(

JBALX

)

Balanced Fund

25+ Years of Dynamic Asset Allocation
NAV As of 08/23/19 $34.74

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Fund Facts

Details Yields Morningstar (As of 07/31/19)
09/01/92 Inception Date
$17.21B Total Net Assets (As of 07/31/19)
GROSS 0.64%
NET 0.64%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Moderate Allocation Institutional
(out of 166 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
1.95% Distribution Yield at NAV
(As of 06/30/19)
30 Day SEC Yield (As of 07/31/19)
With Waivers 1.75%
Without Waivers 1.75%
Quarterly Distribution Frequency
Performance (As of 08/23/19)
-1.42% 1 Day Return %
13.19% YTD Return
Category
Allocation-50% to 70% Equity
ic_star ic_star ic_star ic_star ic_star
666 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

Equity Allocation Adapting to Market Changes

Balanced Fund Equity Allocation in Relation to Market Volatility (12/31/97 – 6/30/19)

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 06/30/2019)
(As of 07/31/2019)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Balanced Fund – I Shares 3.94% 12.90% 10.16% 12.31% 7.98% 9.99% 9.72%
S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 14.70% 9.74%
Bloomberg Barclays U.S. Aggregate Bond Index 3.08% 6.11% 7.87% 2.31% 2.95% 3.90% 5.38%
Balanced Index 3.90% 13.01% 9.75% 8.92% 7.36% 9.96% 8.05%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Balanced Fund – I Shares 2.59% 14.56% 9.10% 11.70% 8.51% 9.73% 9.75%
S&P 500® Index 1.69% 20.24% 7.99% 13.36% 11.34% 14.03% 9.77%
Bloomberg Barclays U.S. Aggregate Bond Index 3.28% 6.35% 8.08% 2.17% 3.05% 3.75% 5.37%
Balanced Index 2.53% 14.02% 8.50% 8.41% 7.74% 9.53% 8.06%
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 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 9 1 4 18 5
Allocation-50% to 70% Equity Category
Rank/Count
44/748 4/726 17/682 87/556 11/190
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 5 1 4 17 5
Allocation-50% to 70% Equity Category
Rank/Count
32/734 5/712 18/670 76/549 11/183

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.32 -0.57
Alpha 3.54 1.50
Tracking Error 5.18 5.00
Beta 0.59 0.61
R-Squared (%) 95.46 95.01

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

3 YEAR 5 YEAR
Up Capture Ratio 68.97 64.36
Down Capture Ratio 52.40 59.19

STANDARD DEVIATION

3 YEAR 5 YEAR
Balanced Fund 7.33 7.46
S&P 500® Index 12.10 11.99

SHARPE RATIO

3 YEAR 5 YEAR
Balanced Fund 1.40 1.02
S&P 500® Index 0.99 0.87

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS I SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.09%
Total Gross Expenses 0.64%
Waivers 0.00%
Total Net Expenses 0.64%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Microsoft Corp 3.68
Mastercard Inc 2.85
Alphabet Inc 2.23
McDonald's Corp 1.94
Apple Inc 1.89
US Bancorp 1.89
Boeing Co 1.88
Costco Wholesale Corp 1.79
UnitedHealth Group Inc 1.67
Home Depot Inc 1.65
TOTAL 21.47

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

Number of Holdings - Equity Issues 64
Number of Holdings - Debt Issues 520
Market Capitalization
Weighted Average
$239.54B
Portfolio Turnover Rate
(1-year trailing)
90.98%
Price/Earnings Ratio
(1-year forward)
20.97
Price/Book Ratio
(1-year forward)
6.34
Earnings Growth Rate
(1-year forward)
8.74%
Weighted Average Maturity
(years)
9.55
Effective Duration
(years)
6.08

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND
U.S. 98.14
Non-U.S. Developed 1.51
Non-U.S. Emerging 0.03
Cash & Equivalents 0.32

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND
Aaa 9.09
Aa 10.57
A 3.61
Baa 12.12
Ba 3.87
B 0.54
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 07/31/19)

% OF FUND
Equity 59.88
Information Technology 15.07
Financials 7.84
Industrials 7.68
Consumer Discretionary 7.59
Health Care 7.24
Consumer Staples 5.92
Communication Services 4.49
Real Estate 1.86
Materials 1.17
Energy 1.02
Fixed Income 39.80
Credit-Investment Grade 14.32
MBS 10.36
Treasuries 8.32
Credit-High Yield 4.31
ABS 1.06
CMO 1.00
CMBS 0.34
Bank Loans 0.09
Cash & Equivalents 0.32

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND
Over $100B 35.64
$50B to $100B 11.42
$10B to $50B 11.91
$1B to $5B 0.91

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND
< 1 yr 0.70
1 - 3 yrs 4.00
3 - 5 yrs 7.97
5 - 7 yrs 8.49
7 - 10 yrs 11.80
10 - 20 yrs 0.95
> 20 yrs 5.75
N/A 0.14

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND
North America 99.04
Europe 0.53
Africa/Mideast 0.08
Asia/Pacific Ex Japan 0.03
Cash & Equivalents 0.32

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Equities wavered during the period, but ultimately finished higher.
  • The Fund performed in line with the Balanced Index.
  • Slowing economic growth and an array of geopolitical concerns are reasons for caution, but our outlook for equities is positive overall, supported in part by potential monetary easing in the U.S.

Read The Full Commentary