JFLEX Flexible Bond Fund

For over 30 years, this active fixed income strategy has been anchoring investor portfolios given its focus on risk-adjusted returns and capital preservation.

NAV
$10.79
As of 02/21/2020

1-Day Change
$0.02 (0.19%)
As of 02/21/2020

YTD Return
2.59%
As of 02/21/2020

Overview

ABOUT THIS FUND

This dynamic core bond fund leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its 30 year history, the Fund has utilized an active and flexible approach to manage across a variety of market and rate cycles.

WHY INVEST IN THIS FUND

Dynamic Core Bond Holding
By emphasizing risk-adjusted returns and capital preservation, the Fund can serve as a foundation for a fixed income portfolio. The strategy uses a bottom-up, fundamentally driven investment process that seeks to identify the best opportunities across fixed income sectors, including up to 35% high yield.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free-cash-flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions.

We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Performance

RETURNS (%) (As of 12/31/2019)
Flexible Bond Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class I Shares 0.54 9.56 9.56 4.02 2.95 4.17 6.52
Bloomberg Barclays U.S. Aggregate Bond Index 0.18 8.72 8.72 4.03 3.05 3.75 6.23
RETURNS (%) (As of 01/31/2020)
Flexible Bond Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class I Shares 2.24 1.95 10.40 4.58 2.96 4.22 6.57
Bloomberg Barclays U.S. Aggregate Bond Index 1.80 1.92 9.64 4.62 3.01 3.79 6.27
CALENDAR YEAR RETURNS (%)
Flexible Bond Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Flexible Bond Fund - Class I Shares 12.56 7.59 6.66 8.06 -0.05 4.93 0.11 2.65 3.62 -0.87
Bloomberg Barclays U.S. Aggregate Bond Index 5.93 6.54 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01

MORNINGSTAR PERCENTILE

(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 38 62 66 57 24
Intermediate Core-Plus Bond Category|Rank/Count 236/623 335/578 337/527 265/460 24/100
(As Of 01/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 23 53 68 54 24
Intermediate Core-Plus Bond Category|Rank/Count 155/622 300/576 349/526 248/460 24/100
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 01/31/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio -0.04 -0.06
Alpha 0.50 0.31
Tracking Error 0.74 0.71
Beta 0.88 0.88
R-squared (%) 94.61 95.08
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 91.90 90.59
Down Capture Ratio 75.67 81.89
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 2.77 2.75
Bloomberg Barclays U.S. Aggregate Bond Index 3.05 3.04
SHARPE RATIO 3YR 5YR
Flexible Bond Fund 1.05 0.69
Bloomberg Barclays U.S. Aggregate Bond Index 0.96 0.64
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.40%
12b-1 Fees -
Other Expenses 0.12%
Total Gross Expenses 0.52%
Waivers 0.00%
Total Net Expenses 0.52%

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

Top Holdings (As of 01/31/2020)
% of Fund
United States Treasury Note/Bond, 2.25%, 08/15/49 3.40
United States Treasury Note/Bond, 2.75%, 08/15/42 2.36
Fannie Mae Pool, 3.00%, 02/01/47 2.00
United States Treasury Note/Bond, 2.00%, 05/31/24 1.55
Ginnie Mae II Pool, 4.00%, 04/20/49 1.40
Ginnie Mae II Pool, 4.00%, 05/20/48 1.22
United States Treasury Note/Bond, 3.00%, 02/15/49 1.02
United States Treasury Note/Bond, 2.38%, 02/29/24 1.01
United States Treasury Note/Bond, 1.75%, 07/31/24 0.96
Fannie Mae Pool, 3.50%, 08/01/56 0.79
Total 15.71
View full holdings
Portfolio Characteristics (As of 01/31/2020)
  FUND INDEX
Number of Holdings
Debt Issues
530 11011
Portfolio Turnover Rate
(1-year trailing)
193.10% -
Weighted Average Maturity
(years)
9.64 13.16
Effective Duration
(years)
6.09 5.81

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 01/31/2020)
US Preferred Stock 0.15 -
Credit-Investment Grade 41.50 25.05
MBS 29.31 26.79
Treasuries 10.79 39.90
Credit-High Yield 5.89 0.01
CMO 4.70 -
ABS 3.82 0.45
CMBS 2.62 2.09
Government Related 0.44 4.74
Cash & Equivalents 0.78 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 01/31/2020)
North America 94.62 93.06
Europe 3.68 3.22
Latin America 0.92 1.08
Cash & Equivalents 0.78 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 01/31/2020)
U.S. 94.44 91.94
Non-U.S. Developed 3.86 5.15
Non-U.S. Emerging 0.92 1.60
Cash & Equivalents 0.78 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 01/31/2020)
< 1 yr 1.94 0.82
1 - 3 yrs 12.83 20.18
3 - 5 yrs 23.39 14.62
5 - 7 yrs 20.10 10.25
7 - 10 yrs 23.27 10.03
10 - 20 yrs 3.41 8.19
> 20 yrs 13.01 35.91
N/A 1.12 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 01/31/2020)
Aaa 43.87 72.02
Aa 0.66 3.36
A 9.50 10.83
Baa 36.91 13.78
Ba 6.21 0.01
B 1.72 -
NOT RATED 0.20 -

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