For Individual Investors in the US

JANFX Flexible Bond Fund

A flexible core plus fixed income portfolio that leverages a research-driven investment process in seeking to identify the best opportunities across fixed income sectors

NAV
$9.38
As of 09/23/2022

1-Day Change
-$0.02 (-0.20%)
As of 09/23/2022

YTD Return
-14.00%
As of 09/23/2022

Morningstar Rating

As of 08/31/2022

Overview

Quarterly Update

Watch the investment team recap this quarter.

ABOUT THIS FUND

Using our broad global research capabilities, we strive to exploit fixed income market inefficiencies by building a structural foundation that we believe serves as a better starting point than traditional benchmarks. We aim to generate outperformance through sector rotation and security selection and by seeking to take the right amount of risk at each point in the cycle.

WHY INVEST IN THIS FUND

Our Team: A culture of collaboration, global integration and a research-first mentality is the cornerstone to our team’s process.

Disciplined Risk Budgeting: We target repeatable performance by building a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction: We dynamically allocate risk across market cycles and invest with conviction, with bottom-up research expected to drive excess returns.

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 06/30/2022)
Flexible Bond Fund - Class D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class D Shares -5.05 -11.00 -10.74 0.28 1.39 2.00 5.96
Bloomberg U.S. Aggregate Bond Index -4.69 -10.35 -10.29 -0.93 0.88 1.54 5.61
RETURNS (%) (As of 08/31/2022)
Flexible Bond Fund - Class D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(07/07/1987)
Flexible Bond Fund - Class D Shares -1.69 -10.98 -11.66 -0.68 1.14 1.81 5.93
Bloomberg U.S. Aggregate Bond Index -2.01 -10.75 -11.52 -2.00 0.52 1.35 5.57
Calendar Year Returns (%)
Flexible Bond Fund - Class D Shares Bloomberg U.S. Aggregate Bond Index
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Flexible Bond Fund - Class D Shares -0.86 10.80 9.48 -0.96 3.55 2.61 0.07 4.91 -0.08 8.01
Bloomberg U.S. Aggregate Bond Index -1.54 7.51 8.72 0.01 3.54 2.65 0.55 5.97 -2.02 4.22
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2022 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.64 0.40
Alpha 1.66 0.71
Tracking Error 2.19 1.79
Beta 1.10 1.03
R-squared (%) 85.81 86.28
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 135.64 113.65
Down Capture Ratio 105.16 101.34
STANDARD DEVIATION 3YR 5YR
Flexible Bond Fund 5.68 4.82
Bloomberg U.S. Aggregate Bond Index 4.79 4.36
SHARPE RATIO 3YR 5YR
Flexible Bond Fund -0.20 0.03
Bloomberg U.S. Aggregate Bond Index -0.53 -0.13
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2021)
CLASS D SHARES
Management Fees 0.41%
Other Expenses 0.16%
Total Gross Expenses 0.57%
Waivers 0.00%
Total Net Expenses 0.57%

Portfolio

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

Top Holdings (As of 08/31/2022)
% of Fund
United States Treasury Note/Bond, 2.75%, 08/15/32 7.60
United States Treasury Note/Bond, 2.88%, 05/15/52 4.21
United States Treasury Note/Bond, 3.38%, 08/15/42 3.49
United States Treasury Note/Bond, 3.25%, 06/30/27 2.80
United States Treasury Note/Bond, 3.12%, 08/31/27 2.45
United States Treasury Note/Bond, 2.75%, 07/31/27 2.13
United States Treasury Note/Bond, 1.75%, 08/15/41 2.02
United States Treasury Note/Bond, 1.12%, 08/31/28 1.90
Fannie Mae or Freddie Mac, 4.00%, 09/14/22 1.62
Fannie Mae or Freddie Mac, 4.50%, 09/14/22 1.53
Total 29.75
View Full Holdings
Portfolio Characteristics (As of 08/31/2022)
  FUND INDEX
Number of Holdings
Debt Issues
445 12582
Portfolio Turnover Rate
(1-year trailing)
148.91% -
Weighted Average Maturity
(years)
8.30 13.25
Effective Duration
(years)
6.42 6.35
Yield to Worst
4.55% 3.94%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2022)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of August 31, 2022)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of August 31, 2022)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2022)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of August 31, 2022)

Documents