Fund Evaluator:

Janus Henderson Small Cap Value T Overview

Janus Henderson Small Cap Value T (JSCVX) is an actively managed U.S. Equity Small Value fund. Janus Henderson launched the fund in 1987.

The investment seeks capital appreciation. The fund pursues its investment objective by investing primarily in the common stocks of small companies whose stock prices are believed to be undervalued by the fund's portfolio managers. It invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small companies whose market capitalization, at the time of purchase, is less than the 12-month maximum market capitalization for companies included in the Russell 2000 ® Value Index. The fund may invest up to 20% of its net assets in cash or similar investments.

About Janus Henderson Small Cap Value T (JSCVX)

There are 2 members of the management team with an average tenure of 13.03 years: Justin Tugman (2009), Craig Kempler (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 Value TR USD index with a weighting of 100%. Janus Henderson Small Cap Value T has 85 securities in its portfolio. The top 10 holdings constitute 21.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Janus Henderson Small Cap Value T is part of the Equity global asset class and is within the U.S. Equity fund group. Janus Henderson Small Cap Value T has 4.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.2%. There is 4.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Janus Henderson Small Cap Value T has 2.5% of the portfolio in cash.

Assets Under Management

The fund has $242 million in total assets, which is below the $418 million average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

JSCVX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Janus Henderson Small Cap Value T expense ratio is high compared to funds in the Small Value category. Janus Henderson Small Cap Value T has an expense ratio of 1.23%, which is 5% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Janus Henderson Small Cap Value T has a portfolio turnover rate of 37%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 127% for the Small Value category.

Recently, in the month of June 2026, Janus Henderson Small Cap Value T returned 4.2%, which earned it a grade of F, as the Small Value category had an average return of 5.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Janus Henderson Small Cap Value T has a trailing yield of 0.34%, which is below the 0.77% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Janus Henderson Small Cap Value T Grades

Year to date, the fund has returned 15.1%, 5.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 29.2% over the past year (grade of D), 12.9% over the past three years (grade of D) and 7.0% per year over the past five years (grade of D) and 8.3% per year over the past 10 years (grade of F).

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