For Institutional Investors in the US

JMUIX Multi-Sector Income Fund

For investors seeking a steady stream of high income with lower risk than a dedicated high-yield strategy.

NAV
$8.57
As of 01/26/2023

1-Day Change
-$0.01 (-0.10%)
As of 01/26/2023

YTD Return
3.29%
As of 01/26/2023

Morningstar Rating

As of 12/31/2022

Overview

Fund Highlights

SEEKS HIGH & CURRENT INCOME

Monthly distribution yield has consistently been above 4%.

DESIGNED TO PERFORM

Actively managed strategy adapts to changing interest rate and credit risk environment.

EXPERIENCED AND SPECIALIZED TEAM

Three portfolio managers with complementary expertise in investment grade, high yield and securitized assets.

In Your Portfolio

InYourPortfolio-Diversified-Fixed-Income

With its exposure to higher-yielding opportunities, the Fund may serve to complement and diversify a core fixed income allocation. It may be suitable for investors looking for a current monthly income stream.

When we add a security to the portfolio, the goal is to do one of two things: either dampen volatility or provide
us with the income that we want. Ideally, it will do both.”

– Seth Meyer, Portfolio Manager

Our Approach

IDENTIFY BEST RISK-ADJUSTED OPPORTUNITIES
Leverages a bottom-up, fundamental, actively managed approach across U.S. fixed income

FUNDS INVEST IN…

Higher yielding sectors seeking higher income – typically holds between 35% and 65% in below investment grade securities

Less volatile sectors and shorter duration securities to help dampen overall volatility and create ballast for the fund

415784r1_ProductPage_Advisor_MultiSectorIncome_DRAFT_3_SectorsGraph

RISK MANAGEMENT

Risk management is fully integrated into the process, with deep, real-time insight gleaned from our proprietary portfolio and risk management system, Quantum Global.

What We Have Achieved

HIGH, CURRENT INCOME WITH:

  • Less interest rate sensitivity than a core bond strategy
  • Less credit sensitivity than a dedicated high yield bond strategy

A Record of Regular Distributions

Monthly distribution yield - Class I Shares (4/30/14 – 12/31/22)
Multi-Sector Income Fund Proof Point Chart Q4 2022

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Head of Fixed Income Strategy | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 12/31/2022)
Multi-Sector Income Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 1.63 -11.93 -11.93 -1.39 1.42 2.92
Bloomberg U.S. Aggregate Bond Index 1.87 -13.01 -13.01 -2.71 0.02 1.20
RETURNS (%) (As of 12/31/2022)
Multi-Sector Income Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 1.63 -11.93 -11.93 -1.39 1.42 2.92
Bloomberg U.S. Aggregate Bond Index 1.87 -13.01 -13.01 -2.71 0.02 1.20
Calendar Year Returns (%)
Multi-Sector Income Fund - Class I Shares Bloomberg U.S. Aggregate Bond Index
2022 2021 2020 2019 2018 2017 2016 2015
Multi-Sector Income Fund - Class I Shares -11.93 3.24 5.46 11.19 0.63 6.70 7.86 1.83
Bloomberg U.S. Aggregate Bond Index -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55

MORNINGSTAR PERCENTILE

(As Of 12/31/2022)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 67 59 29 - 12
Multisector Bond Category|Rank/Count 227/346 205/317 83/273 -/- 27/204
(As Of 12/31/2022)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 67 59 29 - 12
Multisector Bond Category|Rank/Count 227/346 205/317 83/273 -/- 27/204

RETURNS-BASED STATISTICS (As of 12/31/2022 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.16 0.21
Alpha 1.34 1.59
Tracking Error 8.04 6.47
Beta 0.88 0.78
R-squared (%) 29.26 28.13
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 122.70 100.65
Down Capture Ratio 100.37 79.88
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 9.52 7.52
Bloomberg U.S. Aggregate Bond Index 5.85 5.09
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund -0.22 0.02
Bloomberg U.S. Aggregate Bond Index -0.58 -0.24

Portfolio

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

Top Holdings (As of 12/31/2022)
% of Fund
Fannie Mae or Freddie Mac, 4.50%, 01/12/23 5.73
Fannie Mae or Freddie Mac, 4.00%, 01/12/23 4.81
Fannie Mae or Freddie Mac, 3.50%, 01/12/23 4.13
Ginnie Mae II Pool, 3.50%, 01/23/23 3.38
Fannie Mae or Freddie Mac, 5.00%, 01/12/23 3.12
Flagstar Mortgage Trust 2021-13INV, 3.00%, 12/30/51 1.28
Connecticut Avenue Securities Trust 2019-R02, 8.54%, 08/25/31 1.01
Fannie Mae or Freddie Mac, 4.00%, 01/17/23 0.90
CF Hippolyta Issuer LLC, 5.97%, 08/15/62 0.85
CF Hippolyta Issuer LLC, 6.11%, 08/15/62 0.78
Total 25.99
View full holdings
Portfolio Characteristics (As of 12/31/2022)
  FUND INDEX
Number of Holdings
Debt Issues
530 13183
Portfolio Turnover Rate
(1-year trailing)
51.52% -
Weighted Average Maturity
(years)
5.38 13.04
Effective Duration
(years)
4.22 6.11
Yield to Worst
10.47% 4.68%

Yield to Worst calculation excludes cash.

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 12/31/2022)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of December 31, 2022)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of December 31, 2022)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 12/31/2022)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of December 31, 2022)

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