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22.01.2009 13:00:00
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Janus Announces Fourth Quarter and Year-End 2008 Results
Janus Capital Group Inc. (NYSE: JNS) today reported fourth quarter net income from continuing operations of $7.8 million, or $0.05 per diluted share, compared with $26.0 million, or $0.16 per diluted share, in the third quarter 2008 and $51.6 million, or $0.30 per diluted share, in the fourth quarter 2007. For the full-year 2008, net income from continuing operations totaled $138.4 million, or $0.86 per diluted share, compared with $192.0 million, or $1.07 per diluted share for 2007. The company’s operating margin for the fourth quarter 2008 was 25.5% compared with 33.9% for the third quarter 2008 and 29.0% for the fourth quarter 2007. For the entire year, operating margin was 32.1% compared with 31.3% for 2007.
Flows and Assets Under Management
As a result of the recent difficult market environment, average assets under management declined 32% to $124.3 billion during the fourth quarter 2008. At December 31, 2008, the company’s total assets under management were $123.5 billion compared with $160.5 billion at September 30, 2008 and $206.7 billion at December 31, 2007.
The decrease in firmwide assets during the fourth quarter reflects $34.0 billion of net market depreciation and $3.0 billion of long-term net outflows. The decrease in year-over-year assets was primarily the result of $77.6 billion of net market depreciation.
Investment Performance
Relative long-term investment performance remained strong with approximately 55%, 79% and 83% 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 December 31, 2008.2 In addition, 50% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at December 31, 2008.3
Despite near-term underperformance, Janus-managed equity mutual funds continue to outperform the majority of peers over longer periods with 41%, 74% and 79% 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 December 31, 2008.2
INTECH’s relative investment performance rebounded in 2008 with 83%, 56%, 100% and 100% of strategies outperforming their respective benchmarks over the one-, three-, five- and 10-year periods, as of December 31, 2008.
Perkins continues to deliver strong investment performance with the Mid Cap Value and Small Cap Value mutual funds ranked in the top 15% of their Lipper categories on a one-, three- and five-year total-return basis as of December 31, 2008.4
"The investments we've made in the business have positioned the firm for the future,” said Janus’ CEO Gary Black. "We've broadened our product offerings, expanded our global distribution footprint and strengthened our value franchise with the acquisition of an additional interest in Perkins. These investments, coupled with continued strong long-term performance, position the firm for long-term success once equity markets recover.”
Financial Discussion
| Financial Highlights | |||||||||||||||||
| (dollars in millions, except per share data or as noted) | |||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||||||||
| 2008 | 2008 | 2008 | 2007 | ||||||||||||||
| Continuing Operations (Investment Management) | |||||||||||||||||
| Average Assets (in billions) | $ | 124.3 | $ | 182.7 | $ | 174.2 | $ | 190.4 | |||||||||
| Ending AUM (in billions) | $ | 123.5 | $ | 160.5 | $ | 123.5 | $ | 206.7 | |||||||||
| Revenues | $ | 177.1 | $ | 275.4 | $ | 1,037.9 | $ | 1,117.0 | |||||||||
| Operating Expenses | $ | 131.9 | $ | 182.1 | $ | 704.8 | $ | 767.7 | |||||||||
| Operating Income | $ | 45.2 | $ | 93.3 | $ | 333.1 | $ | 349.3 | |||||||||
| Operating Margin | 25.5% | 33.9% | 32.1% | 31.3% | |||||||||||||
| Net Income | $ | 7.8 | $ | 26.0 | $ | 138.4 | $ | 192.0 | |||||||||
| Diluted Earnings per Share | $ | 0.05 | $ | 0.16 | $ | 0.86 | $ | 1.07 | |||||||||
| Shares Repurchased (in millions) | - | 3.0 | 10.8 | 31.5 | |||||||||||||
| Cost of Shares Repurchased | $ | - | $ | 71.9 | $ | 281.0 | $ | 828.6 | |||||||||
| Average Price | $ | - | $ | 24.33 | $ | 26.13 | $ | 26.27 | |||||||||
| Total shares outstanding end of period (in millions) | 157.9 | 157.9 | 157.9 | 166.3 | |||||||||||||
Continuing Operations
Fourth quarter 2008 revenues of $177.1 million decreased 35.7% from the previous quarter due to lower average assets under management, driven primarily by declining global markets. Operating expenses decreased $50.2 million, or 27.6%, from the previous quarter as a result of lower incentive compensation, asset-based distribution costs and administrative expenses.
The deterioration in market conditions and average assets under management significantly impacted operating margin and results in the fourth quarter 2008, and will continue to pressure financial results in 2009. In response, Janus took action to reduce 2009 fixed and discretionary expenses by approximately $40 million to $45 million and expects variable expenses to continue to flex with revenues.
Non-operating items for the fourth quarter 2008 include a mark-to-market loss of $21.6 million (or $0.07 per share) on Janus’ seed capital investments compared to an $11.3 million loss in the third quarter 2008. In an effort to mitigate future volatility in its seed capital investments, Janus implemented a hedge strategy in late 2008. Third quarter 2008 also includes a $21.0 million impairment charge ($13.0 million net of tax, or $0.08 per share) associated with structured investment vehicle securities issued by Stanfield Victoria Funding LLC ("Stanfield”).
Perkins Investment Management Acquisition
On December 31, 2008, Janus increased its ownership of Perkins Investment Management LLC (formerly known as Perkins, Wolf, McDonnell and Company, LLC) to approximately 80.0% with the acquisition of an additional 50% interest for $90.0 million. The acquisition of Perkins is expected to be accretive to 2009 earnings. Additionally, Perkins hired Peter Q. Thompson as CEO and expanded its product offerings with the launch of the Perkins Large Cap Value Fund.
Institutional Money Market
On January 21, 2009, Janus announced to clients a plan to exit its institutional money market business, which includes the Janus Institutional Cash Management Fund, Janus Institutional Money Market Fund and Janus Institutional Government Money Market Fund, by April 30, 2009. Janus is taking this action to focus resources on its core businesses.
Capital and Liquidity
At December 31, 2008, Janus had stockholders’ equity of $1.6 billion, cash and investments of $408 million and $1.1 billion of outstanding debt. Given the current market conditions, Janus suspended stock buybacks in the fourth quarter 2008 to preserve liquidity and financial flexibility.
Fourth Quarter 2008 Earnings Call Information
Janus will discuss its results during a conference call on Thursday, January 22 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.
Founded in 1969, Denver-based Janus Capital Group Inc. ("Janus”) is a recognized leader of growth, risk-managed and value 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 December 2008, Janus managed $123.5 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, INTECH Investment Management LLC (INTECH), formerly known as Enhanced Investment Technologies, LLC and Perkins Investment Management LLC (Perkins).
1 Strong relative performance is not indicative of positive fund returns. 2008 absolute performance for most funds was 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, 24 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 10 and 11.
2 Strong relative performance is not indicative of positive fund returns. 2008 absolute performance for most funds was negative. Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 24 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 10 and 11.
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 12-14.
4 Rankings are for the "JIF” investor share class only; other classes may have different performance characteristics. See pages 10 and 11 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
###
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 (1/09).
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 Janus’ Annual Report on Form 10-K for the year ended December 31, 2007 and the company’s Quarterly Report on Form 10-Q for period ended September 30, 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.
| JANUS CAPITAL GROUP INC. | |||||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
| (dollars in millions, except per share data) | |||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2008 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||
| Revenues: | |||||||||||||||||||||
| Investment management fees | $ 142.5 | $ 218.9 | $ 247.9 | $ 826.7 | $ 897.9 | ||||||||||||||||
| Performance fees | 1.6 | 8.8 | 8.1 | 27.6 | 19.5 | ||||||||||||||||
| Shareowner servicing fees and other | 33.0 | 47.7 | 55.5 | 183.6 | 199.6 | ||||||||||||||||
| Total | 177.1 | 275.4 | 311.5 | 1,037.9 | 1,117.0 | ||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||
| Employee compensation and benefits | 53.3 | 81.2 | 95.4 | 317.9 | 360.7 | ||||||||||||||||
| Long-term incentive compensation | 8.2 | 10.7 | 30.4 | 43.5 | 79.9 | ||||||||||||||||
| Marketing and advertising | 8.6 | 8.0 | 9.3 | 33.1 | 25.9 | ||||||||||||||||
| Distribution | 23.9 | 36.5 | 41.2 | 134.9 | 141.7 | ||||||||||||||||
| Depreciation and amortization | 9.5 | 10.1 | 9.1 | 40.2 | 33.8 | ||||||||||||||||
| General, administrative and occupancy | 28.4 | 35.6 | 35.9 | 135.2 | 125.3 | ||||||||||||||||
| Restructuring and impairments | - | - | - | - | 0.4 | ||||||||||||||||
| Total | 131.9 | 182.1 | 221.3 | 704.8 | 767.7 | ||||||||||||||||
| Operating Income | 45.2 | 93.3 | 90.2 | 333.1 | 349.3 | ||||||||||||||||
| Interest expense | (18.9 | ) | (18.9 | ) | (18.9 | ) | (75.5 | ) | (58.8 | ) | |||||||||||
| Investment gains (losses), net | (21.6 | ) | (32.3 | ) | 3.0 | (60.4 | ) | 4.7 | |||||||||||||
| Other income, net | 3.0 | 1.4 | 9.1 | 9.6 | 27.7 | ||||||||||||||||
| Income tax provision | (3.3 | ) | (17.2 | ) | (28.1 | ) | (68.8 | ) | (116.4 | ) | |||||||||||
| Equity in earnings of unconsolidated affiliate | 2.2 | 2.5 | 1.9 | 9.0 | 7.2 | ||||||||||||||||
| Minority interest in consolidated earnings | 1.2 | (2.8 | ) | (5.6 | ) | (8.6 | ) | (21.7 | ) | ||||||||||||
| Income from Continuing Operations | 7.8 | 26.0 | 51.6 | 138.4 | 192.0 | ||||||||||||||||
| Loss from Discontinued Operations | - | (0.6 | ) | (31.9 | ) | (1.5 | ) | (75.7 | ) | ||||||||||||
| Net income | $ 7.8 | $ 25.4 | $ 19.7 | $ 136.9 | $ 116.3 | ||||||||||||||||
| Diluted weighted average shares outstanding (in millions) | 156.4 | 159.6 | 170.9 | 160.7 | 178.6 | ||||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||
| Continuing operations | $ 0.05 | $ 0.16 | $ 0.30 | $ 0.86 | $ 1.07 | ||||||||||||||||
| Discontinued operations | - | - | (0.19 | ) | (0.01 | ) | (0.42 | ) | |||||||||||||
| Diluted earnings per share | $ 0.05 | $ 0.16 | $ 0.12 | $ 0.85 | $ 0.65 | ||||||||||||||||
| Average Assets Under Management (in billions) | $ 124.3 | $ 182.7 | $ 207.6 | $ 174.2 | $ 190.4 | ||||||||||||||||
| JANUS CAPITAL GROUP INC. | |||||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (dollars in millions) | |||||||||||
| December 31, | December 31, | ||||||||||
| 2008 | 2007 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ 282.6 | $ 480.7 | |||||||||
| Marketable securities | 125.3 | 210.7 | |||||||||
| Other assets | 236.2 | 344.9 | |||||||||
| Property and equipment, net | 51.1 | 46.5 | |||||||||
| Intangibles and goodwill, net | 2,641.5 | 2,451.5 | |||||||||
| Assets related to discontinued operations | - | 29.8 | |||||||||
| Total Assets | $ 3,336.7 | $ 3,564.1 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Debt | $ 1,128.0 | $ 1,127.7 | |||||||||
| Other liabilities | 212.5 | 297.8 | |||||||||
| Deferred income taxes | 388.1 | 404.3 | |||||||||
| Liabilities related to discontinued operations | - | 10.8 | |||||||||
| Stockholders' equity | 1,608.1 | 1,723.5 | |||||||||
| Total Liabilities and Stockholders' Equity | $ 3,336.7 | $ 3,564.1 | |||||||||
| UNAUDITED CONDENSED CONSOLIDATED | |||||||||||||||||||
| CASH FLOW INFORMATION | |||||||||||||||||||
| (dollars in millions) | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| Cash provided by (used in) | 2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||
| Operating activities | $ 70.1 | $ 87.4 | $ 92.3 | $ 238.2 | $ 290.8 | ||||||||||||||
| Investing activities | (82.6 | ) | 3.3 | (67.1 | ) | (148.8 | ) | (103.3 | ) | ||||||||||
| Financing activities | (2.5 | ) | (68.8 | ) | (149.9 | ) | (287.5 | ) | (213.9 | ) | |||||||||
| Net change during period | $ (15.0 | ) | $ 21.9 | $ (124.7 | ) | $ (198.1 | ) | $ (26.4 | ) | ||||||||||
|
JANUS CAPITAL GROUP INC. |
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|
ASSETS & FLOWS BY INVESTMENT DISCIPLINE |
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|
(dollars in billions) |
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| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2008 | September 30, 2008 | December 31, 2007 | December 31, 2008 | December 31, 2007 | ||||||||||||
| Growth/Blend | ||||||||||||||||
| Beginning of period assets | $ 66.2 | $ 81.8 | $ 79.1 | $ 83.5 | $ 64.4 | |||||||||||
| Sales | 3.8 | 5.5 | 6.3 | 24.1 | 20.8 | |||||||||||
| Redemptions | 5.1 | 6.0 | 3.7 | 21.4 | 15.8 | |||||||||||
| Net sales (redemptions) | (1.3 | ) | (0.5 | ) | 2.6 | 2.7 | 5.0 | |||||||||
| Market / fund performance | (15.4 | ) | (15.0 | ) | 1.8 | (36.7 | ) | 14.0 | ||||||||
| End of period assets | $ 49.5 | $ 66.2 | $ 83.5 | $ 49.5 | $ 83.5 | |||||||||||
| Global/International | ||||||||||||||||
| Beginning of period assets | $ 15.7 | $ 21.0 | $ 24.4 | $ 24.9 | $ 18.4 | |||||||||||
| Sales | 0.5 | 0.8 | 2.1 | 3.4 | 7.5 | |||||||||||
| Redemptions | 1.3 | 1.8 | 1.3 | 5.8 | 5.0 | |||||||||||
| Net sales (redemptions) | (0.8 | ) | (1.0 | ) | 0.8 | (2.4 | ) | 2.5 | ||||||||
| Market / fund performance | (4.0 | ) | (4.3 | ) | (0.3 | ) | (11.6 | ) | 4.1 | |||||||
| End of period assets | $ 10.9 | $ 15.7 | $ 24.9 | $ 10.9 | $ 24.9 | |||||||||||
|
Mathematical/Quantitative (1) |
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| Beginning of period assets | $ 55.6 | $ 61.3 | $ 69.6 | $ 69.7 | $ 62.3 | |||||||||||
| Sales | 1.8 | 6.2 | 4.0 | 12.3 | 15.5 | |||||||||||
| Redemptions | 2.8 | 6.0 | 3.9 | 14.0 | 13.2 | |||||||||||
| Net sales (redemptions) | (1.0 | ) | 0.2 | 0.1 | (1.7 | ) | 2.3 | |||||||||
| Market / fund performance | (12.2 | ) | (6.0 | ) | - | (25.6 | ) | 5.2 | ||||||||
| End of period assets | $ 42.4 | $ 55.6 | $ 69.7 | $ 42.4 | $ 69.7 | |||||||||||
| Fixed Income | ||||||||||||||||
| Beginning of period assets | $ 3.4 | $ 3.7 | $ 5.2 | $ 4.9 | $ 4.6 | |||||||||||
| Sales | 0.5 | 0.3 | 0.2 | 1.5 | 1.9 | |||||||||||
| Redemptions | 0.6 | 0.4 | 0.5 | 3.1 | 1.8 | |||||||||||
| Net sales (redemptions) | (0.1 | ) | (0.1 | ) | (0.3 | ) | (1.6 | ) | 0.1 | |||||||
| Market / fund performance | (0.1 | ) | (0.1 | ) | - | (0.1 | ) | 0.2 | ||||||||
| End of period assets | $ 3.2 | $ 3.4 | $ 4.9 | $ 3.2 | $ 4.9 | |||||||||||
| Alternatives | ||||||||||||||||
| Beginning of period assets | $ 0.8 | $ 1.2 | $ 0.6 | $ 0.8 | $ 0.3 | |||||||||||
| Sales | - | - | 0.3 | 0.8 | 0.6 | |||||||||||
| Redemptions | 0.2 | 0.3 | - | 0.8 | - | |||||||||||
| Net sales (redemptions) | (0.2 | ) | (0.3 | ) | 0.3 | - | 0.6 | |||||||||
| Market / fund performance | (0.1 | ) | (0.2 | ) | - | (0.3 | ) | - | ||||||||
| End of period assets | $ 0.5 | $ 0.8 | $ 0.8 | $ 0.5 | $ 0.8 | |||||||||||
| Value (2) | ||||||||||||||||
| Beginning of period assets | $ 10.9 | $ 10.9 | $ 10.6 | $ 10.1 | $ 10.2 | |||||||||||
| Sales | 1.7 | 1.9 | 0.5 | 6.3 | 2.9 | |||||||||||
| Redemptions | 1.3 | 1.3 | 0.7 | 4.0 | 3.6 | |||||||||||
| Net sales (redemptions) | 0.3 | 0.6 | (0.2 | ) | 2.3 | (0.7 | ) | |||||||||
| Market / fund performance | (2.2 | ) | (0.6 | ) | (0.3 | ) | (3.3 | ) | 0.5 | |||||||
| End of period assets | $ 9.1 | $ 10.9 | $ 10.1 | $ 9.1 | $ 10.1 | |||||||||||
| Money Market | ||||||||||||||||
| Beginning of period assets | $ 7.9 | $ 11.8 | $ 18.5 | $ 12.8 | $ 7.5 | |||||||||||
| Sales | 15.6 | 28.1 | 35.7 | 91.7 | 116.5 | |||||||||||
| Redemptions | 15.6 | 32.1 | 41.4 | 96.5 | 111.3 | |||||||||||
| Net sales (redemptions) | - | (4.0 | ) | (5.7 | ) | (5.0 | ) | 5.2 | ||||||||
| Market / fund performance | - | - | - | - | - | |||||||||||
| End of period assets | $ 7.9 | $ 7.9 | $ 12.8 | $ 7.9 | $ 12.8 | |||||||||||
| Total Company | ||||||||||||||||
| Beginning of period assets | $ 160.5 | $ 191.8 | $ 208.0 | $ 206.7 | $ 167.7 | |||||||||||
| Sales | 23.9 | 42.8 | 49.1 | 140.1 | 165.8 | |||||||||||
| Redemptions | 26.9 | 47.9 | 51.6 | 145.7 | 150.8 | |||||||||||
| Net sales (redemptions) | (3.0 | ) | (5.1 | ) | (2.5 | ) | (5.6 | ) | 15.0 | |||||||
| Market / fund performance | (34.0 | ) | (26.2 | ) | 1.2 | (77.6 | ) | 24.0 | ||||||||
| End of period assets | $ 123.5 | $ 160.5 | $ 206.7 | $ 123.5 | $ 206.7 | |||||||||||
| Total Excluding Money Markets | ||||||||||||||||
| Beginning of period assets | $ 152.7 |
$ 179.9 |
$ 189.5 | $ 194.0 | $ 160.2 | |||||||||||
| Sales | 8.3 | 14.7 | 13.4 | 48.5 | 49.3 | |||||||||||
| Redemptions | 11.3 | 15.8 | 10.2 | 49.1 | 39.5 | |||||||||||
| Net sales (redemptions) | (3.0 | ) | (1.1 | ) | 3.2 | (0.6 | ) | 9.8 | ||||||||
| Market / fund performance | (34.0 | ) | (26.2 | ) | 1.2 | (77.6 | ) | 24.0 | ||||||||
| End of period assets | $ 115.6 | $ 152.7 | $ 194.0 | $ 115.6 | $ 194.0 | |||||||||||
| 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.
| Janus Investment Fund ("JIF") | Lipper Rankings Based on Total Returns as of 12/31/08 | |||||||||||||||||||||||||||
| 1-Year | 3-Year | 5-Year | 10-Year | Since PM Inception | ||||||||||||||||||||||||
| PM Inception | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | ||||||||||||||||||
|
Lipper Category |
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| Growth Funds | ||||||||||||||||||||||||||||
| Janus Twenty Fund (1) | Jan-08 | Large-Cap Growth Funds | 65 | 522 / 803 | 1 | 5 / 679 | 1 | 2 / 567 | 18 | 49 / 274 |
‡ |
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| Janus Fund | Oct-07 | Large-Cap Growth Funds | 48 | 381 / 803 | 25 | 164 / 679 | 45 | 251 / 567 | 49 | 133 / 274 | 47 | 359 / 778 | ||||||||||||||||
| Janus Orion Fund | Dec-07 | Multi-Cap Growth Funds | 94 | 472 / 506 | 18 | 69 / 386 | 5 | 13 / 320 | - | - | 94 | 472 / 506 | ||||||||||||||||
| Janus Research Fund | Jan-06 | Large-Cap Growth Funds | 81 | 648 / 803 | 32 | 216 / 679 | 22 | 121 / 567 | 20 | 54 / 274 | 33 | 222 / 680 | ||||||||||||||||
| Janus Enterprise Fund | Oct-07 | Mid-Cap Growth Funds | 39 | 230 / 602 | 16 | 82 / 522 | 7 | 29 / 419 | 65 | 126 / 195 | 31 | 181 / 592 | ||||||||||||||||
| Janus Venture Fund (1) | Jan-01 | Small-Cap Growth Funds | 96 | 576 / 603 | 48 | 243 / 507 | 46 | 184 / 406 | 52 | 104 / 202 | 39 | 115 / 298 | ||||||||||||||||
| Janus Triton Fund | Jun-06 | Small-Cap Growth Funds | 37 | 221 / 603 | 6 | 26 / 507 | - | - | - | - | 2 | 10 / 526 | ||||||||||||||||
| Core Funds | ||||||||||||||||||||||||||||
| Janus Contrarian Fund | Feb-00 | Multi-Cap Core Funds | 96 | 751 / 787 | 22 | 135 / 640 | 2 | 8 / 455 | - | - | 14 | 32 / 228 | ||||||||||||||||
| Janus Growth and Income Fund | Nov-07 | Large-Cap Core Funds | 89 | 756 / 851 | 89 | 637 / 720 | 59 | 354 / 606 | 27 | 92 / 344 | 86 | 726 / 845 | ||||||||||||||||
| Janus Balanced Fund | Apr-05 | Mixed-Asset Target Alloc. Mod. Funds | 4 | 17 / 513 | 5 | 16 / 382 | 3 | 7 / 273 | 9 | 13 / 145 | 2 | 4 / 349 | ||||||||||||||||
| Janus Fundamental Equity Fund | Nov-07 | Large-Cap Core Funds | 91 | 771 / 851 | 81 | 581 / 720 | 25 | 148 / 606 | 15 | 50 / 344 | 85 | 714 / 845 | ||||||||||||||||
| INTECH Risk-Managed Stock Fund | Feb-03 | Multi-Cap Core Funds | 28 | 214 / 787 | 41 | 259 / 640 | 13 | 56 / 455 | - | - | 22 | 91 / 416 | ||||||||||||||||
| Global/International Funds | ||||||||||||||||||||||||||||
| Janus Overseas Fund | Jun-03 | International Funds | 96 | 1137 / 1189 | 10 | 81 / 865 | 2 | 9 / 701 | 11 | 37 / 360 | 2 | 10 / 659 | ||||||||||||||||
| Janus Worldwide Fund | Jun-04 | Global Funds | 76 | 355 / 471 | 80 | 288 / 359 | 94 | 271 / 290 | 93 | 131 / 140 | 87 | 258 / 296 | ||||||||||||||||
| Janus Global Life Sciences Fund | Apr-07 | Global Healthcare/Biotechnology Funds | 70 | 35 / 49 | 54 | 24 / 44 | 33 | 14 / 42 | 36 | 5 / 13 | 38 | 19 / 49 | ||||||||||||||||
| Janus Global Technology Fund | Jan-06 | Global Science & Technology Funds | 22 | 21 / 95 | 22 | 20 / 90 | 29 | 23 / 81 | 21 | 5 / 23 | 22 | 20 / 90 | ||||||||||||||||
| Janus Global Research Fund | Feb-05 | Global Funds | 79 | 372 / 471 | 28 | 100 / 359 | - | - | - | - | 10 | 31 / 321 | ||||||||||||||||
| Janus Global Opportunities Fund | Jun-01 | Global Funds | 24 | 112 / 471 | 47 | 168 / 359 | 61 | 176 / 290 | - | - | 16 | 32 / 205 | ||||||||||||||||
| Value Funds | ||||||||||||||||||||||||||||
| Perkins Mid Cap Value Fund - Inv (2) | Aug-98 | Mid-Cap Value Funds | 3 | 9 / 353 | 4 | 9 / 285 | 3 | 6 / 212 | 3 | 2 / 73 | 2 | 1 / 65 | ||||||||||||||||
| Perkins Small Cap Value Fund - Inv (1,2) | Feb-97 | Small-Cap Core Funds | 1 | 6 / 775 | 4 | 23 / 616 | 12 | 56 / 487 | 10 | 22 / 221 | 5 | 5 / 123 | ||||||||||||||||
| Income Funds | ||||||||||||||||||||||||||||
| Janus Flexible Bond Fund |
May-07 |
Intermediate Investment Grade Debt | 7 | 39 / 571 | 6 | 24 / 467 | 8 | 29 / 394 | 17 | 34 / 199 | 10 | 52 / 533 | ||||||||||||||||
| Janus High-Yield Fund | Dec-03 | High Current Yield Funds | 12 | 55 / 466 | 9 | 34 / 396 | 11 | 35 / 334 | 9 | 17 / 201 | 11 | 35 / 334 | ||||||||||||||||
| Janus Short-Term Bond Fund | May-07 | Short Investment Grade Debt | 4 | 9 / 260 | 2 | 4 / 213 | 3 | 4 / 178 | 6 | 5 / 85 | 6 | 13 / 258 | ||||||||||||||||
| Asset Allocation Funds | ||||||||||||||||||||||||||||
| Janus Smart Portfolio-Growth | Dec-05 | Mixed-Asset Target Alloc. Growth Funds | 84 | 575 / 689 | 19 | 102 / 553 | - | - | - | - | 19 | 103 / 548 | ||||||||||||||||
| Janus Smart Portfolio-Moderate | Dec-05 | Mixed-Asset Target Alloc. Mod. Funds | 50 | 252 / 513 | 14 | 50 / 382 | - | - | - | - | 14 | 50 / 382 | ||||||||||||||||
| Janus Smart Portfolio-Conservative | Dec-05 | Mixed-Asset Target Alloc. Cons. Funds | 41 | 176 / 431 | 11 | 33 / 321 | - | - | - | - | 11 | 33 / 321 | ||||||||||||||||
Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. 2008 absolute performance for most funds was 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.
| Janus Adviser Series ("JAD") Class S Shares | Lipper Rankings Based on Total Returns as of 12/31/08 | ||||||||||||||||||||||||||||
| 1-Year | 3-Year | 5-Year | 10-Year | Since PM Inception | |||||||||||||||||||||||||
| PM Inception | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | |||||||||||||||||||
|
Lipper Category |
|||||||||||||||||||||||||||||
| Growth Funds | |||||||||||||||||||||||||||||
| Forty Fund | Jan-08 | Large-Cap Growth Funds | 79 | 628 / 803 | 5 | 30 / 679 | 2 | 9 / 567 | 2 | 5 / 274 |
‡ |
||||||||||||||||||
| Mid Cap Growth Fund | Oct-07 | Mid-Cap Growth Funds | 24 | 143 / 602 | 10 | 49 / 522 | 5 | 18 / 419 | 64 | 124 / 195 | 19 | 112 / 592 | |||||||||||||||||
| Large Cap Growth Fund | Oct-07 | Large-Cap Growth Funds | 46 | 362 / 803 | 30 | 198 / 679 | 50 | 281 / 567 | 43 | 117 / 274 | 44 | 339 / 778 | |||||||||||||||||
| INTECH Risk-Managed Growth Fund | Jan-03 | Multi-Cap Growth Funds | 60 | 303 / 506 | 73 | 281 / 386 | 69 | 221 / 320 | - | - | 79 | 237 / 300 | |||||||||||||||||
| Orion Fund | Dec-07 | Mid-Cap Growth Funds | 76 | 455 / 602 | 14 | 70 / 522 | - | - | - | - | 76 | 455 / 602 | |||||||||||||||||
| Small-Mid Growth Fund | Jun-06 | Small-Cap Growth Funds | 44 | 260 / 603 | 6 | 29 / 507 | - | - | - | - | 4 | 21 / 526 | |||||||||||||||||
| Core Funds | |||||||||||||||||||||||||||||
| Balanced Fund | Apr-05 | Mixed-Asset Target Alloc. Mod. Funds | 3 | 13 / 513 | 4 | 15 / 382 | 4 | 9 / 273 | 7 | 9 / 145 | 1 | 3 / 349 | |||||||||||||||||
| Growth and Income Fund | Nov-07 | Large-Cap Core Funds | 94 | 800 / 851 | 95 | 683 / 720 | 78 | 468 / 606 | 18 | 60 / 344 | 92 | 773 / 845 | |||||||||||||||||
| Fundamental Equity Fund | Nov-07 | Large-Cap Core Funds | 90 | 764 / 851 | 81 | 578 / 720 | 26 | 153 / 606 | 16 | 52 / 344 | 87 | 733 / 845 | |||||||||||||||||
| Small Company Value Fund | Mar-02 | Small-Cap Core Funds | 34 | 261 / 775 | 32 | 196 / 616 | 40 | 195 / 487 | - | - | 25 | 98 / 404 | |||||||||||||||||
| INTECH Risk-Managed Core Fund | Jan-03 | Multi-Cap Core Funds | 23 | 180 / 787 | 38 | 239 / 640 | 11 | 48 / 455 | - | - | 18 | 71 / 407 | |||||||||||||||||
| Contrarian Fund | Aug-05 | Multi-Cap Core Funds | 97 | 763 / 787 | 55 | 350 / 640 | - | - | - | - | 26 | 154 / 596 | |||||||||||||||||
| Global/International/ Funds |
|
|
|
||||||||||||||||||||||||||
| International Growth Fund | Jun-03 | International Funds | 87 | 1034 / 1189 | 3 | 23 / 865 | 1 | 3 / 701 | 8 | 26 / 360 | 1 | 4 / 659 | |||||||||||||||||
| Worldwide Fund | Jun-04 | Global Funds | 74 | 345 / 471 | 82 | 292 / 359 | 95 | 274 / 290 | 90 | 126 / 140 | 88 | 261 / 296 | |||||||||||||||||
| International Equity Fund | Nov-06 | International Funds | 63 | 743 / 1189 | - | - | - | - | - | - | 28 | 279 / 1001 | |||||||||||||||||
| INTECH Risk-Managed International Fund | May-07 | International Funds | 29 | 337 / 1189 | - | - | - | - | - | - | 31 | 338 / 1096 | |||||||||||||||||
| Global Research Fund | Nov-07 | Global Funds | 73 | 341 / 471 | - | - | - | - | - | - | 66 | 303 / 464 | |||||||||||||||||
| Value Funds | |||||||||||||||||||||||||||||
| Perkins Mid Cap Value Fund | Dec-02 | Mid-Cap Value Funds | 3 | 10 / 353 | 4 | 10 / 285 | 4 | 7 / 212 | - | - | 8 | 14 / 196 | |||||||||||||||||
| INTECH Risk-Managed Value Fund | Dec-05 | Multi-Cap Value Funds | 28 | 107 / 389 | 36 | 108 / 307 | - | - | - | - | 36 | 108 / 307 | |||||||||||||||||
| Alternative Funds | |||||||||||||||||||||||||||||
| Long/Short Fund | Aug-06 | Long/Short Equity Funds | 30 | 29 / 96 | - | - | - | - | - | - | 18 | 9 / 49 | |||||||||||||||||
| Global Real Estate Fund | Nov-07 | Global Real Estate Funds | 5 | 4 / 84 | - | - | - | - | - | - | 5 | 4 / 82 | |||||||||||||||||
| Income Funds | |||||||||||||||||||||||||||||
| Flexible Bond Fund | May-07 | Intermediate Investment Grade Debt | 5 | 23 / 571 | 7 | 30 / 467 | 10 | 39 / 394 | 16 | 32 / 199 | 8 | 40 / 533 | |||||||||||||||||
| Floating Rate High Income Fund | May-07 | Loan Participation Funds | 11 | 9 / 81 | - | - | - | - | - | - | 13 | 9 / 70 | |||||||||||||||||
| High-Yield Fund | Aug-05 | High Current Yield | 8 | 37 / 466 | 8 | 28 / 396 | - | - | - | - | 8 | 30 / 381 | |||||||||||||||||
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 12/31/08 | |||||||||||||||||||||||||||
| 1-Year | 3-Year | 5-Year | 10-Year | Since PM Inception | ||||||||||||||||||||||||
|
PM Inception |
Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) |
|
Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | Percentile Rank (%) | Rank / Total Funds | |||||||||||||||||
| Lipper Category | ||||||||||||||||||||||||||||
| Growth Funds | ||||||||||||||||||||||||||||
| Forty Portfolio | Jan-08 | VA Large-Cap Growth | 81 | 182 / 224 | 2 | 4 / 203 | 2 | 2 / 189 | 2 | 1 / 70 |
‡ |
|||||||||||||||||
| Large Cap Growth Portfolio | Oct-07 | VA Large-Cap Growth | 32 | 72 / 224 | 9 | 17 / 203 | 39 | 73 / 189 | 55 | 39 / 70 | 29 | 62 / 220 | ||||||||||||||||
| Mid Cap Growth Portfolio | Oct-07 | VA Mid-Cap Growth | 40 | 57 / 143 | 16 | 20 / 132 | 9 | 10 / 118 | 56 | 24 / 42 | 25 | 36 / 143 | ||||||||||||||||
| Core Funds | ||||||||||||||||||||||||||||
| Balanced Portfolio | Apr-05 | VA Mixed-Asset Target Alloc. Mod. | 7 | 10 / 157 | 4 | 4 / 110 | 4 | 3 / 75 | 9 | 4 / 45 | 1 | 1 / 99 | ||||||||||||||||
| Growth and Income Portfolio | Nov-07 | VA Large-Cap Core | 82 | 188 / 229 | 81 | 170 / 211 | 52 | 96 / 185 | 12 | 9 / 80 | 76 | 174 / 230 | ||||||||||||||||
| Fundamental Equity Portfolio | Nov-07 | VA Large-Cap Core | 88 | 201 / 229 | 74 | 156 / 211 | 24 | 44 / 185 | 13 | 10 / 80 | 82 | 189 / 230 | ||||||||||||||||
| Global/International Funds | ||||||||||||||||||||||||||||
| Worldwide Growth Portfolio | Jun-04 | VA Global | 78 | 83 / 106 | 80 | 66 / 82 | 95 | 69 / 72 | 84 | 31 / 36 | 90 | 70 / 77 | ||||||||||||||||
| International Growth Portfolio | Jun-03 | VA International | 93 | 234 / 251 | 7 | 15 / 217 | 2 | 2 / 195 | 7 | 6 / 96 | 2 | 2 / 193 | ||||||||||||||||
| Global Life Sciences Portfolio | Oct-04 | VA Health/Biotechnology | 70 | 25 / 35 | 9 | 3 / 33 | 11 | 3 / 28 | - | - | 7 | 2 / 32 | ||||||||||||||||
| Global Technology Portfolio | Jan-06 | VA Science & Technology | 26 | 15 / 57 | 25 | 13 / 53 | 20 | 10 / 50 | - | - | 25 | 13 / 53 | ||||||||||||||||
| Value Funds | ||||||||||||||||||||||||||||
| Perkins Mid Cap Value Portfolio | May-03 | VA Mid-Cap Value | 3 | 2 / 83 | 2 | 1 / 74 | 4 | 2 / 62 | - | - | 4 | 2 / 61 | ||||||||||||||||
| Income Funds | ||||||||||||||||||||||||||||
| Flexible Bond Portfolio | May-07 | VA Intermediate Investment Grade Debt | 4 | 2 / 64 | 9 | 5 / 57 | 11 | 6 / 54 | 8 | 2 / 25 | 16 | 10 / 64 | ||||||||||||||||
Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. 2008 absolute performance for most funds was 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.
| 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 |
3 |
1507 |
4 |
1507 |
3 |
1243 |
2 |
608 | ||||||||||||
| Janus Enterprise Fund | Mid-Cap Growth Funds |
3 |
821 |
4 |
821 |
4 |
674 |
2 |
335 | ||||||||||||
| Janus Growth and Income Fund | Large Growth Funds |
3 |
1507 |
2 |
1507 |
3 |
1243 |
4 |
608 | ||||||||||||
| Janus Research Fund | Large Growth Funds |
3 |
1507 |
3 |
1507 |
3 |
1243 |
3 |
608 | ||||||||||||
| Janus Twenty Fund (1) | Large Growth Funds |
4 |
1507 |
5 |
1507 |
5 |
1243 |
3 |
608 | ||||||||||||
| Janus Venture Fund (1) | Small Growth Funds |
3 |
704 |
3 |
704 |
3 |
574 |
2 |
291 | ||||||||||||
|
Janus Overseas Fund |
Foreign Large Growth Funds |
4 |
209 |
3 |
209 |
4 |
164 |
4 |
80 | ||||||||||||
| Janus Balanced Fund | Moderate Allocation Funds |
5 |
962 |
5 |
962 |
5 |
768 |
4 |
448 | ||||||||||||
| Janus Fundamental Equity Fund | Large Blend Funds |
3 |
1748 |
2 |
1748 |
3 |
1365 |
4 |
683 | ||||||||||||
| Janus Mid Cap Value Fund - Investor Shares (2) | Mid-Cap Value Funds |
5 |
338 |
5 |
338 |
5 |
234 |
5 |
81 | ||||||||||||
| Janus Small Cap Value Fund - Investor Shares (1,2) | Small Value Funds |
5 |
341 |
5 |
341 |
5 |
269 |
4 |
121 | ||||||||||||
| Janus Flexible Bond Fund | Intermediate-Term Bond Funds |
5 |
991 |
5 |
991 |
5 |
857 |
4 |
458 | ||||||||||||
| Janus High-Yield Fund | High Yield Bond Funds |
4 |
479 |
5 |
479 |
4 |
405 |
4 |
253 | ||||||||||||
| Janus Short-Term Bond Fund | Short-Term Bond Funds |
5 |
375 |
5 |
375 |
5 |
318 |
4 |
164 | ||||||||||||
| Janus Worldwide Fund | World Stock Funds |
2 |
507 |
2 |
507 |
2 |
420 |
1 |
236 | ||||||||||||
| Janus Orion Fund | Specialty-Health Funds |
3 |
170 |
3 |
170 |
3 |
154 |
3 |
52 | ||||||||||||
| Janus Global Life Sciences Fund | Specialty-Technology Funds |
4 |
238 |
4 |
238 |
4 |
216 |
4 |
74 | ||||||||||||
| Janus Global Technology Fund | Mid-Cap Growth Funds |
4 |
821 |
3 |
821 |
4 |
674 | N/A | |||||||||||||
| INTECH Risk-Managed Stock Fund | Large Blend Funds |
4 |
1748 |
3 |
1748 |
4 |
1365 | N/A | |||||||||||||
| Janus Contrarian Fund | Large Blend Funds |
3 |
1748 |
2 |
1748 |
4 |
1365 | N/A | |||||||||||||
| Janus Global Opportunities Fund | World Stock Funds |
3 |
507 |
3 |
507 |
3 |
420 | N/A | |||||||||||||
| Janus Triton Fund | Small Growth Funds |
5 |
704 |
5 |
704 | N/A | N/A | ||||||||||||||
| Janus Global Research Fund | World Stock Funds |
3 |
507 |
3 |
507 | N/A | N/A | ||||||||||||||
| Janus Smart Portfolio-Growth | Moderate Allocation Funds |
3 |
962 |
3 |
962 | N/A | N/A | ||||||||||||||
| Janus Smart Portfolio-Moderate | Moderate Allocation Funds |
4 |
962 |
4 |
962 | N/A | N/A | ||||||||||||||
| Janus Smart Portfolio-Conservative | Conservative Allocation Funds |
4 |
484 |
4 |
484 | N/A | N/A | ||||||||||||||
| Percent of funds rated 4 / 5 Stars | 53.8% | 50.0% |
|
61.9% | 58.8% | ||||||||||||||||
Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. 2008 absolute performance for most funds was negative. © 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.)
| 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 |
5 |
962 |
5 |
962 |
5 |
768 |
5 |
448 | |||||||||
| Fundamental Equity Fund | Large Blend Funds |
3 |
1748 |
2 |
1748 |
3 |
1365 |
4 |
683 | |||||||||
| Flexible Bond Fund | Intermediate-Term Bond Funds |
4 |
991 |
5 |
991 |
4 |
857 |
4 |
458 | |||||||||
| Forty Fund | Large Growth Funds |
4 |
1507 |
4 |
1507 |
5 |
1243 |
4 |
608 | |||||||||
| Growth & Income Fund | Large Growth Funds |
3 |
1507 |
2 |
1507 |
2 |
1243 |
4 |
608 | |||||||||
| International Growth Fund | Foreign Large Growth Funds |
4 |
209 |
4 |
209 |
5 |
164 |
4 |
80 | |||||||||
| Large Cap Growth Fund | Large Growth Funds |
3 |
1507 |
3 |
1507 |
3 |
1243 |
3 |
608 | |||||||||
| Mid Cap Growth Fund | Mid-Cap Growth Funds |
3 |
821 |
4 |
821 |
5 |
674 |
2 |
335 | |||||||||
| Worldwide Fund | World Stock Funds |
2 |
507 |
2 |
507 |
2 |
420 |
2 |
236 | |||||||||
| Perkins Mid Cap Value Fund | Mid-Cap Value Funds |
5 |
338 |
5 |
338 |
5 |
234 | N/A | ||||||||||
| INTECH Risk-Managed Core Fund | Large Blend Funds |
4 |
1748 |
3 |
1748 |
4 |
1365 | N/A | ||||||||||
| INTECH Risk-Managed Growth Fund | Large Growth Funds |
3 |
1507 |
2 |
1507 |
3 |
1243 | N/A | ||||||||||
| Perkins Small Company Value Fund | Small Value Funds |
3 |
341 |
3 |
341 |
3 |
269 | N/A | ||||||||||
| Contrarian Fund | Large Blend Funds |
2 |
1748 |
2 |
1748 | N/A | N/A | |||||||||||
| Orion Fund | Mid-Cap Growth Funds |
3 |
821 |
3 |
821 | N/A | N/A | |||||||||||
| Small-Mid Growth Fund | Mid-Cap Growth Funds |
4 |
821 |
4 |
821 | N/A | N/A | |||||||||||
| High-Yield Fund | High Yield Bond Funds |
5 |
479 |
5 |
479 | N/A | N/A | |||||||||||
| INTECH Risk-Managed Value Fund | Large Value Funds |
3 |
1185 |
3 |
1185 | N/A | N/A | |||||||||||
| International Equity Fund | Foreign Large Growth Funds | N/A | N/A | N/A | N/A | |||||||||||||
| Floating Rate High Income | Bank Loan 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% | 66.7% | ||||||||||||||
Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. 2008 absolute performance for most funds was negative. © 2008 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.)
| 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 |
5 |
962 |
5 |
962 |
5 |
768 |
5 |
448 | |||||||||
| Flexible Bond Fund | Intermediate-Term Bond Funds |
5 |
991 |
5 |
991 |
5 |
857 |
5 |
458 | |||||||||
| Forty Fund | Large Growth Funds |
4 |
1507 |
4 |
1507 |
5 |
1243 |
4 |
608 | |||||||||
| Fundamental Equity Fund | Large Blend Funds |
3 |
1748 |
2 |
1748 |
3 |
1365 |
4 |
683 | |||||||||
| Growth & Income Fund | Large Growth Funds |
3 |
1507 |
2 |
1507 |
3 |
1243 |
4 |
608 | |||||||||
| International Growth Fund | Foreign Large Growth Funds |
4 |
209 |
4 |
209 |
5 |
164 |
4 |
80 | |||||||||
| Worldwide Fund | World Stock Funds |
2 |
507 |
2 |
507 |
2 |
420 |
2 |
236 | |||||||||
| Large Cap Growth Fund | Large Growth Funds |
3 |
1507 |
4 |
1507 |
3 |
1243 |
3 |
608 | |||||||||
| Mid Cap Growth Fund | Mid-Cap Growth Funds |
3 |
821 |
3 |
821 |
4 |
674 |
2 |
335 | |||||||||
| Global Life Sciences Fund | Specialty-Health Funds |
4 |
170 |
4 |
170 |
4 |
154 | N/A | ||||||||||
| Global Technology Fund | Specialty-Technology Funds |
3 |
238 |
4 |
238 |
3 |
216 | N/A | ||||||||||
| Perkins Mid Cap Value Fund | Mid-Cap Value Funds |
5 |
338 |
5 |
338 |
5 |
234 | N/A | ||||||||||
| Percent of funds rated 4 / 5 Stars | 50.0% | 66.7% | 58.3% | 66.7% | ||||||||||||||
Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. 2008 absolute performance for most funds was negative. © 2008 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.)
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