JANFX Flexible Bond Fund

For over 30 years, this active fixed income strategy has been anchoring investor portfolios given its focus on risk-adjusted returns and capital preservation.

NAV
$10.49
As of 04/03/2020

1-Day Change
-$0.01 (-0.09%)
As of 04/03/2020

YTD Return
0.02%
As of 04/03/2020

Overview

Navigate Uncertainty

Watch now for a current market perspective and outlook from the investment team

ABOUT THIS FUND

This dynamic core bond fund leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its 30 year history, the Fund has utilized an active and flexible approach to manage across a variety of market and rate cycles.

WHY INVEST IN THIS FUND

Dynamic Core Bond Holding
By emphasizing risk-adjusted returns and capital preservation, the Fund can serve as a foundation for a fixed income portfolio. The strategy uses a bottom-up, fundamentally driven investment process that seeks to identify the best opportunities across fixed income sectors, including up to 35% high yield.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free-cash-flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

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

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 03/31/2020)
Flexible Bond Fund - Class D Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class D Shares -0.02 -0.02 6.17 3.61 2.53 3.89 6.46
Bloomberg Barclays U.S. Aggregate Bond Index 3.15 3.15 8.93 4.82 3.36 3.88 6.28
RETURNS (%) (As of 03/31/2020)
Flexible Bond Fund - Class D Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class D Shares -0.02 -0.02 6.17 3.61 2.53 3.89 6.46
Bloomberg Barclays U.S. Aggregate Bond Index 3.15 3.15 8.93 4.82 3.36 3.88 6.28
CALENDAR YEAR RETURNS (%)
Flexible Bond Fund - Class D Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Flexible Bond Fund - Class D Shares 7.53 6.63 8.01 -0.08 4.91 0.07 2.61 3.55 -0.96 9.48
Bloomberg Barclays U.S. Aggregate Bond Index 6.54 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01 8.72
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 02/29/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio -0.23 -0.25
Alpha 0.46 0.25
Tracking Error 0.76 0.71
Beta 0.87 0.88
R-squared (%) 94.74 95.15
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 90.26 89.90
Down Capture Ratio 75.67 82.98
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 2.83 2.77
Bloomberg Barclays U.S. Aggregate Bond Index 3.16 3.07
SHARPE RATIO 3YR 5YR
Flexible Bond Fund 1.10 0.83
Bloomberg Barclays U.S. Aggregate Bond Index 1.05 0.81
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS D SHARES
Management Fees 0.40%
12b-1 Fees -
Other Expenses 0.21%
Total Gross Expenses 0.61%
Waivers -0.02%
Total Net Expenses 0.59%

Portfolio

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

Top Holdings (As of 02/29/2020)
% of Fund
United States Treasury Note/Bond, 2.25%, 08/15/49 4.17
United States Treasury Note/Bond, 2.75%, 08/15/42 2.45
United States Treasury Note/Bond, 1.38%, 01/31/25 2.24
Fannie Mae Pool, 3.00%, 02/01/47 1.97
United States Treasury Note/Bond, 2.12%, 05/31/21 1.80
United States Treasury Note/Bond, 1.50%, 02/15/30 1.58
Ginnie Mae II Pool, 4.00%, 04/20/49 1.27
Ginnie Mae II Pool, 4.00%, 05/20/48 1.16
United States Treasury Note/Bond, 3.00%, 02/15/49 1.06
United States Treasury Note/Bond, 2.00%, 02/15/50 0.88
Total 18.58
View full holdings
Portfolio Characteristics (As of 02/29/2020)
  FUND INDEX
Number of Holdings
Debt Issues
533 11092
Portfolio Turnover Rate
(1-year trailing)
192.66% -
Weighted Average Maturity
(years)
8.97 13.13
Effective Duration
(years)
6.22 5.82

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/29/2020)
US Preferred Stock 0.15 -
Credit-Investment Grade 36.97 24.97
MBS 28.66 26.19
Treasuries 15.47 40.32
Credit-High Yield 6.12 0.12
CMO 4.84 -
ABS 3.96 0.42
CMBS 2.76 2.10
Bank Loans 0.44 -
Cash & Equivalents 0.63 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of February 29, 2020)
North America 95.66 92.99
Europe 3.21 3.18
Latin America 0.50 1.11
Cash & Equivalents 0.63 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of February 29, 2020)
U.S. 95.48 91.85
Non-U.S. Developed 3.39 5.18
Non-U.S. Emerging 0.50 1.63
Cash & Equivalents 0.63 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of February 29, 2020)
< 1 yr 1.93 0.99
1 - 3 yrs 15.37 20.17
3 - 5 yrs 25.60 14.74
5 - 7 yrs 16.71 10.28
7 - 10 yrs 22.16 9.94
10 - 20 yrs 3.18 8.22
> 20 yrs 13.65 35.66
N/A 0.62 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of February 29, 2020)
Aaa 48.12 71.93
Aa 0.74 3.35
A 9.74 10.93
Baa 31.80 13.67
Ba 6.88 0.12
B 1.69 -
NOT RATED 0.25 -

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