Please ensure Javascript is enabled for purposes of website accessibility Developed World Bond Fund - Janus Henderson Investors
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For Financial Professionals in the US

HFAAX Developed World Bond Fund

Investing across a wide range of fixed income securities, the Fund seeks income and total return while actively managing duration and credit exposure

NAV
$7.99
As of 09/18/2024

1-Day Change
-$0.03 (-0.37%)
 As of 09/18/2024

YTD Return at NAV
3.60%
As of 09/18/2024

Morningstar Medalist Rating ™

Silver Morningstar Analyst Rating
As of 08/25/2023

Overview

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in July 2024).

ABOUT THIS FUND

A world bond fund focusing on developed markets that seeks total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions between countries, fixed income asset classes, sectors and credit ratings.

WHY INVEST IN THIS FUND

Active Asset Allocation Approach
We believe asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle.

Designed for Attractive Total Return
The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, we favor sensible income from large, non-cyclical businesses that are likely to continue paying their coupons in the years to come.

Aims to Exploit Opportunities
We believe divergent central bank policy has created an opportunity for us to exploit market inefficiencies. The portfolio seeks to take advantage of these opportunities across developed markets and to avoid currency bets.

PORTFOLIO MANAGEMENT

Jenna Barnard, CFA

Jenna Barnard, CFA

Co-Head of Global Bonds | Portfolio Manager

Industry since 2001. Joined Firm in 2002.

John Pattullo, ASIP

John Pattullo, ASIP

Co-Head of Global Bonds | Portfolio Manager

Industry since 1993. Joined Firm in 1997.

Nicholas Ware

Nicholas Ware

Portfolio Manager

Industry since 1998. Joined Firm in 2009.

Performance

RETURNS (%) (As of 06/30/2024)
Developed World Bond Fund- Class A Shares (NAV) Developed World Bond Fund- Class A Shares (MOP) Bloomberg Global Aggregate Credit Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/30/2003)
Developed World Bond Fund- Class A Shares (NAV) -0.98 -2.22 2.98 -4.70 -0.87 1.69 3.71
Developed World Bond Fund- Class A Shares (MOP) -5.68 -6.87 -1.91 -6.24 -1.83 1.20 3.47
Bloomberg Global Aggregate Credit Index (USD Hedged) 0.17 0.23 5.76 -2.21 0.61 2.37 3.72
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance for Class A Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 08/31/2024)
Developed World Bond Fund- Class A Shares (NAV) Developed World Bond Fund- Class A Shares (MOP) Bloomberg Global Aggregate Credit Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/30/2003)
Developed World Bond Fund- Class A Shares (NAV) 5.74 2.04 7.63 -3.82 -0.73 2.11 3.89
Developed World Bond Fund- Class A Shares (MOP) 0.72 -2.80 2.52 -5.37 -1.69 1.61 3.65
Bloomberg Global Aggregate Credit Index (USD Hedged) 4.06 3.57 9.03 -1.48 0.62 2.55 3.85
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance for Class A Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Bloomberg Global Aggregate Credit Index (USD Hedged) Developed World Bond Fund- Class A Shares (NAV)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Bloomberg Global Aggregate Credit Index (USD Hedged) 8.68 -14.22 -0.95 7.78 11.85 -0.47 5.36 5.69 -0.13 7.49
Developed World Bond Fund- Class A Shares (NAV) 6.34 -16.74 -0.78 9.16 9.50 0.37 5.75 5.92 1.74 5.61
Calendar Year Returns (%)
Year A USD (Net) Bloomberg Global Aggregate Credit TR Hdg USD US Fund Global Bond-USD Hedged
2023 6.34 8.68
2022 -16.74 -14.22
2021 -0.78 -0.95
2020 9.16 7.78
2019 9.50 11.85
2018 0.37 -0.47
2017 5.75 5.36
2016 5.92 5.69
2015 1.74 -0.13
2014 5.61 7.49
2013 3.86 -0.43
2012 13.75 10.35
2011 0.05 5.07
2010 10.17 6.83
2009 50.75 14.09
2008 -38.69 -2.96
2007 3.36 3.75
2006 10.31 3.48
2005 2.60 3.75
2004 10.65 5.31
2003 from 09/30/2003 10.23 0.32
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

MORNINGSTAR PERCENTILE

(As Of 06/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 98 99 92 51 32
Global Bond-USD Hedged | Rank/Count 100/106 99/103 90/100 38/74 21/42
(As Of 08/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 53 96 90 23 32
Global Bond-USD Hedged | Rank / Count 63/106 99/104 89/100 22/74 21/42

GROWTH OF A HYPOTHETICAL INVESTMENT

Developed World Bond Fund- Class A Shares (NAV) Bloomberg Global Aggregate Credit Index Global Bond-USD Hedged
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 08/31/2024 Class I Shares)

RISK / REWARD
VS. Bloomberg Global Aggregate Credit TR Hdg USD		 3YR 5YR
Information Ratio -0.66 -0.41
Alpha -0.99 -0.89
Tracking Error 3.27 2.75
Beta 1.22 1.11
R-squared (%) 90.98 89.62
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Global Aggregate Credit TR Hdg USD		 3YR 5YR
Up Capture Ratio 114.33 104.20
Down Capture Ratio 127.12 115.21
STANDARD DEVIATION 3YR 5YR
Developed World Bond Fund 9.58 8.22
Bloomberg Global Aggregate Credit TR Hdg USD 7.60 7.08
SHARPE RATIO 3YR 5YR
Developed World Bond Fund -0.72 -0.33
Bloomberg Global Aggregate Credit TR Hdg USD -0.63 -0.23
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS A SHARES
Management Fees 0.52%
12b-1 Fees 0.25%
Other Expenses 0.26%
Total Gross Expenses 1.03%
Waivers -0.21%
Total Net Expenses 0.82%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged).

Top Holdings (As of 08/31/2024)
% of Fund
Australia Government Bond, 2.75%, 05/21/41 2.45
Sweden Government Bond, 0.12%, 05/12/31 2.28
Netherlands Government Bond, 0.50%, 07/15/32 2.05
Netherlands Government Bond, 0.75%, 07/15/28 2.00
Canadian Government Bond, 3.00%, 06/01/34 1.95
New Zealand Government Bond, 1.50%, 05/15/31 1.68
Canadian Government Bond, 1.50%, 06/01/31 1.63
Microsoft Corp, 2.52%, 06/01/50 1.61
Japan Government Five Year Bond, 0.01%, 06/20/27 1.61
Australia Government Bond, 3.25%, 04/21/29 1.52
TOTAL 18.78
View full holdings
Portfolio Characteristics (As of 08/31/2024)
 
Number of Holdings
Debt Issues		 203
Portfolio Turnover Rate
(1-year trailing)		 33.90%
Weighted Average Maturity
(years)		 6.98
Effective Duration
(years)		 8.47
Yield to Worst
 4.44%
Sector Allocation % of Fund % of Fund As of 08/31/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of 08/31/2024
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 08/31/2024
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 08/31/2024

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