Janus Henderson Balanced Fund
Aggressive allocation fund
As of its 2026 Q2 report, Janus Henderson Balanced Fund held 744 positions with $28.00B in net assets. Its ten largest holdings made up 30.7% of the fund. The JABAX share class costs 0.82% a year. Over the 12 months to May 2026, JABAX returned 15.4%, with dividends reinvested. In 2026 Q2 it added 79 new positions and exited 112.
Janus Henderson Balanced Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income.
The fund allocates 35–70% to equities selected through bottom-up fundamental analysis of revenue growth, returns on capital, and balance sheet strength, with the remainder in fixed-income securities and cash. Fixed-income selection uses research-driven top-down and bottom-up analysis incorporating quantitative models and ESG factors deemed financially material. The fund limits high-yield bonds to 35% of its fixed-income holdings and may use derivatives, including index credit default swaps, for hedging and return enhancement.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp. | 5.68% | $1.59B | 7.9M | $200.09 |
GOOGAlphabet, Inc. | 4.53% | $1.27B | 3.6M | $353.33 |
MSFTMicrosoft Corp. | 3.37% | $944.04M | 2.5M | $373.02 |
AMZNAmazon.com, Inc. | 3.11% | $871.44M | 3.7M | $238.34 |
AAPLApple, Inc. | 2.85% | $798.62M | 2.8M | $289.36 |
Janus Henderson Cash Liquidity Fund LLC | 2.58% | $721.73M | — | — |
AVGOBroadcom, Inc. | 2.49% | $697.38M | 1.8M | $377.75 |
2.21% | $618.20M | 535.6K | $1,154.29 | |
United States of America 4.13% · due 2031-05-31 | 2.10% | $586.60M | — | — |
1.77% | $496.37M | 1.1M | $433.33 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 744 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 65.29% |
| Securitized | 18.02% |
| Bonds | 15.60% |
| Cash & short-term | 2.61% |
| 2 smaller | 0.96% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 23.1%
- Securitized
- 17.9%
- Financials
- 10.2%
- Health Care
- 7.7%
- 12 other sectors
- 41.1%
- Information Technology
- 23.1%
- Securitized
- 17.9%
- Financials
- 10.2%
- Health Care
- 7.7%
- Government
- 7.5%
- Consumer Discretionary
- 7.2%
- Communication Services
- 6.5%
- Industrials
- 4.4%
- Other
- 3.8%
- Cash
- 2.5%
- Consumer Staples
- 2.3%
- International
- 2.2%
- Utilities
- 2.0%
- Energy
- 1.7%
- Materials
- 0.9%
- Real Estate
- 0.1%
How it has done
JABAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.49%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.82% | +15.38% | +47.27% | +47.82% | -5.47% | |
| 0.89% | +15.30% | +46.89% | +47.13% | -5.46% | |
| 1.63% | +14.54% | +43.82% | +42.05% | -5.59% | |
| 0.67% | +15.54% | +47.77% | +48.75% | -5.44% | |
| 1.32% | +14.83% | +45.01% | +43.99% | -5.54% | |
| 1.07% | +15.09% | +46.08% | +45.81% | -5.50% | |
| 0.69% | +15.54% | +47.77% | +48.59% | -5.44% | |
| 0.57% | +15.69% | +48.32% | +49.55% | -5.42% |
These classes hold the same portfolio, so the 7.51pp spread over 5 years is the cost difference between them — roughly 1.50pp a year — not a difference in what they own.
Fees & fund details
Janus Henderson Balanced Fund is an aggressive allocation fund. 22% of JABAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 96% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.57% – 1.63%· JABAX 0.82%
- Portfolio turnover
- 75.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
79 new· the largest 3
112 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 66.4% |
| Floating rate | 33.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 5.1% |
| 3-5y | 16.6% |
| 5-10y | 21.6% |
| 10y+ | 56.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.67 yr |
| High yield | +0.14 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.31 yr | 16% |
| 5 yr | 0.68 yr | 34% |
| 10 yr | 0.66 yr | 33% |
| 30 yr | 0.33 yr | 17% |
3 mo is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.18 yr | 10% |
| 5 yr | 0.69 yr | 38% |
| 10 yr | 0.63 yr | 35% |
| 30 yr | 0.30 yr | 16% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.03 | +0.01 | +0.00 | $16.5k | $3.7k |
| 1 yr | +0.31 | +0.15 | +0.04 | $409.0k | $101.3k |
| 5 yr | +0.68 | +0.62 | +0.07 | $1.72m | $200.5k |
| 10 yr | +0.66 | +0.60 | +0.03 | $1.69m | $81.4k |
| 30 yr | +0.33 | +0.29 | +0.00 | $824.7k | $9.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 1.96 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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