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 7/27/16)$12.07
Total Net Assets (As of 6/30/16)$749.98M
Annual Expense Ratio
(As of fiscal year end 12/31/15)
GROSS 0.62%
NET 0.62%

Performance (As of 6/30/16)
1 Year4.16%
3 Year3.71%
5 Year4.21%
10 Year6.34%
Morningstar (As of 6/30/16)
CategoryIntermediate-Term Bond
Overall Rating™
(Based on risk-adjusted returns)

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953 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 5/1/17.

Quarterly Commentary - Q2 2016

EXECUTIVE SUMMARY

The Fund performed in line with its benchmark.

Positioning in Treasurys and MBS aided relative results, as did security selection in investment-grade corporate credit. Cash and out-of-index bank loans were relative detractors.

We continue to contend with frail global growth prospects and weak credit fundamentals. Our defensive posture reflects our view that markets can go only so far on accommodative monetary policy and little in the way of accelerated fundamentals.

PORTFOLIO MANAGEMENT

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