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This Mid-Cap Growth Fund Plots a Steady Course

Unlike many of its peers, Bronze-rated Janus Enterprise focuses on more-stable companies, which has helped it in down markets and lower-return environments.

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Greg Carlson: Janus Enterprise (JAENX) is a mid-cap growth fund that receives a Morningstar Analyst Rating of Bronze. We like its long-term prospects. Brian Demain has managed the fund for more than eight years now. He tends to favor companies with relatively stable revenue streams, competitive advantages over their industry peers, and he tends to own those companies for a long time--an average of five to six years. Those traits are relatively rare in a mid-cap growth world where managers often focus on rapid growers or more-speculative companies.

As a result, the fund doesn't tend to do as well in big rallies such as 2009 and 2013. However, it tends to hold up better in down markets such as 2008 and lower-return environments such as 2015. In fact, the fund has done so well in 2015 that investors are really taking notice. They have invested more than $2.4 billion in the fund through November. As a result, Demain runs a total of $8 billion in his strategy now. That's a pretty sizable amount for a mid-growth strategy. However, he thinks he is capable of running significantly more money, and we agree because of his low-turnover strategy and also because he doesn't tend to take big bets on individual stocks. The fund also has well-below-average fees, which has given it a nice long-term advantage over its competition. As a result, we think it's an excellent long-term holding.

Greg Carlson does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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