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For professional investors in Colombia

High Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

ISIN
IE00B59RGT74

NAV
USD 21.11
As of 22/04/2024

1-Day Change
USD 0.07 (0.33%)
As of 22/04/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a high income with the potential for some capital growth over the long term.
Performance target: To outperform the Bloomberg U.S. Corporate High Yield Bond Index by 1.25% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in US high yield, unrated or non-investment grade, (equivalent to BB+ rated or lower) corporate bonds or preference shares, issued by companies, governments, public authorities, and international organisations or any other type of issuer. At least 51% of the Funds assets will be invested in bonds.
The Fund may also hold other assets including bonds of other types from any issuer, cash and money market instruments.
The Sub-Investment Adviser may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the Bloomberg U.S. Corporate High Yield Bond Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The Sub-Investment Adviser has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • High Conviction: We believe a high-conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.
  • Research Driven: Our analysts cover issuers across the credit-quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.
  • Global Resources: This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Tom Ross, CFA

Global Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Seth Meyer, CFA

Global Head of Client Portfolio Management | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/03/2024
I2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
30/11/2009
I2 USD (Net) 1.61 1.71 9.50 0.12 3.01 3.25 5.46
Bloomberg U.S. Corporate High Yield Bond TR 1.18 1.47 11.15 2.19 4.21 4.44 6.51
 
  Annualised
3YR 5YR 10YR Since Inception
30/11/2009
I2 USD (Gross) - 3.77 4.09 6.35
Bloomberg U.S. Corporate High Yield Bond TR + 1.25% - 5.51 5.75 7.84
Calendar Year Returns (%)
As of 31/03/2024
I2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
I2 USD (Net) 1.71 11.66 -15.19 5.60 6.31 14.83 -3.03 6.02 12.84 -1.65 0.53
Bloomberg U.S. Corporate High Yield Bond TR 1.47 13.44 -11.19 5.28 7.11 14.32 -2.08 7.50 17.13 -4.47 2.45
Calendar Year Returns (%)
Year I2 USD (Net) Index
2023 11.66 13.44
2022 -15.19 -11.19
2021 5.60 5.28
2020 6.31 7.11
2019 14.83 14.32
2018 -3.03 -2.08
2017 6.02 7.50
2016 12.84 17.13
2015 -1.65 -4.47
2014 0.53 2.45
2013 7.27 7.44
2012 14.34 15.81
2011 3.11 4.98
2010 15.42 15.12
2009 from 30/11/2009 3.10 3.28
FEE INFORMATION
Initial Charge 2.00%
Annual Charge 0.65%
Ongoing Charge
(As of 31/12/2022)
0.90%

Portfolio

Top Holdings (As of 31/03/2024)
% OF FUND
Carnival Corp, 6.00%, 05/01/29 2.13
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 1.90
Medline Borrower LP, 5.25%, 10/01/29 1.88
Cargo Aircraft Management Inc, 4.75%, 02/01/28 1.59
Seagate HDD Cayman, 9.62%, 12/01/32 1.59
Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.12%, 04/30/31 1.53
Standard Industries Inc/NJ, 3.38%, 01/15/31 1.46
PennyMac Financial Services Inc, 5.75%, 09/15/31 1.39
Heartland Dental LLC / Heartland Dental Finance Corp, 8.50%, 05/01/26 1.31
TransDigm Inc, 4.88%, 05/01/29 1.27
TOTAL 16.05

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • In addition to income, this share class may distribute realised and unrealised capital gains and original capital invested. Fees, charges and expenses are also deducted from capital. Both factors may result in capital erosion and reduced potential for capital growth. Investors should also note that distributions of this nature may be treated (and taxable) as income depending on local tax legislation.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.