Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The investment objective of the Small Cap Growth Fund (the Fund) is to seek capital appreciation.
Strategy. The Fund seeks to achieve capital appreciation by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small capitalization companies with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell 2000 Growth Index at the time of investment. The small capitalization companies in which the Fund invests are selected for their growth potential. The Funds investments in small capitalization companies may include micro-capitalization companies. The Sub-Adviser applies a bottom up approach in choosing investments. In other words, the Sub-Adviser looks at companies one at a time to determine … The Fund seeks to achieve capital appreciation by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small capitalization companies with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell 2000 Growth Index at the time of investment. The small capitalization companies in which the Fund invests are selected for their growth potential. The Funds investments in small capitalization companies may include micro-capitalization companies. The Sub-Adviser applies a bottom up approach in choosing investments. In other words, the Sub-Adviser looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Funds investment policies. While the Funds sector and industry exposure is expected to vary over time, as of February 28, 2025, the Fund had significant exposure to the Financials Sector, Health Care Sector, Industrials Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| GLAUKOS CORP | — | $1.98M | 2.26% |
| RENTOKIL-SP ADR | RTO | $1.66M | 1.90% |
| SS&C TECHNOLOGIE | — | $1.64M | 1.87% |
| TOWER SEMICONDCT | — | $1.56M | 1.78% |
| MAGNOLIA OIL and GAS CORPO CL A | — | $1.52M | 1.73% |
| GLOBUS MEDICAL INC | — | $1.51M | 1.73% |
| CASEY'S GENERAL | — | $1.45M | 1.66% |
| OSI SYSTEMS INC | — | $1.42M | 1.62% |
| LIGAND PHARMACEUTICALS | — | $1.41M | 1.61% |
| BRIDGEBIO PHARMA INC | — | $1.38M | 1.58% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Janus Henderson Venture Fund · JAVTX, JANVX, JVTAX, JVTCX, JVTIX, JVTSX, JVTNX | 78% | 0.67% |
| Janus Henderson Triton Fund · JATTX, JGMAX, JGMCX, JSMGX, JGMRX, JGMIX, JANIX, JGMNX | 72% | 0.67% |
| NYLI VP Small Cap Growth Portfolio | 22% | 0.85% |
Advisers
| Firm | Role |
|---|---|
| Janus Henderson Investors US LLC | Sub-adviser |
| Penn Mutual Asset Management, LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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