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Fund Spy: Morningstar Medalist Edition

The Highest-Rated Janus Fund That Owns (Mostly) Equities

Greater than the sum of its parts.

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For years, Morningstar’s analysts have been unexcited about most of Janus’ in-house diversified equity funds--as have investors, if years of significant net outflows are any indication. The performance of those funds has lately improved, and outflows have moderated, but we’re not sold quite yet. Of the 12 Janus equity funds that receive Morningstar Analyst Ratings, nine earn Neutrals while just three ( Janus Enterprise (JAENX),  Janus Aspen Enterprise (JAAGX), and  Janus Global Research (JAWWX)) earn Bronze ratings.

But moderate-allocation offering  Janus Balanced (JABAX) (as well as institutional clone  Janus Aspen Balanced (JABLX)) invests primarily in equities--typically 50%-70% of assets--and still earns a Silver rating. The fund’s prospects are boosted largely by the presence of Janus’ fixed-income team, headed by Gibson Smith, who has managed the fund’s bond portfolio and helped set the fund’s overall asset allocation (along with equity manager Marc Pinto) since 2005. Contrast the ratings of Janus’ equity funds with those of its fixed-income offerings: Two of the three we rate are Morningstar Medalists (Silver-rated  Janus Flexible Bond (JAFIX) and Bronze-rated  Janus High-Yield (JAHYX)), while Neutral-rated  Janus Short-Term Bond's (JASBX) failure to earn a medal is primarily because of its above-average fees.

Greg Carlson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.