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
$8.37
As of 10/17/2019

1 Day Change
$0.01 (0.13%)
As of 10/17/2019

YTD Return
12.52%
As of 10/17/2019

Morningstar Rating

As of 09/30/2019

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

Core High Yield
The Fund seeks to identify high-yield corporate bonds from companies committed to transforming and improving their capital structure. Our fixed income team is structured around credit industries with fundamental credit analysis driving decision-making at every level of the investment process.

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 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

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 09/30/2019)
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 1.68% 12.25% 7.28% 5.71% 4.71% 7.32% 7.26%
Bloomberg Barclays U.S. Corporate High Yield Bond Index 1.33% 11.41% 6.36% 6.07% 5.37% 7.94% 7.07%
RETURNS (%) (As of 09/30/2019)
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 1.68% 12.25% 7.28% 5.71% 4.71% 7.32% 7.26%
Bloomberg Barclays U.S. Corporate High Yield Bond Index 1.33% 11.41% 6.36% 6.07% 5.37% 7.94% 7.07%
CALENDAR YEAR RETURNS (%)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
High-Yield Fund - Class I Shares 40.86 15.97 3.36 14.37 7.59 0.74 -1.24 13.15 6.16 -2.92
Bloomberg Barclays U.S. Corporate High Yield Bond Index 58.21 15.12 4.98 15.81 7.44 2.45 -4.47 17.13 7.50 -2.08

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 16 27 30 26 7
High Yield Bond Category|Rank/Count 92/722 160/675 184/612 126/475 12/202
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 16 27 30 26 7
High Yield Bond Category|Rank/Count 92/722 160/675 184/612 126/475 12/202
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2019 Class I Shares)

Risk / Reward
vs. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.50 -0.41
Alpha -0.29 0.32
Tracking Error 0.73 1.63
Beta 0.99 0.81
R-squared (%) 96.91 91.87
Up And Down Market Capture (%)
vs. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 97.33 86.86
Down Capture Ratio 104.28 87.17
Standard Deviation 3YR 5YR
High-Yield Fund 4.12 4.54
Bloomberg Barclays U.S. Corporate High Yield Bond Index 4.09 5.34
Sharpe Ratio 3YR 5YR
High-Yield Fund 1.01 0.83
Bloomberg Barclays U.S. Corporate High Yield Bond Index 1.11 0.83
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2018)
CLASS I SHARES
Management Fees 0.56%
12b-1 Fees -
Other Expenses 0.15%
Total Gross Expenses 0.71%
Waivers 0.00%
Total Net Expenses 0.71%

Portfolio

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

(As of 09/30/2019)
% of Fund
Golden Nugget Inc, 8.75%, 10/01/25 2.08
General Electric Co, 5.00%, 01/20/66 1.47
Allegheny Technologies Inc, 7.88%, 08/15/23 1.46
Altice France SA/France, 7.38%, 05/01/26 1.37
CCO Holdings LLC / CCO Holdings Capital Corp, 5.12%, 05/01/27 1.34
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 1.34
Cablevision Systems Corp, 5.88%, 09/15/22 1.23
Altice Luxembourg SA, 10.50%, 05/15/27 1.13
Watco Cos LLC / Watco Finance Corp, 6.38%, 04/01/23 1.11
Great Western Petroleum LLC / Great Western Finance Corp, 9.00%, 09/30/21 1.06
Total: 13.59
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Debt Issues
192 1865
Portfolio Turnover Rate
(1-year trailing)
98.07% -
Weighted Average Maturity
(years)
6.55 5.71
Effective Duration
(years)
2.79 3.00

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
US Common Stock 2.59 -
US Preferred Stock 0.44 -
Non-US Common Stock 0.05 -
Credit-High Yield 80.41 99.55
Bank Loans 6.64 -
Credit-Investment Grade 4.38 0.45
ABS 0.84 -
Convertibles 0.25 -
Credit Default Swap -1.43 -
Cash & Equivalents 5.83 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
North America 82.93 89.95
Europe 8.41 8.96
Africa/Mideast 1.27 0.02
Latin America 0.86 0.10
Asia/Pacific Ex Japan 0.70 0.97
Cash & Equivalents 5.83 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
U.S. 81.95 85.61
Non-U.S. Developed 10.09 13.88
Non-U.S. Emerging 2.13 0.51
Cash & Equivalents 5.83 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS (As of 09/30/19) % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
< 1 yr 0.25 0.27
1 - 3 yrs 8.27 15.44
3 - 5 yrs 19.68 27.01
5 - 7 yrs 30.30 34.55
7 - 10 yrs 27.22 18.09
10 - 20 yrs 3.07 3.58
> 20 yrs 0.83 1.06
N/A 1.47 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
A 0.34 -
Baa 4.86 0.45
Ba 30.45 47.27
B 41.31 38.47
Caa 14.81 12.80
Ca 0.26 0.59
D 0.24 0.26
NOT RATED -1.18 0.15

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