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For professional investors in Colombia

Flexible Income Fund

A flexible core bond fund with a 20+ year history of seeking risk-adjusted returns

ISIN
IE00B6Y7ZF85

NAV
USD 12.45
As of 01/11/2024

1-Day Change
USD -0.05 (-0.40%)
 As of 01/11/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of income and capital growth, while seeking to limit losses to capital (although not guaranteed) over the long term. Performance target: To outperform the Bloomberg US Aggregate Bond Index by 1.35% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 60% (but normally more than 70%) of its assets in US bonds of any quality, including high yield (non-investment grade) bonds and asset-backed and mortgage- backed securities, issued by governments, companies or any other type of issuer. The Fund may also hold other assets including bonds of other types from any issuer, preference shares, cash and money market instruments. The Sub-Investment Adviser may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund. The Fund is actively managed with reference to the Bloomberg US Aggregate Bond Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The Sub-Investment Adviser has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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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

  • Culture of collaboration, global integration and respectful challenge with a research-first mentality.
  • Disciplined investment process targets repeatable performance utilizing our structural foundation as a better starting point.
  • Bottom-up idea generation across a diverse set of return sources, incorporating dynamic allocation through market cycles.
Past performance does not predict future returns. 
 

Portfolio Management

Greg Wilensky, CFA
Greg Wilensky, CFA

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

Industry since 1993. Joined Firm in 2020.

Michael Keough
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd
John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

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 30/09/2024
I2 USD (Net) Bloomberg U.S. Aggregate Bond Index USD Diversified Bond - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
09/05/2012
I2 USD (Net) 1.26 4.99 12.63 -1.75 0.78 1.79 2.04
Bloomberg U.S. Aggregate Bond Index 1.34 4.45 11.57 -1.39 0.33 1.84 1.85
USD Diversified Bond - OE 1.15 4.33 9.67 -0.72 0.77 1.60 1.65
 
  Annualised
3YR 5YR 10YR Since Inception
09/05/2012
I2 USD (Gross) - 1.42 2.49 2.75
Bloomberg U.S. Aggregate Bond TR + 1.25% - 1.59 3.12 3.12
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.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
From 31st July 2024, the Fund's performance target and investment policy changed. Past performance shown before 31st July is shown for the fund’s previous performance target and investment policy.
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
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.
Calendar Year Returns (%)
As of 30/09/2024
I2 USD (Net) Bloomberg U.S. Aggregate Bond Index USD Diversified Bond - OE
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
I2 USD (Net) 4.99 5.25 -14.12 -1.10 10.23 9.24 -1.13 3.51 2.30 0.09 4.63
Bloomberg U.S. Aggregate Bond Index 4.45 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55 5.97
USD Diversified Bond - OE 4.33 4.75 -10.17 -1.50 6.92 7.66 -1.19 4.08 2.23 -0.63 4.16
Calendar Year Returns (%)
Year I2 USD (Net) Index
2023 5.25 5.53
2022 -14.12 -13.01
2021 -1.10 -1.54
2020 10.23 7.51
2019 9.24 8.72
2018 -1.13 0.01
2017 3.51 3.54
2016 2.30 2.65
2015 0.09 0.55
2014 4.63 5.97
2013 -0.29 -2.02
2012 from 09/05/2012 3.90 2.49
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.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
From 31st July 2024, the Fund's performance target and investment policy changed. Past performance shown before 31st July is shown for the fund’s previous performance target and investment policy.
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
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.
Fee Information
Initial Charge 2.00%
Annual Charge 0.55%
Ongoing Charge
(As of 31/12/2023) 		0.64%
The ongoing charge is calculated using the PRIIPs methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 30/09/2024)
% of Fund
United States Treasury Note/Bond, 3.88%, 08/15/34 2.66
United States Treasury Note/Bond, 4.62%, 06/30/26 2.30
United States Treasury Note/Bond, 3.50%, 09/30/29 2.26
Janus Henderson Asset-Backed Securities Fund Z Acc USD Hedged 1.99
Fannie Mae or Freddie Mac, 4.00%, 10/15/24 1.85
Fannie Mae or Freddie Mac, 5.00%, 10/15/24 1.39
Freddie Mac Pool, 6.00%, 09/01/53 0.91
United States Treasury Note/Bond, 3.38%, 09/15/27 0.90
Freddie Mac STACR REMIC Trust 2021-DNA6, 6.78%, 10/25/41 0.81
Cadence Design Systems Inc, 4.38%, 10/15/24 0.80
TOTAL 15.87
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.

Documents

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  • 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.
  • The Fund involves a high level of buying and selling activity and as such will incur a higher level of transaction costs than a fund that trades less frequently. These transaction costs are in addition to the Fund's ongoing charges.
  • 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.
  • In addition to income, this share class may distribute realised and unrealised capital gains and original capital invested. Fees, charges and expenses are also deducted from capital. Both factors may result in capital erosion and reduced potential for capital growth. Investors should also note that distributions of this nature may be treated (and taxable) as income depending on local tax legislation.
  • The Fund invests in Asset-Backed Securities (ABS) and other forms of securitised investments, which may be subject to greater credit / default, liquidity, interest rate and prepayment and extension risks, compared to other investments such as government or corporate issued bonds and this may negatively impact the realised return on investment in the securities.
  • 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.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • 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.

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