JNSTX Short-Term Bond Fund

Core fund that benefits from a bottom-up, fundamentally driven investment process designed to generate risk adjusted returns and preserve capital

NAV
$3.07
As of 07/14/2020

1-Day Change
$0.00 (0.01%)
As of 07/14/2020

YTD Return
2.91%
As of 07/14/2020

Overview

ABOUT THIS FUND

This dynamic, short-duration bond fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

WHY INVEST IN THIS FUND

Dynamic Core Short-Duration Bond Holding
The Fund emphasizes risk-adjusted returns and capital preservation while seeking to identify the best opportunities across fixed income sectors using a bottom-up, fundamentally driven investment process.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free cash flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

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

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Performance

RETURNS (%) (As of 06/30/2020)
Short-Term Bond Fund - Class D Shares Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Short-Term Bond Fund - Class D Shares 4.69 2.50 3.74 2.58 2.01 1.94 3.81
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 1.17 2.88 4.20 2.87 2.11 1.63 3.82
RETURNS (%) (As of 06/30/2020)
Short-Term Bond Fund - Class D Shares Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/01/1992)
Short-Term Bond Fund - Class D Shares 4.69 2.50 3.74 2.58 2.01 1.94 3.81
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 1.17 2.88 4.20 2.87 2.11 1.63 3.82
CALENDAR YEAR RETURNS (%)
Short-Term Bond Fund - Class D Shares Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Short-Term Bond Fund - Class D Shares 3.48 1.50 3.53 1.44 0.64 0.29 1.58 1.28 0.90 4.18
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 2.80 1.59 1.26 0.64 0.77 0.65 1.28 0.84 1.60 4.03
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 06/30/2020 Class I Shares)

RISK / REWARD
VS. Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
3YR 5YR
Information Ratio -0.10 -0.06
Alpha 0.27 0.32
Tracking Error 2.39 1.88
Beta 0.83 0.80
R-squared (%) 11.50 14.77
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays 1-3 Year U.S. Government/Credit Index
3YR 5YR
Up Capture Ratio 85.15 89.21
Down Capture Ratio 33.81 61.43
STANDARD DEVIATION 3YR 5YR
Short-Term Bond Fund 2.53 2.03
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 1.04 0.97
SHARPE RATIO 3YR 5YR
Short-Term Bond Fund 0.36 0.42
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 1.11 0.99
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 06/30/2019)
CLASS D SHARES
Management Fees 0.44%
12b-1 Fees -
Other Expenses 0.26%
Total Gross Expenses 0.70%
Waivers -0.12%
Total Net Expenses 0.58%

Portfolio

Index represents the Bloomberg Barclays 1-3 Year U.S. Government/Credit Index.

Top Holdings (As of 06/30/2020)
% of Fund
United States Treasury Note/Bond, 1.75%, 07/15/22 4.26
United States Treasury Note/Bond, 1.75%, 06/15/22 3.50
United States Treasury Note/Bond, 2.75%, 11/30/20 1.85
JPMorgan Chase & Co, 2.97%, 01/15/23 1.76
United States Treasury Note/Bond, 0.38%, 04/30/25 1.41
Charter Communications Operating LLC, 1.93%, 04/30/25 1.35
Vulcan Materials Co, 1.00%, 03/01/21 1.33
Taco Bell Funding LLC, 4.32%, 11/25/48 1.29
Bank of America Corp, 2.50%, 10/21/22 1.29
Broadcom Inc, 3.46%, 09/15/26 1.23
Total 19.27
View full holdings
Portfolio Characteristics (As of 06/30/2020)
  FUND INDEX
Number of Holdings
Debt Issues
222 1600
Portfolio Turnover Rate
(1-year trailing)
91.01% -
Weighted Average Maturity
(years)
2.64 1.92
Effective Duration
(years)
2.20 1.84

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 06/30/2020)
Credit-Investment Grade 44.14 23.91
Treasuries 14.50 64.55
ABS 13.46 -
Credit-High Yield 9.76 0.01
CMO 6.87 -
Futures 6.02 -
CMBS 2.21 -
Bank Loans 2.08 -
Non-US Collateralized 0.19 -
Cash & Equivalents 0.77 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of June 30, 2020)
North America 94.67 89.53
Europe 3.35 4.77
Japan 0.66 1.01
Africa/Mideast 0.31 0.04
Latin America 0.24 0.20
Cash & Equivalents 0.77 -
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of June 30, 2020)
U.S. 92.23 87.80
Non-U.S. Developed 6.45 7.85
Non-U.S. Emerging 0.55 0.74
Cash & Equivalents 0.77 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of June 30, 2020)
< 1 yr 17.21 3.80
1 - 3 yrs 47.02 96.20
3 - 5 yrs 30.40 -
5 - 7 yrs 4.60 -
Credit Quality of Fixed Income Holdings % OF FUND % of Index % OF FUND % of Index (As of June 30, 2020)
Aaa 24.28 72.85
Aa 3.64 4.80
A 14.05 12.50
Baa 37.96 9.84
Ba 9.12 -
B 2.03 0.01
NOT RATED 8.15 -

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