JFLEX Flexible Bond Fund

For over 30 years, this active fixed income strategy has been anchoring investor portfolios given its focus on risk-adjusted returns and capital preservation.

NAV
$11.25
As of 09/29/2020

1-Day Change
$0.01 (0.10%)
As of 09/29/2020

YTD Return
8.64%
As of 09/29/2020

Overview

Quarterly Update

Watch the investment team recap the 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.

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.

Performance

RETURNS (%) (As of 06/30/2020)
Flexible Bond Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class I Shares 6.82 6.92 10.31 5.49 4.24 4.34 6.64
Bloomberg Barclays U.S. Aggregate Bond Index 2.90 6.14 8.74 5.32 4.30 3.82 6.32
RETURNS (%) (As of 08/31/2020)
Flexible Bond Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class I Shares 3.20 8.62 8.84 5.60 4.54 4.22 6.65
Bloomberg Barclays U.S. Aggregate Bond Index 1.31 6.85 6.47 5.09 4.33 3.65 6.31
CALENDAR YEAR RETURNS (%)
Flexible Bond Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Flexible Bond Fund - Class I Shares 7.59 6.66 8.06 -0.05 4.93 0.11 2.65 3.62 -0.87 9.56
Bloomberg Barclays U.S. Aggregate Bond Index 6.54 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01 8.72

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 3 12 42 40 20
Intermediate Core-Plus Bond Category|Rank/Count 30/616 73/581 214/530 182/468 20/101
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 8 16 42 38 20
Intermediate Core-Plus Bond Category|Rank/Count 58/614 87/581 222/532 179/476 20/101

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

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.23 0.13
Alpha 0.19 0.15
Tracking Error 2.21 1.75
Beta 1.07 1.02
R-squared (%) 73.08 77.23
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 112.38 106.09
Down Capture Ratio 115.80 107.55
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 4.24 3.66
Bloomberg Barclays U.S. Aggregate Bond Index 3.40 3.15
SHARPE RATIO 3YR 5YR
Flexible Bond Fund 0.93 0.93
Bloomberg Barclays U.S. Aggregate Bond Index 1.01 1.01
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.40%
12b-1 Fees -
Other Expenses 0.12%
Total Gross Expenses 0.52%
Waivers 0.00%
Total Net Expenses 0.52%

Portfolio

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

Top Holdings (As of 08/31/2020)
% of Fund
United States Treasury Note/Bond, 1.25%, 05/15/50 3.17
United States Treasury Note/Bond, 2.75%, 08/15/42 2.13
Fannie Mae Pool, 3.00%, 02/01/47 1.87
Fannie Mae Pool, 3.50%, 07/01/48 1.50
United States Treasury Note/Bond, 1.12%, 05/15/40 1.09
United States Treasury Note/Bond, 0.25%, 06/30/25 0.91
Fannie Mae or Freddie Mac, 3.50%, 09/14/20 0.89
United States Treasury Note/Bond, 1.12%, 02/28/22 0.89
Fannie Mae Pool, 3.50%, 08/01/56 0.78
Fannie Mae Pool, 3.00%, 03/01/50 0.72
Total 13.95
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  FUND INDEX
Number of Holdings
Debt Issues
614 11736
Portfolio Turnover Rate
(1-year trailing)
168.45% -
Weighted Average Maturity
(years)
8.49 13.54
Effective Duration
(years)
6.41 6.00
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
US Preferred Stock 0.38 -
Credit-Investment Grade 50.56 27.49
MBS 17.68 26.98
Treasuries 8.38 36.81
Credit-High Yield 8.17 -
CMO 5.35 -
ABS 4.70 0.38
CMBS 3.64 2.21
Bank Loans 0.40 -
Futures 0.23 -
Short Futures -0.06 -
Cash & Equivalents 0.57 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
North America 94.40 92.89
Europe 4.57 3.25
Latin America 0.32 0.94
Japan 0.14 0.68
Cash & Equivalents 0.57 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
U.S. 94.00 91.73
Non-U.S. Developed 5.11 5.39
Non-U.S. Emerging 0.32 1.45
Cash & Equivalents 0.57 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of August 31, 2020)
< 1 yr 3.09 0.80
1 - 3 yrs 16.17 18.81
3 - 5 yrs 21.78 14.92
5 - 7 yrs 13.95 9.80
7 - 10 yrs 24.28 10.00
10 - 20 yrs 7.22 9.50
> 20 yrs 10.51 36.17
N/A 2.05 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
Aaa 31.91 69.66
Aa 0.76 3.41
A 12.79 12.40
Baa 42.68 14.53
Ba 6.34 -
B 3.57 -
NOT RATED 1.00 -

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