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JMUIX

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Multi-Sector Income Fund

NAV As of 12/07/18 $9.52

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
02/28/14 Inception Date
$520.70M Total Net Assets (As of 10/31/18)
GROSS 0.87%
NET 0.70%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
5.18% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 10/31/18)
With Waivers 3.86%
Without Waivers 3.83%
Monthly Distribution Frequency
Performance (As of 12/07/18)
0.12% 1 Day Return %
1.16% YTD Return
Category
Multisector Bond
ic_star ic_star ic_star ic_star
283 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

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 09/30/2018)
(As of 11/30/2018)
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Multi-Sector Income Fund – I Shares 1.19% 1.69% 2.58% 5.27% - - 4.47%
Bloomberg Barclays U.S. Aggregate Bond Index 0.02% -1.60% -1.22% 1.31% 2.16% 3.77% 1.94%
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Multi-Sector Income Fund – I Shares -0.49% 1.07% 1.54% 4.90% - - 4.17%
Bloomberg Barclays U.S. Aggregate Bond Index -0.84% -1.79% -1.34% 1.33% 2.03% 3.67% 1.83%
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

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 12 21 - - 7
Multisector Bond Category
Rank/Count
37/327 70/298 -/- -/- 21/266
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 13 13 - - 7
Multisector Bond Category
Rank/Count
29/331 52/308 -/- -/- 12/267

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 10/31/18 CLASS I SHARES)

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

3 YEAR 5 YEAR
Information Ratio 1.50 -
Alpha 4.30 -
Tracking Error 2.45 -
Beta 0.39 -
R-Squared (%) 25.56 -

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

3 YEAR 5 YEAR
Up Capture Ratio 110.85 -
Down Capture Ratio -3.58 -

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.12 -
Bloomberg Barclays U.S. Aggregate Bond Index 2.71 2.72

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.82 -
Bloomberg Barclays U.S. Aggregate Bond Index 0.06 0.48

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.27%
Total Gross Expenses 0.87%
Waivers -0.17%
Total Net Expenses 0.70%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Fannie Mae Pool, 4.00%, 11/13/18 24.26
Ginnie Mae II Pool, 5.00%, 07/20/48 2.42
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 1.98
Freddie Mac Gold Pool, 4.50%, 08/01/48 1.64
Sequoia Mortgage Trust 2018-8, 0.35%, 11/25/48 1.19
UBM PLC, 5.75%, 11/03/20 1.18
Fannie Mae Pool, 3.50%, 02/01/57 1.10
Golden Nugget Inc, 8.75%, 10/01/25 1.01
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 7.25%, 05/15/24 0.95
Prima Capital CRE Securitization 2015-IV Ltd, 4.00%, 08/24/49 0.95
TOTAL 36.68

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Debt Issues
302
10133
Portfolio Turnover Rate
(1-year trailing)
119.28%
-
Weighted Average Maturity
(years)
7.09
8.33
Effective Duration
(years)
3.68
5.94

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 91.33 91.42
Non-U.S. Developed 17.17 5.41
Other 14.09 1.55
Non-U.S. Emerging 1.30 1.62
Restricted Cash 0.01 -
Cash & Equivalents -23.90 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
Aaa 35.36 72.29
Aa 0.42 3.73
A 2.00 10.76
Baa 30.15 13.21
Ba 22.77 0.01
B 22.44 -
Caa 4.85 -
NOT RATED 5.18 -
Restricted Cash 0.01 -
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 10/31/18)

% OF FUND % OF INDEX
US Preferred Stock 0.60 -
Non-US Common Stock 0.12 -
MBS 31.68 28.20
Credit-High Yield 26.32 0.01
ABS 22.90 0.52
Futures 21.22 -
Bank Loans 18.02 -
Credit-Investment Grade 17.43 24.76
CMBS 4.81 1.91
CMO 2.42 -
Credit Default Swap 0.86 -
Treasuries 0.45 38.27
Convertibles 0.23 -
Short Futures -23.17 -
Cash & Equivalents -23.90 -
Restricted Cash 0.01 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
< 1 yr 2.05 0.84
1 - 3 yrs 25.95 21.68
3 - 5 yrs 24.05 17.63
5 - 7 yrs 10.64 13.88
7 - 10 yrs 43.75 29.34
10 - 20 yrs 12.51 4.79
> 20 yrs 3.99 11.84
Restricted Cash 0.01 -
N/A 0.23 -

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 102.48 92.59
Other 14.09 -
Europe 5.45 3.48
Africa/Mideast 0.91 0.05
Asia/Pacific Ex Japan 0.55 0.78
Latin America 0.41 1.05
Cash & Equivalents -23.90 -
Restricted Cash 0.01 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The Fund outperformed its benchmark during the quarter.
  • Our plus sector positioning, particularly exposure to high-yield corporate credit, aided the Fund’s outperformance.
  • Given high-yield corporate credit spreads near the tightest levels of this credit cycle and a number of potential risk-off catalysts on the horizon, we believe a more defensive stance is prudent.

Read The Full Commentary