Janus Aspen Global Allocation Portfolio - Moderate (JMAPX)

Disciplined Global Allocation Seeking Risk-Adjusted Growth

SHARE CLASS

PORTFOLIO FACTS (JMAPX)

Inception Date8/31/2011
NAV (As of 5/26/15 )$12.46
Total Net Assets (As of 4/30/15)$12.09M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 1.80%
NET 1.02%

Performance (As of 3/31/15)
1 Year4.32%
3 Year8.00%
Since Inception9.81%
Morningstar (As of 4/30/15)
CategoryWorld Allocation
Equity
Style Box
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.

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

Quarterly Commentary - Q1 2015

EXECUTIVE SUMMARY

The Fund’s equity sleeve outperformed the S&P 500 partly due to stock selection in the financials sector.

Yield curve positioning was a key factor behind the fixed income sleeve’s outperformance.

The environment for equities should continue to be favorable provided U.S. economic growth remains steady. However,we remain more defensively positioned in fixed income.

Going forward,we are overweight equities versus fixed income as we believe that asset class offers better risk-adjusted opportunities at this juncture.

PORTFOLIO MANAGEMENT

Enrique Chang

Enrique Chang

Portfolio Manager since 2014
Industry since 1988

Ashwin Alankar, Ph.D.

Portfolio Manager since 2014
Industry since 2003