HFADX Developed World Bond Fund

Investing across a wide range of fixed income securities, the Fund seeks income and total return while actively managing duration and credit exposure

NAV
$9.85
As of 11/21/2019

1 Day Change
-$0.01 (-0.10%)
As of 11/21/2019

YTD Return
9.62%
As of 11/21/2019

Morningstar Rating

As of 10/31/2019

Morningstar Analyst Rating
Morningstar Analyst Rating				 Bronze
As of 10/31/2019

Overview

ABOUT THIS FUND

A world bond fund focusing on developed markets that seeks total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions between countries, fixed income asset classes, sectors and credit ratings.

WHY INVEST IN THIS FUND

Active Asset Allocation Approach
We believe asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle.

Designed for Attractive Total Return
The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, we favor sensible income from large, non-cyclical businesses that are likely to continue paying their coupons in the years to come.

Aims to Exploit Opportunities
We believe divergent central bank policy has created an opportunity for us to exploit market inefficiencies. The portfolio seeks to take advantage of these opportunities across developed markets and to avoid currency bets.

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

Jenna Barnard, CFA

Co-Head of Strategic Fixed Income | Portfolio Manager

Industry since 2001. Joined Firm in 2002.

John Pattullo

Co-Head of Strategic Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 1997.

Performance

RETURNS (%) (As of 09/30/2019)
Developed World Bond Fund - Class D Shares Bloomberg Barclays Global Aggregate Credit Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/30/2003)
Developed World Bond Fund - Class D Shares 2.74% 10.26% 11.81% 5.08% 5.09% 6.16% 5.30%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) 2.76% 11.21% 11.60% 4.46% 4.58% 5.14% 4.83%
RETURNS (%) (As of 10/31/2019)
Developed World Bond Fund - Class D Shares Bloomberg Barclays Global Aggregate Credit Index (USD Hedged)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/30/2003)
Developed World Bond Fund - Class D Shares 1.37% 10.06% 11.65% 5.28% 4.94% 5.87% 5.26%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) 2.12% 11.51% 12.72% 4.85% 4.47% 5.11% 4.82%
CALENDAR YEAR RETURNS (%)
Developed World Bond Fund - Class D Shares Bloomberg Barclays Global Aggregate Credit Index (USD Hedged)
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Developed World Bond Fund - Class D Shares 50.75 10.17 0.06 13.75 3.86 5.61 1.74 5.92 5.75 0.55
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) 14.09 6.83 5.07 10.35 -0.43 7.49 -0.13 5.69 5.36 -0.47
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays Global Aggregate Credit Index Net (USD Hedged)
3YR 5YR
Information Ratio 0.52 0.46
Alpha 1.38 1.40
Tracking Error 1.26 1.58
Beta 0.84 0.84
R-squared (%) 83.32 75.52
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays Global Aggregate Credit Index Net (USD Hedged)
3YR 5YR
Up Capture Ratio 95.95 96.06
Down Capture Ratio 57.68 59.49
STANDARD DEVIATION 3YR 5YR
Developed World Bond Fund 2.86 3.04
Bloomberg Barclays Global Aggregate Credit Index Net (USD Hedged) 3.09 3.13
SHARPE RATIO 3YR 5YR
Developed World Bond Fund 1.38 1.39
Bloomberg Barclays Global Aggregate Credit Index Net (USD Hedged) 1.06 1.11
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS D SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.32%
Total Gross Expenses 0.87%
Waivers -0.07%
Total Net Expenses 0.80%

Portfolio

Index represents the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged).

(As of 10/31/2019)
% of Fund
United Kingdom Gilt, 4.00%, 03/07/22 4.01
United Kingdom Gilt, 1.62%, 10/22/28 3.61
United Kingdom Gilt, 0.62%, 06/07/25 3.01
Canadian Government Bond, 1.75%, 03/01/23 2.87
Sweden Government Bond, 0.75%, 05/12/28 2.58
United States Treasury Note/Bond, 2.62%, 08/31/20 2.52
United States Treasury Note/Bond, 2.88%, 05/15/28 2.49
Australia Government Bond, 2.75%, 11/21/28 2.19
Alphabet Inc, 2.00%, 08/15/26 2.05
Australia Government Bond, 3.75%, 04/21/37 2.03
Total 27.36
View full holdings
Portfolio Characteristics (As of 10/31/2019)
 
Number of Holdings
Debt Issues
212
Portfolio Turnover Rate
(1-year trailing)
30.04%
Weighted Average Maturity
(years)
7.59
Effective Duration
(years)
6.75

Sector Allocation % OF FUND % OF FUND (As of 10/31/2019)
Credit-Investment Grade 49.58
Treasuries 33.86
Credit-High Yield 10.40
Government Related 4.18
Credit Default Swap 2.22
Inflation Linked 0.70
Bank Loans 0.44
CMBS 0.04
Short Credit Default Swap -2.27
Cash & Equivalents 0.85
Regional Allocations % OF FUND % OF FUND (As of October 31, 2019)
North America 52.70
Europe 36.07
Asia/Pacific Ex Japan 8.31
Supranational 2.07
Cash & Equivalents 0.85
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF FUND (As of October 31, 2019)
< 1 yr 4.44
1 - 3 yrs 8.03
3 - 5 yrs 15.64
5 - 7 yrs 18.99
7 - 10 yrs 36.83
10 - 20 yrs 13.48
> 20 yrs 1.61
N/A 0.13
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of October 31, 2019)
Aaa 28.30
Aa 18.80
A 19.86
Baa 21.35
Ba 7.38
B 3.25
NOT RATED 0.21

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