Please ensure Javascript is enabled for purposes of website accessibility Core Plus - Janus Henderson Investors - US Institutional
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For Institutional Investors in the US

Core Plus

A flexible core plus fixed income portfolio that leverages a research-driven investment process in seeking to identify the best opportunities across fixed income sectors

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Overview

ABOUT THIS STRATEGY

Using our broad global research capabilities, we strive to exploit fixed income market inefficiencies by building a Strategic Asset Allocation (SAA) that we believe serves as a better starting point than traditional benchmarks. We aim to generate outperformance through sector rotation and security selection and by seeking to take the right amount of risk at each point in the cycle.

INVESTMENT APPROACH

Our Team: Culture of collaboration, global integration and respectful challenge with a research-first mentality.

Disciplined Risk Budgeting: Disciplined investment process targets repeatable performance utilizing our Strategic Asset Allocation (SAA) as a better starting point.

High Conviction: Bottom-up idea generation across a diverse set of return sources, incorporating dynamic allocation through market cycles.

Portfolio Management

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 09/30/2026)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
Returns (%)
Fund or index 3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1993)
Composite Gross -3.43 -2.56 -1.37 5.07 -0.08 2.08 5.77
Composite Net -3.53 -2.87 -1.79 4.63 -0.50 1.68 5.27
Bloomberg U.S. Aggregate Bond Index -3.51 -2.91 -1.84 4.06 -0.64 1.14 4.37
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and 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 performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
RETURNS (%) (As of 09/30/2026)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
Returns (%)
Fund or index 3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1993)
Composite Gross -3.43 -2.56 -1.37 5.07 -0.08 2.08 5.77
Composite Net -3.53 -2.87 -1.79 4.63 -0.50 1.68 5.27
Bloomberg U.S. Aggregate Bond Index -3.51 -2.91 -1.84 4.06 -0.64 1.14 4.37
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and 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 performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Calendar Year Returns (%)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
Calendar Year Returns (%)
Fund or index 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Composite Gross 8.08 2.52 6.17 -13.18 -0.32 11.25 10.33 -0.59 4.19 3.06
Composite Net 7.63 2.10 5.72 -13.55 -0.74 10.79 9.94 -0.93 3.83 2.76
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and 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 performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

Related Insights

Differentiated insights are central to our investment approach.

CEO Sessions: Navigating inflation and volatility within fixed income
Jun 2, 2026
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CEO Sessions: Navigating inflation and volatility within fixed income

Importance of credit quality, durable income, duration positioning, and the benefits of CLOs.

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Q&A: Four forces currently shaping equity markets
Mar 24, 2026
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Q&A: Four forces currently shaping equity markets

Perspectives on investing through geopolitical tensions, broadening earnings growth, the uncertain path of inflation, and AI disruption risk.

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Does your balanced fund have these three key essentials?
Feb 12, 2026
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Does your balanced fund have these three key essentials?

Three essential elements to consider for an effective balanced strategy, plus trends to watch in equities and fixed income in 2026.

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