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Multi-Sector Income Fund

NAV As of 06/14/19 $9.81

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Fund Facts

Details Yields Morningstar (As of 05/31/19)
02/28/14 Inception Date
$1.04B Total Net Assets (As of 05/31/19)
GROSS 1.37%
NET 1.14%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
7.74% Distribution Yield at NAV
(As of 05/31/19)
30 Day SEC Yield (As of 05/31/19)
With Waivers 3.47%
Without Waivers 2.98%
Monthly Distribution Frequency
Performance (As of 06/14/19)
0.01% 1 Day Return %
6.46% YTD Return
Category
Multisector Bond
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303 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 03/31/2019)
(As of 05/31/2019)
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Multi-Sector Income Fund – S Shares 3.93% 3.93% 4.15% 5.54% 4.30% - 4.24%
Bloomberg Barclays U.S. Aggregate Bond Index 2.94% 2.94% 4.48% 2.03% 2.74% 3.77% 2.66%
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Multi-Sector Income Fund – S Shares 2.85% 5.74% 5.73% 5.53% 4.19% - 4.44%
Bloomberg Barclays U.S. Aggregate Bond Index 3.76% 4.80% 6.40% 2.50% 2.70% 3.83% 2.92%
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 03/31/2019)
(As of 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 22 22 10 - 11
Multisector Bond Category
Rank/Count
62/339 83/315 33/269 -/- 33/265
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 19 17 9 - 10
Multisector Bond Category
Rank/Count
56/359 70/331 32/285 -/- 31/275

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 05/31/19 CLASS I SHARES)

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

3 YEAR 5 YEAR
Information Ratio 1.21 0.64
Alpha 4.93 3.50
Tracking Error 2.70 2.79
Beta 0.32 0.36
R-Squared (%) 26.37 20.08

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

3 YEAR 5 YEAR
Up Capture Ratio 91.44 83.87
Down Capture Ratio -25.80 1.17

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.96 2.34
Bloomberg Barclays U.S. Aggregate Bond Index 3.11 2.90

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.28 1.58
Bloomberg Barclays U.S. Aggregate Bond Index 0.39 0.65

ANNUAL FEES & EXPENSES

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

CLASS S SHARES
Management Fees 0.60%
12b-1 Fees 0.25%
Other Expenses 0.52%
Total Gross Expenses 1.37%
Waivers -0.23%
Total Net Expenses 1.14%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

A Record of Regular Distributions

Monthly Distribution Yield – Class I Shares (4/30/14 – 3/31/19)

Characteristics

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

TOP HOLDINGS

(As of 05/31/2019)

% of Fund
Fannie Mae or Freddie Mac, 4.00%, 06/13/19 2.30
Ginnie Mae, 5.00%, 06/20/19 0.98
Bank of America Corp, 2.15%, 11/09/20 0.90
Freddie Mac Gold Pool, 4.00%, 05/01/49 0.83
Freeport-McMoRan Inc, 3.55%, 03/01/22 0.83
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 0.69
Mello Warehouse Securitization Trust 2019-1, 4.80%, 06/25/52 0.60
Aleris International Inc, 10.75%, 07/15/23 0.59
Fannie Mae Pool, 3.00%, 02/01/57 0.56
Wabtec Corp, 4.95%, 09/15/28 0.53
TOTAL 8.81

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Debt Issues
443
10387
Portfolio Turnover Rate
(1-year trailing)
109.32%
-
Weighted Average Maturity
(years)
5.06
12.89
Effective Duration
(years)
3.60
5.66

DEVELOPED VS. EMERGING MARKET

(As of 05/31/19)

% OF FUND % OF INDEX
U.S. 86.50 91.84
Non-U.S. Developed 11.37 5.18
Non-U.S. Emerging 0.70 1.59
Cash & Equivalents 1.43 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 05/31/19)

% OF FUND % OF INDEX
Aaa 12.23 72.57
Aa 0.14 3.51
A 2.60 10.42
Baa 16.86 13.50
Ba 13.45 -
B 12.57 -
Caa 4.09 -
NOT RATED 36.06 -
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 05/31/19)

% OF FUND % OF INDEX
US Preferred Stock 0.39 -
US Common Stock 0.18 -
Futures 33.93 -
Credit-High Yield 18.38 -
ABS 15.85 0.47
Credit-Investment Grade 10.67 24.57
MBS 9.24 27.48
Bank Loans 8.37 -
CMO 3.18 -
CMBS 0.85 1.99
Non-US Collateralized 0.39 0.03
Convertibles 0.20 -
Credit Default Swap -0.89 -
Short Futures -2.17 -
Cash & Equivalents 1.43 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 05/31/19)

% OF FUND % OF INDEX
< 1 yr 5.88 1.01
1 - 3 yrs 29.34 20.92
3 - 5 yrs 31.67 15.17
5 - 7 yrs 15.53 10.11
7 - 10 yrs 9.28 9.97
10 - 20 yrs 4.05 7.42
> 20 yrs 2.25 35.40

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
North America 93.50 93.00
Europe 3.90 3.24
Africa/Mideast 0.46 0.05
Latin America 0.39 1.04
Asia/Pacific Ex Japan 0.32 0.75
Cash & Equivalents 1.43 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • The Fed’s pivot to a more dovish stance spurred a strong rally in risk assets over the quarter.
  • The Fund outperformed its benchmark; our out-of-index exposure to high yield was among the leading contributors to relative results.
  • We believe more accommodative monetary policy from the Fed and China’s recent fiscal stimulus have provided the U.S. and global economies, as well as high-yield corporate credit, with more room to run.

Read The Full Commentary