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For Financial Professionals in the US

JBALX Balanced Fund

For 30 years, this dynamic allocation strategy has delivered our equity and fixed income expertise in a one-stop core solution.

NAV
$48.40
As of 11/20/2024

1-Day Change
$0.00 (0.00%)
 As of 11/20/2024

YTD Return
15.89%
As of 11/20/2024

Morningstar Rating

As of 10/31/2024

Overview

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in October 2024).

30 YEAR HISTORY OF

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

Fund Highlights

  • High-conviction large-cap growth equities paired with an active intermediate-term bond strategy
  • Dynamic asset allocation approach that migrates between 35%-70% equity depending on market conditions
  • Integrated research allows our equity and fixed income analysts to work side by side covering the same global sectors
Balance Scale

Equity allocation adapting to market changes

Balanced Fund equity allocation in relation to market volatility (12/31/97 – 9/30/24)

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 affiliated with Janus Henderson.

As of 9/30/24, Balanced Fund Class I Shares Morningstar Ratings™ in the Moderate Allocation category: 4 stars out of 682 funds, 4 stars out of 643 funds and 5 stars out of 491 funds, for the 3-, 5-, and 10-year periods, respectively.

Portfolio Management

Jeremiah Buckley, CFA
Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Greg Wilensky, CFA
Greg Wilensky, CFA

Head of U.S. Fixed Income | Head of Core Plus

Industry since 1993. Joined Firm in 2020.

Michael Keough
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 09/30/2024)
Balanced Fund - I Shares S&P 500® Index Bloomberg U.S. Aggregate Bond Index Balanced Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Balanced Fund - I Shares 4.46 15.31 26.23 6.11 9.44 9.02 9.76
S&P 500® Index 5.89 22.08 36.35 11.91 15.97 13.38 10.67
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 4.60
Balanced Index 5.61 14.21 25.05 6.05 9.05 8.34 8.21
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
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 10/31/2024)
Balanced Fund - I Shares S&P 500® Index Bloomberg U.S. Aggregate Bond Index Balanced Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Balanced Fund - I Shares 2.41 13.44 26.26 3.91 8.90 8.66 9.68
S&P 500® Index 3.66 20.97 38.02 9.08 15.26 13.00 10.61
Bloomberg U.S. Aggregate Bond Index 0.25 1.86 10.55 -2.20 -0.23 1.49 4.51
Balanced Index 2.29 12.45 25.47 4.19 8.43 7.98 8.13
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.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
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 - I Shares S&P 500® Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Balanced Fund - I Shares 15.43 -16.55 17.24 14.39 22.59 0.70 18.58 4.61 0.64 8.53
S&P 500® Index 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69
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.

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 15 23 20 8 6
Moderate Allocation | Rank/Count 90/728 144/692 115/669 31/587 11/178
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 19 32 20 8 6
Moderate Allocation | Rank / Count 131/729 208/694 112/673 36/591 11/179

Returns-Based Statistics (As of 10/31/2024 Class I Shares)

RISK / REWARD
VS. Balanced Index (60%S&P500/40%BBUSAgg)		 3YR 5YR
Information Ratio -0.18 0.23
Alpha -0.25 0.21
Tracking Error 1.51 1.89
Beta 1.01 1.05
R-squared (%) 98.53 97.89
UP/DOWN MARKET CAPTURE (%)
Balanced Index (60%S&P500/40%BBUSAgg)		 3YR 5YR
Up Capture Ratio 100.71 108.31
Down Capture Ratio 102.02 106.46
STANDARD DEVIATION 3YR 5YR
Balanced Fund 12.45 12.47
Balanced Index (60%S&P500/40%BBUSAgg) 12.22 11.76
SHARPE RATIO 3YR 5YR
Balanced Fund 0.01 0.51
Balanced Index (60%S&P500/40%BBUSAgg) 0.03 0.50
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.55%
Other Expenses 0.11%
Total Gross Expenses 0.66%
Waivers 0.00%
Total Net Expenses 0.66%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 10/31/2024)
% of Fund
Microsoft Corp 5.56
NVIDIA Corp 5.49
Apple Inc 3.69
Alphabet Inc 2.85
Amazon.com Inc 2.52
Meta Platforms Inc 2.34
Mastercard Inc 2.24
UnitedHealth Group Inc 1.80
Progressive Corp 1.59
American Express Co 1.51
TOTAL 29.59
View full holdings
Portfolio Characteristics (As of 10/31/2024)
 
Number of Holdings
Equity Issues		 74
Number of Holdings
Debt Issues		 699
Market Capitalization
Weighted Average		 $1,100.79B
Portfolio Turnover Rate
(1-year trailing)		 71.47%
Price/Earnings Ratio
(1-year forward)		 23.78
Price/Book Ratio
 7.25
Earnings Growth Rate
(1-year forward)		 17.97%
Weighted Average Maturity
(years)		 5.59
Effective Duration
(years)		 6.47
Yield to Worst
 5.36%
Asset Allocation:
Equity Fixed Income Cash & Equivalents
Sector Allocation % of Fund % of Fund As of 10/31/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of 10/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Fund As of 10/31/2024
Developed vs Emerging Markets % of Fund % of Fund As of 10/31/2024
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 10/31/2024
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).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 10/31/2024

Documents

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