JNHYX High-Yield Fund

Driven by a fundamentally based investment process, the strategy seeks to temper the downside risks associated with the high-yield asset class over a full market cycle.

NAV
$7.67
As of 05/26/2020

1-Day Change
$0.06 (0.80%)
As of 05/26/2020

YTD Return
-7.74%
As of 05/26/2020

Morningstar Rating

As of 04/30/2020

Overview

ABOUT THIS FUND

The Fund’s core high-yield strategy seeks strong, risk-adjusted results by investing in transformational balance sheet opportunities. Driven by a fundamentally based investment process, this dynamic, risk-aware approach seeks to temper the downside risks associated with the high-yield asset class over a full market cycle.

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 03/31/2020)
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 -14.50 -14.50 -7.97 -0.10 1.97 4.93 6.59
Bloomberg Barclays U.S. Corporate High Yield Bond Index -12.68 -12.68 -6.94 0.77 2.78 5.64 6.44
RETURNS (%) (As of 04/30/2020)
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 -10.72 -10.74 -5.30 0.95 2.64 5.14 6.75
Bloomberg Barclays U.S. Corporate High Yield Bond Index -8.78 -8.75 -4.11 1.87 3.44 5.86 6.61
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 04/30/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.67 -0.41
Alpha -0.93 -0.60
Tracking Error 1.22 1.72
Beta 1.10 0.98
R-squared (%) 99.06 95.09
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 100.08 89.98
Down Capture Ratio 110.99 95.74
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.25 7.76
Bloomberg Barclays U.S. Corporate High Yield Bond Index 8.38 7.71
SHARPE RATIO 3YR 5YR
High-Yield Fund -0.08 0.21
Bloomberg Barclays U.S. Corporate High Yield Bond Index 0.01 0.30
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS D SHARES
Management Fees 0.57%
12b-1 Fees -
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 04/30/2020)
% of Fund
General Electric Co, 5.00%, 01/20/66 1.90
ARD Finance SA, 6.50%, 06/30/27 1.37
CCO Holdings LLC / CCO Holdings Capital Corp, 5.12%, 05/01/27 1.32
Altice France SA/France, 7.38%, 05/01/26 1.32
Allegheny Technologies Inc, 7.88%, 08/15/23 1.23
Altice France Holding SA, 10.50%, 05/15/27 1.18
Golden Nugget Inc, 8.75%, 10/01/25 1.17
First Quantum Minerals Ltd, 7.25%, 04/01/23 1.16
Watco Cos LLC / Watco Finance Corp, 6.38%, 04/01/23 1.01
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 0.92
Total 12.58
View full holdings
Portfolio Characteristics (As of 04/30/2020)
  FUND INDEX
Number of Holdings
Debt Issues
206 2013
Portfolio Turnover Rate
(1-year trailing)
125.69% -
Weighted Average Maturity
(years)
5.97 6.12
Effective Duration
(years)
3.64 3.84

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
US Common Stock 3.18 -
Non-US Common Stock 0.19 -
Credit-High Yield 68.73 99.65
Futures 13.55 -
Credit-Investment Grade 4.69 0.35
Bank Loans 2.18 -
Credit Default Swap 1.69 -
Convertibles 0.41 -
ABS 0.33 -
Cash & Equivalents 5.05 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of April 30, 2020)
North America 83.14 90.86
Europe 8.85 7.80
Africa/Mideast 1.95 0.03
Latin America 0.86 -
Asia/Pacific Ex Japan 0.15 1.31
Cash & Equivalents 5.05 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of April 30, 2020)
U.S. 82.37 86.64
Non-U.S. Developed 10.37 12.91
Non-U.S. Emerging 2.21 0.45
Cash & Equivalents 5.05 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of April 30, 2020)
< 1 yr 0.19 0.88
1 - 3 yrs 21.09 15.53
3 - 5 yrs 15.12 25.83
5 - 7 yrs 25.62 29.65
7 - 10 yrs 24.78 21.44
10 - 20 yrs 1.37 4.34
> 20 yrs 0.42 2.33
N/A 2.99 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of April 30, 2020)
A 0.48 -
Baa 4.74 0.35
Ba 22.13 52.91
B 31.09 32.70
Caa 16.17 11.93
Ca 0.83 0.60
NOT RATED 16.14 0.28

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