For Financial Professionals in the US

JHYFX High-Yield Fund

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

NAV
$8.57
As of 10/22/2021

1-Day Change
-$0.01 (-0.10%)
As of 10/22/2021

YTD Return
4.72%
As of 10/22/2021

Morningstar Rating

As of 09/30/2021

Overview

ABOUT THIS FUND

A high-conviction, active high-yield strategy that seeks to generate competitive risk-adjusted returns while mitigating drawdowns. The strategy takes a research-first mentality on both macro and security selection risks.

WHY INVEST IN 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.

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

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Brent Olson

Portfolio Manager | Credit Analyst

Industry since 1997. Joined Firm in 2017.

Performance

RETURNS (%) (As of 09/30/2021)
High-Yield Fund - Class I Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class I Shares 0.92 5.01 12.46 6.98 6.16 6.85 7.30
Bloomberg U.S. Corporate High Yield Bond Index 0.89 4.53 11.28 6.91 6.52 7.42 7.08
RETURNS (%) (As of 09/30/2021)
High-Yield Fund - Class I Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class I Shares 0.92 5.01 12.46 6.98 6.16 6.85 7.30
Bloomberg U.S. Corporate High Yield Bond Index 0.89 4.53 11.28 6.91 6.52 7.42 7.08
CALENDAR YEAR RETURNS (%)
High-Yield Fund - Class I Shares Bloomberg U.S. Corporate High Yield Bond Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
High-Yield Fund - Class I Shares 3.36 14.37 7.59 0.74 -1.24 13.15 6.16 -2.92 15.50 5.64
Bloomberg U.S. Corporate High Yield Bond Index 4.98 15.81 7.44 2.45 -4.47 17.13 7.50 -2.08 14.32 7.11

MORNINGSTAR PERCENTILE

(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 23 18 23 28 8
High Yield Bond Category|Rank/Count 164/689 96/660 140/629 130/484 14/197
(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 23 18 23 28 8
High Yield Bond Category|Rank/Count 164/689 96/660 140/629 130/484 14/197
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2021 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio 0.06 -0.33
Alpha -0.45 -0.83
Tracking Error 1.29 1.10
Beta 1.09 1.08
R-squared (%) 99.02 98.70
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 106.13 101.77
Down Capture Ratio 109.92 111.03
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 10.18 8.00
Bloomberg U.S. Corporate High Yield Bond Index 9.33 7.34
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.57 0.63
Bloomberg U.S. Corporate High Yield Bond Index 0.62 0.73
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/20)
CLASS I SHARES
Management Fees 0.57%
Other Expenses 0.15%
Total Gross Expenses 0.72%
Waivers 0.00%
Total Net Expenses 0.72%

Portfolio

Index represents the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Top Holdings (As of 09/30/2021)
% of Fund
ARD Finance SA, 6.50%, 06/30/27 1.29
TransDigm Inc, 4.88%, 05/01/29 0.99
Cargo Aircraft Management Inc, 4.75%, 02/01/28 0.87
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp, 5.62%, 09/01/29 0.83
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp, 5.88%, 09/01/31 0.83
1011778 BC ULC / New Red Finance Inc, 4.00%, 10/15/30 0.80
Standard Industries Inc/NJ, 3.38%, 01/15/31 0.78
Ford Motor Co, 9.00%, 04/22/25 0.75
CoreLogic Inc, 4.50%, 05/01/28 0.75
Gray Television Inc, 4.75%, 10/15/30 0.73
Total 8.62
View Full Holdings
Portfolio Characteristics (As of 09/30/2021)
  FUND INDEX
Number of Holdings
Debt Issues
265 2188
Portfolio Turnover Rate
(1-year trailing)
89.93% -
Weighted Average Maturity
(years)
7.09 6.54
Effective Duration
(years)
4.09 3.91
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
US Preferred Stock 1.69 -
US Common Stock 0.83 -
Credit-High Yield 88.77 99.74
Bank Loans 4.46 -
Credit-Investment Grade 0.35 0.26
Convertibles 0.20 -
Cash & Equivalents 3.70 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
North America 87.04 91.97
Europe 8.06 6.46
Africa/Mideast 0.82 0.02
Asia/Pacific Ex Japan 0.38 1.39
Cash & Equivalents 3.70 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
U.S. 85.23 88.43
Non-U.S. Developed 10.89 10.97
Non-U.S. Emerging 0.18 0.60
Cash & Equivalents 3.70 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2021)
1 - 3 yrs 2.21 9.48
3 - 5 yrs 14.41 27.58
5 - 7 yrs 26.65 27.62
7 - 10 yrs 46.35 28.11
10 - 20 yrs 2.55 4.36
> 20 yrs 1.01 2.72
N/A 0.60 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
Baa 0.35 0.26
Ba 38.61 53.85
B 40.26 33.81
Caa 14.36 11.68
NOT RATED 0.20 -

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