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
$11.11
As of 09/28/2020

1-Day Change
$0.10 (0.91%)
As of 09/28/2020

YTD Return
-3.12%
As of 09/28/2020

Morningstar Rating

As of 08/31/2020

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.

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.

Performance

RETURNS (%) (As of 06/30/2020)
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 Since Inception
(07/30/2010)
Value Plus Income Fund - Class I Shares 13.04 -5.60 -0.08 3.97 4.94 7.28
Russell 1000® Value Index 14.29 -16.26 -8.84 1.82 4.64 9.77
Bloomberg Barclays U.S. Aggregate Bond Index 2.90 6.14 8.74 5.32 4.30 3.75
Value Income Index 7.43 -2.80 2.12 4.35 4.78 6.41
RETURNS (%) (As of 08/31/2020)
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 4.76 -1.98 2.64 5.09 6.30 7.75 7.55
Russell 1000® Value Index 7.53 -9.35 0.84 4.50 7.53 11.05 10.47
Bloomberg Barclays U.S. Aggregate Bond Index 1.31 6.85 6.47 5.09 4.33 3.65 3.75
Value Income Index 3.79 0.78 4.98 5.31 5.94 6.84 6.68
CALENDAR YEAR RETURNS (%)
Value Plus Income Fund - Class I Shares Russell 1000® Value Index
 
  2011 2012 2013 2014 2015 2016 2017 2018 2019
Value Plus Income Fund - Class I Shares 3.74 11.75 13.81 9.34 -2.45 11.03 9.57 -4.11 18.46
Russell 1000® Value Index 0.39 17.51 32.53 13.45 -3.83 17.34 13.66 -8.27 26.54

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 73 54 26 - 9
Allocation--30% to 50% Equity Category|Rank/Count 404/558 290/540 124/486 -/- 37/363
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 79 57 33 13 12
Allocation--30% to 50% Equity Category|Rank/Count 435/557 304/539 164/508 51/362 48/363
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2020 Class I Shares)

RISK / REWARD
VS. Russell 1000® Value Index
3YR 5YR
Information Ratio 0.07 -0.17
Alpha 2.03 1.60
Tracking Error 8.29 7.07
Beta 0.60 0.59
R-squared (%) 89.39 89.84
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Value Index
3YR 5YR
Up Capture Ratio 56.30 56.83
Down Capture Ratio 50.90 50.16
STANDARD DEVIATION 3YR 5YR
Value Plus Income Fund 11.56 9.66
Russell 1000® Value Index 18.31 15.52
SHARPE RATIO 3YR 5YR
Value Plus Income Fund 0.30 0.53
Russell 1000® Value Index 0.15 0.41
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 08/31/2020)
% of Fund
Fannie Mae or Freddie Mac, 2.50%, 09/17/20 6.42
Fannie Mae or Freddie Mac, 1.50%, 09/17/20 2.12
Quest Diagnostics Inc 1.84
Fannie Mae or Freddie Mac, 3.00%, 09/14/20 1.81
Johnson & Johnson 1.41
PepsiCo Inc 1.39
Chubb Ltd 1.25
Oracle Corp 1.24
Lamar Advertising Co 1.20
Colgate-Palmolive Co 1.15
Total 19.83
View full holdings
Portfolio Characteristics (As of 08/31/2020)
 
Number of Holdings
Equity Issues
78
Number of Holdings
Debt Issues
401
Market Capitalization
Weighted Average
$74.23B
Portfolio Turnover Rate
(1-year trailing)
91.24%
Price/Earnings Ratio
(1-year forward)
23.45
Price/Book Ratio
(1-year forward)
4.55
Earnings Growth Rate
(1-year forward)
-10.14%
Weighted Average Maturity
(years)
5.38
Effective Duration
(years)
5.25
Asset Allocation:
Equity Fixed Income Cash & Equivalents
Sector Allocation % OF FUND % OF FUND (As of 08/31/2020)
Health Care 9.55
Financials 8.41
Real Estate 6.14
Information Technology 5.89
Consumer Staples 5.09
Industrials 4.96
Utilities 3.07
Materials 2.35
Energy 1.22
Communication Services 1.07
Consumer Discretionary 0.48
Credit-High Yield 21.29
MBS 14.60
Credit-Investment Grade 8.21
ABS 7.40
Bank Loans 3.95
CMO 1.92
CMBS 1.35
Non-US Collateralized 0.49
Regional Allocations % OF FUND % OF FUND (As of 08/31/2020)
North America 97.62
Europe 6.57
Africa/Mideast 1.12
Latin America 1.11
Asia/Pacific Ex Japan 1.02
Cash & Equivalents -7.44
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF FUND (As of 08/31/2020)
Over $100B 11.13
$50B to $100B 7.29
$10B to $50B 17.22
$5B to $10B 6.63
$1B to $5B 4.09
$500M to $1B 0.39
$100M to $250M 0.45
Under $100M 0.71
N/A 0.32
Developed VS Emerging Markets % OF FUND % OF FUND (As of 08/31/2020)
U.S. 94.17
Non-U.S. Developed 11.47
Non-U.S. Emerging 1.80
Cash & Equivalents -7.44
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of 08/31/2020)
< 1 yr 2.09
1 - 3 yrs 16.69
3 - 5 yrs 14.34
5 - 7 yrs 11.01
7 - 10 yrs 11.32
10 - 20 yrs 1.18
> 20 yrs 1.11
N/A 1.47
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of 08/31/2020)
Aaa 15.82
Aa 0.12
A 2.77
Baa 9.62
Ba 13.21
B 10.60
Caa 5.47
NOT RATED 1.60

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