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JMTNX

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Multi-Sector Income Fund

NAV As of 12/14/18 $9.50

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
02/28/14 Inception Date
$552.32M Total Net Assets (As of 11/30/18)
GROSS 0.84%
NET 0.64%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Multisector Bond Institutional
(out of 106 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
5.25% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 4.45%
Without Waivers 4.35%
Monthly Distribution Frequency
Performance (As of 12/14/18)
0.01% 1 Day Return %
1.00% 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 – N Shares 1.09% 1.63% 2.64% 5.31% - - 4.49%
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 – N Shares -0.47% 1.02% 1.60% 4.94% - - 4.20%
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 (%) 11 19 - - 7
Multisector Bond Category
Rank/Count
33/327 66/298 -/- -/- 20/266
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 13 12 - - 7
Multisector Bond Category
Rank/Count
28/331 48/308 -/- -/- 11/267

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 11/30/18 CLASS I SHARES)

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

3 YEAR 5 YEAR
Information Ratio 1.44 -
Alpha 4.39 -
Tracking Error 2.48 -
Beta 0.37 -
R-Squared (%) 23.96 -

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

3 YEAR 5 YEAR
Up Capture Ratio 106.55 -
Down Capture Ratio -8.41 -

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.07 -
Bloomberg Barclays U.S. Aggregate Bond Index 2.72 2.71

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.92 -
Bloomberg Barclays U.S. Aggregate Bond Index 0.15 0.54

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.24%
Total Gross Expenses 0.84%
Waivers -0.20%
Total Net Expenses 0.64%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Fannie Mae Pool, 4.00%, 12/13/18 10.38
Ginnie Mae II Pool, 5.00%, 07/20/48 2.06
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 1.70
Freddie Mac Gold Pool, 4.50%, 08/01/48 1.39
Sequoia Mortgage Trust 2018-8, 0.35%, 11/25/48 1.01
UBM PLC, 5.75%, 11/03/20 0.99
MDC Holdings Inc, 5.50%, 01/15/24 0.94
Banco La Hipotecaria SA, 5.50%, 09/15/23 0.94
Fannie Mae Pool, 3.50%, 02/01/57 0.93
Trinity Industries Inc, 4.55%, 10/01/24 0.90
TOTAL 21.24

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Debt Issues
306
10194
Portfolio Turnover Rate
(1-year trailing)
105.54%
-
Weighted Average Maturity
(years)
6.67
8.22
Effective Duration
(years)
3.45
5.88

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 82.86 91.65
Non-U.S. Developed 16.17 5.22
Other 12.03 1.52
Non-U.S. Emerging 0.44 1.61
Restricted Cash 0.01 -
Cash & Equivalents -11.51 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 11/30/18)

% OF FUND % OF INDEX
Aaa 19.83 72.64
Aa 0.35 3.68
A 2.20 10.40
Baa 25.34 13.28
Ba 22.32 -
B 19.01 -
Caa 3.87 -
NOT RATED 17.95 -
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 11/30/18)

% OF FUND % OF INDEX
US Preferred Stock 0.50 -
Non-US Common Stock 0.13 -
Credit-High Yield 24.71 -
ABS 22.11 0.55
MBS 16.69 28.36
Futures 16.21 -
Credit-Investment Grade 16.00 24.43
Bank Loans 15.25 -
CMBS 3.96 1.92
CMO 2.92 -
Credit Default Swap 0.84 -
Treasuries 0.38 38.47
Convertibles 0.20 -
Short Futures -8.40 -
Cash & Equivalents -11.51 -
Restricted Cash 0.01 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 11/30/18)

% OF FUND % OF INDEX
< 1 yr 1.74 0.96
1 - 3 yrs 26.97 21.90
3 - 5 yrs 16.01 17.97
5 - 7 yrs 26.50 14.03
7 - 10 yrs 24.20 29.60
10 - 20 yrs 11.78 3.77
> 20 yrs 3.47 11.77
Restricted Cash 0.01 -
N/A 0.20 -

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 93.10 92.82
Other 12.03 -
Europe 4.59 3.28
Latin America 0.94 1.04
Africa/Mideast 0.69 0.05
Asia/Pacific Ex Japan 0.15 0.77
Cash & Equivalents -11.51 -
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