Perkins Mid Cap Value Portfolio

Data as of 3/31/2015 unless otherwise noted

Portfolio Overview

Uncommon Value
  • Diversified portfolios of what we believe are high quality, undervalued stocks
  • Disciplined valuation process measures downside risk before upside potential
  • Established and experienced investment team

Composite Performance

Inception: Oct 1, 1998
Calendar YTD
1 Year
3 Year
5 Year
10 Year
Since Composite Inception
0.24% 7.56% 12.22% 10.96% 8.69% 13.85%
0.06% 6.76% 11.39% 10.14% 7.90% 12.82%
Russell MidCap® Value Index 2.42% 11.70% 18.60% 15.84% 9.61% 10.74%
S&P 400 Index 5.31% 12.19% 17.03% 15.72% 10.32% 11.66%

Portfolio Analysis

As of 5/31/2015

Top Holdings

Representative Account

View All Holdings (PDF)

Fifth Third Bancorp 2.40%
Laboratory Corp of America Holdings 2.38%
Marsh & McLennan Cos Inc 2.12%
Casey's General Stores Inc 2.09%
Zions Bancorporation 2.06%
PPL Corp 2.03%
Allstate Corp 2.00%
Torchmark Corp 1.96%
Alliant Energy Corp 1.89%
Agilent Technologies Inc 1.85%
TOTAL 20.78%
As of 5/31/2015

Asset Allocation

Representative Account
Asset Allocation Chart
US Common Stock 93.09%
Non-US Common Stock 1.94%
Cash & Equivalents 4.97%
Total 100.00%
As of 5/31/2015

Sector Overweight/Underweight vs. Russell Midcap Value Index



Absolute Weight

Financials 30.32
Industrials 15.45
Health Care 11.46
Information Technology 9.62
Consumer Staples 8.92
Energy 6.10
Utilities 5.85
Materials 4.14
Consumer Discretionary 3.17
Cash & Equivalents 4.97
As of 5/31/2015

Top Contributors/Detractors

Casey's General Stores Inc
Zoetis Inc
Analog Devices Inc
Marsh & McLennan Cos Inc
Zimmer Holdings Inc
Canadian Pacific Railway Ltd
Anadarko Petroleum Corp
Western Gas Partners LP
Noble Energy Inc
Tidewater Inc


Thomas M. Perkins

Joined Perkins 1998
Tenure on portfolio: Since 1998

Kevin Preloger

Joined Perkins 2002
Tenure on portfolio: Since 2013

Justin Tugman

Joined Perkins 2004
Tenure on portfolio: Since 2015

As of 5/31/2015

Portfolio Facts 

Composite Inception 10/01/1998
Total Composite Assets (as of 05/31/2015) $ 6.40B
Total Number of Equity Issues 88
Weighted Average Market Capitalization
($ billion)
$ 13.18
Median Market Capitalization ($ billion) $ 9.01

View online a complete list and description of composites and/or a presentation that complies with the requirements of the GIPS standards or contact Janus Capital Group at 800.227.0486.

Perkins Investment Management LLC is an indirect subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products.

Past performance cannot guarantee future results. Your principal may be at risk during certain market periods. Composite returns for one year or greater are annualized. Returns are expressed in U.S. dollars. All returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings

The gross performance results presented do not reflect the deduction of investment advisory fees and returns will be reduced by such advisory fees and other contractual expenses as described in the individual contract and Form ADV Part 2A.

Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the deduction of model investment advisory fees based on the maximum fixed fee rate in effect for the respective time period. Actual advisory fees may vary among clients invested in the strategy shown and may be higher or lower than model advisory fees. Composites may include accounts with performance-based fees. Returns for each client will be reduced by such fees and expenses as negotiated in any client contract as discussed in Form ADV Part 2A.

Sector weightings, portfolio characteristics, market cap weightings and holdings are based on a representative account. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that we believe most closely reflects the current portfolio management style for this strategy.

Portfolio holdings are subject to change without notice. The portfolio holdings presented represent securities held as of the period indicated, and may not be representative of current or future investments. No assumption should be made that the securities identified as being profitable will continue to be profitable. This material is provided for illustrative purposes only and should not be construed as an offer to sell, or the solicitation of offers to buy, or a recommendation for any security.

Perkins Mid Cap Value Composite uses the S&P Midcap 400 Index as a supplemental benchmark. Because the composite invests in names outside of the benchmark, Perkins feels the additional comparison is helpful in explaining composite performance during periods of dispersion between styles.

Index returns are provided to represent the investment environment existing during the periods shown. The index is fully invested, including the reinvestment of dividends and capital gains. Index returns do not include any transaction costs, management fees or other costs, and are gross of non-reclaimable withholding taxes, if any.

Janus Capital Management LLC ("Janus"), an independent investment advisor registered under the Investment Advisers Act of 1940, claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards Perkins Investment Management LLC, which is owned 80% by Janus, is included within Janus.

Perkins Mid Cap Value portfolios, benchmarked to the Russell Midcap® Value Index, are broadly diversified and seek to identify quality mid-sized US companies trading at discounted prices with favorable risk/reward potential. The strategy emphasizes common stocks of companies with market capitalizations from $1 billion to $20 billion, with flexibility to occasionally invest outside of that range. Prior to 2003, the composite was known as the Berger Mid Cap Value Equity Composite. Prior to 2003 the composite included both institutional accounts and mutual funds. In 2003 and 2004 the composite include only separately managed institutional accounts. Effective January 1, 2005 the composite definition was changed to include sub-advised pooled funds as well as separately managed institutional accounts. Effective January 1, 2009 the composite definition was expanded to also include proprietary mutual funds. A minimum asset size requirement of $1 million for composite participation was used prior to January 1, 2006. The composite was created in December 1998.

Portfolios distributed by Janus Distributors LLC

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