Exhibit 99.1
April 23, 2009
JANUS CAPITAL GROUP INC. ANNOUNCES
PRELIMINARY FIRST QUARTER 2009 RESULTS
Preliminary first quarter earnings from continuing operations of $0.02 per diluted share,
excluding expected goodwill and intangible asset impairment charges
Long-term net outflows of $0.9 billion for the quarter
More than 70% of firmwide mutual funds outperformed their
Lipper peer group medians for 3 and 5 years(1)
DENVER – Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported preliminary first quarter net income from continuing operations of $2.7 million, or $0.02 per diluted share, excluding expected goodwill and intangible asset impairment charges, compared with $7.8 million, or $0.05 per diluted share, in the fourth quarter 2008 and $39.0 million, or $0.24 per diluted share, in the first quarter 2008. The company’s preliminary operating margin for the first quarter 2009 was 20.2% compared with 25.5% for the fourth quarter 2008 and 31.8% for the first quarter 2008.
Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share which are non-cash and not deductible for income tax purposes. The impaired assets were originally recognized in connection with the buyout of Janus Capital Management LLC’s founder in 2001. JCG assessed goodwill and intangible assets for impairment as a result of lower forecasted results of operations based on continued deterioration in global market conditions and revenues during the first quarter 2009. Final first quarter 2009 results will be released through the filing of JCG’s first quarter Form 10-Q which is expected on or before May 11, 2009.
(1) | Strong relative performance is not indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. 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, 23 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 9 and 10. |
1
Flows and Assets Under Management
Average assets under management during the first quarter decreased 9% to $113.1 billion compared with $124.3 billion during the fourth quarter 2008. At March 31, 2009, the company’s total assets under management were $110.9 billion compared with $123.5 billion at December 31, 2008 and $187.6 billion at March 31, 2008. The decrease in firmwide assets during the first quarter reflects $6.4 billion of net market depreciation, long-term net outflows of $0.9 billion and money market net outflows of $5.3 billion.
Investment Performance
Relative long-term investment performance remained strong with approximately 51%, 73% and 87% of firmwide 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, 2009.(2) In addition, 55% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at March 31, 2009.(3)
Janus-managed equity mutual funds continue to outperform the majority of peers over longer periods with 38%, 71% and 85% of equity mutual funds ranking in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of March 31, 2009.(2)
INTECH’s relative investment performance remained strong with 83%, 56%, 86% and 100% of strategies outperforming their respective benchmarks over the one-, three-, five- and 10-year periods, as of March 31, 2009.
Perkins continues to deliver exceptional investment performance with the Mid Cap Value and Small Cap Value mutual funds ranked in the top 11% of their Lipper categories on a one-, three- and five-year total-return basis as of March 31, 2009.(4)
(2) | Strong relative performance is not indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 23 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 9 and 10. |
(3) | 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 11-13. |
(4) | Rankings are for the “JIF” investor share class only; other classes may have different performance characteristics. See pages 9 and 10 for complete Lipper rankings. Janus Mid Cap Value Fund and Janus Small Cap Value Fund changed names and are now Perkins Mid Cap Value Fund and Perkins Small Cap Value Fund, respectively. |
2
“Despite continued challenges in the market, we believe our distribution build-out and strong long-term investment performance will translate into market share gains once equity markets recover,” said Gary Black CEO.
Financial Discussion
Preliminary Financial Highlights
(dollars in millions, except per share data or as noted)
| | Three Months Ended | |
| | March 31, | | December 31, | | March 31, | |
| | 2009 | | 2008 | | 2008 | |
| | | | | | | |
Continuing Operations (Investment Management) | | | | | | | |
Average Assets (in billions) | | $ | 113.1 | | $ | 124.3 | | $ | 189.7 | |
Ending AUM (in billions) | | $ | 110.9 | | $ | 123.5 | | $ | 187.6 | |
Revenues | | $ | 170.3 | | $ | 177.1 | | $ | 281.2 | |
Operating Expenses * | | $ | 135.9 | | $ | 131.9 | | $ | 191.7 | |
Operating Income * | | $ | 34.4 | | $ | 45.2 | | $ | 89.5 | |
Operating Margin * | | 20.2 | % | 25.5 | % | 31.8 | % |
| | | | | | | |
Net Income * | | $ | 2.7 | | $ | 7.8 | | $ | 39.0 | |
| | | | | | | |
Diluted Earnings per Share * | | $ | 0.02 | | $ | 0.05 | | $ | 0.24 | |
* | Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share. The expected impairment charges are non-cash and not deductible for income tax purposes. Final financial results for the first quarter 2009, including the expected goodwill and intangible asset impairment charges, will be included in JCG’s Form 10-Q for the quarter ended March 31, 2009 to be filed on or before May 11, 2009. |
Continuing Operations
First quarter 2009 revenues of $170.3 million decreased 39% from first quarter 2008 due to lower average assets under management, driven primarily by declining global markets. Preliminary operating expenses decreased $55.8 million, or 29%, from the first quarter 2008 as a result of a 49% decrease in variable expenses and a 25% decline in both marketing and administrative expenses from cost reductions implemented in the fourth quarter 2008.
“We’re on track to realize $40 to $45 million of savings from previously announced cost reduction initiatives,” said Greg Frost CFO. “As we move forward, we continue to balance the need to manage expenses in this environment with positioning the firm for growth as markets improve.”
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Non-operating items for the first quarter 2009 include impairment losses of $6.6 million, or $0.03 per diluted share, primarily on JCG’s unconsolidated seed capital investments.
Acquisition
JCG is finalizing the acquisition of an additional 3% interest in INTECH for $25 million. Upon completion, JCG’s interest in INTECH will be approximately 92%. The acquisition is pursuant to contractual obligations with the INTECH founders.
Capital and Liquidity
At March 31, 2009, JCG had preliminary stockholders’ equity of $1.5 billion, cash and investments of $341 million and $1.1 billion of outstanding debt.
First Quarter 2009 Earnings Call Information
JCG will discuss its results during a conference call on Thursday, April 23 at 10 a.m. Eastern Standard 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.
About Janus Capital Group Inc.
Janus Capital Group Inc. (JCG) is a global investment firm offering strategies from three individual investment boutiques: Janus Capital Management LLC (Janus), INTECH Investment Management LLC (INTECH) and Perkins Investment Management LLC (Perkins). Each manager employs a research-intensive approach that is distinct within its respective asset class. This multi-boutique approach enables the firm to provide style-specific expertise across an array of strategies, including growth, value and risk-managed equities, fixed income and alternatives through one common distribution platform.
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At the end of March 2009, JCG managed $110.9 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in London, Tokyo, Hong Kong and Singapore.
Contacts:
Shelley Peterson, 303-316-5625
Scott Grace, 303-394-7709
###
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call JCG 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 (4/09).
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 JCG’s Annual Report on Form 10-K for the year ended December 31, 2008, 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.
PRELIMINARY AND UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
EXCLUDING AN EXPECTED GOODWILL IMPAIRMENT CHARGE
(dollars in millions, except per share data or as noted)
| | Three Months Ended | |
| | March 31, | | December 31, | | March 31, | |
| | 2009 | | 2008 | | 2008 | |
Revenues: | | | | | | | |
Investment management fees | | $ | 136.8 | | $ | 142.5 | | $ | 225.5 | |
Performance fees | | 3.4 | | 1.6 | | 5.6 | |
Shareowner servicing fees and other | | 30.1 | | 33.0 | | 50.1 | |
Total | | 170.3 | | 177.1 | | 281.2 | |
| | | | | | | |
Operating Expenses: | | | | | | | |
Employee compensation and benefits | | 62.2 | | 53.3 | | 91.8 | |
Long-term incentive compensation | | 13.4 | | 8.2 | | 12.1 | |
Marketing and advertising | | 5.6 | | 8.6 | | 7.8 | |
Distribution | | 20.1 | | 23.9 | | 36.3 | |
Depreciation and amortization | | 8.9 | | 9.5 | | 9.9 | |
General, administrative and occupancy | | 25.7 | | 28.4 | | 33.8 | |
Goodwill impairment * | | | | — | | — | |
Total | | 135.9 | | 131.9 | | 191.7 | |
| | | | | | | |
Operating Income * | | 34.4 | | 45.2 | | 89.5 | |
| | | | | | | |
Interest expense | | (19.9 | ) | (18.9 | ) | (18.9 | ) |
Investment losses, net | | (7.2 | ) | (21.6 | ) | (9.5 | ) |
Other income, net | | — | | 3.0 | | 4.2 | |
Income tax provision | | (2.1 | ) | (3.3 | ) | (24.5 | ) |
Equity in earnings of unconsolidated affiliate | | — | | 2.2 | | 2.0 | |
| | | | | | | |
Income from Continuing Operations * | | 5.2 | | 6.6 | | 42.8 | |
Loss from Discontinued Operations | | — | | — | | (1.6 | ) |
| | | | | | | |
Net income * | | 5.2 | | 6.6 | | 41.2 | |
Noncontrolling interest | | (2.5 | ) | 1.2 | | (3.8 | ) |
| | | | | | | |
Net income attributable to JCG * | | $ | 2.7 | | $ | 7.8 | | $ | 37.4 | |
| | | | | | | |
Diluted weighted average shares outstanding (in millions) | | 156.9 | | 156.4 | | 164.0 | |
| | | | | | | |
Diluted earnings per share attributable to JCG common shareholders: | | | | | | | |
Continuing operations * | | $ | 0.02 | | $ | 0.05 | | $ | 0.24 | |
Discontinued operations | | — | | — | | (0.01 | ) |
Diluted earnings per share * | | $ | 0.02 | | $ | 0.05 | | $ | 0.23 | |
| | | | | | | |
Amounts attributable to JCG common shareholders: | | | | | | | |
Income from Continuing Operations * | | $ | 2.7 | | $ | 7.8 | | $ | 39.0 | |
Loss from Discontinued Operations | | — | | — | | (1.6 | ) |
| | | | | | | | | | |
Net income * | | $ | 2.7 | | $ | 7.8 | | $ | 37.4 | |
| | | | | | | |
Average Assets Under Management (in billions) | | $ | 113.1 | | $ | 124.3 | | $ | 189.7 | |
* Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share. The expected impairment charges are non-cash and not deductible for income tax purposes. Final financial results for the first quarter 2009, including the expected goodwill and intangible asset impairment charges, will be included in JCG’s Form 10-Q for the quarter ended March 31, 2009 to be filed on or before May 11, 2009.
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JANUS CAPITAL GROUP INC.
PRELIMINARY AND UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
| | March 31, | | December 31, | |
| | 2009 | | 2008 | |
Assets | | | | | |
Cash and cash equivalents | | $ | 232.1 | | $ | 282.6 | |
Marketable securities | | 108.4 | | 125.3 | |
Other assets | | 251.6 | | 236.2 | |
Property and equipment, net | | 52.0 | | 51.1 | |
Intangibles and goodwill, net * | | 2,639.6 | | 2,641.5 | |
Total Assets * | | $ | 3,283.7 | | $ | 3,336.7 | |
| | | | | |
Liabilities and Stockholders’ Equity | | | | | |
Debt | | $ | 1,128.0 | | $ | 1,128.0 | |
Other liabilities | | 241.7 | | 305.6 | |
Deferred income taxes | | 390.2 | | 388.1 | |
Stockholders’ equity * | | 1,523.8 | | 1,515.0 | |
Total Liabilities and Stockholders’ Equity * | | $ | 3,283.7 | | $ | 3,336.7 | |
* Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share. The expected impairment charges are non-cash and not deductible for income tax purposes. Final financial results for the first quarter 2009, including the expected goodwill and intangible asset impairment charges, will be included in JCG’s Form 10-Q for the quarter ended March 31, 2009 to be filed on or before May 11, 2009.
UNAUDITED CONDENSED CASH FLOW INFORMATION
CONTINUING OPERATIONS
(dollars in millions)
| | Three Months Ended | |
| | March 31, | | December 31, | | March 31, | |
Cash provided by (used in): | | 2009 | | 2008 | | 2008 | |
Operating activities | | $ | (18.3 | ) | $ | 70.1 | | $ | 1.9 | |
Investing activities | | (26.8 | ) | (82.6 | ) | (76.4 | ) |
Financing activities | | (5.4 | ) | (2.5 | ) | (135.9 | ) |
Net change during period | | $ | (50.5 | ) | $ | (15.0 | ) | $ | (210.4 | ) |
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JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
| | Three Months Ended |
| | March 31, 2009 | | December 31, 2008 | | March 31, 2008 | |
Growth/Blend | | | | | | | |
Beginning of period assets | | $ | 49.5 | | $ | 66.2 | | $ | 83.5 | |
Sales | | 2.4 | | 3.8 | | 5.9 | |
Redemptions | | 3.4 | | 5.1 | | 5.6 | |
Net sales (redemptions) | | (1.0 | ) | (1.3 | ) | 0.2 | |
Market / fund performance | | (2.0 | ) | (15.4 | ) | (6.9 | ) |
End of period assets | | $ | 46.6 | | $ | 49.5 | | $ | 76.8 | |
| | | | | | | |
Global/International | | | | | | | |
Beginning of period assets | | $ | 10.9 | | $ | 15.7 | | $ | 24.9 | |
Sales | | 0.5 | | 0.5 | | 1.1 | |
Redemptions | | 0.6 | | 1.3 | | 1.8 | |
Net sales (redemptions) | | (0.1 | ) | (0.8 | ) | (0.7 | ) |
Market / fund performance | | (0.1 | ) | (4.0 | ) | (2.1 | ) |
End of period assets | | $ | 10.7 | | $ | 10.9 | | $ | 22.1 | |
| | | | | | | |
Mathematical/Quantitative (1) | | | | | | | |
Beginning of period assets | | $ | 42.4 | | $ | 55.6 | | $ | 69.7 | |
Sales | | 0.9 | | 1.8 | | 1.8 | |
Redemptions | | 1.4 | | 2.8 | | 2.9 | |
Net sales (redemptions) | | (0.5 | ) | (1.0 | ) | (1.1 | ) |
Market / fund performance | | (3.5 | ) | (12.2 | ) | (7.5 | ) |
End of period assets | | $ | 38.3 | | $ | 42.4 | | $ | 61.2 | |
| | | | | | | |
Fixed Income | | | | | | | |
Beginning of period assets | | $ | 3.2 | | $ | 3.4 | | $ | 4.9 | |
Sales | | 0.8 | | 0.5 | | 0.5 | |
Redemptions | | 0.3 | | 0.6 | | 1.6 | |
Net sales (redemptions) | | 0.5 | | (0.1 | ) | (1.1 | ) |
Market / fund performance | | — | | (0.1 | ) | — | |
End of period assets | | $ | 3.7 | | $ | 3.2 | | $ | 3.8 | |
| | | | | | | |
Alternatives | | | | | | | |
Beginning of period assets | | $ | 0.5 | | $ | 0.8 | | $ | 0.8 | |
Sales | | — | | — | | 0.7 | |
Redemptions | | 0.1 | | 0.2 | | 0.1 | |
Net sales (redemptions) | | (0.1 | ) | (0.2 | ) | 0.6 | |
Market / fund performance | | (0.1 | ) | (0.1 | ) | — | |
End of period assets | | $ | 0.4 | | $ | 0.5 | | $ | 1.4 | |
| | | | | | | |
Value (2) | | | | | | | |
Beginning of period assets | | $ | 9.1 | | $ | 10.9 | | $ | 10.1 | |
Sales | | 1.4 | | 1.7 | | 1.3 | |
Redemptions | | 1.1 | | 1.3 | | 0.8 | |
Net sales (redemptions) | | 0.3 | | 0.3 | | 0.5 | |
Market / fund performance | | (0.8 | ) | (2.2 | ) | (0.5 | ) |
End of period assets | | $ | 8.6 | | $ | 9.1 | | $ | 10.1 | |
| | | | | | | |
Money Market | | | | | | | |
Beginning of period assets | | $ | 7.9 | | $ | 7.9 | | $ | 12.8 | |
Sales | | 3.0 | | 15.6 | | 24.9 | |
Redemptions | | 8.3 | | 15.6 | | 25.5 | |
Net sales (redemptions) | | (5.3 | ) | — | | (0.6 | ) |
Market / fund performance | | — | | — | | — | |
End of period assets | | $ | 2.6 | | $ | 7.9 | | $ | 12.2 | |
| | | | | | | |
Total Company | | | | | | | |
Beginning of period assets | | $ | 123.5 | | $ | 160.5 | | $ | 206.7 | |
Sales | | 9.0 | | 23.9 | | 36.2 | |
Redemptions | | 15.2 | | 26.9 | | 38.3 | |
Net sales (redemptions) | | (6.2 | ) | (3.0 | ) | (2.1 | ) |
Market / fund performance | | (6.4 | ) | (34.0 | ) | (17.0 | ) |
End of period assets | | $ | 110.9 | | $ | 123.5 | | $ | 187.6 | |
| | | | | | | |
Total Excluding Money Markets | | | | | | | |
Beginning of period assets | | $ | 115.6 | | $ | 152.7 | | $ | 194.0 | |
Sales | | 6.0 | | 8.3 | | 11.3 | |
Redemptions | | 6.9 | | 11.3 | | 12.8 | |
Net sales (redemptions) | | (0.9 | ) | (3.0 | ) | (1.5 | ) |
Market / fund performance | | (6.4 | ) | (34.0 | ) | (17.0 | ) |
End of period assets | | $ | 108.3 | | $ | 115.6 | | $ | 175.4 | |
Each line has been rounded on the schedule individually to increase the accuracy of the amounts presented. Therefore totals and subtotals may not foot.
Notes:
(1) | Represents all assets managed by INTECH Investment Management LLC. |
(2) | Represents all assets managed by Perkins Investment Management LLC. |
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Janus Investment Fund (“JIF”) | | | | | | Lipper Rankings Based on Total Returns as of 3/31/2009 | |
| | | | | | 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 | | 76 | | 595 / 789 | | 1 | | 1 / 674 | | 1 | | 2 / 563 | | 31 | | 86 / 285 | | 44 | | 343 / 781 | |
Janus Fund | | Oct-07 | | Large-Cap Growth Funds | | 60 | | 474 / 789 | | 37 | | 246 / 674 | | 32 | | 180 / 563 | | 60 | | 169 / 285 | | 49 | | 369 / 761 | |
Janus Orion Fund | | Dec-07 | | Multi-Cap Growth Funds | | 99 | | 492 / 499 | | 37 | | 143 / 387 | | 6 | | 18 / 323 | | — | | — | | 97 | | 473 / 488 | |
Janus Research Fund | | Jan-06 | | Large-Cap Growth Funds | | 95 | | 747 / 789 | | 45 | | 299 / 674 | | 31 | | 173 / 563 | | 46 | | 130 / 285 | | 41 | | 271 / 662 | |
Janus Enterprise Fund | | Oct-07 | | Mid-Cap Growth Funds | | 65 | | 364 / 562 | | 22 | | 103 / 486 | | 12 | | 46 / 398 | | 74 | | 139 / 187 | | 39 | | 209 / 543 | |
Janus Venture Fund (1) | | Jan-01 | | Small-Cap Growth Funds | | 75 | | 443 / 593 | | 40 | | 201 / 506 | | 34 | | 138 / 413 | | 63 | | 131 / 207 | | 28 | | 82 / 292 | |
Janus Triton Fund | | Jun-06 | | Small-Cap Growth Funds | | 7 | | 40 / 593 | | 3 | | 11 / 506 | | — | | — | | — | | — | | 1 | | 5 / 515 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Contrarian Fund | | Feb-00 | | Multi-Cap Core Funds | | 99 | | 763 / 772 | | 74 | | 464 / 627 | | 8 | | 33 / 468 | | — | | — | | 20 | | 44 / 222 | |
Janus Growth and Income Fund | | Nov-07 | | Large-Cap Core Funds | | 67 | | 589 / 888 | | 74 | | 562 / 766 | | 34 | | 213 / 638 | | 33 | | 117 / 360 | | 54 | | 460 / 866 | |
Janus Balanced Fund | | Apr-05 | | Mixed-Asset Target Alloc. Mod. Funds | | 4 | | 19 / 522 | | 4 | | 12 / 391 | | 1 | | 2 / 289 | | 11 | | 16 / 153 | | 1 | | 3 / 353 | |
Janus Fundamental Equity Fund | | Nov-07 | | Large-Cap Core Funds | | 87 | | 771 / 888 | | 83 | | 631 / 766 | | 23 | | 144 / 638 | | 24 | | 86 / 360 | | 82 | | 706 / 866 | |
INTECH Risk-Managed Stock Fund | | Feb-03 | | Multi-Cap Core Funds | | 38 | | 292 / 772 | | 51 | | 318 / 627 | | 28 | | 128 / 468 | | — | | — | | 32 | | 126 / 398 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Global/International Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Overseas Fund | | Jun-03 | | International Funds | | 50 | | 591 / 1203 | | 3 | | 24 / 884 | | 1 | | 4 / 705 | | 5 | | 15 / 367 | | 1 | | 3 / 648 | |
Janus Worldwide Fund | | Jun-04 | | Global Funds | | 71 | | 351 / 494 | | 60 | | 228 / 381 | | 91 | | 268 / 294 | | 92 | | 140 / 152 | | 76 | | 227 / 298 | |
Janus Global Life Sciences Fund | | Apr-07 | | Global Healthcare/Biotechnology Funds | | 66 | | 34 / 51 | | 39 | | 18 / 46 | | 36 | | 16 / 44 | | 13 | | 2 / 15 | | 24 | | 12 / 51 | |
Janus Global Technology Fund | | Jan-06 | | Global Science & Technology Funds | | 27 | | 22 / 82 | | 40 | | 31 / 77 | | 43 | | 30 / 70 | | 29 | | 6 / 20 | | 40 | | 31 / 77 | |
Janus Global Research Fund | | Feb-05 | | Global Funds | | 61 | | 299 / 494 | | 25 | | 94 / 381 | | — | | — | | — | | — | | 7 | | 20 / 323 | |
Janus Global Opportunities Fund | | Jun-01 | | Global Funds | | 27 | | 133 / 494 | | 40 | | 150 / 381 | | 67 | | 196 / 294 | | — | | — | | 16 | | 32 / 206 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Perkins Mid Cap Value Fund - Inv (2) | | Aug-98 | | Mid-Cap Value Funds | | 6 | | 21 / 360 | | 4 | | 10 / 292 | | 2 | | 4 / 218 | | 3 | | 2 / 74 | | 2 | | 1 / 63 | |
Perkins Small Cap Value Fund - Inv (1),(2) | | Feb-97 | | Small-Cap Core Funds | | 4 | | 23 / 758 | | 4 | | 21 / 606 | | 11 | | 52 / 482 | | 14 | | 30 / 228 | | 6 | | 7 / 122 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Flexible Bond Fund | | May-07 | | Intermediate Investment Grade Debt | | 6 | | 34 / 580 | | 4 | | 19 / 480 | | 7 | | 26 / 401 | | 19 | | 39 / 208 | | 6 | | 32 / 535 | |
Janus High-Yield Fund | | Dec-03 | | High Current Yield Funds | | 13 | | 60 / 461 | | 13 | | 48 / 390 | | 13 | | 43 / 335 | | 9 | | 17 / 207 | | 14 | | 46 / 329 | |
Janus Short-Term Bond Fund | | May-07 | | Short Investment Grade Debt | | 2 | | 4 / 259 | | 2 | | 4 / 214 | | 3 | | 4 / 176 | | 6 | | 5 / 89 | | 5 | | 12 / 254 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Allocation Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Smart Portfolio-Growth | | Dec-05 | | Mixed-Asset Target Alloc. Growth Funds | | 75 | | 508 / 682 | | 27 | | 145 / 542 | | — | | — | | — | | — | | 14 | | 73 / 539 | |
Janus Smart Portfolio-Moderate | | Dec-05 | | Mixed-Asset Target Alloc. Mod. Funds | | 32 | | 165 / 522 | | 15 | | 55 / 391 | | — | | — | | — | | — | | 9 | | 33 / 387 | |
Janus Smart Portfolio-Conservative | | Dec-05 | | Mixed-Asset Target Alloc. Cons. Funds | | 35 | | 150 / 433 | | 17 | | 54 / 336 | | — | | — | | — | | — | | 10 | | 30 / 320 | |
Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative.
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.
9
| | | | | | | | | | | | | | | | | | | | | | | | | |
Janus Adviser Series (“JAD”) Class S Shares | | | | Lipper Rankings Based on Total Returns as of 3/31/2009 | |
| | | | | | 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 | | 94 | | 735 / 789 | | 2 | | 12 / 674 | | 1 | | 3 / 563 | | 3 | | 7 / 285 | | 67 | | 522 / 781 | |
Mid Cap Growth Fund | | Oct-07 | | Mid-Cap Growth Funds | | 48 | | 270 / 562 | | 13 | | 61 / 486 | | 7 | | 26 / 398 | | 73 | | 137 / 187 | | 26 | | 140 / 543 | |
Large Cap Growth Fund | | Oct-07 | | Large-Cap Growth Funds | | 59 | | 463 / 789 | | 41 | | 273 / 674 | | 40 | | 224 / 563 | | 51 | | 144 / 285 | | 46 | | 347 / 761 | |
INTECH Risk-Managed Growth Fund | | Jan-03 | | Multi-Cap Growth Funds | | 58 | | 288 / 499 | | 69 | | 267 / 387 | | 78 | | 252 / 323 | | — | | — | | 81 | | 237 / 294 | |
Orion Fund | | Dec-07 | | Mid-Cap Growth Funds | | 91 | | 510 / 562 | | 20 | | 96 / 486 | | — | | — | | — | | — | | 81 | | 444 / 552 | |
Small-Mid Growth Fund | | Jun-06 | | Small-Cap Growth Funds | | 10 | | 59 / 593 | | 4 | | 20 / 506 | | — | | — | | — | | — | | 2 | | 8 / 515 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Balanced Fund | | Apr-05 | | Mixed-Asset Target Alloc. Mod. Funds | | 3 | | 15 / 522 | | 3 | | 11 / 391 | | 2 | | 3 / 289 | | 8 | | 12 / 153 | | 1 | | 2 / 353 | |
Growth and Income Fund | | Nov-07 | | Large-Cap Core Funds | | 83 | | 734 / 888 | | 87 | | 666 / 766 | | 55 | | 347 / 638 | | 24 | | 84 / 360 | | 77 | | 661 / 866 | |
Fundamental Equity Fund | | Nov-07 | | Large-Cap Core Funds | | 88 | | 776 / 888 | | 83 | | 633 / 766 | | 24 | | 153 / 638 | | 26 | | 92 / 360 | | 84 | | 726 / 866 | |
Small Company Value Fund | | Mar-02 | | Small-Cap Core Funds | | 21 | | 158 / 758 | | 33 | | 196 / 606 | | 32 | | 152 / 482 | | — | | — | | 23 | | 90 / 396 | |
INTECH Risk-Managed Core Fund | | Jan-03 | | Multi-Cap Core Funds | | 35 | | 266 / 772 | | 49 | | 305 / 627 | | 27 | | 122 / 468 | | — | | — | | 26 | | 98 / 389 | |
Contrarian Fund | | Aug-05 | | Multi-Cap Core Funds | | 100 | | 766 / 772 | | 85 | | 530 / 627 | | — | | — | | — | | — | | 59 | | 338 / 572 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Global/International/ Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
International Growth Fund | | Jun-03 | | International Funds | | 26 | | 308 / 1203 | | 2 | | 15 / 884 | | 1 | | 1 / 705 | | 4 | | 12 / 367 | | 1 | | 1 / 648 | |
Worldwide Fund | | Jun-04 | | Global Funds | | 65 | | 320 / 494 | | 60 | | 229 / 381 | | 93 | | 273 / 294 | | 89 | | 136 / 152 | | 78 | | 232 / 298 | |
International Equity Fund | | Nov-06 | | International Funds | | 30 | | 361 / 1203 | | — | | — | | — | | — | | — | | — | | 7 | | 66 / 989 | |
INTECH Risk-Managed International Fund | | May-07 | | International Funds | | 43 | | 509 / 1203 | | — | | — | | — | | — | | — | | — | | 38 | | 406 / 1083 | |
Global Research Fund | | Nov-07 | | Global Funds | | 60 | | 297 / 494 | | — | | — | | — | | — | | — | | — | | 48 | | 224 / 466 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Perkins Mid Cap Value Fund | | Dec-02 | | Mid-Cap Value Funds | | 5 | | 16 / 360 | | 4 | | 9 / 292 | | 3 | | 5 / 218 | | — | | — | | 8 | | 14 / 192 | |
INTECH Risk-Managed Value Fund | | Dec-05 | | Multi-Cap Value Funds | | 58 | | 210 / 364 | | 53 | | 154 / 291 | | — | | — | | — | | — | | 56 | | 153 / 277 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Alternative Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Long/Short Fund | | Aug-06 | | Long/Short Equity Funds | | 43 | | 44 / 102 | | — | | — | | — | | — | | — | | — | | 22 | | 11 / 49 | |
Global Real Estate Fund | | Nov-07 | | Global Real Estate Funds | | 5 | | 4 / 84 | | — | | — | | — | | — | | — | | — | | 5 | | 4 / 81 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexible Bond Fund | | May-07 | | Intermediate Investment Grade Debt | | 5 | | 24 / 580 | | 5 | | 20 / 480 | | 9 | | 36 / 401 | | 17 | | 35 / 208 | | 6 | | 28 / 535 | |
High-Yield Fund | | Aug-05 | | High Current Yield | | 12 | | 52 / 461 | | 14 | | 54 / 390 | | — | | — | | — | | — | | 17 | | 61 / 376 | |
Rankings are for the Class S Shares only; other classes may have different performance characteristics.
Note:
‡ 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 3/31/2009 | |
| | | | | | 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 Portfolio | | Jan-08 | | VA Large-Cap Growth | | 89 | | 212 / 238 | | 2 | | 3 / 211 | | 2 | | 3 / 193 | | 3 | | 2 / 71 | | 64 | | 149 / 234 | |
Large Cap Growth Portfolio | | Oct-07 | | VA Large-Cap Growth | | 56 | | 132 / 238 | | 25 | | 51 / 211 | | 36 | | 69 / 193 | | 63 | | 45 / 71 | | 37 | | 83 / 229 | |
Mid Cap Growth Portfolio | | Oct-07 | | VA Mid-Cap Growth | | 77 | | 110 / 143 | | 19 | | 24 / 128 | | 17 | | 19 / 113 | | 74 | | 31 / 41 | | 41 | | 55 / 136 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Core Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Balanced Portfolio | | Apr-05 | | VA Mixed-Asset Target Alloc. Mod. | | 3 | | 4 / 184 | | 2 | | 2 / 117 | | 2 | | 1 / 78 | | 11 | | 5 / 47 | | 1 | | 1 / 101 | |
Growth and Income Portfolio | | Nov-07 | | VA Large-Cap Core | | 33 | | 80 / 242 | | 52 | | 112 / 217 | | 20 | | 37 / 189 | | 11 | | 9 / 84 | | 21 | | 48 / 237 | |
Fundamental Equity Portfolio | | Nov-07 | | VA Large-Cap Core | | 72 | | 173 / 242 | | 75 | | 163 / 217 | | 18 | | 34 / 189 | | 19 | | 16 / 84 | | 66 | | 156 / 237 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Global/International Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Worldwide Growth Portfolio | | Jun-04 | | VA Global | | 75 | | 93 / 124 | | 51 | | 42 / 82 | | 95 | | 70 / 73 | | 87 | | 33 / 37 | | 89 | | 70 / 78 | |
International Growth Portfolio | | Jun-03 | | VA International | | 43 | | 116 / 269 | | 3 | | 5 / 225 | | 2 | | 2 / 195 | | 6 | | 5 / 97 | | 2 | | 2 / 189 | |
Global Life Sciences Portfolio | | Oct-04 | | VA Health/Biotechnology | | 95 | | 35 / 36 | | 65 | | 22 / 33 | | 11 | | 3 / 28 | | — | | — | | 7 | | 2 / 31 | |
Global Technology Portfolio | | Jan-06 | | VA Science & Technology | | 55 | | 33 / 59 | | 37 | | 21 / 56 | | 40 | | 21 / 52 | | — | | — | | 39 | | 22 / 56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Value Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Perkins Mid Cap Value Portfolio | | May-03 | | VA Mid-Cap Value | | 2 | | 1 / 87 | | 2 | | 1 / 73 | | 2 | | 1 / 59 | | — | | — | | 2 | | 1 / 57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexible Bond Portfolio | | May-07 | | VA Intermediate Investment Grade Debt | | 6 | | 4 / 68 | | 7 | | 4 / 60 | | 8 | | 4 / 56 | | 8 | | 2 / 26 | | 10 | | 6 / 65 | |
Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative.
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:
‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.
10
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 | | *** | | 1491 | | *** | | 1491 | | *** | | 1229 | | ** | | 615 | |
Janus Enterprise Fund | | Mid-Cap Growth Funds | | *** | | 805 | | **** | | 805 | | **** | | 673 | | ** | | 331 | |
Janus Growth and Income Fund | | Large Growth Funds | | *** | | 1491 | | ** | | 1491 | | *** | | 1229 | | **** | | 615 | |
Janus Research Fund | | Large Growth Funds | | *** | | 1491 | | *** | | 1491 | | *** | | 1229 | | ** | | 615 | |
Janus Twenty Fund (1) | | Large Growth Funds | | **** | | 1491 | | ***** | | 1491 | | ***** | | 1229 | | *** | | 615 | |
Janus Venture Fund (1) | | Small Growth Funds | | *** | | 678 | | *** | | 678 | | *** | | 566 | | ** | | 293 | |
Janus Overseas Fund | | Foreign Large Growth Funds | | **** | | 212 | | **** | | 212 | | ***** | | 164 | | **** | | 82 | |
Janus Balanced Fund | | Moderate Allocation Funds | | ***** | | 968 | | ***** | | 968 | | ***** | | 799 | | **** | | 462 | |
Janus Fundamental Equity Fund | | Large Blend Funds | | *** | | 1723 | | ** | | 1723 | | *** | | 1371 | | *** | | 695 | |
Janus Mid Cap Value Fund - Investor Shares (2) | | Mid-Cap Value Funds | | ***** | | 334 | | ***** | | 334 | | ***** | | 239 | | ***** | | 82 | |
Janus Small Cap Value Fund - Investor Shares (1),(2) | | Small Value Funds | | ***** | | 349 | | ***** | | 349 | | ***** | | 269 | | **** | | 126 | |
Janus Flexible Bond Fund | | Intermediate-Term Bond Funds | | ***** | | 993 | | ***** | | 993 | | ***** | | 856 | | **** | | 467 | |
Janus High-Yield Fund | | High Yield Bond Funds | | **** | | 473 | | **** | | 473 | | **** | | 405 | | **** | | 259 | |
Janus Short-Term Bond Fund | | Short-Term Bond Funds | | ***** | | 372 | | ***** | | 372 | | ***** | | 318 | | **** | | 168 | |
Janus Worldwide Fund | | World Stock Funds | | ** | | 529 | | *** | | 529 | | ** | | 425 | | ** | | 249 | |
Janus Orion Fund | | Health Funds | | *** | | 169 | | *** | | 169 | | *** | | 154 | | *** | | 54 | |
Janus Global Life Sciences Fund | | Technology Funds | | **** | | 220 | | *** | | 220 | | *** | | 201 | | **** | | 70 | |
Janus Global Technology Fund | | Mid-Cap Growth Funds | | **** | | 805 | | *** | | 805 | | **** | | 673 | | | | N/A | |
INTECH Risk-Managed Stock Fund | | Large Blend Funds | | **** | | 1723 | | *** | | 1723 | | **** | | 1371 | | | | N/A | |
Janus Contrarian Fund | | Large Blend Funds | | ** | | 1723 | | * | | 1723 | | *** | | 1371 | | | | N/A | |
Janus Global Opportunities Fund | | World Stock Funds | | *** | | 529 | | *** | | 529 | | *** | | 425 | | | | N/A | |
Janus Triton Fund | | Small Growth Funds | | ***** | | 678 | | ***** | | 678 | | | | N/A | | | | N/A | |
Janus Global Research Fund | | World Stock Funds | | **** | | 529 | | **** | | 529 | | | | N/A | | | | N/A | |
Janus Smart Portfolio-Growth | | Moderate Allocation Funds | | *** | | 968 | | *** | | 968 | | | | N/A | | | | N/A | |
Janus Smart Portfolio-Moderate | | Moderate Allocation Funds | | ***** | | 968 | | ***** | | 968 | | | | N/A | | | | N/A | |
Janus Smart Portfolio-Conservative | | Conservative Allocation Funds | | **** | | 489 | | **** | | 489 | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Percent of funds rated 4 / 5 Stars | | | | 57.7% | | | | 50.0% | | | | 52.4% | | | | 52.9% | | | |
Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2009 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.)
11
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 | | ***** | | 968 | | ***** | | 968 | | ***** | | 799 | | ***** | | 462 | |
Fundamental Equity Fund | | Large Blend Funds | | *** | | 1723 | | ** | | 1723 | | *** | | 1371 | | *** | | 695 | |
Flexible Bond Fund | | Intermediate-Term Bond Funds | | **** | | 993 | | ***** | | 993 | | **** | | 856 | | **** | | 467 | |
Forty Fund | | Large Growth Funds | | ***** | | 1491 | | ***** | | 1491 | | ***** | | 1229 | | **** | | 615 | |
Growth & Income Fund | | Large Growth Funds | | *** | | 1491 | | ** | | 1491 | | *** | | 1229 | | **** | | 615 | |
International Growth Fund | | Foreign Large Growth Funds | | ***** | | 212 | | ***** | | 212 | | ***** | | 164 | | ***** | | 82 | |
Large Cap Growth Fund | | Large Growth Funds | | *** | | 1491 | | *** | | 1491 | | *** | | 1229 | | *** | | 615 | |
Mid Cap Growth Fund | | Mid-Cap Growth Funds | | *** | | 805 | | **** | | 805 | | **** | | 673 | | ** | | 331 | |
Worldwide Fund | | World Stock Funds | | ** | | 529 | | *** | | 529 | | ** | | 425 | | ** | | 249 | |
Perkins Mid Cap Value Fund | | Mid-Cap Value Funds | | ***** | | 334 | | ***** | | 334 | | ***** | | 239 | | | | N/A | |
INTECH Risk-Managed Core Fund | | Large Blend Funds | | **** | | 1723 | | *** | | 1723 | | **** | | 1371 | | | | N/A | |
INTECH Risk-Managed Growth Fund | | Large Growth Funds | | ** | | 1491 | | ** | | 1491 | | ** | | 1229 | | | | N/A | |
Perkins Small Company Value Fund | | Small Value Funds | | *** | | 349 | | *** | | 349 | | *** | | 269 | | | | N/A | |
Contrarian Fund | | Large Blend Funds | | * | | 1723 | | * | | 1723 | | | | N/A | | | | N/A | |
Orion Fund | | Mid-Cap Growth Funds | | *** | | 805 | | *** | | 805 | | | | N/A | | | | N/A | |
Small-Mid Growth Fund | | Mid-Cap Growth Funds | | **** | | 805 | | **** | | 805 | | | | N/A | | | | N/A | |
High-Yield Fund | | High Yield Bond Funds | | **** | | 473 | | **** | | 473 | | | | N/A | | | | N/A | |
INTECH Risk-Managed Value Fund | | Large Value Funds | | *** | | 1192 | | *** | | 1192 | | | | N/A | | | | N/A | |
International Equity Fund | | Foreign Large Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Perkins Large Cap Value Fund | | Large Value Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Global Real Estate Fund | | Global 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 | | Long-Short Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
International Forty Fund | | Foreign Large Growth Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
INTECH Risk-Managed International Fund | | Foreign Large Blend Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Modular Portfolio Construction Fund | | Moderate Allocation Funds | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Percent of funds rated 4 / 5 Stars | | | | 44.4% | | | | 44.4% | | | | 53.8% | | | | 55.6% | | | |
Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2009 Morningstar, Inc. All Rights Reserved.
Ratings are for Class S Shares 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.)
12
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 | | ***** | | 968 | | ***** | | 968 | | ***** | | 799 | | ***** | | 462 | |
Flexible Bond Fund | | Intermediate-Term Bond Funds | | ***** | | 993 | | ***** | | 993 | | ***** | | 856 | | **** | | 467 | |
Forty Fund | | Large Growth Funds | | ***** | | 1491 | | ***** | | 1491 | | ***** | | 1229 | | **** | | 615 | |
Fundamental Equity Fund | | Large Blend Funds | | *** | | 1723 | | ** | | 1723 | | **** | | 1371 | | *** | | 695 | |
Growth & Income Fund | | Large Growth Funds | | **** | | 1491 | | *** | | 1491 | | **** | | 1229 | | **** | | 615 | |
International Growth Fund | | Foreign Large Growth Funds | | **** | | 212 | | **** | | 212 | | ***** | | 164 | | **** | | 82 | |
Worldwide Fund | | World Stock Funds | | ** | | 529 | | *** | | 529 | | ** | | 425 | | ** | | 249 | |
Large Cap Growth Fund | | Large Growth Funds | | **** | | 1491 | | **** | | 1491 | | **** | | 1229 | | *** | | 615 | |
Mid Cap Growth Fund | | Mid-Cap Growth Funds | | *** | | 805 | | *** | | 805 | | **** | | 673 | | ** | | 331 | |
Global Life Sciences Fund | | Health Funds | | **** | | 169 | | *** | | 169 | | **** | | 154 | | | | N/A | |
Global Technology Fund | | Technology Funds | | *** | | 220 | | *** | | 220 | | *** | | 201 | | | | N/A | |
Perkins Mid Cap Value Fund | | Mid-Cap Value Funds | | ***** | | 334 | | ***** | | 334 | | ***** | | 239 | | | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Percent of funds rated 4 / 5 Stars | | | | 66.7% | | | | 50.0% | | | | 83.3% | | | | 55.6% | | | |
Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. © 2009 Morningstar, Inc. All Rights Reserved.
Ratings are for Institutional Shares 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.)
C-0409-163
13
