Our Flexible Fixed Income funds perform a similar role. With no benchmark constraints, these actively managed funds have the flexibility to invest in a way that seeks to capture opportunities and dampen risk. They offer a potentially less volatile means of accessing the returns from fixed income.
This fund seeks to provide a total return (income and capital growth) by adapting to different market conditions and exploiting mis-priced opportunities. It combines dynamic asset allocation driven by structural and sector themes with a highly selective approach to individual securities and derivative positions, including an aggressive sell or zero-weighting discipline.
The fund targets a positive total return through a risk-managed approach. It is managed by the Fixed Income Investment Strategy (ISG) group which brings together senior specialists from across Janus Henderson who channel bottom-up ideas from the underlying teams. It typically holds a range of fixed income assets concurrently, raising and lowering the weighting in accordance with the ISG views on where the best risk-adjusted returns lie.
The fund targets consistent positive returns above those that would be earned on cash-equivalent instruments. There is an emphasis on risk management and low volatility, whatever the market conditions. The fund has historically operated with a very low duration.
Managed by world-renowned investor Bill Gross the fund mixes traditional bond holdings with more esoteric 'structural alpha' idea generation. It builds a yield foundation out of shorter-term, lower risk investments and then layers on alpha-generating potential through derivatives and arbitrage opportunities.
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