JHYFX High-Yield Fund

Driven by a fundamentally based investment process, the strategy seeks to temper the downside risks associated with the high-yield asset class over a full market cycle.

NAV
$7.81
As of 07/02/2020

1-Day Change
$0.03 (0.40%)
As of 07/02/2020

YTD Return
-5.48%
As of 07/02/2020

Morningstar Rating

As of 05/31/2020

Overview

ABOUT THIS FUND

The Fund’s core high-yield strategy seeks strong, risk-adjusted results by investing in transformational balance sheet opportunities. Driven by a fundamentally based investment process, this dynamic, risk-aware approach seeks to temper the downside risks associated with the high-yield asset class over a full market cycle.

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 06/30/2020)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class I Shares 9.88 -6.04 -1.69 2.60 3.86 6.01 6.96
Bloomberg Barclays U.S. Corporate High Yield Bond Index 10.18 -3.80 0.03 3.33 4.79 6.68 6.80
RETURNS (%) (As of 06/30/2020)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class I Shares 9.88 -6.04 -1.69 2.60 3.86 6.01 6.96
Bloomberg Barclays U.S. Corporate High Yield Bond Index 10.18 -3.80 0.03 3.33 4.79 6.68 6.80
CALENDAR YEAR RETURNS (%)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
High-Yield Fund - Class I Shares 15.97 3.36 14.37 7.59 0.74 -1.24 13.15 6.16 -2.92 15.50
Bloomberg Barclays U.S. Corporate High Yield Bond Index 15.12 4.98 15.81 7.44 2.45 -4.47 17.13 7.50 -2.08 14.32

MORNINGSTAR PERCENTILE

(As Of 03/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 59 52 37 31 6
High Yield Bond Category|Rank/Count 383/705 316/668 208/625 142/472 10/198
(As Of 05/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 50 38 30 26 7
High Yield Bond Category|Rank/Count 332/711 237/682 167/626 124/477 11/199
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 05/31/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.59 -0.45
Alpha -0.91 -0.66
Tracking Error 1.20 1.72
Beta 1.09 0.98
R-squared (%) 99.12 95.39
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 101.27 90.03
Down Capture Ratio 110.99 95.74
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.56 7.97
Bloomberg Barclays U.S. Corporate High Yield Bond Index 8.72 7.93
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.06 0.29
Bloomberg Barclays U.S. Corporate High Yield Bond Index 0.15 0.39
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.57%
12b-1 Fees -
Other Expenses 0.16%
Total Gross Expenses 0.73%
Waivers 0.00%
Total Net Expenses 0.73%

Portfolio

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

Top Holdings (As of 05/31/2020)
% of Fund
General Electric Co, 5.00%, 01/20/66 1.74
ARD Finance SA, 6.50%, 06/30/27 1.43
Altice France SA/France, 7.38%, 05/01/26 1.32
CCO Holdings LLC / CCO Holdings Capital Corp, 5.12%, 05/01/27 1.29
Allegheny Technologies Inc, 7.88%, 08/15/23 1.23
First Quantum Minerals Ltd, 7.25%, 04/01/23 1.18
Altice France Holding SA, 10.50%, 05/15/27 1.16
Watco Cos LLC / Watco Finance Corp, 6.38%, 04/01/23 1.04
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 0.94
Dole Food Co Inc, 7.25%, 06/15/25 0.88
Total 12.21
View full holdings
Portfolio Characteristics (As of 05/31/2020)
  FUND INDEX
Number of Holdings
Debt Issues
214 2000
Portfolio Turnover Rate
(1-year trailing)
124.52% -
Weighted Average Maturity
(years)
5.43 6.09
Effective Duration
(years)
3.57 3.68

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
US Common Stock 2.44 -
US Preferred Stock 0.37 -
Non-US Common Stock 0.20 -
Credit-High Yield 74.81 100.00
Futures 13.43 -
Credit-Investment Grade 4.24 -
Bank Loans 2.15 -
Convertibles 0.49 -
ABS 0.32 -
Credit Default Swap -1.77 -
Cash & Equivalents 3.32 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
North America 84.26 91.32
Europe 9.15 7.36
Africa/Mideast 2.24 0.03
Latin America 0.88 -
Asia/Pacific Ex Japan 0.15 1.29
Cash & Equivalents 3.32 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
U.S. 83.49 87.16
Non-U.S. Developed 10.95 12.40
Non-U.S. Emerging 2.24 0.44
Cash & Equivalents 3.32 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 05/31/2020)
< 1 yr 0.19 0.34
1 - 3 yrs 21.43 16.28
3 - 5 yrs 18.46 27.27
5 - 7 yrs 23.99 29.74
7 - 10 yrs 24.98 19.72
10 - 20 yrs 1.47 4.17
> 20 yrs 0.10 2.35
N/A 3.05 0.13
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 05/31/2020)
A 0.24 -
Baa 4.62 -
Ba 24.31 53.59
B 35.27 32.75
Caa 16.98 12.19
Ca 0.59 0.65
NOT RATED 11.66 0.21

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