For Individual Investors in the US

JMUDX Multi-Sector Income Fund

For investors seeking a steady stream of high income with lower risk than a dedicated high-yield strategy

NAV
$9.97
As of 12/07/2021

1-Day Change
$0.01 (0.11%)
 As of 12/07/2021

YTD Return
2.85%
As of 12/07/2021

Morningstar Rating

As of 11/30/2021

Buy/Trade

Overview

Quarterly Update

Watch the investment team recap the quarter.

Fund Highlights

SEEKS HIGH & CURRENT INCOME

Monthly distribution yield has consistently been above 4%.

DESIGNED TO PERFORM

Actively managed strategy adapts to changing interest rate and credit risk environment.

EXPERIENCED AND SPECIALIZED TEAM

Three portfolio managers with complementary expertise in investment grade, high yield and securitized assets.

In Your Portfolio

Janus Henderson Investors

With its exposure to higher-yielding opportunities, the Fund may serve to complement and diversify a core fixed income allocation. It may be suitable for investors looking for a current monthly income stream.

When we add a security to the portfolio, the goal is to do one of two things: either dampen volatility or provide
us with the income that we want. Ideally, it will do both.”

– Seth Meyer, Portfolio Manager

Our Approach

IDENTIFY BEST RISK-ADJUSTED OPPORTUNITIES
Leverages a bottom-up, fundamental, actively managed approach across U.S. fixed income

FUNDS INVEST IN…

Higher yielding sectors seeking higher income – typically holds between 35% and 65% in below investment grade securities

Less volatile sectors and shorter duration securities to help dampen overall volatility and create ballast for the fund

Janus Henderson

RISK MANAGEMENT

Risk management is fully integrated into the process, with deep, real-time insight gleaned from our proprietary portfolio and risk management system, Quantum Global.

What We Have Achieved

HIGH, CURRENT INCOME WITH:

  • Less interest rate sensitivity than a core bond strategy
  • Less credit sensitivity than a dedicated high yield bond strategy

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

John Kerschner, CFA

Head of U.S. Securitized Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

John Lloyd

Co-Head of Global Credit Research | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2021)
Multi-Sector Income Fund - Class D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class D Shares 0.68 3.49 7.95 6.28 5.49 5.10
Bloomberg U.S. Aggregate Bond Index 0.05 -1.55 -0.90 5.36 2.94 3.28
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 11/30/2021)
Multi-Sector Income Fund - Class D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class D Shares -0.99 2.69 4.16 6.23 5.40 4.88
Bloomberg U.S. Aggregate Bond Index -0.60 -1.29 -1.15 5.52 3.65 3.24
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

CALENDAR YEAR RETURNS (%)
Multi-Sector Income Fund - Class D Shares Bloomberg U.S. Aggregate Bond Index
2015 2016 2017 2018 2019 2020
Multi-Sector Income Fund - Class D Shares 1.58 7.84 6.69 0.45 11.13 5.50
Bloomberg U.S. Aggregate Bond Index 0.55 2.65 3.54 0.01 8.72 7.51
GROWTH OF A HYPOTHETICAL INVESTMENT
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 10/31/2021 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond Index		 3YR 5YR
Information Ratio 0.10 0.36
Alpha 2.51 3.57
Tracking Error 8.03 6.33
Beta 0.74 0.64
R-squared (%) 9.51 10.22
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index		 3YR 5YR
Up Capture Ratio 117.60 118.70
Down Capture Ratio 123.39 61.87
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 8.39 6.56
Bloomberg U.S. Aggregate Bond Index 3.48 3.28
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund 0.64 0.65
Bloomberg U.S. Aggregate Bond Index 1.31 0.60
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/21)
CLASS D SHARES
Management Fees 0.56%
Other Expenses 0.18%
Total Gross Expenses 0.74%
Waivers 0.00%
Total Net Expenses 0.74%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through at least 10/27/22.

Portfolio

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

Top Holdings (As of 10/31/2021)
% of Fund
Fannie Mae or Freddie Mac, 2.00%, 11/10/21 4.88
Fannie Mae or Freddie Mac, 3.00%, 11/10/21 1.89
Fannie Mae or Freddie Mac, 2.50%, 11/10/21 1.84
Fannie Mae or Freddie Mac, 3.50%, 11/10/21 1.72
Ginnie Mae, 2.50%, 11/18/21 1.56
Ginnie Mae, 3.00%, 11/18/21 1.19
Ginnie Mae, 3.50%, 11/18/21 0.95
Ginnie Mae, 2.00%, 11/18/21 0.88
Life 2021-BMR Mortgage Trust, 1.84%, 03/15/38 0.79
Luxembourg Investment Co 428 Sarl, 5.60%, 10/22/28 0.70
Total 16.40
View Full Holdings
Portfolio Characteristics (As of 10/31/2021)
  FUND INDEX
Number of Holdings
Debt Issues		 613 12206
Portfolio Turnover Rate
(1-year trailing)		 75.03% -
Weighted Average Maturity
(years)		 5.59 13.77
Effective Duration
(years)		 4.13 6.65
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2021)
US Preferred Stock 0.43 -
US Common Stock 0.30 -
Credit-High Yield 25.32 -
ABS 24.99 0.28
MBS 20.82 27.56
CMBS 17.16 2.03
Bank Loans 10.61 -
CMO 5.02 -
Credit-Investment Grade 4.28 26.02
Non-US Collateralized 0.32 -
Convertibles 0.10 -
Cash & Equivalents -9.35 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of October 31, 2021)
North America 104.08 93.58
Europe 4.25 2.84
Africa/Mideast 0.61 0.06
Latin America 0.32 0.74
Asia/Pacific Ex Japan 0.09 0.72
Cash & Equivalents -9.35 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of October 31, 2021)
U.S. 98.25 92.41
Non-U.S. Developed 10.39 4.91
Non-U.S. Emerging 0.71 1.27
Cash & Equivalents -9.35 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of October 31, 2021)
< 1 yr 7.22 0.60
1 - 3 yrs 20.72 18.54
3 - 5 yrs 20.26 14.81
5 - 7 yrs 30.12 10.02
7 - 10 yrs 26.33 9.62
10 - 20 yrs 2.12 11.60
> 20 yrs 0.44 34.81
N/A 1.41 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of October 31, 2021)
Aaa 26.97 71.34
Aa 0.35 3.31
A 1.04 11.22
Baa 9.30 14.13
Ba 17.37 -
B 17.85 -
Caa 8.47 -
Ca 0.34 -
NOT RATED 26.93 -
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

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