Janus Announces Second Quarter 2006 Results.DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- Janus Capital Group Janus Capital Group Inc. is a public company headquarted in Denver, CO, US. It was founded in 1969. It provides risk-managed investment strategies. As of June 30, 2007, Janus managed $190. Inc. (NYSE NYSE See: New York Stock Exchange : JNS JNS Journal of Neurosurgery JNS Jump If No Sign JNS Narssaq, Greenland (Airport Code) JNS Journal of Neoplatonic Studies JNS Justification for New Start ): --Second quarter earnings of $0.15 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share --Long-term net outflows of $400 million for quarter --Strongest 1- and 3-year relative investment performance in five years --Company buys back $105 million of its stock during quarter Janus Capital Group Inc. (NYSE: JNS) today reported second quarter net income of $31.1 million, or $0.15 per diluted share, compared with net income of $35.3 million, or $0.17 per diluted share, in the first quarter 2006, and $25.7 million, or $0.12 per diluted share, in the second quarter 2005. The company's investment management operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the second quarter 2006 were 24.6% compared with 27.1% in the first quarter 2006 and 21.0% in the second quarter 2005. As previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , first quarter 2006 results included a $5 million net benefit from an insurance recovery that was partially offset by non-recurring charges. Flows and Assets Under Management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. Average assets under management during the second quarter were nearly flat at $154.0 billion compared with $154.4 billion during the first quarter 2006. At June June: see month. 30, 2006, the company's total assets under management were $153.4 billion compared with $158.1 billion at March 31, 2006. The lower assets at the end of the second quarter reflect long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. net outflows of $0.4 billion, money market net inflows of $1.2 billion and $5.5 billion in market depreciation and fund performance. Janus' INTECH INTECH Institute for New Technologies subsidiary had net inflows of $2.6 billion in the second quarter compared with net inflows of $4.0 billion in the first quarter 2006. Excluding INTECH, Janus' long-term net outflows totaled $3.0 billion in the second quarter 2006 versus long-term net outflows of $0.5 billion in the first quarter 2006. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.2 billion of the long-term net outflows during the second quarter came from small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock value products. "Despite the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the market and this quarter's flows, Janus Janus, in astronomy Janus (jā`nəs), in astronomy, one of the named moons, or natural satellites, of Saturn. Also known as Saturn X (or S10), Janus is an irregularly shaped (nonspherical) body measuring about 122 mi (196 km) by 119 mi has come a long way," said CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Black. "If we keep delivering consistently strong performance, I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in confident our investments in expanding our distribution will pay off." Investment Management Janus' investment management performance remained strong during the first quarter, driving continued improvement in the company's five-year results. As of June 30, 2006, approximately 84%, 78% and 64% of the funds in the company's primary retail fund family, Janus Investment Fund (JIF See GIF. ), were in the top half of their Lipper Business Description Lipper, Inc., a subsidiary of Reuters provides mutual and hedge fund information, analytical tools, data and commentary. Lipper's benchmarking provides a guidepost to asset managers, fund companies, financial intermediaries, traditional media, categories on a one-, three- and five-year total-return basis, respectively. (Detailed Lipper rankings and performance data for all JIF funds are on pages 9 - 12.) "Our relative performance is the best it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have been in more than five years," Black said. "Being able to deliver consistent results through all market cycles is our top priority -- and much of our success is due to our rigorous research and disciplined investment process."(1) At the end of June, 57% of the rated funds in Janus' primary fund family had received either four- or five-star overall ratings from Morningstar and 61% of those funds had earned four- or five-star ratings on a three-year basis (based on risk-adjusted returns Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. ). (Detailed Morningstar ratings are on page 12.) Financial Discussion
Financial Highlights
(dollars in millions, except per share data or as noted)
Three Months Ended
------------------------------
June 30, March 31, June 30,
2006 2006 2005
---------- ---------- --------
Investment Management Segment
---------------------------------
Average Assets (in billions) $154.0 $154.4 $129.3
Ending AUM (in billions) $153.4 $158.1 $130.3
Revenues $233.1 $232.5 $208.7
Operating Expenses $175.8 $169.6 $164.8
Operating Income $57.3 $62.9 $43.9
Operating Margin 24.6% 27.1% 21.0%
Printing and Fulfillment
Operating Loss $(4.1) $(3.7) $(4.1)
Consolidated Net Income $31.1 $35.3 $25.7
Diluted Earnings per Share $0.15 $0.17 $0.12
Shares Repurchased (in millions) 5.3 5.7 3.8
Cost of Shares Repurchased $104.9 $125.0 $55.3
Investment Management Segment - Second Quarter 2006 versus First Quarter 2006 Second quarter revenues of $233.1 million were up slightly from the $232.5 million in the previous quarter. Second quarter 2006 operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. totaled $175.8 million, an increase of $6.2 million from the first quarter. Approximately $5.0 million of the increased expenses came from the net credit recorded in the first quarter and discussed on the first page of this release. The remaining $1.2 million increase primarily reflects higher long-term incentive compensation and marketing costs, offset by lower employee compensation and benefits. Printing and Fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. Segment Janus' printing business, Rapid Solutions Group (RSG RSG Revenue Support Grant (UK) RSG Recovery Storage Group (Microsoft Exchange) RSG Ready, Set, Go! RSG Regional Support Group RSG Research Study Group (NATO) ), had an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $4.1 million in the second quarter of 2006 compared with a $3.7 million loss in the previous quarter. RSG's core business results were nearly flat quarter to quarter. Capital and Liquidity At June 30, 2006, Janus had stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $2.5 billion, cash and investments of $674.1 million and $375.7 million of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 2.3% during the second quarter by repurchasing 5.3 million shares of its common stock at an average price of $19.66 per share and a total cost of $104.9 million. Second Quarter 2006 Earnings Call Information Janus Capital Group will discuss its results during a conference call on Thursday Thursday: see week. , July July: see month. 27 at 10:00 a.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time. The call-in call-in adj. Being in a format such that listeners or viewers are invited to have their telephone conversations with the host or guests on a show broadcast to other listeners: a call-in radio show. n. number will be 877-301-7574. Anyone outside the U.S. or Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of should call 706-643-3623. The slides used during the presentation will be available in the investor relations Investor relations The process by which the corporation communicates with its investors. 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 In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas , 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 and risk-managed investment strategies. Our commitment to deliver for investors is rooted in our research-intensive re·search-in·ten·sive adj. Having or requiring a relatively large expenditure on research and development in comparison to capital and labor: the research-intensive field of biotechnology. approach and relentless passion to gain a competitive edge. At the end of June 2006, Janus managed $153.4 billion in assets for more than four million shareholders, clients and institutions around the globe. Outside the U.S., Janus has offices in London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , Milan, Tokyo Tokyo (tō`kēō), city (1990 pop. 8,163,573), capital of Japan and of Tokyo prefecture, E central Honshu, at the head of Tokyo Bay. and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . Janus Capital Group consists of Janus Capital Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Enhanced Investment Technologies, LLC (INTECH) and Capital Group Partners, Inc. (doing business as Rapid Solutions Group). In addition, Janus Capital Group owns 30% of Perkins Per·kins , Frances 1882-1965. American social reformer and public official. As U.S. secretary of labor (1933-1945) she was the first woman to hold a cabinet position. , Wolf, McDonnell and Company, LLC. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. containing this and other information, please call Janus at 1-800-525-3713 or download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. 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 (7/06). (1) Based on Lipper relative performance on a 1- and 3-year total-return basis as of 6/30/06. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2005, 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 Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. therein will not be realized.
JANUS CAPITAL GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
Three Months Ended
------------------------------
June 30, March 31, June 30,
2006 2006 2005
---------- --------- ---------
Investment Management Revenues:
Investment management fees $187.0 $185.6 $161.8
Performance fees 4.3 4.2 5.5
Shareowner servicing fees and other 41.8 42.7 41.4
---------- --------- ---------
Total 233.1 232.5 208.7
---------- --------- ---------
Investment Management Operating
Expenses:
Employee compensation and benefits 78.2 83.4 69.4
Long-term incentive compensation 23.0 22.0 18.5
Marketing and
advertising 7.7 5.4 9.0
Distribution 27.2 26.8 25.9
Depreciation and amortization 8.3 8.3 9.4
General, administrative and occupancy 31.4 33.7 38.6
Mutual fund investigation recoveries,
net of charges - (10.0) (6.0)
---------- --------- ---------
Total 175.8 169.6 164.8
---------- --------- ---------
Investment Management Operating Income 57.3 62.9 43.9
Printing and Fulfillment Segment:
Revenue 21.5 23.6 20.6
Operating expenses 23.7 25.4 22.8
Intangibles amortization 1.9 1.9 1.9
---------- --------- ---------
Printing and Fulfillment Operating Loss (4.1) (3.7) (4.1)
Interest expense (7.2) (7.0) (7.2)
Other income, net 7.8 9.0 11.4
Income tax provision (19.5) (22.2) (15.7)
Equity in earnings of unconsolidated
affiliate 2.0 1.7 1.7
Minority interest in consolidated
earnings (5.2) (5.4) (4.3)
---------- --------- ---------
Net Income $31.1 $35.3 $25.7
========== ========= =========
Basic Earnings per Share
Weighted average shares outstanding
(in millions) 205.3 210.1 221.0
Basic earnings per share $0.15 $0.17 $0.12
Diluted Earnings per
Share
Weighted average shares outstanding
(in millions) 206.4 211.7 221.8
Diluted earnings per
share $0.15 $0.17 $0.12
Average Assets Under Management
(in billions) $154.0 $154.4 $129.3
JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
June 30, December 31,
2006 2005
---------- -------------
Assets
Cash and cash equivalents $337.9 $552.6
Investments 336.2 334.1
Other assets 263.2 285.5
Property and equipment, net 58.4 64.7
Intangibles and goodwill,
net 2,474.8 2,391.6
---------- -------------
Total Assets $3,470.5 $3,628.5
========== =============
Liabilities and Stockholders'
Equity
Debt $375.7 $376.3
Other liabilities 208.0 246.9
Deferred income taxes 424.2 424.1
Stockholders'
equity 2,462.6 2,581.2
---------- -------------
Total Liabilities and
Stockholders' Equity $3,470.5 $3,628.5
========== =============
UNAUDITED CONDENSED CONSOLIDATED
CASH FLOW INFORMATION
(dollars in millions)
Three Months Ended
---------------------------------
June 30, March 31, June 30,
Cash provided by (used in) 2006 2006 2005
--------- ---------- ----------
Operating activities $114.6 $32.2 $100.1
Investing
activities 10.4 (128.2) 83.4
Financing
activities (114.3) (129.4) (62.4)
--------- ---------- ----------
Net change during period $10.7 $(225.4) $121.1
========= ========== ==========
JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
Three Months Ended
-------------------------------
June 30, March 31, June 30,
2006 2006 2005
---------- ---------- ---------
Growth/Blend
Beginning of period assets $71.5 $68.5 $66.3
Sales 3.0 3.5 1.6
Redemptions 4.4 3.6 5.2
---------- ---------- ---------
Net Sales (redemptions) (1.5) (0.1) (3.7)
Market appreciation (3.1) 3.1 2.0
---------- ---------- ---------
End of period assets $66.9 $71.5 $64.7
========== ========== =========
Global/International
Beginning of period assets $13.3 $12.2 $13.4
Sales 0.9 0.9 0.3
Redemptions 1.2 1.1 1.9
---------- ---------- ---------
Net Sales (redemptions) (0.3) (0.2) (1.7)
Market appreciation (0.4) 1.3 (0.2)
---------- ---------- ---------
End of period assets $12.6 $13.3 $11.5
========== ========== =========
Mathematical/Quantitative
Beginning of period assets $50.6 $44.7 $27.6
Sales 3.8 5.7 4.0
Redemptions 1.1 1.7 0.3
---------- ---------- ---------
Net Sales (redemptions) 2.6 4.0 3.8
Market appreciation (1.7) 1.8 0.4
---------- ---------- ---------
End of period assets $51.5 $50.6 $31.7
========== ========== =========
Fixed Income
Beginning of period assets $4.9 $5.2 $5.9
Sales 0.2 0.2 0.3
Redemptions 0.4 0.4 0.4
---------- ---------- ---------
Net Sales (redemptions) (0.2) (0.3) (0.2)
Market appreciation - - 0.1
---------- ---------- ---------
End of period assets $4.7 $4.9 $5.7
========== ========== =========
Value
Beginning of period assets $11.1 $10.4 $10.2
Disposition - - (0.2)
Sales 0.7 1.0 0.7
Redemptions 1.8 1.0 1.0
---------- ---------- ---------
Net Sales (redemptions) (1.1) 0.1 (0.4)
Market appreciation (0.3) 0.6 0.4
---------- ---------- ---------
End of period assets $9.7 $11.1 $10.0
========== ========== =========
Money Market
Beginning of period assets $6.7 $7.5 $8.5
Sales 12.4 9.5 9.2
Redemptions 11.3 10.4 11.0
---------- ---------- ---------
Net Sales (redemptions) 1.2 (0.8) (1.8)
Market appreciation - - -
---------- ---------- ---------
End of period assets $7.9 $6.7 $6.7
========== ========== =========
Total
Beginning of period assets $158.1 $148.5 $131.8
Disposition - - (0.2)
Sales 21.1 20.8 16.3
Redemptions 20.3 18.2 20.2
---------- ---------- ---------
Net Sales (redemptions) 0.8 2.6 (3.9)
Market appreciation (5.5) 6.9 2.6
---------- ---------- ---------
End of period assets $153.4 $158.1 $130.3
========== ========== =========
Total Excluding Money Markets
Beginning of period assets $151.4 $141.0 $123.3
Disposition - - (0.2)
Sales 8.6 11.3 6.9
Redemptions 9.0 7.8 9.0
---------- ---------- ---------
Net Sales (redemptions) (0.4) 3.5 (2.1)
Market appreciation (5.5) 6.9 2.6
---------- ---------- ---------
End of period assets $145.5 $151.4 $123.6
========== ========== =========
Total Excluding Mathematical/Quantitative
& Money Markets
Beginning of period assets $100.8 $96.2 $95.7
Disposition - - (0.2)
Sales 4.9 5.6 2.8
Redemptions 7.9 6.2 8.7
---------- ---------- ---------
Net Sales (redemptions) (3.0) (0.5) (5.9)
Market appreciation (3.8) 5.1 2.2
---------- ---------- ---------
End of period assets $94.0 $100.8 $91.9
========== ========== =========
Each line has been rounded on the schedule individually to increase
the accuracy of the amounts presented. Therefore totals
and subtotals may not foot.
Janus Investment
Funds ("JIF") Lipper Rankings Based
on Total Returns as of 6/30/06
--------------------------------------
1-Year 3-Year
--------------------------------------
Percentile Rank / Percentile Rank /
PM Lipper Rank (%) Total Rank (%) Total
Inception Category Funds Funds
---------- --------- ----------------- --------------------
Growth
Funds
----------------------------------------------------------------------
Janus Fund Large-Cap
Growth
Jan-06 Funds 28 195/705 34 202/594
Janus Large-Cap
Twenty Growth
Fund(1) Aug-97 Funds 4 22/705 1 2/594
Janus Large-Cap
Mercury Growth
Fund Jan-06 Funds 23 161/705 17 100/594
Janus Multi-Cap
Olympus Growth
Fund(1) Aug-97 Funds 45 183/414 47 164/355
Janus Mid-Cap
Enterprise Growth
Fund Jan-02 Funds 39 219/572 23 105/473
Janus Small-Cap
Venture Growth
Fund(1) Jan-01 Funds 61 323/533 21 92/454
Janus Multi-Cap
Orion Growth
Fund Jun-00 Funds 1 1/414 1 3/355
Janus Small-Cap
Triton Growth
Fund Jan-06 Funds 10 52/533 - -
Janus Multi-Cap
Research Growth
Fund Feb-05 Funds 6 22/414 - -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
Growth
and Large-Cap
Income Core
Fund Dec-03 Funds 9 73/848 8 54/725
Janus Mixed-
Balanced Asset
Fund Target
Alloc.
Apr-05 Mod. Funds 19 73/392 39 105/271
Janus Multi-Cap
Contrarian Core
Fund Feb-00 Funds 1 7/819 1 2/585
Janus
Funda-
mental Large-Cap
Equity Core
Fund Apr-05 Funds 1 6/848 2 8/725
INTECH
Risk-
Managed Multi-Cap
Stock Core
Fund Feb-03 Funds 50 403/819 13 73/585
----------------------------------------------------------------------
International/Global
Funds
----------------------------------------------------------------------
Janus
Worldwide Global
Fund Jun-04 Funds 95 352/371 99 286/290
Janus Interna-
Overseas tional
Fund Jun-03 Funds 1 1/908 1 2/769
Janus
Global Health/
Life Biotech-
Sciences nology
Fund Dec-98 Funds 36 63/174 13 20/159
Janus
Global Science &
Technology Technology
Fund Jan-06 Funds 21 59/287 37 94/257
Janus
Global
Oppor-
tunities Global
Fund Jun-01 Funds 99 366/371 60 172/290
----------------------------------------------------------------------
Value
Funds
----------------------------------------------------------------------
Janus Mid
Cap Value Mid-Cap
Fund - Value
Inv(2) Aug-98 Funds 46 121/264 43 91/215
Janus
Small
Cap
Value
Fund - Small-Cap
Inv.(1,2) Feb-97 Core Funds 91 578/640 84 426/508
----------------------------------------------------------------------
Income
Funds
----------------------------------------------------------------------
Janus Inter-
Flexible mediate
Bond Inv Grade
Fund Debt
Dec-91 Funds 43 205/477 49 198/411
Janus High
High- Current
Yield Yield
Fund Dec-03 Funds 46 203/444 63 248/395
Janus Short
Short- Investment
Term Bond Grade Debt
Fund Jun-03 Funds 26 57/226 21 38/182
Janus
Federal
Tax- General
Exempt Muni Debt
Fund Feb-05 Funds 45 117/259 88 219/248
----------------------------------------------------------------------
Janus Investment
Funds ("JIF") Lipper Rankings Based
on Total Returns as of 6/30/06
--------------------------------------
5-Year 10-Year
--------------------------------------
Percentile Rank / Percentile Rank /
PM Lipper Rank (%) Total Rank (%) Total
Inception Category Funds Funds
---------- --------- ------------------ -------------------
Growth
Funds
----------------------------------------------------------------------
Janus Fund Large-Cap
Growth
Jan-06 Funds 73 350/482 42 70/167
Janus Large-Cap
Twenty Growth
Fund(1) Aug-97 Funds 8 38/482 1 1/167
Janus Large-Cap
Mercury Growth
Fund Jan-06 Funds 54 260/482 9 14/167
Janus Multi-Cap
Olympus Growth
Fund(1) Aug-97 Funds 53 151/284 25 24/97
Janus Mid-Cap
Enterprise Growth
Fund Jan-02 Funds 62 223/360 70 94/134
Janus Small-Cap
Venture Growth
Fund(1) Jan-01 Funds 28 100/360 37 44/118
Janus Multi-Cap
Orion Growth
Fund Jun-00 Funds 3 8/284 - -
Janus Small-Cap
Triton Growth
Fund Jan-06 Funds - - - -
Janus Multi-Cap
Research Growth
Fund Feb-05 Funds - - - -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
Growth
and Large-Cap
Income Core
Fund Dec-03 Funds 20 121/609 3 7/241
Janus Mixed-
Balanced Asset
Fund Target
Alloc.
Apr-05 Mod. Funds 36 74/209 3 2/85
Janus Multi-Cap
Contrarian Core
Fund Feb-00 Funds 3 11/430 - -
Janus
Funda-
mental Large-Cap
Equity Core
Fund Apr-05 Funds 4 21/609 2 3/241
INTECH
Risk-
Managed Multi-Cap
Stock Core
Fund Feb-03 Funds - - - -
----------------------------------------------------------------------
International/Global
Funds
----------------------------------------------------------------------
Janus
Worldwide Global
Fund Jun-04 Funds 99 224/227 69 59/85
Janus Interna-
Overseas tional
Fund Jun-03 Funds 17 101/611 5 11/231
Janus
Global Health/
Life Biotech-
Sciences nology
Fund Dec-98 Funds 47 61/130 - -
Janus
Global Science &
Technology Technology
Fund Jan-06 Funds 43 95/222 - -
Janus
Global
Oppor-
tunities Global
Fund Jun-01 Funds 22 49/227 - -
----------------------------------------------------------------------
Value
Funds
----------------------------------------------------------------------
Janus Mid
Cap Value Mid-Cap
Fund - Value
Inv(2) Aug-98 Funds 33 47/142 - -
Janus
Small
Cap
Value
Fund - Small-Cap
Inv.(1,2) Feb-97 Core Funds 66 258/391 - -
----------------------------------------------------------------------
Income
Funds
----------------------------------------------------------------------
Janus Inter-
Flexible mediate
Bond Inv Grade
Fund Debt
Dec-91 Funds 20 63/323 26 37/146
Janus High
High- Current
Yield Yield
Fund Dec-03 Funds 51 160/313 13 14/114
Janus Short
Short- Investment
Term Bond Grade Debt
Fund Jun-03 Funds 48 64/135 20 14/70
Janus
Federal
Tax- General
Exempt Muni Debt
Fund Feb-05 Funds 68 152/224 83 119/143
----------------------------------------------------------------------
Janus Investment
Funds ("JIF") Lipper Rankings Based
on Total Returns as of 6/30/06
------------------------------
Since PM Inception
------------------------------
Percentile Rank /
PM Lipper Rank (%) Total Funds
Inception Category
---------- --------- ----------------------------
Growth
Funds
--------------------------------------------------------------
Janus Fund Large-Cap
Growth
Jan-06 Funds ++
Janus Large-Cap
Twenty Growth
Fund(1) Aug-97 Funds 4 7/230
Janus Large-Cap
Mercury Growth
Fund Jan-06 Funds ++
Janus Multi-Cap
Olympus Growth
Fund(1) Aug-97 Funds 18 23/134
Janus Mid-Cap
Enterprise Growth
Fund Jan-02 Funds 20 78/396
Janus Small-Cap
Venture Growth
Fund(1) Jan-01 Funds 30 100/343
Janus Multi-Cap
Orion Growth
Fund Jun-00 Funds 29 64/226
Janus Small-Cap
Triton Growth
Fund Jan-06 Funds ++
Janus Multi-Cap
Research Growth
Fund Feb-05 Funds 5 19/401
--------------------------------------------------------------
Core Funds
--------------------------------------------------------------
Janus
Growth
and Large-Cap
Income Core
Fund Dec-03 Funds 5 36/755
Janus Mixed-
Balanced Asset
Fund Target
Alloc.
Apr-05 Mod. Funds 11 41/390
Janus Multi-Cap
Contrarian Core
Fund Feb-00 Funds 11 36/334
Janus
Funda-
mental Large-Cap
Equity Core
Fund Apr-05 Funds 1 6/838
INTECH
Risk-
Managed Multi-Cap
Stock Core
Fund Feb-03 Funds 24 135/574
--------------------------------------------------------------
International/Global
Funds
--------------------------------------------------------------
Janus
Worldwide Global
Fund Jun-04 Funds 92 293/319
Janus Interna-
Overseas tional
Fund Jun-03 Funds 1 2/769
Janus
Global Health/
Life Biotech-
Sciences nology
Fund Dec-98 Funds 31 15/48
Janus
Global Science &
Technology Technology
Fund Jan-06 Funds ++
Janus
Global
Oppor-
tunities Global
Fund Jun-01 Funds 22 49/227
--------------------------------------------------------------
Value
Funds
--------------------------------------------------------------
Janus Mid
Cap Value Mid-Cap
Fund - Value
Inv(2) Aug-98 Funds 4 3/77
Janus
Small
Cap
Value
Fund - Small-Cap
Inv.(1,2) Feb-97 Core Funds 21 29/140
--------------------------------------------------------------
Income
Funds
--------------------------------------------------------------
Janus Inter-
Flexible mediate
Bond Inv Grade
Fund Debt
Dec-91 Funds 4 2/56
Janus High
High- Current
Yield Yield
Fund Dec-03 Funds 43 173/407
Janus Short
Short- Investment
Term Bond Grade Debt
Fund Jun-03 Funds 21 38/182
Janus
Federal
Tax- General
Exempt Muni Debt
Fund Feb-05 Funds 42 107/255
--------------------------------------------------------------
Percent of JIF Funds per Lipper Quartile based
on Total Returns
-----------------------------------------------
Since PM
1-Year 3-Year 5-Year 10-Year Inception
----------------------------------------------------------------------
1st Quartile 44.0% 52.2% 36.4% 60.0% 71.4%
2nd Quartile 40.0% 26.1% 27.3% 20.0% 23.8%
3rd Quartile 4.0% 8.7% 31.8% 13.3% 0.0%
4th Quartile 12.0% 13.0% 4.5% 6.7% 4.8%
----------------------------------------------------------------------
Lipper Inc. - A Reuters Company, is a nationally recognized
organization that ranks the performance of mutual funds within a
universe of funds that have similar investment objectives. Rankings
are historical with capital gains and dividends reinvested. If an
expense waiver was in effect, it may have had a material effect on the
total return or yield for the period.
Data presented reflects past performance, which is no guarantee of
future results.
Notes:
(1) Closed to new investors
(2) Ranking is for the investor share class only; other classes may
have different performance characteristics.
++ The Fund's since PM-Inception ranking is not available.
Data presented reflects past performance, which is no guarantee of
future results. Investment results and principal value will fluctuate
so that shares, when redeemed, may be worth more or less than their
original cost. Due to market volatility, current performance may be
higher or lower than the performance shown. Call 1-800-975-9932 or
visit www.janus.com for performance current to the most recent
month-end.
See notes to performance on the following page.
Janus Investment Fund ("JIF")
Average Annual Total Returns (%)
for Periods Ended 6/30/06(1)
-----------------------------------
Life
Inception of
Date 1 Year 3 Year 5 Year 10 Year Fund
------ ------ ------ ------ ------- ------
Growth Funds
----------------------------------------------------------------------
Janus Fund 2/70 7.07 8.80 (2.52) 5.97 13.64
Janus Twenty Fund(3) 4/85 11.73 15.13 2.74 9.98 13.18
Janus Mercury Fund 5/93 7.62 10.27 (1.60) 8.17 12.03
Janus Olympus Fund(3,5) 12/95 10.54 12.06 0.39 8.93 10.86
Janus Enterprise Fund 9/92 13.77 17.00 1.97 5.86 11.07
Janus Venture Fund(3,6) 4/85 10.65 17.92 5.58 8.43 13.29
Janus Orion Fund(6,7,8,23) 6/00 24.65 21.57 9.58 -- (1.62)
Janus Triton Fund(4,6) 2/05 20.53 -- -- -- 16.20
Janus Research Fund(7) 2/05 21.64 -- -- -- 18.11
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Growth and Income Fund 5/91 12.36 13.34 2.86 11.15 13.23
Janus Balanced Fund 9/92 8.20 8.47 4.54 9.72 11.01
Janus Contrarian
Fund(7,10,13) 2/00 22.05 23.56 9.73 -- 8.39
Janus Fundamental Equity
Fund(2,10) 6/96 17.76 15.92 5.32 12.71 12.70
INTECH Risk-Managed Stock
Fund(10,11,12) 2/03 9.77 15.70 -- -- 18.31
----------------------------------------------------------------------
International/Global Funds
----------------------------------------------------------------------
Janus Worldwide Fund(11) 5/91 10.45 9.60 (1.47) 5.78 10.61
Janus Overseas
Fund(7,9,10,11,15) 5/94 52.33 33.29 11.83 12.73 13.85
Janus Global Life Sciences
Fund(10,11) 12/98 6.63 12.77 2.08 -- 9.55
Janus Global Technology
Fund(7,10,11,14) 12/98 13.92 11.24 (4.30) -- 2.40
Janus Global Opportunities
Fund(11) 6/01 8.39 15.73 8.49 -- 8.48
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Small Cap Value Fund -
Inv.(3,8,16) 10/87 7.48 15.53 8.50 15.40 14.24
Janus Mid Cap Value Fund -
Inv.(8,10,17) 8/98 11.58 18.54 11.19 -- 17.28
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
Janus Flexible Bond
Fund(10,18,19,20) 7/87 (0.87) 1.77 5.05 6.00 7.41
Janus High-Yield
Fund(8,10,11,18,19,20,24) 12/95 4.77 7.22 7.23 7.05 8.04
Janus Short-Term Bond
Fund(10,18,19,21) 9/92 2.27 2.02 3.01 4.83 4.63
Janus Federal Tax-Exempt
Fund(10,18,19,21,22) 5/93 0.63 1.60 3.92 4.32 4.47
----------------------------------------------------------------------
Notes:
(1) All figures unaudited.
(2) Effective 06/30/06, Janus Core Equity Fund has been renamed Janus
Fundamental Equity Fund.
(3) Closed to new investors.
(4) Effective at the close of the New York Stock Exchange on 6/30/06,
Blaine Rollins is no longer the portfolio manager of Janus Triton
Fund, and Brian Schaub and Chad Meade are now the Fund managers.
(5) Effective at the close of the New York Stock Exchange on 6/30/06,
Claire Young is no longer the portfolio manager of Olympus Fund,
and Ron Sachs is now the Fund manager.
(6) This Fund has been significantly impacted, either positively or
negatively, by investing in initial public offerings (IPOs).
(7) This Fund may have significant exposure to emerging markets. In
general, emerging market investments have historically been
subject to significant gains and/or losses. As such, the Fund's
returns and NAV may be subject to such volatility.
(8) Due to certain investment strategies, some funds may have an
increased position in cash.
(9) Returns have sustained significant gains due to market volatility
in the financials sector.
(10) The Fund will invest at least 80% of its net assets in the type
of securities described by its name.
(11) A 2% redemption fee may be imposed on shares held for 3 months or
less. Performance shown does not reflect this redemption fee and,
if reflected, performance would have been lower.
(12) For certain periods, the Fund's performance reflects the effect
of expense waivers. Without the effect of these expense waivers,
the performance shown would have been lower.
(13) The Fund held approximately 17.6% of its assets in Indian
securities as of March 31, 2006 and the Fund has experienced
significant gains due, in part, to its investments in India. While
holdings are subject to change without notice, the Fund's returns
and NAV may be affected to a large degree by fluctuations in
currency exchange rates or political or economic conditions in
India.
(14) Returns have sustained significant gains due to market volatility
in the information technology sector.
(15) The Fund held approximately 15.9% and 13.2% of its assets in
India and Brazil securities, respectively, as of March 31, 2006,
and the Fund has experienced significant gains due, in part, to
its investments in India and Brazil. While holdings are subject to
change without notice, the Fund's returns and NAV may be affected
to a large degree by fluctuations in currency exchange rates or
political or economic conditions in India and/or Brazil.
(16) Returns shown for Janus Small Cap Value Fund prior to April 21,
2003 are those of Berger Small Cap Value Fund.
(17) Returns shown for Janus Mid Cap Value Fund prior to April 21,
2003 are those of Berger Mid Cap Value Fund.
(18) Bond funds have the same interest rate, inflation, and credit
risks that are associated with the underlying bonds owned by the
Fund. Unlike owning individual bonds, there are ongoing fees and
expenses associated with owning shares of bonds funds. The return
of principal is not guaranteed due to net asset value fluctuation
that is caused by changes in the price of specific bonds held in
the Fund and selling of bonds within the fund by the portfolio
manager.
(19) As of June 30, 2006, the 30-day SEC Yield was 4.06% on Janus
Federal Tax-Exempt Fund, 4.74% on Janus Flexible Bond Fund, 7.45%
on Janus High-Yield Fund and 4.89% on Janus Short-Term Bond Fund.
(20) Adviser has agreed to waive a portion of the Fund's expenses if
they exceed the designated cap. If during the periods shown, the
Fund's actual expenses exceeded the cap, its total return would
have been lower. There were no waivers in effect for the most
recent period presented.
(21) Janus Capital has contractually agreed to waive Janus Short-Term
Bond Fund and Janus Federal Tax-Exempt Fund's total operating
expenses to the levels indicated in the prospectus until at least
March 1, 2007. Without such waivers, Janus Short-Term Bond Fund
and Janus Federal Tax-Exempt Fund's yield as of June 30, 2006
would have been 4.42% and 3.57%, respectively and total returns
would have been lower.
(22) Income may be subject to state or local taxes and to a limited
extent certain federal tax. Capital gains are subject to federal,
state and local taxes.
(23) The Fund held approximately 10.6% of its assets in Brazilian
securities as of March 31, 2006 and the Fund has experienced
significant gains due, in part, to its investments in Brazil.
While holdings are subject to change without notice, the Fund's
returns and NAV may be affected to a large degree by fluctuations
in currency exchange rates or political or economic conditions in
Brazil.
(24) Due to additional expense accruals deducted from the fund, the
yield experienced a negative fluctuation. There is no guarantee of
any future expense accruals from the fund.
Differences between compared investments may include objectives, sales
and management fees, liquidity, volatility, tax features and other
features, which may result in differences in performance.
A fund's performance may be affected by risks that include those
associated with non-diversification, investments in foreign securities
and emerging markets, non-investment grade debt securities,
undervalued or overlooked companies, companies with relatively small
market capitalizations and investments in specific industries or
countries. Please see a Janus prospectus or janus.com for more
information about fund holdings and details.
Janus Investment The Overall Morningstar Rating(TM) is derived from
Fund ("JIF") a weighted average of the performance figures
associated with its three-, five-, and ten-year (if
applicable) Morningstar Rating(TM) metrics.
----------------------------------------------------
Overall Three-Year Five-Year Ten-Year
Rating Rating Rating Rating
----------- ----------- ----------- -----------
# # # #
of of of of
Fund Category Stars Funds Stars Funds Stars Funds Stars Funds
------ -------- ----------- ----------- ----------- -----------
----------------------------------------------------------------------
Janus Fund Large
Growth
Funds 3 1361 3 1361 2 1081 3 402
Janus Mid-Cap
Enterprise Growth
Fund Funds 3 823 4 823 3 642 2 231
Janus
Growth and Large
Income Growth
Fund Funds 5 1361 5 1361 4 1081 5 402
Janus Large
Mercury Growth
Fund Funds 3 1361 4 1361 3 1081 3 402
Janus Large
Olympus Growth
Fund (1) Funds 3 1361 4 1361 3 1081 3 402
Janus Mid-Cap
Orion Growth
Fund Funds 5 823 5 823 5 642 N/A
Janus Large
Twenty Growth
Fund(1) Funds 4 1361 5 1361 4 1081 4 402
Janus Small
Venture Growth
Fund(1) Funds 3 646 4 646 3 509 2 182
Janus Small
Triton Growth
Fund Funds N/A N/A N/A N/A
Janus Large
Research Growth
Fund Funds N/A N/A N/A N/A
Janus
Global Life Specialty-
Sciences Health
Fund Funds 3 191 4 191 3 156 N/A
Janus
Global Specialty-
Technology Technology
Fund Funds 4 282 4 282 4 243 N/A
Janus Foreign
Overseas Large
Fund Growth
Funds 4 195 5 195 4 153 4 66
Janus
Worldwide World Stock
Fund Funds 2 403 1 403 1 314 2 136
Janus
Global
Oppor-
tunities World Stock
Fund Funds 4 403 3 403 4 314 N/A
Janus Moderate
Balanced Allocation
Fund Funds 4 794 3 794 4 619 4 301
INTECH
Risk-
Managed
Stock Large Blend
Fund Funds 5 1476 5 1476 N/A N/A
Janus
Funda-
mental
Equity Large Blend
Fund Funds 5 1476 5 1476 4 1175 5 443
Janus
Contrarian Large Blend
Fund Funds 5 1476 5 1476 5 1175 N/A
Janus Mid
Cap Value
Fund -
Investor Mid-Cap
Shares(2) Value Funds 4 266 3 266 4 167 N/A
Janus Small
Cap Value
Fund -
Investor
Shares Small Value
(1)(2) Funds 1 291 2 291 1 205 4 64
Janus
Federal Muni
Tax-Exempt National
Fund Long Funds 2 292 2 292 2 275 2 198
Janus Inter-
Flexible mediate-
Bond Fund Term Bond
Funds 4 905 3 905 4 702 4 354
Janus High- High Yield
Yield Fund Bond Funds 4 476 3 476 3 382 4 145
Janus
Short-Term Short-Term
Bond Fund Bond Funds 3 335 4 335 3 239 3 141
----------------------------------------------------------------------
Percent of funds
rated 4 / 5 Stars 56.5% 60.9% 50.0% 50.0%
Data presented reflects past performance, which is no guarantee of
future results.
For each fund with at least a three-year history, Morningstar
calculates a Morningstar RatingTM 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.)
Notes:
(1) Closed to new investors
(2) Ranking is for the investor share class only; other classes may
have different performance characteristics.
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