DENVER--(BUSINESS WIRE)--
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 December 31, December 31,
30,
2008 2008 2008 2007
Continuing Operations
(Investment Management)
Average Assets (in $ 124.3 $ 182.7 $ 174.2 $ 190.4
billions)
Ending AUM (in billions) $ 123.5 $ 160.5 $ 123.5 $ 206.7
Revenues $ 177.1 $ 275.4 $ 1,037.9 $ 1,117.0
Operating $ 131.9 $ 182.1 $ 704.8 $ 767.7
Expenses
Operating $ 45.2 $ 93.3 $ 333.1 $ 349.3
Income
Operating 25.5% 33.9% 32.1% 31.3%
Margin
Net Income $ 7.8 $ 26.0 $ 138.4 $ 192.0
Diluted Earnings per $ 0.05 $ 0.16 $ 0.86 $ 1.07
Share
Shares Repurchased (in - 3.0 10.8 31.5
millions)
Cost of Shares $ - $ 71.9 $ 281.0 $ 828.6
Repurchased
Average $ - $ 24.33 $ 26.13 $ 26.27
Price
Total shares outstanding
end of period (in 157.9 157.9 157.9 166.3
millions)
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 September December December 31, December 31,
31, 30, 31,
2008 2008 2007 2008 2007
Revenues:
Investment $ $ $ $ 826.7 $ 897.9
management fees 142.5 218.9 247.9
Performance 1.6 8.8 8.1 27.6 19.5
fees
Shareowner
servicing fees 33.0 47.7 55.5 183.6 199.6
and other
Total 177.1 275.4 311.5 1,037.9 1,117.0
Operating
Expenses:
Employee
compensation and 53.3 81.2 95.4 317.9 360.7
benefits
Long-term
incentive 8.2 10.7 30.4 43.5 79.9
compensation
Marketing
and 8.6 8.0 9.3 33.1 25.9
advertising
Distribution 23.9 36.5 41.2 134.9 141.7
Depreciation and 9.5 10.1 9.1 40.2 33.8
amortization
General,
administrative and 28.4 35.6 35.9 135.2 125.3
occupancy
Restructuring - - - - 0.4
and impairments
Total 131.9 182.1 221.3 704.8 767.7
Operating 45.2 93.3 90.2 333.1 349.3
Income
Interest (18.9 ) (18.9 ) (18.9 ) (75.5 ) (58.8 )
expense
Investment gains (21.6 ) (32.3 ) 3.0 (60.4 ) 4.7
(losses), net
Other income, 3.0 1.4 9.1 9.6 27.7
net
Income tax (3.3 ) (17.2 ) (28.1 ) (68.8 ) (116.4 )
provision
Equity in
earnings of 2.2 2.5 1.9 9.0 7.2
unconsolidated
affiliate
Minority interest in 1.2 (2.8 ) (5.6 ) (8.6 ) (21.7 )
consolidated earnings
Income from
Continuing 7.8 26.0 51.6 138.4 192.0
Operations
Loss from
Discontinued - (0.6 ) (31.9 ) (1.5 ) (75.7 )
Operations
Net income $ 7.8 $ $ $ 136.9 $ 116.3
25.4 19.7
Diluted weighted
average shares 156.4 159.6 170.9 160.7 178.6
outstanding (in
millions)
Diluted earnings
per share:
Continuing $ $ $ $ 0.86 $ 1.07
operations 0.05 0.16 0.30
Discontinued - - (0.19 ) (0.01 ) (0.42 )
operations
Diluted earnings $ $ $ $ 0.85 $ 0.65
per share 0.05 0.16 0.12
Average Assets Under $ $ $
Management (in 124.3 182.7 207.6 $ 174.2 $ 190.4
billions)
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 September 30, December December December
31, 31, 31, 31,
Cash provided by 2008 2008 2007 2008 2007
(used in)
Operating $ 70.1 $ 87.4 $ 92.3 $ $
activities 238.2 290.8
Investing (82.6 ) 3.3 (67.1 ) (148.8 ) (103.3 )
activities
Financing (2.5 ) (68.8 ) (149.9 ) (287.5 ) (213.9 )
activities
Net change $ ) $ 21.9 $ ) $ ) $ )
during period (15.0 (124.7 (198.1 (26.4
JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
Three Months Ended Year Ended
December September December December December
31, 2008 30, 2008 31, 2007 31, 2008 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 (1.3 ) (0.5 ) 2.6 2.7 5.0
(redemptions)
Market / fund (15.4 ) (15.0 ) 1.8 (36.7 ) 14.0
performance
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 (0.8 ) (1.0 ) 0.8 (2.4 ) 2.5
(redemptions)
Market / fund (4.0 ) (4.3 ) (0.3 ) (11.6 ) 4.1
performance
End of period $ $ $ $ $
assets 10.9 15.7 24.9 10.9 24.9
Mathematical/Quantitative
(1)
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 (1.0 ) 0.2 0.1 (1.7 ) 2.3
(redemptions)
Market / fund (12.2 ) (6.0 ) - (25.6 ) 5.2
performance
End of period $ $ $ $ $
assets 42.4 55.6 69.7 42.4 69.7
Fixed Income
Beginning of period $ 3.4 $ 3.7 $ 5.2 $ 4.9 $ 4.6
assets
Sales 0.5 0.3 0.2 1.5 1.9
Redemptions 0.6 0.4 0.5 3.1 1.8
Net sales (0.1 ) (0.1 ) (0.3 ) (1.6 ) 0.1
(redemptions)
Market / fund (0.1 ) (0.1 ) - (0.1 ) 0.2
performance
End of period $ 3.2 $ 3.4 $ 4.9 $ 3.2 $ 4.9
assets
Alternatives
Beginning of period $ 0.8 $ 1.2 $ 0.6 $ 0.8 $ 0.3
assets
Sales - - 0.3 0.8 0.6
Redemptions 0.2 0.3 - 0.8 -
Net sales (0.2 ) (0.3 ) 0.3 - 0.6
(redemptions)
Market / fund (0.1 ) (0.2 ) - (0.3 ) -
performance
End of period $ 0.5 $ 0.8 $ 0.8 $ 0.5 $ 0.8
assets
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 0.3 0.6 (0.2 ) 2.3 (0.7 )
(redemptions)
Market / fund (2.2 ) (0.6 ) (0.3 ) (3.3 ) 0.5
performance
End of period $ 9.1 $ $ $ 9.1 $
assets 10.9 10.1 10.1
Money Market
Beginning of period $ 7.9 $ $ $ $ 7.5
assets 11.8 18.5 12.8
Sales 15.6 28.1 35.7 91.7 116.5
Redemptions 15.6 32.1 41.4 96.5 111.3
Net sales - (4.0 ) (5.7 ) (5.0 ) 5.2
(redemptions)
Market / fund - - - - -
performance
End of period $ 7.9 $ 7.9 $ $ 7.9 $
assets 12.8 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 (3.0 ) (5.1 ) (2.5 ) (5.6 ) 15.0
(redemptions)
Market / fund (34.0 ) (26.2 ) 1.2 (77.6 ) 24.0
performance
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 (3.0 ) (1.1 ) 3.2 (0.6 ) 9.8
(redemptions)
Market / fund (34.0 ) (26.2 ) 1.2 (77.6 ) 24.0
performance
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
Rank Rank Rank Rank Rank
PM Lipper Category Percentile / Percentile / Percentile / Percentile / Percentile /
Inception Rank (%) Total Rank (%) Total Rank (%) Total Rank (%) Total Rank (%) Total
Funds Funds Funds Funds Funds
Growth Funds
Janus Twenty Jan-08 Large-Cap Growth Funds 65 522 / 1 5 / 1 2 / 18 49 / ‡
Fund (1) 803 679 567 274
Janus Fund Oct-07 Large-Cap Growth Funds 48 381 / 25 164 / 45 251 / 49 133 / 47 359 /
803 679 567 274 778
Janus Orion Fund Dec-07 Multi-Cap Growth Funds 94 472 / 18 69 / 5 13 / - - 94 472 /
506 386 320 506
Janus Research Jan-06 Large-Cap Growth Funds 81 648 / 32 216 / 22 121 / 20 54 / 33 222 /
Fund 803 679 567 274 680
Janus Enterprise Oct-07 Mid-Cap Growth Funds 39 230 / 16 82 / 7 29 / 65 126 / 31 181 /
Fund 602 522 419 195 592
Janus Venture Jan-01 Small-Cap Growth Funds 96 576 / 48 243 / 46 184 / 52 104 / 39 115 /
Fund (1) 603 507 406 202 298
Janus Triton Jun-06 Small-Cap Growth Funds 37 221 / 6 26 / - - - - 2 10 /
Fund 603 507 526
Core Funds
Janus Contrarian Feb-00 Multi-Cap Core Funds 96 751 / 22 135 / 2 8 / - - 14 32 /
Fund 787 640 455 228
Janus Growth and Nov-07 Large-Cap Core Funds 89 756 / 89 637 / 59 354 / 27 92 / 86 726 /
Income Fund 851 720 606 344 845
Janus Balanced Apr-05 Mixed-Asset Target 4 17 / 5 16 / 3 7 / 9 13 / 2 4 /
Fund Alloc. Mod. Funds 513 382 273 145 349
Janus Fundamental Nov-07 Large-Cap Core Funds 91 771 / 81 581 / 25 148 / 15 50 / 85 714 /
Equity Fund 851 720 606 344 845
INTECH Risk-Managed Feb-03 Multi-Cap Core Funds 28 214 / 41 259 / 13 56 / - - 22 91 /
Stock Fund 787 640 455 416
Global/International Funds
Janus Overseas 1137 81 / 9 / 37 / 10 /
Fund Jun-03 International Funds 96 / 10 865 2 701 11 360 2 659
1189
Janus Worldwide Jun-04 Global Funds 76 355 / 80 288 / 94 271 / 93 131 / 87 258 /
Fund 471 359 290 140 296
Janus Global Life Global 35 / 24 / 14 / 5 / 19 /
Sciences Fund Apr-07 Healthcare/Biotechnology 70 49 54 44 33 42 36 13 38 49
Funds
Janus Global Jan-06 Global Science & 22 21 / 22 20 / 29 23 / 21 5 / 22 20 /
Technology Fund Technology Funds 95 90 81 23 90
Janus Global Feb-05 Global Funds 79 372 / 28 100 / - - - - 10 31 /
Research Fund 471 359 321
Janus Global Jun-01 Global Funds 24 112 / 47 168 / 61 176 / - - 16 32 /
Opportunities Fund 471 359 290 205
Value Funds
Perkins Mid Cap 9 / 9 / 6 / 2 / 1 /
Value Fund - Inv Aug-98 Mid-Cap Value Funds 3 353 4 285 3 212 3 73 2 65
(2)
Perkins Small Cap Feb-97 Small-Cap Core Funds 1 6 / 4 23 / 12 56 / 10 22 / 5 5 /
Value Fund - Inv (1,2) 775 616 487 221 123
Income Funds
Janus Flexible May-07 Intermediate Investment 7 39 / 6 24 / 8 29 / 17 34 / 10 52 /
Bond Fund Grade Debt 571 467 394 199 533
Janus High-Yield Dec-03 High Current Yield Funds 12 55 / 9 34 / 11 35 / 9 17 / 11 35 /
Fund 466 396 334 201 334
Janus Short-Term May-07 Short Investment Grade 4 9 / 2 4 / 3 4 / 6 5 / 6 13 /
Bond Fund Debt 260 213 178 85 258
Asset Allocation
Funds
Janus Smart Dec-05 Mixed-Asset Target 84 575 / 19 102 / - - - - 19 103 /
Portfolio-Growth Alloc. Growth Funds 689 553 548
Janus Smart Dec-05 Mixed-Asset Target 50 252 / 14 50 / - - - - 14 50 /
Portfolio-Moderate Alloc. Mod. Funds 513 382 382
Janus Smart Dec-05 Mixed-Asset Target 41 176 / 11 33 / - - - - 11 33 /
Portfolio-Conservative Alloc. Cons. Funds 431 321 321
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
Rank Rank Rank Rank Rank
PM Lipper Percentile / Percentile / Percentile / Percentile / Percentile /
Inception Category Rank (%) Total Rank (%) Total Rank (%) Total Rank (%) Total Rank (%) Total
Funds Funds Funds Funds Funds
Growth Funds
Forty Fund Jan-08 Large-Cap 79 628 / 5 30 / 2 9 / 2 5 / ‡
Growth Funds 803 679 567 274
Mid Cap Growth Fund Oct-07 Mid-Cap 24 143 / 10 49 / 5 18 / 64 124 / 19 112 /
Growth Funds 602 522 419 195 592
Large Cap Growth Fund Oct-07 Large-Cap 46 362 / 30 198 / 50 281 / 43 117 / 44 339 /
Growth Funds 803 679 567 274 778
INTECH Risk-Managed Jan-03 Multi-Cap 60 303 / 73 281 / 69 221 / - - 79 237 /
Growth Fund Growth Funds 506 386 320 300
Orion Fund Dec-07 Mid-Cap 76 455 / 14 70 / - - - - 76 455 /
Growth Funds 602 522 602
Small-Mid Growth Fund Jun-06 Small-Cap 44 260 / 6 29 / - - - - 4 21 /
Growth Funds 603 507 526
Core Funds
Mixed-Asset 13 / 15 / 9 / 9 / 3 /
Balanced Fund Apr-05 Target Alloc. 3 513 4 382 4 273 7 145 1 349
Mod. Funds
Growth and Income Nov-07 Large-Cap 94 800 / 95 683 / 78 468 / 18 60 / 92 773 /
Fund Core Funds 851 720 606 344 845
Fundamental Equity Nov-07 Large-Cap 90 764 / 81 578 / 26 153 / 16 52 / 87 733 /
Fund Core Funds 851 720 606 344 845
Small Company Value Mar-02 Small-Cap 34 261 / 32 196 / 40 195 / - - 25 98 /
Fund Core Funds 775 616 487 404
INTECH Risk-Managed Jan-03 Multi-Cap 23 180 / 38 239 / 11 48 / - - 18 71 /
Core Fund Core Funds 787 640 455 407
Contrarian Fund Aug-05 Multi-Cap 97 763 / 55 350 / - - - - 26 154 /
Core Funds 787 640 596
Global/International/
Funds
International Growth International 1034 23 / 3 / 26 / 4 /
Fund Jun-03 Funds 87 / 3 865 1 701 8 360 1 659
1189
Worldwide Fund Jun-04 Global Funds 74 345 / 82 292 / 95 274 / 90 126 / 88 261 /
471 359 290 140 296
International Equity Nov-06 International 63 743 / - - - - - - 28 279 /
Fund Funds 1189 1001
INTECH Risk-Managed May-07 International 29 337 / - - - - - - 31 338 /
International Fund Funds 1189 1096
Global Research Fund Nov-07 Global Funds 73 341 / - - - - - - 66 303 /
471 464
Value Funds
Perkins Mid Cap Value Dec-02 Mid-Cap Value 3 10 / 4 10 / 4 7 / - - 8 14 /
Fund Funds 353 285 212 196
INTECH Risk-Managed Dec-05 Multi-Cap 28 107 / 36 108 / - - - - 36 108 /
Value Fund Value Funds 389 307 307
Alternative Funds
Long/Short Fund Aug-06 Long/Short 30 29 / - - - - - - 18 9 /
Equity Funds 96 49
Global Real Estate Nov-07 Global Real 5 4 / - - - - - - 5 4 /
Fund Estate Funds 84 82
Income Funds
Intermediate 23 / 30 / 39 / 32 / 40 /
Flexible Bond Fund May-07 Investment 5 571 7 467 10 394 16 199 8 533
Grade Debt
Floating Rate High Loan 9 / 9 /
Income Fund May-07 Participation 11 81 - - - - - - 13 70
Funds
High-Yield Fund Aug-05 High Current 8 37 / 8 28 / - - - - 8 30 /
Yield 466 396 381
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
Rank Rank Rank Rank Rank
PM Lipper Category Percentile / Percentile / Percentile / Percentile / Percentile /
Inception Rank (%) Total Rank (%) Total Rank (%) Total Rank (%) Total Rank (%) Total
Funds Funds Funds Funds Funds
Growth Funds
Forty Portfolio Jan-08 VA Large-Cap Growth 81 182 / 2 4 / 2 2 / 2 1 / ‡
224 203 189 70
Large Cap Growth Oct-07 VA Large-Cap Growth 32 72 / 9 17 / 39 73 / 55 39 / 29 62 /
Portfolio 224 203 189 70 220
Mid Cap Growth Oct-07 VA Mid-Cap Growth 40 57 / 16 20 / 9 10 / 56 24 / 25 36 /
Portfolio 143 132 118 42 143
Core Funds
Balanced Portfolio Apr-05 VA Mixed-Asset 7 10 / 4 4 / 4 3 / 9 4 / 1 1 /
Target Alloc. Mod. 157 110 75 45 99
Growth and Income Nov-07 VA Large-Cap Core 82 188 / 81 170 / 52 96 / 12 9 / 76 174 /
Portfolio 229 211 185 80 230
Fundamental Equity Nov-07 VA Large-Cap Core 88 201 / 74 156 / 24 44 / 13 10 / 82 189 /
Portfolio 229 211 185 80 230
Global/International
Funds
Worldwide Growth Jun-04 VA Global 78 83 / 80 66 / 95 69 / 84 31 / 90 70 /
Portfolio 106 82 72 36 77
International Growth Jun-03 VA International 93 234 / 7 15 / 2 2 / 7 6 / 2 2 /
Portfolio 251 217 195 96 193
Global Life Sciences Oct-04 VA 70 25 / 9 3 / 11 3 / - - 7 2 /
Portfolio Health/Biotechnology 35 33 28 32
Global Technology Jan-06 VA Science & 26 15 / 25 13 / 20 10 / - - 25 13 /
Portfolio Technology 57 53 50 53
Value Funds
Perkins Mid Cap May-03 VA Mid-Cap Value 3 2 / 2 1 / 4 2 / - - 4 2 /
Value Portfolio 83 74 62 61
Income Funds
Flexible Bond VA Intermediate 2 / 5 / 6 / 2 / 10 /
Portfolio May-07 Investment Grade 4 64 9 57 11 54 8 25 16 64
Debt
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.
The Overall Morningstar RatingTMis derived from a
Janus Investment Fund ("JIF") weighted average of the performance figures associated
with its three-, five-, and ten-year (if applicable)
Morningstar RatingTMmetrics.
Overall Three-Year Five-Year Ten-Year
Rating Rating Rating Rating
Fund Category Stars # of Stars # of Stars # of Stars # of
Funds Funds Funds 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 Large Growth Funds 3 1507 2 1507 3 1243 4 608
Income Fund
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 4 209 3 209 4 164 4 80
Funds
Janus Balanced Fund Moderate Allocation 5 962 5 962 5 768 4 448
Funds
Janus Fundamental Large Blend Funds 3 1748 2 1748 3 1365 4 683
Equity Fund
Janus Mid Cap Value
Fund - Investor Shares Mid-Cap Value Funds 5 338 5 338 5 234 5 81
(2)
Janus Small Cap Value
Fund - Investor Shares Small Value Funds 5 341 5 341 5 269 4 121
(1,2)
Janus Flexible Bond Intermediate-Term 5 991 5 991 5 857 4 458
Fund Bond Funds
Janus High-Yield Fund High Yield Bond 4 479 5 479 4 405 4 253
Funds
Janus Short-Term Bond Short-Term Bond 5 375 5 375 5 318 4 164
Fund Funds
Janus Worldwide Fund World Stock Funds 2 507 2 507 2 420 1 236
Janus Orion Fund Specialty-Health 3 170 3 170 3 154 3 52
Funds
Janus Global Life Specialty-Technology 4 238 4 238 4 216 4 74
Sciences Fund Funds
Janus Global Mid-Cap Growth Funds 4 821 3 821 4 674 N/A
Technology Fund
INTECH Risk-Managed Large Blend Funds 4 1748 3 1748 4 1365 N/A
Stock Fund
Janus Contrarian Fund Large Blend Funds 3 1748 2 1748 4 1365 N/A
Janus Global World Stock Funds 3 507 3 507 3 420 N/A
Opportunities Fund
Janus Triton Fund Small Growth Funds 5 704 5 704 N/A N/A
Janus Global Research World Stock Funds 3 507 3 507 N/A N/A
Fund
Janus Smart Moderate Allocation 3 962 3 962 N/A N/A
Portfolio-Growth Funds
Janus Smart Moderate Allocation 4 962 4 962 N/A N/A
Portfolio-Moderate Funds
Janus Smart Conservative 4 484 4 484 N/A N/A
Portfolio-Conservative Allocation Funds
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. (C) 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.)
The Overall Morningstar RatingTMis derived from a
Janus Adviser Series ("JAD") S weighted average of the performance figures associated
Shares with its three-, five-, and ten-year (if applicable)
Morningstar RatingTMmetrics.
Overall Three-Year Five-Year Ten-Year
Rating Rating Rating Rating
Fund Category Stars # of Stars # of Stars # of Stars # of
Funds Funds Funds Funds
Balanced Fund Moderate 5 962 5 962 5 768 5 448
Allocation Funds
Fundamental Large Blend Funds 3 1748 2 1748 3 1365 4 683
Equity Fund
Flexible Bond Intermediate-Term 4 991 5 991 4 857 4 458
Fund Bond Funds
Forty Fund Large Growth 4 1507 4 1507 5 1243 4 608
Funds
Growth & Large Growth 3 1507 2 1507 2 1243 4 608
Income Fund Funds
International Foreign Large 4 209 4 209 5 164 4 80
Growth Fund Growth Funds
Large Cap Large Growth 3 1507 3 1507 3 1243 3 608
Growth Fund Funds
Mid Cap Mid-Cap Growth 3 821 4 821 5 674 2 335
Growth Fund Funds
Worldwide World Stock Funds 2 507 2 507 2 420 2 236
Fund
Perkins Mid Mid-Cap Value
Cap Value Funds 5 338 5 338 5 234 N/A
Fund
INTECH
Risk-Managed Large Blend Funds 4 1748 3 1748 4 1365 N/A
Core Fund
INTECH Large Growth
Risk-Managed Funds 3 1507 2 1507 3 1243 N/A
Growth Fund
Perkins Small
Company Value Small Value Funds 3 341 3 341 3 269 N/A
Fund
Contrarian Large Blend Funds 2 1748 2 1748 N/A N/A
Fund
Orion Fund Mid-Cap Growth 3 821 3 821 N/A N/A
Funds
Small-Mid Mid-Cap Growth 4 821 4 821 N/A N/A
Growth Fund Funds
High-Yield High Yield Bond 5 479 5 479 N/A N/A
Fund Funds
INTECH
Risk-Managed Large Value Funds 3 1185 3 1185 N/A N/A
Value Fund
International Foreign Large N/A N/A N/A N/A
Equity Fund Growth Funds
Floating Rate Bank Loan Funds N/A N/A N/A N/A
High Income
Global Real Global Real N/A N/A N/A N/A
Estate Fund Estate Funds
Global World Stock Funds N/A N/A N/A N/A
Research Fund
Long/Short Long-Short Funds N/A N/A N/A N/A
Fund
International Foreign Large N/A N/A N/A N/A
Forty Fund Growth Funds
INTECH
Risk-Managed Foreign Large N/A N/A N/A N/A
International Blend Funds
Fund
Modular
Portfolio Moderate N/A N/A N/A N/A
Construction Allocation Funds
Fund
Percent of funds rated 4 / 5 44.4% 44.4% 53.8% 66.7%
Stars
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. (C) 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.)
The Overall Morningstar RatingTMis derived from a
Janus Aspen Series ("JAS") weighted average of the performance figures associated
Institutional Shares with its three-, five-, and ten-year (if applicable)
Morningstar RatingTMmetrics.
Overall Three-Year Five-Year Ten-Year
Rating Rating Rating Rating
Fund Category Stars # of Stars # of Stars # of Stars # of
Funds Funds Funds Funds
Balanced Fund Moderate Allocation 5 962 5 962 5 768 5 448
Funds
Flexible Bond Intermediate-Term 5 991 5 991 5 857 5 458
Fund Bond Funds
Forty Fund Large Growth Funds 4 1507 4 1507 5 1243 4 608
Fundamental Large Blend Funds 3 1748 2 1748 3 1365 4 683
Equity Fund
Growth & Large Growth Funds 3 1507 2 1507 3 1243 4 608
Income Fund
International Foreign Large Growth 4 209 4 209 5 164 4 80
Growth Fund Funds
Worldwide World Stock Funds 2 507 2 507 2 420 2 236
Fund
Large Cap Large Growth Funds 3 1507 4 1507 3 1243 3 608
Growth Fund
Mid Cap Mid-Cap Growth Funds 3 821 3 821 4 674 2 335
Growth Fund
Global Life Specialty-Health 4 170 4 170 4 154 N/A
Sciences Fund Funds
Global Specialty-Technology
Technology Funds 3 238 4 238 3 216 N/A
Fund
Perkins Mid
Cap Value Mid-Cap Value Funds 5 338 5 338 5 234 N/A
Fund
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. (C) 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.)
Source: Janus Capital Group Inc.
Contact: Janus Capital Group Inc.
Shelley Peterson, 303-316-5625
Scott Grace, 303-394-7709