(

JBALX

)

Balanced Fund

25 Years of Dynamic Asset Allocation
NAV As of 11/16/18 $34.17

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Fund Facts

Details Yields Morningstar (As of 10/31/18)
09/01/92 Inception Date
$15.80B Total Net Assets (As of 10/31/18)
GROSS 0.65%
NET 0.65%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 10/31/18)
Fee Level Group
Moderate Allocation Institutional
(out of 173 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
1.70% Distribution Yield at NAV
(As of 09/30/18)
30 Day SEC Yield (As of 10/31/18)
With Waivers 1.98%
Without Waivers 1.98%
Quarterly Distribution Frequency
Performance (As of 11/16/18)
0.35% 1 Day Return %
4.94% YTD Return
Category
Allocation-50% to 70% Equity
ic_star ic_star ic_star ic_star ic_star
702 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

25+ YEAR HISTORY OF
Providing S&P 500®-Like Returns
with Significantly Less Volatility
Janus Henderson Balanced Fund | Providing S&P 500®-Like Returns with Nearly Half the Volatility
Fund Highlights
  • Large-cap growth equities paired with an actively managed intermediate-term bond strategy
  • Dynamic asset allocation approach that migrates between 35%-65% equity depending on market conditions
  • Integrated research allows our equity and fixed income analysts to work side by side covering the same global sectors
Essentials: Balanced Fund | Janus Henderson Investors

Essentials: Balanced Fund

Learn what powers this dynamic asset allocation strategy

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Equity Allocation Adapting to Market Changes

Balanced Fund Equity Allocation in Relation to Market Volatility (12/31/97 – 9/30/18)

Balanced Fund Equity Allocation in Relation to Market Volatility (12/31/97 – 9/30/18)

Cboe Volatility Index® or VIX® Index® shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500® index options and is a widely used measure of market risk. The VIX Index volatility methodology is the property of Chicago Board of Options Exchange, which is not affiliated with Janus Henderson.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 10/31/2018)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Balanced Fund – I Shares 5.07% 8.44% 14.18% 11.94% 9.39% 9.63% 9.82%
S&P 500® Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 9.93%
Bloomberg Barclays U.S. Aggregate Bond Index 0.02% -1.60% -1.22% 1.31% 2.16% 3.77% 5.23%
Balanced Index 4.21% 5.03% 9.02% 9.97% 8.63% 8.52% 8.07%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Balanced Fund – I Shares -1.61% 4.04% 7.44% 8.53% 7.84% 10.18% 9.61%
S&P 500® Index -3.25% 3.01% 7.35% 11.52% 11.34% 13.24% 9.60%
Bloomberg Barclays U.S. Aggregate Bond Index -0.79% -2.38% -2.05% 1.04% 1.83% 3.94% 5.18%
Balanced Index -2.10% 0.71% 3.19% 6.81% 7.11% 9.26% 7.87%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 10/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 2 3 6 6 7
Allocation-50% to 70% Equity Category
Rank/Count
8/781 13/769 32/712 21/574 11/190
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 1 3 5 10 7
Allocation-50% to 70% Equity Category
Rank/Count
2/785 9/769 26/715 40/576 11/190

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 10/31/18 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.83 -0.87
Alpha 0.86 0.58
Tracking Error 3.60 4.01
Beta 0.66 0.64
R-Squared (%) 92.85 93.55

UP AND DOWN MARKET CAPTURE (%)
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Up Capture Ratio 67.52 63.77
Down Capture Ratio 62.16 61.82

STANDARD DEVIATION

3 YEAR 5 YEAR
Balanced Fund 6.46 6.65
S&P 500® Index 9.39 10.06

SHARPE RATIO

3 YEAR 5 YEAR
Balanced Fund 1.19 1.10
S&P 500® Index 1.14 1.07

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS I SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 0.65%
Waivers 0.00%
Total Net Expenses 0.65%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Microsoft Corp 3.35
Mastercard Inc 2.53
Alphabet Inc 2.26
Boeing Co 2.23
Apple Inc 2.22
Altria Group Inc 2.15
US Bancorp 1.97
United States Treasury Note/Bond, 2.75%, 09/30/20 1.95
United States Treasury Note/Bond, 2.62%, 08/31/20 1.90
McDonald's Corp 1.85
TOTAL 22.41

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

Number of Holdings - Equity Issues 66
Number of Holdings - Debt Issues 474
Market Capitalization
Weighted Average
$200.96B
Portfolio Turnover Rate
(1-year trailing)
93.54%
Price/Earnings Ratio
(1-year forward)
19.48
Price/Book Ratio
(1-year forward)
5.56
Earnings Growth Rate
(1-year forward)
22.60%
Weighted Average Maturity
(years)
8.63
Effective Duration
(years)
5.32

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND
U.S. 96.00
Non-U.S. Developed 3.42
Non-U.S. Emerging 0.02
Cash & Equivalents 0.56

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND
Aaa 24.88
Aa 0.51
A 1.47
Baa 7.71
Ba 3.82
B 0.78
NOT RATED 0.33
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND
Equity 59.94
Information Technology 13.95
Financials 8.16
Industrials 7.74
Consumer Staples 7.39
Health Care 7.02
Consumer Discretionary 6.91
Communication Services 4.09
Energy 1.71
Real Estate 1.55
Materials 1.42
Fixed Income 39.50
Treasuries 12.66
MBS 9.38
Credit-Investment Grade 8.02
Credit-High Yield 3.08
ABS 2.96
Bank Loans 1.55
CMBS 1.01
CMO 0.53
Non-US Collateralized 0.22
Government Related 0.09
Cash & Equivalents 0.56

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 10/31/2018)

% OF FUND
Over $100B 33.40
$50B to $100B 12.47
$10B to $50B 12.84
$5B to $10B 0.41
$1B to $5B 0.82

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND
< 1 yr 0.53
1 - 3 yrs 9.69
3 - 5 yrs 5.05
5 - 7 yrs 5.30
7 - 10 yrs 11.38
10 - 20 yrs 3.08
> 20 yrs 4.47

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND
North America 98.91
Europe 0.40
Africa/Mideast 0.13
Cash & Equivalents 0.56

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The Fund outperformed the Balanced Index during the third quarter.
  • Outperformance in the equity sleeve was driven by strong stock selection in the information technology sector. An out-of-index allocation in high-yield corporate bonds led outperformance in the fixed income sleeve.
  • Tax reform benefits, rising business confidence and the gradual pace of Fed tightening provide a favorable backdrop for equities.

Read The Full Commentary