Setting Expectations

---

Setting Expectations

Match Your Expectations with Your Time Horizon What are Your Expected Returns? While the average annual total return for the stock market over the last 33 years is 12.46%, investors who anticipate this kind of consistent growth on a year-over-year basis may be in for a surprise. That’s because almost 41% of the time, from 1984 to 2016, the market ended the year with a gain or a loss of more than 20%.

Calendar Year Performance for the S&P 500® Index from 1984-2016 Compared to its Average Annual Total Return 40 32 24

Average Annual Total Return

16 8

12.46%

0 -8 -16 -24 -32 -40 1984

1988

1992

1996

2000

2004

2008

2012

2016

1984 1985 1986 1987 1988 1989 1990 19911992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010 2012 2013 2014 2015 2016

Data Source: Confluence from 12/31/84 to 12/31/16.

The stock market has historically produced solid returns over a long period of time on average; however, returns from year-to-year have been less consistent. It is important to match your expected investment returns with the length of your investment.

Align your outlook for expected returns with your investment time horizon.

Past performance is no guarantee of future results. A fund’s portfolio may differ significantly from the securities held in the index. The index is not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio. The S&P 500® Index is the Standard & Poor’s Composite Index of 500 stocks, a widely recognized, unmanaged index of common stock prices and considered to be representative of the stock market in general. Janus Henderson Distributors Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. C-0517-9801 02-15-18 666-15-06031 05-17