Janus Aspen Global Allocation Portfolio - Moderate (JMAPX)

Disciplined Global Allocation Seeking Risk-Adjusted Growth

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PORTFOLIO FACTS (JMAPX)

Inception Date8/31/2011
NAV (As of 9/4/15 )$11.01
Total Net Assets (As of 7/31/15)$12.15M
Annual Expense Ratio
(As of fiscal year end 12/31/14)
GROSS 1.80%
NET 1.02%

Performance (As of 6/30/15)
1 Year-0.88%
3 Year8.63%
Since Inception8.78%
Morningstar (As of 8/31/15)
CategoryWorld Allocation
Overall Rating™
(Based on risk-adjusted returns)

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461 Funds Rated
Equity
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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 - Q2 2015

EXECUTIVE SUMMARY

The Fund’s equity sleeve underperformed its benchmark, the S&P 500 Index, due in part to our industrials and consumer discretionary holdings.

Our fixed income sleeve outperformed its benchmark, the U.S. Aggregate Bond Index.

We see the economy as conducive for incremental gains in equities, while we are mindful of numerous risk factors that could weigh on bonds.

Our asset allocation mix remains largely unchanged; we favor stocks whose valuations have not become stretched and have moved into higher quality fixed income securities.

PORTFOLIO MANAGEMENT

Enrique Chang

Enrique Chang

Portfolio Manager since 2014
Industry since 1988

Ashwin Alankar, Ph.D.

Ashwin Alankar, Ph.D.

Portfolio Manager since 2014
Industry since 2001