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
$10.15
As of 07/26/2021

1-Day Change
$0.00 (0.01%)
As of 07/26/2021

YTD Return
3.34%
As of 07/26/2021

Morningstar Rating

As of 06/30/2021

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.

    ABANDON YOUR DOUBTS,

NOT YOUR GOALS

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 to generate higher income – it may hold between 35% and 65% in below investment grade bonds

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

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

Head of U.S. Securitized Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

Co-Head of Global Credit Research | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 06/30/2021)
Multi-Sector Income Fund - Class D Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class D Shares 1.55 2.79 11.57 6.41 5.92 5.18
Bloomberg Barclays U.S. Aggregate Bond Index 1.83 -1.60 -0.33 5.34 3.03 3.39
RETURNS (%) (As of 06/30/2021)
Multi-Sector Income Fund - Class D Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - Class D Shares 1.55 2.79 11.57 6.41 5.92 5.18
Bloomberg Barclays U.S. Aggregate Bond Index 1.83 -1.60 -0.33 5.34 3.03 3.39
CALENDAR YEAR RETURNS (%)
Multi-Sector Income Fund - Class D Shares Bloomberg Barclays 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 Barclays U.S. Aggregate Bond Index 0.55 2.65 3.54 0.01 8.72 7.51
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 06/30/2021 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.15 0.47
Alpha 2.77 4.23
Tracking Error 8.02 6.34
Beta 0.75 0.63
R-squared (%) 9.67 9.77
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 121.53 122.95
Down Capture Ratio 119.09 47.47
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 8.39 6.55
Bloomberg Barclays U.S. Aggregate Bond Index 3.49 3.25
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund 0.62 0.74
Bloomberg Barclays U.S. Aggregate Bond Index 1.16 0.58
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/20)
CLASS D SHARES
Management Fees 0.56%
Other Expenses 0.20%
Total Gross Expenses 0.76%
Waivers 0.00%
Total Net Expenses 0.76%

Portfolio

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

Top Holdings (As of 06/30/2021)
% of Fund
Fannie Mae or Freddie Mac, 2.50%, 07/14/21 4.05
Freddie Mac Pool, 2.00%, 05/01/41 2.92
Ginnie Mae, 2.50%, 07/21/21 1.25
Fannie Mae or Freddie Mac, 3.00%, 07/14/21 1.12
Fannie Mae or Freddie Mac, 3.50%, 07/14/21 0.89
Life 2021-BMR Mortgage Trust, 1.82%, 03/15/38 0.88
Ginnie Mae, 3.00%, 07/21/21 0.77
Ginnie Mae, 3.50%, 07/21/21 0.71
Connecticut Avenue Securities Trust 2019-R02, 4.24%, 08/25/31 0.68
FREMF 2019-KBF3 Mortgage Trust, 2.59%, 01/25/29 0.60
Total 13.87
View Full Holdings
Portfolio Characteristics (As of 06/30/2021)
  FUND INDEX
Number of Holdings
Debt Issues
584 12164
Portfolio Turnover Rate
(1-year trailing)
95.20% -
Weighted Average Maturity
(years)
5.12 13.69
Effective Duration
(years)
3.19 6.48
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 06/30/2021)
US Preferred Stock 0.66 -
US Common Stock 0.42 -
Non-US Preferred Stock 0.30 -
Credit-High Yield 29.05 -
ABS 23.73 0.31
MBS 17.73 27.54
CMBS 15.24 2.13
Bank Loans 8.73 -
Credit-Investment Grade 6.18 26.41
CMO 5.67 -
Non-US Collateralized 0.36 -
Convertibles 0.19 -
Short MBS -1.78 -
Cash & Equivalents -6.48 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of June 30, 2021)
North America 101.16 93.23
Europe 4.41 2.93
Africa/Mideast 0.44 0.07
Latin America 0.36 0.94
Asia/Pacific Ex Japan 0.11 0.73
Cash & Equivalents -6.48 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of June 30, 2021)
U.S. 96.78 92.09
Non-U.S. Developed 9.13 5.01
Non-U.S. Emerging 0.57 1.46
Cash & Equivalents -6.48 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of June 30, 2021)
< 1 yr 7.08 0.69
1 - 3 yrs 18.41 18.63
3 - 5 yrs 23.07 14.97
5 - 7 yrs 28.08 9.97
7 - 10 yrs 23.07 9.88
10 - 20 yrs 3.61 10.98
> 20 yrs 0.09 34.88
N/A 1.69 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of June 30, 2021)
Aaa 21.30 70.75
Aa 0.53 3.46
A 1.40 11.12
Baa 13.03 14.67
Ba 26.62 -
B 19.57 -
Caa 8.00 -
Ca 0.08 -
NOT RATED 14.57 -

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