For Financial Professionals in the US

JSHAX Short Duration Flexible Bond Fund

Core fund that benefits from a bottom-up, fundamentally driven investment process designed to generate risk adjusted returns and preserve capital

NAV
$2.83
As of 05/31/2023

1-Day Change
$0.00 (0.01%)
 As of 05/31/2023

YTD Return at NAV
1.67%
As of 05/31/2023

Overview

ABOUT THIS FUND

This dynamic, short-duration bond fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

WHY INVEST IN THIS FUND

Dynamic Core Short-Duration Bond Holding
The Fund emphasizes risk-adjusted returns and capital preservation while seeking to identify the best opportunities across fixed income sectors using a bottom-up, fundamentally driven investment process.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free cash flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

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

Greg Wilensky, CFA

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 03/31/2023)
Class A Shares @NAV Class A Shares @MOP Bloomberg 1-3 Year U.S. Government/Credit Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Class A Shares @NAV 1.49 1.49 -0.76 0.64 1.00 0.86 3.08
Class A Shares @MOP -0.97 -0.97 -3.39 -0.25 0.46 0.60 2.91
Bloomberg 1-3 Year U.S. Government/Credit Index 1.51 1.51 0.26 -0.38 1.26 1.01 3.40
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 2.5%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns..

Performance for Class A 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 04/30/2023)
Class A Shares @NAV Class A Shares @MOP Bloomberg 1-3 Year U.S. Government/Credit Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Class A Shares @NAV 0.43 2.10 1.08 0.22 1.09 0.87 3.09
Class A Shares @MOP -1.97 -0.37 -1.31 -0.66 0.55 0.62 2.92
Bloomberg 1-3 Year U.S. Government/Credit Index 1.04 1.86 1.15 -0.47 1.35 1.03 3.38
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.

Maximum Offering Price (MOP) returns include the maximum sales charge of 2.5%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns..

Performance for Class A 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 (%)
Short Duration Flexible Bond Fund - Class A Shares Bloomberg 1-3 Year U.S. Government/Credit Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Short Duration Flexible Bond Fund - Class A Shares -5.80 0.05 4.31 4.01 0.73 1.11 1.42 0.13 0.51 1.33
Bloomberg 1-3 Year U.S. Government/Credit Index -3.69 -0.47 3.33 4.03 1.60 0.84 1.28 0.65 0.77 0.64
Fund returns shown are at Net Asset Value (NAV) and exclude sales charges, which would have reduced returns.

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 67 56 75 74 65
Short-Term Bond | Rank/Count 366/588 315/562 375/526 320/454 93/154
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 53 54 76 75 65
Short-Term Bond | Rank / Count 262/582 301/559 379/522 316/451 93/154
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 04/30/2023 Class I Shares)

RISK / REWARD
VS. Bloomberg 1-3 Year U.S. Government/Credit Index		 3YR 5YR
Information Ratio 0.59 -0.03
Alpha 1.05 -0.20
Tracking Error 1.52 2.10
Beta 1.28 1.12
R-squared (%) 74.75 46.20
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg 1-3 Year U.S. Government/Credit Index		 3YR 5YR
Up Capture Ratio 189.66 114.92
Down Capture Ratio 134.97 131.05
STANDARD DEVIATION 3YR 5YR
Short Duration Flexible Bond Fund 2.83 2.85
Bloomberg 1-3 Year U.S. Government/Credit Index 1.91 1.72
SHARPE RATIO 3YR 5YR
Short Duration Flexible Bond Fund -0.22 -0.06
Bloomberg 1-3 Year U.S. Government/Credit Index -0.80 -0.06
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS A SHARES
Management Fees 0.44%
12b-1 Fees 0.25%
Other Expenses 0.10%
Total Gross Expenses 0.79%
Waivers -0.09%
Total Net Expenses 0.70%
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 1-3 Year U.S. Government/Credit Index.

Top Holdings (As of 04/30/2023)
% of Fund
United States Treasury Note/Bond, 0.12%, 06/30/23 7.02
United States Treasury Note/Bond, 0.38%, 10/31/23 5.07
United States Treasury Note/Bond, 3.50%, 04/30/28 4.87
United States Treasury Note/Bond, 3.75%, 04/15/26 3.79
United States Treasury Note/Bond, 3.00%, 07/31/24 3.66
United States Treasury Note/Bond, 4.25%, 12/31/24 2.91
United States Treasury Note/Bond, 4.00%, 02/29/28 2.50
United States Treasury Note/Bond, 4.25%, 09/30/24 2.25
United States Treasury Note/Bond, 0.12%, 05/31/23 1.84
Centene Corp, 4.25%, 12/15/27 1.57
Total 35.48
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Debt Issues		 306 1968
Portfolio Turnover Rate
(1-year trailing)		 87.75% -
Weighted Average Maturity
(years)		 2.75 1.91
Effective Duration
(years)		 1.92 1.78
Yield to Worst
 5.40% 4.46%

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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