JHYFX High-Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

NAV
$8.05
As of 09/30/2020

1-Day Change
$0.03 (0.39%)
As of 09/30/2020

YTD Return
-1.36%
As of 09/30/2020

Morningstar Rating

As of 08/31/2020

Overview

ABOUT THIS FUND

A high-conviction, active high-yield strategy that seeks to generate competitive risk-adjusted returns while mitigating drawdowns. The strategy takes a research-first mentality on both macro and security selection risks.

WHY INVEST IN THIS FUND

High Conviction
We believe a high conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.

Research Driven
Our analysts cover issuers across the credit quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.

Global Resources
This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.

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.

Brent Olson

Portfolio Manager | Credit Analyst

Industry since 1997. Joined Firm in 2017.

Performance

RETURNS (%) (As of 06/30/2020)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class I Shares 9.88 -6.04 -1.69 2.60 3.86 6.01 6.96
Bloomberg Barclays U.S. Corporate High Yield Bond Index 10.18 -3.80 0.03 3.33 4.79 6.68 6.80
RETURNS (%) (As of 08/31/2020)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class I Shares 6.82 -0.35 2.96 4.30 5.29 6.26 7.17
Bloomberg Barclays U.S. Corporate High Yield Bond Index 6.72 1.67 4.71 4.88 6.45 6.90 6.97
CALENDAR YEAR RETURNS (%)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
High-Yield Fund - Class I Shares 15.97 3.36 14.37 7.59 0.74 -1.24 13.15 6.16 -2.92 15.50
Bloomberg Barclays U.S. Corporate High Yield Bond Index 15.12 4.98 15.81 7.44 2.45 -4.47 17.13 7.50 -2.08 14.32

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 56 39 32 27 7
High Yield Bond Category|Rank/Count 385/709 231/677 182/624 124/476 11/198
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 52 31 40 26 7
High Yield Bond Category|Rank/Count 352/687 170/659 237/610 117/475 11/197

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

RISK / REWARD
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.46 -0.71
Alpha -0.89 -1.03
Tracking Error 1.26 1.65
Beta 1.08 0.99
R-squared (%) 98.94 95.88
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 101.72 91.18
Down Capture Ratio 110.15 101.01
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.88 8.14
Bloomberg Barclays U.S. Corporate High Yield Bond Index 9.08 8.04
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.27 0.51
Bloomberg Barclays U.S. Corporate High Yield Bond Index 0.35 0.66
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS I SHARES
Management Fees 0.57%
12b-1 Fees -
Other Expenses 0.16%
Total Gross Expenses 0.73%
Waivers 0.00%
Total Net Expenses 0.73%

Portfolio

Index represents the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Top Holdings (As of 08/31/2020)
% of Fund
General Electric Co, 5.00%, 01/20/66 2.04
2020 Cash Mandatory Exchangeable Trust 2.00
ARD Finance SA, 6.50%, 06/30/27 1.82
LABL Escrow Issuer LLC, 10.50%, 07/15/27 1.52
Allegheny Technologies Inc, 7.88%, 08/15/23 1.51
First Quantum Minerals Ltd, 7.25%, 04/01/23 1.45
Altice France SA/France, 7.38%, 05/01/26 1.44
Altice France Holding SA, 10.50%, 05/15/27 1.34
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 1.27
Ford Motor Co, 9.00%, 04/22/25 1.09
Total 15.48
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  FUND INDEX
Number of Holdings
Debt Issues
211 2048
Portfolio Turnover Rate
(1-year trailing)
130.29% -
Weighted Average Maturity
(years)
6.08 6.27
Effective Duration
(years)
3.11 3.53
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
US Preferred Stock 2.73 -
US Common Stock 2.40 -
Non-US Common Stock 0.25 -
Credit-High Yield 86.65 100.00
Credit-Investment Grade 4.82 -
Bank Loans 1.94 -
Convertibles 0.24 -
ABS 0.12 -
Cash & Equivalents 0.85 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
North America 83.38 91.14
Europe 10.85 7.47
Africa/Mideast 2.74 0.03
Latin America 1.99 -
Asia/Pacific Ex Japan 0.19 1.36
Cash & Equivalents 0.85 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
U.S. 83.01 87.18
Non-U.S. Developed 12.69 12.29
Non-U.S. Emerging 3.45 0.53
Cash & Equivalents 0.85 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of August 31, 2020)
1 - 3 yrs 8.34 14.84
3 - 5 yrs 21.98 27.61
5 - 7 yrs 29.68 29.10
7 - 10 yrs 27.46 20.70
10 - 20 yrs 1.84 4.67
> 20 yrs 0.52 2.82
N/A 3.95 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
A 0.21 -
Baa 4.73 -
Ba 29.97 54.73
B 38.93 32.45
Caa 19.30 11.95
Ca 0.39 0.59
NOT RATED 0.24 0.01

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