JPVIX Value Plus Income Fund

By combining fundamental fixed income with what we believe are undervalued, high-quality equities, we aim to deliver current income and return potential

NAV
$11.34
As of 02/27/2020

1-Day Change
-$0.19 (-1.65%)
As of 02/27/2020

YTD Return
-2.90%
As of 02/27/2020

Morningstar Rating

As of 01/31/2020

Overview

ABOUT THIS FUND

Value equity from Perkins and fundamental fixed income from Janus Henderson actively allocated in an effort to provide capital appreciation and current income while minimizing downside risk. Allocation decisions are based on overall market risk and careful examination of individual security valuations across equity and fixed income markets.

WHY INVEST IN THIS FUND

Joint Bottom-Up Approach
The portfolio managers focus on minimizing downside risk using their own unique approaches to fundamental, bottom-up investing.

Income and Equity
Seeks to generate capital appreciation and current income from fundamental fixed income and high-quality equities.

Active Asset Allocation
Our portfolio managers make allocation decisions based on overall market risk and careful examination of individual security valuations across equity and fixed income markets.

Defensive Allocation, Favorable Outcome

Annualized Monthly Rolling Three-Year Performance as of 12/31/19

Past performance is no guarantee of future results.

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

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Ted Thome, CFA

Portfolio Manager | Research Analyst

Industry since 2002. Joined Firm in 2002.

John Kerschner, CFA

Head of U.S. Securitized Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

Co-Head of Global Credit Research | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Alec Perkins

Portfolio Manager | Research Analyst

Industry since 2002. Joined Firm in 2002.

Performance

RETURNS (%) (As of 12/31/2019)
Value Plus Income Fund - Class I Shares Russell 1000® Value Index Bloomberg Barclays U.S. Aggregate Bond Index Value Income Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/30/2010)
Value Plus Income Fund - Class I Shares 3.58 18.46 18.46 7.57 6.16 - 8.34
Russell 1000® Value Index 7.41 26.54 26.54 9.68 8.29 11.80 12.41
Bloomberg Barclays U.S. Aggregate Bond Index 0.18 8.72 8.72 4.03 3.05 3.75 3.29
Value Income Index 3.03 15.85 15.85 6.47 5.33 7.14 7.08
RETURNS (%) (As of 01/31/2020)
Value Plus Income Fund - Class I Shares Russell 1000® Value Index Bloomberg Barclays U.S. Aggregate Bond Index Value Income Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/30/2010)
Value Plus Income Fund - Class I Shares 3.12 0.02 12.76 7.44 6.36 - 8.26
Russell 1000® Value Index 3.65 -2.15 14.88 8.63 8.70 11.87 12.04
Bloomberg Barclays U.S. Aggregate Bond Index 1.80 1.92 9.64 4.62 3.01 3.79 3.47
Value Income Index 2.58 0.29 11.99 6.43 5.46 7.20 7.04
CALENDAR YEAR RETURNS (%)
Value Plus Income Fund - Class I Shares Russell 1000® Value Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Value Plus Income Fund - Class I Shares - - 3.74 11.75 13.81 9.34 -2.45 11.03 9.57 -4.11
Russell 1000® Value Index 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34 13.66 -8.27

MORNINGSTAR PERCENTILE

(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 8 18 9 - 6
Allocation--30% to 50% Equity Category|Rank/Count 59/571 92/552 49/479 -/- 23/373
(As Of 01/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 14 14 10 - 7
Allocation--30% to 50% Equity Category|Rank/Count 83/571 78/552 49/479 -/- 25/373
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 01/31/2020 Class I Shares)

RISK / REWARD
VS. Russell 1000® Value Index
3YR 5YR
Information Ratio -0.18 -0.38
Alpha 3.11 1.72
Tracking Error 6.67 6.07
Beta 0.48 0.52
R-squared (%) 88.40 90.28
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Value Index
3YR 5YR
Up Capture Ratio 53.49 54.87
Down Capture Ratio 36.40 46.84
STANDARD DEVIATION 3YR 5YR
Value Plus Income Fund 6.18 6.44
Russell 1000® Value Index 12.14 11.86
SHARPE RATIO 3YR 5YR
Value Plus Income Fund 0.93 0.82
Russell 1000® Value Index 0.57 0.64
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.72%
Total Gross Expenses 1.32%
Waivers -0.55%
Total Net Expenses 0.77%

Portfolio

Index represents the Russell 1000® Value Index.

Top Holdings (As of 01/31/2020)
% of Fund
Freddie Mac Pool, 3.50%, 07/01/49 1.94
Ginnie Mae II Pool, 4.00%, 06/20/48 1.51
Quest Diagnostics Inc 1.40
Pfizer Inc 1.23
Lamar Advertising Co 1.18
Chubb Ltd 1.13
Fannie Mae Pool, 3.00%, 01/01/50 1.12
PepsiCo Inc 1.11
Gilead Sciences Inc 1.08
Johnson & Johnson 1.07
Total 12.77
View full holdings
Portfolio Characteristics (As of 01/31/2020)
 
Number of Holdings
Equity Issues
66
Number of Holdings
Debt Issues
426
Market Capitalization
Weighted Average
$75.92B
Portfolio Turnover Rate
(1-year trailing)
90.42%
Price/Earnings Ratio
(1-year forward)
18.43
Price/Book Ratio
(1-year forward)
2.55
Earnings Growth Rate
(1-year forward)
3.57%
Weighted Average Maturity
(years)
5.58
Effective Duration
(years)
4.49

Asset Allocation:
Equity Fixed Income Cash & Equivalents
Sector Allocation % OF FUND % OF FUND (As of 01/31/2020)
Financials 9.78
Health Care 7.39
Real Estate 4.97
Information Technology 3.90
Consumer Staples 3.56
Energy 3.03
Industrials 2.75
Utilities 2.39
Materials 2.29
Consumer Discretionary 0.88
Communication Services 0.55
Credit-High Yield 15.53
MBS 14.85
ABS 9.89
Credit-Investment Grade 6.95
Bank Loans 6.83
CMO 2.16
CMBS 1.27
Non-US Collateralized 0.42
Treasuries 0.06
Regional Allocations % OF FUND % OF FUND (As of 01/31/2020)
North America 89.47
Europe 7.05
Latin America 1.04
Africa/Mideast 0.98
Asia/Pacific Ex Japan 0.91
Cash & Equivalents 0.55
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF FUND (As of 01/31/2020)
Over $100B 10.03
$50B to $100B 4.25
$10B to $50B 14.50
$5B to $10B 4.10
$1B to $5B 6.02
$500M to $1B 0.47
$250M to $500M 1.12
$100M to $250M 0.56
N/A 0.44
Developed VS Emerging Markets % OF FUND % OF FUND (As of 01/31/2020)
U.S. 84.18
Non-U.S. Developed 13.41
Non-U.S. Emerging 1.86
Cash & Equivalents 0.55
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of 01/31/2020)
< 1 yr 0.81
1 - 3 yrs 10.18
3 - 5 yrs 17.59
5 - 7 yrs 15.15
7 - 10 yrs 10.73
10 - 20 yrs 1.44
> 20 yrs 0.99
N/A 1.07
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of 01/31/2020)
Aaa 17.39
A 1.74
Baa 11.06
Ba 9.81
B 12.35
Caa 3.39
Ca 0.07
NOT RATED 2.15

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