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JANBX

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Balanced Fund

25 Years of Dynamic Asset Allocation
NAV As of 06/22/18 $34.17

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Fund Facts

Details Yields Morningstar (As of 05/31/18)
09/01/92 Inception Date
$14.65B Total Net Assets (As of 05/31/18)
GROSS 0.72%
NET 0.72%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 05/31/18)
Fee Level Group
Moderate Allocation No Load
(out of 174 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
1.90% Distribution Yield at NAV
(As of 03/31/18)
30 Day SEC Yield (As of 05/31/18)
With Waivers 1.62%
Without Waivers 1.62%
Quarterly Distribution Frequency
Performance (As of 06/22/18)
0.18% 1 Day Return %
4.15% YTD Return
Category
Allocation-50% to 70% Equity
ic_star ic_star ic_star ic_star ic_star
671 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

Who Should Consider this Fund?

Investors looking for an actively managed fund with a mix of stocks and bonds that seeks to produce solid long term returns in a variety of market conditions.

Risk Tolerance Spectrum

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change.

Overview

Client Commitment

Janus Henderson Balanced Fund’s dynamic asset allocation strategy has the flexibility to defensively position ahead of market volatility while seeking strong risk-adjusted returns. Unlike many competitor products, where asset allocations are constrained by static targets, the Fund’s asset allocations may vary between 35% and 65% equities depending on market conditions.

Why Invest in the Fund

    Dynamic Asset Allocation

  1. The Fund’s portfolio managers make allocation decisions based on their view of overall market risk and careful examination of individual security valuations across equity and fixed income markets.
  2. Integrated Research

  3. Our equity and fixed income analysts work side-by-side covering the same global sectors, facilitating deeper analysis of a company’s fundamental outlook and understanding of management’s true intentions.
  4. Seeks Consistent Results

  5. The end result is a multi-asset, core holding portfolio offering the potential for long-term capital appreciation with the flexibility to navigate uncertain and volatile markets.

Featured Insights

Performance

RETURNS

(As of 03/31/2018)
(As of 05/31/2018)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Balanced Fund – D Shares 0.59% 0.59% 13.64% 7.31% 8.85% 7.91% 9.74%
S&P 500® Index -0.76% -0.76% 13.99% 10.78% 13.31% 9.49% 9.67%
Bloomberg Barclays U.S. Aggregate Bond Index -1.46% -1.46% 1.20% 1.20% 1.82% 3.63% 5.34%
Balanced Index -1.00% -1.00% 8.17% 6.52% 8.14% 7.07% 7.99%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Balanced Fund – D Shares 1.36% 3.09% 13.24% 7.79% 8.84% 7.88% 9.78%
S&P 500® Index 0.19% 2.02% 14.38% 10.97% 12.98% 9.14% 9.72%
Bloomberg Barclays U.S. Aggregate Bond Index 0.61% -1.50% -0.37% 1.39% 1.98% 3.72% 5.30%
Balanced Index 0.39% 0.51% 7.61% 6.71% 8.04% 6.95% 7.96%
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 D Shares that includes periods prior to 2/16/10 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.
Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

RETURNS-BASED STATISTICS

(As of 05/31/18 CLASS I SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.80 -1.01
Alpha 0.56 0.69
Tracking Error 3.89 4.00
Beta 0.66 0.64
R-Squared (%) 93.83 92.78

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

3 YEAR 5 YEAR
Up Capture Ratio 67.00 63.91
Down Capture Ratio 65.68 61.57

STANDARD DEVIATION

3 YEAR 5 YEAR
Balanced Fund 7.04 6.51
S&P 500® Index 10.30 9.87

SHARPE RATIO

3 YEAR 5 YEAR
Balanced Fund 1.03 1.31
S&P 500® Index 1.01 1.28

ANNUAL FEES & EXPENSES

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

CLASS D SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.17%
Total Gross Expenses 0.72%
Waivers 0.00%
Total Net Expenses 0.72%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

TOP HOLDINGS

(As of 05/31/2018)

% of Fund
Microsoft Corp 3.67
Mastercard Inc 2.95
Boeing Co 2.64
Alphabet Inc 2.37
Adobe Systems Inc 2.21
Apple Inc 1.97
US Bancorp 1.96
LyondellBasell Industries NV 1.87
Home Depot Inc 1.82
CME Group Inc 1.62
TOTAL 23.08

PORTFOLIO CHARACTERISTICS

(As of 05/31/18)

Number of Holdings - Equity Issues 70
Number of Holdings - Debt Issues 458
Market Capitalization - Weighted Average $184.87B
Market Capitalization - Median $96.21B
Portfolio Turnover Rate
(1-year trailing)
81.19%
Price/Earnings Ratio
(1-year forward)
20.09
Price/Book Ratio
(1-year forward)
5.93
Earnings Growth Rate
(1-year forward)
22.82%
Weighted Average Maturity
(years)
8.53
Effective Duration
(years)
5.08

DEVELOPED VS. EMERGING MARKET

(As of 05/31/18)

% OF FUND
U.S. 95.38
Non-U.S. Developed 4.18
Non-U.S. Emerging 0.02
Cash & Equivalents 0.42

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 05/31/18)

% OF FUND
Aaa 20.73
Aa 0.80
A 1.68
Baa 6.62
Ba 4.09
B 0.85
NOT RATED 0.67
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 05/31/18)

% OF FUND
Equity 64.14
Information Technology 18.03
Consumer Discretionary 9.38
Industrials 9.01
Financials 8.77
Health Care 6.44
Consumer Staples 6.37
Energy 2.20
Real Estate 2.08
Materials 1.86
Fixed Income 35.44
Treasuries 10.18
MBS 8.33
Credit-Investment Grade 7.93
ABS 3.06
Credit-High Yield 2.53
Bank Loans 1.80
CMBS 1.05
CMO 0.46
Government Related 0.10
Cash & Equivalents 0.42

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2018)

% OF FUND
Over $100B 32.90
$50B to $100B 16.66
$10B to $50B 13.34
$5B to $10B 0.63
$1B to $5B 0.61

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 05/31/18)

% OF FUND
< 1 yr 0.71
1 - 3 yrs 9.35
3 - 5 yrs 3.88
5 - 7 yrs 6.53
7 - 10 yrs 8.72
10 - 20 yrs 2.01
> 20 yrs 4.24

REGIONAL ALLOCATION

(As of 05/31/18)

% OF FUND
North America 98.88
Europe 0.56
Africa/Mideast 0.14
Cash & Equivalents 0.42

Commentary & Literature

1Q18 Portfolio Commentary Highlights

  • The Fund outperformed the Balanced Index during the fourth quarter.
  • Stock selection in information technology contributed to outperformance in the equity sleeve. The fixed income sleeve underperformed its benchmark, due largely to our Treasury and corporate credit positioning.
  • Strong global economic growth and the benefits of corporate tax cuts lead us to believe equities present more attractive risk-adjusted opportunities relative to fixed income.

Read The Full Commentary