For Institutional Investors in the US

JFLEX Flexible Bond Fund

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

NAV
$11.12
As of 12/06/2021

1-Day Change
-$0.03 (-0.26%)
As of 12/06/2021

YTD Return
-0.64%
As of 12/06/2021

Morningstar Rating

As of 11/30/2021

Overview

Quarterly Update

Watch the investment team recap this quarter.

ABOUT THIS FUND

We believe our research-driven investment process, diversified portfolio construction and robust risk management can drive consistent risk-adjusted performance, with excess returns generated primarily through sector and security decisions. Our collaborative investment teams utilize our broad investment flexibility across the investment cycle in an effort to capitalize on attractive opportunities and provide the downside risk management clients expect from their core fixed income portfolio.

WHY INVEST IN THIS FUND

Research-Driven Investment Process
Collaboration is the foundation of our investment process, through which we partner with our equity and multi-asset teams to identify opportunities across fixed income sectors by analyzing fundamentals, technicals and valuations.

Flexible Fixed Income Allocation
Our team draws on a breadth of global resources to drive asset allocation and invest with conviction in an effort to deliver excess returns and provide the downside risk management expected from a core fixed income allocation.

Robust Risk Management and Portfolio Construction
Our transparent investment process and integrated risk management, which is enhanced by quantitative research and proprietary technology, aims to construct resilient portfolios from a diverse investment universe.

COMPETITIVE RISK-ADJUSTED RETURNS

10-Year Risk/Reward – Fund vs. Index and Peers as of 9/30/21

Flexible Bond Fund Proof of Point Chart Q4 21

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 | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 09/30/2021)
Flexible Bond Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class I Shares 0.34 -0.77 1.36 6.59 3.81 3.87 6.48
Bloomberg U.S. Aggregate Bond Index 0.05 -1.55 -0.90 5.36 2.94 3.01 6.08
RETURNS (%) (As of 11/30/2021)
Flexible Bond Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class I Shares -0.72 -0.76 -0.10 6.81 4.40 3.87 6.44
Bloomberg U.S. Aggregate Bond Index -0.60 -1.29 -1.15 5.52 3.65 3.04 6.05
CALENDAR YEAR RETURNS (%)
Flexible Bond Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Flexible Bond Fund - Class I Shares 6.66 8.06 -0.05 4.93 0.11 2.65 3.62 -0.87 9.56 10.88
Bloomberg U.S. Aggregate Bond Index 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01 8.72 7.51

MORNINGSTAR PERCENTILE

(As Of 09/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 43 13 30 42 21
Intermediate Core-Plus Bond Category|Rank/Count 288/619 91/597 176/565 202/497 21/100
(As Of 11/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 44 14 29 39 22
Intermediate Core-Plus Bond Category|Rank/Count 272/610 95/597 169/560 184/493 20/91

RETURNS-BASED STATISTICS (As of 10/31/2021 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.55 0.45
Alpha 0.73 0.65
Tracking Error 2.23 1.75
Beta 1.08 1.04
R-squared (%) 74.39 79.33
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 121.74 115.31
Down Capture Ratio 119.74 104.00
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 4.37 3.84
Bloomberg U.S. Aggregate Bond Index 3.48 3.28
SHARPE RATIO 3YR 5YR
Flexible Bond Fund 1.32 0.72
Bloomberg U.S. Aggregate Bond Index 1.31 0.60
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/21)
CLASS I SHARES
Management Fees 0.41%
Other Expenses 0.09%
Total Gross Expenses 0.50%
Waivers -0.05%
Total Net Expenses 0.45%

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

Top Holdings (As of 10/31/2021)
% of Fund
United States Treasury Note/Bond, 1.25%, 08/15/31 4.68
Fannie Mae or Freddie Mac, 2.50%, 11/10/21 3.25
United States Treasury Note/Bond, 0.62%, 07/31/26 2.67
United States Treasury Note/Bond, 0.88%, 06/30/26 2.61
United States Treasury Note/Bond, 0.75%, 08/31/26 2.32
United States Treasury Note/Bond, 1.75%, 08/15/41 2.33
United States Treasury Note/Bond, 0.50%, 02/28/26 2.17
Fannie Mae or Freddie Mac, 2.00%, 11/10/21 2.15
United States Treasury Note/Bond, 1.62%, 11/15/50 2.03
United States Treasury Note/Bond, 0.75%, 04/30/26 2.00
Total 26.21
View Full Holdings
Portfolio Characteristics (As of 10/31/2021)
  FUND INDEX
Number of Holdings
Debt Issues
444 12206
Portfolio Turnover Rate
(1-year trailing)
129.59% -
Weighted Average Maturity
(years)
8.44 13.77
Effective Duration
(years)
6.11 6.65
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2021)
US Preferred Stock 0.07 -
Treasuries 28.87 38.50
Credit-Investment Grade 15.82 26.02
MBS 15.49 27.56
Credit-High Yield 12.48 -
ABS 7.86 0.28
CMBS 7.77 2.03
CMO 5.29 -
Bank Loans 2.93 -
Inflation Linked 1.53 -
Futures 0.93 -
Short Futures -0.03 -
Cash & Equivalents 0.99 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of October 31, 2021)
North America 95.94 93.58
Europe 2.52 2.84
Asia/Pacific Ex Japan 0.55 0.72
Cash & Equivalents 0.99 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of October 31, 2021)
U.S. 95.08 92.41
Non-U.S. Developed 3.61 4.91
Non-U.S. Emerging 0.32 1.27
Cash & Equivalents 0.99 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of October 31, 2021)
< 1 yr 4.39 0.60
1 - 3 yrs 11.33 18.54
3 - 5 yrs 26.34 14.81
5 - 7 yrs 19.71 10.02
7 - 10 yrs 19.82 9.62
10 - 20 yrs 6.25 11.60
> 20 yrs 8.79 34.81
N/A 2.31 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of October 31, 2021)
Aaa 53.37 71.34
Aa 1.37 3.31
A 3.75 11.22
Baa 17.91 14.13
Ba 12.09 -
B 4.23 -
NOT RATED 6.22 -

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