Janus Aspen Flexible Bond Portfolio (JAFLX)

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

SHARE CLASS

PORTFOLIO FACTS (JAFLX)

Inception Date9/13/1993
NAV (As of 7/31/15 )$11.88
Total Net Assets (As of 6/30/15)$584.76M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 0.59%
NET 0.57%

Performance (As of 6/30/15)
1 Year1.27%
3 Year2.85%
5 Year4.54%
10 Year5.84%
Morningstar (As of 6/30/15)
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 5/1/16.

Quarterly Commentary - Q2 2015

EXECUTIVE SUMMARY

The Fund outperformed its benchmark in the second quarter.

Outperformance was driven by security selection within investment-grade and high-yield corporate credit and yield curve positioning.

We remain defensively positioned with increased exposure to liquid, short-dated Treasurys and a credit allocation close to the lowest it’s been since the financial crisis.

We are mindful of numerous risks including liquidity, a credit cycle that is potentially peaking, global uncertainty and rate volatility.

PORTFOLIO MANAGEMENT

Gibson Smith

Gibson Smith

Portfolio Manager since 2007
Industry since 1991

Darrell Watters

Darrell Watters

Portfolio Manager since 2007
Industry since 1986