For 30 years, this dynamic allocation strategy has delivered our equity and fixed income expertise in a one-stop core solution.
NAV
$49.99
As of
10/15/2026
1-Day Change
$0.21 (0.42%)
As of
10/15/2026
YTD Return
4.88%
As of 10/15/2026
Morningstar Medalist Rating ™
| Distribution Yield at NAV 12-Month (As of 09/30/2026) | 1.82% |
|
30-Day SEC Yield - With Waivers (As of 09/30/2026) |
1.85% |
|
30-Day SEC Yield - Without Waivers (As of 09/30/2026) |
1.85% |
| Inception Date | Sep 1, 1992 |
| Total Net Assets (As of 09/30/2026) | $27.08B |
| Gross Annual Expense Ratio (As of most recent prospectus) | 0.67% |
| Net Annual Expense Ratio (As of most recent prospectus) | 0.67% |
|
Overall Rating
(Based on risk-adjusted returns) |
472 Funds Rated View All Ratings |
|
Category
|
US Fund Moderate Allocation |
| Morningstar Fee Level Group |
Moderate Allocation Institutional (out of 221 funds) |
|
Morningstar Medalist Rating™
As of 07/22/2026
|
Analyst-Driven %: 100
Data Coverage %: 100 |
|
Equity Style Box
|
|
| Fund or index | 3M | YTD | 1YR | 3YR | 5YR | 10YR |
Since Inception (09/01/1992) |
|---|---|---|---|---|---|---|---|
| Balanced Fund - I Shares | -0.30 | 3.65 | 5.38 | 14.62 | 7.35 | 10.34 | 9.73 |
| Fund or index | 3M | YTD | 1YR | 3YR | 5YR | 10YR |
Since Inception (09/01/1992) |
|---|---|---|---|---|---|---|---|
| Balanced Fund - I Shares | -0.30 | 3.65 | 5.38 | 14.62 | 7.35 | 10.34 | 9.73 |
| Fund or index | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balanced Fund - I Shares | 15.01 | 15.40 | 15.43 | -16.55 | 17.24 | 14.39 | 22.59 | 0.70 | 18.58 | 4.61 |
| (As of 09/30/2026) | 1 YR | 3 YR | 5 YR | 10 YR | SINCE INCEPTION |
|---|---|---|---|---|---|
| Percentile Ranking | 78 | 30 | 33 | 8 | 7 |
| US Fund Moderate Allocation | Rank/Count | 396/482 | 161/472 | 169/455 | 29/423 | 12/173 |
| (As of 09/30/2026) | 1 YR | 3 YR | 5 YR | 10 YR | SINCE INCEPTION |
|---|---|---|---|---|---|
| Percentile Ranking | 78 | 30 | 33 | 8 | 7 |
| US Fund Moderate Allocation | Rank / Count | 396/482 | 161/472 | 169/455 | 29/423 | 12/173 |
| RISK / REWARD VS. Balanced Index (60%S&P500/40%BBUSAgg) |
3YR | 5YR |
|---|---|---|
| Information Ratio | -0.08 | -0.20 |
| Alpha | -0.44 | -0.43 |
| Tracking Error | 1.98 | 1.77 |
| Beta | 1.04 | 1.03 |
| R-squared (%) | 95.80 | 97.63 |
| UP/DOWN MARKET CAPTURE (%) Balanced Index (60%S&P500/40%BBUSAgg) |
3YR | 5YR |
|---|---|---|
| Up Capture Ratio | 99.26 | 100.00 |
| Down Capture Ratio | 100.34 | 102.51 |
| STANDARD DEVIATION | 3YR | 5YR |
|---|---|---|
| Balanced Fund | 9.60 | 11.38 |
| Balanced Index (60%S&P500/40%BBUSAgg) | 9.05 | 10.90 |
| SHARPE RATIO | 3YR | 5YR |
|---|---|---|
| Balanced Fund | 0.90 | 0.26 |
| Balanced Index (60%S&P500/40%BBUSAgg) | 0.97 | 0.31 |
| CLASS I SHARES | |
|---|---|
| Management Fees | 0.55% |
| Other Expenses | 0.12% |
| Total Gross Expenses | 0.67% |
| Waivers | 0.00% |
| Total Net Expenses | 0.67% |
Index represents the S&P 500® Index.
| Number of Holdings Equity Issues |
69 |
| Number of Holdings Debt Issues |
691 |
| Market Capitalization Weighted Average |
$1,624.81B |
| Portfolio Turnover Rate (1-year trailing) |
92.45% |
| Price/Earnings Ratio (1-year forward) |
19.24 |
| Price/Book Ratio |
6.38 |
| Earnings Growth Rate (1-year forward) |
24.73% |
| Weighted Average Maturity (years) |
2.44 |
| Effective Duration (years) |
5.96 |
| Yield to Worst |
6.51% |
| Sector Allocation | % of Fund | % of Fund | As of 09/30/2026 |
| Regional Allocation | % of Fund | % of Fund | As of 09/30/2026 |
| Market Capitalization Range of Equity Holdings | % of Fund | % of Fund | As of 09/30/2026 |
| Developed vs Emerging Markets | % of Fund | % of Fund | As of 09/30/2026 |
| Credit Quality of Fixed Income Holdings | % of Fund | % of Fund | As of 09/30/2026 |
| Maturity Breakdown of Fixed Income Holdings | % of Fund | % of Fund | As of 09/30/2026 |
Differentiated insights are central to our investment approach.
Unlike a static 60/40 portfolio, the Fund can adjust its equity allocation between 35% and 70% based on market conditions. Both the equity and fixed income portions are actively managed, giving the investment team flexibility to adjust asset allocation while also seeking opportunities through individual security selection.
The Fund uses a dynamic asset allocation approach that allows equity exposure to range from 35% to 70% depending on market conditions. This flexibility enables the investment team to adjust the balance between equities and fixed income as opportunities and risks change.
The Fund’s portfolio managers continually compare the potential risk-adjusted return opportunities available in equities and fixed income. Capital is allocated toward the opportunities believed to offer the most attractive balance of risk and return, helping shape both security selection and overall portfolio positioning.
The Fund benefits from collaboration across Janus Henderson’s equity and fixed income research platforms. Portfolio managers regularly evaluate opportunities and risks across both asset classes, allowing insights from fundamental research to inform security selection and asset allocation decisions throughout the portfolio.
The Fund combines dynamic asset allocation with actively managed equity and fixed income portfolios. Its investment process seeks to provide long-term capital growth while preserving capital and generating current income, with the flexibility to position more defensively as market risks change.
Diversification does not guarantee that one asset class will rise when another falls. The Fund’s approach does not rely solely on the relationship between stocks and bonds. It also uses dynamic asset allocation and active security selection within both the equity and fixed income portions of the portfolio.
The fixed income portion is actively managed and invests across areas including corporate and securitized credit. The team uses fundamental research and a disciplined framework to identify opportunities and allocate risk within fixed income, making it an active source of investment decisions rather than simply a counterbalance to equities.
The Fund is designed as a one-stop core solution combining equities and fixed income in a single portfolio. Its dynamic allocation approach may make it useful for investors seeking diversified exposure with the flexibility to adjust the balance between growth and fixed income as market conditions change.
The Fund combines growth-oriented equities with income-producing fixed income investments while dynamically adjusting its asset allocation. This combination may make it suitable as a core allocation for investors seeking long-term capital growth, preservation of capital, and current income as part of a diversified retirement portfolio.
