Janus Aspen INTECH U.S. Low Volatility Portfolio

Low-Volatility Approach to Large-Cap Equity Investing

SHARE CLASS

  • Service

PORTFOLIO FACTS

Inception Date9/6/2012
NAV (As of 2/24/17)$16.12
Total Net Assets (As of 1/31/17)$980.93M
Annual Expense Ratio
(As of fiscal year end 12/31/15)
GROSS 0.84%
NET 0.84%

Morningstar Fee Level
(As of 1/31/17)
Fee Level Group
(out of 931 funds)
Large Cap No Load

Performance (As of 12/31/16)
1 Year9.71%
3 Year10.36%
Since Inception12.62%
Morningstar (As of 1/31/17)
CategoryUS Fund Large Blend
Overall Rating™
(Based on risk-adjusted returns)

View All Ratings

1256 Funds Rated
Equity
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.

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 - Q4 2016

EXECUTIVE SUMMARY

The Janus Aspen INTECH U.S. Low Volatility Portfolio (Service Shares) underperformed the S&P 500 Index for the quarter. Led by riskier segments of the market, U.S. equity markets continued to soar in the fourth quarter and posted double-digit returns in 2016. The pro-cyclical financials sector, especially larger bank stocks, benefited from the expected rate increase as well as potential deregulation in the second half of the year, and was the strongest performing sector during the quarter. The Portfolio's underweight to mega cap financials was a significant detractor from relative performance during the quarter.

The Portfolio's average overweight to lower beta and lower volatility stocks detracted during the quarter as investor's risk appetite continued to increase and riskier segments led the market.

From a sector perspective, an average overweight allocation to the defensive utilities and consumer staples sectors also detracted from the Portfolio's relative performance during the quarter.

The Janus Aspen INTECH U.S. Low Volatility Portfolio aims to generate market-like returns over time with significantly lower return fluctuations. While some downside protection and a more consistent experience are expected over the long term, the tracking error, relative to the S&P 500 Index, is expected to be high.

PORTFOLIO MANAGEMENT