For Institutional Investors in the US

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
$8.64
As of 07/27/2021

1-Day Change
$0.00 (0.01%)
As of 07/27/2021

YTD Return
4.41%
As of 07/27/2021

Morningstar Rating

As of 06/30/2021

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 06/30/2021)
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 2.71 4.06 16.99 7.39 6.93 6.07 7.34
Bloomberg Barclays U.S. Corporate High Yield Bond Index 2.74 3.62 15.37 7.45 7.48 6.66 7.12
RETURNS (%) (As of 06/30/2021)
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 2.71 4.06 16.99 7.39 6.93 6.07 7.34
Bloomberg Barclays U.S. Corporate High Yield Bond Index 2.74 3.62 15.37 7.45 7.48 6.66 7.12
CALENDAR YEAR RETURNS (%)
High-Yield Fund - Class I Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
High-Yield Fund - Class I Shares 3.36 14.37 7.59 0.74 -1.24 13.15 6.16 -2.92 15.50 5.64
Bloomberg Barclays U.S. Corporate High Yield Bond Index 4.98 15.81 7.44 2.45 -4.47 17.13 7.50 -2.08 14.32 7.11

MORNINGSTAR PERCENTILE

(As Of 06/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 21 20 29 27 8
High Yield Bond Category|Rank/Count 158/693 108/663 176/634 124/489 14/200
(As Of 06/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 21 20 29 27 8
High Yield Bond Category|Rank/Count 158/693 108/663 176/634 124/489 14/200

RETURNS-BASED STATISTICS (As of 06/30/2021 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.04 -0.49
Alpha -0.62 -1.03
Tracking Error 1.29 1.12
Beta 1.09 1.08
R-squared (%) 99.01 98.54
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 104.77 99.89
Down Capture Ratio 109.52 110.66
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 10.18 8.05
Bloomberg Barclays U.S. Corporate High Yield Bond Index 9.32 7.43
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.60 0.72
Bloomberg Barclays U.S. Corporate High Yield Bond Index 0.66 0.85
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/20)
CLASS I SHARES
Management Fees 0.57%
Other Expenses 0.15%
Total Gross Expenses 0.72%
Waivers 0.00%
Total Net Expenses 0.72%

Portfolio

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

Top Holdings (As of 06/30/2021)
% of Fund
ARD Finance SA, 6.50%, 06/30/27 1.31
Ford Motor Co, 9.00%, 04/22/25 1.09
TransDigm Inc, 4.88%, 05/01/29 1.03
Boston Scientific Corp 0.99
Cargo Aircraft Management Inc, 4.75%, 02/01/28 0.91
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23 0.86
NRG Energy Inc, 3.62%, 02/15/31 0.85
Bally's Corp, 6.75%, 06/01/27 0.81
1011778 BC ULC / New Red Finance Inc, 4.00%, 10/15/30 0.81
Liberty Interactive LLC, 8.25%, 02/01/30 0.76
Total 9.42
View Full Holdings
Portfolio Characteristics (As of 06/30/2021)
  FUND INDEX
Number of Holdings
Debt Issues
257 2180
Portfolio Turnover Rate
(1-year trailing)
108.76% -
Weighted Average Maturity
(years)
6.74 6.53
Effective Duration
(years)
3.69 3.79
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 06/30/2021)
US Common Stock 2.47 -
US Preferred Stock 1.41 -
Non-US Preferred Stock 0.68 -
Credit-High Yield 89.81 100.00
Bank Loans 4.90 -
Futures 4.83 -
Credit-Investment Grade 0.71 -
Credit Default Swap -2.02 -
Short Futures -4.10 -
Cash & Equivalents 1.31 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of June 30, 2021)
North America 88.07 91.86
Europe 9.06 6.59
Africa/Mideast 0.84 0.02
Asia/Pacific Ex Japan 0.42 1.38
Latin America 0.30 -
Cash & Equivalents 1.31 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of June 30, 2021)
U.S. 86.36 88.52
Non-U.S. Developed 11.61 10.85
Non-U.S. Emerging 0.72 0.63
Cash & Equivalents 1.31 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of June 30, 2021)
1 - 3 yrs 7.30 10.13
3 - 5 yrs 13.55 28.58
5 - 7 yrs 28.48 26.50
7 - 10 yrs 40.84 27.32
10 - 20 yrs 2.47 4.44
> 20 yrs 1.04 2.78
N/A 0.45 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of June 30, 2021)
Baa 0.71 -
Ba 41.13 54.56
B 38.85 32.65
Caa 14.73 12.39
NOT RATED -1.29 -

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