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For financial professionals in the UK

Balanced Fund

For over 30 years, this dynamic allocation strategy has delivered our equity and fixed income expertise in a one-stop core solution

ISIN
IE0009515622

NAV
USD 61.09
As of 30/06/2025

1-Day Change
USD 0.33 (0.54%)
 As of 30/06/2025

Morningstar Rating

As of 31/05/2025
This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of capital growth and income, while seeking to limit losses to capital (although not guaranteed). Performance target: To outperform the `Balanced´ Index (60% S&P 500 + 40% Bloomberg US Aggregate Bond) by 1.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests 35%-70% of its assets in shares (equities), and 30%-65% of its assets in fixed income (debt) securities and loans. At least 80% of its assets are invested in US Companies and US Issuers. The aggregate amount of the Fund which may be invested in securities traded on the developing markets is 10%. Of the 30%-65% portion of the Fund’s assets that are invested in fixed income (debt) securities and loans, up to 35% of that portion of the assets may be rated below investment grade. The Fund may also invest in other assets including companies and bonds outside the US, cash and money market instruments. The Sub-Investment Adviser may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund. The Fund is actively managed with reference to the `Balanced´ Index (60% S&P 500 + 40% Bloomberg US Aggregate Bond), which is broadly representative of the companies and bonds in which it may invest, as this forms the basis of the Fund's performance target. The Sub-Investment Adviser has a high degree of freedom to choose individual investments for the Fund.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • High-conviction large-cap growth equities paired with an active intermediate-term bond strategy
  • Dynamic asset allocation strategy that has the flexibility to defensively position ahead of market volatility by migrating from 35-70% equity depending on conditions
  • Integrated research allows our equity and fixed income analysts to work side by side covering the same global sectors
Past performance does not predict future returns. 
 

Portfolio Management

Jeremiah Buckley, CFA: Portfolio Manager
Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Greg Wilensky, CFA: Head of US Fixed Income/Head of Core Plus | Portfolio Manager
Greg Wilensky, CFA

Head of US Fixed Income/Head of Core Plus | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough: Portfolio Manager
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 31/03/2025
I2 USD (Net) Balanced Index USD Moderate Allocation - OE
 
As of 31/03/2025 2024/2025 2023/2024 2022/2023 2021/2022 2020/2021
I2 USD (Net) 5.15 16.82 -6.66 7.64 30.60
Balanced Index 6.85 16.54 -6.10 6.50 28.86
USD Moderate Allocation - OE 3.96 10.19 -6.55 0.63 24.77
From 31st July 2024, the Fund's benchmark, performance target and investment policy changed. Past performance shown before 31st July 2024 is shown for the Fund’s previous benchmark, performance target and investment policy.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Cumulative & Annualised Performance (%)
As of 31/05/2025
I2 USD (Net) Balanced Index USD Moderate Allocation - OE
  
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/12/1999
I2 USD (Net) 4.73 3.01 10.82 9.09 8.95 8.12 6.37
Balanced Index 3.49 1.73 10.32 8.75 8.36 7.91 6.29
USD Moderate Allocation - OE 2.74 3.33 7.43 5.05 5.09 3.53 3.42
 
  Annualised
3YR 5YR 10YR Since Inception
31/12/1999
I2 USD (Gross) - 9.89 9.12 7.42
Balanced Index (60%S&P500/40%BBUSAgg) + 1.50% - 9.99 9.53 7.89
From 31st July 2024, the Fund's benchmark, performance target and investment policy changed. Past performance shown before 31st July 2024 is shown for the Fund’s previous benchmark, performance target and investment policy.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Calendar Year Returns (%)
As of 31/03/2025
I2 USD (Net) Balanced Index USD Moderate Allocation - OE
2024 2023 2022 2021 2020
I2 USD (Net) 14.83 14.77 -16.72 16.62 13.75
Balanced Index 14.25 16.62 -15.52 14.32 14.20
USD Moderate Allocation - OE 7.23 10.30 -13.96 7.17 6.75
Calendar Year Returns (%)
Year I2 USD (Net) Balanced Index USD Moderate Allocation - OE
2024 14.83 14.25 7.23
2023 14.77 16.62 10.30
2022 -16.72 -15.52 -13.96
2021 16.62 14.32 7.17
2020 13.75 14.20 6.75
2019 21.20 21.03 14.92
2018 0.03 -2.12 -6.45
2017 17.54 13.29 11.52
2016 3.99 7.84 4.09
2015 0.34 1.25 -2.66
2014 5.39 10.23 1.98
2013 17.47 15.81 9.42
2012 12.60 10.72 9.62
2011 0.64 4.99 -4.68
2010 7.60 11.71 8.46
2009 24.78 16.65 21.57
2008 -17.34 -19.84 -24.60
2007 9.64 6.43 8.59
2006 10.03 10.28 12.36
2005 7.47 3.86 3.50
2004 7.53 7.91 9.20
2003 13.85 17.54 20.50
2002 -7.17 -7.89 -6.26
2001 -5.38 -2.65 -7.41
2000 -0.74 0.13 -3.70
1999 from 31/12/1999 0.00 0.00 0.00
From 31st July 2024, the Fund's benchmark, performance target and investment policy changed. Past performance shown before 31st July 2024 is shown for the Fund’s previous benchmark, performance target and investment policy.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs2,880 USD3,030 USD
Average return each year-71.17%-21.27%
UnfavourableWhat you might get back after costs8,160 USD10,990 USD
Average return each year-18.39%1.90%
ModerateWhat you might get back after costs10,850 USD14,790 USD
Average return each year8.46%8.14%
FavourableWhat you might get back after costs12,800 USD18,650 USD
Average return each year27.99%13.27%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 2.00%
Annual Charge 0.80%
Ongoing Charge
(As of 31/12/2024) 		0.85%
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 31/05/2025)
% of Fund
Microsoft Corp 5.64
NVIDIA Corp 5.31
United States Treasury Note/Bond, 4.00%, 05/31/2030 3.87
Amazon.com Inc 2.95
Alphabet Inc 2.66
Apple Inc 2.62
Mastercard Inc 2.58
Meta Platforms Inc 2.13
Broadcom Inc 1.77
American Express Co 1.59
TOTAL 31.12
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
Sector Allocation % of Fund % of Fund As of 31/05/2025
Market Capitalization Range of Equity Holdings % of Fund % of Fund As of 31/05/2025
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 31/05/2025
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 31/05/2025
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).
Regional Allocation % of Fund % of Fund As of 31/05/2025
Country/Geographic Exposures % of Fund % of Fund As of 31/05/2025

Documents

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  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • In addition to income, this share class may distribute realised and unrealised capital gains and original capital invested. Fees, charges and expenses are also deducted from capital. Both factors may result in capital erosion and reduced potential for capital growth. Investors should also note that distributions of this nature may be treated (and taxable) as income depending on local tax legislation.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is LLLXJE8JYBJFH10BV889.

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