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 08/10/2020

1-Day Change
$0.01 (0.14%)
As of 08/10/2020

YTD Return
-0.78%
As of 08/10/2020

Morningstar Rating

As of 07/31/2020

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 06/30/2020)
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 9.87 -6.06 -1.73 2.54 3.78 5.93 6.93
Bloomberg Barclays U.S. Corporate High Yield Bond Index 10.18 -3.80 0.03 3.33 4.79 6.68 6.80
RETURNS (%) (As of 07/31/2020)
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 9.82 -1.98 1.85 3.64 4.62 6.02 7.09
Bloomberg Barclays U.S. Corporate High Yield Bond Index 10.37 0.71 4.14 4.54 5.88 6.80 6.97
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 06/30/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -0.61 -0.55
Alpha -0.96 -0.81
Tracking Error 1.20 1.70
Beta 1.09 0.98
R-squared (%) 99.10 95.44
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 100.93 89.72
Down Capture Ratio 110.99 96.92
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.57 7.95
Bloomberg Barclays U.S. Corporate High Yield Bond Index 8.73 7.89
SHARPE RATIO 3YR 5YR
High-Yield Fund 0.09 0.34
Bloomberg Barclays U.S. Corporate High Yield Bond Index 0.18 0.46
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 06/30/2020)
% of Fund
General Electric Co, 5.00%, 01/20/66 1.84
ARD Finance SA, 6.50%, 06/30/27 1.58
Allegheny Technologies Inc, 7.88%, 08/15/23 1.37
Altice France SA/France, 7.38%, 05/01/26 1.32
CCO Holdings LLC / CCO Holdings Capital Corp, 5.12%, 05/01/27 1.28
First Quantum Minerals Ltd, 7.25%, 04/01/23 1.23
Altice France Holding SA, 10.50%, 05/15/27 1.16
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 1.01
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 0.93
Ford Motor Co, 9.00%, 04/22/25 0.90
Total 12.62
View full holdings
Portfolio Characteristics (As of 06/30/2020)
  FUND INDEX
Number of Holdings
Debt Issues
205 2049
Portfolio Turnover Rate
(1-year trailing)
127.77% -
Weighted Average Maturity
(years)
5.39 6.19
Effective Duration
(years)
3.67 3.83
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 06/30/2020)
US Common Stock 2.92 -
US Preferred Stock 1.17 -
Non-US Common Stock 0.43 -
Credit-High Yield 73.80 99.94
Futures 13.40 -
Credit-Investment Grade 4.33 0.06
Bank Loans 1.57 -
Convertibles 0.48 -
ABS 0.33 -
Cash & Equivalents 1.57 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of June 30, 2020)
North America 84.13 91.33
Europe 9.81 7.30
Africa/Mideast 2.71 0.06
Latin America 1.62 0.08
Asia/Pacific Ex Japan 0.16 1.23
Cash & Equivalents 1.57 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of June 30, 2020)
U.S. 84.04 87.34
Non-U.S. Developed 11.07 12.10
Non-U.S. Emerging 3.32 0.56
Cash & Equivalents 1.57 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of June 30, 2020)
1 - 3 yrs 20.24 15.70
3 - 5 yrs 18.85 28.00
5 - 7 yrs 26.51 28.84
7 - 10 yrs 23.64 19.62
10 - 20 yrs 1.64 4.49
> 20 yrs 0.10 2.79
N/A 2.93 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of June 30, 2020)
A 0.42 -
Baa 4.32 0.06
Ba 24.91 54.41
B 33.53 32.19
Caa 16.58 12.22
Ca 0.54 0.53
NOT RATED 13.61 0.19

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