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For professional investors in Latam - other countries

High Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

ISIN
IE00B59RGT74

NAV
USD 23.97
As of 23/07/2025

1-Day Change
USD 0.03 (0.13%)
As of 23/07/2025

Overview

INVESTMENT OBJECTIVE

The fund’s core US high yield strategy seeks strong, risk-adjusted results by investing in transformational balance sheet opportunities. Driven by a fundamentally based investment process, this dynamic risk-aware, approach seeks to temper the downside risks associated with the US high yield asset class over a full market cycle.

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT 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.
Past performance does not predict future returns. 
 

Portfolio Management

Tom Ross, CFA

Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Brad Smith

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 30/06/2025
I2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR USD High Yield Bond - OE
  
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
30/11/2009
I2 USD (Net) 2.19 4.34 9.43 8.61 4.87 4.28 5.72
Bloomberg U.S. Corporate High Yield Bond TR 1.84 4.57 10.29 9.92 5.97 5.38 6.72
USD High Yield Bond - OE 1.79 3.97 8.61 8.26 4.69 3.76 4.88
 
  Annualised
3YR 5YR 10YR Since Inception
30/11/2009
I2 USD (Gross) - 5.65 5.11 6.60
Bloomberg U.S. Corporate High Yield Bond TR + 1.25% - 7.29 6.69 8.05
Calendar Year Returns (%)
As of 30/06/2025
I2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR USD High Yield Bond - OE
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
I2 USD (Net) 4.34 8.16 11.66 -15.19 5.60 6.31 14.83 -3.03 6.02 12.84 -1.65
Bloomberg U.S. Corporate High Yield Bond TR 4.57 8.19 13.44 -11.19 5.28 7.11 14.32 -2.08 7.50 17.13 -4.47
USD High Yield Bond - OE 3.97 6.75 11.09 -11.11 3.99 5.01 12.48 -3.03 6.55 12.51 -6.02
Calendar Year Returns (%)
Year I2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR USD High Yield Bond - OE
2024 8.16 8.19 6.75
2023 11.66 13.44 11.09
2022 -15.19 -11.19 -11.11
2021 5.60 5.28 3.99
2020 6.31 7.11 5.01
2019 14.83 14.32 12.48
2018 -3.03 -2.08 -3.03
2017 6.02 7.50 6.55
2016 12.84 17.13 12.51
2015 -1.65 -4.47 -6.02
2014 0.53 2.45 -0.50
2013 7.27 7.44 6.37
2012 14.34 15.81 14.13
2011 3.11 4.98 2.11
2010 15.42 15.12 14.10
2009 from 30/11/2009 3.10 3.28 1.59

As of 30/06/2025
I2 USD (Net) Bloomberg U.S. Corporate High Yield Bond TR USD High Yield Bond - OE
Fee Information
Initial Charge 2.00%
Annual Charge 0.65%
Ongoing Charge
(As of 31/12/2024)
0.79%

Portfolio

Top Holdings (As of 30/06/2025)
% of Fund
US 2YR NOTE (CBT) Sep25 SEP 25 8.78
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027 1.95
Garda World Security Corp, 6.00%, 06/01/2029 1.58
Standard Industries Inc/NY, 3.38%, 01/15/2031 1.53
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.00%, 09/01/2031 1.49
STONEX GROUP INC, 7.88%, 03/01/2031 1.48
LifePoint Health Inc, 10.00%, 06/01/2032 1.42
Heartland Dental LLC / Heartland Dental Finance Corp, 10.50%, 04/30/2028 1.39
Cloud Software Group Inc, 6.50%, 03/31/2029 1.30
HLF Financing Sarl LLC / Herbalife International Inc, 12.25%, 04/15/2029 1.26
TOTAL 22.18
Industry Allocation % of Fund % of Index % of Fund % of Index As of 30/06/2025
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 30/06/2025
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 30/06/2025
Country/Geographic Exposures % of Fund % of Index % of Fund % of Index As of 30/06/2025
Regional Allocation % of Fund % of Index % of Fund % of Index As of 30/06/2025

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is 8XJF01L85QOF8MG4D740.