For Financial Professionals in the US

JDHYX High-Yield Fund

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

NAV
$7.04
As of 06/07/2023

1-Day Change
$0.00 (0.02%)
 As of 06/07/2023

YTD Return
-
As of 06/07/2023

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

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.

View Our Insights

PORTFOLIO MANAGEMENT

Tom Ross, CFA

Tom Ross, CFA

Global Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Seth Meyer, CFA

Seth Meyer, CFA

Head of Fixed Income Strategy | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Brent Olson

Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Performance

RETURNS (%) (As of 03/31/2023)
High-Yield Fund - Class S Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class S Shares 3.67 3.67 -6.92 4.44 1.77 2.88 6.06
Bloomberg U.S. Corporate High Yield Bond Index 3.57 3.57 -3.34 5.91 3.21 4.10 6.38
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.
Performance for Class S Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

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

RETURNS (%) (As of 05/31/2023)
High-Yield Fund - Class S Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class S Shares 0.64 3.35 -2.70 1.38 1.69 2.72 6.01
Bloomberg U.S. Corporate High Yield Bond Index 1.14 3.64 0.05 2.90 3.10 3.98 6.34
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.
Performance for Class S Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

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

Calendar Year Returns (%)
High-Yield Fund - Class S Shares Bloomberg U.S. Corporate High Yield Bond Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
High-Yield Fund - Class S Shares -15.20 5.28 5.16 14.95 -3.37 5.70 12.67 -1.75 0.45 7.15
Bloomberg U.S. Corporate High Yield Bond Index -11.19 5.28 7.11 14.32 -2.08 7.50 17.13 -4.47 2.45 7.44

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 95 77 82 73 24
High Yield Bond | Rank/Count 650/685 504/633 503/615 396/526 46/186
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 94 86 81 74 24
High Yield Bond | Rank / Count 647/688 559/642 500/617 399/525 46/186
GROWTH OF A HYPOTHETICAL INVESTMENT
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Corporate High Yield Bond Index		 3YR 5YR
Information Ratio -0.87 -0.72
Alpha -1.28 -1.11
Tracking Error 1.21 1.27
Beta 1.07 1.08
R-squared (%) 98.70 98.98
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Corporate High Yield Bond Index		 3YR 5YR
Up Capture Ratio 101.59 102.11
Down Capture Ratio 113.25 111.86
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.32 10.07
Bloomberg U.S. Corporate High Yield Bond Index 8.68 9.26
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.28 0.09
Bloomberg U.S. Corporate High Yield Bond Index 0.42 0.20
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS S SHARES
Management Fees 0.58%
12b-1 Fees 0.25%
Other Expenses 0.45%
Total Gross Expenses 1.28%
Waivers -0.15%
Total Net Expenses 1.13%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2022. 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. Corporate High Yield Bond Index.

Top Holdings (As of 04/30/2023)
% of Fund
Medline Borrower LP, 5.25%, 10/01/29 1.56
Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.12%, 04/30/31 1.52
Seagate HDD Cayman, 9.62%, 12/01/32 1.42
Cargo Aircraft Management Inc, 4.75%, 02/01/28 1.33
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 1.31
Royal Caribbean Cruises Ltd, 11.62%, 08/15/27 1.29
ARD Finance SA, 6.50%, 06/30/27 1.28
Standard Industries Inc/NJ, 3.38%, 01/15/31 1.28
Carnival Corp, 7.62%, 03/01/26 1.28
Victoria's Secret & Co, 4.62%, 07/15/29 1.19
Total 13.46
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Debt Issues		 184 2019
Portfolio Turnover Rate
(1-year trailing)		 67.25% -
Weighted Average Maturity
(years)		 5.99 5.25
Effective Duration
(years)		 3.61 3.59
Yield to Worst
 7.86% 8.43%

Yield to Worst calculation excludes cash.
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

Documents

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