Fund Evaluator:
Janus Henderson Forty D (JFRDX)
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Best Performing in Large Growth Over the Last Year
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Fund Details
Janus Henderson Forty D Overview
Janus Henderson Forty D (JFRDX) is an actively managed U.S. Equity Large Growth fund. Janus Henderson launched the fund in 2017.
The investment seeks long-term growth of capital. The fund pursues its investment objective by normally investing primarily in a portfolio of 30-40 common stocks selected for their growth potential. It may invest in companies of any size, but will invest primarily in larger, well-established companies. The fund may also invest in foreign securities. It is non-diversified.
About Janus Henderson Forty D (JFRDX)
There are 2 members of the management team with an average tenure of 7.40 years: Nick Schommer (2016), Brian Recht (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Janus Henderson Forty D has 34 securities in its portfolio. The top 10 holdings constitute 64.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Janus Henderson Forty D is part of the Equity global asset class and is within the U.S. Equity fund group. Janus Henderson Forty D has 9.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.5%. There is 9.4% 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 Forty D has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $15 billion in total assets, which is above the $2 billion average for the Large Growth 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.
JFRDX 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 Forty D expense ratio is above average compared to funds in the Large Growth category. Janus Henderson Forty D has an expense ratio of 0.67%, which is 30% lower than its category average, making the fund expense ratio grade a B. 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 Forty D has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.
Recently, in the month of June 2026, Janus Henderson Forty D returned -2.5%, which earned it a grade of D, as the Large Growth category had an average return of -1.3%. 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 Forty D has a trailing yield of 0.00%, which is below the 0.06% 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 Forty D Grades
Year to date, the fund has returned 4.4%, 2.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.5% over the past year (grade of D), 20.5% over the past three years (grade of C) and 9.5% per year over the past five years (grade of D) and 16.7% per year over the past 10 years (grade of B).
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JFRDX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JFRDX Return (NAV) | -2.5% | 19.0% | 13.5% | 20.5% | 9.5% | 16.7% |
| JFRDX Grade | D | B | D | C | D | B |
| +/- Category | -1.2% | 1.2% | -2.4% | -0.2% | -0.5% | 0.3% |
| Large Growth Avg | -1.3% | 17.8% | 15.9% | 20.7% | 10.0% | 16.4% |
| JFRDX Tax Cost Ratio | na | na | 2.7% | 2.4% | 1.9% | na |
JFRDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JFRDX Return (NAV) | 4.4% | 18.3% | 28.2% | 39.9% | -33.6% | 22.9% | 39.1% | 36.8% | 1.4% | 29.5% | 1.9% |
| JFRDX Grade | D | B | C | C | D | C | B | A | B | C | C |
| +/- Category | -2.7% | 2.6% | -1.4% | 1.1% | -1.6% | 2.4% | -2.9% | 3.6% | 2.1% | -0.3% | -0.9% |
| Large Growth Avg | 7.1% | 15.7% | 29.6% | 38.8% | -32.0% | 20.5% | 42.0% | 33.2% | -0.7% | 29.8% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 17.4% |
| Total Risk Index: | 1.43 - High |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (67% Rank) |
| Beta: | 1.26 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $24619 Mil |
| Fund Total Assets: | $15,128 Mil |
| Share Class Type: | D |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 7.4 years | |||
| Managers (Year): Schommer Nick (2016), Recht Brian (2022) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 64.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 9.4% |
Portfolio Allocation |
|
| Domestic Stock: | 90.5% |
| Foreign Stock: | 9.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Janus Henderson |
| Phone Number: | 800-525-3713 |
| Website: | www.janushenderson.com |
| Status: | Open |
| Inception Date: | January 27, 2017 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.67% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Janus Henderson Forty S |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
