JMUIX Multi-Sector Income Fund

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

NAV
$9.73
As of 09/29/2020

1-Day Change
$0.01 (0.11%)
As of 09/29/2020

YTD Return
1.07%
As of 09/29/2020

Morningstar Rating

As of 08/31/2020

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.

    ABANDON YOUR DOUBTS,

NOT YOUR GOALS

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 to generate higher income – it may hold between 35% and 65% in below investment grade bonds

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 – 6/30/20)

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

Head of U.S. Securitized Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

Co-Head of Global Credit Research | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 06/30/2020)
Multi-Sector Income Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 9.58 -2.77 0.93 3.85 4.41 4.32
Bloomberg Barclays U.S. Aggregate Bond Index 2.90 6.14 8.74 5.32 4.30 3.99
RETURNS (%) (As of 08/31/2020)
Multi-Sector Income Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class I Shares 6.60 1.14 2.94 4.74 5.22 4.84
Bloomberg Barclays U.S. Aggregate Bond Index 1.31 6.85 6.47 5.09 4.33 3.99
CALENDAR YEAR RETURNS (%)
Multi-Sector Income Fund - Class I Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2015 2016 2017 2018 2019
Multi-Sector Income Fund - Class I Shares 1.83 7.86 6.70 0.63 11.19
Bloomberg Barclays U.S. Aggregate Bond Index 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 54 23 12 - 8
Multisector Bond Category|Rank/Count 186/338 69/301 39/262 -/- 26/232
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 60 20 14 - 6
Multisector Bond Category|Rank/Count 221/347 59/312 50/278 -/- 27/239

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 -0.05 0.14
Alpha 1.00 2.55
Tracking Error 7.90 6.35
Beta 0.79 0.65
R-squared (%) 10.48 9.74
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 107.45 108.64
Down Capture Ratio 136.08 86.52
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 8.32 6.59
Bloomberg Barclays U.S. Aggregate Bond Index 3.40 3.15
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund 0.37 0.62
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 0.58%
12b-1 Fees -
Other Expenses 0.22%
Total Gross Expenses 0.80%
Waivers -0.09%
Total Net Expenses 0.71%

Portfolio

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

Top Holdings (As of 08/31/2020)
% of Fund
Fannie Mae or Freddie Mac, 2.50%, 09/17/20 8.80
Ginnie Mae, 3.50%, 09/21/20 1.83
Fannie Mae or Freddie Mac, 4.00%, 09/14/20 1.60
Fannie Mae or Freddie Mac, 4.50%, 09/14/20 1.34
Fannie Mae or Freddie Mac, 1.50%, 09/17/20 1.15
BX Commercial Mortgage Trust 2019-XL, 2.46%, 10/15/36 0.92
General Electric Co, 5.00%, 01/20/66 0.91
Spruce Hill Mortgage Loan Trust 2020-SH2, 3.41%, 06/25/55 0.88
Victoria PLC, 5.25%, 07/15/24 0.68
2020 Cash Mandatory Exchangeable Trust 0.65
Total 18.76
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  FUND INDEX
Number of Holdings
Debt Issues
564 11736
Portfolio Turnover Rate
(1-year trailing)
147.47% -
Weighted Average Maturity
(years)
5.37 13.54
Effective Duration
(years)
3.61 6.00
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2020)
US Preferred Stock 1.29 -
Credit-High Yield 36.37 -
MBS 22.14 26.98
ABS 14.63 0.38
Credit-Investment Grade 14.33 27.49
CMBS 8.50 2.21
Bank Loans 7.75 -
CMO 6.83 -
Non-US Collateralized 0.47 -
Cash & Equivalents -12.31 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
North America 100.74 92.89
Europe 7.24 3.25
Latin America 1.67 0.94
Africa/Mideast 1.58 0.07
Asia/Pacific Ex Japan 1.08 0.74
Cash & Equivalents -12.31 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
U.S. 94.72 91.73
Non-U.S. Developed 14.21 5.39
Non-U.S. Emerging 3.38 1.45
Cash & Equivalents -12.31 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of August 31, 2020)
< 1 yr 5.56 0.80
1 - 3 yrs 32.93 18.81
3 - 5 yrs 22.40 14.92
5 - 7 yrs 19.96 9.80
7 - 10 yrs 22.64 10.00
10 - 20 yrs 2.63 9.50
> 20 yrs 2.23 36.17
N/A 2.67 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of August 31, 2020)
Aaa 23.26 69.66
Aa 0.52 3.41
A 3.41 12.40
Baa 17.82 14.53
Ba 24.33 -
B 23.40 -
Caa 7.51 -
NOT RATED 10.77 -

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