JSHIX Short-Term Bond Fund

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

NAV
$2.91
As of 03/27/2020

1-Day Change
$0.01 (0.35%)
As of 03/27/2020

YTD Return
-3.09%
As of 03/27/2020

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

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Performance

RETURNS (%) (As of 12/31/2019)
Short-Term Bond Fund - Class I Shares Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Short-Term Bond Fund - Class I Shares 0.63 4.21 4.21 2.15 1.70 2.00 3.68
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.59 4.03 4.03 2.15 1.67 1.54 3.79
RETURNS (%) (As of 02/29/2020)
Short-Term Bond Fund - Class I Shares Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Short-Term Bond Fund - Class I Shares 1.30 1.03 4.16 2.42 1.86 1.99 3.70
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 1.62 1.37 4.88 2.49 1.88 1.58 0.00
CALENDAR YEAR RETURNS (%)
Short-Term Bond Fund - Class I Shares Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Short-Term Bond Fund - Class I Shares 3.96 1.62 3.68 1.57 0.73 0.38 1.66 1.33 0.95 4.21
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 2.80 1.59 1.26 0.64 0.77 0.65 1.28 0.84 1.60 4.03

MORNINGSTAR PERCENTILE

(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 67 71 70 56 43
Short-Term Bond Category|Rank/Count 377/577 340/530 327/506 219/400 57/155
(As Of 02/29/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 80 68 70 57 45
Short-Term Bond Category|Rank/Count 463/578 342/530 335/508 223/401 62/156
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 02/29/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
3YR 5YR
Information Ratio -0.08 -0.02
Alpha 0.63 0.50
Tracking Error 0.80 0.74
Beta 0.72 0.73
R-squared (%) 49.47 49.70
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
3YR 5YR
Up Capture Ratio 91.58 93.86
Down Capture Ratio 50.71 70.38
STANDARD DEVIATION 3YR 5YR
Short-Term Bond Fund 1.05 0.98
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 1.02 0.95
SHARPE RATIO 3YR 5YR
Short-Term Bond Fund 0.68 0.79
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.76 0.82
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.44%
12b-1 Fees -
Other Expenses 0.21%
Total Gross Expenses 0.65%
Waivers -0.11%
Total Net Expenses 0.54%

Portfolio

Index represents the Bloomberg Barclays 1-3 Year U.S. Government/Credit Index.

Top Holdings (As of 02/29/2020)
% of Fund
United States Treasury Note/Bond, 1.75%, 06/15/22 3.54
United States Treasury Note/Bond, 2.25%, 04/30/24 2.55
United States Treasury Note/Bond, 2.62%, 12/15/21 2.38
United States Treasury Note/Bond, 2.50%, 02/28/21 1.93
JPMorgan Chase & Co, 2.97%, 01/15/23 1.79
Welltower Inc, 3.62%, 03/15/24 1.62
GLP Capital LP / GLP Financing II Inc, 3.35%, 09/01/24 1.62
Charter Communications Operating LLC, 3.37%, 04/30/25 1.41
Vulcan Materials Co, 2.23%, 03/01/21 1.37
Taco Bell Funding LLC, 4.32%, 11/25/48 1.33
Total 19.54
View full holdings
Portfolio Characteristics (As of 02/29/2020)
  FUND INDEX
Number of Holdings
Debt Issues
178 1607
Portfolio Turnover Rate
(1-year trailing)
74.42% -
Weighted Average Maturity
(years)
2.50 1.88
Effective Duration
(years)
1.82 1.80

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
Credit-Investment Grade 44.88 23.10
ABS 14.55 -
Credit-High Yield 14.25 0.07
Treasuries 13.17 66.86
CMO 7.79 -
Bank Loans 2.30 -
CMBS 1.73 -
Government Related 0.46 9.31
Cash & Equivalents 0.87 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
North America 92.04 89.90
Europe 5.03 4.56
Asia/Pacific Ex Japan 0.89 0.78
Japan 0.85 0.95
Africa/Mideast 0.32 0.06
Cash & Equivalents 0.87 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
U.S. 88.98 88.23
Non-U.S. Developed 9.83 7.52
Non-U.S. Emerging 0.32 0.73
Cash & Equivalents 0.87 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 02/29/2020)
< 1 yr 23.87 4.98
1 - 3 yrs 41.05 95.02
3 - 5 yrs 28.61 -
5 - 7 yrs 4.91 -
7 - 10 yrs 0.69 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
Aaa 22.26 73.84
Aa 5.22 4.96
A 15.35 11.38
Baa 38.13 9.75
Ba 14.11 0.07
B 1.69 -
NOT RATED 2.37 -

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