JMUIX Multi-Sector Income Fund

For investors seeking a steady stream of high income with lower risk than a dedicated high-yield strategy

NAV
$9.97
As of 11/15/2019

1 Day Change
$0.00 (0.01%)
As of 11/15/2019

YTD Return
9.84%
As of 11/15/2019

Morningstar Rating

As of 10/31/2019

Overview

Fund Highlights

SEEKS HIGH & CURRENT INCOME

Monthly distribution yield has consistently been above 4%.

LESS THAN HALF THE RISK OF HIGH YIELD

High income with less than half the risk of a dedicated high-yield strategy (as measured by standard deviation).

DESIGNED TO PERFORM

Actively managed strategy adapts to changing interest rate and credit risk environment.

Five-Year Milestone: Multi-Sector Income Fund

The Multi-Sector Income team reflects on the past five years and how they have been able to navigate difficult periods in the market through dynamically allocating across fixed income sectors within the credit and securitized markets.

In Your Portfolio

Janus Henderson Investors

With its exposure to higher-yielding opportunities, the Fund may serve to complement and diversify a core fixed income allocation. It may be suitable for investors looking for a current monthly income stream.

When we add a security to the portfolio, the goal is to do one of two things: either dampen volatility or provide
us with the income that we want. Ideally, it will do both.”

– Seth Meyer, Portfolio Manager

Our Approach

IDENTIFY BEST RISK-ADJUSTED OPPORTUNITIES
Leverages a bottom-up, fundamental, actively managed approach across U.S. fixed income

FUNDS INVEST IN…

Higher yielding sectors to generate higher income – it may hold between 35% and 65% in below investment grade bonds

Less volatile sectors and shorter duration securities to help dampen overall volatility and create ballast for the fund

Janus Henderson

RISK MANAGEMENT

Risk management is fully integrated into the process, with deep, real-time insight gleaned from our proprietary portfolio and risk management system, Quantum Global.

What We Have Achieved

HIGH, CURRENT INCOME WITH:

  • Less interest rate sensitivity than a core bond strategy
  • Less credit sensitivity than a dedicated high yield bond strategy

A Record of Regular Distributions

Monthly Distribution Yield - Class I Shares (4/30/14 – 9/30/19)

Multi-Sector Income Fund

Past performance is no guarantee of future results.

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

Head of U.S. Securitized Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

Co-Head of Global Credit Research | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2019)
Multi-Sector Income Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 2.12% 9.39% 8.24% 5.71% 5.27% - 5.13%
Bloomberg Barclays U.S. Aggregate Bond Index 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 3.39%
RETURNS (%) (As of 10/31/2019)
Multi-Sector Income Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 1.89% 9.76% 9.41% 5.70% 5.22% - 5.12%
Bloomberg Barclays U.S. Aggregate Bond Index 2.35% 8.85% 11.51% 3.29% 3.24% 3.73% 3.39%
CALENDAR YEAR RETURNS (%)
Multi-Sector Income Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Multi-Sector Income Fund - Class I Shares - - - - - - 1.83 7.86 6.70 0.63
Bloomberg Barclays U.S. Aggregate Bond Index - - - - - - 0.55 2.65 3.54 0.01

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 21 9 6 - 6
Multisector Bond Category|Rank/Count 57/337 29/318 18/286 -/- 14/258
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 30 11 6 - 6
Multisector Bond Category|Rank/Count 82/319 37/300 17/268 -/- 15/246
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.90 0.70
Alpha 4.47 4.04
Tracking Error 2.68 2.84
Beta 0.36 0.35
R-squared (%) 34.10 22.14
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 89.22 83.95
Down Capture Ratio -7.55 -11.68
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 2.03 2.31
Bloomberg Barclays U.S. Aggregate Bond Index 3.29 3.06
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund 2.03 1.83
Bloomberg Barclays U.S. Aggregate Bond Index 0.52 0.73
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.58%
12b-1 Fees -
Other Expenses 0.22%
Total Gross Expenses 0.80%
Waivers -0.09%
Total Net Expenses 0.71%

Portfolio

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

(As of 10/31/2019)
% of Fund
Fannie Mae or Freddie Mac, 3.00%, 01/14/20 8.72
Fannie Mae or Freddie Mac, 3.50%, 11/18/19 2.25
BX Commercial Mortgage Trust 2019-XL, 4.30%, 10/15/36 1.38
Fannie Mae or Freddie Mac, 2.50%, 11/18/19 1.14
Fannie Mae or Freddie Mac, 2.50%, 12/12/19 1.12
Fannie Mae Pool, 3.50%, 02/01/57 0.93
Raptor Aircraft Finance I LLC, 4.21%, 08/23/44 0.83
CSC Holdings LLC, 5.75%, 01/15/30 0.79
UBM PLC, 5.75%, 11/03/20 0.76
Aleris International Inc, 10.75%, 07/15/23 0.75
Total 18.67
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  FUND INDEX
Number of Holdings
Debt Issues
523 10863
Portfolio Turnover Rate
(1-year trailing)
103.28% -
Weighted Average Maturity
(years)
6.88 13.06
Effective Duration
(years)
3.99 5.77

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
US Preferred Stock 0.37 -
US Common Stock 0.17 -
MBS 25.22 26.88
Credit-High Yield 25.14 0.01
ABS 24.42 0.45
Credit-Investment Grade 14.97 25.09
Bank Loans 13.45 -
CMO 3.56 -
Interest Rate Swap 1.23 -
CMBS 0.71 2.01
Non-US Collateralized 0.33 0.03
Government Related 0.14 4.83
Short Interest Rate Swap -1.23 -
Cash & Equivalents -8.48 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
North America 98.31 92.97
Europe 7.78 3.27
Latin America 1.02 1.08
Africa/Mideast 0.91 0.05
Asia/Pacific Ex Japan 0.46 0.73
Cash & Equivalents -8.48 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
U.S. 88.62 91.81
Non-U.S. Developed 17.31 5.25
Non-U.S. Emerging 2.55 1.61
Cash & Equivalents -8.48 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2019)
< 1 yr 1.82 0.89
1 - 3 yrs 16.42 20.40
3 - 5 yrs 25.88 14.64
5 - 7 yrs 35.67 10.29
7 - 10 yrs 15.77 10.03
10 - 20 yrs 6.39 8.15
> 20 yrs 4.70 35.60
N/A 1.29 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Aaa 29.64 72.07
Aa 0.83 3.43
A 3.38 10.67
Baa 22.97 13.82
Ba 18.60 0.01
B 20.80 -
Caa 5.10 -
NOT RATED 6.62 -

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