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HFASX

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Developed World Bond Fund

Actively Allocating Across Developed Market Fixed Income
NAV As of 07/15/19 $9.67

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Fund Facts

Details Yields Morningstar (As of 06/30/19)
09/30/03 Inception Date
$1.13B Total Net Assets (As of 06/30/19)
GROSS 2.20%
NET 1.14%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
4.30% Distribution Yield at NAV
(As of 06/30/19)
30 Day SEC Yield (As of 06/30/19)
With Waivers 1.09%
Without Waivers -0.86%
Monthly Distribution Frequency
Performance (As of 07/15/19)
0.21% 1 Day Return %
7.01% YTD Return
Category
World Bond-USD Hedged
ic_star ic_star ic_star ic_star ic_star
64 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
bronze Analyst Rating
Important Morningstar Information

Overview

Client Commitment

A world bond fund focusing on developed markets that seeks total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions between countries, fixed income asset classes, sectors and credit ratings.

Why Invest in the Fund

  1. Active Asset Allocation Approach

  2. We believe asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle.
  3. Designed for Attractive Total Return

  4. The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, we favor sensible income from large, non-cyclical businesses that are likely to continue paying their coupons in the years to come.
  5. Aims to Exploit Opportunities

  6. We believe divergent central bank policy has created an opportunity for us to exploit market inefficiencies. The portfolio seeks to take advantage of these opportunities across developed markets and avoids currency bets.
Essentials: Strategic Income Fund | Janus Henderson Investors

Essentials: Developed World Bond Fund

Learn how we seek income and total return while actively managing duration and credit exposure.

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Performance

RETURNS

(As of 06/30/2019)
(As of 06/30/2019)
Inception: Sep 30, 2003 3M YTD 1YR 3YR 5YR 10YR Since Inception
Developed World Bond Fund – S Shares 3.29% 7.23% 8.51% 5.28% 4.21% 7.26% 5.16%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) 3.71% 8.22% 9.40% 4.11% 4.16% 5.52% 4.72%
Inception: Sep 30, 2003 3M YTD 1YR 3YR 5YR 10YR Since Inception
Developed World Bond Fund – S Shares 3.29% 7.23% 8.51% 5.28% 4.21% 7.26% 5.16%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) 3.71% 8.22% 9.40% 4.11% 4.16% 5.52% 4.72%
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.
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MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 06/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 4 21 6 16
World Bond-USD Hedged Category
Rank/Count
27/96 6/74 18/73 6/52 16/49
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 4 21 6 16
World Bond-USD Hedged Category
Rank/Count
27/96 6/74 18/73 6/52 16/49

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 06/30/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE CREDIT INDEX NET (USD HEDGED)

3 YEAR 5 YEAR
Information Ratio 1.03 0.26
Alpha 2.03 1.14
Tracking Error 1.48 1.64
Beta 0.86 0.82
R-Squared (%) 76.55 72.50

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS GLOBAL AGGREGATE CREDIT INDEX NET (USD HEDGED)

3 YEAR 5 YEAR
Up Capture Ratio 107.74 91.35
Down Capture Ratio 57.54 60.75

STANDARD DEVIATION

3 YEAR 5 YEAR
Developed World Bond Fund 2.93 2.94
Bloomberg Barclays Global Aggregate Credit Index Net (USD Hedged) 2.97 3.05

SHARPE RATIO

3 YEAR 5 YEAR
Developed World Bond Fund 1.46 1.27
Bloomberg Barclays Global Aggregate Credit Index Net (USD Hedged) 0.93 1.09

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS S SHARES
Management Fees 0.55%
12b-1 Fees 0.25%
Other Expenses 1.40%
Total Gross Expenses 2.20%
Waivers -1.06%
Total Net Expenses 1.14%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 06/30/2019)

% of Fund
Canadian Government Bond, 1.75%, 03/01/23 3.63
Canadian Government Bond, 2.00%, 06/01/28 3.34
United States Treasury Note/Bond, 2.62%, 08/31/20 3.17
Australia Government Bond, 2.75%, 11/21/28 2.72
Sweden Government Bond, 0.75%, 05/12/28 2.28
United States Treasury Note/Bond, 2.75%, 11/15/23 2.13
Australia Government Bond, 3.25%, 04/21/29 1.99
Australia Government Bond, 2.75%, 04/21/24 1.97
United Kingdom Gilt, 1.62%, 10/22/28 1.91
Alphabet Inc, 2.00%, 08/15/26 1.89
TOTAL 25.03

PORTFOLIO CHARACTERISTICS

(As of 06/30/19)

Number of Holdings
Debt Issues
204
Portfolio Turnover Rate
(1-year trailing)
32.22%
Weighted Average Maturity
(years)
7.82
Effective Duration
(years)
8.01

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 06/30/19)

% OF FUND
Aaa 32.75
Aa 11.01
A 20.12
Baa 20.67
Ba 8.58
B 2.83
NOT RATED 0.24
Bond credit quality ratings provided by Barclays and 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).

SECTOR ALLOCATION

(As of 06/30/19)

% OF FUND
Credit-Investment Grade 51.62
Treasuries 29.31
Credit-High Yield 10.94
Government Related 3.63
Credit Default Swap 2.77
Bank Loans 0.71
CMBS 0.05
Short Credit Default Swap -2.83
Cash & Equivalents 3.80

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 06/30/19)

% OF FUND
< 1 yr 2.09
1 - 3 yrs 7.87
3 - 5 yrs 17.99
5 - 7 yrs 12.08
7 - 10 yrs 41.18
10 - 20 yrs 14.19
> 20 yrs 0.66
N/A 0.14

REGIONAL ALLOCATION

(As of 06/30/19)

% OF FUND
North America 60.75
Europe 25.06
Asia/Pacific Ex Japan 9.42
Supranational 0.97
Cash & Equivalents 3.80

Commentary & Literature