6
Morningstar Analyst Rating
07-20-15
„
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
30.90
30.58
29.98
26.23
24.48
25.08
24.54
20.02
25.41
24.41
22.48
21.25
Total Return %
1.76
8.38
19.59
12.97
1.31
7.75
24.28
-15.22
10.15
10.56
7.75
8.71
+/-M* MdTgRk
0.36
3.49
5.28
0.93
0.72
-4.58
2.51
6.97
1.52
-2.39
0.71
-2.77
+/-Mstr Md Ag Rk
-0.35
3.41
-0.59
-1.36
3.24
-7.17
-3.27
15.43
1.21
-5.43
-1.10
-5.36
Income Return %
0.71
1.87
1.85
2.47
2.07
2.26
1.58
2.34
2.54
1.91
1.90
2.06
Capital Return %
1.05
6.51
17.74
10.50
-0.76
5.49
22.70
-17.56
7.61
8.65
5.85
6.65
Total Rtn % Rank Cat
66
25
22
29
30
94
48
3
10
63
10
52
Income $
0.22
0.56
0.48
0.60
0.52
0.55
0.31
0.59
0.61
0.43
0.40
0.41
Capital Gains $
0.00
1.31
0.86
0.81
0.41
0.78
0.00
0.93
0.84
0.00
0.00
0.00
Expense Ratio %
.
0.82
0.83
0.83
0.83
0.82
0.82
0.79
0.79
0.81
0.79
0.87
Income Ratio %
.
1.73
1.77
2.02
2.11
2.43
2.72
2.42
2.34
1.85
1.93
1.82
Turnover Rate %
.
72
78
84
94
83
158
109
60
50
47
45
Net Assets $mil
4,972
4,796
4,285
3,554
3,236
3,080
3,690
2,424
2,751
2,499
2,569
2,901
Performance
07-31-15
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2011
2012
2013
2014
2015
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
0.05 3.26
8.38
1.39 -0.74
. . .
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
-0.25 1.04
1.27
49 9,975
2.63 0.46
-0.89
65 10,263
6.18 4.22
3.61
26 10,618
11.19 2.75
0.09
27 13,747
10.15 1.57
-0.26
33 16,215
8.04 1.70
1.22
3 21,669
6.07 0.08
0.05
22 24,204
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
9.56
25
1.46
63
8.71
35
1.30
72
6.82
2
1.13
52
Potential Capital Gain Exposure: 21% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
6.18
3 Yr
11.19
+Avg
-Avg
5 Yr
10.15
+Avg
Avg
10 Yr
8.04
High
Low
Incept
9.90
Other Measures
Standard Index
Best Fit Index
M* MdTgRk
Russ 1000
Alpha
3.2
0.7
Beta
0.92
0.59
R-Squared
87
92
Standard Deviation
5.30
Mean
11.19
Sharpe Ratio
2.03
Morningstar’s Take
by Greg Carlson 07-20-15
The veteran managers of Janus Balanced and their
sensible approach merit a Morningstar Analyst Rating
of Silver. This moderate-allocation fund has thrived
since Marc Pinto and Gibson Smith took the helm in
May 2005. From that date through June 30, 2015, the
fund surpassed more than 95% of its peers on both a
the Morningstar Moderate Target Risk Index on these
measures.
The fund has typically kept up with its peers and the
index in rising markets and lost less in downturns. This
pattern is an outcome of a mix of cautious and
aggressive traits. Smith, who oversees the
fixed-income portfolio and helps set the asset mix with
Pinto, is willing to take on credit risk by favoring
corporate debt and holding an above-average stake in
high-yield bonds. But he focuses on BB rated securities
(the highest-quality portion of the high-yield universe)
that appear to be rising to investment-grade status.
Smith will also rotate into the relative safety of
Treasuries and agency mortgage-backed debt based on
this strategy at Silver-rated Janus Flexible Bond
JAFIX. Pinto manages the equity portfolio and typically
focuses on large, well-established firms with
end of March 2015, the fund held a bigger stake in
stocks with wide Morningstar Economic Moat Ratings
and a smaller one in no-moat companies than 75% of
has a modest growth tilt compared with peers, which
has provided a tailwind over the trailing five and 10
years. Thus, it may not look as good when value stocks
are in favor.
Smith and Pinto have also made savvy
asset-allocation moves while rarely making big bets.
With the exception of a prudent late-2008 shift out of
equities (which dropped to less than 45% of assets),
stocks/40% bonds allocation. At the end of June 2015,
the fund was slightly underweight in equities as Smith
found more value in corporate bonds with short maturities.
Address:
Janus Investment Fund
Denver, CO 80206
800-525-0020
Web Address:
www.janus.comInception:
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:
$2500
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, 2015
Janus Balanced T
Ticker
Status Yield Total Assets
Mstar Category
JABAX Open
1.7% $13,101 mil
Moderate Allocation
55% 39% 58% 57% 55% 54% 51% 55% 55%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 07-15
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
13.0
16.0
19.0
22.0
Portfolio Analysis
06-30-15
Total Stocks:53
P/E
YTD % Net
Share change since 03-31-15
Sectors
Ratio Return % Assets
Apple Inc
Technology 17.1 4.76 3.13
MasterCard Inc Class A
Finan Svs
29.6 13.49 2.41
Blackstone Group LP
Finan Svs
12.4 23.85 2.06
E I du Pont de Nemours &
Basic Mat
22.0 -20.84 1.89
Nike Inc Class B
Cnsmr Cyc
30.1 20.99 1.75
Boeing Co
Industrl
18.6 11.83 1.74
AbbVie Inc
Hlth care
28.4 9.20 1.70
Microsoft Corp
Technology 18.2 3.68 1.69
Union Pacific Corp
Industrl
22.0 -18.73 1.65
Date of
Amount
Value % Net
Total Fixed-Income:335
Maturity
$000
$000 Assets
US Treasury Note 1.375% 09-30-18 283,226 286,235 2.20
US Treasury Note 0.5%
01-31-17 256,387 256,407 1.97
US Treasury Note 2.25%
11-15-24 220,584 226,771 1.74
US Treasury Bond 2.5%
02-15-45 97,896 96,993 0.75
US Treasury Note 1.5%
08-31-18 84,828 86,134 0.66
US Treasury Note 2.75%
11-15-23 76,289 81,808 0.63
US Treasury Note 1%
12-15-17 80,694 81,129 0.62
US Treasury Note 1.5%
11-30-19 78,327 78,927 0.61
US Treasury Bond 3.75%
11-15-43 59,559 74,402 0.57
Equity Style
Fixed-Income Style
Style: Growth
Size: Large-Cap
Duration: Moderate
Quality:
Medium
Avg Eff Duration
5.1 Yrs
Avg Eff Maturity
8.9 Yrs
Avg Credit Quality
BBB
Avg Wtd Coupon
3.37%
figure provided by fund as of 06-30-15
1
1
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
17.86
3.18
1.98
12.79
2.52
1.24
1.66
1.62
1.87
1.06
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
11.20
12.08
4.01
3.37
11.28
1.05
10.41
1.18
2.51
0.26
Market Cap %
Giant 58.6
Large 34.0
Mid 6.9
Small
0.5
Micro
0.0
Avg $mil:
74,571
Composition - Net
(% of Stock)
Cash
2.6
Stocks 54.9
Bonds 40.0
Other
2.5
Foreign 10.8
Sector
Weightings
% of
Stocks
Rel M*
MdTgRk High
3 Year
Low
Cyclical 40.14 1.01
BasicMat 6.37 1.21 9 6
CnsmrCyc15.92 1.34 22 16
FinanSvs 17.85 1.00 18 14
Real Est 0.00 0.00 1 1
Sensitive 35.53 0.97
CommSrvs 0.32 0.09 5 0
Energy 4.96 0.70 8 5
Industrl 12.69 1.08 18 9
Technlgy 17.56 1.26 18 12
Defensive24.33 1.02
CnsmrDef 4.41 0.54 7 4
Hlthcare 19.92 1.74 20 15
Utilities 0.00 0.00
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