Exhibit 99.1
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April 24, 2008
JANUS ANNOUNCES FIRST QUARTER 2008 RESULTS
First quarter earnings from continuing operations of $0.24 per diluted share
More than 85% of Janus’ mutual funds outperformed their
Lipper peer group medians for 1, 3 and 5 years (1)
Long-term net outflows of $1.5 billion for the quarter
$134 million of stock buybacks during the first quarter,
reducing shares outstanding by 2.1%
DENVER – Janus Capital Group Inc. (NYSE: JNS) today reported first quarter net income from continuing operations of $39.0 million, or $0.24 per diluted share, compared with net income from continuing operations of $51.6 million, or $0.30 per diluted share,(2) in the fourth quarter 2007 and $38.0 million, or $0.20 per diluted share, in the first quarter 2007. The company’s operating margin from continuing operations for the first quarter 2008 was 31.8% compared with 29.0% for the fourth quarter 2007 and 27.8% for the first quarter 2007.
Flows and Assets Under Management
Average assets under management during the first quarter decreased 8.6% to $189.7 billion compared with $207.6 billion during the fourth quarter 2007. At March 31, 2008, the company’s total assets under management were $187.6 billion compared with $206.7 billion at December 31, 2007. The decrease in assets during the first quarter reflects $17.0 billion of net market depreciation and fund performance, long-term net outflows of $1.5 billion and money market net outflows of $0.6 billion.
(1) Funds included in the analysis are Janus Retail (JIF), Janus Adviser Series Class S Shares (JAD) and Janus Aspen Series Institutional Shares (JAS). The number of funds in each trust is 26, 20 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12.
(2) Net income and diluted earnings per share for the fourth quarter 2007 reflect a post-earnings revision of $10.0 million and $0.06, respectively, for an impairment charge related to the Stanfield Victoria Funding LLC securities.
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Janus’ INTECH subsidiary had long-term net outflows of $1.1 billion during the first quarter 2008 compared with long-term net inflows of $0.1 billion in the fourth quarter last year. Excluding INTECH, Janus had long-term net outflows during the first quarter this year of $0.4 billion compared with long-term net inflows of $3.1 billion in the previous quarter. The first quarter long-term net outflows included the redemption of a $1.1 billion fixed-income mandate.
Investment Management
Despite challenging market conditions, Janus’ relative investment performance remained strong during the first quarter, with approximately 86%, 85% and 87% of Janus’ mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of March 31, 2008.(3) In addition, 77% of Janus mutual funds have a 4- or 5-star Overall Morningstar RatingTM at March 31, 2008.(4)
Of the Janus-managed equity funds that were launched during the last three years or that have new managers, 82% rank in the top Lipper quartile on a since portfolio manager inception basis, as of March 31, 2008.
“The last several months have been tough for most money managers, but we’re encouraged that our products have weathered the turbulence well,” said CEO Gary Black. “Our investment team continues to deliver strong relative performance over multiple time periods.”
(3) Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 20 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12.
(4) Funds included in the Morningstar analysis were JIF, JAD and JAS with at least a three-year history. Morningstar rankings are based on risk-adjusted returns. Complete Morningstar ratings are on pages 13-15.
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Financial Discussion
Financial Highlights
(dollars in millions, except per share data or as noted)
| | Three Months Ended | |
| | March 31, | | December 31, | | March 31, | |
| | 2008 | | 2007 * | | 2007 | |
| | | | | | | |
Continuing Operations (Investment Management) | | | | | | | |
Average Assets (in billions) | | $ | 189.7 | | $ | 207.6 | | $ | 172.1 | |
Ending AUM (in billions) | | $ | 187.6 | | $ | 206.7 | | $ | 176.2 | |
Revenues | | $ | 281.2 | | $ | 311.5 | | $ | 247.9 | |
Operating Expenses | | $ | 191.7 | | $ | 221.3 | | $ | 179.0 | |
Operating Income | | $ | 89.5 | | $ | 90.2 | | $ | 68.9 | |
Operating Margin | | 31.8 | % | 29.0 | % | 27.8 | % |
| | | | | | | |
Net Income | | $ | 39.0 | | $ | 51.6 | | $ | 38.0 | |
| | | | | | | |
Diluted Earnings per Share | | $ | 0.24 | | $ | 0.30 | | $ | 0.20 | |
| | | | | | | |
Shares Repurchased (in millions) | | 5.2 | | 5.2 | | 9.4 | |
Cost of Shares Repurchased | | $ | 134.2 | | $ | 168.4 | | $ | 200.2 | |
Average Price | | $ | 25.75 | | $ | 32.21 | | $ | 21.22 | |
Total shares outstanding end of period (in millions) | | 162.7 | | 166.3 | | 185.3 | |
* Net income and diluted earnings per share for fourth quarter 2007 reflect a post-earnings revision of $10.0 million and $0.06, respectively, for an impairment charge related to the Stanfield Victoria Funding LLC securities.
Continuing Operations
First quarter 2008 revenues of $281.2 million decreased 9.7% from the previous quarter due to lower average assets under management driven primarily by declining markets. Operating expenses decreased $29.6 million, or 13.4%, from the previous quarter as a result of lower revenue-based compensation, long-term incentive compensation and distribution expenses. The decline in long-term incentive compensation is attributable to a fourth quarter charge of $17.0 million associated with departure-related accelerated vesting of awards. Fourth quarter operating expenses also included a $5.0 million insurance recovery for legal expenses incurred in prior periods.
Non-operating items for the first quarter 2008 were impacted by a mark-to-market loss of $9.5 million on Janus’ consolidated seed capital investments while the fourth quarter 2007 included a $17.6 million mark-to-market gain. Fourth quarter 2007 non-operating items also reflect an $18.2 million impairment charge associated with an investment in securities issued by Stanfield Victoria Funding LLC.
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Acquisition / Disposition
On March 31, 2008, Janus increased its ownership of INTECH to approximately 89.5% with the acquisition of an additional 3% interest for $60.7 million.
On April 9, 2008, Rapid Solutions Group’s (“RSG”) digital print operations were sold to Bowne & Co., Inc. The disposition of RSG’s digital and offset operations is not expected to have a material impact on Janus’ second quarter 2008 results.
Capital and Liquidity
At March 31, 2008, Janus had stockholders’ equity of $1.6 billion, cash and investments of $473 million and $1.1 billion of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 2.1% during the first quarter by repurchasing 5.2 million shares of its common stock at an average price of $25.75 per share and a total cost of $134 million.
First Quarter 2008 Earnings Call Information
Janus will discuss its results during a conference call on Thursday, April 24 at 10 a.m. Eastern Daylight Time. The call-in number will be 877-301-7574. Anyone outside the U.S. or Canada should call 706-643-3623. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.
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About Janus Capital Group Inc.
Founded in 1969, Denver-based Janus Capital Group Inc. (“Janus”) is a recognized leader of growth and risk-managed investment strategies. Our commitment to deliver for investors is rooted in our research-intensive approach and relentless passion to gain a competitive edge.
At the end of March 2008, Janus managed $187.6 billion in assets for more than four million shareholders, clients and institutions around the globe. Outside the U.S., Janus has offices in London, Tokyo, Hong Kong and Singapore. Janus Capital Group consists of Janus Capital Management LLC and Enhanced Investment Technologies, LLC (INTECH). In addition, Janus Capital Group owns 30% of Perkins, Wolf, McDonnell and Company, LLC.
Contacts:
Shelley Peterson, 303-316-5625
Scott Grace, 303-394-7709
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Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at (800) 525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money.
Data presented reflects past performance, which is no guarantee of future results. Rankings referenced exclude money markets.
Funds distributed by Janus Distributors LLC (4/08).
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This press release includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus’ Annual Report on Form 10-K for the year ended December 31, 2007, on file with the Securities and Exchange Commission (Commission file no. 001-15253), including those that appear under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Many of these factors are beyond the control of the Company and its management. Any forward-looking statements contained in this release are as of the date on which such statements were made. The Company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realized.
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JANUS CAPITAL GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
| | Three Months Ended | |
| | March 31, | | December 31, | | March 31, | |
| | 2008 | | 2007 | | 2007 | |
Investment Management Revenues: | | | | | | | |
Investment management fees | | $ | 225.5 | | $ | 247.9 | | $ | 200.9 | |
Performance fees | | 5.6 | | 8.1 | | 2.5 | |
Shareowner servicing fees and other | | 50.1 | | 55.5 | | 44.5 | |
Total | | 281.2 | | 311.5 | | 247.9 | |
| | | | | | | |
Investment Management Operating Expenses: | | | | | | | |
Employee compensation and benefits | | 91.8 | | 95.4 | | 87.4 | |
Long-term incentive compensation | | 12.1 | | 30.4 | | 18.7 | |
Marketing and advertising | | 7.8 | | 9.3 | | 5.1 | |
Distribution | | 36.3 | | 41.2 | | 30.6 | |
Depreciation and amortization | | 9.9 | | 9.1 | | 7.1 | |
General, administrative and occupancy | | 33.8 | | 35.9 | | 30.1 | |
Total | | 191.7 | | 221.3 | | 179.0 | |
| | | | | | | |
Investment Management Operating Income | | 89.5 | | 90.2 | | 68.9 | |
| | | | | | | |
Interest expense | | (18.9 | ) | (18.9 | ) | (9.5 | ) |
Investment gains (losses), net | | (9.5 | ) | 3.0 | | 0.8 | |
Other income, net | | 4.2 | | 9.1 | | 5.6 | |
Income tax provision | | (24.5 | ) | (28.1 | ) | (23.4 | ) |
Equity in earnings of unconsolidated affiliate | | 2.0 | | 1.9 | | 1.7 | |
Minority interest in consolidated earnings | | (3.8 | ) | (5.6 | ) | (6.1 | ) |
| | | | | | | |
Income from Continuing Operations * | | 39.0 | | 51.6 | | 38.0 | |
| | | | | | | |
Loss from Discontinued Operations | | (1.6 | ) | (31.9 | ) | (2.4 | ) |
| | | | | | | |
Net income * | | $ | 37.4 | | $ | 19.7 | | $ | 35.6 | |
| | | | | | | |
| | | | | | | |
Diluted weighted average shares outstanding (in millions) | | 164.0 | | 170.9 | | 188.6 | |
Diluted earnings per share: | | | | | | | |
Continuing operations * | | $ | 0.24 | | $ | 0.30 | | $ | 0.20 | |
Discontinued operations | | (0.01 | ) | (0.19 | ) | (0.01 | ) |
Diluted earnings per share * | | $ | 0.23 | | $ | 0.12 | | $ | 0.19 | |
| | | | | | | |
Average Assets Under Management (in billions) | | $ | 189.7 | | $ | 207.6 | | $ | 172.1 | |
* Net income and diluted earnings per share for fourth quarter 2007 reflect a post-earnings revision of $10.0 million and $0.06, respectively, for the impairment charge related to the Stanfield Victoria Funding LLC securities.
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JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
| | March 31, | | December 31, | |
| | 2008 | | 2007 | |
Assets | | | | | |
Cash and cash equivalents | | $ | 270.3 | | $ | 480.7 | |
Marketable securities | | 202.9 | | 210.7 | |
Other assets | | 335.8 | | 344.9 | |
Property and equipment, net | | 46.8 | | 46.5 | |
Intangibles and goodwill, net | | 2,510.1 | | 2,451.5 | |
Assets related to discontinued operations | | 28.1 | | 29.8 | |
Total Assets | | $ | 3,394.0 | | $ | 3,564.1 | |
| | | | | |
Liabilities and Stockholders’ Equity | | | | | |
Debt | | $ | 1,127.8 | | $ | 1,127.7 | |
Other liabilities | | 205.0 | | 297.8 | |
Deferred income taxes | | 412.5 | | 404.3 | |
Liabilities related to discontinued operations | | 11.6 | | 10.8 | |
Stockholders’ equity | | 1,637.1 | | 1,723.5 | |
Total Liabilities and Stockholders’ Equity | | $ | 3,394.0 | | $ | 3,564.1 | |
UNAUDITED CONDENSED CASH FLOW INFORMATION
CONTINUING OPERATIONS
(dollars in millions)
| | Three Months Ended | |
| | March 31, | | December 31, | | March 31, | |
| | 2008 | | 2007 | | 2007 | |
Cash provided by (used in): | | | | | | | |
Operating activities | | $ | 1.9 | | $ | 87.0 | | $ | (19.3 | ) |
Investing activities | | (76.4 | ) | (67.1 | ) | (20.8 | ) |
Financing activities | | (135.9 | ) | (144.6 | ) | (208.9 | ) |
Net change during period | | $ | (210.4 | ) | $ | (124.7 | ) | $ | (249.0 | ) |
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JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
| | Three Months Ended | |
| | March 31, 2008 | | December 31, 2007 | | March 31, 2007 | |
Growth/Blend | | | | | | | |
Beginning of period assets | | $ | 83.5 | | $ | 79.1 | | $ | 64.4 | |
Sales | | 5.9 | | 6.3 | | 3.8 | |
Redemptions | | 5.6 | | 3.7 | | 4.5 | |
Net sales (redemptions) | | 0.2 | | 2.6 | | (0.7 | ) |
Market appreciation | | (6.9 | ) | 1.8 | | 2.0 | |
End of period assets | | $ | 76.8 | | $ | 83.5 | | $ | 65.7 | |
| | | | | | | |
Global/International | | | | | | | |
Beginning of period assets | | $ | 24.9 | | $ | 24.4 | | $ | 18.4 | |
Sales | | 1.1 | | 2.1 | | 1.8 | |
Redemptions | | 1.8 | | 1.3 | | 1.3 | |
Net sales (redemptions) | | (0.7 | ) | 0.8 | | 0.5 | |
Market appreciation | | (2.1 | ) | (0.3 | ) | 0.6 | |
End of period assets | | $ | 22.1 | | $ | 24.9 | | $ | 19.5 | |
| | | | | | | |
Mathematical/Quantitative | | | | | | | |
Beginning of period assets | | $ | 69.7 | | $ | 69.6 | | $ | 62.3 | |
Sales | | 1.8 | | 4.0 | | 5.0 | |
Redemptions | | 2.9 | | 3.9 | | 1.9 | |
Net sales (redemptions) | | (1.1 | ) | 0.1 | | 3.1 | |
Market appreciation | | (7.5 | ) | — | | 0.8 | |
End of period assets | | $ | 61.2 | | $ | 69.7 | | $ | 66.3 | |
| | | | | | | |
Fixed Income | | | | | | | |
Beginning of period assets | | $ | 4.9 | | $ | 5.2 | | $ | 4.6 | |
Sales | | 0.5 | | 0.2 | | 0.6 | |
Redemptions | | 1.6 | | 0.5 | | 0.5 | |
Net sales (redemptions) | | (1.1 | ) | (0.3 | ) | 0.1 | |
Market appreciation | | — | | — | | 0.1 | |
End of period assets | | $ | 3.8 | | $ | 4.9 | | $ | 4.8 | |
| | | | | | | |
Alternatives | | | | | | | |
Beginning of period assets | | $ | 0.8 | | $ | 0.6 | | $ | 0.3 | |
Sales | | 0.7 | | 0.3 | | 0.1 | |
Redemptions | | 0.1 | | — | | — | |
Net sales (redemptions) | | 0.6 | | 0.3 | | 0.1 | |
Market appreciation | | — | | — | | — | |
End of period assets | | $ | 1.4 | | $ | 0.8 | | $ | 0.4 | |
| | | | | | | |
Value | | | | | | | |
Beginning of period assets | | $ | 10.1 | | $ | 10.6 | | $ | 10.2 | |
Sales | | 1.3 | | 0.5 | | 0.8 | |
Redemptions | | 0.8 | | 0.7 | | 0.8 | |
Net sales (redemptions) | | 0.5 | | (0.2 | ) | — | |
Market appreciation | | (0.5 | ) | (0.3 | ) | 0.3 | |
End of period assets | | $ | 10.1 | | $ | 10.1 | | $ | 10.5 | |
| | | | | | | |
Money Market | | | | | | | |
Beginning of period assets | | $ | 12.8 | | $ | 18.5 | | $ | 7.5 | |
Sales | | 24.9 | | 35.7 | | 19.1 | |
Redemptions | | 25.5 | | 41.4 | | 17.6 | |
Net sales (redemptions) | | (0.6 | ) | (5.7 | ) | 1.5 | |
Market appreciation | | — | | — | | — | |
End of period assets | | $ | 12.2 | | $ | 12.8 | | $ | 9.0 | |
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| | Three Months Ended | |
| | March 31, 2008 | | December 31, 2007 | | March 31, 2007 | |
Total | | | | | | | |
Beginning of period assets | | $ | 206.7 | | $ | 208.0 | | $ | 167.7 | |
Sales | | 36.2 | | 49.1 | | 31.2 | |
Redemptions | | 38.3 | | 51.6 | | 26.6 | |
Net sales (redemptions) | | (2.1 | ) | (2.5 | ) | 4.6 | |
Market appreciation | | (17.0 | ) | 1.2 | | 3.9 | |
End of period assets | | $ | 187.6 | | $ | 206.7 | | $ | 176.2 | |
| | | | | | | |
Total Excluding Money Markets | | | | | | | |
Beginning of period assets | | $ | 194.0 | | $ | 189.5 | | $ | 160.2 | |
Sales | | 11.3 | | 13.4 | | 12.1 | |
Redemptions | | 12.8 | | 10.2 | | 9.0 | |
Net sales (redemptions) | | (1.5 | ) | 3.2 | | 3.1 | |
Market appreciation | | (17.0 | ) | 1.2 | | 3.9 | |
End of period assets | | $ | 175.4 | | $ | 194.0 | | $ | 167.2 | |
| | | | | | | |
Total Excluding Mathematical/Quantitative & Money Markets | | | | | | | |
Beginning of period assets | | $ | 124.2 | | $ | 119.9 | | $ | 97.9 | |
Sales | | 9.5 | | 9.4 | | 7.1 | |
Redemptions | | 9.9 | | 6.3 | | 7.1 | |
Net sales (redemptions) | | (0.4 | ) | 3.1 | | — | |
Market appreciation | | (9.5 | ) | 1.2 | | 3.1 | |
End of period assets | | $ | 114.2 | | $ | 124.2 | | $ | 100.9 | |
Each line has been rounded on the schedule individually to increase the accuracy of the amounts presented. Therefore totals and subtotals may not foot.
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Janus Investment Fund (“JIF”)
| | | | | | Lipper Rankings Based on Total Returns as of 3/31/08 | |
| | | | | | 1-Year | | 3-Year | | 5-Year | | 10-Year | | Since PM Inception | |
| | PM | | | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | |
| | Inception | | Lipper Category | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | |
Growth Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Twenty Fund (1) | | Jan-08 | | Large-Cap Growth Funds | | 1 | | 3 / 739 | | 1 | | 1 / 615 | | 1 | | 1 / 521 | | 2 | | 3 / 247 | | | ‡ | | |
Janus Fund | | Oct-07 | | Large-Cap Growth Funds | | 45 | | 328 / 739 | | 30 | | 183 / 615 | | 22 | | 113 / 521 | | 38 | | 92 / 247 | | | ‡ | | |
Janus Orion Fund | | Dec-07 | | Multi-Cap Growth Funds | | 2 | | 10 / 527 | | 2 | | 5 / 403 | | 1 | | 1 / 343 | | — | | — | | | ‡ | | |
Janus Research Fund | | Jan-06 | | Large-Cap Growth Funds | | 17 | | 120 / 739 | | 4 | | 24 / 615 | | 3 | | 12 / 521 | | 3 | | 7 / 247 | | 2 | | 9 / 677 | |
Janus Enterprise Fund | | Oct-07 | | Mid-Cap Growth Funds | | 12 | | 71 / 607 | | 7 | | 31 / 503 | | 10 | | 38 / 414 | | 38 | | 68 / 178 | | | ‡ | | |
Janus Venture Fund (1) | | Jan-01 | | Small-Cap Growth Funds | | 62 | | 370 / 598 | | 26 | | 120 / 475 | | 7 | | 25 / 393 | | 25 | | 46 / 183 | | 22 | | 65 / 306 | |
Janus Triton Fund | | Jun-06 | | Small-Cap Growth Funds | | 8 | | 47 / 598 | | 1 | | 3 / 475 | | — | | — | | — | | — | | 3 | | 13 / 544 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Contrarian Fund | | Feb-00 | | Multi-Cap Core Funds | | 2 | | 16 / 869 | | 1 | | 1 / 663 | | 1 | | 2 / 504 | | — | | — | | 5 | | 12 / 296 | |
Janus Growth and Income Fund | | Nov-07 | | Large-Cap Core Funds | | 25 | | 207 / 828 | | 21 | | 140 / 685 | | 28 | | 159 / 567 | | 7 | | 19 / 295 | | | ‡ | | |
Janus Balanced Fund | | Apr-05 | | Mixed-Asset Target Alloc. Mod. Funds | | 1 | | 1 / 457 | | 1 | | 2 / 331 | | 22 | | 50 / 235 | | 4 | | 5 / 135 | | 1 | | 1 / 355 | |
Janus Fundamental Equity Fund | | Nov-07 | | Large-Cap Core Funds | | 20 | | 164 / 828 | | 3 | | 20 / 685 | | 7 | | 38 / 567 | | 1 | | 2 / 295 | | | ‡ | | |
INTECH Risk-Managed Stock Fund | | Feb-03 | | Multi-Cap Core Funds | | 70 | | 606 / 869 | | 63 | | 416 / 663 | | 34 | | 167 / 504 | | — | | — | | 37 | | 182 / 503 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Global/International Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Overseas Fund (1) | | Jun-03 | | International Funds | | 1 | | 9 / 1105 | | 1 | | 1 / 811 | | 1 | | 1 / 683 | | 3 | | 8 / 325 | | 1 | | 1 / 687 | |
Janus Worldwide Fund | | Jun-04 | | Global Funds | | 52 | | 230 / 448 | | 79 | | 271 / 343 | | 93 | | 252 / 271 | | 80 | | 98 / 123 | | 75 | | 228 / 304 | |
Janus Global Life Sciences Fund | | Apr-07 | | Health/Biotechnology Funds | | 8 | | 15 / 193 | | 20 | | 30 / 154 | | 21 | | 30 / 142 | | — | | — | | | ‡ | | |
Janus Global Technology Fund | | Jan-06 | | Science & Technology Funds | | 33 | | 87 / 270 | | 23 | | 55 / 241 | | 38 | | 84 / 221 | | — | | — | | 29 | | 73 / 258 | |
Janus Global Research Fund | | Feb-05 | | Global Funds | | 4 | | 15 / 448 | | 3 | | 10 / 343 | | — | | — | | — | | — | | 4 | | 10 / 329 | |
Janus Global Opportunities Fund | | Jun-01 | | Global Funds | | 49 | | 216 / 448 | | 93 | | 318 / 343 | | 47 | | 127 / 271 | | — | | — | | 21 | | 43 / 210 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Mid Cap Value Fund - Inv (2) | | Aug-98 | | Mid-Cap Value Funds | | 5 | | 14 / 330 | | 9 | | 22 / 256 | | 19 | | 37 / 203 | | — | | — | | 2 | | 1 / 66 | |
Janus Small Cap Value Fund - Inv. (1,2) | | Feb-97 | | Small-Cap Core Funds | | 10 | | 77 / 795 | | 24 | | 149 / 626 | | 48 | | 229 / 485 | | 12 | | 22 / 183 | | 10 | | 13 / 129 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Flexible Bond Fund | | May-07 | | Intermediate Investment Grade Debt | | 8 | | 39 / 552 | | 6 | | 25 / 467 | | 12 | | 45 / 396 | | 33 | | 62 / 192 | | | ‡ | | |
Janus High-Yield Fund | | Dec-03 | | High Current Yield Funds | | 50 | | 224 / 453 | | 35 | | 133 / 381 | | 78 | | 258 / 332 | | 20 | | 31 / 160 | | 42 | | 147 / 350 | |
Janus Short-Term Bond Fund | | May-07 | | Short Investment Grade Debt | | 18 | | 45 / 263 | | 17 | | 34 / 210 | | 12 | | 19 / 162 | | 31 | | 26 / 84 | | | ‡ | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Allocation Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Smart Portfolio-Growth | | Dec-05 | | Mixed-Asset Target Alloc. Growth Funds | | 5 | | 29 / 667 | | — | | — | | — | | — | | — | | — | | 2 | | 11 / 586 | |
Janus Smart Portfolio-Moderate | | Dec-05 | | Mixed-Asset Target Alloc. Mod. Funds | | 3 | | 12 / 457 | | — | | — | | — | | — | | — | | — | | 5 | | 16 / 389 | |
Janus Smart Portfolio-Conservative | | Dec-05 | | Mixed-Asset Target Alloc. Cons. Funds | | 3 | | 12 / 431 | | — | | — | | — | | — | | — | | — | | 2 | | 5 / 341 | |
Data presented reflects past performance, which is no guarantee of future results.
Lipper , a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.
Notes:
(1) Closed to new investors.
(2) Ranking is for the investor share class only; other classes may have different performance characteristics.
‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.
11
Janus Adviser Series (“JAD”) Class S Shares
| | | | | | Lipper Rankings Based on Total Returns as of 3/31/08 | |
| | | | | | 1-Year | | 3-Year | | 5-Year | | 10-Year | | Since PM Inception | |
| | PM | | | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | |
| | Inception | | Lipper Category | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | |
Growth Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Forty Fund | | Jan-08 | | Large-Cap Growth Funds | | 1 | | 4 / 739 | | 1 | | 3 / 615 | | 1 | | 2 / 521 | | 1 | | 1 / 247 | | | ‡ | | |
Mid Cap Growth Fund | | Oct-07 | | Mid-Cap Growth Funds | | 12 | | 69 / 607 | | 6 | | 29 / 503 | | 11 | | 42 / 414 | | 42 | | 74 / 178 | | | ‡ | | |
Large Cap Growth Fund | | Oct-07 | | Large-Cap Growth Funds | | 51 | | 372 / 739 | | 39 | | 239 / 615 | | 32 | | 163 / 521 | | 35 | | 86 / 247 | | | ‡ | | |
INTECH Risk-Managed Growth Fund | | Jan-03 | | Multi-Cap Growth Funds | | 70 | | 369 / 527 | | 85 | | 343 / 403 | | 83 | | 284 / 343 | | — | | — | | 82 | | 279 / 340 | |
Orion Fund | | Dec-07 | | Mid-Cap Growth Funds | | 3 | | 18 / 607 | | — | | — | | — | | — | | — | | — | | | ‡ | | |
Small-Mid Growth Fund | | Jun-06 | | Small-Cap Growth Funds | | 9 | | 52 / 598 | | — | | — | | — | | — | | — | | — | | 3 | | 16 / 544 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Balanced Fund | | Apr-05 | | Mixed-Asset Target Alloc. Mod. Funds | | 3 | | 18 / 667 | | 7 | | 34 / 539 | | 39 | | 166 / 425 | | 4 | | 7 / 228 | | 7 | | 39 / 559 | |
Growth and Income Fund | | Nov-07 | | Large-Cap Core Funds | | 30 | | 248 / 828 | | 30 | | 203 / 685 | | 40 | | 227 / 567 | | — | | — | | | ‡ | | |
Fundamental Equity Fund | | Nov-07 | | Large-Cap Core Funds | | 18 | | 149 / 828 | | 4 | | 21 / 685 | | 8 | | 40 / 567 | | 1 | | 1 / 295 | | | ‡ | | |
Small Company Value Fund | | Mar-02 | | Small-Cap Core Funds | | 66 | | 524 / 795 | | 40 | | 249 / 626 | | 60 | | 288 / 485 | | — | | — | | 25 | | 106 / 426 | |
INTECH Risk-Managed Core Fund | | Jan-03 | | Multi-Cap Core Funds | | 71 | | 611 / 869 | | 65 | | 425 / 663 | | 36 | | 179 / 504 | | — | | — | | 31 | | 152 / 494 | |
Contrarian Fund | | Aug-05 | | Multi-Cap Core Funds | | 7 | | 57 / 869 | | — | | — | | — | | — | | — | | — | | 1 | | 3 / 708 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Global/International/ Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
International Growth Fund (1) | | Jun-03 | | International Funds | | 1 | | 6 / 1105 | | 1 | | 3 / 811 | | 1 | | 2 / 683 | | 2 | | 6 / 325 | | 1 | | 2 / 687 | |
Worldwide Fund | | Jun-04 | | Global Funds | | 53 | | 234 / 448 | | 82 | | 282 / 343 | | 97 | | 262 / 271 | | 72 | | 89 / 123 | | 80 | | 243 / 304 | |
International Equity Fund | | Nov-06 | | International Funds | | 5 | | 48 / 1105 | | — | | — | | — | | — | | — | | — | | 3 | | 30 / 1038 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid Cap Value Fund | | Dec-02 | | Mid-Cap Value Funds | | 5 | | 15 / 330 | | 9 | | 23 / 256 | | 23 | | 46 / 203 | | — | | — | | 24 | | 48 / 201 | |
INTECH Risk-Managed Value Fund | | Dec-05 | | Multi-Cap Value Funds | | 49 | | 214 / 441 | | — | | — | | — | | — | | — | | — | | 50 | | 187 / 376 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Alternative Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Long/Short Fund (1) | | Aug-06 | | Long/Short Equity Funds | | 5 | | 4 / 86 | | — | | — | | — | | — | | — | | — | | 5 | | 3 / 64 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexible Bond Fund | | May-07 | | Intermediate Investment Grade Debt | | 9 | | 48 / 552 | | 10 | | 45 / 467 | | 19 | | 73 / 396 | | 34 | | 65 / 192‡ | | | | | |
High Yield Fund | | Aug-05 | | High Current Yield Funds | | 50 | | 223 / 453 | | — | | — | | — | | — | | — | | — | | 57 | | 226 / 398 | |
Rankings are for the Class S Shares only; other classes may have different performance characteristics.
Note:
(1) Closed to new investors.
‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.
Janus Aspen Series (“JAS”) Institutional Shares
| | | | | | Lipper Rankings Based on Total Returns as of 3/31/08 | |
| | | | | | 1-Year | | 3-Year | | 5-Year | | 10-Year | | Since PM Inception | |
| | PM | | | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | | Percentile | | Rank / | |
| | Inception | | Lipper Category | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | | Rank (%) | | Total Funds | |
Growth Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Large Cap Growth Portfolio | | Oct-07 | | VA Large-Cap Growth | | 35 | | 71 / 204 | | 26 | | 49 / 193 | | 27 | | 45 / 166 | | 42 | | 23 / 55 | | | ‡ | | |
Forty Portfolio | | Dec-07 | | VA Large-Cap Growth | | 1 | | 1 / 204 | | 1 | | 1 / 193 | | 1 | | 1 / 166 | | 2 | | 1 / 55 | | | ‡ | | |
Mid Cap Growth Portfolio | | Oct-07 | | VA Mid-Cap Growth | | 5 | | 7 / 155 | | 3 | | 3 / 140 | | 10 | | 11 / 120 | | 40 | | 13 / 32 | | | ‡ | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Balanced Portfolio | | Apr-05 | | VA Mixed-Asset Target Alloc Mod. | | 1 | | 1 / 133 | | 2 | | 1 / 90 | | 11 | | 8 / 73 | | 5 | | 2 / 41 | | 2 | | 1 / 98 | |
Growth and Income Portfolio | | Nov-07 | | VA Large-Cap Core | | 22 | | 45 / 206 | | 18 | | 31 / 176 | | 33 | | 52 / 161 | | — | | — | | | ‡ | | |
Fundamental Equity Portfolio | | Nov-07 | | VA Large-Cap Core | | 20 | | 40 / 206 | | 3 | | 5 / 176 | | 10 | | 15 / 161 | | 2 | | 1 / 73 | | | ‡ | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Global/International Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Worldwide Growth Portfolio | | Jun-04 | | VA Global | | 36 | | 37 / 104 | | 77 | | 61 / 79 | | 95 | | 64 / 67 | | 73 | | 21 / 28 | | 76 | | 59 / 77 | |
International Growth Portfolio (1) | | Jun-03 | | VA International | | 1 | | 2 / 245 | | 1 | | 1 / 209 | | 1 | | 1 / 188 | | 4 | | 3 / 87 | | 1 | | 1 / 198 | |
Global Life Sciences Portfolio | | Oct-04 | | VA Health/Biotechnology | | 6 | | 2 / 35 | | 21 | | 7 / 33 | | 25 | | 7 / 28 | | — | | — | | 3 | | 1 / 33 | |
Global Technology Portfolio | | Jan-06 | | VA Science & Technology | | 34 | | 20 / 59 | | 28 | | 16 / 57 | | 40 | | 22 / 54 | | — | | — | | 36 | | 21 / 58 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid Cap Value Portfolio | | May-03 | | VA Mid-Cap Value | | 3 | | 2 / 68 | | 12 | | 7 / 58 | | — | | — | | — | | — | | 2 | | 1 / 53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexible Bond Portfolio | | May-07 | | VA Intermediate Investment Grade Debt | | 29 | | 19 / 65 | | 26 | | 15 / 58 | | 28 | | 14 / 49 | | 29 | | 6 / 20 | | | ‡ | | |
Data presented reflects past performance, which is no guarantee of future results.
Lipper , a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.
Rankings are for the Institutional Shares only; other classes may have different performance characteristics.
Note:
(1) Closed to new investors.
‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.
12
Janus Investment Fund (“JIF”) | | The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics. |
| | | | Overall Rating | | Three-Year Rating | | Five-Year Rating | | Ten-Year Rating | |
Fund | | Category | | Stars | | # of Funds | | Stars | | # of Funds | | Stars | | # of Funds | | Stars | | # of Funds | |
| | | | | | | | | | | | | | | | | | | |
Janus Fund | | Large Growth Funds | | *** | | 1442 | | **** | | 1442 | | *** | | 1207 | | *** | | 564 | |
Janus Enterprise Fund | | Mid-Cap Growth Funds | | **** | | 827 | | ***** | | 827 | | ***** | | 694 | | ** | | 305 | |
Janus Growth and Income Fund | | Large Growth Funds | | **** | | 1442 | | *** | | 1442 | | **** | | 1207 | | ***** | | 564 | |
Janus Research Fund | | Large Growth Funds | | ***** | | 1442 | | ***** | | 1442 | | ***** | | 1207 | | **** | | 564 | |
Janus Orion Fund | | Mid-Cap Growth Funds | | ***** | | 827 | | ***** | | 827 | | ***** | | 694 | | | | N/A | |
Janus Twenty Fund (1) | | Large Growth Funds | | ***** | | 1442 | | ***** | | 1442 | | ***** | | 1207 | | ***** | | 564 | |
Janus Venture Fund (1) | | Small Growth Funds | | *** | | 681 | | **** | | 681 | | **** | | 561 | | ** | | 268 | |
Janus Triton Fund | | Small Growth Funds | | ***** | | 681 | | ***** | | 681 | | * | | N/A | | * | | N/A | |
Janus Global Research Fund | | World Stock Funds | | ***** | | 460 | | ***** | | 460 | | * | | N/A | | * | | N/A | |
Janus Global Life Sciences Fund | | Specialty-Health Funds | | **** | | 184 | | **** | | 184 | | **** | | 168 | | * | | N/A | |
Janus Global Technology Fund | | Specialty-Technology Funds | | **** | | 267 | | **** | | 267 | | **** | | 241 | | * | | N/A | |
Janus Overseas Fund (1) | | Foreign Large Growth Funds | | ***** | | 179 | | ***** | | 179 | | ***** | | 156 | | **** | | 73 | |
Janus Worldwide Fund | | World Stock Funds | | ** | | 460 | | ** | | 460 | | * | | 393 | | ** | | 198 | |
Janus Global Opportunities Fund | | World Stock Funds | | ** | | 460 | | * | | 460 | | *** | | 393 | | * | | N/A | |
Janus Balanced Fund | | Moderate Allocation Funds | | ***** | | 905 | | ***** | | 905 | | **** | | 712 | | ***** | | 416 | |
INTECH Risk-Managed Stock Fund | | Large Blend Funds | | **** | | 1664 | | *** | | 1664 | | **** | | 1314 | | * | | N/A | |
Janus Fundamental Equity Fund | | Large Blend Funds | | ***** | | 1664 | | ***** | | 1664 | | **** | | 1314 | | ***** | | 621 | |
Janus Contrarian Fund | | Large Blend Funds | | ***** | | 1664 | | ***** | | 1664 | | ***** | | 1314 | | * | | N/A | |
Janus Mid Cap Value Fund - Investor Shares (2) | | Mid-Cap Value Funds | | ***** | | 287 | | ***** | | 287 | | ***** | | 215 | | * | | N/A | |
Janus Small Cap Value Fund - Investor Shares (1),(2) | | Small Value Funds | | **** | | 336 | | **** | | 336 | | *** | | 261 | | **** | | 98 | |
Janus Flexible Bond Fund | | Intermediate-Term Bond Funds | | **** | | 974 | | ***** | | 974 | | **** | | 830 | | *** | | 433 | |
Janus High-Yield Fund | | High Yield Bond Funds | | *** | | 464 | | *** | | 464 | | ** | | 401 | | **** | | 205 | |
Janus Short-Term Bond Fund | | Short-Term Bond Funds | | **** | | 383 | | **** | | 383 | | **** | | 291 | | *** | | 164 | |
Janus Smart Portfolio-Growth | | Moderate Allocation Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Janus Smart Portfolio-Moderate | | Moderate Allocation Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Janus Smart Portfolio-Conservative | | Conservative Allocation Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Percent of funds rated 4 / 5 Stars | | | | 78.3% | | | | 78.3% | | | | 76.2% | | | | 57.1% | | | |
Data presented reflects past performance, which is no guarantee of future results. © 2008 Morningstar, Inc. All Rights Reserved.
Notes:
(1) Closed to new investors.
(2) Rating is for this share class only; other classes may have different performance characteristics.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
13
Janus Adviser Series (“JAD”) S Shares | | The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics. |
| | | | Overall Rating | | Three-Year Rating | | Five-Year Rating | | Ten-Year Rating | |
Fund | | Category | | Stars | | # of Funds | | Stars | | # of Funds | | Stars | | # of Funds | | Stars | | # of Funds | |
| | | | | | | | | | | | | | | | | | | |
Balanced Fund | | Moderate Allocation Funds | | ***** | | 905 | | ***** | | 905 | | **** | | 712 | | ***** | | 416 | |
Contrarian Fund | | Large Blend Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Fundamental Equity Fund | | Large Blend Funds | | ***** | | 1664 | | ***** | | 1664 | | **** | | 1314 | | ***** | | 621 | |
Flexible Bond Fund | | Intermediate-Term Bond Funds | | **** | | 974 | | **** | | 974 | | **** | | 830 | | *** | | 433 | |
International Equity Fund | | Foreign Large Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
International Growth Fund | | Foreign Large Growth Funds | | ****** | | 179 | | ***** | | 179 | | ***** | | 156 | | ***** | | 73 | |
Forty Fund | | Large Growth Funds | | ***** | | 1442 | | ***** | | 1442 | | ***** | | 1207 | | ***** | | 564 | |
Growth& Income Fund | | Large Growth Funds | | *** | | 1442 | | *** | | 1442 | | *** | | 1207 | | | | N/A | |
Floating Rate High Income | | Bank Loan Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Global Real Estate Fund | | Specialty-Real Estate Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Global Research Fund | | World Stock Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Long/Short Fund (1) | | Long-Short Funds | | | | N/A | | | | N/A | | | | N/A | | | �� | N/A | |
High Yield Fund | | High Yield Bond Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
International Growth Fund (1) | | Foreign Large Growth Funds | | ***** | | 179 | | ***** | | 179 | | ***** | | 156 | | ***** | | 73 | |
Large Cap Growth Fund | | Large Growth Funds | | *** | | 1442 | | *** | | 1442 | | *** | | 1207 | | *** | | 564 | |
Mid Cap Growth Fund | | Mid-Cap Growth Funds | | **** | | 827 | | ***** | | 827 | | ***** | | 694 | | ** | | 305 | |
Mid Cap Value Fund | | Mid-Cap Value Funds | | **** | | 287 | | ***** | | 287 | | **** | | 215 | | | | N/A | |
Orion Fund | | Mid-Cap Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Risk-Managed Core Fund | | Large Blend Funds | | **** | | 1664 | | *** | | 1664 | | **** | | 1314 | | | | N/A | |
Risk-Managed Growth Fund | | Large Growth Funds | | *** | | 1442 | | ** | | 1442 | | *** | | 1207 | | | | N/A | |
Risk-Managed Value Fund | | Large Value Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Small Company Value Fund | | Small Value Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Small-Mid Growth Fund | | Mid-Cap Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Worldwide Fund | | World Stock Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Percent of funds rated 4 / 5 Stars | | | | 75.0% | | | | 66.7% | | | | 75.0% | | | | 62.5% | | | |
Data presented reflects past performance, which is no guarantee of future results. © 2008 Morningstar, Inc. All Rights Reserved.
Ratings are for Class S Shares only; other classes may have different performance characteristics.
Note:
(1) Closed to new investors.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
14
Janus Aspen Series (“JAS”) Institutional Shares | | The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics. |
| | | | Overall Rating | | Three-Year Rating | | Five-Year Rating | | Ten-Year Rating | |
Fund | | Category | | Stars | | # of Funds | | Stars | | # of Funds | | Stars | | # of Funds | | Stars | | # of Funds | |
| | | | | | | | | | | | | | | | | | | |
Balanced Fund | | Moderate Allocation Funds | | ***** | | 905 | | ***** | | 905 | | **** | | 712 | | ***** | | 416 | |
Flexible Bond Fund | | Intermediate-Term Bond Funds | | ***** | | 974 | | ***** | | 974 | | ***** | | 830 | | **** | | 433 | |
Forty Fund | | Large Growth Funds | | ***** | | 1442 | | ***** | | 1442 | | ***** | | 1207 | | ***** | | 564 | |
Fundamental Equity Fund | | Large Blend Funds | | **** | | 1664 | | **** | | 1664 | | **** | | 1314 | | ***** | | 621 | |
Global Life Sciences Fund | | Specialty-Health Funds | | **** | | 184 | | ***** | | 184 | | **** | | 168 | | | | N/A | |
Global Technology Fund | | Specialty-Technology Funds | | **** | | 267 | | **** | | 267 | | **** | | 241 | | | | N/A | |
Growth & Income Fund | | Large Growth Funds | | **** | | 1442 | | *** | | 1442 | | **** | | 1207 | | | | N/A | |
International Growth Fund (1) | | Foreign Large Growth Funds | | ***** | | 179 | | ***** | | 179 | | ***** | | 156 | | **** | | 73 | |
Large Cap Growth Fund | | Large Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Mid Cap Growth Fund | | Mid-Cap Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Mid Cap Value Fund | | Mid-Cap Value Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Worldwide Fund | | World Stock Funds | | ** | | 460 | | ** | | 460 | | * | | 393 | | ** | | 198 | |
| | | | | | | | | | | | | | | | | | | |
Percent of funds rated 4 / 5 Stars | | | | 88.9% | | | | 77.8% | | | | 88.9% | | | | 83.3% | | | |
Data presented reflects past performance, which is no guarantee of future results. © 2008 Morningstar, Inc. All Rights Reserved.
Ratings are for Institutional Shares only; other classes may have different performance characteristics.
Note:
(1) Closed to new investors.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
C-0408-254
15