For Individual Investors in the US

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
$7.06
As of 03/31/2023

1-Day Change
$0.06 (0.88%)
As of 03/31/2023

YTD Return
3.77%
As of 03/31/2023

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

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

Tom Ross, CFA

Global Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Seth Meyer, CFA

Head of Fixed Income Strategy | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Performance

RETURNS (%) (As of 12/31/2022)
High-Yield Fund - Class D Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class D Shares 3.78 -14.91 -14.91 -1.72 1.24 3.14 6.31
Bloomberg U.S. Corporate High Yield Bond Index 4.17 -11.19 -11.19 0.05 2.31 4.03 6.30
RETURNS (%) (As of 02/28/2023)
High-Yield Fund - Class D Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - Class D Shares 2.29 2.76 -8.74 -0.32 1.85 3.26 6.38
Bloomberg U.S. Corporate High Yield Bond Index 1.83 2.47 -5.46 1.34 2.87 4.09 6.36
Calendar Year Returns (%)
High-Yield Fund - Class D Shares Bloomberg U.S. Corporate High Yield Bond Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
High-Yield Fund - Class D Shares -14.91 5.79 5.47 15.44 -2.97 6.18 12.92 -1.32 0.78 7.41
Bloomberg U.S. Corporate High Yield Bond Index -11.19 5.28 7.11 14.32 -2.08 7.50 17.13 -4.47 2.45 7.44
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 02/28/2023 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Corporate High Yield Bond Index
3YR 5YR
Information Ratio -1.05 -0.76
Alpha -1.64 -1.13
Tracking Error 1.54 1.28
Beta 1.09 1.08
R-squared (%) 99.16 98.94
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Corporate High Yield Bond Index
3YR 5YR
Up Capture Ratio 101.98 101.63
Down Capture Ratio 113.61 111.66
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 12.42 10.07
Bloomberg U.S. Corporate High Yield Bond Index 11.33 9.26
SHARPE RATIO 3YR 5YR
High-Yield Fund -0.09 0.05
Bloomberg U.S. Corporate High Yield Bond Index 0.04 0.16
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2022)
CLASS D SHARES
Management Fees 0.58%
Other Expenses 0.18%
Total Gross Expenses 0.76%
Waivers 0.00%
Total Net Expenses 0.76%

Portfolio

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

Top Holdings (As of 02/28/2023)
% of Fund
First Quantum Minerals Ltd, 7.50%, 04/01/25 1.48
Standard Industries Inc/NJ, 3.38%, 01/15/31 1.40
Medline Borrower LP, 5.25%, 10/01/29 1.36
Carnival Corp, 7.62%, 03/01/26 1.34
Royal Caribbean Cruises Ltd, 11.62%, 08/15/27 1.32
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 1.32
ARD Finance SA, 6.50%, 06/30/27 1.32
Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.12%, 04/30/31 1.29
Victoria's Secret & Co, 4.62%, 07/15/29 1.24
Seagate HDD Cayman, 9.62%, 12/01/32 1.21
Total 13.28
View full holdings
Portfolio Characteristics (As of 02/28/2023)
  FUND INDEX
Number of Holdings
Debt Issues
196 2043
Portfolio Turnover Rate
(1-year trailing)
69.42% -
Weighted Average Maturity
(years)
5.72 5.38
Effective Duration
(years)
3.74 3.78
Yield to Worst
8.24% 8.61%

Yield to Worst calculation excludes cash.

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of February 28, 2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of February 28, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of February 28, 2023)

Documents