7
Morningstar FundInvestor
August 2
014
Morningstar Analyst Rating
07-21-14
„
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
Positive
Positive
Positive
Neutral
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
30.91
29.98
26.23
24.48
25.08
24.54
20.02
25.41
24.41
22.48
21.25
19.94
Total Return %
3.86
19.59
12.97
1.31
7.75
24.28
-15.22
10.15
10.56
7.75
8.71
13.74
+/-M* MdTgRk
-0.46
5.28
0.93
0.72
-4.58
2.51
6.97
1.52
-2.39
0.71
-2.77
-8.74
+/-Mstr Md Ag Rk
-0.64
-0.59
-1.36
3.24
-7.17
-3.27
15.43
1.21
-5.43
-1.10
-5.36
-15.40
Income Return %
0.75
1.85
2.47
2.07
2.26
1.58
2.34
2.54
1.91
1.90
2.06
2.09
Capital Return %
3.11
17.74
10.50
-0.76
5.49
22.70
-17.56
7.61
8.65
5.85
6.65
11.65
Total Rtn % Rank Cat
45
22
29
30
94
48
3
10
63
10
52
94
Income $
0.23
0.48
0.60
0.52
0.55
0.31
0.59
0.61
0.43
0.40
0.41
0.37
Capital Gains $
0.00
0.86
0.81
0.41
0.78
0.00
0.93
0.84
0.00
0.00
0.00
0.00
Expense Ratio %
.
0.83
0.83
0.83
0.82
0.82
0.79
0.79
0.81
0.79
0.87
0.88
Income Ratio %
.
1.77
2.02
2.11
2.43
2.72
2.42
2.34
1.85
1.93
1.82
2.00
Turnover Rate %
.
78
84
94
83
158
109
60
50
47
. .
Net Assets $mil
4,563
4,285
3,554
3,236
3,080
3,690
2,424
2,751
2,499
2,569
2,901
3,750
Performance
07-31-14
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2010
2011
2012
2013
2014
3.41 -6.74
7.87 3.57
7.75
4.03 1.44 -11.05 7.93
1.31
9.39 -2.83
5.37 0.86 12.97
6.51 1.39
3.98 6.50 19.59
1.21 3.65
. . .
Trailing
Total
+/- M* +/- Mstr
%Rank Growth of
Return% MdTgRk Md Ag Rk
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
2.05 0.44
0.13
27 10,205
5.69 -0.18
-1.45
52 10,569
12.18 1.71
-0.77
17 11,218
10.78 1.91
0.21
29 13,595
10.78 0.24
-1.79
54 16,684
8.66 1.12
0.37
4 22,945
6.52 0.08
0.00
17 25,791
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
9.47
27
1.18
69
9.58
55
1.09
77
7.55
4
1.02
52
Potential Capital Gain Exposure: 23% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
12.18
3 Yr
10.78
+Avg
Avg
5 Yr
10.78
Avg
Avg
10 Yr
8.66
High
Low
Incept
10.08
Other Measures
Standard Index
Best Fit Index
M* MdTgRk Mstr Lft Mod 2030
Alpha
1.3
2.0
Beta
1.06
0.78
R-Squared
95
96
Standard Deviation
8.94
Mean
10.78
Sharpe Ratio
1.19
Morningstar’s Take
by Greg Carlson 07-21-14
Janus Balanced is dependably solid.
This fund has found a winning formula. Marc Pinto
and Gibson Smith, who manage the equity and
fixed-income sleeves, respectively, meet regularly to
discuss the opportunities (or lack thereof) in the stock
and bond markets and how they re positioning their
portfolios. The fund s stock/bond mix gradually evolves
as a result of these discussions. Although the
managers typically don t stray too far from the fund s
neutral 60% stock/40% bonds weighting (it was 52/48
in mid-July 2014), they ll make bigger moves when
they believe valuations warrant it. For example, the
equity stake dropped to 39% in 2008, a main reason
the fund held up better than 97% of its
moderate-allocation peers in that year of big equity
losses.
The managers cooperation isn t limited to the
allocation process. Smith will sometimes tilt the
fixed-income sleeve in a more aggressive or
conservative direction based on how Pinto is
positioning the equity portfolio. Smith typically does
this to counterweight risks that Pinto may or may not
be taking. At times, such as the tail end of the bear
market in early 2009, both will take on more
risk--Pinto leaned toward beaten-down economically
sensitive fare, while Smith bought depressed
corporate credit. The fund didn t completely change its
stripes from its conservative positioning in 2008, but it
did keep up with its typical peer in 2009 s equity
bounceback, gaining 24%.
All told, the fund has beaten its typical peer in six
of the eight full calendar years since Pinto and Smith
took over in May 2005. From then through July 14,
2014, the fund has outpaced more than 90% of its
peers on both a total-return and risk-adjusted basis
and trounced the Morningstar Moderately Aggressive
Index. The fund has generally kept pace with the
category norm in rising markets while losing just three
fourths as much when moderate-allocation funds
decline. Given its consistency and veteran managers,
as well as below-average fees, it s a fine long-term
holding.
Address:
Janus Investment Fund
Denver, CO 80206
800-525-0020
Web Address:
Inception:
09-01-92
Advisor:
Janus Capital Management LLC
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, Schwab OneSource
Minimum Purchase:
$2500
Add: $0 IRA: $0
Min Auto Inv Plan:
$0
Add:
.
Sales Fees:
No-load
Management Fee:
0.55%, 0.25%A
Actual Fees:
Mgt:0.55% Dist:
.
Expense Projections:
3Yr:$265
5Yr:$460 10Yr:$1025
Income Distribution:
Quarterly
Data through July 31, 2014
Janus Balanced T
Ticker
Status Yield Total Assets
Mstar Category
JABAX Open
1.6% $11,852 mil
Moderate Allocation
58% 55% 39% 58% 57% 55% 54% 51% 48%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 07-14
Historical Profile
Return
Risk
Rating
Above Avg
Below Avg
Above Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
M* MdTgRk
Performance Quartile
(within Category)
History
10.0
13.0
16.0
19.0
22.6
Portfolio Analysis
06-30-14
Total Stocks:55
P/E
YTD % Net
Share change since 03-31-14
Sectors
Ratio Return % Assets
LyondellBasell Industries
Basic Mat
11.9 36.95 2.03
Boeing Co
Industrl
22.9 -11.06 1.87
E I du Pont de Nemours &
Basic Mat
21.4 0.86 1.78
Apple Inc
Technology 13.9 20.40 1.75
Blackstone Group LP
Finan Svs
15.9 8.86 1.70
CBS Corp Class B
Cnsmr Cyc
21.2 -9.13 1.69
Aetna Inc
Hlth care
12.9 17.04 1.63
U.S. Bancorp
Finan Svs
13.5 4.25 1.61
Nike Inc Class B
Cnsmr Cyc
26.8 -1.27 1.58
Date of
Amount
Value % Net
Total Fixed-Income:328
Maturity
$000
$000 Assets
US Treasury Note 0.25%
02-29-16 390,855 390,473 3.32
US Treasury Note 0.375% 05-31-16 301,347 301,076 2.56
US Treasury Note 1.375% 09-30-18 283,226 282,872 2.41
US Treasury Note 0.375% 03-31-16 271,699 271,752 2.31
US Treasury Note 2.75%
11-15-23 145,039 148,654 1.26
US Treasury Note 1.5%
08-31-18 84,828 85,272 0.73
US Treasury Note 1.375% 07-31-18 82,954 83,058 0.71
US Treasury Bond 3.75%
11-15-43 70,349 75,977 0.65
US Treasury Note 0.375% 01-31-16 75,424 75,533 0.64
Equity Style
Fixed-Income Style
Style: Growth
Size: Large-Cap
Duration: Moderate
Quality:
Medium
Avg Eff Duration
4.7 Yrs
Avg Eff Maturity
7.3 Yrs
Avg Credit Quality
BBB
Avg Wtd Coupon
3.35%
figure provided by fund as of 06-30-14
1
1
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
17.36
3.16
1.80
8.14
2.51
1.20
1.65
1.48
1.19
1.05
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
11.20
11.48
6.62
5.97
7.14
1.05
9.90
1.94
4.46
0.17
Market Cap %
Giant 51.1
Large 42.6
Mid 6.0
Small
0.3
Micro
0.0
Avg $mil:
62,814
Composition - Net
(% of Stock)
Cash
2.1
Stocks 47.8
Bonds 45.2
Other
4.8
Foreign 7.8
Sector
Weightings
% of
Stocks
Rel M*
MdTgRk High
3 Year
Low
Cyclical 40.82 1.06
BasicMat 7.95 1.34 8 6
CnsmrCyc18.31 1.62 22 18
FinanSvs 13.66 0.79 15 14
Real Est 0.90 0.23 1 1
Sensitive 35.16 0.91
CommSrvs 2.68 0.68 6 2
Energy 6.21 0.67 10 6
Industrl 14.44 1.16 14 5
Technlgy 11.83 0.91 16 11
Defensive24.01 1.05
CnsmrDef 6.53 0.77 9 6
Hlthcare 17.48 1.71 17 12
Utilities 0.00 0.00
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2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor
timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at
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mfb.morningstar.com.
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