JBALX Balanced Fund

For 25 years, this dynamic allocation strategy has delivered our equity and fixed income expertise in a one-stop core solution

NAV
$38.40
As of 02/20/2020

1-Day Change
-$0.07 (-0.18%)
As of 02/20/2020

YTD Return
4.18%
As of 02/20/2020

Morningstar Rating

As of 01/31/2020

Morningstar Analyst Rating
Morningstar Analyst Rating				 Bronze
As of 01/31/2020

Overview

25+ YEAR HISTORY OF

Providing S&P 500®-Like Returns with Significantly Less Volatility

Fund Highlights

  • Large-cap growth equities paired with an actively managed intermediate-term bond strategy
  • Dynamic asset allocation approach that migrates between 35%-65% equity depending on market conditions
  • Integrated research allows our equity and fixed income analysts to work side by side covering the same global sectors
Fund Highlights

Equity Allocation Adapting to Market Changes

Balanced Fund Equity Allocation in Relation to Market Volatility (12/31/97 – 12/31/19)

Cboe Volatility Index® or VIX® Index® shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500® index options and is a widely used measure of market risk. The VIX Index volatility methodology is the property of Chicago Board of Options Exchange, which is not affiliated with Janus Henderson.

3Q19 Positioning Update

PORTFOLIO MANAGEMENT

Marc Pinto, CFA

Portfolio Manager

Industry since 1983. Joined Firm in 1994.

Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Performance

RETURNS (%) (As of 12/31/2019)
Balanced Fund - Class I Shares S&P 500® Index Bloomberg Barclays U.S. Aggregate Bond Index Balanced Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Balanced Fund - Class I Shares 5.39 22.59 22.59 13.55 9.04 9.53 9.93
S&P 500® Index 9.07 31.49 31.49 15.27 11.70 13.56 9.97
Bloomberg Barclays U.S. Aggregate Bond Index 0.18 8.72 8.72 4.03 3.05 3.75 5.37
Balanced Index 5.01 21.03 21.03 10.30 7.94 9.28 8.17
RETURNS (%) (As of 01/31/2020)
Balanced Fund - Class I Shares S&P 500® Index Bloomberg Barclays U.S. Aggregate Bond Index Balanced Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Balanced Fund - Class I Shares 5.70 1.11 18.74 13.06 9.46 9.88 9.95
S&P 500® Index 6.72 -0.04 21.68 14.54 12.37 13.97 9.93
Bloomberg Barclays U.S. Aggregate Bond Index 1.80 1.92 9.64 4.62 3.01 3.79 5.42
Balanced Index 4.51 0.84 16.37 10.20 8.28 9.52 8.17
CALENDAR YEAR RETURNS (%)
Balanced Fund - Class I Shares S&P 500® Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Balanced Fund - Class I Shares 24.36 8.01 1.49 13.09 19.86 8.53 0.64 4.61 18.58 0.70
S&P 500® Index 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38

MORNINGSTAR PERCENTILE

(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 11 1 4 14 8
Allocation-50% to 70% Equity Category|Rank/Count 71/705 5/683 16/648 64/535 12/182
(As Of 01/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 4 3 4 12 8
Allocation-50% to 70% Equity Category|Rank/Count 18/694 10/673 16/638 57/525 12/182
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 01/31/2020 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio -0.27 -0.57
Alpha 4.45 1.89
Tracking Error 5.46 5.08
Beta 0.57 0.60
R-squared (%) 94.43 93.66
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 67.18 63.47
Down Capture Ratio 43.91 54.40
STANDARD DEVIATION 3YR 5YR
Balanced Fund 7.13 7.36
S&P 500® Index 12.12 11.85
SHARPE RATIO 3YR 5YR
Balanced Fund 1.59 1.14
S&P 500® Index 1.06 0.95
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 0.65%
Waivers 0.00%
Total Net Expenses 0.65%

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 01/31/2020)
% of Fund
Microsoft Corp 4.36
Mastercard Inc 3.13
Apple Inc 2.60
Alphabet Inc 2.49
McDonald's Corp 1.86
United States Treasury Note/Bond, 2.25%, 08/15/49 1.75
UnitedHealth Group Inc 1.72
Home Depot Inc 1.67
United States Treasury Note/Bond, 1.75%, 07/31/24 1.62
Adobe Inc 1.55
Total 22.75
View full holdings
Portfolio Characteristics (As of 01/31/2020)
 
Number of Holdings
Equity Issues
64
Number of Holdings
Debt Issues
580
Market Capitalization
Weighted Average
$325.01B
Portfolio Turnover Rate
(1-year trailing)
80.18%
Price/Earnings Ratio
(1-year forward)
23.19
Price/Book Ratio
(1-year forward)
7.61
Earnings Growth Rate
(1-year forward)
9.52%
Weighted Average Maturity
(years)
9.55
Effective Duration
(years)
6.13

Asset Allocation:
Equity Fixed Income Cash & Equivalents
Sector Allocation % OF FUND % OF FUND (As of 01/31/2020)
Information Technology 17.59
Consumer Discretionary 8.04
Health Care 7.57
Financials 7.31
Industrials 6.04
Consumer Staples 5.82
Communication Services 4.71
Real Estate 1.98
Materials 1.04
Energy 0.96
Credit-Investment Grade 13.87
MBS 11.56
Treasuries 7.48
Credit-High Yield 2.19
CMO 1.51
ABS 1.13
CMBS 0.92
Government Related 0.04
Regional Allocations % OF FUND % OF FUND (As of 01/31/2020)
North America 98.54
Europe 0.99
Latin America 0.23
Cash & Equivalents 0.24
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF FUND (As of 01/31/2020)
Over $100B 39.45
$50B to $100B 8.57
$10B to $50B 12.27
$1B to $5B 0.71
N/A 0.06
Developed VS Emerging Markets % OF FUND % OF FUND (As of 01/31/2020)
U.S. 97.75
Non-U.S. Developed 1.78
Non-U.S. Emerging 0.23
Cash & Equivalents 0.24
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of 01/31/2020)
< 1 yr 0.64
1 - 3 yrs 5.39
3 - 5 yrs 9.96
5 - 7 yrs 6.86
7 - 10 yrs 9.33
10 - 20 yrs 1.09
> 20 yrs 5.00
N/A 0.43
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of 01/31/2020)
Aaa 20.21
Aa 0.14
A 3.09
Baa 12.35
Ba 2.16
B 0.67
NOT RATED 0.08

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