For Institutional Investors in the US

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
$41.33
As of 01/26/2021

1-Day Change
-$0.06 (-0.14%)
As of 01/26/2021

YTD Return
0.68%
As of 01/26/2021

Morningstar Rating

As of 12/31/2020

View Institutional Strategy

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Overview

Quarterly Update

Watch the investment team recap the quarter.

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 – 12/31/20)

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 affi liated with Janus Henderson.

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Marc Pinto, CFA

Marc Pinto, CFA

Portfolio Manager

Industry since 1983. Joined Firm in 1994.

Greg Wilensky, CFA

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 12/31/2020)
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 7.13 14.39 14.39 12.19 11.87 10.16 10.09
S&P 500® Index 12.15 18.40 18.40 14.18 15.22 13.88 9.90
Bloomberg Barclays U.S. Aggregate Bond Index 0.67 7.51 7.51 5.34 4.44 3.84 5.47
Balanced Index 6.97 14.20 14.20 10.60 10.57 9.52 8.19
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.
RETURNS (%) (As of 12/31/2020)
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 7.13 14.39 14.39 12.19 11.87 10.16 10.09
S&P 500® Index 12.15 18.40 18.40 14.18 15.22 13.88 10.14
Bloomberg Barclays U.S. Aggregate Bond Index 0.67 7.51 7.51 5.34 4.44 3.84 5.45
Balanced Index 6.97 14.20 14.20 10.60 10.57 9.52 8.32
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.
CALENDAR YEAR RETURNS (%)
Balanced Fund - Class I Shares S&P 500® Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Balanced Fund - Class I Shares 1.49 13.09 19.86 8.53 0.64 4.61 18.58 0.70 22.59 14.39
S&P 500® Index 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40

MORNINGSTAR PERCENTILE

(As Of 12/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 32 7 8 7 9
Allocation-50% to 70% Equity Category|Rank/Count 212/689 35/667 39/647 36/525 13/188
(As Of 12/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 32 7 8 7 9
Allocation-50% to 70% Equity Category|Rank/Count 212/689 35/667 39/647 36/525 13/188

RETURNS-BASED STATISTICS (As of 12/31/2020 Class I Shares)

RISK / REWARD
VS. S&P 500® Index		 3YR 5YR
Information Ratio -0.25 -0.53
Alpha 3.25 2.37
Tracking Error 7.82 6.30
Beta 0.60 0.61
R-squared (%) 97.11 95.74
UP/DOWN MARKET CAPTURE (%)
VS. S&P 500® Index		 3YR 5YR
Up Capture Ratio 62.15 64.01
Down Capture Ratio 54.43 55.87
STANDARD DEVIATION 3YR 5YR
Balanced Fund 11.38 9.48
S&P 500® Index 18.79 15.26
SHARPE RATIO 3YR 5YR
Balanced Fund 0.93 1.13
S&P 500® Index 0.67 0.92
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.55%
Other Expenses 0.10%
Total Gross Expenses 0.65%
Waivers 0.00%
Total Net Expenses 0.65%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through at least 1/27/21.

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 12/31/2020)
% of Fund
Microsoft Corp 4.74
Apple Inc 3.68
Amazon.com Inc 3.09
Alphabet Inc 2.64
Mastercard Inc 2.48
UnitedHealth Group Inc 2.05
Adobe Inc 1.98
Home Depot Inc 1.72
Accenture PLC 1.51
Comcast Corp 1.46
Total 25.35
View Full Holdings
Portfolio Characteristics (As of 12/31/2020)
 
Number of Holdings
Equity Issues		 67
Number of Holdings
Debt Issues		 568
Market Capitalization
Weighted Average		 $522.02B
Portfolio Turnover Rate
(1-year trailing)		 73.44%
Price/Earnings Ratio
(1-year forward)		 34.14
Price/Book Ratio
(1-year forward)		 10.92
Earnings Growth Rate
(1-year forward)		 12.10%
Weighted Average Maturity
(years)		 8.42
Effective Duration
(years)		 6.31
Asset Allocation:
Equity Fixed Income Cash & Equivalents
Sector Allocation % OF FUND % OF FUND (As of 12/31/2020)
Information Technology 20.44
Consumer Discretionary 10.38
Health Care 10.09
Financials 6.15
Communication Services 5.83
Industrials 4.46
Consumer Staples 4.16
Real Estate 0.75
Materials 0.46
Credit-Investment Grade 14.03
Credit-High Yield 5.71
MBS 5.25
Treasuries 4.94
CMO 1.91
CMBS 1.75
ABS 1.65
Inflation Linked 1.14
Bank Loans 0.14
Regional Allocations % OF FUND % OF FUND (As of December 31, 2020)
North America 97.41
Europe 1.62
Asia/Pacific Ex Japan 0.11
Latin America 0.10
Cash & Equivalents 0.76
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF FUND (As of December 31, 2020)
Over $100B 46.13
$50B to $100B 11.25
$10B to $50B 5.09
N/A 0.25
Developed VS Emerging Markets % OF FUND % OF FUND (As of December 31, 2020)
U.S. 97.12
Non-U.S. Developed 2.02
Non-U.S. Emerging 0.10
Cash & Equivalents 0.76
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of December 31, 2020)
< 1 yr 1.42
1 - 3 yrs 5.05
3 - 5 yrs 8.38
5 - 7 yrs 3.92
7 - 10 yrs 9.53
10 - 20 yrs 3.21
> 20 yrs 3.64
N/A 1.37
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of December 31, 2020)
Aaa 13.19
Aa 0.32
A 3.74
Baa 12.04
Ba 4.96
B 1.74
NOT RATED 0.53
Credit quality ratings 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).

Documents

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