JNHYX High-Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

NAV
$8.16
As of 10/20/2020

1-Day Change
$0.00 (0.01%)
As of 10/20/2020

YTD Return
0.23%
As of 10/20/2020

Morningstar Rating

As of 09/30/2020

Overview

ABOUT THIS FUND

A high-conviction, active high-yield strategy that seeks to generate competitive risk-adjusted returns while mitigating drawdowns. The strategy takes a research-first mentality on both macro and security selection risks.

WHY INVEST IN THIS FUND

High Conviction
We believe a high conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.

Research Driven
Our analysts cover issuers across the credit quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.

Global Resources
This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.

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

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Brent Olson

Portfolio Manager | Credit Analyst

Industry since 1997. Joined Firm in 2017.

Performance

RETURNS (%) (As of 09/30/2020)
High-Yield Fund - Class D Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class D Shares 4.83 -1.51 1.44 3.44 5.40 5.77 7.06
Bloomberg Barclays U.S. Corporate High Yield Bond Index 4.60 0.62 3.25 4.21 6.79 6.47 6.92
RETURNS (%) (As of 09/30/2020)
High-Yield Fund - Class D Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class D Shares 4.83 -1.51 1.44 3.44 5.40 5.77 7.06
Bloomberg Barclays U.S. Corporate High Yield Bond Index 4.60 0.62 3.25 4.21 6.79 6.47 6.92
CALENDAR YEAR RETURNS (%)
High-Yield Fund - Class D Shares Bloomberg Barclays U.S. Corporate High Yield Bond Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
High-Yield Fund - Class D Shares 15.80 3.32 14.40 7.41 0.78 -1.32 12.92 6.18 -2.97 15.44
Bloomberg Barclays U.S. Corporate High Yield Bond Index 15.12 4.98 15.81 7.44 2.45 -4.47 17.13 7.50 -2.08 14.32
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.58 -0.79
Alpha -0.97 -1.18
Tracking Error 1.23 1.63
Beta 1.08 1.00
R-squared (%) 99.00 95.96
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 100.48 91.18
Down Capture Ratio 109.62 102.98
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.90 8.09
Bloomberg Barclays U.S. Corporate High Yield Bond Index 9.12 7.94
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.19 0.54
Bloomberg Barclays U.S. Corporate High Yield Bond Index 0.28 0.71
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS D SHARES
Management Fees 0.57%
Other Expenses 0.23%
Total Gross Expenses 0.80%
Waivers 0.00%
Total Net Expenses 0.80%

Portfolio

Index represents the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Top Holdings (As of 09/30/2020)
% of Fund
2020 Cash Mandatory Exchangeable Trust 2.07
ARD Finance SA, 6.50%, 06/30/27 1.87
General Electric Co, 5.00%, 01/20/66 1.87
LABL Escrow Issuer LLC, 10.50%, 07/15/27 1.56
Allegheny Technologies Inc, 7.88%, 08/15/23 1.55
First Quantum Minerals Ltd, 7.25%, 04/01/23 1.51
Ford Motor Co, 9.00%, 04/22/25 1.13
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 1.09
Dole Food Co Inc, 7.25%, 06/15/25 1.05
GCI LLC, 6.62%, 06/15/24 1.02
Total 14.72
View full holdings
Portfolio Characteristics (As of 09/30/2020)
  FUND INDEX
Number of Holdings
Debt Issues
202 2079
Portfolio Turnover Rate
(1-year trailing)
136.04% -
Weighted Average Maturity
(years)
6.18 6.25
Effective Duration
(years)
3.34 3.67
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2020)
US Preferred Stock 2.82 -
US Common Stock 1.95 -
Non-US Common Stock 0.45 -
Credit-High Yield 86.64 100.00
Credit-Investment Grade 4.23 -
Bank Loans 2.05 -
Credit Default Swap 1.38 -
ABS 0.13 -
Cash & Equivalents 0.35 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of September 30, 2020)
North America 85.64 91.38
Europe 9.49 7.19
Africa/Mideast 2.17 0.03
Latin America 2.15 0.03
Asia/Pacific Ex Japan 0.20 1.37
Cash & Equivalents 0.35 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of September 30, 2020)
U.S. 85.26 87.39
Non-U.S. Developed 10.73 12.03
Non-U.S. Emerging 3.66 0.58
Cash & Equivalents 0.35 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of September 30, 2020)
< 1 yr 0.71 0.33
1 - 3 yrs 6.38 14.53
3 - 5 yrs 20.76 27.56
5 - 7 yrs 29.18 28.98
7 - 10 yrs 30.27 21.14
10 - 20 yrs 1.86 4.89
> 20 yrs 0.52 2.57
N/A 4.75 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of September 30, 2020)
Baa 4.23 -
Ba 30.36 54.76
B 38.35 32.51
Caa 19.82 11.84
Ca 0.29 0.55
NOT RATED 1.38 -

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