Janus Diversified Alternatives Fund (JDATX)
Diversified Liquid Alternative Fund Seeking Absolute Returns

SHARE CLASS

FUND FACTS (JDATX)

Inception Date12/28/2012
NAV (As of 3/27/15 )$10.11
Total Net Assets (As of 2/28/15)$66.78M
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 1.51%
NET 1.50%

Performance (As of 12/31/14)
1 Year2.72%
Since Inception0.84%
Morningstar (As of 2/28/15)
CategoryMultialternative

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. For the most recent month-end performance click here.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/15.

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

A strengthening U.S. economy amid weakening foreign economies created market conditions that drove U.S. stock prices higher and Treasury rates lower.

Our currency momentum strategy contributed the most to quarterly performance amid a sustained rally in the U.S. dollar.

Market volatility appears to be creeping upward. Our approach is to evenly distribute risk across our fund using our risk premia strategies.

FUND MANAGEMENT

Andrew B. Weisman

Fund Manager since 2012
Industry since 1988

John Fujiwara

Fund Manager since 2012
Industry since 1987

Richard Lindsey, Ph.D.

Fund Manager since 2014
Industry since 1991