6
Morningstar Analyst Rating
07-24-13
„
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
28.83
26.23
24.48
25.08
24.54
20.02
25.41
24.41
22.48
21.25
19.94
17.88
Total Return %
10.72
12.97
1.31
7.75
24.28
-15.22
10.15
10.56
7.75
8.71
13.74
-6.56
+/-M* MdTgRk
2.77
0.93
0.72
-4.58
2.51
6.97
1.52
-2.39
0.71
-2.77
-8.74
0.13
+/-Mstr Md Ag Rk
-0.47
-1.36
3.24
-7.17
-3.27
15.43
1.21
-5.43
-1.10
-5.36
-15.40
5.74
Income Return %
0.78
2.47
2.07
2.26
1.58
2.34
2.54
1.91
1.90
2.06
2.09
2.42
Capital Return %
9.94
10.50
-0.76
5.49
22.70
-17.56
7.61
8.65
5.85
6.65
11.65
-8.98
Total Rtn % Rank Cat
35
29
30
94
48
3
10
63
10
52
94
9
Income $
0.21
0.60
0.52
0.55
0.31
0.59
0.61
0.43
0.40
0.41
0.37
0.47
Capital Gains $
0.00
0.81
0.41
0.78
0.00
0.93
0.84
0.00
0.00
0.00
0.00
0.00
Expense Ratio %
.
0.83
0.83
0.82
0.82
0.79
0.79
0.81
0.79
0.87
0.88
0.84
Income Ratio %
.
2.02
2.11
2.43
2.72
2.42
2.34
1.85
1.93
1.82
2.00
2.44
Turnover Rate %
.
84
94
83
158
109
60
50
47
45
73
88
Net Assets $mil
3,800
3,554
3,236
3,080
3,690
2,424
2,751
2,499
2,569
2,901
3,750
3,902
Performance
07-31-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-1.60 9.72 10.97 3.73 24.28
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
. . .
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
2.19 0.97
-0.19
42 10,219
7.56 2.68
0.72
29 10,756
15.39 2.16
-2.99
39 11,539
10.82 0.57
-1.47
46 13,610
8.42 1.89
1.74
7 14,981
8.32 0.52
-0.26
5 22,238
7.13
. .
9 28,097
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
9.58
47
1.12
87
7.24
7
1.09
82
7.29
6
0.95
51
Potential Capital Gain Exposure: 20% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
15.39
3 Yr
10.82
Avg
Avg
5 Yr
8.42
High
-Avg
10 Yr
8.32
High
Low
Incept
9.98
Other Measures
Standard Index
Best Fit Index
M* MdTgRk
M* MdTgRk
Alpha
0.3
0.3
Beta
1.02
1.02
R-Squared
95
95
Standard Deviation
9.34
Mean
10.82
Sharpe Ratio
1.14
Morningstar’s Take
by Michelle Canavan 07-24-13
A lot of things have been going right at Janus
Balanced.
This fund has continued to make a strong case for
itself as a worthy all-weather allocation fund. In 2011
and 2012 for example, years that alternately punished
and rewarded risky assets, this fund was in the
minority of those to produce top-third results in both
calendar years. The fund has continued to post strong
returns, notching a year-to-date gain of 10.9% through
July 19 compared with the typical moderate-allocation
fund’s 9.8%. More recently, the fund has gotten a
boost from several fronts.
Comanager Gibson Smith has continued to make the
right moves in the fund’s fixed-income sleeve, for
example. Prior to the bond-market sell-off of May and
June, Smith shifted his Treasury exposure from the
long end of the curve into two-year securities as he
became increasingly concerned about the potential for
rising interest rates. That prescient move helped
protect the fixed-income sleeve during the bond-market
volatility of May and June, and Smith is maintaining a
sizable position in short-term Treasuries (roughly 12%)
until better opportunities materialize and the market
stabilizes.
Marc Pinto, who manages the fund’s equity sleeve,
has also posted strong gains this year. He continues to
favor consumer discretionary stocks, particularly
focusing on companies with healthy exposure to both
the U.S. and emerging-markets’ consumer. That
includes top-10 holdings Mattel MAT and Nike NKE,
both of which have been strong year-to-date
contributors. The equity sleeve has also gotten a boost
from a large position in Boeing BA, where some issues
with its 787 Dreamliner appear to have been resolved.
Of course, there’s always the chance for timing to
be off in asset-allocation decisions or for the
managers to be the wrong in underlying portfolio
decisions. But Smith and Pinto’s superb record since
taking the helm in mid-2005 lends confidence in their
ability to get things right more often than not.
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, 2013
Janus Balanced T
Ticker
Status Yield Total Assets
Mstar Category
JABAX Open
1.8% $9,711 mil
Moderate Allocation
62% 58% 55% 39% 58% 57% 55% 54% 55%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 07-13
Historical Profile
Return
Risk
Rating
High
Below Avg
Highest
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
12.5
15.0
18.0
20.5
Portfolio Analysis
06-30-13
Total Stocks:61
P/E
YTD % Net
Share change since 03-31-13
Sectors
Ratio Return % Assets
CBS Corporation Class B
Cnsmr Cyc
15.3 43.94 2.18
Mattel, Inc.
Cnsmr Cyc
16.5 18.95 1.96
Boeing Co
Industrl
14.8 44.47 1.87
Philip Morris Internation
Cnsmr Def
16.2 9.15 1.73
E.I. du Pont de Nemours & Basic Mat
17.2 35.18 1.68
LyondellBasell Industries
Basic Mat
11.5 22.35 1.62
U.S. Bancorp
Finan Svs
11.3 19.58 1.58
Apple Inc
Technology 12.1 -12.01 1.58
Chevron Corp
Energy
8.1 17.30 1.55
Date of
Amount
Value % Net
Total Fixed-Income:334
Maturity
$000
$000 Assets
US Treasury Note 0.125% 04-30-15 296,252 295,130 3.02
US Treasury Note 0.25%
02-28-15 155,787 155,671 1.59
US Treasury Note 0.25%
05-31-15 136,800 136,560 1.40
US Treasury Note 1.75%
05-15-23 122,102 114,356 1.17
US Treasury Note 0.75%
06-30-17 65,113 64,299 0.66
FNMA 4.5%
08-01-41 42,865 46,727 0.48
Tyson Foods 6.6%
04-01-16 37,905 42,815 0.44
US Treasury Note 0.25%
07-15-15 42,733 42,616 0.44
Verisk Analytics 5.8%
05-01-21 38,577 42,580 0.44
Equity Style
Fixed-Income Style
Style: Growth
Size: Large-Cap
Duration: Moderate
Quality:
Medium
Avg Eff Duration
4.3 Yrs
Avg Eff Maturity
6.5 Yrs
Avg Credit Quality
BBB
Avg Wtd Coupon
3.80%
figure provided by fund as of 06-30-13
1
1
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
15.06
2.65
1.48
9.34
2.72
1.05
1.39
1.21
1.36
1.14
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
10.62
8.02
7.53
15.06
14.09
1.01
7.10
2.26
11.07
0.41
Market Cap %
Giant 42.4
Large 46.4
Mid 10.9
Small
0.3
Micro
0.0
Avg $mil:
43,663
Composition - Net
(% of Stock)
Cash
2.0
Stocks 52.4
Bonds 41.7
Other
3.9
Foreign 14.2
Sector
Weightings
% of
Stocks
Rel M*
MdTgRk High
3 Year
Low
Cyclical 42.23 1.07
BasicMat 7.67 1.37 8 6
CnsmrCyc19.18 1.63 22 18
FinanSvs 14.10 0.80 19 14
Real Est 1.28 0.30 1 1
Sensitive 34.27 0.92
CommSrvs 4.08 1.00 6 3
Energy 7.48 0.83 12 8
Industrl 10.15 0.86 10 5
Technlgy 12.56 1.00 16 11
Defensive23.51 1.01
CnsmrDef 7.35 0.83 9 5
Hlthcare 16.16 1.62 15 12
Utilities 0.00 0.00
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2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or
timely.Past performance isnoguaranteeof future results.Accessupdated reportsat
Toorder reprints, call312-696-6100.
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