JANBX Balanced Fund

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

NAV
$36.83
As of 12/06/2019

1-Day Change
$0.19 (0.52%)
As of 12/06/2019

YTD Return
20.49%
As of 12/06/2019

Morningstar Rating

As of 11/30/2019

Overview

Investment Team Update

December 3, 2019

Janus Henderson Investors is pleased to announce the appointment of industry veteran Greg Wilensky, CFA, as Head of U.S. Fixed Income. Greg will join the firm January 29, 2020. Greg comes to us from Alliance Bernstein (AB), where he served as the director and lead portfolio manager of AB’s US Multi-Sector Fixed Income team.

Greg’s appointment is part of Janus Henderson’s succession planning, as Darrell Watters, Head of U.S. Fundamental Fixed Income and Portfolio Manager of the Balanced Fund, will be retiring from the industry at the end of 2019. In addition, Mayur Saigal is stepping down as Portfolio Manager effective February 1, 2020. Both Darrell and Mayur will continue to work with the team, allowing for an orderly transition of oversight and responsibility for the funds they co-manage.

Greg and Michael Keough will join Marc Pinto, CFA and Jeremiah Buckley, CFA on the Balanced Fund. Marc and Jeremiah will continue as Portfolio Managers, with responsibility for the equity investments and shared responsibility around asset allocation decisions.

Hear more from Marc, Jeremiah and Michael regarding the Balanced Fund in this short video.

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
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Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions.

We call this ethos Knowledge. Shared.

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.

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 D 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 D Shares 3.04% 16.27% 7.95% 12.53% 8.53% 9.28% 9.79%
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 11/30/2019)
Balanced Fund - Class D 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 D Shares 4.23% 20.32% 14.74% 13.19% 8.49% 9.45% 9.86%
S&P 500® Index 7.86% 27.63% 16.11% 14.88% 10.98% 13.44% 9.88%
Bloomberg Barclays U.S. Aggregate Bond Index -0.28% 8.79% 10.79% 4.10% 3.08% 3.59% 5.39%
Balanced Index 4.14% 19.09% 14.16% 10.13% 7.57% 9.14% 8.13%
CALENDAR YEAR RETURNS (%)
Balanced Fund - Class D Shares S&P 500® Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Balanced Fund - Class D Shares 24.28 7.83 1.44 13.07 19.72 8.46 0.60 4.51 18.51 0.63
S&P 500® Index 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38
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 D SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.16%
Total Gross Expenses 0.71%
Waivers 0.00%
Total Net Expenses 0.71%

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 October 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 October 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 October 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 October 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 October 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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