For financial professionals in Belgium

US Short-Term Bond Fund

A dynamic, core short-term bond fund with a history of generating risk-adjusted returns and preserving capital

ISIN
IE0004858563

NAV
USD 18.78
As of 23/12/2024

1-Day Change
USD -0.01 (-0.05%)
As of 23/12/2024

INVESTMENT OBJECTIVE

This dynamic, short duration bond fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

Leverages a bottom-up process using fundamental analysis and dynamic sector allocation aiming to generate returns through individual security selection
Integrated global fixed income and equity research effort seeks to identify the best risk-adjusted opportunities
Proprietary research and risk management system, Quantum Global, is integrated into the investment process

Past performance does not predict future returns.

GLOSSARY

Fund Details

Asset class	Fixed Income
Product Structure	Irish Investment Company
SFDR Categorisation	Article 8
Inception Date	24 Dec 1998
Base Currency	USD
Fund Assets As of 30/11/24	152.01M
Sector	Morningstar USD Diversified Bond - Short Term
Benchmark	Bloomberg 1-3 Year US Government/Credit Index
Year End	31-Dec

Share Class Facts

Distribution Type	Accumulation
ISIN	IE0004858563
Sedol Code	0485856
Lipper Code	-
WKN Code	921678
Valoren Code	996848
Pay Dates	N/A
XD Dates	N/A
Inception Date	24 Dec 1998
Currency Code	USD
Minimum Initial Investment	2,500.00
Minimum Top Up Amount	-

Greg Wilensky, CFA

Head of U.S. Fixed Income | Head of Core Plus

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.

Cumulative & Annualised Performance (%)
As of 30/11/2024

A2 USD (Net) Bloomberg 1-3 Year US Govt/Credit TR USD Diversified Bond - Short Term - OE

	Cumulative			Annualised
	1MO	YTD	1YR	3YR	5YR	10YR	Since Inception 24/12/1998
A2 USD (Net)	0.48	4.62	6.33	1.05	1.45	1.26	2.47
Bloomberg 1-3 Year US Govt/Credit TR	0.34	4.13	5.38	1.56	1.58	1.58	2.89
USD Diversified Bond - Short Term - OE	0.40	4.02	5.25	2.43	1.62	1.41	2.00

				Annualised
				3YR	5YR	10YR	Since Inception 24/12/1998
A2 USD (Gross)				-	2.35	2.24	3.74
Bloomberg 1-3 Year US Govt/Credit TR + 0.75%				-	2.39	2.36	3.67

Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.

From 31st July 2024, the Fund's name, performance target and investment policy changed. Past performance shown before 31st July 2024 is shown for the Fund’s previous name, performance target and investment policy.

Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.

Calendar Year Returns (%)
As of 30/09/2024

A2 USD (Net) Bloomberg 1-3 Year US Govt/Credit TR USD Diversified Bond - Short Term - OE

	YTD	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
A2 USD (Net)	4.67	4.60	-5.76	-0.44	4.45	3.73	0.71	0.84	1.22	-0.42	0.00
Bloomberg 1-3 Year US Govt/Credit TR	4.38	4.61	-3.69	-0.47	3.33	4.03	1.60	0.84	1.28	0.65	0.77
USD Diversified Bond - Short Term - OE	4.20	5.49	-2.14	-0.31	1.01	3.30	0.84	1.42	1.24	-0.17	0.01

View full calendar year performance history

Calendar Year Returns (%)

Year	A2 USD (Net)	Index
2023	4.60	4.61
2022	-5.76	-3.69
2021	-0.44	-0.47
2020	4.45	3.33
2019	3.73	4.03
2018	0.71	1.60
2017	0.84	0.84
2016	1.22	1.28
2015	-0.42	0.65
2014	0.00	0.77
2013	0.55	0.64
2012	2.82	1.26
2011	0.69	1.59
2010	2.99	2.80
2009	8.29	3.82
2008	3.87	4.97
2007	4.90	6.83
2006	3.32	4.25
2005	0.56	1.77
2004	1.13	1.30
2003	3.33	2.81
2002	2.38	6.28
2001	5.76	8.78
2000	7.76	8.06
1999	3.00	3.15
1998 from 24/12/1998	0.10	0.42

Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios		If you exit after 1 year	If you exit after 5 years
Minimum	There is no minimum guaranteed return. You could lose some or all of your investment
Stress	What you might get back after costs	7,530 USD	7,930 USD
	Average return each year	-24.73%	-4.54%
Unfavourable	What you might get back after costs	8,790 USD	9,340 USD
	Average return each year	-12.10%	-1.36%
Moderate	What you might get back after costs	9,570 USD	10,020 USD
	Average return each year	-4.26%	0.03%
Favourable	What you might get back after costs	10,040 USD	10,580 USD
	Average return each year	0.44%	1.13%

This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 30/09/2024

A2 USD (Net) Bloomberg 1-3 Year US Govt/Credit TR USD Diversified Bond - Short Term - OE

Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.

Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Fee Information


Initial Charge	5.00%
Annual Charge	0.50%
Ongoing Charge (As of 31/12/2023)	0.90%

The ongoing charge figure is an estimate of the expected future charges.

For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Top Holdings (As of 30/11/2024)

	% of Fund
Janus Henderson Asset-Backed Securities Fund Z Acc USD Hedged	9.44
United States Treasury Note/Bond, 3.75%, 08/31/26	7.23
Centene Corp, 4.25%, 12/15/27	1.90
Fannie Mae or Freddie Mac, 3.00%, 12/12/24	1.51
280 Park Avenue 2017-280P Mortgage Trust, 5.80%, 09/15/34	1.47
Danske Bank A/S, 6.47%, 01/09/26	1.32
United States Treasury Note/Bond, 4.12%, 10/31/29	1.31
United States Treasury Note/Bond, 4.25%, 01/31/26	1.15
Fannie Mae Connecticut Avenue Securities, 6.73%, 11/25/41	1.12
DT Midstream Inc, 4.12%, 06/15/29	1.12
TOTAL	27.57

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
Past performance does not predict future returns.
Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.

An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
Some bonds (callable bonds) allow their issuers the right to repay capital early or to extend the maturity. Issuers may exercise these rights when favourable to them and as a result the value of the Fund may be impacted.
If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.

Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
Summary of Investor rights
Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.

For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.

The Legal Entity Identifier for this product is YVY16SX4EED4RLPJGB80.

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US Short-Term Bond Fund

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INVESTMENT OBJECTIVE

ABOUT THIS FUND

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Performance

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