For Financial Professionals in the US

JMUAX Multi-Sector Income Fund

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

NAV
$8.28
As of 09/26/2023

1-Day Change
-$0.01 (-0.10%)
 As of 09/26/2023

YTD Return at NAV
4.23%
As of 09/26/2023

Overview

Fund Highlights

SEEKS HIGH & CURRENT INCOME

Monthly distribution yield has consistently been above 4%.

DESIGNED TO PERFORM

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

EXPERIENCED AND SPECIALIZED TEAM

Three portfolio managers with complementary expertise in investment grade, high yield and securitized assets.

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 seeking higher income – typically holds between 35% and 65% in below investment grade securities

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 – 6/30/23)
Proof Point Q3

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Seth Meyer, CFA

Head of Fixed Income Strategy | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 08/31/2023)
Class A Shares @NAV Class A Shares @MOP Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Class A Shares @NAV 1.50 5.60 2.13 -0.13 2.02 3.06
Class A Shares @MOP -3.32 0.59 -2.72 -1.74 1.03 2.54
Bloomberg U.S. Aggregate Bond Index -1.06 1.37 -1.19 -4.41 0.49 1.26
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

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

RETURNS (%) (As of 06/30/2023)
Class A Shares @NAV Class A Shares @MOP Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Class A Shares @NAV 1.14 4.54 2.50 0.84 2.02 3.01
Class A Shares @MOP -3.67 -0.42 -2.37 -0.78 1.03 2.47
Bloomberg U.S. Aggregate Bond Index -0.84 2.09 -0.94 -3.97 0.77 1.36
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

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

Calendar Year Returns (%)
Multi-Sector Income Fund - Class A Shares Bloomberg U.S. Aggregate Bond Index
2022 2021 2020 2019 2018 2017 2016 2015
Multi-Sector Income Fund - Class A Shares -12.12 3.03 5.22 10.95 0.28 6.52 7.54 1.51
Bloomberg U.S. Aggregate Bond Index -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

MORNINGSTAR PERCENTILE

(As Of 06/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 66 42 43 - 17
Multisector Bond | Rank/Count 258/355 133/324 126/279 -/- 42/210
(As Of 08/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 60 47 43 - 16
Multisector Bond | Rank / Count 224/355 126/322 122/281 -/- 37/210
GROWTH OF A HYPOTHETICAL INVESTMENT
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.
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 08/31/2023 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 1.57 0.27
Alpha 3.42 1.69
Tracking Error 2.99 6.49
Beta 0.81 0.81
R-squared (%) 76.40 32.50
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 94.17 102.94
Down Capture Ratio 54.04 78.81
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 5.66 7.77
Bloomberg U.S. Aggregate Bond TR Index 6.08 5.48
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund -0.28 0.07
Bloomberg U.S. Aggregate Bond TR Index -0.99 -0.21
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS A SHARES
Management Fees 0.56%
12b-1 Fees 0.25%
Other Expenses 0.09%
Total Gross Expenses 0.90%
Waivers 0.00%
Total Net Expenses 0.90%
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. Aggregate Bond Index.

Top Holdings (As of 08/31/2023)
% of Fund
Fannie Mae or Freddie Mac, 4.00%, 09/14/23 4.64
Fannie Mae or Freddie Mac, 3.50%, 09/14/23 3.57
Fannie Mae or Freddie Mac, 5.50%, 09/14/23 3.52
Ginnie Mae II Pool, 3.50%, 09/21/23 2.94
Fannie Mae or Freddie Mac, 5.00%, 09/14/23 2.75
Flagstar Mortgage Trust 2021-13INV, 3.00%, 12/30/51 1.07
Fannie Mae Pool, 5.00%, 07/01/53 0.96
Connecticut Avenue Securities Trust 2019-R02, 9.55%, 08/25/31 0.90
Total 20.35
View full holdings
Portfolio Characteristics (As of 08/31/2023)
  FUND INDEX
Number of Holdings
Debt Issues		 568 13366
Portfolio Turnover Rate
(1-year trailing)		 50.17% -
Weighted Average Maturity
(years)		 5.60 12.87
Effective Duration
(years)		 4.37 6.16
Yield to Worst
 9.83% 4.98%

Yield to Worst is a portfolio level calculation that excludes cash and cash related costs.
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
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).

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