(PUB) Morningstar FundInvestor
August 2 014
Morningstar FundInvestor
7
Data through July 31, 2014 Janus Balanced T
Ticker
Status Yield Total Assets
Mstar Category Moderate Allocation
JABAX Open
1.6% $11,852 mil
Morningstar Analyst Rating 07-21-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Above Avg Below Avg Above Avg
58% 55% 39% 58% 57% 55% 54% 51% 48%
„
Manager Change Partial Manager Change
Morningstar Pillars Process Performance
13.0 16.0 19.0 22.6
Growth of $10,000
¶ ∞ ∞ ∞ ∞
Positive Positive Positive Neutral Positive
Investment Values of Fund Investment Values of M* MdTgRk
People Parent Price
10.0
NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 07-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
19.94 13.74 -8.74 -15.40
21.25 8.71 -2.77 -5.36 2.06 6.65
22.48 7.75 0.71 -1.10 1.90 5.85
24.41 10.56 -2.39 -5.43
25.41
20.02
24.54 24.28 2.51 -3.27 1.58 22.70
25.08 7.75 -4.58 -7.17 2.26 5.49
24.48 1.31 0.72 3.24 2.07 -0.76
26.23 12.97 0.93 -1.36 2.47 10.50
29.98 19.59 5.28 -0.59 1.85 17.74
30.91 3.86 -0.46 -0.64 0.75 3.11
-15.22 10.15
1.52 1.21 2.54
6.97
15.43
2.09
1.91 8.65 0.43 0.00 0.81 1.85 63
2.34
11.65
-17.56 7.61
94
52
10
10
3
48
94
30
29
22
45
Pillar Spectrum Positive ∞
0.37 0.00 0.88 2.00
0.41 0.00 0.87 1.82
0.40 0.00 0.79 1.93
0.61 0.84 0.79 2.34
0.59 0.93 0.79 2.42 109
0.31 0.00 0.82 2.72 158
0.55 0.78 0.82 2.43
0.52 0.41 0.83 2.11
0.60 0.81 0.83 2.02
0.48 0.86 0.83 1.77
0.23 0.00
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 07-31-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total 7.75 1.31
47 . .
50
60
83
94
84
78
2010 2011 2012 2013 2014
3.41 -6.74
7.87 3.57
3,750
2,901
2,569
2,499
2,751
2,424
3,690
3,080
3,236
3,554
4,285
4,563
4.03 1.44 -11.05 7.93
9.39 -2.83 6.51 1.39 1.21 3.65
5.37 0.86 12.97 3.98 6.50 19.59 . . .
Rating and Risk Time Load-Adj
Portfolio Analysis 06-30-14 Total Stocks:55
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
P/E
YTD % Net
Period Return % Rtn vs Cat
Share change since 03-31-14
Sectors
Ratio Return % Assets 11.9 36.95 2.03 22.9 -11.06 1.87 21.4 0.86 1.78 15.9 8.86 1.70 21.2 -9.13 1.69 12.9 17.04 1.63 13.5 4.25 1.61 26.8 -1.27 1.58
1 Yr 3 Yr 5 Yr
12.18 10.78 10.78
Trailing
Total
+/- M* +/- Mstr
%Rank Growth of
LyondellBasell Industries
Basic Mat
Return% MdTgRk Md Ag Rk
Cat
$10,000
+Avg Avg High
Avg Avg Low
Boeing Co
Industrl
3 Mo 6 Mo 1 Yr
2.05 0.44 5.69 -0.18 12.18 1.71 10.78 1.91 10.78 0.24 8.66 1.12 6.52 0.08
0.13 -1.45 -0.77 0.21 -1.79 0.37 0.00
27 10,205 52 10,569 17 11,218 29 13,595 54 16,684 4 22,945 17 25,791
E I du Pont de Nemours &
Basic Mat
10 Yr Incept
8.66
Apple Inc
Technology 13.9 20.40 1.75
10.08
Blackstone Group LP CBS Corp Class B
Finan Svs Cnsmr Cyc Hlth care Finan Svs Cnsmr Cyc
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index Best Fit Index M* MdTgRk Mstr Lft Mod 2030
Aetna Inc
U.S. Bancorp
Alpha
1.3
2.0
Nike Inc Class B
Beta
1.06
0.78
Date of Maturity
Amount
Value % Net $000 Assets
R-Squared
95
96
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 9.47 27 1.18 69 9.58 55 1.09 77 7.55 4 1.02 52 Potential Capital Gain Exposure: 23% of assets Morningstar’s Take by Greg Carlson 07-21-14 Janus Balanced is dependably solid. This fund has found a winning formula. Marc Pinto and Gibson Smith, who manage the equity and fixed-income sleeves, respectively, meet regularly to discuss the opportunities (or lack thereof) in the stock and bond markets and how they re positioning their portfolios. The fund s stock/bond mix gradually evolves as a result of these discussions. Although the managers typically don t stray too far from the fund s neutral 60% stock/40% bonds weighting (it was 52/48 in mid-July 2014), they ll make bigger moves when they believe valuations warrant it. For example, the equity stake dropped to 39% in 2008, a main reason the fund held up better than 97% of its moderate-allocation peers in that year of big equity losses. The managers cooperation isn t limited to the allocation process. Smith will sometimes tilt the fixed-income sleeve in a more aggressive or conservative direction based on how Pinto is positioning the equity portfolio. Smith typically does
Total Fixed-Income:328 US Treasury Note 0.25%
$000
Standard Deviation
8.94
02-29-16 390,855 390,473 3.32 US Treasury Note 0.375% 05-31-16 301,347 301,076 2.56 US Treasury Note 1.375% 09-30-18 283,226 282,872 2.41 US Treasury Note 0.375% 03-31-16 271,699 271,752 2.31 US Treasury Note 2.75% 11-15-23 145,039 148,654 1.26 US Treasury Note 1.5% 08-31-18 84,828 85,272 0.73 US Treasury Note 1.375% 07-31-18 82,954 83,058 0.71 US Treasury Bond 3.75% 11-15-43 70,349 75,977 0.65 US Treasury Note 0.375% 01-31-16 75,424 75,533 0.64
Mean
10.78
Sharpe Ratio
1.19
this to counterweight risks that Pinto may or may not be taking. At times, such as the tail end of the bear market in early 2009, both will take on more risk--Pinto leaned toward beaten-down economically sensitive fare, while Smith bought depressed corporate credit. The fund didn t completely change its stripes from its conservative positioning in 2008, but it did keep up with its typical peer in 2009 s equity bounceback, gaining 24%. All told, the fund has beaten its typical peer in six of the eight full calendar years since Pinto and Smith took over in May 2005. From then through July 14, 2014, the fund has outpaced more than 90% of its peers on both a total-return and risk-adjusted basis and trounced the Morningstar Moderately Aggressive Index. The fund has generally kept pace with the category norm in rising markets while losing just three fourths as much when moderate-allocation funds decline. Given its consistency and veteran managers, as well as below-average fees, it s a fine long-term holding.
Equity Style
Fixed-Income Style Duration: Moderate Quality: Medium Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon 1
Style: Growth Size: Large-Cap Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs
4.7 Yrs 7.3 Yrs
Rel Category
17.36 3.16 1.80 8.14 2.51
1.20 1.65 1.48 1.19 1.05 1.05 9.90 1.94 4.46 0.17
BBB
3.35%
figure provided by fund as of 06-30-14 1
Sector Weightings
% of Stocks
Rel M* MdTgRk High
3 Year Low
% Rel Category
11.20 11.48
Cyclical 40.82 1.06 BasicMat 7.95 1.34 8 6 CnsmrCyc18.31 1.62 22 18 FinanSvs 13.66 0.79 15 14 Real Est 0.90 0.23 1 1 Sensitive 35.16 0.91 CommSrvs 2.68 0.68 6 2 Energy 6.21 0.67 10 6 Industrl 14.44 1.16 14 5 Technlgy 11.83 0.91 16 11 Defensive24.01 1.05 CnsmrDef 6.53 0.77 9 6 Hlthcare 17.48 1.71 17 12 Utilities 0.00 0.00 . .
h r t y u j i o p a k s d f
6.62 5.97 7.14
Market Cap % Giant 51.1 Large 42.6 Mid 6.0
Small Micro
0.3 0.0
Avg $mil:
62,814
Address:
Janus Investment Fund Denver, CO 80206 800-525-0020 www.janus.com
Minimum Purchase: Min Auto Inv Plan:
$2500
Add: $0 IRA: $0
Composition - Net
$0
Add: .
Cash 2.1 Stocks 47.8 Bonds 45.2 Other 4.8 Foreign 7.8
Sales Fees:
No-load
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.55%, 0.25%A
09-01-92
Actual Fees:
Mgt:0.55% Dist: .
Janus Capital Management LLC
Expense Projections: Income Distribution:
3Yr:$265 Quarterly
5Yr:$460 10Yr:$1025
None
(% of Stock)
Fidelity Retail-NTF, Schwab OneSource
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
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