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JUCAX

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Global Unconstrained Bond Fund

Global Macro-Driven Bond Fund Seeking Absolute Returns
NAV As of 12/07/18 $8.84

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
05/27/14 Inception Date
$1.04B Total Net Assets (As of 10/31/18)
GROSS 1.03%
NET 1.03%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Nontraditional Bond Front Load
(out of 69 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
3.22% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 10/31/18)
With Waivers 1.75%
Without Waivers 1.75%
Monthly Distribution Frequency
Performance (As of 12/07/18)
0.12% 1 Day Return %
-5.46% YTD Return @NAV
-9.97% YTD Return @MOP
Category
Nontraditional Bond
Important Morningstar Information

Overview

Client Commitment

This “unconstrained” fund has the flexibility to invest across global fixed income markets and is not managed to be compared to any specific index. The Fund has significant latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

Why Invest in the Fund

    World-Renowned Investor

  1. Bill Gross is one of the world’s foremost thought leaders on fixed income. His unconstrained, macro style of investing offers investors an exceptional approach to navigating today’s markets, which are deeply affected by central banks and macroeconomics.
  2. Investment Flexibility

  3. The Fund invests broadly across global fixed income markets and is not constrained by benchmark- specific guidelines. This latitude allows us to fully express our high-conviction, active views and potentially avoid benchmark biases.
  4. Uncorrelated Sources of Return

  5. This bond fund seeks to provide positive long-term returns through the employment of derivatives and option-based strategies. This allows access to sources of returns that are intended to be uncorrelated to traditional risk assets.
Essentials: Global Unconstrained Bond Fund | Janus Henderson Investors

Essentials: Global Unconstrained Bond Fund

Learn how we seek absolute returns and a low correlation to other fixed income and alternative asset classes.

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Market & Rate Agnostic Strategy Seeking Absolute Returns Regardless of Risk Environment

Fund Cumulative Returns and Duration (1/1/16 – 9/30/18)

Past performance is no guarantee of future results.

Portfolio Management

FUND NEWS

Through 11/30/18 the Janus Henderson Global Unconstrained Bond Fund I-Shares has returned 0.43% annually since Bill Gross began managing the fund (10/6/14).

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 0.11% -6.26% -6.59% 0.59% - - -0.39%
Class A Shares @MOP -4.62% -10.73% -11.01% -1.02% - - -1.50%
3-Month USD LIBOR 0.58% 1.50% 1.79% 1.10% 0.76% 0.75% 0.84%
Inception: May 27, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 1.13% -4.90% -5.37% 0.94% - - -0.06%
Class A Shares @MOP -3.65% -9.44% -9.85% -0.68% - - -1.13%
3-Month USD LIBOR 0.52% 1.85% 1.94% 1.21% 0.82% 0.68% 0.88%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 99 97 - - 96
Nontraditional Bond Category
Rank/Count
320/329 297/312 -/- -/- 238/249
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 95 89 - - 88
Nontraditional Bond Category
Rank/Count
299/321 271/308 -/- -/- 217/241

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).

ANNUAL FEES & EXPENSES

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

CLASS A SHARES
Management Fees 0.63%
12b-1 Fees 0.25%
Other Expenses 0.15%
Total Gross Expenses 1.03%
Waivers 0.00%
Total Net Expenses 1.03%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

Aetna Inc (Long)
Express Scripts Holding Co (Long)
Seagate HDD Cayman (Long), 3.75%, 11/15/18
Sprint Communications Inc (Long), 9.00%, 11/15/18
United States Treasury Note-Bond (Long), 2.88%, 10/31/20
iShares US Preferred Stock ETF (Long)
Deutsche Bank AG-London (Long), 2.50%, 02/13/19
Hughes Satellite Systems Corp (Long), 6.50%, 06/15/19
Ally Financial Inc (Long), 3.50%, 01/27/19
Deutsche Bank AG (Long), 2.85%, 05/10/19

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

Number of Holdings
Debt Issues
177
Portfolio Turnover Rate
(1-year trailing)
-
Weighted Average Maturity
(years)
1.89
Effective Duration
(years)
-3.89

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND
U.S. 84.04
Non-U.S. Developed 8.14
Non-U.S. Emerging 7.19
Cash & Equivalents 0.63

S&P QUALITY RATING OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND
AA 5.36
A 10.42
BBB 29.33
BB 12.12
B 5.20
CCC 0.52
D 0.08
NOT RATED 36.34
Bond ratings provided by Standard & Poor's. Not rated securities are not rated by S&P but may be rated by other rating agencies.
Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

SECTOR ALLOCATION

(As of 10/31/18)

% OF FUND
US Credit-Investment Grade 31.01
Equity Related 28.47
US Credit-High Yield 11.62
Non-US Credit 9.54
Securitized 8.98
Non-US Governments/Agencies 5.79
US Treasury & Related 2.40
Other 1.55
Cash & Equivalents 0.63

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND
< 1 yr 43.93
1 - 3 yrs 14.63
3 - 5 yrs 3.13
5 - 7 yrs 2.99
7 - 10 yrs 3.58
10 - 20 yrs 0.40
>20 yrs 0.56
Other 1.68

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND
North America 84.33
Europe 5.82
Asia/Pacific Ex Japan 4.63
Latin America 3.51
Africa/Mideast 1.07
Cash & Equivalents 0.63

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • Investors preferred risk assets during the period, with both high-yield corporates and stocks benefiting from the bullish sentiment.
  • The Fund underperformed its benchmark, with its bearish positioning in high-yield corporates being a leading detractor.
  • Both equity volatility sales and equity arbitrage positions generated positive returns.

Read The Full Commentary