For Financial Professionals in the US

JMUIX Multi-Sector Income Fund

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

NAV
$10.02
As of 10/26/2021

1-Day Change
$0.00 (0.02%)
As of 10/26/2021

YTD Return
3.07%
As of 10/26/2021

Morningstar Rating

As of 09/30/2021

Overview

Quarterly Update

Watch the investment team recap the quarter.

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.

    ABANDON YOUR DOUBTS,

NOT YOUR GOALS

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

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Lloyd

Co-Head of Global Credit Research | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2021)
Multi-Sector Income Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 0.69 3.63 8.11 6.34 5.58 5.20
Bloomberg U.S. Aggregate Bond Index 0.05 -1.55 -0.90 5.36 2.94 3.28
RETURNS (%) (As of 09/30/2021)
Multi-Sector Income Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 0.69 3.63 8.11 6.34 5.58 5.20
Bloomberg U.S. Aggregate Bond Index 0.05 -1.55 -0.90 5.36 2.94 3.28
CALENDAR YEAR RETURNS (%)
Multi-Sector Income Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
2015 2016 2017 2018 2019 2020
Multi-Sector Income Fund - Class I Shares 1.83 7.86 6.70 0.63 11.19 5.46
Bloomberg U.S. Aggregate Bond Index 0.55 2.65 3.54 0.01 8.72 7.51

MORNINGSTAR PERCENTILE

(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 26 24 8 - 4
Multisector Bond Category|Rank/Count 88/345 65/288 32/266 -/- 17/206
(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 26 24 8 - 4
Multisector Bond Category|Rank/Count 88/345 65/288 32/266 -/- 17/206
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2021 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.12 0.42
Alpha 2.60 3.89
Tracking Error 8.03 6.33
Beta 0.75 0.62
R-squared (%) 9.92 9.98
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 117.60 118.70
Down Capture Ratio 114.79 53.43
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 8.40 6.54
Bloomberg U.S. Aggregate Bond Index 3.54 3.31
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund 0.62 0.68
Bloomberg U.S. Aggregate Bond Index 1.19 0.55
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/20)
CLASS I SHARES
Management Fees 0.56%
Other Expenses 0.14%
Total Gross Expenses 0.70%
Waivers 0.00%
Total Net Expenses 0.70%

Portfolio

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

Top Holdings (As of 09/30/2021)
% of Fund
Fannie Mae or Freddie Mac, 2.00%, 10/14/21 4.97
Fannie Mae or Freddie Mac, 3.00%, 10/14/21 1.75
Fannie Mae or Freddie Mac, 3.50%, 10/14/21 1.75
Fannie Mae or Freddie Mac, 2.50%, 10/14/21 1.65
Ginnie Mae, 2.50%, 10/21/21 1.58
Ginnie Mae, 3.00%, 10/21/21 1.21
Ginnie Mae, 3.50%, 10/21/21 0.97
Ginnie Mae, 2.00%, 10/21/21 0.89
Life 2021-BMR Mortgage Trust, 1.83%, 03/15/38 0.80
Fannie Mae or Freddie Mac, 1.50%, 10/14/21 0.63
Total 16.20
View Full Holdings
Portfolio Characteristics (As of 09/30/2021)
  FUND INDEX
Number of Holdings
Debt Issues
611 12187
Portfolio Turnover Rate
(1-year trailing)
82.86% -
Weighted Average Maturity
(years)
5.28 13.68
Effective Duration
(years)
4.24 6.65
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
US Preferred Stock 0.63 -
US Common Stock 0.32 -
Credit-High Yield 26.65 0.02
ABS 23.36 0.30
MBS 21.44 27.64
CMBS 14.67 2.07
Bank Loans 10.92 -
Credit-Investment Grade 5.52 25.94
CMO 5.31 -
Non-US Collateralized 0.33 -
Convertibles 0.14 -
Cash & Equivalents -9.29 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
North America 104.52 93.55
Europe 3.90 2.88
Africa/Mideast 0.44 0.06
Latin America 0.33 0.74
Asia/Pacific Ex Japan 0.10 0.72
Cash & Equivalents -9.29 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
U.S. 98.94 92.42
Non-U.S. Developed 9.80 4.91
Non-U.S. Emerging 0.55 1.26
Cash & Equivalents -9.29 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2021)
< 1 yr 5.99 0.75
1 - 3 yrs 18.95 18.57
3 - 5 yrs 21.13 14.98
5 - 7 yrs 34.94 10.08
7 - 10 yrs 23.05 9.65
10 - 20 yrs 2.74 11.51
> 20 yrs 0.09 34.46
N/A 1.45 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 09/30/2021)
Aaa 27.29 71.38
Aa 0.36 3.34
A 1.07 11.30
Baa 10.79 13.96
Ba 18.93 0.02
B 18.86 -
Caa 7.99 -
NOT RATED 23.05 -

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