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

JDFAX Flexible Bond Fund

A flexible core plus fixed income portfolio that leverages a research-driven investment process in seeking to identify the best opportunities across fixed income sectors

NAV
$9.41
As of 12/17/2025

1-Day Change
$0.00 (0.01%)
 As of 12/17/2025

YTD Return at NAV
6.99%
As of 12/17/2025

Overview

ABOUT THIS FUND

Using our broad global research capabilities, we strive to exploit fixed income market inefficiencies by building a Strategic Asset Allocation (SAA) that we believe serves as a better starting point than traditional benchmarks. We aim to generate outperformance through sector rotation and security selection and by seeking to take the right amount of risk at each point in the cycle.

WHY INVEST IN THIS FUND

Our Team: Culture of collaboration, global integration and respectful challenge with a research-first mentality

Disciplined Risk Budgeting: Disciplined investment process targets repeatable performance utilizing our Strategic Asset Allocation (SAA) as a better starting point

High Conviction: Bottom-up idea generation across a diverse set of return sources, incorporating dynamic allocation through market cycles

COMPETITIVE RISK-ADJUSTED RETURNS

5-Year Risk/Reward – Fund vs. Index and Peers as of 9/30/25

Flexible Bond Fund | Competitive risk-adjusted returns Chart Q3 2025

Portfolio Management

Greg Wilensky, CFA: Head of US Fixed Income/Head of Core Plus | Portfolio Manager
Greg Wilensky, CFA

Head of US Fixed Income/Head of Core Plus | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough: Portfolio Manager
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd: Global Head of Multi-Sector Credit | Portfolio Manager
John Lloyd

Global Head of Multi-Sector Credit | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2025)
Flexible Bond Fund - A Shares (NAV) Flexible Bond Fund - A Shares (MOP) Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - A Shares (NAV) 1.88 6.11 2.80 4.94 -0.17 1.93 5.63
Flexible Bond Fund - A Shares (MOP) -2.96 1.07 -2.08 3.25 -1.14 1.44 5.50
Bloomberg U.S. Aggregate Bond Index 2.03 6.13 2.88 4.93 -0.45 1.84 5.39
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.

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

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
RETURNS (%) (As of 11/30/2025)
Flexible Bond Fund - A Shares (NAV) Flexible Bond Fund - A Shares (MOP) Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - A Shares (NAV) 2.18 7.34 5.58 4.72 -0.24 2.08 5.64
Flexible Bond Fund - A Shares (MOP) -2.68 2.24 0.56 3.03 -1.20 1.58 5.50
Bloomberg U.S. Aggregate Bond Index 2.35 7.46 5.70 4.56 -0.31 1.99 5.40
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.

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

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
Calendar Year Returns (%)
Flexible Bond Fund - A Shares (NAV) Bloomberg U.S. Aggregate Bond Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Flexible Bond Fund - A Shares (NAV) 1.82 5.52 -13.88 -1.03 10.39 9.26 -1.36 3.25 2.38 -0.12
Bloomberg U.S. Aggregate Bond Index 1.25 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55
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.
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

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

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Morningstar Percentile

 (As of 09/30/2025) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 81 82 75 74 47
US Fund Intermediate Core-Plus Bond | Rank/Count 426/554 413/531 333/489 290/412 41/84
 (As of 11/30/2025) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 73 82 78 73 53
US Fund Intermediate Core-Plus Bond | Rank / Count 377/526 387/502 330/469 280/392 41/73

Growth of a Hypothetical Investment

Flexible Bond Fund - A Shares (NAV) Bloomberg U.S. Aggregate Bond Index Intermediate Core-Plus Bond
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). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 11/30/2025 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 0.61 0.49
Alpha 0.50 0.49
Tracking Error 0.76 0.77
Beta 1.06 1.03
R-squared (%) 98.87 98.69
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 106.73 105.76
Down Capture Ratio 102.80 100.69
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 6.46 6.59
Bloomberg U.S. Aggregate Bond TR Index 6.07 6.37
SHARPE RATIO 3YR 5YR
Flexible Bond Fund 0.01 -0.47
Bloomberg U.S. Aggregate Bond TR Index -0.07 -0.54
Annual Fees & Expenses (As of the most recent prospectus)
CLASS A SHARES
Management Fees 0.41%
12b-1 Fees 0.25%
Other Expenses 0.22%
Total Gross Expenses 0.88%
Waivers -0.05%
Total Net Expenses 0.83%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

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

Top Holdings (As of 11/30/2025)
% of Fund
United States Treasury Note/Bond, 3.50%, 11/30/2030 5.37
Buy Protection, 1.00%, 12/20/2030 5.13
United States Treasury Note/Bond, 4.00%, 11/15/2035 3.34
Janus Henderson Emerging Markets Debt Hard Currency ETF 1.26
United States Treasury Note/Bond, 3.63%, 08/31/2027 0.98
United States Treasury Note/Bond, 4.75%, 08/15/2055 0.80
Booz Allen Hamilton Inc, 5.95%, 04/15/2035 0.64
Morgan Stanley Private Bank NA, 4.73%, 07/18/2031 0.60
Compass Datacenters Issuer II LLC, 5.32%, 05/25/2050 0.59
CF Hippolyta Issuer LLC, 6.11%, 08/15/2062 0.58
TOTAL 19.29
View full holdings
Portfolio Characteristics (As of 11/30/2025)
  FUND INDEX
Number of Holdings
Debt Issues		 650 13889
Portfolio Turnover Rate
(1-year trailing)		 150.28% -
Weighted Average Maturity
(years)		 5.99 8.15
Effective Duration
(years)		 6.04 5.97
Yield to Worst
 5.03% 4.26%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 11/30/2025
Regional Allocation % of Fund % of Index % of Fund % of Index As of 11/30/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 11/30/2025
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 11/30/2025

The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 11/30/2025

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