Please ensure Javascript is enabled for purposes of website accessibility Multi-Sector Income Managed Account - Janus Henderson Investors - US Advisor
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For Financial Professionals in the US

Multi-Sector Income Managed Account

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

Overview

About this Portfolio

This multi-sector income strategy seeks high, current income with lower volatility than a dedicated high-yield strategy. Our approach leverages dynamic allocation and a bottom-up, fundamentally driven process that focuses on identifying the best risk-adjusted opportunities across fixed income sectors.

Why Invest

Our Team
Same portfolio management team since inception of the strategy with more than 75 years of combined investment industry experience and complementary expertise in high yield credit, investment grade credit and securitized assets.

Disciplined Risk Budgeting
We dynamically allocate risk across market cycles and build a Strategic Asset Allocation (SAA) of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction
Best ideas portfolio, with bottom-up research expected to drive excess returns and an ability to invest in smaller, hard-to-access issuers not widely covered across industry analysts.

Portfolio Management

Nick Childs, CFA: Head of Structured and Quantitative Fixed Income | Portfolio Manager
Nick Childs, CFA

Head of Structured and Quantitative Fixed Income | Portfolio Manager

Industry since 2003. Joined Firm in 2017.

Performance

RETURNS (%) (As of 12/31/2025)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
Composite Gross 1.56 7.83 7.83 8.52 3.32 5.18 4.89
Composite Net 1.19 6.25 6.25 6.93 1.80 3.63 3.34
Bloomberg U.S. Aggregate Bond Index 1.10 7.30 7.30 4.66 -0.36 2.01 2.10

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 02/28/2026)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
Composite Gross 1.71 1.26 6.92 8.32 3.33 5.35 4.93
Composite Net 1.33 1.01 5.35 6.72 1.81 3.80 3.38
Bloomberg U.S. Aggregate Bond Index 1.60 1.75 6.26 5.12 0.42 1.97 2.22

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Composite Gross 7.83 6.77 11.01 -11.33 3.90 6.35 11.95 1.35 7.53 8.49
Composite Net 6.25 5.20 9.38 -12.66 2.37 4.78 10.31 -0.15 5.95 6.89
Bloomberg U.S. Aggregate Bond Index 7.30 1.25 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Returns-Based Statistics (As of 02/28/2026)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 1.17 1.05
Alpha 3.04 2.04
Tracking Error 2.59 2.76
Beta 0.64 0.73
R-squared (%) 83.61 82.26
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 83.35 80.67
Down Capture Ratio 14.05 48.92
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Managed Account 3.93 5.20
Bloomberg U.S. Aggregate Bond TR Index 5.64 6.37
SHARPE RATIO 3YR 5YR
Multi-Sector Income Managed Account 0.82 -0.02
Bloomberg U.S. Aggregate Bond TR Index 0.03 -0.46

Portfolio

Top Holdings (As of 02/28/2026)
% of Fund
Janus Henderson AAA CLO ETF 19.89
Janus Henderson Mortgage-Backed Securities ETF 13.26
CVS Health Corp, 6.75%, 12/10/2054 10.23
Janus Henderson Securitized Income ETF 10.01
Yum! Brands Inc, 3.63%, 03/15/2031 8.69
Ball Corp, 5.50%, 09/15/2033 8.62
Discovery Global Holdings Inc, 4.28%, 03/15/2032 6.17
Janus Henderson Emerging Markets Debt Hard Currency ETF 4.98
Janus Henderson B-BBB CLO ETF 4.89
Energy Transfer LP, 6.50%, 02/15/2056 3.86
TOTAL 90.60
View full holdings
Portfolio Characteristics (As of )
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 -
Market Capitalization
Weighted Average		 - -
Portfolio Turnover Rate
(1-year trailing)		 - -
Price/Earnings Ratio
(1-year forward)		 - -
Price/Book Ratio
 - -
Earnings Growth Rate
(1-year forward)		 - -
Sector Allocation % of Fund % of Index % of Fund % of Index As of 02/28/2026
Regional Allocation % of Fund % of Index % of Fund % of Index As of 02/28/2026
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 02/28/2026

Documents

Related Insights

Differentiated insights are central to our investment approach.

Collateralized Loan Obligations: A U.S. securitized products primer
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Quick View: The good, the bad, and the (potentially) ugly of February’s inflation print
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How to play the AI mega-theme in fixed income
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How to play the AI mega-theme in fixed income

Key considerations for investors as they navigate the impact of the rapid acceleration of AI-related capital spending on fixed income markets.

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