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JHYNX

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High-Yield Fund

Core High-Yield Fixed Income
NAV As of 08/20/19 $8.30

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Fund Facts

Details Yields Morningstar (As of 07/31/19)
12/29/95 Inception Date
$1.26B Total Net Assets (As of 07/31/19)
GROSS 0.67%
NET 0.67%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
High-Yield Bond Institutional
(out of 223 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
5.35% Distribution Yield at NAV
(As of 07/31/19)
30 Day SEC Yield (As of 07/31/19)
With Waivers 5.55%
Without Waivers 5.55%
Monthly Distribution Frequency
Performance (As of 08/20/19)
0.01% 1 Day Return %
10.73% YTD Return
Category
High Yield Bond
ic_star ic_star ic_star ic_star
613 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

The Fund’s core 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 high-yield asset class over a full market cycle.

Why Invest in the Fund

    Core High Yield

  1. The Fund seeks to identify high-yield corporate bonds from companies committed to transforming and improving their capital structure. Our fixed income team is structured around credit industries with fundamental credit analysis driving decision-making at every level of the investment process.
  2. Integrated Research

  3. 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.
  4. Sophisticated Risk Management

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

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Dec 29, 1995 3M YTD 1YR 3YR 5YR 10YR Since Inception
High-Yield Fund – N Shares 2.94% 10.44% 7.90% 6.81% 4.04% 8.17% 7.28%
Bloomberg Barclays U.S. Corporate High Yield Bond Index 2.50% 9.94% 7.48% 7.52% 4.70% 9.24% 7.09%
Inception: Dec 29, 1995 3M YTD 1YR 3YR 5YR 10YR Since Inception
High-Yield Fund – N Shares 2.02% 11.07% 7.38% 6.23% 4.40% 7.58% 7.28%
Bloomberg Barclays U.S. Corporate High Yield Bond Index 1.63% 10.56% 6.92% 6.77% 5.10% 8.66% 7.09%
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.
View Fees and Expenses
Performance for Class N Shares that includes periods prior to 5/31/12 reflects the performance of one or more share classes of the Fund or a predecessor fund.  See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 16 36 29 35 6
High Yield Bond Category
Rank/Count
101/718 243/675 181/614 167/473 11/201
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 15 31 30 36 6
High Yield Bond Category
Rank/Count
94/731 216/683 185/618 173/477 11/202

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS U.S. CORPORATE HIGH YIELD BOND INDEX

3 YEAR 5 YEAR
Information Ratio -0.79 -0.47
Alpha -0.44 0.16
Tracking Error 0.74 1.63
Beta 0.98 0.82
R-Squared (%) 96.92 92.32

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS U.S. CORPORATE HIGH YIELD BOND INDEX

3 YEAR 5 YEAR
Up Capture Ratio 95.21 85.91
Down Capture Ratio 104.28 87.84

STANDARD DEVIATION

3 YEAR 5 YEAR
High-Yield Fund 4.19 4.68
Bloomberg Barclays U.S. Corporate High Yield Bond Index 4.19 5.49

SHARPE RATIO

3 YEAR 5 YEAR
High-Yield Fund 1.14 0.74
Bloomberg Barclays U.S. Corporate High Yield Bond Index 1.28 0.77

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.56%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.67%
Waivers 0.00%
Total Net Expenses 0.67%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Golden Nugget Inc, 8.75%, 10/01/25 2.12
General Electric Co, 5.00%, 01/20/66 1.71
Allegheny Technologies Inc, 7.88%, 08/15/23 1.53
Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 5.75%, 03/01/25 1.38
Altice France SA/France, 7.38%, 05/01/26 1.37
CCO Holdings LLC / CCO Holdings Capital Corp, 5.12%, 05/01/27 1.35
Zekelman Industries Inc, 9.88%, 06/15/23 1.28
Cablevision Systems Corp, 5.88%, 09/15/22 1.26
Great Western Petroleum LLC / Great Western Finance Corp, 9.00%, 09/30/21 1.25
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 7.25%, 05/15/24 1.23
TOTAL 14.48

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Debt Issues
186
1894
Portfolio Turnover Rate
(1-year trailing)
94.50%
-
Weighted Average Maturity
(years)
6.48
5.72
Effective Duration
(years)
2.78
3.16

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 82.57 86.01
Non-U.S. Developed 10.96 13.51
Non-U.S. Emerging 1.39 0.48
Cash & Equivalents 5.08 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND % OF INDEX
A 0.35 -
Baa 4.90 0.76
Ba 27.86 46.64
B 45.38 39.13
Caa 15.39 12.62
Ca 0.25 0.59
NOT RATED -1.98 0.20
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 07/31/19)

% OF FUND % OF INDEX
US Common Stock 2.50 -
US Preferred Stock 0.27 -
Credit-High Yield 82.62 99.24
Bank Loans 6.20 -
Credit-Investment Grade 4.40 0.76
ABS 0.90 -
Convertibles 0.88 -
Credit Default Swap -2.85 -
Cash & Equivalents 5.08 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND % OF INDEX
1 - 3 yrs 6.69 15.97
3 - 5 yrs 21.35 27.45
5 - 7 yrs 34.70 33.47
7 - 10 yrs 25.35 18.61
10 - 20 yrs 1.32 3.22
> 20 yrs 1.03 1.23
N/A 1.71 -

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 83.71 90.19
Europe 9.82 8.76
Africa/Mideast 1.13 0.02
Latin America 0.26 0.07
Cash & Equivalents 5.08 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Despite intra-quarter volatility, high-yield corporate credit generated positive total returns.
  • The Fund outperformed its benchmark, aided by strong security selection.
  • Valuations appear rich given slowing global economic growth, and we are positioned for moderate near-term pressure in high yield.

Read The Full Commentary