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JMUCX

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Multi-Sector Income Fund

NAV As of 02/15/19 $9.61

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Fund Facts

Details Yields Morningstar (As of 01/31/19)
02/28/14 Inception Date
$685.39M Total Net Assets (As of 01/31/19)
GROSS 1.90%
NET 1.73%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
3.77% Distribution Yield at NAV
(As of 01/31/19)
30 Day SEC Yield (As of 01/31/19)
With Waivers 3.04%
Without Waivers 3.01%
Monthly Distribution Frequency
Performance (As of 02/15/19)
0.11% 1 Day Return %
2.31% YTD Return @NAV
1.31% YTD Return @CDSC
Category
Multisector Bond
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

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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A Record of Regular Distributions

Monthly Distribution Yield – Class I Shares (4/30/14 – 12/31/18)

Featured Insights

Performance

RETURNS

(As of 12/31/2018)
(As of 01/31/2019)
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -1.30% -0.50% -0.50% 3.98% - - 2.96%
Class C Shares @CDSC -2.28% -1.46% -1.46% 3.98% - - 2.96%
Bloomberg Barclays U.S. Aggregate Bond Index 1.64% 0.01% 0.01% 2.06% 2.52% 3.48% 2.18%
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 1.30% 1.91% 1.04% 4.84% - - 3.30%
Class C Shares @CDSC 0.30% 0.91% 0.07% 4.84% - - 3.30%
Bloomberg Barclays U.S. Aggregate Bond Index 3.53% 1.06% 2.25% 1.95% 2.44% 3.68% 2.36%
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 12/31/2018)
(As of 01/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 30 43 - - 19
Multisector Bond Category
Rank/Count
86/337 145/313 -/- -/- 54/269
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 42 49 - - 20
Multisector Bond Category
Rank/Count
122/340 168/316 -/- -/- 65/269

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 01/31/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio 1.53 -
Alpha 5.16 -
Tracking Error 2.58 -
Beta 0.37 -
R-Squared (%) 24.21 -

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

3 YEAR 5 YEAR
Up Capture Ratio 110.05 -
Down Capture Ratio -17.61 -

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.12 -
Bloomberg Barclays U.S. Aggregate Bond Index 2.84 2.76

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.28 -
Bloomberg Barclays U.S. Aggregate Bond Index 0.32 0.65

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.60%
12b-1 Fees 1.00%
Other Expenses 0.30%
Total Gross Expenses 1.90%
Waivers -0.17%
Total Net Expenses 1.73%
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 01/31/2019)

% of Fund
United States Treasury Note/Bond, 2.50%, 12/31/20 4.91
United States Treasury Note/Bond, 2.75%, 11/30/20 2.03
Ginnie Mae II Pool, 5.00%, 12/20/48 1.70
Bank of America Corp, 2.15%, 11/09/20 1.54
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 1.18
Freddie Mac Gold Pool, 4.00%, 02/01/49 0.80
First Quantum Minerals Ltd, 7.00%, 02/15/21 0.79
JPMorgan Chase & Co, 2.29%, 08/15/21 0.78
Ford Motor Credit Co LLC, 5.60%, 01/07/22 0.78
UBM PLC, 5.75%, 11/03/20 0.68
TOTAL 15.19

PORTFOLIO CHARACTERISTICS

(As of 01/31/19)

FUND INDEX
Number of Holdings
Debt Issues
395
10244
Portfolio Turnover Rate
(1-year trailing)
106.13%
-
Weighted Average Maturity
(years)
5.24
12.91
Effective Duration
(years)
3.60
5.82

DEVELOPED VS. EMERGING MARKET

(As of 01/31/19)

% OF FUND % OF INDEX
U.S. 86.88 91.69
Non-U.S. Developed 10.86 5.28
Non-U.S. Emerging 1.00 1.58
Cash & Equivalents 1.26 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 01/31/19)

% OF FUND % OF INDEX
Aaa 17.17 72.67
Aa 0.24 3.56
A 4.03 10.08
Baa 18.55 13.62
Ba 15.04 -
B 13.06 -
Caa 3.10 0.07
NOT RATED 27.10 -
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 01/31/19)

% OF FUND % OF INDEX
US Preferred Stock 0.35 -
Non-US Common Stock 0.10 -
Futures 31.93 -
Credit-High Yield 19.38 0.07
ABS 16.50 0.51
Credit-Investment Grade 12.76 24.40
MBS 7.97 28.17
Bank Loans 7.80 -
Treasuries 7.18 38.81
CMO 2.04 -
CMBS 1.44 1.95
Credit Default Swap 0.72 -
Non-US Collateralized 0.65 0.04
Convertibles 0.40 -
Short Futures -10.48 -
Cash & Equivalents 1.26 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 01/31/19)

% OF FUND % OF INDEX
< 1 yr 3.68 0.89
1 - 3 yrs 25.66 21.16
3 - 5 yrs 35.54 14.70
5 - 7 yrs 22.33 10.10
7 - 10 yrs 4.71 10.38
10 - 20 yrs 3.03 7.52
> 20 yrs 3.34 35.25

REGIONAL ALLOCATION

(As of 01/31/19)

% OF FUND % OF INDEX
North America 93.32 92.80
Europe 3.50 3.38
Africa/Mideast 1.27 0.05
Latin America 0.65 1.04
Cash & Equivalents 1.26 -

Commentary & Literature