Janus Aspen Flexible Bond Portfolio (JAFLX)

20+ Years of All-Weather, Credit-Driven Fixed Income Investing

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PORTFOLIO FACTS (JAFLX)

Inception Date9/13/1993
NAV (As of 2/5/16 )$11.80
Total Net Assets (As of 12/31/15)$658.74M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 0.59%
NET 0.57%

Performance (As of 12/31/15)
1 Year0.22%
3 Year1.65%
5 Year3.96%
10 Year5.79%
Morningstar (As of 1/31/16)
CategoryIntermediate-Term Bond
Overall Rating™
(Based on risk-adjusted returns)

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947 Funds Rated
Fixed Income
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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.

Returns greater than one year are annualized.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 5/1/16.

Quarterly Commentary - Q4 2015

EXECUTIVE SUMMARY

The Fund underperformed its benchmark in the fourth quarter.

Our investment-grade corporate credit holdings weighed on relative performance, while high-yield credit contributed.

We remain defensively positioned as we believe we are in the latter stages of a credit cycle and market liquidity is alarmingly low.

PORTFOLIO MANAGEMENT

Gibson Smith

Gibson Smith

Portfolio Manager since 2007
Industry since 1991

Darrell Watters

Darrell Watters

Portfolio Manager since 2007
Industry since 1986

Mayur Saigal

Mayur Saigal

Portfolio Manager since 2015
Industry since 2002

Micheal Keough

Michael Keough

Portfolio Manager since 2015
Industry since 2006