Please ensure Javascript is enabled for purposes of website accessibility Absolute Return Fixed Income Fund - Janus Henderson Investors
For financial professionals in the UK

Absolute Return Fixed Income Fund

A strategy that seeks positive returns above cash by investing primarily in fixed income securities and associated derivatives

ISIN
GB00BGK8VR99

NAV
GBP 109.87p
As of 17/06/2024

1-Day Change
GBP 0.00p (0.00%)
As of 17/06/2024

Morningstar Rating

As of 31/05/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to generate a positive return (more than zero), after the deduction of costs and charges, over a rolling 12 month period. An absolute return performance is not guaranteed over this specific, or any other, time period and consequently capital is in fact at risk. Performance target: To outperform the ICE Bank of America 3 month Sterling Government Bill Index by at least 2% 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 a global portfolio of bonds of any quality, including high yield (non-investment grade) bonds and asset-backed and mortgage-backed securities, issued by governments or companies. The Fund may invest directly or via derivatives (complex financial instruments). The Fund may also invest in other assets including bonds of other types from any issuer, Collective Investment Schemes (including those managed by Janus Henderson), preference shares, cash and money market instruments. In certain market conditions, the Fund may invest more than 35% of its assets in government bonds issued by any one body. The Fund will not invest more than 15% of its assets in high yield (non-investment grade) bonds and will never invest in bonds rated lower than B- or B3 (credit agency ratings), or if unrated deemed to be of a comparable quality by the Investment Manager. The Investment Manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, 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 ICE Bank of America 3 month Sterling Government Bill Index as this forms the basis of the Fund's performance target. The Investment Manager has a high degree of freedom to choose individual investments for the Fund.

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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

  • Invests broadly across global fixed income markets and is not constrained by benchmark-specific guidelines.
  • Seeks to maximise total returns regardless of market conditions.
  • Historically offered diversification from traditional and non-traditional asset classes.
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Daniel Siluk

Head of Global Short Duration & Liquidity | Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Addison Maier

Portfolio Manager

Industry since 2011. Joined Firm in 2011.

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.
Discrete Performance (%)
As of 31/03/2024
I Acc (Net) ICE BofA Sterling 3 Month Treasury Bill
 
Quarter End
As of 31/03/2024
Mar-2023 - Mar-2024 Mar-2022 - Mar-2023 Mar-2021 - Mar-2022 Mar-2020 - Mar-2021 Mar-2019 - Mar-2020
I Acc (Net) 5.46 0.39 -1.46 1.55 2.07
ICE BofA Sterling 3 Month Treasury Bill 5.14 2.06 0.09 0.02 0.84

Index Description

The ICE Bank of America 3-Month Sterling Government Bill Index is an unmanaged index that is comprised of a single UK Gilt issue with approximately three months to final maturity. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Cumulative & Annualised Performance (%)
As of 31/05/2024
I Acc (Net) ICE BofA Sterling 3 Month Treasury Bill
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
25/02/2019
I Acc (Net) 0.55 1.79 5.62 1.63 1.66 - 1.72
ICE BofA Sterling 3 Month Treasury Bill 0.46 2.18 5.36 2.70 1.76 - 1.71
 
  Annualised
3YR 5YR 10YR Since Inception
25/02/2019
I Acc (Gross) - 2.23 - 2.30
ICE BofA Sterling 3 Month Treasury Bill + 2.00% - 3.80 - 3.75

Index Description

The ICE Bank of America 3-Month Sterling Government Bill Index is an unmanaged index that is comprised of a single UK Gilt issue with approximately three months to final maturity. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Calendar Year Returns (%)
As of 31/03/2024
I Acc (Net) ICE BofA Sterling 3 Month Treasury Bill
2023 2022 2021 2020
I Acc (Net) 5.15 -1.49 -0.87 2.88
ICE BofA Sterling 3 Month Treasury Bill 4.66 1.29 -0.01 0.30

Index Description

The ICE Bank of America 3-Month Sterling Government Bill Index is an unmanaged index that is comprised of a single UK Gilt issue with approximately three months to final maturity. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

FEE INFORMATION
Initial Charge 0.00%
Annual Charge 0.45%
Ongoing Charge
(As of 31/12/2023)
0.59%

Portfolio

Top Holdings (As of 31/05/2024)
% of Fund
Goldman Sachs Bank USA 5.283% 2027 2.27
Janus Henderson Asset-Backed Securities Fund Z Acc 2.03
Vistra Operations 5.125% 2025 1.89
Morgan Stanley Bank NA 4.952% 2028 1.67
Korea Electric Power 4.875% 2027 1.57
Solventum 5.45% 2027 1.47
Illumina 5.80% 2025 1.45
Danske Bank 5.427% 2028 1.44
Universal Health Services 1.65% 2026 1.44
Citigroup 3.106% 2026 1.40

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.
  • Some bonds (callable bonds) allow their issuers the right to repay capital early or to extend the maturity. Issuers may exercise these rights when favourable to them and as a result the value of the Fund may be impacted.
  • 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.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • 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 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.
  • Some documents are available in alternative formats. Click here for information on how to request them.
  • 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