1,870,928
321 4 — 325
Janus US Short-Term Bond Fund
Class I£inc Shares
At beginning of the year . . . . . Shares issued . . . . . . . . . . . . . . . Shares redeemed . . . . . . . . . . . . At end of year . . . . . . . . . . . . . .
266,425 38,127 (146,863) 157,689
20,570 88,217 — 108,787
12,011 24,732 — 36,742
Class U£acc Shares 185 — — 185
Class AHKD$acc Shares 91,470 74,478 (41,798) 124,150
Class U£acc Shares
2,123 76 — 2,199
Class A€acc Shares
Class U$inc Shares
190 3 — 193
Class E€inc Shares
Class I$acc Shares
Class I$inc Shares
Class I€acc Shares
277 — — 277
107,388 25,086 — 132,474
490 364,697 — 365,187
657,007 598,001 (110,823) 1,144,185
300,034 1 — 300,035
Class A$inc Shares
Class U$acc Shares
Class U£inc Shares
Class Z$inc Shares
Class A$acc Shares
Janus US Short-Term Bond Fund
— 890,634 — 890,634
185 — — 185
302 5 — 307
372,062 133,400 (20,483) 484,979
1,207,035 640,567 (1,268,665) 578,937
221 1,066 — 1,287
310 5 — 315
144,317 79,220 (36,331) 187,206
1,791,528 245,506 (447,546) 1,589,488
300 — — 300
Class ZAUD$acc Shares
300 8 — 308
Class U£acc Shares
333 — — 333
135,495 357,932 (30,074) 463,353
6,818,355 3,333,827 (1,344,739) 8,807,443
194,704 — — 194,704
Class U€acc Shares
342 13 — 355
136,258 145,156 (10,638) 270,776
4,243,695 1,545,880 (1,324,188) 4,465,387
Class U$acc Shares
Class VAUD$inc Shares
1,045 20 — 1,065
Class E€acc Shares
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
At beginning of the year . . . . . Share issued . . . . . . . . . . . . . . . . Share redeemed. . . . . . . . . . . . . At end of period . . . . . . . . . . . .
Class I€acc Shares
190 98,137 — 98,327
Class B€inc Shares
Class A€inc Shares
Class AAUD$inc Shares
185 — — 185
Class V$inc Shares
Class B$inc Shares
Class A€acc Shares
Class A€acc Shares
Class I$inc Shares
Class U£inc Shares
Class B$acc Shares
Class A$inc Shares
Class A$inc Shares
791,744 28,967 (54,631) 766,080
Class U£acc Shares
Class AAUD$inc Shares
Class A$acc Shares
Class A$acc Shares
300 — — 300
258,859 3,550 — 262,409
Janus Global Investment Grade Bond Fund
Janus High Yield Fund
Class U€acc Shares
185 — — 185
Class B$acc Shares
Class B$inc Shares
209,694 196,102 (87,243) 318,553
78,022 17,467 (34,163) 61,326
552,078 7,530 (43,626) 515,981
Class U£inc Shares
Class Z$acc Shares
10,457 1 (10,269) 189
260,672 2,095,618 (187,665) 2,168,625
Class U£inc Shares
Class E€inc Shares
Class I$acc Shares
Class I$inc Shares
Class I€acc Shares
108,513 83,150 (18,429) 173,234
283,407 29,255 (165,897) 146,765
99,840 47,488 — 147,328
74,426 111,124 (45,910) 139,640
71,692 1,102 — 72,794
300,034 — — 300,034
Class B$acc Shares
Class B$inc Shares
Class B€inc Shares
Class E€acc Shares
Class E€inc Shares
90,169 161,069 (18,524) 232,714
8,467,340 312,282 (1,506,301) 7,273,321
1,310,418 4,166 (196,804) 1,117,780
77,935 15,625 (30,109) 63,451
856,634 281,130 (45,759) 1,092,005
Class AHKD$inc Shares 131,509 2,113,684 (313,234) 1,931,959
Class V$inc Shares
Class VAUD$inc Shares
Class Z$acc Shares
195 6 — 201
1,084 39 — 1,123
1,070 47 — 1,117
723,409 — — 723,409
Class E€acc Shares
Class E€inc Shares
116,842 14,943 (9,950) 121,834
59,301 46,593 (5,184) 100,710
Class I$acc Shares
Class I$inc Shares
Class I€acc Shares
1,147,326 2,165,840 (648,910) 2,664,256
5,304,372 1,419,851 (1,349,850) 5,374,373
655,715 196,275 (242,138) 609,852
Class I€inc Shares
Class ICHFinc Shares 20,256 11 (3,000) 17,267
Class Z$inc Shares
Class I£acc Shares 100,162 — (3,956) 96,205
Janus Capital Funds Plc / 30 June 2015
265
Notes to the Financial Statements 16 NET GAINS AND L OSSES ON FINANCIAL A SSETS A ND L IABILITIES AT FAIR VALUE THROUGH P ROFIT OR L OSS The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the period ended 30 June 2015 and 30 June 2014. Janus Asia Frontier Markets Fund
For the periods ended 30 June 2015 and 30 June 2014 Net realised gain/(loss) Net realised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised (loss) on Forward Currency Contracts . . . . . . . . . . . . Net realised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) Net unrealised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) on Futures. . . . . . . . . . . . . . . . . . . . . . . Net unrealised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) on Swaps. . . . . . . . . . . . . . . . . . . . . . . . Net unrealised (loss) on Forward Currency Contracts . . . . . . . . . . Net unrealised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . Net gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . .
Janus Asia Growth Drivers Fund
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
$(9,419) — — — (64,582) (1,717)
$— — — — — —
$(27,056) — — — (43,819) (1,865)
$— — — — — —
$9,234,141 — — 3,689,827 26,705 (91,284)
$3,070,637 — — (312,846) 17,972 (31,168)
$3,391,283 — — 193,779 (12,782,850) (117,641)
$5,978,073 — — — 100,685 (103,749)
6,544 — — — 19,529 —
— — — — — —
87,669 — — — 999 —
— — — — — —
(1,659,295) — — (241,684) (1,291) —
2,453,011 — — 646,659 (13) —
(9,658,370) — — — 517,520 —
10,875,444 — — — (110,210) —
$(49,645)
$—
$15,928
$—
Period Ended 30 June 2015
Net realised gain/(loss) Net realised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . ¥10,096,750 Net realised gain on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Net realised gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Net realised gain on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Net realised (loss) on Forward Currency Contracts . . . . . . . . . . . . 1,820,981 Net realised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . . . (13,192) Net unrealised gain/(loss) Net unrealised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . 48,876,174 Net unrealised gain/(loss) on Futures. . . . . . . . . . . . . . . . . . . . . . . — Net unrealised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . — Net unrealised gain/(loss) on Swaps. . . . . . . . . . . . . . . . . . . . . . . . — Net unrealised (loss) on Forward Currency Contracts . . . . . . . . . . (2,682,907) Net unrealised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . — Net gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥58,097,806
266
Janus Balanced Fund
Period Ended 30 June 2015
Janus Japan Emerging Opportunities Fund
For the periods ended 30 June 2015 and 30 June 2014
Janus Asia Fund
Janus Capital Funds Plc / 30 June 2015
Janus Japan Fund
$10,957,119
$5,844,252 $(18,456,279) $16,740,243
Janus Opportunistic Alpha Fund
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
¥— — — — — —
¥13,735,752 — — — 1,091,981 (19,612)
¥— — — — — —
— — — — — —
17,946,904 — — — (1,668,172) —
— — — — — —
(4,535,382) — — — 166,639 —
¥—
¥31,086,853
¥—
$(3,139,871)
Janus US Fund
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
$2,758,426 $16,657,849 — — — — 18 — (1,514,061) (107,572) (15,511) 34,330
$100,573 — (702) 1 (56,075) 263
$135,748 — 1,356 (25) (3,833) 36
(7,161,041) — — — (19,260) —
(9,552) — (5,358) — 3,774 —
(66,932) — (1,007) — (1,202) —
$9,404,306
$32,924
$64,141
Notes to the Financial Statements
Janus Emerging Markets Fund Period Ended 30 June 2015
Janus Europe Fund
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Janus Global Life Sciences Fund
Janus Global Research Fund
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Janus Global Technology Fund
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
$193,531 — — 97,617 (156,594) (127,301)
$(3,089) — — 2,676 (8,761) (3,244)
€16,333,766 (40,511) 870,978 2,558,554 1,569,208 (248,209)
€8,492,739 41,907 568,978 — (252,603) (5,985)
$72,424,843 — — 180 (10,481,881) (238,538)
$17,249,761 — — 574,966 (151,451) (8,808)
$1,560,184 — — (2,688) (138,763) (3,948)
$587,677 — — (12,115) (3,272) (185)
$7,294,305 — 23,189 38 (1,423,456) (35,325)
$5,570,900 — 64,009 — (120,724) 2,513
191,762 — — 72,866 14,033 —
345,061 — — (4,338) (5,454) —
12,032,367 32,758 232,463 (47,025) (172,827) —
(2,131,959) 223,975 (60,004) — (17,724) —
116,453,245 — — — (180,429) —
10,810,250 — — — 27,155 —
145,537 — — — 16,673 —
1,619,787 — — — (2,330) —
(4,102,868) — (7,505) — 120,232 —
(1,243,860) — (24,267) — (92,722) —
$285,914
$322,851
€33,121,522
€6,859,324
$177,977,420
$28,501,873
$1,576,995
$2,189,562
$1,868,610
$4,155,849
Janus US Research Fund Period Ended 30 June 2015
Period Ended 30 June 2014
Janus US Twenty Fund
Janus US Venture Fund
Perkins Global Value Fund
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Perkins US Strategic Value Fund Period Ended 30 June 2015
Period Ended 30 June 2014
$5,526,835 — — (31,159) (147,951) (71)
$6,483,845 — — (43,999) (6,076) 6
$40,636,632 — (300,992) 185 (4,150,124) (17,076)
$25,407,088 — — — (169,235) (26,231)
$17,595,663 — — 253 (3,905,395) (1,203)
$23,819,340 — — — (55,566) (57,293)
$1,218,616 — — (63,491) 403,147 (79,670)
$2,262,249 — — (10,270) 22,781 (16,495)
$34,238,737 — — 93 (5,208,251) (12,922)
$44,126,679 — — (317,495) (232,256) (3,914)
(754,106) — — — 16,691 —
4,152,195 — — — (787) —
(18,958,237) — 53,427 — 459,738 —
(18,161,475) — — — (95,386) —
4,211,654 — — — 220,976 —
(18,414,427) — — — (18,394) —
(1,892,414) — — — (229,839) —
7,532,680 — — — (247,656) —
(40,487,983) — — — 612,659 —
(14,736,682) — — — (114,085) —
$4,610,239
$10,585,184
$17,723,553
$6,954,761
$18,121,948
$5,273,660
$(643,651)
$9,543,289
$(10,857,667)
$28,722,247
Janus Capital Funds Plc / 30 June 2015
267
Notes to the Financial Statements INTECH All-World Minimum Variance Core Fund(a)
For the periods ended 30 June 2015 and 30 June 2014 Net realised gain/(loss) Net realised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised (loss) on Forward Currency Contracts . . . . . . . . . . . . Net realised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) Net unrealised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) on Futures. . . . . . . . . . . . . . . . . . . . . . . Net unrealised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) on Swaps. . . . . . . . . . . . . . . . . . . . . . . . Net unrealised (loss) on Forward Currency Contracts . . . . . . . . . . Net unrealised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . Net gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realised gain/(loss) Net realised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised gain on Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realised (loss) on Forward Currency Contracts . . . . . . . . . . . . Net realised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) Net unrealised (loss) on Investments . . . . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) on Futures. . . . . . . . . . . . . . . . . . . . . . . Net unrealised (loss)/gain on Options . . . . . . . . . . . . . . . . . . . . . . Net unrealised gain/(loss) on Swaps. . . . . . . . . . . . . . . . . . . . . . . . Net unrealised (loss) on Forward Currency Contracts . . . . . . . . . . Net unrealised (loss) on Foreign Exchange . . . . . . . . . . . . . . . . . . Net gain on financial assets and liabilities at fair value through profit or loss . . . . . . . . . . . . . . . . . . . . . . . . . . .
268
INTECH Global All Country Low Volatility Fund
INTECH Global Dividend Fund
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
$1,300,741 — — — 10,001,618 233,557
$— — — — — —
€2,159,897 — — (551) 11,496 (13,747)
€654,912 — — — 244,121 (273,571)
$3,120,255 — — (61,147) (8,447) (50,560)
$— — — — — —
$(22,342) — — — (42,061) (3,173)
$8,446,976 — — — 154,755 (95,574)
(27,029,432) — — — 19,264,523 —
— — — — — —
7,814,684 — — — — —
2,531,413 — — — — —
(404,828) — — — — —
— — — — — —
(25,971) — — — 4,772 —
(4,052,551) — — — 1,043 —
$3,771,007
$—
€9,971,779
€3,156,875
$2,595,273
$—
$(88,775)
$4,454,649
Janus Global High Yield Fund
For the periods ended 30 June 2015 and 30 June 2014
INTECH European Core Fund
Janus Global Investment Grade Bond Fund
Period Ended 30 June 2015
Period Ended 30 June 2014
Period Ended 30 June 2015
$(3,491,813) — — 46,105 (3,082,635) 71,697
$1,232,032 — — 4,895 (406,591) 52,314
$(2,889,650) — — — 740,831 (142,554)
2,941,990 — — — 325,217 18,943
1,138,302 — — — (4,545) (4,280)
(1,300,024) — — — (188,353) 38,993
$(3,170,496)
Janus Capital Funds Plc / 30 June 2015
$2,012,127
$(3,740,757)
Period Ended 30 June 2014
Janus High Yield Fund Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
$800,196 $(19,952,203) $15,395,662 — — — — — — — 447,627 135,010 1,565 (10,798,282) (523,774) 15,561 20,398 (29,149)
$89,701 (3,005,379) (192,615) 513,339 (1,172,518) 40,480
$— — — — — —
11,691,895 — — — 2,493 —
(984,591) 457,668 314,244 (46,849) (115,040) (18)
— — — — — —
$(5,609,118) $26,672,137
$(4,101,578)
$—
1,680,022 — — — 59,809 (5,088) $2,552,065
Period Ended 30 June 2015
Janus Global Unconstrained Bond Fund
23,633,674 — — — 1,039,668 —
Notes to the Financial Statements INTECH US Core Fund Period Ended 30 June 2015
Period Ended 30 June 2014
Janus Global Diversified Alternatives Fund Period Ended 30 June 2015
Period Ended 30 June 2014
Janus Global Real Estate Fund Period Ended 30 June 2015
Janus Flexible Income Fund
Period Ended 30 June 2014
Period Ended 30 June 2015
Period Ended 30 June 2014
Janus Global Flexible Income Fund Period Ended 30 June 2015
Period Ended 30 June 2014
$5,414,191 — — (37,163) (3,363,449) (377,846)
$7,706,923 — — (2,790) (195,605) (960)
$289 2,491 — 36,703 (71,237) (80)
$273 6,641 — 26,626 5,471 (29)
$8,054,653 — 176,973 (18,495) (871,022) (352,772)
$14,775,668 — 109,315 (14,820) (44,444) (92,585)
$(278,236) — — 67 (24,367,025) (50,537)
$2,824,164 — — — (929,034) (39,810)
$(770,041) — — — (734,237) (12,599)
$134,529 — — — 49,284 10,380
(4,522,273) — — — 459,454 —
1,664,859 — — — (10,168) —
54 (22,306) — (58,999) 6,652 —
150 8,813 — 25,333 6,513 —
(8,565,950) — (11,023) — 95,216 —
6,596,207 — (48,599) — (27,105) —
(9,791,400) — — — 2,708,137 —
24,266,623 — — — (397,314) —
(504,719) — — — 10,136 7,058
420,647 — — — (26,500) (498)
$(2,427,086)
$9,162,259
$(106,433)
$79,791
$(1,492,420)
Janus US Short-Term Bond Fund Period Ended 30 June 2015
Period Ended 30 June 2014
$21,253,637
$(31,778,994)
$25,724,629
$(2,004,402)
$587,842
Company Total in US Dollar Period Ended 30 June 2015
Period Ended 30 June 2014
$(2,838,842) — — 213 (4,469,002) (30,078)
$(404,124) — — — (52,750) (15,777)
$204,592,276 (3,047,839) 672,284 7,650,245 (76,103,297) (1,688,813)
$214,796,259 64,076 954,486 29,813 (2,670,055) (792,973)
1,502,743 — — — 589,469 —
221,874 — — — (125,442) —
36,564,338 471,710 601,724 (326,845) 25,729,868 64,976
22,179,505 315,779 (156,111) 667,654 (1,225,851) (9,866)
$(5,245,497)
$(376,219)
$195,180,627
$234,152,716
Janus Capital Funds Plc / 30 June 2015
269
Notes to the Financial Statements 17 PORTFOLIO A NALYSIS As as 30 June 2015
Janus Asia Frontier Markets Fund Fair Value USD
% of Total Assets
Janus Asia Growth Drivers Fund Fair Value USD
% of Total Assets
Janus Asia Fund Fair Value USD
Janus Balanced Fund
% of Total Assets
Fair Value USD
Janus Emerging Markets Fund
% of Total Assets
Fair Value USD
% of Total Assets
Janus Europe Fund
Janus Global Life Sciences Fund
Fair Value % of Net Asset Fair Value EUR Value USD
Janus Global Research Fund
% of Total Assets
Fair Value % of Total USD Assets
Transferable securities admitted to official stock exchanges or traded on a regulated market . . . . . .
2,801,122
98.04%
2,689,281
Ancillary Liquid Assets (Deposits) . . . . . . . . . . . .
—
0.00%
—
0.00%
—
0.00%
7,373,022
0.97%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
Collective Investment Schemes . . . . . . . . . . . . .
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
Financial derivative instruments dealt in on a regulated market . . . . . .
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
32,758
0.01%
—
0.00%
—
0.00%
OTC financial derivative instruments . . . . . . . . . .
(5,198)
(0.18)%
(5,086)
(0.18)% 12,498,533
9.14% (1,308,298)
(0.17)%
4,376,125
3.80%
(892,696)
(0.40)%
(1,186,746)
(0.07)%
(7,184)
(0.02)%
Other assets . . . . . . . . . . . . .
55,913
1.96%
112,430
4.01% 15,946,213
14.06% 16,119,811
2.13% 60,355,938
52.39%
4,606,436
2.08%
42,413,897
2.33%
966,906
2.25%
Total assets (net of derivative liabilities in portfolio)
2,851,837
99.82%
2,796,625
99.82% 136,684,103
102.33% 755,919,615
99.83% 115,197,433
99.93% 42,881,025
99.98%
Perkins US Strategic Value Fund Fair Value USD
% of Total Assets
95.99% 108,239,357
INTECH All-World Minimum Variance Core Fund(a) Fair Value USD
% of Total Assets
79.13% 733,735,080
INTECH European Core Fund Fair Value EUR
% of Total Assets
Transferable securities admitted to official stock exchanges or traded on a regulated market . . . . . .
252,605,689
Ancillary Liquid Assets (Deposits) . . . . . . . . . . . .
—
0.00%
—
0.00%
—
0.00%
Collective Investment Schemes . . . . . . . . . . . . .
—
0.00%
—
0.00%
—
Financial derivative instruments dealt in on a regulated market . . . . . .
—
0.00%
—
0.00%
(0.09)% 19,264,524
OTC financial derivative instruments . . . . . . . . . .
(235,057)
Other assets . . . . . . . . . . . . .
17,583,295
Total assets (net of derivative liabilities in portfolio)
269,953,927
270
93.49% 755,237,131
6.51%
8,193,145
99.91% 782,694,800
96.49% 96,482,946
96.90% 50,465,370
INTECH Global All Country Low Volatility Fund Fair Value USD
99.99% 220,708,070
INTECH Global Dividend Fund Fair Value USD
% of Total Assets
98.54%
1,986,774
—
0.00%
—
0.00%
0.00%
—
0.00%
—
—
0.00%
—
0.00%
2.46%
—
0.00%
—
1.05%
891,430
0.92%
2,458,155
100.00% 167,890,056
100.00% 97,374,376
99.08% 165,431,901
% of Total Assets
43.80% 216,961,572
Janus Capital Funds Plc / 30 June 2015
97.74% 1,781,055,117
99.43% 1,822,282,268
INTECH US Core Fund Fair Value USD
95.54% 165,312,512
% of Total Assets
97.67% 41,921,303
Janus Global Diversified Alternatives Fund Fair Value USD
% of Total Assets
97.75%
Janus Global Real Estate Fund Fair Value % of Total USD Assets
99.15%
1,700,000
70.32% 141,066,590
97.79%
—
0.00%
—
0.00%
—
0.00%
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
(7,096)
(0.29)%
—
0.00%
0.00%
(1,228)
(0.06)%
(248,397)
(0.15)%
(14,158)
(0.59)%
(89,392)
(0.06)%
1.46%
92,671
4.46%
1,418,536
0.85%
675,136
27.93%
3,186,117
2.21%
100.00%
2,078,217
99.94% 166,482,651
99.85%
2,353,882
97.37% 144,163,315
99.94%
Notes to the Financial Statements
Janus Global Technology Fund Fair Value USD
64,577,025
% of Total Assets
Janus Japan Emerging Opportunities Fund Fair Value JPY
98.66% 398,864,450
% of Total Assets
Janus Japan Fund Fair Value JPY
96.05% 241,764,989
% of Total Assets
Janus Opportunistic Alpha Fund Fair Value USD
92.01% 65,614,128
% of Total Assets
Janus US Fund Fair Value USD
95.46%
1,863,679
Janus US Research Fund
% of Total Assets
Fair Value USD
92.94% 195,432,546
% of Total Assets
Janus US Twenty Fund Fair Value USD
98.11% 356,689,656
% of Total Assets
Janus US Venture Fund Fair Value USD
97.27% 271,403,162
% of Total Assets
Perkins Global Value Fund Fair Value USD
93.22% 159,433,511
% of Total Assets
92.79%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
0.00%
(230,488)
(0.06)%
(322,399)
(0.11)%
(112,972)
(0.17)% (3,020,499)
(0.73)% (1,875,845)
(0.71)%
(64,799)
(0.09)%
(6,175)
(0.31)%
(7,245)
(95,410)
(0.06)%
865,428
1.32% 16,394,161
3.95% 20,986,870
7.99%
3,116,332
4.53%
139,263
6.95%
3,771,834
1.89% 10,006,513
2.73% 19,649,479
6.75% 12,344,245
7.18%
65,329,481
99.81% 412,238,112
99.27% 260,876,014
99.29% 68,665,661
99.90%
1,996,767
99.58% 199,197,135
100.00% 366,465,681
99.94% 290,730,242
99.86% 171,682,346
99.91%
Janus Flexible Income Fund Fair Value USD
989,882,112
Janus Global Flexible Income Fund
% of Total Assets
Fair Value USD
96.52% 22,290,527
% of Total Assets
Janus Global High Yield Fund Fair Value USD
93.32% 57,689,845
% of Total Assets
Janus Global Investment Grade Bond Fund Fair Value USD
86.79% 61,455,174
% of Total Assets
Janus High Yield Fund Fair Value USD
95.71% 629,317,800
% of Total Assets
Janus Global Unconstrained Bond Fund Fair Value USD
85.18% 127,774,701
% of Total Assets
Janus US Short-Term Bond Fund Fair Value USD
% of Total Assets
69.25% 389,480,266
91.26%
0.34% 10,535,102
2.47%
15,929,930
1.55%
436,588
1.83%
3,586,295
5.40%
—
0.00% 37,253,170
5.04%
623,286
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
331,725
0.18%
—
0.00%
(1,014,582)
(0.10)%
(28,065)
(0.12)%
(145,703)
(0.22%)
(41,846)
(0.07)%
(636,921)
(0.09)% (3,072,126)
(1.67)%
(189,631)
(0.04)%
19,756,279
1.93%
1,097,315
4.59%
5,187,337
7.82%
2,702,674
4.21% 72,217,179
9.77% 54,749,086
29.67% 26,773,269
6.27%
99.77% 64,116,002
99.85% 738,151,228
99.90% 180,406,672
97.77% 426,599,006
99.96%
1,024,553,739
99.90% 23,796,365
99.62% 66,317,774
Janus Capital Funds Plc / 30 June 2015
271
Notes to the Financial Statements As at 31 December 2014 Janus Asia Frontier Markets Fund Fair Value USD
% of Total Assets
Janus Asia Growth Drivers Fund Fair Value USD
% of Total Assets
Janus Asia Fund Fair Value USD
Janus Balanced Fund
% of Total Assets
Transferable securities admitted to official stock exchanges or traded on a regulated market . . . . . .
2,772,994
93.60%
2,652,040
Ancillary Liquid Assets (Deposits) . . . . . . . . . . . .
—
0.00%
—
0.00%
—
0.00%
Collective Investment Schemes . . . . . . . . . . . . .
—
0.00%
—
0.00%
—
Financial derivative instruments dealt in on a regulated market . . . . . .
—
0.00%
—
(0.22)%
9,796,692
95.35% 98,520,946
—
0.00%
OTC financial derivative instruments . . . . . . . . . .
(6,155)
(0.21)%
(6,083)
Other assets . . . . . . . . . . . . .
189,305
6.39%
128,313
4.61% 17,723,887
Total assets (net of derivative liabilities in portfolio)
2,956,144
99.78%
2,774,270
99.74% 126,041,525
Perkins US Strategic Value Fund Fair Value USD
% of Total Assets
INTECH European Core Fund Fair Value EUR
% of Total Assets
Transferable securities admitted to official stock exchanges or traded on a regulated market . . . . . .
411,846,253
Ancillary Liquid Assets (Deposits) . . . . . . . . . . . .
—
0.00%
—
0.00%
Collective Investment Schemes . . . . . . . . . . . . .
—
0.00%
—
Financial derivative instruments dealt in on a regulated market . . . . . .
—
94.23% 85,055,714
78.14% 633,232,350
Fair Value USD
% of Total Assets
Janus Global Life Sciences Fund
Fair Value % of Net Asset Fair Value EUR Value USD
—
0.00%
—
0.00%
—
0.00%
—
0.00%
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
7.77% (1,825,808)
168,460
1.49%
661,446
99.97% 646,291,529
99.69%
4,947,069
% of Total Assets
INTECH Global Dividend Fund Fair Value USD
% of Total Assets
98.72%
2,385,478
—
0.00%
—
0.00%
0.00%
—
0.00%
—
0.00%
—
0.00%
3.39% (1,075,447)
95.83% 158,391,434
98.88%
(0.51)% (1,006,320)
(0.14)%
(23,853)
(0.06)%
3,777,160
1.79% 41,268,560
5.65%
455,507
1.12%
99.42% 209,674,279
99.20% 728,212,540
99.78% 40,658,133
99.94%
13.29%
INTECH US Core Fund Fair Value USD
94.27% 40,226,479
% of Total Assets
0.81%
(0.28)%
97.92% 687,950,300
Fair Value USD
5,241,722
9,643,265
82.74% 206,972,566
% of Total Assets
Janus Global Research Fund
4,117,163
14.06%
99.25% 161,389,340
% of Total Assets
Janus Europe Fund
97.67%
INTECH Global All Country Low Volatility Fund Fair Value USD
Fair Value USD
Janus Emerging Markets Fund
% of Total Assets
Janus Global Diversified Alternatives Fund Fair Value USD
% of Total Assets
98.79%
1,599,944
—
0.00%
—
0.00%
0.00%
—
0.00%
—
—
0.00%
—
0.00%
15,209
Janus Global Real Estate Fund Fair Value USD
71.49% 159,572,692
% of Total Assets
Janus Flexible Income Fund Fair Value USD
% of Total Assets
96.66% 933,005,218
96.54%
—
0.00% 20,627,143
2.13%
0.00%
—
0.00%
—
0.00%
0.68%
—
0.00%
—
0.00%
—
0.00%
OTC financial derivative instruments . . . . . . . . . .
(847,717)
(0.19)%
—
0.00%
—
0.00%
(5,996)
(0.24)%
(707,850)
(0.44)%
38,194
1.71%
(180,688)
(0.11)% (3,722,714)
(0.39)%
Other assets . . . . . . . . . . . . .
25,235,838
5.77%
646,596
0.75%
2,086,259
1.28%
103,795
4.17%
1,944,957
1.21%
546,457
24.42%
5,511,622
3.34% 12,749,659
1.32%
Total assets (net of derivative liabilities in portfolio)
436,234,374
100.00% 163,475,599
100.00%
2,483,277
99.76% 159,628,541
99.56%
2,199,804
98.30% 164,903,626
99.89% 962,659,306
99.60%
272
99.81% 85,702,310
Janus Capital Funds Plc / 30 June 2015
Notes to the Financial Statements
Janus Global Technology Fund Fair Value USD
79,651,108
% of Total Assets
Janus Japan Emerging Opportunities Fund Fair Value JPY
98.28% 344,433,924
% of Total Assets
Janus Japan Fund Fair Value JPY
97.70% 216,550,050
% of Total Assets
Janus Opportunistic Alpha Fund Fair Value USD
95.92% 90,476,282
% of Total Assets
Janus US Fund Fair Value USD
90.45%
1,615,425
Janus US Research Fund
% of Total Assets
Fair Value USD
97.40% 189,637,160
% of Total Assets
Janus US Twenty Fund Fair Value USD
98.47% 344,791,705
% of Total Assets
Janus US Venture Fund Fair Value USD
97.04% 272,862,843
% of Total Assets
Perkins Global Value Fund Fair Value USD
91.48% 157,585,720
% of Total Assets
82.80%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
(248,888)
(0.31)%
(337,591)
(0.10)%
(207,672)
(0.09)%
(231,442)
(0.23)%
(6,124)
(0.37)%
(23,935)
(0.01)%
(436,951)
(0.12)%
(543,378)
(0.18)%
134,428
0.07%
1,383,409
1.72%
7,852,623
2.23%
9,051,984
4.01%
9,547,537
9.54%
39,249
2.37%
2,953,201
1.53% 10,266,806
2.89% 25,412,557
8.52% 32,513,438
17.08%
99.84% 99,792,377
99.76%
1,648,550
99.40% 192,566,426
99.99% 354,621,560
99.81% 297,732,022
99.82% 190,233,586
99.95%
80,785,629
99.69% 351,948,956
Janus Global Flexible Income Fund Fair Value USD
20,723,420
% of Total Assets
99.83% 225,394,362
Janus Global High Yield Fund Fair Value USD
94.64% 70,587,205
% of Total Assets
Janus Global Investment Grade Bond Fund Fair Value USD
87.64% 61,255,295
% of Total Assets
Janus High Yield Fund Fair Value USD
91.29% 701,271,748
86.15% 71,033,279
% of Total Assets
Fair Value USD
% of Total Assets
89.31% 569,857,724
96.10%
6.10%
—
0.00%
11,262,170
1.90%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
—
0.00%
(125,944)
(0.16%)
—
0.00%
146,503
0.22% (1,676,577)
(0.21)%
(562,937)
(0.71)%
(779,099)
(0.13)%
4,130,029
6.16% 63,084,632
7.75%
7,953,321
10.00%
11,862,944
2.00%
98.44% 592,203,739
99.87%
1.65%
6,667,075
8.28%
1,314,632
—
0.00%
—
0.00%
—
0.00%
—
0.00%
(38,198)
(0.17)%
(470,918)
(0.58)%
600,247
2.74%
3,167,858
3.93%
99.27% 66,846,459
99.63% 812,352,523
98.86% 79,951,220
Fair Value USD
Janus US Short-Term Bond Fund
1.96% 49,672,720
361,846
21,647,315
% of Total Assets
Janus Global Unconstrained Bond Fund
99.79% 78,297,719
Janus Capital Funds Plc / 30 June 2015
273
Notes to the Financial Statements 18. DIRECTORS’ R EMUNERATION The Articles of Association provide that the Directors shall be entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by the Directors. The Directors have agreed that the current aggregate amount of Directors’ remuneration in any one year may not exceed €300,000. Directors’ fees paid up to 30 June 2015 were $126,253 (approximately €113,779). Directors’ fees paid up to 30 June 2014 were $107,120 (approximately €81,000). 19. SIGNIFICANT EVENTS DURING THE PERIOD During the period ended 30 June 2015: INTECH All-World Minimum Variance Core Fund(a) commenced operations on 01 May 2015. The Company issued an updated Prospectus dated 28 January 2015. A summary of the main changes incorporated in this update is disclosed on pages 10-11. Up to 12 April 2015 DIAM UK has appointed DIAM Asset Management (HK) Limited as sub-sub-investment manager of the Janus Asia Frontier Markets Fund and the Janus Asia Growth Drivers Fund. With effect from 20 May 2015, DIAM Singapore Pte. Ltd has been appointed as sub-sub-investment manager to these sub-funds. 20. SUBSEQUENT EVENTS The Company issued an updated prospectus dated 10 July 2015. A summary of the main changes incorporated in this update is disclosed on pages 11-12. There have been no other significant events affecting the Company since the period end.
274
Janus Capital Funds Plc / 30 June 2015
Explanation of Portfolio Investments and Primary Statements 1. PORTFOLIO INVESTMENTS These schedules report the industry concentrations and types of financial assets at fair value through profit or loss held in each Fund’s portfolio on the last day of the reporting year. Financial assets are usually listed by type (Common Stock, Corporate Bonds, U.S. Government Obligations, etc.) and by industry classification (Banking, Communications, Insurance, etc.). The fair value of each financial asset is presented at the mid/ last traded prices as of the last business day of the reporting year. The value of financial asset denominated in currencies other than the base currency of the Fund are translated into the reporting currency of the Fund. 2. STATEMENT OF FINANCIAL POSITION This is often referred to as the “Statement of Assets and Liabilities.” It lists the assets and liabilities of the Funds on the last day of the reporting year. The Funds’ assets are calculated by adding the value of the financial assets at fair value through profit or loss owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on stocks owned and the receivable for Fund Shares sold to investors but not yet settled. The Funds’ liabilities include payables for securities purchased but not yet settled, Fund Shares redeemed but not yet paid and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as forward currency contracts. Net assets attributable to holders of redeemable ordinary Shares are classified as liabilities.
4. STATEMENT OF CHANGES IN NET A SSETS ATTRIBUTABLE TO HOLDERS OF R EDEEMABLE ORDINARY SHARES This statement reports the increase or decrease in the Funds’ net assets attributable to holders of redeemable ordinary Shares during the reporting year. Changes in the Funds’ net assets are attributable to investment operations, dividends, distributions and capital Share transactions. This is important to investors because it shows exactly what caused the Funds’ net assets size to change during the year. The first section summarises the information from the income statement regarding changes in net assets because of the Funds’ investment performance. “Capital Shares” refers to the money investors contribute to the Funds through purchases or withdraw via redemptions. The reinvestment of dividends is included under “Capital Share Transactions.” The Funds’ net assets will increase and decrease in value as investors purchase and redeem Shares from the Fund. The next section refers to the opening net asset value for the Funds. 5. STATEMENT OF CHANGES IN COMPOSITION OF PORTFOLIO This statement details all aggregate purchases or sales in excess of 1% of total purchases or sales. At a minimum the top twenty purchases and sales are disclosed
3. INCOME STATEMENT This statement details each Fund’s income, expenses, gains and losses on securities and currency transactions, and appreciation or depreciation of current portfolio holdings. The first section in this statement, entitled investment Income reports the dividends earned from stocks and interest earned from interest-bearing securities in the portfolio gross of nonrecoverable withholding tax. The net gain/loss on financial assets and liabilities at fair value through profit or loss are also disclosed. This incorporates realised and unrealised gains or losses. The next section reports the expenses and expense offsets incurred by the Funds, including the advisory fee paid to the Investment Adviser, administration fees, shareholder servicing expenses and printing and postage for mailing statements, financial reports and prospectuses. Also included are costs and commissions on the purchase and sale of financial assets and liabilities at fair value through profit or loss. The next section lists out the finance costs associated with redeemable ordinary Shares. This is the distributions which were paid during the year.
Janus Capital Funds Plc / 30 June 2015
275
Statements of Changes in Composition of Portfolio JANUS ASIA FRONTIER MARKETS FUND Major Purchases for the period ended 30 June 2015
Shares or Principal Amount
Cost
GF Securities Co., Ltd. Taiwan Semiconductor Manufacturing Co., Ltd. Ping An Insurance Group Co of China, Ltd. Huatai Securities Co., Ltd. CK Hutchison Holdings, Ltd. Techtronic Industries Co., Ltd. Great Wall Motor Co., Ltd. Haitong Securities Co., Ltd. FLEXium Interconnect, Inc. Sinopharm Group Co., Ltd. Samsung Electronics Co., Ltd. SmarTone Telecommunications Holdings, Ltd. SIIC Environment Holdings, Ltd. Guotai Junan International Holdings, Ltd. Hilong Holding, Ltd. CGN Power Co, Ltd. Industrial & Commercial Bank of China, Ltd. Huadian Power International Corp., Ltd. Hengan International Group Co., Ltd. Beijing Enterprises Water Group, Ltd. Samsonite International S.A. Lenovo Group, Ltd. China Railway Construction Corp., Ltd. TPK Holding Co., Ltd. Bumi Serpong Damai Tbk PT Himax Technologies, Inc. (ADR) BAIC Motor Corp., Ltd. JG Summit Holdings, Inc. Zhuzhou CSR Times Electric Co., Ltd. HKBN, Ltd. Cahya Mata Sarawak Bhd China Construction Bank Corp. Cheung Kong Property Holdings, Ltd. ENN Energy Holdings, Ltd. Zhen Ding Technology Holding, Ltd. Hyundai Motor Co. China CITIC Bank Corp., Ltd. Catcher Technology Co., Ltd. Shinhan Financial Group Co., Ltd.
34,800 9,000 2,500 12,000 2,000 10,000 5,500 9,600 10,000 7,200 22 16,000 169,200 42,000 74,000 42,000 30,000 22,000 2,000 28,000 7,000 16,000 16,000 3,000 120,000 2,500 12,000 12,000 2,000 14,000 14,000 16,000 2,000 2,000 4,000 75 15,000 1,000 254
85,493 42,571 39,155 38,779 34,475 32,800 31,238 30,861 29,213 27,746 27,279 27,120 26,975 26,828 24,606 24,285 24,179 23,839 23,229 22,991 22,865 22,368 21,290 21,176 19,342 18,723 17,025 16,598 16,561 16,407 15,881 15,665 14,617 13,871 13,008 12,434 12,267 10,909 10,843
276
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
GF Securities Co., Ltd. JG Summit Holdings, Inc. China Construction Bank Corp. United Overseas Bank, Ltd. Cosmax, Inc. Premium Leisure Corp. Cheung Kong Holdings, Ltd. Techtronic Industries Co., Ltd. Advanced Info Service PCL Tenaga Nasional Bhd Keppel Corp., Ltd. Gamuda Bhd China CITIC Bank Corp., Ltd. BTS Group Holdings PCL (NVDR) Thai Union Frozen Products PCL (NVDR) PAX Global Technology, Ltd. Baidu, Inc. (ADR) ComfortDelGro Corp., Ltd. Malayan Banking Bhd Siam Cement PCL RHB Capital Bhd Axiata Group Bhd Huaneng Renewables Corp., Ltd. – Class H Home Product Center PCL (NVDR) Himax Technologies, Inc. (ADR) Huadian Fuxin Energy Corp., Ltd. – Class H OSIM International, Ltd. CIMB Group Holdings Bhd CK Hutchison Holdings, Ltd. China Merchants Bank Co., Ltd. Hyundai Motor Co. Genting Singapore PLC Bank Central Asia Tbk PT Yoma Strategic Holdings, Ltd. Minor International PCL (NVDR) Cahya Mata Sarawak Bhd SIIC Environment Holdings, Ltd.
Shares or Principal Amount
Proceeds
18,000 34,000 56,000 3,000 254 1,000,000 2,000 10,000 4,600 8,500 5,000 22,300 40,000 84,500 38,800 24,000 100 9,400 7,600 1,200 8,500 9,600 56,000 65,925 2,500 34,000 11,000 9,500 6,000 101 17,000 10,500 30,000 12,900 9,500 108,000
58,183 53,946 50,627 49,216 41,532 40,442 34,475 33,793 33,120 32,938 32,194 31,808 29,402 24,114 23,135 22,159 21,048 20,513 19,530 19,193 18,946 18,649 18,558 17,055 16,149 15,714 15,282 15,280 14,617 14,584 14,039 13,038 12,126 12,035 11,473 10,657 10,578
JANUS ASIA GROWTH DRIVERS FUND Major Purchases for the period ended 30 June 2015
Shares or Principal Amount
Cost
GF Securities Co., Ltd. CK Hutchison Holdings, Ltd. Tata Motors, Ltd. FLEXium Interconnect, Inc. Huatai Securities Co., Ltd. Infosys, Ltd. Great Wall Motor Co., Ltd. Lenovo Group, Ltd. Fubon Financial Holding Co., Ltd. Ping An Insurance Group Co of China, Ltd. Cheung Kong Property Holdings, Ltd. Taiwan Semiconductor Manufacturing Co., Ltd. Techtronic Industries Co., Ltd. ICICI Bank, Ltd. TPK Holding Co., Ltd. Hengan International Group Co., Ltd. China Overseas Land & Investment Ltd. Catcher Technology Co., Ltd. Sinopharm Group Co., Ltd. Zhen Ding Technology Holding, Ltd. JG Summit Holdings, Inc. Samsung Electronics Co., Ltd. Everlight Electronics Co., Ltd. Samsonite International S.A. Cheng Uei Precision Industry Co., Ltd. Siliconware Precision Industries Co., Ltd. Pakuwon Jati Tbk PT BAIC Motor Corp., Ltd. Taiwan Semiconductor Manufacturing Co., Ltd. Hilong Holding, Ltd. United Overseas Bank, Ltd. Himax Technologies, Inc. (ADR) Chipbond Technology Corp. Zhuzhou CSR Times Electric Co., Ltd. SIIC Environment Holdings, Ltd. HKBN, Ltd. Malakoff Corp. Bhd TTCL PCL iShares MSCI India ETF Inari Amertron Bhd China Mobile, Ltd. Guotai Junan International Holdings, Ltd. Bumi Serpong Damai Tbk PT
33,200 4,368 900 14,000 12,000 1,800 5,500 22,000 15,000 2,000 3,868 1,300 9,000 2,400 4,000 2,500 9,000 3,000 7,200 8,000 19,000 20 10,000 7,000 12,000 2,500 500,000 13,500 4,000 48,000 1,000 2,300 8,000 2,000 100,800 13,500 30,400 14,800 500 16,000 1,000 21,000 80,000
81,563 78,204 43,636 39,587 38,779 32,888 31,333 30,772 30,761 30,449 29,435 29,373 29,234 29,220 29,091 28,944 28,257 28,213 27,770 26,885 26,281 25,652 25,065 22,927 22,048 20,494 19,171 19,153 18,716 17,965 17,419 17,229 17,010 16,561 16,043 15,821 15,516 15,506 15,212 14,759 13,587 13,267 13,022
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
iShares MSCI Taiwan ETF GF Securities Co., Ltd. Cheung Kong Holdings, Ltd. Tenaga Nasional Bhd Cheung Kong Infrastructure Holdings, Ltd. DBS Group Holdings, Ltd. Matahari Department Store Tbk PT CK Hutchison Holdings, Ltd. Hutchison Whampoa, Ltd. SmarTone Telecommunications Holdings, Ltd. United Overseas Bank, Ltd. Advanced Info Service PCL Beijing Enterprises Water Group, Ltd. China Construction Bank Corp. JG Summit Holdings, Inc. Cosmax, Inc. Raffles Medical Group, Ltd. Samsung Electronics Co., Ltd. PAX Global Technology, Ltd. Sinotrans, Ltd. Premium Leisure Corp. Minor International PCL (NVDR) Keppel Corp., Ltd. Com2uSCorp Gamuda Bhd Hotel Shilla Co., Ltd. Express Transindo Utama Tbk PT Haitong Securities Co., Ltd. Baidu, Inc. (ADR) OSIM International, Ltd. Sands China, Ltd. Astra Agro Lestari Tbk PT Home Product Center PCL (NVDR) Shanghai Electric Group Co., Ltd. ComfortDelGro Corp., Ltd. Kasikornbank PCL (NVDR) Himax Technologies, Inc. (ADR) China Life Insurance Co., Ltd. Yoma Strategic Holdings, Ltd. Hyundai Motor Co.
4,200 16,800 3,000 11,600 6,000 3,000 37,000 500 3,000 19,000 2,000 4,500 54,000 33,000 19,000 232 10,000 23 31,000 40,000 700,000 26,300 4,000 154 17,500 266 272,100 10,000 100 15,000 5,000 10,300 77,625 30,000 8,500 2,200 2,300 3,000 33,000 101
65,490 54,330 52,683 45,608 45,340 45,112 44,657 40,078 38,232 34,280 33,015 32,342 31,566 29,833 29,723 29,279 28,912 28,756 28,313 28,194 26,794 26,085 25,819 25,581 24,732 23,883 23,138 21,805 21,048 20,989 19,490 19,058 18,774 18,708 17,712 15,129 14,922 14,739 13,403 13,272
Janus Capital Funds Plc / 30 June 2015
277
Statements of Changes in Composition of Portfolio JANUS ASIA FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 30/6/15 BNP Paribas, 0.0000%, due 26/6/15 BNP Paribas, 0.0000%, due 29/6/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 20/4/15 Societe Generale, 0.0000%, due 21/4/15 Societe Generale, 0.0000%, due 15/4/15 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 23/4/15 BNP Paribas, 0.0000%, due 23/1/15 Societe Generale, 0.0000%, due 22/4/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 24/4/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 24/3/15
Shares or Principal Amount
Cost
13,300,000 13,300,000 13,200,000 12,300,000 12,200,000 12,100,000 11,700,000 11,400,000 11,300,000 11,100,000 11,100,000 11,000,000 11,000,000 10,900,000 10,800,000 10,700,000 10,700,000 10,500,000 10,200,000 10,100,000
13,299,963 13,299,963 13,199,890 12,299,966 12,199,898 12,099,966 11,699,968 11,399,968 11,299,969 11,099,972 11,099,969 10,999,976 10,999,969 10,899,900 10,799,973 10,699,970 10,699,929 10,499,971 10,199,972 10,099,972
Shares or Principal Amount
Cost
37,705,000 32,840,000 30,400,000 30,100,000 30,879,000 28,200,000 25,400,000 24,600,000 24,155,000 23,600,000 22,700,000 21,578,000 21,600,000 21,548,000 18,892,000 21,300,000 20,100,000 19,800,000 19,700,000 19,400,000 18,800,000 18,700,000
37,782,321 32,871,294 30,399,797 30,099,916 29,339,058 28,199,687 25,399,944 24,599,932 24,051,814 23,599,934 22,699,950 22,393,130 21,599,820 21,503,011 21,309,403 21,299,953 20,099,944 19,799,945 19,699,945 19,399,946 18,799,943 18,699,948
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 26/6/15 BNP Paribas, 0.0000%, due 30/6/15 BNP Paribas, 0.0000%, due 29/6/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 20/4/15 Societe Generale, 0.0000%, due 21/4/15 Societe Generale, 0.0000%, due 15/4/15 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 23/4/15 Societe Generale, 0.0000%, due 22/4/15 BNP Paribas, 0.0000%, due 23/1/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 26/1/15 BNP Paribas, 0.0000%, due 24/4/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 24/3/15
Shares or Principal Amount
Proceeds
13,300,000 13,300,000 13,200,000 12,300,000 12,200,000 12,100,000 11,700,000 11,400,000 11,300,000 11,100,000 11,100,000 11,000,000 11,000,000 10,900,000 10,800,000 10,700,000 10,700,000 10,500,000 10,200,000 10,100,000
13,300,000 13,300,000 13,200,000 12,300,000 12,200,000 12,100,000 11,700,000 11,400,000 11,300,000 11,100,000 11,100,000 11,000,000 11,000,000 10,900,000 10,800,000 10,700,000 10,700,000 10,500,000 10,200,000 10,100,000
Shares or Principal Amount
Proceeds
34,891,000 35,222,000 31,680,000 30,400,000 30,100,000 30,879,000 28,200,000 25,400,000 24,600,000 23,832,000 23,600,000 21,053,000 23,190,000 22,700,000 21,600,000 21,300,000 20,100,000 19,800,000 19,700,000 19,400,000 18,800,000 18,700,000 18,000,000 18,000,000 17,900,000 17,700,000 17,500,000
35,845,598 35,373,604 31,708,564 30,400,000 30,100,000 29,080,326 28,200,000 25,400,000 24,600,000 23,698,789 23,600,000 23,261,962 23,223,393 22,700,000 21,600,000 21,300,000 20,100,000 19,800,000 19,700,000 19,400,000 18,800,000 18,700,000 18,000,000 18,000,000 17,900,000 17,700,000 17,500,000
JANUS BALANCED FUND Major Purchases for the period ended 30 June 2015
U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/16 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/16 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 18/2/15 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/45 Societe Generale, 0.0000%, due 17/2/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 13/2/15 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/25 Societe Generale, 0.0000%, due 12/2/15 BNP Paribas, 0.0000%, due 23/1/15 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/24 BNP Paribas, 0.0000%, due 18/5/15 U.S. Treasury Notes/Bonds, 0.5000%, due 31/1/17 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/44 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 31/3/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 19/3/15 Societe Generale, 0.0000%, due 11/2/15
278
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/24 U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/16 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/16 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 18/2/15 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/45 Societe Generale, 0.0000%, due 17/2/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 13/2/15 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/25 Societe Generale, 0.0000%, due 12/2/15 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/44 U.S. Treasury Notes/Bonds, 0.5000%, due 30/11/16 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 31/3/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 19/3/15 Societe Generale, 0.0000%, due 11/2/15 BNP Paribas, 0.0000%, due 20/5/15 BNP Paribas, 0.0000%, due 10/6/15 BNP Paribas, 0.0000%, due 27/3/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 21/5/15
JANUS EMERGING MARKETS FUND Major Purchases for the period ended 30 June 2015
Samsung Electronics Co., Ltd. Taiwan Semiconductor Manufacturing Co., Ltd. Tencent Holdings, Ltd. China Mobile, Ltd. Industrial & Commercial Bank of China, Ltd. China Construction Bank Corp. Yunnan Baiyao ICICI Bank, Ltd. Itau Unibanco Holding S.A. (ADR) Shoprite Holdings, Ltd. China Vanke Co., Ltd. SABMiller PLC Shinhan Financial Group Co., Ltd. Hyundai Motor Co. Samsung Life Insurance Co., Ltd. Sberbank of Russia (ADR) Reliance Industries, Ltd. Fomento Economico Mexicano, S.A.B. de C.V. Bank Mandiri Persero Tbk PT El Puerto de Liverpool S.A.B de C.V. Samsonite International S.A. Hon Hai Precision Industry Co., Ltd. Grupo Financiero Banorte S.A.B de CV Alibaba Group Holding, Ltd. (ADR) CrediCorp., Ltd.
Shares or Principal Amount
Cost
2,172 439,000 70,800 105,500 1,669,333 1,485,000 88,985 209,101 86,149 61,714 356,700 14,410 20,403 6,265 7,632 145,248 46,296 79,000 914,500 55,800 183,900 198,000 109,000 7,023 4,004
2,458,538 1,989,424 1,412,889 1,357,407 1,355,498 1,332,528 1,171,072 1,001,849 939,610 848,007 799,660 764,294 749,282 746,405 736,197 732,695 715,066 708,217 689,606 651,623 649,029 623,125 591,452 570,728 569,051
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
BNP Paribas, 0.0000%, due 23/1/15 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 28/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 29/1/15 Taiwan Semiconductor Manufacturing Co., Ltd. BNP Paribas, 0.0000%, due 13/1/15 BNP Paribas, 0.0000%, due 9/1/15 BNP Paribas, 0.0000%, due 29/6/15 Societe Generale, 0.0010%, due 6/1/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 12/1/15 BNP Paribas, 0.0000%, due 7/5/15 BNP Paribas, 0.0000%, due 11/5/15 Societe Generale, 0.0000%, due 14/1/15 Societe Generale, 0.0000%, due 29/4/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 8/5/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 26/6/15 BNP Paribas, 0.0000%, due 20/1/15 BNP Paribas, 0.0000%, due 30/6/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 21/1/15 China Pacific Insurance Group Co., Ltd. Industrial & Commercial Bank of China, Ltd. Haitong International Securities Group, Ltd. ICICI Bank, Ltd. SAIC Motor Corporation, Ltd.
200,000 200,000 200,000 200,000 200,000 200,000 6,364 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 18,800 101,000 74,807 6,765 13,900
200,000 200,000 200,000 200,000 200,000 200,000 152,445 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 94,131 85,800 74,639 70,583 54,911
Janus Capital Funds Plc / 30 June 2015
279
Statements of Changes in Composition of Portfolio JANUS EUROPE FUND Major Purchases for the period ended 30 June 2015
Senator Entertainment A.G. Nestle S.A. Europris A.S.A (144A) Nobina A.B. Shawbrook Group, Ltd. SWB Entertainmnt Investment B.V. Ichor Coal N.V. SABMiller PLC Infrastrutture Wireless Italiane SpA Enel SpA TLG Immobilien A.G. Magnolia Bostad A.B. Asiakastieto Group Oyj Pets at Home Group PLC Amatheon Agri Holding N.V. Coor Service Management Holding A.B. Pandox A.B. Intesa Sanpaolo SpA Evonik Industries A.G. Ocean Rig UDW, Inc. Evolution Gaming Group A.B. PLC Havas Worldwide, LLC Sequa Petroleum N.V. Ophir Energy PLC Banco Santander S.A. NN Group N.V. Rocket Internet S.E. Com Hem A.B. Schneider Electric S.E. Gulf Keystone Petroleum, Ltd. Marine Harvest A.S.A Pihlajalinna Oyj (PIHLIS)
280
Shares or Principal Amount
Cost
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
2,158,376 74,084 936,213 1,166,794 1,030,400 4,400,000 985,714 69,536 936,800 843,500 226,070 754,607 203,938 790,000 1,500,857 655,480 234,200 841,689 79,600 393,000 281,100 374,700 917,980 1,262,094 367,891 93,900 51,412 263,123 29,694 4,684,285 179,541 185,000
5,395,940 5,032,685 4,806,250 4,232,837 4,116,391 3,966,600 3,455,174 3,435,069 3,419,320 3,382,435 3,276,642 3,080,918 3,008,573 2,896,025 2,855,906 2,710,231 2,689,597 2,685,392 2,539,063 2,440,344 2,415,001 2,406,473 2,298,392 2,291,138 2,282,890 2,256,980 2,158,067 2,132,664 2,080,544 2,064,933 2,054,849 1,942,500
Pets at Home Group PLC SWB Entertainmnt Investment B.V. Shawbrook Group, Ltd. BG Group PLC Banco Bilbao Vizcaya Argentaria S.A. Infrastrutture Wireless Italiane SpA TLG Immobilien A.G. BHP Billiton PLC Enel SpA Syngenta A.G. Novartis A.G. Julius Baer Group, Ltd. Evolution Gaming Group A.B. PLC Moncler SpA Petrofac, Ltd. Manchester United PLC – Class A Pandox A.B. Evonik Industries A.G. Deutsche Bank A.G. Quantum Pharmaceutical PLC Tate & Lyle PLC Havas Worldwide, LLC Gulf Keystone Petroleum, Ltd. Julius Baer Multistock - Swiss Stock Fund ArcelorMittal ADVA Optical Networking S.E. Tullow Oil PLC NN Group N.V. TNT Express N.V. Axiare Patrimonio SOCIMI S.A. Prada SpA Countrywide PLC Com Hem A.B. Pihlajalinna Oyj (PIHLIS)
1,784,156 4,400,000 1,030,400 260,318 430,395 936,800 237,149 166,426 843,500 10,990 37,428 64,636 281,100 204,055 233,205 187,871 223,051 79,600 90,524 1,715,936 308,979 374,700 4,684,285 61,709 249,970 472,059 448,293 93,900 314,777 194,884 398,500 314,696 263,123 185,000
6,217,630 5,395,940 4,602,594 4,332,599 3,922,405 3,653,465 3,553,323 3,515,619 3,434,056 3,356,112 3,300,923 3,066,169 3,015,275 2,907,441 2,827,803 2,769,267 2,633,557 2,620,713 2,619,797 2,561,479 2,546,148 2,541,364 2,518,486 2,488,327 2,466,507 2,448,597 2,379,655 2,310,497 2,293,800 2,231,599 2,219,701 2,195,225 2,187,151 2,135,479
Janus Capital Funds Plc / 30 June 2015
JANUS GLOBAL LIFE SCIENCES FUND Shares or Principal Amount
Cost
69,900,000 68,200,000 66,300,000 60,400,000 655,846 55,200,000 54,500,000 54,400,000 53,300,000 53,100,000 51,600,000 51,400,000 50,000,000 49,600,000 49,500,000 49,400,000 49,300,000 48,900,000 48,600,000 48,300,000
69,899,417 68,199,810 66,299,816 60,399,832 55,775,505 55,199,831 54,499,894 54,399,925 53,299,556 53,099,557 51,599,857 51,399,857 49,999,861 49,599,669 49,499,863 49,399,863 49,299,890 48,899,864 48,599,865 48,299,852
Major Purchases for the period ended 30 June 2015
Shares or Principal Amount
Cost
BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 11/3/15 Exxon Mobil Corp. BNP Paribas, 0.0000%, due 14/5/15 Societe Generale, 0.0000%, due 25/3/15 BNP Paribas, 0.0000%, due 19/3/15 Total S.A. Mitsubishi UFJ Financial Group, Inc. Schneider Electric S.E. Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 30/6/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 4/6/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 17/3/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 16/3/15 Mitsubishi Heavy Industries, Ltd. Mallinckrodt PLC
800,000 700,000 7,331 600,000 600,000 600,000 10,959 71,300 6,620 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 77,000 3,381
799,998 699,998 660,494 599,998 599,998 599,998 562,702 516,246 514,867 499,999 499,999 499,999 499,999 499,999 499,999 499,999 499,998 499,996 499,996 465,938 412,757
Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 11/5/15 BNP Paribas, 0.0000%, due 6/5/15 Societe Generale, 0.0000%, due 7/4/15 BNP Paribas, 0.0000%, due 5/5/15 AbbVie, Inc. Rabobank USA Financial Corp., 0.0000%, due 28/4/15 Societe Generale, 0.0000%, due 28/1/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas Finance, Inc. BNP Paribas, 0.0000%, due 4/5/15 Societe Generale, 0.0000%, due 16/4/15 Societe Generale, 0.0000%, due 8/4/15 BNP Paribas, 0.0000%, due 15/5/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 27/3/15 BNP Paribas, 0.0000%, due 8/5/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 9/4/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 18/3/15
Shares or Principal Amount
Proceeds
69,900,000 68,200,000 66,300,000 60,400,000 55,200,000 54,500,000 54,400,000 53,300,000 53,100,000 51,600,000 51,400,000 50,000,000 49,600,000 49,500,000 49,400,000 49,300,000 48,900,000 48,600,000 48,300,000 48,100,000 47,500,000 46,600,000 46,400,000 45,900,000 45,900,000 45,800,000 45,300,000
69,900,000 68,200,000 66,300,000 60,400,000 55,200,000 54,500,000 54,400,000 53,300,000 53,100,000 51,600,000 51,400,000 50,000,000 49,600,000 49,500,000 49,400,000 49,300,000 48,900,000 48,600,000 48,300,000 48,100,000 47,500,000 46,600,000 46,400,000 45,900,000 45,900,000 45,800,000 45,300,000
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 11/3/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 19/3/15 Societe Generale, 0.0000%, due 25/3/15 Royal Dutch Shell PLC (ADR) Pharmacyclics, Inc. BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 4/6/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 30/6/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 17/3/15 Seven Bank, Ltd. Keyence Corp. Catamaran Corp. Apple, Inc.
800,000 700,000 600,000 600,000 600,000 9,734 2,248 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 101,400 840 7,724 3,394
800,000 700,000 600,000 600,000 600,000 580,994 521,228 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 495,730 459,300 457,043 425,944
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 11/5/15 BNP Paribas, 0.0000%, due 6/5/15 Societe Generale, 0.0000%, due 7/4/15 BNP Paribas, 0.0000%, due 5/5/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 Societe Generale, 0.0000%, due 28/1/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas Finance, Inc. BNP Paribas, 0.0000%, due 4/5/15 Societe Generale, 0.0000%, due 16/4/15 Societe Generale, 0.0000%, due 8/4/15 BNP Paribas, 0.0000%, due 15/5/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 27/3/15 BNP Paribas, 0.0000%, due 8/5/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 9/4/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 18/3/15 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 20/5/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 24/4/15 BNP Paribas, 0.0000%, due 13/5/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 30/4/15 Societe Generale, 0.0000%, due 13/4/15
JANUS GLOBAL RESEARCH FUND
Janus Capital Funds Plc / 30 June 2015
281
Statements of Changes in Composition of Portfolio JANUS GLOBAL TECHNOLOGY FUND Major Purchases for the period ended 30 June 2015
Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 6/3/15 BNP Paribas, 0.0000%, due 27/2/15 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 11/3/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 16/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 2/3/15 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 28/1/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 19/6/15 BNP Paribas, 0.0000%, due 16/6/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 18/6/15 Societe Generale, 0.0000%, due 14/4/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 22/6/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 17/3/15 BNP Paribas, 0.0000%, due 24/6/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 15/6/15 Societe Generale, 0.0000%, due 6/2/15 BNP Paribas, 0.0000%, due 12/6/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 10/6/15 BNP Paribas, 0.0000%, due 8/6/15
282
Shares or Principal Amount
Cost
6,500,000 6,100,000 5,900,000 5,800,000 5,600,000 5,500,000 5,500,000 5,400,000 5,400,000 5,300,000 4,600,000 4,500,000 3,900,000 3,500,000 3,200,000 3,200,000 3,200,000 3,100,000 2,900,000 2,700,000 2,700,000 2,700,000 2,600,000 2,500,000 2,500,000 2,500,000 2,500,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,300,000 2,300,000 2,300,000 2,300,000 2,300,000
6,499,982 6,099,983 5,899,984 5,799,987 5,599,984 5,499,985 5,499,985 5,399,987 5,399,985 5,299,988 4,599,962 4,499,978 3,899,989 3,499,993 3,199,994 3,199,991 3,199,973 3,099,979 2,899,992 2,699,993 2,699,993 2,699,993 2,599,993 2,499,993 2,499,993 2,499,992 2,499,979 2,399,994 2,399,993 2,399,993 2,399,980 2,399,980 2,299,994 2,299,994 2,299,994 2,299,994 2,299,981
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 6/3/15 BNP Paribas, 0.0000%, due 27/2/15 BNP Paribas, 0.0000%, due 29/1/15 Apple, Inc. BNP Paribas, 0.0000%, due 11/3/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 16/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 2/3/15 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 27/1/15 Google, Inc. – Class C BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 16/3/15 Societe Generale, 0.0000%, due 28/1/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 19/6/15 BNP Paribas, 0.0000%, due 16/6/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 18/6/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 22/6/15 BNP Paribas, 0.0000%, due 23/6/15 Societe Generale, 0.0000%, due 14/4/15
Shares or Principal Amount
Proceeds
6,500,000 6,100,000 5,900,000 5,800,000 44,585 5,600,000 5,500,000 5,500,000 5,400,000 5,400,000 5,300,000 4,600,000 4,500,000 3,900,000 3,500,000 6,187 3,200,000 3,200,000 3,200,000 3,100,000 2,900,000 2,700,000 2,700,000 2,700,000 2,600,000 2,500,000 2,500,000 2,500,000 2,500,000
6,500,000 6,100,000 5,900,000 5,800,000 5,730,045 5,600,000 5,500,000 5,500,000 5,400,000 5,400,000 5,300,000 4,600,000 4,500,000 3,900,000 3,500,000 3,339,093 3,200,000 3,200,000 3,200,000 3,100,000 2,900,000 2,700,000 2,700,000 2,700,000 2,600,000 2,500,000 2,500,000 2,500,000 2,500,000
JANUS JAPAN EMERGING OPPORTUNITIES FUND Major Purchases for the period ended 30 June 2015
GMO Payment Gateway, Inc. Nidec Corp. Eiken Chemical Co., Ltd. Nippon Seiki Co., Ltd. Otsuka Corp. Freund Corp. eGuarantee, Inc. Tsubakimoto Chain Co. Koito Manufacturing Co., Ltd. Cosmos Pharmaceutical Corp. Daiichikosho Co., Ltd. Shimano, Inc. Unicharm Corp. Asahi Rubber, Inc. SMS Co., Ltd. Horiba, Ltd. Eagle Industry Co., Ltd. Wellnet Corp. Kakaku.com, Inc. Resorttrust, Inc. Enigmo, Inc. Ferrotec Corp. W-Scope Corp. Shinkawa, Ltd. Amano Corp. New Japan Radio Co., Ltd. Gurunavi, Inc. Nitto Denko Corp. Ezaki Glico Co., Ltd. eRex Co, Ltd. Syuppin Co., Ltd. Samantha Thavasa Japan, Ltd. Eisai Co., Ltd. Totetsu Kogyo Co., Ltd. Thine Electronics, Inc. TDK Corp. Toyo Tire & Rubber Co., Ltd. Aica Kogyo Co., Ltd. Asahi Intecc Co., Ltd. Tokyu Corp.
Shares or Principal Amount
Cost
1,100 400 1,700 1,000 500 2,000 1,100 2,000 400 100 400 100 500 1,100 1,000 300 600 600 700 400 900 1,300 1,400 1,100 600 2,000 400 100 200 700 500 800 100 300 600 100 300 300 100 1,000
3,372,825 3,328,890 3,208,180 2,716,255 2,691,902 2,532,032 2,204,237 2,172,604 1,934,307 1,828,191 1,705,544 1,667,999 1,610,530 1,532,732 1,530,830 1,500,797 1,449,147 1,393,470 1,384,184 1,291,062 1,183,421 1,139,264 1,097,115 1,026,329 1,014,154 965,156 943,530 939,926 914,595 901,281 896,463 842,989 836,553 815,076 811,071 806,967 804,511 799,257 787,103 757,908
Major Sales for the period ended 30 June 2015
Unicharm Corp. Cosmos Pharmaceutical Corp. Nidec Corp. NS Solutions Corp. GMO internet, Inc. Don Quijote Holdings Co., Ltd. Proto Corp. Brother Industries, Ltd. Kubota Corp. Asics Corp. Kawasaki Heavy Industries, Ltd. Eisai Co., Ltd. Shimano, Inc. Tokyu Corp. Lawson, Inc. TDK Corp. Pigeon Corp. ORIX Corp. Sysmex Corp. Rohto Pharmaceutical Co., Ltd. Daito Trust Construction Co., Ltd. MIMAKI ENGINEERING Co., Ltd. Hoya Corp. Kawasumi Laboratories, Inc. Japan Airlines Co., Ltd. Kyosan Electric Manufacturing Co., Ltd. Kinugawa Rubber Industrial Co., Ltd. COLOPL, Inc. Suntory Beverage & Food, Ltd. Makino Milling Machine Co., Ltd. Mabuchi Motor Co., Ltd. Kito Corp. Sanyo Denki Co., Ltd. MonotaRO Co., Ltd. Suzuki Motor Corp. Eizo Corp. KLab, Inc.
Shares or Principal Amount
Proceeds
1,700 300 600 1,000 2,300 300 1,200 1,100 1,000 600 3,000 300 100 2,000 200 200 200 900 200 800 100 500 300 1,300 300 3,000 2,000 400 200 1,000 200 800 1,000 200 200 300 600
5,188,968 5,090,763 5,062,720 3,676,085 3,446,376 2,789,078 2,369,579 2,173,291 2,059,027 1,789,865 1,774,928 1,701,257 1,683,167 1,636,035 1,609,067 1,445,139 1,443,266 1,370,429 1,304,515 1,300,888 1,245,504 1,225,475 1,202,706 1,186,077 1,172,603 1,137,634 1,064,722 1,030,073 988,812 988,812 932,880 915,700 899,919 876,947 870,255 835,197 810,627
Janus Capital Funds Plc / 30 June 2015
283
Statements of Changes in Composition of Portfolio JANUS JAPAN FUND Major Purchases for the period ended 30 June 2015
Mizuho Financial Group, Inc. FUJIFILM Holdings Corp. Kao Corp.
Shares or Principal Amount
Cost
24,200
5,723,533
Toshiba Corp.
1,000
4,317,313
Mazda Motor Corp.
1,700
4,232,757
700
3,923,301
Kaken Pharmaceutical Co., Ltd.
1,000
4,068,964
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
12,000
5,230,884
Mitsubishi UFJ Financial Group, Inc.
5,100
3,902,929
Terumo Corp.
1,200
3,817,250
Mitsubishi Heavy Industries, Ltd.
5,000
3,900,228
Topcon Corp.
1,300
3,527,951
Kintetsu World Express, Inc.
700
3,825,757
Hitachi Ltd.
4,000
3,373,476
Rakuten, Inc.
1,700
3,639,715
Haseko Corp.
2,600
3,325,008
Tokyu Fudosan Holdings Corp.
4,200
3,469,903
Resona Holdings, Inc.
4,900
3,234,495
Kyowa Hakko Kirin Co., Ltd.
2,000
3,457,053
FUJIFILM Holdings Corp.
Nippon Telegraph & Telephone Corp.
700
3,312,287
Toray Industries, Inc.
Toyota Motor Corp.
400
3,278,999
Mitsubishi Estate Co., Ltd.
1,000
2,895,212
FFRI, Inc.
600
3,246,216
ORIX Corp.
1,500
2,747,604 2,735,371
Otsuka Corp.
700
3,002,197
3,000
2,990,139
600
3,130,476
CyberAgent, Inc.
500
4,500
3,062,774
Jafco Co., Ltd.
600
2,677,314
400
2,995,173
FANUC Corp.
100
2,611,491
DMG Mori Co., Ltd.
1,700
2,980,199
Aisin Seiki Co., Ltd.
500
2,512,912
Dai-ichi Life Insurance Co, Ltd.
1,300
2,922,877
KDDI Corp.
900
2,507,733
GCA Savvian Corp.
1,900
2,824,895
Sony Corp.
700
2,498,117
700
2,776,699
Sumitomo Rubber Industries, Ltd.
1,200
2,497,818
2,000
2,625,083
Calsonic Kansei Corp.
3,000
2,480,500
1,000
2,464,622
Hazama Ando Corp. SoftBank Corp.
Electric Power Development Co., Ltd. Makino Milling Machine Co., Ltd. Resorttrust, Inc.
800
2,578,317
IT Holdings Corp.
Fujitsu, Ltd.
3,000
2,428,063
Fuji Heavy Industries, Ltd.
Tokyo Steel
2,900
2,400,706
Tokyo Steel
Mixi, Inc.
400
2,356,283
Recruit Holdings Co., Ltd.
600
2,337,067
1,400
2,324,988
Isetan Mitsukoshi Holdings, Ltd.
1,200
2,351,442
11,000
2,314,696
Penta-Ocean Construction Co., Ltd.
5,100
2,319,491
PeptiDream, Inc. Kobe Steel Ltd.
600
2,451,866
2,900
2,440,208
Nomura Research Institute Ltd.
500
2,424,935
Mixi, Inc.
500
2,352,879
OSAKA Titanium Technologies Co., Ltd.
700
2,269,702
Nabtesco Corp.
700
2,288,872
GMO Payment Gateway, Inc.
700
2,242,917
Kobe Steel Ltd.
10,000
2,245,859
1,500
2,231,707
GMO internet, Inc. Central Japan Railway Co
100
2,226,584
Ajinomoto Co., Inc.
1,000
2,205,619
Kawasaki Kisen Kaisha, Ltd.
7,000
2,192,171
Nitto Denko Corp.
300
2,157,907
Shionogi & Co., Ltd.
500
2,135,219
Nomura Research Institute Ltd.
500
2,129,025
Aisin Seiki Co., Ltd.
500
2,118,341
Nippon Steel & Sumitomo Metal Corp.
6,000
2,047,584
Star Micronics Co, Ltd.
1,000
2,044,739
284
Janus Capital Funds Plc / 30 June 2015
JANUS OPPORTUNISTIC ALPHA FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0010%, due 6/1/15 BNP Paribas, 0.0000%, due 8/1/15 Societe Generale, 0.0000%, due 7/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 9/1/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 12/1/15 Societe Generale, 0.0000%, due 5/2/15 Societe Generale, 0.0000%, due 5/1/15 Societe Generale, 0.0000%, due 17/2/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 19/2/15 Societe Generale, 0.0000%, due 12/2/15 Societe Generale, 0.0000%, due 10/2/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 18/2/15 Societe Generale, 0.0000%, due 13/2/15 Societe Generale, 0.0000%, due 9/2/15 BNP Paribas, 0.0000%, due 20/1/15 BNP Paribas, 0.0000%, due 21/1/15 Societe Generale, 0.0000%, due 4/2/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 11/2/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 23/2/15 Societe Generale, 0.0000%, due 28/1/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 20/2/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 16/3/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 17/3/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 20/3/15
Shares or Principal Amount
Cost
7,000,000 6,800,000 6,700,000 6,700,000 6,600,000 6,500,000 6,500,000 6,300,000 6,100,000 6,100,000 6,100,000 6,000,000 6,000,000 6,000,000 5,900,000 5,900,000 5,900,000 5,900,000 5,800,000 5,800,000 5,700,000 5,500,000 5,500,000 5,500,000 5,300,000 5,300,000 5,300,000 5,200,000 5,100,000 5,100,000 4,400,000 3,900,000 3,900,000 3,600,000 3,400,000 3,400,000 3,200,000 3,200,000 3,100,000
6,999,953 6,799,981 6,699,983 6,699,981 6,599,985 6,499,984 6,499,984 6,299,953 6,099,983 6,099,944 6,099,932 5,999,985 5,999,983 5,999,983 5,899,985 5,899,985 5,899,984 5,899,984 5,799,957 5,799,942 5,699,986 5,499,986 5,499,985 5,499,985 5,299,990 5,299,985 5,299,956 5,199,990 5,099,986 5,099,986 4,399,990 3,899,990 3,899,989 3,599,970 3,399,992 3,399,990 3,199,991 3,199,990 3,099,991
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0010%, due 6/1/15 Societe Generale, 0.0000%, due 7/1/15 BNP Paribas, 0.0000%, due 8/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 9/1/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 12/1/15 Societe Generale, 0.0000%, due 5/2/15 Societe Generale, 0.0000%, due 17/2/15 Societe Generale, 0.0000%, due 5/1/15 Societe Generale, 0.0000%, due 12/2/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 19/2/15 Societe Generale, 0.0000%, due 13/2/15 Societe Generale, 0.0000%, due 18/2/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 9/2/15 BNP Paribas, 0.0000%, due 21/1/15 Societe Generale, 0.0000%, due 4/2/15 Societe Generale, 0.0000%, due 11/2/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 23/2/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 28/1/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 20/2/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 19/3/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15
Shares or Principal Amount
Proceeds
7,000,000 6,800,000 6,700,000 6,700,000 6,600,000 6,500,000 6,500,000 6,300,000 6,100,000 6,100,000 6,100,000 6,000,000 6,000,000 6,000,000 5,900,000 5,900,000 5,900,000 5,900,000 5,800,000 5,800,000 5,700,000 5,500,000 5,500,000 5,500,000 5,300,000 5,300,000 5,300,000 5,200,000 5,100,000 5,100,000 4,400,000 3,900,000 3,900,000 3,600,000 3,400,000 3,400,000
7,000,000 6,800,000 6,700,000 6,700,000 6,600,000 6,500,000 6,500,000 6,300,000 6,100,000 6,100,000 6,100,000 6,000,000 6,000,000 6,000,000 5,900,000 5,900,000 5,900,000 5,900,000 5,800,000 5,800,000 5,700,000 5,500,000 5,500,000 5,500,000 5,300,000 5,300,000 5,300,000 5,200,000 5,100,000 5,100,000 4,400,000 3,900,000 3,900,000 3,600,000 3,400,000 3,400,000
Janus Capital Funds Plc / 30 June 2015
285
Statements of Changes in Composition of Portfolio JANUS US FUND Major Purchases for the period ended 30 June 2015
Shares or Principal Amount
Cost
BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 12/6/15 Societe Generale, 0.0000%, due 8/4/15 BNP Paribas, 0.0000%, due 1/6/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 2/6/15 BNP Paribas, 0.0000%, due 27/3/15 BNP Paribas, 0.0000%, due 3/6/15 Societe Generale, 0.0000%, due 15/4/15 BNP Paribas, 0.0000%, due 4/6/15 BNP Paribas, 0.0000%, due 11/3/15 BNP Paribas, 0.0000%, due 5/6/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 9/6/15 Societe Generale, 0.0000%, due 25/3/15 BNP Paribas, 0.0000%, due 10/6/15 Societe Generale, 0.0000%, due 2/4/15 BNP Paribas, 0.0000%, due 11/6/15 Societe Generale, 0.0000%, due 10/4/15 BNP Paribas, 0.0000%, due 16/6/15 Societe Generale, 0.0000%, due 17/4/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 6/3/15 BNP Paribas, 0.0000%, due 18/6/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 19/6/15 BNP Paribas, 0.0000%, due 17/3/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 24/6/15 BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 25/6/15 Societe Generale, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 26/6/15 BNP Paribas, 0.0000%, due 31/3/15 BNP Paribas, 0.0000%, due 30/6/15 Societe Generale, 0.0000%, due 7/4/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 9/4/15 BNP Paribas, 0.0000%, due 27/2/15 Societe Generale, 0.0000%, due 14/4/15 BNP Paribas, 0.0000%, due 2/3/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 3/3/15 BNP Paribas, 0.0000%, due 30/4/15 BNP Paribas, 0.0000%, due 4/3/15 BNP Paribas, 0.0000%, due 5/3/15 BNP Paribas, 0.0000%, due 10/3/15 Societe Generale, 0.0000%, due 13/4/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 9/3/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 22/6/15 BNP Paribas, 0.0000%, due 29/6/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 8/6/15 Societe Generale, 0.0000%, due 6/4/15 BNP Paribas, 0.0000%, due 15/6/15
100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 99,999 99,999 99,999 99,999 99,999 99,999 99,999 99,999 99,999 99,999
286
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
BNP Paribas, 0.0000%, due 11/3/15 Societe Generale, 0.0000%, due 7/4/15 BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 1/6/15 Societe Generale, 0.0000%, due 17/4/15 BNP Paribas, 0.0000%, due 2/6/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 3/6/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 4/6/15 Societe Generale, 0.0000%, due 13/4/15 BNP Paribas, 0.0000%, due 5/6/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 8/6/15 BNP Paribas, 0.0000%, due 13/3/15 BNP Paribas, 0.0000%, due 9/6/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 10/6/15 Societe Generale, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 11/6/15 Societe Generale, 0.0000%, due 2/4/15 BNP Paribas, 0.0000%, due 15/6/15 Societe Generale, 0.0000%, due 9/4/15 BNP Paribas, 0.0000%, due 16/6/15 Societe Generale, 0.0000%, due 15/4/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 12/6/15 BNP Paribas, 0.0000%, due 18/6/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 19/6/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 22/6/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 24/6/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 25/6/15 Societe Generale, 0.0000%, due 25/3/15 BNP Paribas, 0.0000%, due 26/6/15 BNP Paribas, 0.0000%, due 27/3/15 BNP Paribas, 0.0000%, due 29/6/15 BNP Paribas, 0.0000%, due 31/3/15 BNP Paribas, 0.0000%, due 30/6/15 Societe Generale, 0.0000%, due 6/4/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 8/4/15 BNP Paribas, 0.0000%, due 27/2/15 Societe Generale, 0.0000%, due 10/4/15 BNP Paribas, 0.0000%, due 2/3/15 Societe Generale, 0.0000%, due 14/4/15 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 4/3/15 BNP Paribas, 0.0000%, due 30/4/15 BNP Paribas, 0.0000%, due 5/3/15 BNP Paribas, 0.0000%, due 6/3/15 BNP Paribas, 0.0000%, due 17/3/15
100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
JANUS US RESEARCH FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 9/1/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 20/1/15 Exxon Mobil Corp. Societe Generale, 0.0000%, due 20/4/15 Societe Generale, 0.0000%, due 17/4/15 BNP Paribas, 0.0000%, due 12/1/15 Societe Generale, 0.0000%, due 21/4/15 Societe Generale, 0.0000%, due 22/4/15 BNP Paribas, 0.0000%, due 11/3/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 10/2/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 23/4/15 Societe Generale, 0.0000%, due 6/1/15 BNP Paribas, 0.0000%, due 13/5/15 Societe Generale, 0.0000%, due 17/2/15 BNP Paribas, 0.0000%, due 8/1/15 BNP Paribas, 0.0000%, due 15/5/15 Societe Generale, 0.0000%, due 7/1/15 Societe Generale, 0.0000%, due 5/1/15
Shares or Principal Amount
Cost
4,200,000 3,900,000 3,700,000 3,700,000 40,628 3,500,000 3,400,000 3,400,000 3,300,000 3,300,000 3,300,000 3,200,000 3,100,000 3,100,000 3,100,000 3,000,000 3,000,000 2,800,000 2,800,000 2,800,000 2,800,000 2,800,000 2,700,000 2,700,000 2,700,000 2,700,000
4,199,990 3,899,990 3,699,990 3,699,963 3,604,354 3,499,971 3,399,991 3,399,975 3,299,991 3,299,991 3,299,991 3,199,991 3,099,992 3,099,991 3,099,991 2,999,993 2,999,992 2,799,992 2,799,992 2,799,992 2,799,992 2,799,969 2,699,993 2,699,993 2,699,993 2,699,975
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 9/1/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 20/4/15 Societe Generale, 0.0000%, due 17/4/15 BNP Paribas, 0.0000%, due 12/1/15 Societe Generale, 0.0000%, due 21/4/15 Societe Generale, 0.0000%, due 22/4/15 BNP Paribas, 0.0000%, due 11/3/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 26/2/15 Pharmacyclics, Inc. Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 10/2/15 Chevron Corp. Societe Generale, 0.0000%, due 6/1/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 23/4/15 Societe Generale, 0.0000%, due 17/2/15 BNP Paribas, 0.0000%, due 8/1/15 Societe Generale, 0.0000%, due 7/1/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 15/5/15
Shares or Principal Amount
Proceeds
4,200,000 3,900,000 3,700,000 3,700,000 3,500,000 3,400,000 3,400,000 3,300,000 3,300,000 3,300,000 3,200,000 3,100,000 3,100,000 3,100,000 13,548 3,000,000 3,000,000 28,147 2,800,000 2,800,000 2,800,000 2,800,000 2,800,000 2,700,000 2,700,000 2,700,000 2,700,000
4,200,000 3,900,000 3,700,000 3,700,000 3,500,000 3,400,000 3,400,000 3,300,000 3,300,000 3,300,000 3,200,000 3,100,000 3,100,000 3,100,000 3,005,275 3,000,000 3,000,000 2,825,963 2,800,000 2,800,000 2,800,000 2,800,000 2,800,000 2,700,000 2,700,000 2,700,000 2,700,000
Janus Capital Funds Plc / 30 June 2015
287
Statements of Changes in Composition of Portfolio JANUS US TWENTY FUND Major Purchases for the period ended 30 June 2015
Societe Generale, 0.0000%, due 18/2/15 Societe Generale, 0.0000%, due 19/2/15 Societe Generale, 0.0000%, due 17/2/15 Societe Generale, 0.0000%, due 13/2/15 Societe Generale, 0.0000%, due 12/2/15 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 11/2/15 BNP Paribas, 0.0000%, due 29/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 28/1/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 9/2/15 BNP Paribas, 0.0000%, due 22/1/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 27/2/15 Societe Generale, 0.0000%, due 29/4/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 4/3/15 BNP Paribas, 0.0000%, due 2/3/15 BNP Paribas, 0.0000%, due 30/4/15 BNP Paribas, 0.0000%, due 25/2/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas, 0.0000%, due 4/5/15 BNP Paribas, 0.0000%, due 23/1/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 5/5/15
288
Shares or Principal Amount
Cost
36,600,000 36,500,000 32,800,000 30,200,000 30,000,000 29,300,000 28,200,000 26,700,000 26,500,000 25,400,000 25,400,000 24,600,000 24,100,000 23,700,000 23,600,000 23,400,000 23,300,000 23,200,000 23,200,000 23,100,000 22,800,000 22,800,000 22,400,000 22,200,000 22,200,000 21,800,000 21,800,000 21,800,000 21,400,000 21,200,000 20,900,000 20,700,000 20,600,000 20,200,000 20,000,000
36,599,898 36,499,899 32,799,636 30,199,916 29,999,917 29,299,919 28,199,922 26,699,941 26,499,941 25,399,951 25,399,937 24,599,939 24,099,839 23,699,954 23,599,948 23,399,935 23,299,825 23,199,942 23,199,936 23,099,936 22,799,943 22,799,937 22,399,956 22,199,815 22,199,778 21,799,946 21,799,939 21,799,891 21,399,941 21,199,941 20,899,971 20,699,828 20,599,943 20,199,950 19,999,944
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Societe Generale, 0.0000%, due 18/2/15 Societe Generale, 0.0000%, due 19/2/15 Societe Generale, 0.0000%, due 17/2/15 Societe Generale, 0.0000%, due 13/2/15 Societe Generale, 0.0000%, due 12/2/15 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 11/2/15 BNP Paribas, 0.0000%, due 29/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 28/1/15 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 9/2/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 27/2/15 Societe Generale, 0.0000%, due 29/4/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 4/3/15 BNP Paribas, 0.0000%, due 2/3/15 BNP Paribas, 0.0000%, due 30/4/15 BNP Paribas, 0.0000%, due 25/2/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas, 0.0000%, due 4/5/15 BNP Paribas, 0.0000%, due 23/1/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 5/5/15
Shares or Principal Amount
Proceeds
36,600,000 36,500,000 32,800,000 30,200,000 30,000,000 29,300,000 28,200,000 26,700,000 26,500,000 25,400,000 25,400,000 24,600,000 24,100,000 23,700,000 23,600,000 23,400,000 23,300,000 23,200,000 23,200,000 23,100,000 22,800,000 22,800,000 22,400,000 22,200,000 22,200,000 21,800,000 21,800,000 21,800,000 21,400,000 21,200,000 20,900,000 20,700,000 20,600,000 20,200,000 20,000,000
36,600,000 36,500,000 32,800,000 30,200,000 30,000,000 29,300,000 28,200,000 26,700,000 26,500,000 25,400,000 25,400,000 24,600,000 24,100,000 23,700,000 23,600,000 23,400,000 23,300,000 23,200,000 23,200,000 23,100,000 22,800,000 22,800,000 22,400,000 22,200,000 22,200,000 21,800,000 21,800,000 21,800,000 21,400,000 21,200,000 20,900,000 20,700,000 20,600,000 20,200,000 20,000,000
JANUS US VENTURE FUND Shares or Principal Amount
Cost
BNP Paribas, 0.0000%, due 31/3/15
34,400,000
34,399,904
BNP Paribas, 0.0000%, due 2/3/15
33,700,000
33,699,832
Rabobank USA Financial Corp., 0.0000%, due 30/3/15
32,800,000
BNP Paribas, 0.0000%, due 4/3/15 BNP Paribas, 0.0000%, due 3/3/15
Shares or Principal Amount
Proceeds
BNP Paribas, 0.0000%, due 31/3/15
34,400,000
34,400,000
BNP Paribas, 0.0000%, due 2/3/15
33,700,000
33,700,000
32,799,781
Rabobank USA Financial Corp., 0.0000%, due 30/3/15
32,800,000
32,800,000
32,100,000
32,099,911
BNP Paribas, 0.0000%, due 4/3/15
32,100,000
32,100,000
32,000,000
31,999,911
BNP Paribas, 0.0000%, due 3/3/15
32,000,000
32,000,000
BNP Paribas, 0.0000%, due 5/3/15
31,600,000
31,599,912
BNP Paribas, 0.0000%, due 5/3/15
31,600,000
31,600,000
BNP Paribas, 0.0000%, due 9/3/15
30,400,000
30,399,747
BNP Paribas, 0.0000%, due 9/3/15
30,400,000
30,400,000
BNP Paribas, 0.0000%, due 27/2/15
30,300,000
30,299,916
BNP Paribas, 0.0000%, due 27/2/15
30,300,000
30,300,000
BNP Paribas, 0.0000%, due 6/3/15
29,200,000
29,199,919
BNP Paribas, 0.0000%, due 6/3/15
29,200,000
29,200,000
BNP Paribas, 0.0000%, due 27/3/15
28,500,000
28,499,921
BNP Paribas, 0.0000%, due 27/3/15
28,500,000
28,500,000
BNP Paribas, 0.0000%, due 18/5/15
28,300,000
28,299,764
BNP Paribas, 0.0000%, due 18/5/15
28,300,000
28,300,000
BNP Paribas, 0.0000%, due 13/3/15
27,600,000
27,599,923
BNP Paribas, 0.0000%, due 13/3/15
27,600,000
27,600,000
BNP Paribas, 0.0000%, due 11/3/15
27,300,000
27,299,924
BNP Paribas, 0.0000%, due 11/3/15
27,300,000
27,300,000
BNP Paribas, 0.0000%, due 10/3/15
27,200,000
27,199,924
BNP Paribas, 0.0000%, due 10/3/15
27,200,000
27,200,000
BNP Paribas, 0.0000%, due 12/3/15
27,200,000
27,199,924
BNP Paribas, 0.0000%, due 12/3/15
27,200,000
27,200,000
BNP Paribas, 0.0000%, due 17/3/15
27,100,000
27,099,925
BNP Paribas, 0.0000%, due 17/3/15
27,100,000
27,100,000
BNP Paribas, 0.0000%, due 18/3/15
27,000,000
26,999,918
BNP Paribas, 0.0000%, due 18/3/15
27,000,000
27,000,000
BNP Paribas, 0.0000%, due 16/3/15
27,000,000
26,999,775
BNP Paribas, 0.0000%, due 16/3/15
27,000,000
27,000,000
BNP Paribas, 0.0000%, due 7/5/15
26,200,000
26,199,927
BNP Paribas, 0.0000%, due 7/5/15
26,200,000
26,200,000
Societe Generale, 0.0000%, due 25/3/15
25,300,000
25,299,930
Societe Generale, 0.0000%, due 25/3/15
25,300,000
25,300,000
BNP Paribas, 0.0000%, due 8/5/15
25,300,000
25,299,930
BNP Paribas, 0.0000%, due 8/5/15
25,300,000
25,300,000
Societe Generale, 0.0000%, due 26/3/15
25,100,000
25,099,965
Societe Generale, 0.0000%, due 26/3/15
25,100,000
25,100,000
BNP Paribas, 0.0000%, due 19/3/15
25,000,000
24,999,924
BNP Paribas, 0.0000%, due 19/3/15
25,000,000
25,000,000 24,800,000
Major Purchases for the period ended 30 June 2015
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 20/3/15
24,800,000
24,799,931
BNP Paribas, 0.0000%, due 20/3/15
24,800,000
Societe Generale, 0.0000%, due 17/4/15
24,200,000
24,199,933
Societe Generale, 0.0000%, due 17/4/15
24,200,000
24,200,000
BNP Paribas, 0.0000%, due 13/5/15
22,800,000
22,799,937
BNP Paribas, 0.0000%, due 13/5/15
22,800,000
22,800,000
BNP Paribas, 0.0000%, due 14/5/15
22,700,000
22,699,937
BNP Paribas, 0.0000%, due 14/5/15
22,700,000
22,700,000
BNP Paribas, 0.0000%, due 24/3/15
22,400,000
22,399,938
BNP Paribas, 0.0000%, due 24/3/15
22,400,000
22,400,000
Societe Generale, 0.0000%, due 2/4/15
22,300,000
22,299,938
Societe Generale, 0.0000%, due 2/4/15
22,300,000
22,300,000
BNP Paribas, 0.0000%, due 15/5/15
22,100,000
22,099,939
BNP Paribas, 0.0000%, due 15/5/15
22,100,000
22,100,000
Societe Generale, 0.0000%, due 7/4/15
21,900,000
21,899,939
Societe Generale, 0.0000%, due 7/4/15
21,900,000
21,900,000
BNP Paribas, 0.0000%, due 26/2/15
21,900,000
21,899,939
BNP Paribas, 0.0000%, due 26/2/15
21,900,000
21,900,000
Societe Generale, 0.0000%, due 6/4/15
21,500,000
21,499,761
Societe Generale, 0.0000%, due 6/4/15
21,500,000
21,500,000
BNP Paribas, 0.0000%, due 25/2/15
21,400,000
21,399,941
BNP Paribas, 0.0000%, due 23/3/15
21,400,000
21,400,000
BNP Paribas, 0.0000%, due 23/3/15
21,400,000
21,399,822
BNP Paribas, 0.0000%, due 25/2/15
21,400,000
21,400,000
BNP Paribas, 0.0000%, due 23/2/15
21,300,000
21,299,823
BNP Paribas, 0.0000%, due 23/2/15
21,300,000
21,300,000
Societe Generale, 0.0000%, due 15/4/15
21,100,000
21,099,941
Societe Generale, 0.0000%, due 15/4/15
21,100,000
21,100,000
Societe Generale, 0.0000%, due 8/4/15
20,900,000
20,899,942
Societe Generale, 0.0000%, due 8/4/15
20,900,000
20,900,000
Societe Generale, 0.0000%, due 13/4/15
20,800,000
20,799,827
Societe Generale, 0.0000%, due 13/4/15
20,800,000
20,800,000
BNP Paribas, 0.0000%, due 23/1/15
20,600,000
20,599,943
Janus Capital Funds Plc / 30 June 2015
289
Statements of Changes in Composition of Portfolio PERKINS GLOBAL VALUE FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 26/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 8/1/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 21/1/15 Societe Generale, 0.0000%, due 3/2/15 Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 7/1/15 Societe Generale, 0.0000%, due 6/1/15 BNP Paribas, 0.0000%, due 20/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 22/1/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 9/2/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 10/2/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 28/1/15
Shares or Principal Amount
Cost
15,000,000 14,900,000 14,900,000 14,900,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,700,000 14,700,000 14,700,000 14,700,000 14,600,000 14,600,000 14,600,000 14,500,000 14,400,000
14,999,900 14,899,967 14,899,963 14,899,959 14,799,963 14,799,963 14,799,963 14,799,959 14,799,959 14,799,959 14,799,852 14,699,967 14,699,963 14,699,963 14,699,890 14,599,972 14,599,964 14,599,959 14,499,968 14,399,972
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 26/1/15 BNP Paribas, 0.0000%, due 23/1/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 8/1/15 Societe Generale, 0.0000%, due 4/2/15 Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 6/1/15 Societe Generale, 0.0000%, due 7/1/15 Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 6/2/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 22/1/15 Societe Generale, 0.0000%, due 9/2/15 Societe Generale, 0.0000%, due 5/2/15 Societe Generale, 0.0000%, due 10/2/15 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 28/1/15
Shares or Principal Amount
Proceeds
15,000,000 14,900,000 14,900,000 14,900,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,700,000 14,700,000 14,700,000 14,700,000 14,600,000 14,600,000 14,600,000 14,500,000 14,400,000
15,000,000 14,900,000 14,900,000 14,900,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,800,000 14,700,000 14,700,000 14,700,000 14,700,000 14,600,000 14,600,000 14,600,000 14,500,000 14,400,000
PERKINS US STRATEGIC VALUE FUND Major Purchases for the period ended 30 June 2015
Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 9/1/15 Societe Generale, 0.0000%, due 4/2/15 Societe Generale, 0.0000%, due 6/2/15 BNP Paribas, 0.0000%, due 8/1/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 12/1/15 Societe Generale, 0.0000%, due 7/1/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0010%, due 6/1/15 Societe Generale, 0.0000%, due 14/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 28/1/15
290
Shares or Principal Amount
Cost
26,700,000 25,700,000 25,200,000 24,900,000 24,600,000 24,600,000 23,600,000 23,500,000 23,300,000 23,100,000 22,800,000 22,700,000 22,500,000 22,300,000 22,100,000 22,000,000 21,200,000 21,200,000 20,000,000 20,000,000
26,699,933 25,699,936 25,199,937 24,899,938 24,599,939 24,599,932 23,599,823 23,499,935 23,299,948 23,099,936 22,799,937 22,699,950 22,499,944 22,299,796 22,099,945 21,999,780 21,199,941 21,199,941 19,999,961 19,999,961
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Societe Generale, 0.0000%, due 3/2/15 BNP Paribas, 0.0000%, due 9/1/15 Societe Generale, 0.0000%, due 4/2/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 8/1/15 BNP Paribas, 0.0000%, due 12/1/15 Societe Generale, 0.0000%, due 7/1/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0010%, due 6/1/15 Societe Generale, 0.0000%, due 14/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 20/1/15 Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 28/1/15
Shares or Principal Amount
Proceeds
26,700,000 25,700,000 25,200,000 24,900,000 24,600,000 24,600,000 23,600,000 23,500,000 23,300,000 23,100,000 22,800,000 22,700,000 22,500,000 22,300,000 22,100,000 22,000,000 21,200,000 21,200,000 20,000,000 20,000,000
26,700,000 25,700,000 25,200,000 24,900,000 24,600,000 24,600,000 23,600,000 23,500,000 23,300,000 23,100,000 22,800,000 22,700,000 22,500,000 22,300,000 22,100,000 22,000,000 21,200,000 21,200,000 20,000,000 20,000,000
INTECH ALL-WORLD MINIMUM VARIANCE CORE FUND(a) Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 6/5/15 BNP Paribas, 0.0000%, due 11/5/15 BNP Paribas, 0.0000%, due 8/5/15 BNP Paribas, 0.0000%, due 7/5/15 BNP Paribas, 0.0000%, due 12/5/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 15/6/15 BNP Paribas, 0.0000%, due 11/6/15 BNP Paribas, 0.0000%, due 10/6/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 16/6/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 18/6/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 22/6/15 BNP Paribas, 0.0000%, due 19/6/15 BNP Paribas, 0.0000%, due 5/6/15
Shares or Principal Amount
Cost
77,000,000 76,500,000 76,400,000 76,000,000 29,800,000 19,700,000 16,500,000 15,800,000 15,600,000 14,200,000 12,500,000 10,800,000 7,700,000 7,500,000 7,500,000 7,000,000 6,800,000 6,800,000 6,700,000 5,900,000
76,999,786 76,499,362 76,399,788 75,999,789 29,799,917 19,699,945 16,499,863 15,799,956 15,599,957 14,199,961 12,499,965 10,799,910 7,699,979 7,499,979 7,499,979 6,999,981 6,799,981 6,799,943 6,699,981 5,899,984
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 6/5/15 BNP Paribas, 0.0000%, due 11/5/15 BNP Paribas, 0.0000%, due 8/5/15 BNP Paribas, 0.0000%, due 7/5/15 BNP Paribas, 0.0000%, due 12/5/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 15/6/15 BNP Paribas, 0.0000%, due 11/6/15 BNP Paribas, 0.0000%, due 10/6/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 16/6/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 18/6/15 BNP Paribas, 0.0000%, due 22/6/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 19/6/15 BNP Paribas, 0.0000%, due 4/6/15
Shares or Principal Amount
Proceeds
77,000,000 76,500,000 76,400,000 76,000,000 29,800,000 19,700,000 16,500,000 15,800,000 15,600,000 14,200,000 12,500,000 10,800,000 7,700,000 7,500,000 7,500,000 7,000,000 6,800,000 6,800,000 6,700,000 5,900,000
77,000,000 76,500,000 76,400,000 76,000,000 29,800,000 19,700,000 16,500,000 15,800,000 15,600,000 14,200,000 12,500,000 10,800,000 7,700,000 7,500,000 7,500,000 7,000,000 6,800,000 6,800,000 6,700,000 5,900,000
Janus Capital Funds Plc / 30 June 2015
291
Statements of Changes in Composition of Portfolio INTECH EUROPEAN CORE FUND Major Purchases for the period ended 30 June 2015
Bank of Ireland Altice S.A. Valeo S.A. London Stock Exchange Group PLC RELX N.V. Zurich Insurance Group A.G. Peugeot S.A. Luxottica Group SpA Carnival PLC Nokia Oyj ProSiebenSat.1 Media A.G. Adecco S.A. Investor A.B. Reed Elsevier PLC Deutsche Annington Immobilien S.E. Schroders PLC Atlas Copco A.B. Neste Oil Oyj UPM-Kymmene Oyj Randstad Holding N.V. Klepierre National Grid PLC Renault S.A. STMicroelectronics N.V. Accor S.A. Fiat Chrysler Automobiles N.V. Inmarsat PLC Assa Abloy A.B. ASML Holding N.V. OSRAM Licht A.G. Deutsche Telekom A.G. Wolseley PLC Kuehne + Nagel International A.G.
292
Shares or Principal Amount
Cost
3,875,383 9,704 5,885 25,955 30,878 2,602 36,746 11,050 16,225 85,502 13,241 8,059 15,953 35,195 17,162 11,406 20,788 21,113 30,171 9,053 13,139 34,514 4,477 55,699 8,039 40,037 28,487 25,644 4,035 8,210 21,787 6,800 2,650
1,134,999 918,375 836,953 831,678 693,943 682,279 648,298 640,649 636,327 600,846 599,192 571,085 557,155 553,091 529,049 514,815 512,732 490,523 483,562 471,221 455,262 421,647 420,755 417,862 398,822 398,050 389,198 374,521 364,694 362,736 352,987 350,334 347,549
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Bank of Ireland SSE PLC Glencore Xstrata PLC Repsol S.A. UCB S.A. ACS Actividades de Construccion y Servicios S.A. Enel SpA Ashtead Group PLC Investment A.B. Kinnevik Intesa Sanpaolo SpA Sonova Holding A.G. Fortum OYJ Galp Energia SGPS S.A. Telecom Italia SpA EDP - Energias de Portugal S.A. Klepierre Aryzta A.G. Weir Group PLC Hugo Boss A.G. Swedish Match A.B. Royal Dutch Shell PLC – Class A ASML Holding N.V. Corio N.V. Groupe Bruxelles Lambert S.A. Eutelsat Communications S.A. Snam SpA Bunzl PLC Gecina S.A. Capita PLC Kabel Deutschland Holding A.G. EMS-Chemie Holding A.G. Assa Abloy A.B. Tenaris S.A. Telecom Italia SpA AP Moeller - Maersk A/S Air Liquide S.A. Terna Rete Elettrica Nazionale SpA RWE Ag Neu Essen
Shares or Principal Amount
Proceeds
4,398,248 45,760 210,899 47,248 11,673 23,568 166,718 44,076 26,317 212,932 4,722 36,121 58,958 602,440 150,201 13,035 8,583 20,050 4,654 18,105 16,608 4,692 11,526 5,828 14,753 94,687 16,417 3,688 23,302 3,111 968 8,548 27,954 317,937 184 3,009 80,409 14,807
1,561,159 1,015,207 889,026 839,533 778,899 733,904 715,491 691,016 684,574 646,684 634,822 619,829 588,800 539,788 526,409 506,738 500,004 496,029 492,676 480,325 478,936 464,954 455,262 455,010 452,937 425,019 422,544 405,194 395,250 377,628 375,008 374,521 374,126 371,409 351,726 344,657 342,915 342,068
INTECH GLOBAL ALL COUNTRY LOW VOLATILITY FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 17/3/15 Societe Generale, 0.0000%, due 14/4/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 15/6/15 Societe Generale, 0.0000%, due 18/2/15 BNP Paribas, 0.0000%, due 28/5/15 BNP Paribas, 0.0000%, due 24/3/15 Societe Generale, 0.0000%, due 25/3/15 BNP Paribas, 0.0000%, due 27/5/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 22/5/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 5/6/15 BNP Paribas, 0.0000%, due 16/3/15 Societe Generale, 0.0000%, due 4/2/15 Societe Generale, 0.0000%, due 6/2/15 BNP Paribas, 0.0000%, due 27/2/15
Shares or Principal Amount
Cost
5,400,000 4,600,000 3,900,000 3,800,000 3,700,000 3,400,000 3,200,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 2,900,000 2,800,000 2,700,000 2,400,000 2,300,000 2,100,000 2,100,000 2,100,000
5,399,985 4,599,987 3,899,989 3,799,989 3,699,969 3,399,991 3,199,991 2,999,992 2,999,992 2,999,992 2,999,975 2,999,967 2,899,992 2,799,992 2,699,993 2,399,993 2,299,981 2,099,995 2,099,995 2,099,994
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 17/3/15 Societe Generale, 0.0000%, due 14/4/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 17/6/15 BNP Paribas, 0.0000%, due 15/6/15 Societe Generale, 0.0000%, due 18/2/15 BNP Paribas, 0.0000%, due 28/5/15 BNP Paribas, 0.0000%, due 27/5/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 24/3/15 Societe Generale, 0.0000%, due 25/3/15 BNP Paribas, 0.0000%, due 23/6/15 BNP Paribas, 0.0000%, due 22/5/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 5/6/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 25/2/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 23/1/15
Shares or Principal Amount
Proceeds
5,400,000 4,600,000 3,900,000 3,800,000 3,700,000 3,400,000 3,200,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 2,900,000 2,800,000 2,700,000 2,400,000 2,300,000 2,100,000 2,100,000 2,100,000
5,400,000 4,600,000 3,900,000 3,800,000 3,700,000 3,400,000 3,200,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 2,900,000 2,800,000 2,700,000 2,400,000 2,300,000 2,100,000 2,100,000 2,100,000
INTECH GLOBAL DIVIDEND FUND Major Purchases for the period ended 30 June 2015
Shares or Principal Amount
Cost
BNP Paribas, 0.0000%, due 9/6/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 Exxon Mobil Corp. Reynolds American, Inc. Takeda Pharmaceutical Co., Ltd. Procter & Gamble Co. Atlas Copco A.B. Paychex, Inc. Eversource Energy Staples, Inc. Persimmon PLC Direct Line Insurance Group PLC CA, Inc. Coca-Cola Co. Legal & General Group PLC ProSiebenSat.1 Media A.G. Daiichi Sankyo Co., Ltd. Delhaize Group SKF A.B. – Class B Pearson PLC Agrium, Inc. Adecco S.A. Bouygues S.A. LyondellBasell Industries N.V. – Class A Deutsche Boerse A.G. Koninklijke Ahold N.V. TUI A.G. Daimler A.G. Old Mutual PLC Coach, Inc. ITV PLC WEC Energy Group, Inc.
100,000 100,000 400 404 300 200 594 300 300 800 437 2,756 400 300 2,994 231 600 125 455 535 100 124 272 100 125 527 770 93 2,521 200 2,015 213
100,000 100,000 33,782 19,291 15,882 15,732 15,127 14,862 14,459 13,411 13,194 12,972 12,952 12,246 12,139 11,689 11,401 11,203 10,995 10,636 10,458 10,453 10,337 10,336 10,219 10,141 9,042 8,936 8,667 8,501 8,342 8,329
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
BNP Paribas, 0.0000%, due 9/6/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 Lorillard, Inc. ConAgra Foods, Inc. Intel Corp. AstraZeneca PLC TransCanada Corp. Bank of Montreal Belgacom S.A. Nippon Telegraph & Telephone Corp. Direct Line Insurance Group PLC Nucor Corp. Royal Bank of Canada Yara International A.S.A. Seagate Technology PLC Delhaize Group Sun Hung Kai Properties, Ltd. Mitsui & Co., Ltd. Canadian Imperial Bank of Commerce TUI A.G. NiSource, Inc. ConocoPhillips Eisai Co., Ltd. ITOCHU Corp. Daito Trust Construction Co., Ltd. Chevron Corp.
100,000 100,000 1,000 1,000 1,000 390 600 400 589 300 4,432 400 300 327 300 167 1,000 1,200 200 770 300 200 200 1,200 100 100
100,000 100,000 59,150 37,861 31,848 27,753 27,148 25,652 21,553 20,126 19,727 18,845 18,696 16,742 16,528 15,765 15,451 15,442 14,873 13,912 13,774 12,947 12,695 12,497 11,504 10,827
Janus Capital Funds Plc / 30 June 2015
293
Statements of Changes in Composition of Portfolio INTECH US CORE FUND Major Purchases for the period ended 30 June 2015
Societe Generale, 0.0000%, due 21/4/15 BNP Paribas, 0.0000%, due 11/6/15 BNP Paribas, 0.0000%, due 12/6/15 Societe Generale, 0.0000%, due 20/4/15 Lowe’s Cos., Inc. BNP Paribas, 0.0000%, due 29/5/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 23/3/15 BNP Paribas, 0.0000%, due 20/3/15 Societe Generale, 0.0000%, due 29/4/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 26/5/15 Home Depot, Inc. Yahoo!, Inc. Ross Stores, Inc. CME Group, Inc. BNP Paribas, 0.0000%, due 3/6/15 BNP Paribas, 0.0000%, due 27/2/15
Shares or Principal Amount
Cost
9,600,000 5,400,000 5,300,000 4,700,000 47,000 2,500,000 2,500,000 2,300,000 2,300,000 2,200,000 2,100,000 1,900,000 1,900,000 1,900,000 16,400 40,900 37,600 18,100 1,700,000 1,700,000
9,599,973 5,399,985 5,299,985 4,699,961 3,357,366 2,499,993 2,499,992 2,299,994 2,299,994 2,199,982 2,099,994 1,899,996 1,899,995 1,899,979 1,840,678 1,800,442 1,789,739 1,702,946 1,699,995 1,699,995
Major Sales for the period ended 30 June 2015
Societe Generale, 0.0000%, due 21/4/15 BNP Paribas, 0.0000%, due 11/6/15 BNP Paribas, 0.0000%, due 12/6/15 Societe Generale, 0.0000%, due 20/4/15 LyondellBasell Industries N.V. – Class A Gilead Sciences, Inc. BNP Paribas, 0.0000%, due 29/5/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 23/3/15 Allergan, Inc. Netflix, Inc. BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 12/3/15 Societe Generale, 0.0000%, due 29/4/15 BNP Paribas, 0.0000%, due 26/5/15 Micron Technology, Inc. Lorillard, Inc. National Oilwell Varco, Inc.
Shares or Principal Amount
Proceeds
9,600,000 5,400,000 5,300,000 4,700,000 47,200 29,600 2,500,000 2,500,000 2,300,000 2,300,000 2,200,000 11,017 4,700 2,100,000 1,900,000 1,900,000 1,900,000 69,000 29,100 34,400
9,600,000 5,400,000 5,300,000 4,700,000 4,281,625 3,141,541 2,500,000 2,500,000 2,300,000 2,300,000 2,200,000 2,139,418 2,100,850 2,100,000 1,900,000 1,900,000 1,900,000 1,865,146 1,834,880 1,819,766
JANUS GLOBAL DIVERSIFIED ALTERNATIVES FUND Major Purchases for the period ended 30 June 2015
Shares or Principal Amount
Cost
U.S. Treasury Notes/Bonds, 0.0000%, due 24/9/15 U.S. Treasury Notes/Bonds, 0.0000%, due 27/8/15 U.S. Treasury Notes/Bonds, 0.0000%, due 10/9/15 U.S. Treasury Notes/Bonds, 0.0000%, due 28/5/15 U.S. Treasury Notes/Bonds, 0.0000%, due 11/6/15 U.S. Treasury Notes/Bonds, 0.0000%, due 25/6/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 3/2/15 Societe Generale, 0.0000%, due 6/2/15 BNP Paribas, 0.0000%, due 8/1/15 Societe Generale, 0.0000%, due 29/4/15 BNP Paribas, 0.0000%, due 9/1/15 Societe Generale, 0.0000%, due 28/1/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 21/1/15 Societe Generale, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas, 0.0000%, due 23/1/15
500,000 500,000 500,000 500,000 500,000 500,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
499,996 499,984 499,980 499,978 499,978 499,965 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
294
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Shares or Principal Amount
Proceeds
U.S. Treasury Notes/Bonds, 0.0000%, due 11/6/15 U.S. Treasury Notes/Bonds, 0.0000%, due 26/2/15 U.S. Treasury Notes/Bonds, 0.0000%, due 25/6/15 U.S. Treasury Notes/Bonds, 0.0000%, due 12/3/15 U.S. Treasury Notes/Bonds, 0.0000%, due 28/5/15 U.S. Treasury Notes/Bonds, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 5/5/15 Societe Generale, 0.0000%, due 13/4/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 18/5/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 23/4/15 BNP Paribas, 0.0000%, due 20/5/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 11/3/15 BNP Paribas, 0.0000%, due 22/5/15
500,000 500,000 500,000 500,000 500,000 500,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
500,000 500,000 500,000 500,000 500,000 500,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
JANUS GLOBAL REAL ESTATE FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 27/2/15 BNP Paribas, 0.0000%, due 2/3/15 BNP Paribas, 0.0000%, due 23/2/15 BNP Paribas, 0.0000%, due 20/2/15 Societe Generale, 0.0000%, due 18/2/15 Societe Generale, 0.0000%, due 19/2/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 17/2/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 24/2/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 25/2/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 22/1/15 Societe Generale, 0.0000%, due 11/2/15 Societe Generale, 0.0010%, due 6/1/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 26/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 9/2/15 BNP Paribas, 0.0000%, due 21/1/15 Societe Generale, 0.0000%, due 6/2/15 QTS Realty Trust, Inc. Societe Generale, 0.0000%, due 7/1/15 Societe Generale, 0.0000%, due 3/2/15 Societe Generale, 0.0000%, due 12/2/15 BNP Paribas, 0.0000%, due 8/1/15
Shares or Principal Amount
Cost
5,500,000 5,500,000 4,700,000 4,600,000 4,400,000 4,400,000 4,300,000 4,300,000 4,100,000 4,100,000 4,000,000 4,000,000 4,000,000 3,900,000 3,800,000 3,800,000 3,700,000 3,600,000 3,600,000 3,300,000 3,000,000 3,000,000 2,900,000 2,800,000 73,749 2,600,000 2,500,000 2,200,000 2,100,000
5,499,985 5,499,973 4,699,961 4,599,987 4,399,988 4,399,988 4,299,988 4,299,952 4,099,989 4,099,989 3,999,991 3,999,989 3,999,963 3,899,990 3,799,989 3,799,989 3,699,991 3,599,992 3,599,991 3,299,978 2,999,993 2,999,978 2,899,993 2,799,993 2,612,014 2,599,993 2,499,994 2,199,994 2,099,995
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 27/2/15 BNP Paribas, 0.0000%, due 2/3/15 BNP Paribas, 0.0000%, due 23/2/15 BNP Paribas, 0.0000%, due 20/2/15 Societe Generale, 0.0000%, due 19/2/15 Societe Generale, 0.0000%, due 18/2/15 Societe Generale, 0.0000%, due 17/2/15 BNP Paribas, 0.0000%, due 26/2/15 Societe Generale, 0.0000%, due 5/2/15 BNP Paribas, 0.0000%, due 24/2/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 25/2/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 22/1/15 Societe Generale, 0.0000%, due 11/2/15 Societe Generale, 0.0010%, due 6/1/15 Societe Generale, 0.0000%, due 4/2/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 26/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Societe Generale, 0.0000%, due 9/2/15 BNP Paribas, 0.0000%, due 21/1/15 Societe Generale, 0.0000%, due 6/2/15 Societe Generale, 0.0000%, due 7/1/15 Societe Generale, 0.0000%, due 3/2/15
Shares or Principal Amount
Proceeds
5,500,000 5,500,000 4,700,000 4,600,000 4,400,000 4,400,000 4,300,000 4,300,000 4,100,000 4,100,000 4,000,000 4,000,000 4,000,000 3,900,000 3,800,000 3,800,000 3,700,000 3,600,000 3,600,000 3,300,000 3,000,000 3,000,000 2,900,000 2,800,000 2,600,000 2,500,000
5,500,000 5,500,000 4,700,000 4,600,000 4,400,000 4,400,000 4,300,000 4,300,000 4,100,000 4,100,000 4,000,000 4,000,000 4,000,000 3,900,000 3,800,000 3,800,000 3,700,000 3,600,000 3,600,000 3,300,000 3,000,000 3,000,000 2,900,000 2,800,000 2,600,000 2,500,000
Janus Capital Funds Plc / 30 June 2015
295
Statements of Changes in Composition of Portfolio JANUS FLEXIBLE INCOME FUND Major Purchases for the period ended 30 June 2015
U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/15 U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/15 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/15 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/15 U.S. Treasury Notes/Bonds, 0.5000%, due 30/11/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 U.S. Treasury Notes/Bonds, 0.5000%, due 31/1/15 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas Finance, Inc. BNP Paribas, 0.0000%, due 4/5/15 BNP Paribas, 0.0000%, due 22/5/15 BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 24/4/15 U.S. Treasury Notes/Bonds, 0.0000%, due 21/5/15 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 15/4/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 11/6/15 U.S. Treasury Notes/Bonds, 2.1250%, due 15/5/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 18/5/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15
Shares or Principal Amount
Cost
69,032,000 52,906,000 51,826,000 41,957,000 41,948,000 41,888,000 37,300,000 35,791,000 30,932,000 33,100,000 32,600,000 31,400,000 31,300,000 31,000,000 30,300,000 26,580,000 26,700,000 26,600,000 26,600,000 26,500,000 25,900,000 26,265,000 25,100,000 24,100,000 24,100,000 24,100,000 22,700,000
65,525,412 52,673,213 51,931,171 43,262,673 41,991,252 41,907,784 37,299,886 35,726,810 34,379,632 33,099,632 32,599,728 31,399,738 31,299,913 30,999,914 30,299,916 27,115,406 26,699,926 26,599,926 26,599,926 26,499,926 25,899,928 25,813,831 25,099,923 24,099,933 24,099,926 24,099,799 22,699,849
Shares or Principal Amount
Cost
1,546,000 1,500,000 1,281,000 1,200,000 1,237,000 1,101,000 1,010,000 1,016,000 1,000,000 1,000,000 783,000 900,000 900,000 5,700,000 800,000 800,000 681,000 446,000 700,000 600,000 600,000 600,000 529,000 533,000 500,000 500,000
1,573,417 1,499,996 1,282,333 1,199,996 1,169,644 1,103,230 1,011,460 1,002,086 999,997 999,997 997,839 899,998 899,998 810,044 799,998 799,998 746,710 719,170 699,998 599,999 599,998 599,996 592,445 521,559 499,999 499,999
Major Sales for the period ended 30 June 2015
U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/15 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 U.S. Treasury Notes/Bonds, 0.5000%, due 30/11/15 U.S. Treasury Notes/Bonds, 2.0000%, due 15/2/15 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/15 U.S. Treasury Notes/Bonds, 5.0000%, due 31/8/15 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas Finance, Inc. BNP Paribas, 0.0000%, due 4/5/15 BNP Paribas, 0.0000%, due 22/5/15 BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 24/4/15 U.S. Treasury Notes/Bonds, 0.0000%, due 21/5/15 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 15/4/15 Societe Generale, 0.0000%, due 16/4/15 BNP Paribas, 0.0000%, due 11/6/15 BNP Paribas, 0.0000%, due 19/3/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 18/3/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 10/6/15 U.S. Treasury Notes/Bonds, 0.3750%, due 31/10/15 BNP Paribas, 0.0000%, due 5/5/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 17/3/15
Shares or Principal Amount
Proceeds
67,299,000 69,032,000 53,867,000 52,906,000 48,875,000 44,996,000 37,488,000 37,300,000 33,100,000 32,600,000 31,400,000 31,300,000 31,000,000 30,300,000 26,580,000 26,700,000 26,600,000 26,600,000 26,500,000 25,900,000 25,100,000 24,100,000 24,100,000 24,100,000 22,700,000 21,600,000 21,606,000 21,400,000 21,400,000 21,300,000
69,075,904 64,990,085 53,910,444 52,649,581 48,907,629 45,121,291 41,387,104 37,300,000 33,100,000 32,600,000 31,400,000 31,300,000 31,000,000 30,300,000 27,233,258 26,700,000 26,600,000 26,600,000 26,500,000 25,900,000 25,100,000 24,100,000 24,100,000 24,100,000 22,700,000 21,600,000 21,581,376 21,400,000 21,400,000 21,300,000
Shares or Principal Amount
Proceeds
2,972,000 1,500,000 1,200,000 783,000 1,000,000 1,000,000 1,035,000 923,000 900,000 900,000 564,000 800,000 800,000 778,000 667,000 700,000 851,000 613,000 600,000 600,000 600,000 432,000 357,000 500,000 500,000 481,000
2,977,099 1,500,000 1,200,000 1,060,684 1,000,000 1,000,000 985,547 956,594 900,000 900,000 881,500 800,000 800,000 779,400 722,501 700,000 639,366 604,318 600,000 600,000 600,000 589,859 569,003 500,000 500,000 481,143
JANUS GLOBAL FLEXIBLE INCOME FUND Major Purchases for the period ended 30 June 2015
U.S. Treasury Notes/Bonds, 2.0000%, due 30/4/15 Societe Generale, 0.0000%, due 12/2/15 U.S. Treasury Notes/Bonds, 0.3750%, due 31/5/15 BNP Paribas, 0.0000%, due 19/3/15 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 U.S. Treasury Notes/Bonds, 3.7500%, due 31/1/15 U.S. Treasury Notes/Bonds, 0.3750%, due 15/2/15 U.S. Treasury Notes/Bonds, 2.1250%, due 15/5/15 Societe Generale, 0.0000%, due 13/2/15 BNP Paribas, 0.0000%, due 18/3/15 Portugal Obrigacoes do Tesouro OT, 0.0410%, due 15/2/15 Societe Generale, 0.0000%, due 28/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 Sweden Government Bond, 2.5000%, due 12/5/25 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 27/3/15 Bundesrepublik Deutschland, 0.5000%, due 15/2/25 Italy Buoni Poliennali Del Tesoro, 4.7500%, due 1/9/44 Societe Generale, 0.0000%, due 10/2/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 11/2/15 BNP Paribas, 0.0000%, due 26/1/15 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 U.S. Treasury Notes/Bonds, 3.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 16/1/15
296
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
U.S. Treasury Notes/Bonds, 3.7500%, due 31/1/15 Societe Generale, 0.0000%, due 12/2/15 BNP Paribas, 0.0000%, due 19/3/15 Portugal Obrigacoes do Tesouro OT, 0.0410%, due 15/2/15 Societe Generale, 0.0000%, due 13/2/15 BNP Paribas, 0.0000%, due 18/3/15 U.S. Treasury Notes/Bonds, 2.5000%, due 15/2/15 U.S. Treasury Notes/Bonds, 2.2500%, due 15/11/15 Societe Generale, 0.0000%, due 28/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 United Kingdom Gilt, 1.7500%, due 22/7/19 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 27/3/15 U.S. Treasury Notes/Bonds, 0.3750%, due 15/2/15 U.S. Treasury Notes/Bonds, 3.0000%, due 15/11/15 Societe Generale, 0.0000%, due 10/2/15 New Zealand Government Bond, 0.0600%, due 15/4/15 U.S. Treasury Notes/Bonds, 2.1250%, due 15/5/15 BNP Paribas, 0.0000%, due 26/1/15 BNP Paribas, 0.0000%, due 29/1/15 Societe Generale, 0.0000%, due 11/2/15 Spain Government Bond, 0.0430%, due 31/10/15 Italy Buoni Poliennali Del Tesoro, 4.7500%, due 1/9/44 BNP Paribas, 0.0000%, due 3/3/15 Societe Generale, 0.0000%, due 16/1/15 U.S. Treasury Notes/Bonds, 2.5000%, due 31/12/15
JANUS GLOBAL HIGH YIELD FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 27/1/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 22/1/15 Iglo Foods Term Loan, 0.0000%, due 30/6/20 BNP Paribas, 0.0000%, due 1/6/15 R&R Ice Cream PLC, 4.7500%, due 15/5/20 Banco Bilbao Vizcaya Argentaria S.A., 0.0700%, due 19/2/15 BNP Paribas, 0.0000%, due 13/1/15 CommScope Technologies Finance LLC, 6.0000%, due 16/6/25 Altice Financing S.A., 5.2500%, due 15/2/23 Lloyds Banking Group PLC, 7.0000%, due 27/6/15 IMS Health, Inc., 4.1250%, due 1/4/23 DISH DBS Corp., 5.8750%, due 15/11/24 Societe Generale, 0.0000%, due 28/1/15 UPCB Finance, Ltd., 0.0400%, due 15/1/15 Univision Communications, Inc., 5.1250%, due 15/2/25 Altice Finco S.A., 7.6250%, due 15/2/25 Valeant Pharmaceuticals International, Inc., 6.1250%, due 15/4/25 TA MFG, Ltd., 3.6250%, due 15/4/23 Post Holdings, Inc., 7.3750%, due 15/2/22 BNP Paribas, 0.0000%, due 21/1/15 New Look Secured Issuer PLC, 6.5000%, due 1/7/22 Ziggo B.V., 0.0463%, due 15/1/15 iHeartCommunications, Inc., 9.0000%, due 15/9/22 Ziggo B.V., 0.0375%, due 15/1/15 Micron Technology, Inc., 5.2500%, due 1/8/23 Banco Bilbao Vizcaya Argentaria S.A., 6.7500%, due 18/2/20 Century Communities, Inc., 6.8750%, due 15/5/22 Fiat Chrysler Automobiles N.V., 4.5000%, due 15/4/20
Shares or Principal Amount
Cost
1,800,000 1,400,000 1,300,000 1,300,000 1,200,000 593,706 1,000,000 780,000 600,000 800,000
1,799,996 1,399,991 1,299,997 1,299,996 1,199,997 1,017,077 999,996 926,063 822,726 799,998
789,000 672,000 491,000 642,000 642,000 600,000 531,000 552,000 538,000
789,000 763,500 743,106 682,524 646,614 599,999 571,409 556,359 546,450
516,000 466,000 488,000 500,000 319,000 412,000 479,000 410,000 471,000 400,000 436,000 432,000
522,405 510,503 508,893 499,999 496,300 487,540 481,140 475,780 471,000 452,600 439,315 432,000
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 23/1/15 Iglo Foods Term Loan, 0.0000%, due 30/6/20 AB Acquisitions, Ltd. BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 14/1/15 Societe Generale, 0.0000%, due 27/1/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 1/6/15 Vougeot Bidco PLC, 0.0788%, due 15/7/15 R&R Ice Cream PLC, 0.0550%, due 15/5/15 UPC Holding B.V., 0.0838%, due 15/8/15 Chesapeake Energy Corp., 6.1250%, due 15/2/21 BNP Paribas, 0.0000%, due 13/1/15 Altice S.A., 0.0725%, due 15/5/15 MPG Holdco I, Inc., 7.3750%, due 15/10/15 Unitymedia Hessen GmbH & Co., K.G. / Unitymedia NRW GmbH, 0.0950%, due 15/3/15 Banco Bilbao Vizcaya Argentaria S.A., 0.0700%, due 19/2/15 Matalan Finance PLC, 0.0688%, due 1/6/15 Dish DBS Corp., 0.0588%, due 15/11/15 Almirall S.A., 4.6250%, due 1/4/21 Paris Las Vegas Holding, 0.0800%, due 1/10/15 Linn Energy LLC / Linn Energy Finance Corp., 0.0650%, due 15/5/15 Societe Generale, 0.0000%, due 28/1/15 QEP Resources, Inc., 5.2500%, due 1/5/23
Shares or Principal Amount
Proceeds
1,800,000 1,000,000 1,000,000 1,400,000 1,300,000 1,300,000 1,200,000 1,000,000 575,000 630,000 712,000 831,000 800,000 676,000 700,000
1,800,000 1,634,279 1,517,600 1,400,000 1,300,000 1,300,000 1,200,000 1,000,000 972,939 939,852 910,266 854,515 800,000 786,890 724,042
580,000
718,993
600,000 414,000 642,000 513,000 622,000
703,353 652,413 646,614 631,439 627,370
707,000 600,000 618,000
615,669 600,000 598,718
Janus Capital Funds Plc / 30 June 2015
297
Statements of Changes in Composition of Portfolio JANUS GLOBAL INVESTMENT GRADE BOND FUND Major Purchases for the period ended 30 June 2015
Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 20/1/15 BNP Paribas, 0.0000%, due 26/1/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 20/2/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 13/1/15 BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 22/5/15 BNP Paribas, 0.0000%, due 23/2/15 BNP Paribas, 0.0000%, due 22/1/15 Societe Generale, 0.0000%, due 19/2/15 BNP Paribas, 0.0000%, due 12/1/15 BNP Paribas, 0.0000%, due 2/6/15 BNP Paribas, 0.0000%, due 9/6/15 BNP Paribas, 0.0000%, due 12/6/15 BNP Paribas, 0.0000%, due 5/6/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 3/6/15 BNP Paribas, 0.0000%, due 20/5/15 BNP Paribas, 0.0000%, due 12/5/15 BNP Paribas, 0.0000%, due 1/6/15 BNP Paribas, 0.0000%, due 8/6/15 BNP Paribas, 0.0000%, due 9/1/15 BNP Paribas, 0.0000%, due 8/1/15 BNP Paribas, 0.0000%, due 14/5/15 BNP Paribas, 0.0000%, due 15/5/15 Societe Generale, 0.0000%, due 6/1/15 Societe Generale, 0.0000%, due 7/1/15 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 10/6/15 BNP Paribas, 0.0000%, due 11/6/15 BNP Paribas, 0.0000%, due 19/5/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas, 0.0000%, due 27/5/15 BNP Paribas, 0.0000%, due 28/5/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 18/5/15
298
Shares or Principal Amount
Cost
6,200,000 5,400,000 4,400,000 3,600,000 3,400,000 2,900,000 2,900,000 2,900,000 2,700,000 2,700,000 2,600,000 2,600,000 2,600,000 2,500,000 2,500,000 2,500,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,300,000 2,300,000 2,300,000 2,300,000 2,300,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,000,000 1,900,000 1,900,000 1,900,000
6,199,983 5,399,985 4,399,989 3,599,964 3,399,977 2,899,994 2,899,992 2,899,992 2,699,994 2,699,993 2,599,993 2,599,993 2,599,978 2,499,994 2,499,993 2,499,981 2,399,993 2,399,993 2,399,993 2,399,993 2,399,993 2,299,994 2,299,994 2,299,994 2,299,990 2,299,981 2,199,995 2,199,995 2,199,994 2,199,994 2,199,994 2,199,994 2,099,995 2,099,994 2,099,994 2,099,994 2,099,981 2,099,977 1,999,994 1,899,995 1,899,995 1,899,984
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 15/1/15 BNP Paribas, 0.0000%, due 21/1/15 BNP Paribas, 0.0000%, due 20/1/15 BNP Paribas, 0.0000%, due 26/1/15 Societe Generale, 0.0000%, due 14/1/15 BNP Paribas, 0.0000%, due 20/2/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 13/1/15 BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 23/2/15 BNP Paribas, 0.0000%, due 22/5/15 Societe Generale, 0.0000%, due 19/2/15 BNP Paribas, 0.0000%, due 22/1/15 BNP Paribas, 0.0000%, due 12/1/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 2/6/15 BNP Paribas, 0.0000%, due 12/6/15 BNP Paribas, 0.0000%, due 5/6/15 BNP Paribas, 0.0000%, due 9/6/15 BNP Paribas, 0.0000%, due 12/5/15 BNP Paribas, 0.0000%, due 8/6/15 BNP Paribas, 0.0000%, due 20/5/15 BNP Paribas, 0.0000%, due 3/6/15 BNP Paribas, 0.0000%, due 1/6/15 BNP Paribas, 0.0000%, due 9/1/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 14/5/15 Societe Generale, 0.0000%, due 6/1/15 Societe Generale, 0.0000%, due 7/1/15 BNP Paribas, 0.0000%, due 8/1/15 BNP Paribas, 0.0000%, due 10/6/15 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 11/6/15 Societe Generale, 0.0000%, due 5/1/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas, 0.0000%, due 27/5/15 BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 28/5/15
Shares or Principal Amount
Proceeds
6,200,000 5,400,000 4,400,000 3,600,000 3,400,000 2,900,000 2,900,000 2,900,000 2,700,000 2,700,000 2,600,000 2,600,000 2,600,000 2,500,000 2,500,000 2,500,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,300,000 2,300,000 2,300,000 2,300,000 2,300,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,000,000 1,900,000 1,900,000 1,900,000
6,200,000 5,400,000 4,400,000 3,600,000 3,400,000 2,900,000 2,900,000 2,900,000 2,700,000 2,700,000 2,600,000 2,600,000 2,600,000 2,500,000 2,500,000 2,500,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,300,000 2,300,000 2,300,000 2,300,000 2,300,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,100,000 2,000,000 1,900,000 1,900,000 1,900,000
JANUS HIGH YIELD FUND Major Purchases for the period ended 30 June 2015
Societe Generale, 0.0000%, due 13/2/15 Societe Generale, 0.0000%, due 12/2/15 Societe Generale, 0.0000%, due 14/1/15 Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 11/2/15 BNP Paribas, 0.0000%, due 1/6/15 BNP Paribas, 0.0000%, due 29/5/15 BNP Paribas, 0.0000%, due 28/5/15 BNP Paribas, 0.0000%, due 27/3/15 Societe Generale, 0.0000%, due 17/2/15 Societe Generale, 0.0000%, due 25/3/15 Societe Generale, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas, 0.0000%, due 13/1/15 BNP Paribas, 0.0000%, due 27/5/15 Societe Generale, 0.0000%, due 9/4/15 Societe Generale, 0.0000%, due 10/4/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 17/3/15
Shares or Principal Amount
Cost
81,700,000 81,000,000 79,000,000 78,700,000 78,300,000 76,800,000 76,200,000 74,800,000 74,100,000 74,000,000 73,000,000 72,700,000 72,600,000 72,400,000 71,500,000 71,500,000 70,800,000 70,700,000 70,400,000 69,700,000
81,699,773 80,999,775 78,999,780 78,699,781 78,299,782 76,799,787 76,199,683 74,799,792 74,099,794 73,999,794 72,999,188 72,699,798 72,599,900 72,399,195 71,499,821 71,499,801 70,799,803 70,699,804 70,399,804 69,699,419
Major Sales for the period ended 30 June 2015
Societe Generale, 0.0000%, due 13/2/15 Societe Generale, 0.0000%, due 12/2/15 Societe Generale, 0.0000%, due 14/1/15 Societe Generale, 0.0000%, due 15/1/15 Societe Generale, 0.0000%, due 16/1/15 Societe Generale, 0.0000%, due 11/2/15 BNP Paribas, 0.0000%, due 1/6/15 BNP Paribas, 0.0000%, due 29/5/15 BNP Paribas, 0.0000%, due 28/5/15 BNP Paribas, 0.0000%, due 27/3/15 Societe Generale, 0.0000%, due 17/2/15 Societe Generale, 0.0000%, due 25/3/15 Societe Generale, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 26/5/15 BNP Paribas, 0.0000%, due 27/5/15 BNP Paribas, 0.0000%, due 13/1/15 Societe Generale, 0.0000%, due 9/4/15 Societe Generale, 0.0000%, due 10/4/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 17/3/15
Shares or Principal Amount
Proceeds
81,700,000 81,000,000 79,000,000 78,700,000 78,300,000 76,800,000 76,200,000 74,800,000 74,100,000 74,000,000 73,000,000 72,700,000 72,600,000 72,400,000 71,500,000 71,500,000 70,800,000 70,700,000 70,400,000 69,700,000
81,700,000 81,000,000 79,000,000 78,700,000 78,300,000 76,800,000 76,200,000 74,800,000 74,100,000 74,000,000 73,000,000 72,700,000 72,600,000 72,400,000 71,500,000 71,500,000 70,800,000 70,700,000 70,400,000 69,700,000
Janus Capital Funds Plc / 30 June 2015
299
Statements of Changes in Composition of Portfolio JANUS GLOBAL UNCONSTRAINED BOND FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 20/5/15 BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas, 0.0000%, due 5/5/15 BNP Paribas, 0.0000%, due 4/5/15 Sigma-Aldrich Corp. Societe Generale, 0.0000%, due 29/4/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 12/5/15 BNP Paribas, 0.0000%, due 6/5/15 BNP Paribas, 0.0000%, due 30/4/15 BNP Paribas, 0.0000%, due 7/5/15 BNP Paribas, 0.0000%, due 8/5/15 BNP Paribas, 0.0000%, due 14/5/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 BNP Paribas, 0.0000%, due 11/5/15 BNP Paribas Finance, Inc. BNP Paribas, 0.0000%, due 23/4/15 BNP Paribas, 0.0000%, due 24/4/15 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 22/4/15 Societe Generale, 0.0000%, due 21/4/15 Societe Generale, 0.0000%, due 20/4/15 Societe Generale, 0.0000%, due 16/4/15 Societe Generale, 0.0000%, due 15/4/15 Societe Generale, 0.0000%, due 9/4/15 Societe Generale, 0.0000%, due 10/4/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 8/4/15 Societe Generale, 0.0000%, due 13/4/15 Societe Generale, 0.0000%, due 7/4/15 BNP Paribas, 0.0000%, due 31/3/15 Societe Generale, 0.0000%, due 2/4/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 Societe Generale, 0.0000%, due 6/4/15
300
Shares or Principal Amount
Cost
14,500,000 14,500,000 14,500,000 14,500,000 14,300,000 14,300,000 14,300,000 101,543 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 13,700,000 13,500,000 13,500,000 13,300,000 13,300,000 13,300,000 13,300,000 13,200,000 13,200,000 13,100,000 13,100,000 13,100,000 13,100,000 13,100,000 13,000,000 12,800,000 12,800,000 12,800,000 12,800,000
14,499,960 14,499,960 14,499,960 14,499,879 14,299,980 14,299,960 14,299,881 14,104,226 14,099,973 14,099,961 14,099,961 14,099,961 14,099,961 14,099,961 14,099,961 14,099,961 14,099,961 14,099,957 14,099,883 13,699,886 13,499,963 13,499,963 13,299,963 13,299,963 13,299,963 13,299,889 13,199,963 13,199,963 13,099,964 13,099,964 13,099,964 13,099,964 13,099,891 12,999,964 12,799,964 12,799,964 12,799,915 12,799,858
Janus Capital Funds Plc / 30 June 2015
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 21/5/15 BNP Paribas, 0.0000%, due 20/5/15 BNP Paribas, 0.0000%, due 19/5/15 BNP Paribas, 0.0000%, due 18/5/15 BNP Paribas, 0.0000%, due 5/5/15 BNP Paribas, 0.0000%, due 1/5/15 BNP Paribas, 0.0000%, due 4/5/15 BNP Paribas, 0.0000%, due 12/5/15 BNP Paribas, 0.0000%, due 6/5/15 BNP Paribas, 0.0000%, due 11/5/15 BNP Paribas, 0.0000%, due 13/5/15 BNP Paribas, 0.0000%, due 15/5/15 BNP Paribas, 0.0000%, due 14/5/15 Rabobank USA Financial Corp., 0.0000%, due 28/4/15 BNP Paribas, 0.0000%, due 30/4/15 BNP Paribas, 0.0000%, due 7/5/15 BNP Paribas, 0.0000%, due 8/5/15 Societe Generale, 0.0000%, due 29/4/15 BNP Paribas Finance, Inc. BNP Paribas, 0.0000%, due 23/4/15 BNP Paribas, 0.0000%, due 24/4/15 Societe Generale, 0.0000%, due 22/4/15 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 21/4/15 Societe Generale, 0.0000%, due 20/4/15 Societe Generale, 0.0000%, due 16/4/15 Societe Generale, 0.0000%, due 15/4/15 Societe Generale, 0.0000%, due 13/4/15 Societe Generale, 0.0000%, due 10/4/15 Societe Generale, 0.0000%, due 14/4/15 Societe Generale, 0.0000%, due 8/4/15 Societe Generale, 0.0000%, due 9/4/15 Societe Generale, 0.0000%, due 7/4/15 Societe Generale, 0.0000%, due 2/4/15 Societe Generale, 0.0000%, due 6/4/15 BNP Paribas, 0.0000%, due 31/3/15 Rabobank USA Financial Corp., 0.0000%, due 30/3/15 BNP Paribas, 0.0000%, due 24/3/15 BNP Paribas, 0.0000%, due 27/3/15 Societe Generale, 0.0000%, due 25/3/15 BNP Paribas, 0.0000%, due 23/3/15 Societe Generale, 0.0000%, due 26/3/15 BNP Paribas, 0.0000%, due 20/3/15 BNP Paribas, 0.0000%, due 18/3/15 BNP Paribas, 0.0000%, due 16/3/15 BNP Paribas, 0.0000%, due 17/3/15 BNP Paribas, 0.0000%, due 19/3/15
Shares or Principal Amount
Proceeds
14,500,000 14,500,000 14,500,000 14,500,000 14,300,000 14,300,000 14,300,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 13,700,000 13,500,000 13,500,000 13,300,000 13,300,000 13,300,000 13,300,000 13,200,000 13,200,000 13,100,000 13,100,000 13,100,000 13,100,000 13,100,000 13,000,000 12,800,000 12,800,000 12,800,000 12,800,000 12,600,000 12,600,000 12,600,000 12,600,000 12,600,000 12,400,000 12,200,000 12,200,000 12,200,000 12,200,000
14,500,000 14,500,000 14,500,000 14,500,000 14,300,000 14,300,000 14,300,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 14,100,000 13,700,000 13,500,000 13,500,000 13,300,000 13,300,000 13,300,000 13,300,000 13,200,000 13,200,000 13,100,000 13,100,000 13,100,000 13,100,000 13,100,000 13,000,000 12,800,000 12,800,000 12,800,000 12,800,000 12,600,000 12,600,000 12,600,000 12,600,000 12,600,000 12,400,000 12,200,000 12,200,000 12,200,000 12,200,000
JANUS US SHORT-TERM BOND FUND Major Purchases for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 11/3/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 30/6/15 U.S. Treasury Notes/Bonds, 0.6250%, due 31/12/16 U.S. Treasury Notes/Bonds, 1.6250%, due 31/12/19 BNP Paribas, 0.0000%, due 20/1/15 BNP Paribas, 0.0000%, due 29/6/15 BNP Paribas, 0.0000%, due 26/6/15 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 BNP Paribas, 0.0000%, due 19/5/15 U.S. Treasury Notes/Bonds, 0.8750%, due 15/1/18 Societe Generale, 0.0000%, due 17/4/15 Societe Generale, 0.0000%, due 8/4/15 BNP Paribas, 0.0000%, due 15/6/15 U.S. Treasury Notes/Bonds, 0.5000%, due 30/9/16 BNP Paribas, 0.0000%, due 18/3/15
Shares or Principal Amount
Cost
42,700,000 27,500,000 25,600,000 24,600,000 21,600,000 19,100,000 19,000,000 18,100,000 17,962,000 17,244,000 17,200,000 17,100,000 17,000,000 14,700,000 14,500,000 14,356,000 13,200,000 12,600,000 12,400,000 12,254,000 11,900,000
42,699,905 27,499,924 25,599,787 24,599,932 21,599,940 19,099,947 18,999,958 18,099,950 18,002,367 17,480,237 17,199,828 17,099,858 16,999,953 14,699,967 14,499,960 14,376,523 13,199,963 12,599,965 12,399,897 12,266,018 11,899,964
Major Sales for the period ended 30 June 2015
BNP Paribas, 0.0000%, due 23/1/15 BNP Paribas, 0.0000%, due 12/3/15 BNP Paribas, 0.0000%, due 9/3/15 BNP Paribas, 0.0000%, due 10/3/15 BNP Paribas, 0.0000%, due 11/3/15 U.S. Treasury Notes/Bonds, 3.7500%, due 15/4/15 Societe Generale, 0.0000%, due 16/1/15 BNP Paribas, 0.0000%, due 29/1/15 BNP Paribas, 0.0000%, due 30/6/15 U.S. Treasury Notes/Bonds, 1.6250%, due 31/12/19 BNP Paribas, 0.0000%, due 20/1/15 BNP Paribas, 0.0000%, due 29/6/15 BNP Paribas, 0.0000%, due 26/6/15 U.S. Treasury Notes/Bonds, 0.3750%, due 31/1/16 Rabobank USA Financial Corp., 0.0000%, due 30/1/15 U.S. Treasury Notes/Bonds, 1.5000%, due 30/11/19 U.S. Treasury Notes/Bonds, 0.5000%, due 30/6/16 BNP Paribas, 0.0000%, due 19/5/15 U.S. Treasury Notes/Bonds, 2.5000%, due 31/12/15 Societe Generale, 0.0000%, due 17/4/15
Shares or Principal Amount
Proceeds
42,700,000 27,500,000 25,600,000 24,600,000 21,600,000 21,475,000 19,100,000 19,000,000 18,100,000 17,244,000 17,200,000 17,100,000 17,000,000 16,441,000 14,700,000 14,605,000 14,636,000 14,500,000 14,443,000 13,200,000
42,700,000 27,500,000 25,600,000 24,600,000 21,600,000 21,512,215 19,100,000 19,000,000 18,100,000 17,455,229 17,200,000 17,100,000 17,000,000 16,471,411 14,700,000 14,698,914 14,687,924 14,500,000 14,451,864 13,200,000
Janus Capital Funds Plc / 30 June 2015
301
Fund Expense Limits and Total Expense Ratios The Maximum Expense Limits table shows the total fees and out-of-pocket expenses allocated to a Fund in any fiscal year, excluding transactions costs and trade commissions, expressed as a percentage of the average daily net assets, for each Share Class (“Maximum Expense Limits”) under the terms of the Prospectus as set out in the “Fees and Expenses” section. The Average Total Expense Ratio table shows the actual expenses, excluding transactions costs and trade commissions, incurred by each Class for each Fund during the reporting year expressed as a percentage of the average net assets for the corresponding year, on an annualised basis. Maximum Expense Limits US Dollar/Euro/AUD$/HKD$/CHF/RMB(CNH/SGD/CAD/TPY/SEK) Share Classes Class B
Class E
Class I
Class S
Class U
Class Z
Funds
Class A and V Shares
Janus Asia Frontier Markets Fund Janus Asia Growth Drivers Fund Janus Asia Fund Janus Balanced Fund Janus Emerging Markets Fund Janus Europe Fund Janus Global Life Sciences Fund Janus Global Research Fund Janus Global Technology Fund Janus Japan Emerging Opportunities Fund Janus Japan Fund Janus Opportunistic Alpha Fund Janus US Fund Janus US Research Fund Janus US Twenty Fund Janus US Venture Fund Perkins Global Value Fund Perkins US Strategic Value Fund INTECH All-World Minimum Variance Core Fund(a) INTECH European Core Fund INTECH Global All Country Low Volatility Fund INTECH Global Dividend Fund INTECH US Core Fund Janus Global Diversified Alternatives Fund Janus Global Real Estate Fund Janus Flexible Income Fund Janus Global Flexible Income Fund Janus Global High Yield Fund Janus Global Investment Grade Bond Fund Janus High Yield Fund Janus Global Unconstrained Bond Fund Janus US Short-Term Bond Fund
2.75% 2.75% 2.75% 2.50% 2.75% 2.75% 3.00% 2.75% 3.00% 2.75% 2.50% 2.75% 2.75% 3.00% 2.75% 3.00% 2.75% 3.00% 1.85% 2.00% 1.75% 1.85% 2.00% 2.75% 2.75% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.90%
3.75% 3.75% 3.75% 3.50% 3.75% 3.75% 4.00% 3.75% 4.00% 3.75% 3.50% 3.75% 3.75% 4.00% 3.75% 4.00% 3.75% 4.00% 2.85% 3.00% 2.75% 2.85% 3.00% 3.75% 3.75% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 2.90%
3.25% 3.25% 3.25% 3.00% 3.25% 3.25% 3.50% 3.25% 3.50% 3.25% 3.00% 3.25% 3.25% 3.50% 3.25% 3.50% 3.25% 3.50% 2.60% 2.75% 2.50% 2.60% 2.75% 3.25% 3.25% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.40%
1.25% 1.25% 1.25% 1.05% 1.35% 1.25% 1.75% 1.25% 1.75% 1.25% 1.15% 1.20% 1.20% 1.20% 1.20% 1.75% 1.25% 1.75% 1.05% 1.25% 0.95% 1.05% 1.20% 1.35% 1.25% 0.80% 0.95% 1.05% 0.85% 0.90% 1.00% 0.90%
NA NA NA NA NA 1.85% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.25% 1.25% 1.15% 1.25% 1.25% 1.65% 1.55% 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 1.35%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Funds
A acc A acc (H) A inc
Janus Asia Frontier Markets Fund . . . . . . . . . . . . . Janus Asia Growth Drivers Fund . . . . . . . . . . . . . Janus Asia Fund . . . . . . . Janus Balanced Fund . . . . . Janus Emerging Markets Fund Janus Europe Fund . . . . . . Janus Global Life Sciences Fund . . . . . . . . . . . . . Janus Global Research Fund . 302
A dis
Average Total Expense Ratios for the Period Ended 30 June 2015 US Dollar Share Classes B acc B inc E acc I acc I acc (H) I dis I inc U acc U acc (H) U inc
V inc
Z acc
Z inc
.
2.50% NA* NA* NA* NA* NA* NA* 1.25% NA* NA* NA* NA* NA* NA* NA* NA* NA*
. . . . .
2.50% NA* NA* 2.50% NA* NA* 1.95% NA* 1.95% 2.25% NA* NA* NA* 2.21% NA*
. .
2.43% NA* NA* NA* 3.43% NA* 2.94% 1.68% NA* NA* NA* 0.97% NA* 0.92% NA* NA* NA* 2.50% NA* NA* 2.49% 3.50% NA* NA* 1.19% NA* 1.25% NA* NA* NA* NA* NA* NA* 0.00%
NA* NA* NA* NA* NA*
NA* NA* 2.95% 3.25% NA*
Janus Capital Funds Plc / 30 June 2015
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
1.25% 1.25% 1.01% 1.35% NA
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* 0.99% NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* 1.00%
NA* NA* NA* NA* NA*
NA* NA* 1.96% NA* NA*
NA* NA* NA* NA* NA*
NA* 0.00% NA* 0.00% NA*
Funds Janus Global Technology Fund . Janus Japan Emerging Opportunities Fund . . . . . . Janus Japan Fund. . . . . . . . Janus Opportunistic Alpha Fund . . . . . . . . . . . . . . Janus US Fund . . . . . . . . . Janus US Research Fund . . . . Janus US Twenty Fund . . . . . Janus US Venture Fund . . . . . Perkins Global Value Fund . . . Perkins US Strategic Value Fund . . . . . . . . . . . . . . INTECH All-World Minimum Variance Core Fund(a) . . . . . . INTECH European Core Fund . . . . . . . . . . . . . . INTECH Global All Country Low Volatility Fund . . . . . . . . . INTECH Global Dividend Fund . . . . . . . . . . . . . . INTECH US Core Fund . . . . Janus Global Diversified Alternatives Fund. . . . . . . . Janus Global Real Estate Fund . . . . . . . . . . . . . . Janus Flexible Income Fund . . Janus Global Flexible Income Fund . . . . . . . . . . . . . . Janus Global High Yield Fund . Janus Global Investment Grade Bond Fund . . . . . . . . . . . Janus High Yield Fund . . . . . Janus Global Unconstrained Bond Fund . . . . . . . . . . . Janus US Short-Term Bond Fund . . . . . . . . . . . . . .
A acc A acc (H) A inc
A dis
Average Total Expense Ratios for the Period Ended 30 June 2015 US Dollar Share Classes B acc B inc E acc I acc I acc (H) I dis I inc U acc U acc (H) U inc
V inc
Z acc
Z inc
2.61% NA* NA* NA* 3.61% NA* NA* 1.74% NA* NA* NA* 1.04% NA* NA* NA* NA* NA* NA* 2.50% NA* NA* NA* NA* NA* NA* 1.25% NA* NA* NA* NA* NA* NA* NA* NA* NA* 2.25% NA* NA* NA* NA* NA* NA* 1.15% NA* NA* NA* NA* NA* NA* NA* NA* 2.26% 2.25% 2.65% 2.20% 2.73% 2.23%
NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA*
2.27% 3.27% NA* 3.25% 2.56% 3.65% 2.19% 3.20% 2.64% 3.55% NA* 3.23%
NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA*
1.18% 1.20% 1.20% 1.17% 1.70% 1.25%
NA* NA* NA* NA* NA* NA*
1.20% NA* 1.18% 1.15% 1.66% NA*
NA* NA* NA* NA* NA* NA*
1.03% NA* NA* 1.00% 1.01% 1.03%
NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* 0.00% NA* NA* 0.00% NA* NA* 0.00%
2.46% NA* NA* 2.46% 3.46% NA* NA* 1.71% NA* 1.71% NA* 1.01% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.56% NA* 1.43% NA* NA* NA* NA* 0.93% NA* NA* 0.94% 0.87% NA* NA* NA* NA* NA* 1.70% NA* NA* 1.70% 2.70% NA* NA* 1.15% NA* 1.16% NA* 0.95% NA* NA* NA* NA* NA* 2.25% NA* NA* NA* NA* NA* NA* 1.35% NA* NA* NA* 1.15% NA* NA* NA* NA* NA* 2.25% NA* 2.25% NA* 3.25% 3.25% NA* NA* NA* NA* 1.24% NA* NA* NA* NA* NA* NA* 1.97% NA* 1.98% NA* 2.98% 2.97% NA* 0.73% NA* NA* 0.77% 0.79% NA* NA* 1.97% 0.00% NA* 2.00% NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.95% 0.85% NA* NA* NA* NA* NA* 2.00% NA* 2.00% NA* 2.99% 2.99% NA* 1.04% NA* NA* 1.05% NA* NA* NA* NA* NA* 0.00% 2.00% NA* 2.00% NA* 2.94% 2.94% NA* 0.85% NA* NA* 0.84% NA* NA* NA* NA* NA* 0.00% 1.95% NA* 1.96% NA* 2.94% 2.96% NA* 0.86% NA* NA* 0.86% NA* NA* NA* 1.97% 0.00% NA* 2.05% NA* 2.05% NA* NA* NA* NA* 1.00% NA* NA* NA* 0.85% NA* 0.85% NA* NA* NA* 1.34% NA* 1.33% NA* 2.10% 2.10% NA* 0.84% NA* NA* 0.84% 0.79% NA* 0.79% NA* 0.00% NA*
A acc
Funds Janus Asia Frontier Markets Fund . . . . . Janus Asia Growth Drivers Fund . . . . . . Janus Asia Fund . . . . . . . . . . . . . . Janus Balanced Fund . . . . . . . . . . . . Janus Emerging Markets Fund . . . . . . . Janus Europe Fund . . . . . . . . . . . . . Janus Global Life Sciences Fund . . . . . . Janus Global Research Fund . . . . . . . . Janus Global Technology Fund . . . . . . . Janus Japan Emerging Opportunities Fund . Janus Japan Fund. . . . . . . . . . . . . . Janus Opportunistic Alpha Fund . . . . . . Janus US Fund . . . . . . . . . . . . . . . Janus US Research Fund . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . . . . .
NA* NA* NA* NA* NA* 2.21% NA* NA* NA* NA* NA* NA* NA* NA*
Average Total Expense Ratios for the Period Ended 30 June 2015 Euro Share Classes A acc (H) A inc A inc (H) B inc B inc (H) E acc E acc (H) E inc E inc (H) 2.50% 2.50% NA* 1.95% 2.25% NA* 2.43% 2.50% 2.61% 2.50% 2.25% 2.27% 2.25% 2.65%
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* 1.95% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* 2.71% NA* NA* NA* NA* NA* NA* NA* NA*
3.00% 3.00% 3.00% 2.45% 3.00% NA* 2.94% 3.00% NA* 3.00% 2.75% 2.77% NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
I acc
NA* NA* NA* NA* NA* NA* 2.45% NA* NA* NA* NA* 1.20% NA* 1.63% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Janus Capital Funds Plc / 30 June 2015
303
Fund Expense Limits and Total Expense Ratios
Funds
A acc
Janus US Twenty Fund . . . . . . . . . . . . . . . . Janus US Venture Fund . . . . . . . . . . . . . . . . Perkins Global Value Fund . . . . . . . . . . . . . . Perkins US Strategic Value Fund . . . . . . . . . . . INTECH All-World Minimum Variance Core Fund(a) . INTECH European Core Fund . . . . . . . . . . . . INTECH Global All Country Low Volatility Fund . . INTECH Global Dividend Fund . . . . . . . . . . . INTECH US Core Fund . . . . . . . . . . . . . . . Janus Global Diversified Alternatives Fund . . . . . . Janus Global Real Estate Fund . . . . . . . . . . . . Janus Flexible Income Fund . . . . . . . . . . . . . Janus Global Flexible Income Fund . . . . . . . . . Janus Global High Yield Fund . . . . . . . . . . . . Janus Global Investment Grade Bond Fund . . . . . Janus High Yield Fund . . . . . . . . . . . . . . . . Janus Global Unconstrained Bond Fund . . . . . . . Janus US Short-Term Bond Fund . . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
Funds Janus Asia Frontier Markets Fund . . . . . . . . . . Janus Asia Growth Drivers Fund . . . . . . . . . . . Janus Asia Fund . . . . . . . . . . . . . . . . . . . Janus Balanced Fund . . . . . . . . . . . . . . . . . Janus Emerging Markets Fund . . . . . . . . . . . . Janus Europe Fund . . . . . . . . . . . . . . . . . . Janus Global Life Sciences Fund . . . . . . . . . . . Janus Global Research Fund . . . . . . . . . . . . . Janus Global Technology Fund . . . . . . . . . . . . Janus Japan Emerging Opportunities Fund . . . . . . Janus Japan Fund. . . . . . . . . . . . . . . . . . . Janus Opportunistic Alpha Fund . . . . . . . . . . . Janus US Fund . . . . . . . . . . . . . . . . . . . . Janus US Research Fund . . . . . . . . . . . . . . . Janus US Twenty Fund . . . . . . . . . . . . . . . . Janus US Venture Fund . . . . . . . . . . . . . . . . Perkins Global Value Fund . . . . . . . . . . . . . . Perkins US Strategic Value Fund . . . . . . . . . . . INTECH All-World Minimum Variance Core Fund(a) . INTECH European Core Fund . . . . . . . . . . . . INTECH Global All Country Low Volatility Fund . . INTECH Global Dividend Fund . . . . . . . . . . . INTECH US Core Fund . . . . . . . . . . . . . . . Janus Global Diversified Alternatives Fund . . . . . . Janus Global Real Estate Fund . . . . . . . . . . . . Janus Flexible Income Fund . . . . . . . . . . . . . Janus Global Flexible Income Fund . . . . . . . . . Janus Global High Yield Fund . . . . . . . . . . . . Janus Global Investment Grade Bond Fund . . . . . Janus High Yield Fund . . . . . . . . . . . . . . . . Janus Global Unconstrained Bond Fund . . . . . . . Janus US Short-Term Bond Fund . . . . . . . . . . . 304
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NA* NA* NA* NA* NA* 1.75% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Average Total Expense Ratios for the Period Ended 30 June 2015 Euro Share Classes A acc (H) A inc A inc (H) B inc B inc (H) E acc E acc (H) E inc E inc (H) 2.20% 2.73% 2.23% 2.46% NA* NA* NA* 1.44% 1.70% 2.25% 2.25% 1.98% 2.00% 1.99% 2.00% 1.96% 2.05% 1.34%
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* 1.45% NA* NA* NA* NA* NA* 2.00% 1.99% NA* 2.05% NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 2.97% NA* 3.00% 2.91% 2.96% NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
2.70% NA* 2.83% 2.96% NA* NA* NA* 2.22% NA* 3.00% 2.76% 2.23% 2.25% 2.33% 2.32% 2.21% 2.30% 1.83%
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
I acc
NA* NA* NA* NA* NA* NA* NA* 1.73% NA* NA* NA* NA* NA* NA* 2.28% NA* NA* NA* NA* NA* 2.75% NA* 2.23% NA* 2.25% NA* 2.34% NA* 2.32% NA* 2.21% NA* 2.30% NA* 1.83% NA*
I acc (H)
I inc
Average Total Expense Ratios for the Period Ended 30 June 2015 Euro Share Classes HKD Share Classes I inc (H) U acc U acc (H) Z acc Z inc A acc A acc (H) A inc A inc (H)
1.25% 1.25% 1.25% 0.99% 1.35% NA* 1.68% 1.22% 1.74% 1.25% 1.15% 1.15% 1.20% 1.19% 1.17% 1.67% 1.20% 1.71% NA* NA* NA* 0.92% 1.15% 1.35% 1.24% 0.77% 0.95% 1.04% 0.84% 0.86% 1.00% 0.84%
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* 1.05% NA* NA* 2.50% NA* NA* NA* NA* 1.05% NA* NA* 2.50% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.00% NA* NA* NA* NA* 1.95% NA* 1.94% NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.00% NA* 0.00% 0.00% NA* NA* NA* NA* 0.99% 0.98% NA* NA* 2.41% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.04% NA* NA* 2.49% NA* NA* NA* NA* 1.05% NA* NA* NA* 2.50% NA* NA* NA* 1.05% NA* NA* NA* 2.25% NA* NA* NA* 1.03% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.00% NA* NA* NA* NA* NA* NA* NA* 1.00% 0.00% NA* NA* NA* NA* NA* NA* 1.03% NA* NA* NA* NA* NA* NA* NA* 1.01% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.00% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.92% NA* 0.86% 0.00% NA* NA* NA* NA* NA* NA* 0.95% NA* NA* NA* NA* NA* NA* NA* 1.15% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 0.82% NA* NA* 1.93% NA* 1.98% NA* NA* 0.85% NA* NA* NA* NA* NA* 1.04% NA* NA* NA* NA* NA* NA* NA* 0.82% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.96% NA* 1.96% NA* NA* 0.85% NA* NA* NA* NA* 2.25% NA* NA* NA* NA* NA* NA* NA* NA*
Janus Capital Funds Plc / 30 June 2015
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Funds Janus Asia Frontier Markets Fund . . . . . Janus Asia Growth Drivers Fund. . . . . . Janus Asia Fund . . . . . . . . . . . . . . . . . . Janus Balanced Fund. . . . . . . . . . . . . . . Janus Emerging Markets Fund . . . . . . . Janus Europe Fund . . . . . . . . . . . . . . . . Janus Global Life Sciences Fund . . . . . . Janus Global Research Fund . . . . . . . . . Janus Global Technology Fund . . . . . . . Janus Japan Emerging Opportunities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . Janus Japan Fund . . . . . . . . . . . . . . . . . Janus Opportunistic Alpha Fund. . . . . . Janus US Fund . . . . . . . . . . . . . . . . . . . Janus US Research Fund . . . . . . . . . . . . Janus US Twenty Fund . . . . . . . . . . . . . Janus US Venture Fund . . . . . . . . . . . . . Perkins Global Value Fund . . . . . . . . . . Perkins US Strategic Value Fund . . . . . . INTECH All-World Minimum Variance Core Fund(a) . . . . . . . . . . . . . . . . . . . . . INTECH European Core Fund . . . . . . . INTECH Global All Country Low Volatility Fund. . . . . . . . . . . . . . . . . . . . INTECH Global Dividend Fund . . . . . . INTECH US Core Fund . . . . . . . . . . . . Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . Janus Global Real Estate Fund. . . . . . . . Janus Flexible Income Fund . . . . . . . . . Janus Global Flexible Income Fund . . . Janus Global High Yield Fund. . . . . . . . Janus Global Investment Grade Bond Fund . . . . . . . . . . . . . . . . . . . . . . Janus High Yield Fund . . . . . . . . . . . . . Janus Global Unconstrained Bond Fund . . . . . . . . . . . . . . . . . . . . . . Janus US Short-Term Bond Fund . . . . .
Average Total Expense Ratios for the Period Ended 30 June 2015 AUD Share Classes RMB(CNH) Share Classes A acc A acc (H) A inc A inc (H) I inc I inc (H) V inc V inc (H) A acc A acc (H) A inc A inc (H) I acc (H) I inc
I inc (H)
NA* NA* NA* NA* NA* NA* NA* NA* NA*
2.50% 2.50% NA* 1.95% NA* NA* 2.43% NA* 2.48%
NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.95% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* 1.95% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
2.50% 2.50% NA* NA* NA* NA* 2.45% NA* 2.47%
NA* NA* 1.25% NA* NA* 1.25% NA* NA* NA* NA* 1.94% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
2.50% 2.25% NA* NA* NA* 2.25% 2.51% NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
2.50% 2.25% 2.27% NA* NA* 2.21% NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* 1.25% NA* NA* 1.15% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA* NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA* NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* 1.99% NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* 2.24% NA* 1.98% NA* 1.98% NA* NA* NA* NA* NA* NA* NA* 1.99%
NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.04%
NA* NA* NA* NA* NA* 1.96% NA* NA* NA* NA*
NA* 2.25% NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.97% NA* 1.96% NA* 0.86% NA* 1.97%
NA* NA* NA* NA*
NA* NA* NA* NA* 1.94% NA*
NA* NA* NA* 0.87%
NA* NA*
NA* NA* NA* NA*
NA* 2.25% NA* NA* NA* NA*
NA* NA*
NA* NA*
NA* 2.25% NA* NA* 1.35% NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
Funds
A inc
I acc
I acc (H)
Average Total Expense Ratios for the Period Ended 30 June 2015 GBP Share CAD Share SEK Share Classes Classes Classes I inc I inc (H) U acc U acc (H) U inc U inc (H) Z acc A acc (H) A inc A inc (H) A Acc (H) I acc (H)
Janus Asia Frontier Markets Fund . . . . . Janus Asia Growth Drivers Fund. . . . . . Janus Asia Fund . . . . . . . . . . . . . . . . . . Janus Balanced Fund. . . . . . . . . . . . . . . Janus Emerging Markets Fund . . . . . . . Janus Europe Fund . . . . . . . . . . . . . . . . Janus Global Life Sciences Fund . . . . . . Janus Global Research Fund . . . . . . . . . Janus Global Technology Fund . . . . . . .
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* 1.05% NA* 1.04% NA* 0.98% 1.05% NA*
1.05% 1.05% NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* 0.95% NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* 2.50% NA* NA* NA* NA* NA* 2.50% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 1.96% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 2.21% 1.20% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Janus Capital Funds Plc / 30 June 2015
305
Fund Expense Limits and Total Expense Ratios
Funds Janus Japan Emerging Opportunities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . Janus Japan Fund . . . . . . . . . . . . . . . . . Janus Opportunistic Alpha Fund. . . . . . Janus US Fund . . . . . . . . . . . . . . . . . . . Janus US Research Fund . . . . . . . . . . . . Janus US Twenty Fund . . . . . . . . . . . . . Janus US Venture Fund . . . . . . . . . . . . . Perkins Global Value Fund . . . . . . . . . . Perkins US Strategic Value Fund . . . . . . INTECH All-World Minimum Variance Core Fund(a) . . . . . . . . . . . . . . . . . . . . . INTECH European Core Fund . . . . . . . INTECH Global All Country Low Volatility Fund. . . . . . . . . . . . . . . . . . . . INTECH Global Dividend Fund . . . . . . INTECH US Core Fund . . . . . . . . . . . . Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . Janus Global Real Estate Fund. . . . . . . . Janus Flexible Income Fund . . . . . . . . . Janus Global Flexible Income Fund . . . Janus Global High Yield Fund. . . . . . . . Janus Global Investment Grade Bond Fund . . . . . . . . . . . . . . . . . . . . . . Janus High Yield Fund . . . . . . . . . . . . . Janus Global Unconstrained Bond Fund . . . . . . . . . . . . . . . . . . . . . . Janus US Short-Term Bond Fund . . . . .
A inc
I acc
I acc (H)
Average Total Expense Ratios for the Period Ended 30 June 2015 GBP Share CAD Share SEK Share Classes Classes Classes I inc I inc (H) U acc U acc (H) U inc U inc (H) Z acc A acc (H) A inc A inc (H) A Acc (H) I acc (H)
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* 1.03% NA* NA* 1.00% 0.96% NA* 1.03%
1.05% 1.05% NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* 0.00% NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA*
NA* NA* NA* NA* NA* 0.00% NA* NA* NA* NA* NA* NA* 0.90% NA* NA* NA* NA* NA* NA* 0.95% NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA*
NA* NA*
NA* NA*
NA* 0.85% NA* NA* NA* NA* NA* NA* NA* NA* 0.80% NA* 0.80% NA*
NA* NA*
NA* NA* NA* NA* NA* 0.85% 0.85% 0.85% NA* NA* 0.84% NA* 0.83% NA* 0.80% NA* 0.80% NA*
NA* NA* NA* NA* NA*
1.15% NA* 0.80% 0.85% 0.84%
NA* 1.05% NA* NA* NA*
NA* 1.05% 0.82% 0.85% 0.84%
NA* 2.50% NA* NA* NA* 2.25% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA*
NA* NA* NA* NA*
Funds
306
NA* NA*
NA* NA*
NA* NA*
NA* NA* 2.25% NA* NA* NA* NA* NA* NA* NA*
CHF Share Classes A inc A inc (H) A acc A acc (H) I acc
JPY Share Classes I acc (H) I inc (H) A inc (H) A acc (H) I acc (H) I Acc
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA*
NA* 1.25% NA* 1.15% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Janus Capital Funds Plc / 30 June 2015
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* 2.25% 1.35% NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Average Total Expense Ratios for the Period Ended 30 June 2015
Janus Asia Frontier Markets Fund . . . . . Janus Asia Growth Drivers Fund. . . . . . Janus Asia Fund . . . . . . . . . . . . . . . . . . Janus Balanced Fund. . . . . . . . . . . . . . . Janus Emerging Markets Fund . . . . . . . Janus Europe Fund . . . . . . . . . . . . . . . . Janus Global Life Sciences Fund . . . . . . Janus Global Research Fund . . . . . . . . . Janus Global Technology Fund . . . . . . . Janus Japan Emerging Opportunities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . Janus Japan Fund . . . . . . . . . . . . . . . . . Janus Opportunistic Alpha Fund. . . . . . Janus US Fund . . . . . . . . . . . . . . . . . . . Janus US Research Fund . . . . . . . . . . . . Janus US Twenty Fund . . . . . . . . . . . . . Janus US Venture Fund . . . . . . . . . . . . . Perkins Global Value Fund . . . . . . . . . .
NA* NA* NA* NA* NA* NA* NA* NA* NA*
NA* NA* NA* NA* NA* NA* NA* NA* NA*
SGD Share Classes A Inc (H) NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA*
Average Total Expense Ratios for the Period Ended 30 June 2015 CHF Share Classes JPY Share Classes A inc A inc (H) A acc A acc (H) I acc I acc (H) I inc (H) A inc (H) A acc (H) I acc (H) I Acc Funds Perkins US Strategic Value Fund . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH All-World Minimum Variance Core Fund(a) . . . . . . . . . . . . . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH European Core Fund . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global All Country Low Volatility Fund. . . . . . . . . . . . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH Global Dividend Fund . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* INTECH US Core Fund . . . . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Diversified Alternatives Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . NA* NA* NA* 2.25% NA* 1.35% NA* NA* NA* NA* NA* Janus Global Real Estate Fund. . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Flexible Income Fund . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Flexible Income Fund . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global High Yield Fund. . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Investment Grade Bond Fund . . . . . . . . . . . . . . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus High Yield Fund . . . . . . . . . . . . . NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* Janus Global Unconstrained Bond Fund . . . . . . . . . . . . . . . . . . . . . . NA* 2.05% NA* 2.05% NA* NA* NA* NA* NA* NA* NA* Janus US Short-Term Bond Fund . . . . . NA* 1.34% NA* NA* NA* NA* 0.83% NA* NA* NA* NA*
SGD Share Classes A Inc (H) NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* NA* 2.05% NA*
NA* Share class not yet launched
Janus Capital Funds Plc / 30 June 2015
307
Directors and Other Information
BOARD OF DIRECTORS
Augustus Cheh (U.S.A.) Dennis Mullen (U.S.A.)* Carl O’Sullivan (Ireland)* Peter Sandys (Ireland)* Hans Vogel (Ireland)*
INDEPENDENT AUDITORS
PricewaterhouseCoopers Chartered Accountants One Spencer Dock North Wall Quay Dublin 1 Ireland
INVESTMENT ADVISER
SUB SUB-INVESTMENT ADVISER
(effective from 20 May 2015) DIAM Singapore Pte. Limited 2 Shenton Way #12–01 SGX Centre 1 Singapore 068804
Janus Capital International Limited 26th Floor, CityPoint 1 Ropemaker Street London EC2Y 9HT United Kingdom
INTECH Investment Management LLC Cityplace Tower 525 Okeechobee Boulevard Suite 1800 West Palm Beach FL 33401 United States of America
SUB-INVESTMENT ADVISER Janus Capital Management LLC 151 Detroit Street Denver, Colorado 80206 United States of America Janus Capital Singapore Pte. Limited 8 Shenton Way #36-02 AXA Tower Singapore 068811 Perkins Investment Management LLC 311 S. Wacker Drive Suite 6000 Chicago, Illinois 60606 United States of America DIAM International Ltd. (DIAM UK) Bracken House One Friday Street London EC4M 9JA United Kingdom
* Independent Director (all Directors are non-executive) 308
Janus Capital Funds Plc / 30 June 2015
(effective to 12 April 2015) DIAM Assest Management (HK) Limited Suites 1221–22 Two Pacific Place 88 Queensway Hong Kong
ADMINISTRATOR, SHAREHOLDER SERVICING AGENT AND SECRETARY
Citibank Europe plc 1 North Wall Quay Dublin 1 Ireland
CUSTODIAN
Citibank International Limited, Ireland Branch 1 North Wall Quay Dublin 1 Ireland
REGISTERED OFFICE
1 North Wall Quay Dublin 1 Ireland
REGISTERED NO
296610
VAT NO
IE 8296610E
LEGAL ADVISERS
Arthur Cox Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland
DISTRIBUTOR AND PROMOTER
Janus Capital International Limited 26th Floor, CityPoint 1 Ropemaker Street London EC2Y 9HT United Kingdom
SPONSORING BROKER
J & E Davy Davy House 49 Dawson Street Dublin 2 Ireland
Directors and Other Information Below is a list of the Funds’ Representatives/Paying Agents as of 30 June 2015. Country
Representative/Paying Agent
Austria
Unicredit Bank Austria AG Schottengasse 6-8 1010 Wien Austria
Belgium
Citibank Belgium NV S.A. 263g Boulevard General Jacques 1050 Brussels Belgium
France
Germany
Hong Kong
Italy
BNP-Paribas Securities Services 3 Rue d’Antin 75002 Paris France
Country
4. Sociètè Gènèrale Securities Services SpA, Via S. Chiara 19 10122 Turino Italy Luxembourg
BGL BNP Paribas S.A. 50 Avenue J.F. Kennedy L-2951 Luxembourg
Switzerland
Swiss Representative Carnegie Fund Services S.A. (CFS) 11, rue du Gènèral-Dufour 1204 Genève Switzerland
State Street Bank GmbH Solmsstrasse 83 60486 Frankfurt Germany Janus Capital Asia Limited 2507-11 ICBC Tower Citibank Plaza 3 Garden Road Central Hong Kong 1. State Street Bank SpA Via Col Moschin 16 20136 Milan Italy 2. BNP Paribas Milan Branch Securities Services Via Ansperto 5 20123 Milan Italy
Representative/Paying Agent
Swiss Paying Agent Banque Cantonale de Genève 17 quai de I’lle 1204 Genève Switzerland Taiwan
Janus Capital Taiwan Limited Suite 45 A-1, Taipei 101 Tower No. 7, Sec. 5 Xin Yi Road Xin Yi District, Taipei Taiwan, R.O.C.
UK
Janus Capital International Limited Citipoint, 26th Floor 1 Ropemaker Street London EC2Y 9HT United Kingdom
3. Allfunds Bank S.A. operating through its Milan branch Via. Santa Margherita 7 20121 Milan Italy
Janus Capital Funds Plc / 30 June 2015
309
Janus Capital Funds plc Janus Capital International Limited United Kingdom Tel.: +44 20 7410 1900 Email:
[email protected] Janus Capital International Limited The Hague Branch Tel.: +31 703 53 8122 Email:
[email protected] Janus Capital International Limited Milan Branch Tel.: +39 02 863233 Email:
[email protected] Janus Capital International Limited Frankfurt Branch Tel.: +49 069 667748 222 Email:
[email protected] Janus Capital International Limited Paris Branch Tel.: +33 1 534 55439 Email:
[email protected] Janus Capital International Limited Tokyo Branch Tel.: ++81 3 6250 9820 Email:
[email protected] Janus Capital Asia Limited Hong Kong Tel.: +852 3121 7000 Email:
[email protected] Janus Capital Singapore PteLimited Singapore Tel.: +65 6511 8490 Email:
[email protected]
