Janus, a fund shop known for nurturing growth-fund talent, turned to its value-oriented subsidiary, Perkins Investment Management, to co-manage a new fund targeted to risk-averse retiring baby boomers.

The fund, called Perkins Value Plus Income Fund (JPVAX), debuted on Thursday. This is the first time Janus has opened a co-managed fund, said spokesperson James Aber. Perkins Value Plus Income will focus on current income with some capital appreciation.

The fund will be roughly 50% equities and 50% bonds, with the bond portion managed by longtime Janus manager Gibson Smith, who is co-chief investment officer, fixed income, of Janus Capital Management, and Darrell Watters. The equity side will be managed by Jeff Kautz, Perkins’ chief investment officer, and Ted Thome, using the firm’s value methodology plus an income screen. Allocations can shift, but not much—to about 60/40, overweighting either stocks or bonds. “The key to this fund is downside protection,” Aber said. “The hope is that the fund will hold up in volatile markets.”