The Race to Digital: Leaders Pull Ahead, Laggards Fall Behind
Companies across all industries are working to transition to a digital economy – some with more success than others.
(
JBALX
)
Balanced Fund
25+ Years of Dynamic Asset Allocation
Jump to a section
Overview
25+ YEAR HISTORY OF
Providing S&P 500®-Like Returns
with Significantly Less Volatility
with Significantly Less 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.
Portfolio Management
Featured Insights
Mid-Year Market GPS 2019
Which themes are shaping the 2019 investment landscape? Read the thinking of our investment teams in the Janus Henderson Mid-Year Market GPS.
Thoughts and Bonds: The Beginning of the End
Our Fundamental Fixed Income team provides insights on potential investment risks and opportunities, and shares our global outlook for the quarter ahead.
Performance
RETURNS
| Inception: Sep 01, 1992 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Balanced Fund – I Shares | 3.03% | 16.32% | 8.02% | 12.61% | 8.60% | 9.36% | 9.75% |
| S&P 500® Index | 1.70% | 20.55% | 4.25% | 13.39% | 10.84% | 13.24% | 9.71% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 2.27% | 8.52% | 10.30% | 2.92% | 3.38% | 3.75% | 5.41% |
| Balanced Index | 1.99% | 15.26% | 7.41% | 8.80% | 7.63% | 9.11% | 8.05% |
| Inception: Sep 01, 1992 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Balanced Fund – I Shares | 3.03% | 16.32% | 8.02% | 12.61% | 8.60% | 9.36% | 9.75% |
| S&P 500® Index | 1.70% | 20.55% | 4.25% | 13.39% | 10.84% | 13.24% | 9.71% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 2.27% | 8.52% | 10.30% | 2.92% | 3.38% | 3.75% | 5.41% |
| Balanced Index | 1.99% | 15.26% | 7.41% | 8.80% | 7.63% | 9.11% | 8.05% |
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.
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.
CALENDAR YEAR PERFORMANCE
RETURNS-BASED STATISTICS
(As of 08/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
|---|---|---|
| Information Ratio | -0.09 | -0.38 |
| Alpha | 4.52 | 1.93 |
| Tracking Error | 5.37 | 5.10 |
| Beta | 0.58 | 0.60 |
| R-Squared (%) | 94.79 | 94.03 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 70.06 | 64.80 |
| Down Capture Ratio | 47.56 | 56.22 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Balanced Fund | 7.28 | 7.43 |
| S&P 500® Index | 12.19 | 11.96 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Balanced Fund | 1.48 | 0.98 |
| S&P 500® Index | 0.92 | 0.77 |
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 08/31/2019) |
% of Fund |
|---|---|
| Microsoft Corp | 3.87 |
| Mastercard Inc | 3.05 |
| Alphabet Inc | 2.27 |
| McDonald's Corp | 2.08 |
| Boeing Co | 2.08 |
| Costco Wholesale Corp | 1.99 |
| Apple Inc | 1.92 |
| Home Depot Inc | 1.84 |
| US Bancorp | 1.81 |
| UnitedHealth Group Inc | 1.63 |
| TOTAL | 22.54 |
PORTFOLIO CHARACTERISTICS(As of 08/31/19) |
|
|---|---|
| Number of Holdings - Equity Issues | 64 |
| Number of Holdings - Debt Issues | 540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEVELOPED VS. EMERGING MARKET(As of 08/31/19) |
% OF FUND |
|---|---|
| U.S. | 98.14 |
| Non-U.S. Developed | 1.53 |
| Cash & Equivalents | 0.33 |
CREDIT QUALITY OF FIXED INCOME HOLDINGS(As of 08/31/19) |
% OF FUND |
|---|---|
| Aaa | 16.34 |
| Aa | 0.33 |
| A | 3.73 |
| Baa | 12.96 |
| Ba | 3.59 |
| B | 0.83 |
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 08/31/19) |
% OF FUND |
|---|---|
| Equity | 61.89 |
| Information Technology | 15.61 |
| Consumer Discretionary | 8.05 |
| Financials | 7.90 |
| Industrials | 7.82 |
| Health Care | 7.42 |
| Consumer Staples | 6.35 |
| Communication Services | 4.61 |
| Real Estate | 1.99 |
| Materials | 1.12 |
| Energy | 1.02 |
| Fixed Income | 37.78 |
| Credit-Investment Grade | 15.69 |
| MBS | 10.32 |
| Treasuries | 5.17 |
| Credit-High Yield | 4.19 |
| CMO | 1.17 |
| ABS | 0.91 |
| CMBS | 0.33 |
| Cash & Equivalents | 0.33 |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 08/31/2019) |
% OF FUND |
|---|---|
| Over $100B | 36.49 |
| $50B to $100B | 11.60 |
| $10B to $50B | 12.89 |
| $1B to $5B | 0.91 |
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS(As of 08/31/19) |
% OF FUND |
|---|---|
| < 1 yr | 0.65 |
| 1 - 3 yrs | 3.78 |
| 3 - 5 yrs | 8.25 |
| 5 - 7 yrs | 6.96 |
| 7 - 10 yrs | 11.04 |
| 10 - 20 yrs | 1.33 |
| > 20 yrs | 5.60 |
| N/A | 0.17 |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND |
|---|---|
| North America | 99.08 |
| Europe | 0.53 |
| Africa/Mideast | 0.06 |
| Cash & Equivalents | 0.33 |
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.