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 4/1/15 )$12.23
Total Net Assets (As of 2/28/15)$540.84M
Annual Expense Ratio
(As of fiscal year end 12/31/13)
GROSS 0.56%
NET 0.56%

Performance (As of 3/31/15)
1 Year4.82%
3 Year4.20%
5 Year5.41%
10 Year6.26%
Morningstar (As of 2/28/15)
CategoryIntermediate-Term Bond
Fixed Income
Style Box

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 5/1/15.

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

U.S. growth is on a solid foundation, but deteriorating growth abroad and plunging crude oil prices have captured the attention of the fixed income market.

Performance was driven partly by our overweight in corporate credit, specifically an overweight in the energy sector.

Going forward, we have assumed a more defensive positioning, reducing our credit holdings, including our energy exposure, and raising our Treasury weighting.

Tame inflation, global growth concerns and stepped up Treasury purchases by foreign investors could contain longend yields for now.

PORTFOLIO MANAGEMENT

Gibson Smith

Portfolio Manager since 2007
Industry since 1991

Darrell Watters

Portfolio Manager since 2007
Industry since 1986