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 4/28/16)$11.96
Total Net Assets (As of 3/31/16)$715.83M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 0.59%
NET 0.57%

Performance (As of 3/31/16)
1 Year0.52%
3 Year2.23%
5 Year4.15%
10 Year6.08%
Morningstar (As of 3/31/16)
CategoryIntermediate-Term Bond
Overall Rating™
(Based on risk-adjusted returns)

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951 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 - Q1 2016

EXECUTIVE SUMMARY

The Fund underperformed its benchmark in the first quarter.

Positioning in corporate credit and structured products weighed on relative performance, while Treasury positioning contributed.

As we appear to be in the later stages of the economic and credit cycles, we expect volatility to remain elevated. We maintain our defensive posture in the face of global market uncertainties and weak corporate credit 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