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
$36.58
As of 11/15/2019

1 Day Change
$0.17 (0.47%)
As of 11/15/2019

YTD Return
19.69%
As of 11/15/2019

Morningstar Rating

As of 10/31/2019

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 – 9/30/19)

 

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.

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.

Darrell Watters

Head of U.S. Fundamental Fixed Income | Portfolio Manager

Industry since 1986. Joined Firm in 1993.

Mayur Saigal

Portfolio Manager

Industry since 2002. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2019)
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 3.03% 16.32% 8.02% 12.61% 8.60% 9.36% 9.75%
S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 9.71%
Bloomberg Barclays U.S. Aggregate Bond Index 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 5.41%
Balanced Index 1.99% 15.26% 7.41% 8.80% 7.63% 9.11% 8.05%
RETURNS (%) (As of 10/31/2019)
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 2.36% 17.27% 13.50% 13.23% 8.42% 9.60% 9.75%
S&P 500® Index 2.43% 23.16% 14.33% 14.91% 10.78% 13.70% 9.77%
Bloomberg Barclays U.S. Aggregate Bond Index 2.35% 8.85% 11.51% 3.29% 3.24% 3.73% 5.41%
Balanced Index 2.43% 16.79% 13.51% 9.77% 7.54% 9.35% 8.08%
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 24.28 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 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 8 1 4 15 5
Allocation-50% to 70% Equity Category|Rank/Count 43/724 2/701 17/660 65/541 11/183
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 8 1 4 15 5
Allocation-50% to 70% Equity Category|Rank/Count 57/712 4/689 16/652 68/533 11/182
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. S&P 500® Index
3YR 5YR
Information Ratio -0.31 -0.46
Alpha 4.37 1.82
Tracking Error 5.41 5.13
Beta 0.58 0.60
R-squared (%) 94.18 93.75
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index
3YR 5YR
Up Capture Ratio 68.44 63.62
Down Capture Ratio 47.54 55.46
STANDARD DEVIATION 3YR 5YR
Balanced Fund 7.15 7.37
S&P 500® Index 12.07 11.92
SHARPE RATIO 3YR 5YR
Balanced Fund 1.63 1.01
S&P 500® Index 1.11 0.82
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.09%
Total Gross Expenses 0.64%
Waivers 0.00%
Total Net Expenses 0.64%

Portfolio

Index represents the S&P 500® Index.

(As of 10/31/2019)
% of Fund
Microsoft Corp 3.99
Mastercard Inc 2.98
Alphabet Inc 2.38
Apple Inc 2.27
Costco Wholesale Corp 2.03
US Bancorp 1.94
Boeing Co 1.93
Home Depot Inc 1.88
McDonald's Corp 1.86
UnitedHealth Group Inc 1.73
Total 22.99
View full holdings
Portfolio Characteristics (As of 10/31/2019)
 
Number of Holdings
Equity Issues
64
Number of Holdings
Debt Issues
539
Market Capitalization
Weighted Average
$256.52B
Portfolio Turnover Rate
(1-year trailing)
78.58%
Price/Earnings Ratio
(1-year forward)
21.44
Price/Book Ratio
(1-year forward)
6.48
Earnings Growth Rate
(1-year forward)
6.91%
Weighted Average Maturity
(years)
8.41
Effective Duration
(years)
5.68

Asset Allocation:
Equity Fixed Income Cash & Equivalents
Sector Allocation % OF FUND % OF FUND (As of 10/31/2019)
Information Technology 16.58
Financials 8.18
Consumer Discretionary 7.78
Health Care 7.60
Industrials 7.55
Consumer Staples 6.30
Communication Services 4.72
Real Estate 1.95
Materials 1.29
Energy 1.00
Credit-Investment Grade 13.96
MBS 9.47
Treasuries 7.89
Credit-High Yield 2.63
CMO 1.34
ABS 1.00
CMBS 0.23
Government Related 0.04
Regional Allocations % OF FUND % OF FUND (As of 10/31/2019)
North America 98.96
Europe 0.51
Latin America 0.04
Cash & Equivalents 0.49
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF FUND (As of 10/31/2019)
Over $100B 36.91
$50B to $100B 12.61
$10B to $50B 12.53
$1B to $5B 0.82
N/A 0.08
Developed VS Emerging Markets % OF FUND % OF FUND (As of 10/31/2019)
U.S. 98.06
Non-U.S. Developed 1.41
Non-U.S. Emerging 0.04
Cash & Equivalents 0.49
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of 10/31/2019)
< 1 yr 0.88
1 - 3 yrs 4.29
3 - 5 yrs 8.80
5 - 7 yrs 7.71
7 - 10 yrs 9.95
10 - 20 yrs 0.92
> 20 yrs 3.83
N/A 0.18
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of 10/31/2019)
Aaa 18.18
Aa 0.18
A 3.28
Baa 11.82
Ba 2.35
B 0.60
NOT RATED 0.15

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