Balanced Fund - Janus Henderson Investors

Overview

Quarterly Update

Watch the investment team recap this 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

YIELDS (%)

Distribution Yield At NAV (As of 06/30/2020)	1.72%
30-Day SEC Yield - With Waivers (As of 08/31/2020)	0.96%
30-Day SEC Yield - Without Waivers (As of 08/31/2020)	0.96%
Distribution Frequency	Quarterly

Fund Details

Inception Date	Sep 1, 1992
Total Net Assets (As of 08/31/2020)	$22.72B
Gross Annual Expense Ratio (As of fiscal year end 09/30/2019)	0.65%
Net Annual Expense Ratio (As of fiscal year end 09/30/2019)	0.65%

Morningstar Data

(As of 08/31/2020)

Overall Rating (Based on risk-adjusted returns)	630 Funds Rated View All Ratings
Category	Allocation-50% to 70% Equity
Morningstar Fee Level Group	Moderate Allocation Institutional (out of 155 funds)
View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH Fixed Income Style Box HIGH LIMITED HIGH MODERATE HIGH EXTENSIVE MEDIUM LIMITED MEDIUM MODERATE MEDIUM EXTENSIVE LOW LIMITED LOW MODERATE LOW EXTENSIVE

Important Morningstar Information

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Marc Pinto, CFA

Portfolio Manager

Industry since 1983. Joined Firm in 1994.

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 06/30/2020)

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	12.91	-0.08	8.50	10.50	8.87	9.91	9.74
S&P 500® Index	20.54	-3.08	7.51	10.73	10.73	13.99	9.66
Bloomberg Barclays U.S. Aggregate Bond Index	2.90	6.14	8.74	5.32	4.30	3.82	5.49
Balanced Index	12.43	1.46	8.66	8.67	8.10	9.57	8.07

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.

View Fees and Expenses

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 08/31/2020)

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	11.32	8.91	15.63	12.90	11.34	10.62	10.02
S&P 500® Index	15.48	9.74	21.94	14.52	14.46	15.16	10.08
Bloomberg Barclays U.S. Aggregate Bond Index	1.31	6.85	6.47	5.09	4.33	3.65	5.49
Balanced Index	8.98	9.07	15.43	10.62	10.11	10.11	8.30

View Fees and Expenses

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

	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Balanced Fund - Class I Shares	8.01	1.49	13.09	19.86	8.53	0.64	4.61	18.58	0.70	22.59
S&P 500® Index	15.06	2.11	16.00	32.39	13.69	1.38	11.96	21.83	-4.38	31.49

(As Of 06/30/2020)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	9	2	4	10	7
Allocation-50% to 70% Equity Category\|Rank/Count	54/685	11/665	17/626	56/516	12/183

(As Of 08/31/2020)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	12	3	4	10	7
Allocation-50% to 70% Equity Category\|Rank/Count	78/683	12/660	19/654	51/522	11/183

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

RISK / REWARD VS. S&P 500® Index	3YR	5YR
Information Ratio	-0.22	-0.51
Alpha	3.84	2.34
Tracking Error	7.38	6.14
Beta	0.59	0.61
R-squared (%)	96.89	95.59

UP/DOWN MARKET CAPTURE (%) VS. S&P 500® Index	3YR	5YR
Up Capture Ratio	63.88	64.09
Down Capture Ratio	52.49	55.46

STANDARD DEVIATION	3YR	5YR
Balanced Fund	10.53	9.18
S&P 500® Index	17.51	14.80

SHARPE RATIO	3YR	5YR
Balanced Fund	1.07	1.11
S&P 500® Index	0.73	0.90

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%

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 08/31/2020)

	% of Fund
Microsoft Corp	5.08
Apple Inc	3.77
Amazon.com Inc	3.32
Mastercard Inc	2.63
Alphabet Inc	2.52
Adobe Inc	2.14
Home Depot Inc	2.00
UnitedHealth Group Inc	1.93
Merck & Co Inc	1.49
Accenture PLC	1.46
Total	26.34
View full holdings

Portfolio Characteristics (As of 08/31/2020)


Number of Holdings Equity Issues	64
Number of Holdings Debt Issues	676
Market Capitalization Weighted Average	$538.19B
Portfolio Turnover Rate (1-year trailing)	85.63%
Price/Earnings Ratio (1-year forward)	33.35
Price/Book Ratio (1-year forward)	12.78
Earnings Growth Rate (1-year forward)	2.92%
Weighted Average Maturity (years)	8.69
Effective Duration (years)	6.40

Asset Allocation: Equity Fixed Income Cash & Equivalents
Sector Allocation	% OF FUND	% OF FUND	(As of 08/31/2020)

Equity 61.78

Information Technology	20.67
Consumer Discretionary	10.22
Health Care	9.50
Financials	5.66
Communication Services	5.00
Consumer Staples	4.67
Industrials	3.93
Real Estate	1.33
Materials	0.44
Utilities	0.36

Fixed Income 37.59

Credit-Investment Grade	19.16
MBS	6.97
Credit-High Yield	3.37
Treasuries	3.34
CMO	1.87
ABS	1.47
CMBS	1.26
Bank Loans	0.15

Regional Allocations	% OF FUND	% OF FUND	(As of August 31, 2020)

North America	97.77
Europe	1.38
Latin America	0.17
Japan	0.05
Cash & Equivalents	0.63

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS	% OF FUND	% OF FUND	(As of August 31, 2020)

Over $100B	44.61
$50B to $100B	10.30
$10B to $50B	6.43
$1B to $5B	0.30
N/A	0.14

Developed VS Emerging Markets	% OF FUND	% OF FUND	(As of August 31, 2020)

U.S.	97.61
Non-U.S. Developed	1.59
Non-U.S. Emerging	0.17
Cash & Equivalents	0.63

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS	% OF FUND	% OF FUND	(As of August 31, 2020)

< 1 yr	1.08
1 - 3 yrs	6.16
3 - 5 yrs	7.79
5 - 7 yrs	5.44
7 - 10 yrs	9.29
10 - 20 yrs	2.74
> 20 yrs	4.22
N/A	0.87

Credit Quality of Fixed Income Holdings	% OF FUND	% OF FUND	(As of August 31, 2020)

Aaa	12.15
Aa	0.41
A	5.49
Baa	15.13
Ba	2.51
B	1.53
NOT RATED	0.37

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

Document	View
Annual Report
Commentary: Janus Henderson Balanced Fund
Fact Sheet: Balanced Fund (Multi-Share)
Profile: Balanced Fund
Brochure: Balanced Fund
Prospectus
SAI
Semi-Annual Report
Summary Prospectus

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Overview

Quarterly Update

25+ YEAR HISTORY OF

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

Fund Highlights

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Marc Pinto, CFA

Greg Wilensky, CFA

Michael Keough

Performance

MORNINGSTAR PERCENTILE

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

Portfolio

Documents

Rising Political Risk Fuels Uncertainty

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Knowledge Shared

Explore our insights

Blog News Feed

About Janus Henderson Investors

Our people

Environmental, Social and Governance (ESG)

JBALX Balanced Fund

Overview

Quarterly Update

25+ YEAR HISTORY OF

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

Fund Highlights

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Marc Pinto, CFA

Greg Wilensky, CFA

Michael Keough

Performance

MORNINGSTAR PERCENTILE

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

Portfolio

Documents

Related Insights

Rising Political Risk Fuels Uncertainty

Investment Themes for the Economic Recovery

What Will It Take to Sustain the Budding Market Recovery?