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JMUTX

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Multi-Sector Income Fund

NAV As of 02/21/19 $9.60

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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 1.06%
NET 0.89%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
4.33% Distribution Yield at NAV
(As of 01/31/19)
30 Day SEC Yield (As of 01/31/19)
With Waivers 3.86%
Without Waivers 3.84%
Monthly Distribution Frequency
Performance (As of 02/21/19)
-0.09% 1 Day Return %
2.33% YTD Return
Category
Multisector Bond
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291 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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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
Multi-Sector Income Fund – T Shares -1.09% 0.44% 0.44% 4.81% - - 3.79%
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
Multi-Sector Income Fund – T Shares 1.60% 1.96% 1.87% 5.70% - - 4.14%
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.
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 (%) 21 21 - - 9
Multisector Bond Category
Rank/Count
48/337 75/313 -/- -/- 20/269
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 30 - - 10
Multisector Bond Category
Rank/Count
64/340 106/316 -/- -/- 28/269

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 T SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.46%
Total Gross Expenses 1.06%
Waivers -0.17%
Total Net Expenses 0.89%
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 -

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