Janus Aspen Flexible Bond Portfolio

Data as of 3/31/2014 unless otherwise noted

Portfolio Overview

All-weather bond portfolio with a credit focus
  • Employs a bottom-up fundamentally-driven investment process that focuses on credit-oriented investments
  • Fundamental credit research is used to build a mosaic of information in an effort to identify macro trends and inform allocations across fixed income sectors
  • Credit research emphasizes free cash flow generation, quality of management and security valuation


Inception: Sep 13, 1993
1 Year
3 Year
5 Year
10 Year
Since Portfolio Inception
Service Shares
1.17% 4.89% 7.02% 5.53% 6.84%
Barclays U.S. Aggregate Bond TR -0.10% 3.75% 4.80% 4.46% 5.65%

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.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 5/1/14.

Returns greater than one year are annualized.

Morningstar Style Box™ (As of 3/31/2014)

Fixed Income Style

Medium Moderate

Portfolio Analysis

Top Holdings

% of Portfolio

View All Holdings (PDF)

U.S. Treasury Notes/Bonds, 0.25%, 02/29/2016 6.26%
U.S. Treasury Notes/Bonds, 0.38%, 01/31/2016 3.69%
U.S. Treasury Notes/Bonds, 2.75%, 11/15/2023 2.28%
U.S. Treasury Notes/Bonds, 3.63%, 02/15/2044 2.03%
U.S. Treasury Notes/Bonds, 1.50%, 08/31/2018 1.58%
Fannie Mae, 4.50%, 09/01/2042 1.20%
Fannie Mae, 4.50%, 02/01/2043 1.16%
U.S. Treasury Notes/Bonds, 0.88%, 01/31/2017 1.09%
U.S. Treasury Notes/Bonds, 1.38%, 07/31/2018 1.08%
Chesapeake Energy Corp., 5.38%, 06/15/2021 1.01%
TOTAL 21.38%

Sector Allocation

Equity Other
US Industrials
US Treasury
US Finance
Non-US Industrials
US Utilities
Non-US Finance
Non-US Governments/Agencies
Cash & Equivalents

Quality Breakdown

% Of Fund
Equity 2.03%
AA 43.84%
A 6.44%
BBB 28.37%
BB 15.33%
B 1.01%
CCC 0.35%
Cash & Equivalents 0.20%

Bond ratings provided by Standard & Poor's. Not rated securities are not rated by S&P but may be rated by other rating agencies.

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Gibson Smith | Darrell Watters

Gibson Smith

Joined Janus 2001
Tenure on fund: Since 2007

"We have an integrated research model between fixed income and equity at Janus that is very powerful.  We believe this integration allows us to analyze a business in its entirety and to make better informed decisions."

Read More about Gibson Smith

Darrell Watters

Joined Janus 1993
Tenure on fund: Since 2007

"We have a bias toward credit investing or individual company investing because we believe we can get a competitive advantage from our in-depth fundamental credit research. Our process is enhanced by our integrated fixed income-equity research model, which allows us to analyze a business in its entirety and to make better informed decisions."

Read More about Darrell Watters

Analysis Tools powered by Morningstar™


Overall Morningstar Rating™ (As of 3/31/2014)

4 of 5 stars

of 942

Intermediate-Term Bond Funds

View detailed Morningstar ratings

Ratings are based on risk-adjusted returns. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.

As of 3/31/2014

Portfolio Facts 

CUSIP 471021683
Inception 09/13/1993
Total Net Assets (as of 03/31/2014) $ 464.3M
Total Number of Equity Issues 7
Total Number of Debt Issues 329
Portfolio Turnover Rate 132.88%
Annual Expense Ratios (as of fiscal year-end 12/31/2012)
Gross 0.82%
Net 0.80%
Alpha (3-Year-Fund) 1.85
Beta (3-Year-Fund) 0.87
R-Squared (3-Year-Fund) 76.68%
Sharpe Ratio (3-Year - Fund) 1.80
Sharpe Ratio (3-Year - Barclays U.S. Aggregate Bond TR) 1.30
Standard Deviation (3-Year - Fund) 2.83
Standard Deviation (3-Year - Barclays U.S. Aggregate Bond TR) 2.84

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus, or if available, a summary prospectus containing this and other information. Read it carefully before you invest or send money.

Returns include reinvestment of dividends and capital gains.

High-yield/high-risk bonds, also known as "junk" bonds, involve a greater risk of default and price volatility than U.S. Government and other high quality bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.

Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a performance calculation methodology that differs from that used by Janus. Differences in the methodologies may lead to variances in calculating total performance returns, in some cases this variance may be significant, thereby potentially affecting the rating/ranking of the Fund[s]. The rating/rankings are displayed for informational purposes only and should not be relied upon when making investment decisions.

Returns shown for Service Shares for periods prior to 12/31/99 are derived from the historical performance of the Institutional Shares, adjusted to reflect the higher operating expenses of Service Shares.

A portfolio’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries. Additional risks to a portfolio(s) may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales and companies with relatively small market capitalizations. Each Portfolio has different risks. Please see a Janus prospectus or janus.com/info for more information about risks, portfolio holdings and other details.

The Portfolio will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

Portfolios that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the portfolio. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bonds funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the portfolio and selling of bonds within the portfolio by the portfolio manager(s).

Holdings are subject to change without notice.

Returns shown do not represent actual returns since they do not include insurance charges. Returns shown would have been lower had they included insurance charges.

©2014 Morningstar, Inc. All Rights Reserved.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Morningstar Rating™ may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor Fund.

Ratings and Rankings are for the share class shown only; other classes may have different performance characteristics.

The Morningstar Style BoxTM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

A Fund's portfolio may differ significantly from the securities held in the index. The index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.

Janus Aspen Series is sold only through life insurance companies in connection with certain variable annuity contracts, variable annuity life policies, and eligible retirement plans. The trust consists of separate mutual funds, each with its own investment goal and strategy.Consider the investment objectives, risks, and charges and expenses carefully. For product and underlying funds prospectuses containing this and other information for any variable annuity or variable life product that invests in Janus Aspen Series, contact the offering insurance company.

Portfolios distributed by Janus Distributors LLC

Janus International Holding LLC © 2001-2014. All rights reserved.