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JMUAX

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Multi-Sector Income Fund

NAV As of 08/20/19 $9.97

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Fund Facts

Details Yields Morningstar (As of 07/31/19)
02/28/14 Inception Date
$1.28B Total Net Assets (As of 07/31/19)
GROSS 1.11%
NET 0.95%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Multisector Bond Front Load
(out of 64 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
4.23% Distribution Yield at NAV
(As of 07/31/19)
30 Day SEC Yield (As of 07/31/19)
With Waivers 3.50%
Without Waivers 3.50%
Monthly Distribution Frequency
Performance (As of 08/20/19)
0.22% 1 Day Return %
8.60% YTD Return @NAV
3.45% YTD Return @MOP
Category
Multisector Bond
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302 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

Five-Year Milestone: Multi-Sector Income Fund

The Multi-Sector Income team reflects on the past five years and how they have been able to navigate difficult periods in the market through dynamically allocating across fixed income sectors within the credit and securitized markets.

Five-Year Milestone: Multi-Sector Income Fund | Janus Henderson Investors

In Your Portfolio
InYourPortfolio-Diversified-Fixed-Income
With its exposure to higher yielding opportunities, the Fund may serve to complement and diversify a core fixed income allocation. It may be suitable for investors looking for a consistent monthly income stream.
Our Approach
IDENTIFY BEST RISK-ADJUSTED OPPORTUNITIES
Leverages a bottom-up, fundamental, actively managed approach across U.S. fixed income
RISK MANAGEMENT
Risk management is fully integrated into the process, with deep, real-time insight gleaned from our proprietary portfolio and risk management system, Quantum Global.
What We Have Achieved
HIGH, CONSISTENT INCOME WITH
Less interest rate sensitivity than a core bond strategy
Less credit sensitivity than a dedicated high yield bond strategy

Essentials: Multi-Sector Income Fund | Janus Henderson Investors

Essentials: Multi-Sector Income Fund

Learn how we target high, consistent monthly income for investors.

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Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 2.99% 6.99% 7.00% 5.64% 4.42% - 4.69%
Class A Shares @MOP -1.86% 1.92% 1.93% 3.96% 3.40% - 3.73%
Bloomberg Barclays U.S. Aggregate Bond Index 3.08% 6.11% 7.87% 2.31% 2.95% 3.90% 3.12%
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 2.54% 7.48% 7.02% 5.34% 4.61% - 4.70%
Class A Shares @MOP -2.37% 2.38% 1.96% 3.64% 3.60% - 3.76%
Bloomberg Barclays U.S. Aggregate Bond Index 3.28% 6.35% 8.08% 2.17% 3.05% 3.75% 3.11%
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 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 30 15 10 - 10
Multisector Bond Category
Rank/Count
112/355 67/332 35/288 -/- 31/274
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 29 15 10 - 10
Multisector Bond Category
Rank/Count
96/351 65/331 36/295 -/- 32/273

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. AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio 1.32 0.67
Alpha 4.89 3.75
Tracking Error 2.62 2.79
Beta 0.33 0.37
R-Squared (%) 26.46 21.25

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

3 YEAR 5 YEAR
Up Capture Ratio 94.83 85.35
Down Capture Ratio -25.80 -2.10

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.95 2.36
Bloomberg Barclays U.S. Aggregate Bond Index 3.02 2.93

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.16 1.70
Bloomberg Barclays U.S. Aggregate Bond Index 0.25 0.74

ANNUAL FEES & EXPENSES

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

CLASS A SHARES
Management Fees 0.60%
12b-1 Fees 0.25%
Other Expenses 0.26%
Total Gross Expenses 1.11%
Waivers -0.16%
Total Net Expenses 0.95%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Fannie Mae or Freddie Mac, 3.50%, 08/19/19 2.22
Fannie Mae or Freddie Mac, 3.50%, 08/13/19 1.26
Fannie Mae Pool, 3.50%, 02/01/57 0.94
Upstart Securitization Trust, 4.78%, 09/20/29 0.73
Freeport-McMoRan Inc, 3.55%, 03/01/22 0.71
Freddie Mac Gold Pool, 4.00%, 05/01/49 0.69
Fannie Mae Connecticut Avenue Securities, 5.87%, 01/25/30 0.67
Jack In The Box Funding LLC, 3.98%, 08/25/49 0.63
Freddie Mac Pool, 3.50%, 07/01/49 0.63
Freddie Mac Pool, 3.50%, 07/01/49 0.62
TOTAL 9.10

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Debt Issues
475
10590
Portfolio Turnover Rate
(1-year trailing)
107.98%
-
Weighted Average Maturity
(years)
5.48
12.88
Effective Duration
(years)
4.20
5.66

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF FUND % OF INDEX
U.S. 88.47 91.76
Non-U.S. Developed 12.14 5.25
Non-U.S. Emerging 1.83 1.61
Cash & Equivalents -2.44 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND % OF INDEX
Aaa 2.79 72.04
Aa 12.25 3.45
A 1.02 10.73
Baa 16.04 13.78
Ba 14.64 -
B 15.49 -
Caa 4.04 -
NOT RATED 36.03 -
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 Preferred Stock 0.14 -
Futures 30.54 -
Credit-High Yield 22.17 -
ABS 16.95 0.46
MBS 11.86 26.78
Credit-Investment Grade 9.59 25.12
Bank Loans 7.83 -
CMO 3.24 -
CMBS 0.70 2.00
Non-US Collateralized 0.32 0.03
Government Related 0.14 4.89
Short Futures -1.04 -
Cash & Equivalents -2.44 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF FUND % OF INDEX
< 1 yr 0.61 0.81
1 - 3 yrs 24.78 20.91
3 - 5 yrs 36.63 14.80
5 - 7 yrs 19.64 10.29
7 - 10 yrs 12.50 10.26
10 - 20 yrs 5.19 7.75
> 20 yrs 2.33 35.18
N/A 0.62 -

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
North America 95.89 92.93
Europe 5.07 3.31
Africa/Mideast 0.73 0.05
Latin America 0.49 1.06
Asia/Pacific Ex Japan 0.26 0.74
Cash & Equivalents -2.44 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • As the Fed’s pivot to a more accommodative stance evolved into potential rate cuts in 2019, both Treasuries and credit performed well in the second quarter
  • The Fund performed in line with its benchmark; strong security selection aided relative results
  • The outlooks for U.S. GDP and corporate earnings growth have become uncertain, making it prudent, in our view, to reduce risk heading into the second half of 2019.

Read The Full Commentary