Please ensure Javascript is enabled for purposes of website accessibility Multi-Sector Income Fund - Janus Henderson Investors
For Financial Professionals in the US

JMUIX Multi-Sector Income Fund

For investors seeking a steady stream of high income with lower risk than a dedicated high-yield strategy.

NAV
$8.59
As of 11/01/2024

1-Day Change
-$0.01 (-0.09%)
As of 11/01/2024

YTD Return
6.03%
As of 11/01/2024

Morningstar Rating

As of 09/30/2024

Overview

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in October 2024).

ABOUT THIS FUND

The Fund seeks high, current income with lower volatility than a dedicated high-yield strategy. Our approach leverages dynamic allocation and a bottom-up, fundamentally driven process that focuses on identifying the best risk-adjusted opportunities across fixed income sectors.

WHY INVEST IN THIS FUND

Our Team: Same portfolio management team since inception of the strategy with more than 75 years of combined investment industry experience and complementary expertise in high yield credit, investment grade credit and securitized assets.

Disciplined Risk Budgeting: We dynamically allocate risk across market cycles and build a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction: Best ideas portfolio, with bottom-up research expected to drive excess returns and enhance our ability to invest in smaller, hard-to-access issuers not widely covered across industry analysts.

A RECORD OF REGULAR DISTRIBUTIONS

Monthly distribution yield - Class I Shares (4/30/14 – 9/30/24)

Multi Sector Income q2 2024
The Fund’s Distribution Yield has been above 4% for 113 out of 121 months since inception.
30 Day SEC Yield without waivers, or “unreimbursed” meaning it does not take into account a fund’s expense reduction, and reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of net investment income, and it may not equal the fund’s actual income distribution rate, which reflects a fund’s past dividends paid to shareholders. The 30 Day SEC Yield without waivers is calculated in accordance with SEC standards.
30 Day SEC Yield with waivers, or “reimbursed” meaning it takes into account a fund’s expense reduction, and reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the fund’s actual income distribution rate, which reflects a fund’s past dividends paid to shareholders. The 30 Day SEC Yield with waivers is calculated in accordance with SEC standards.

Portfolio Management

Seth Meyer, CFA

Global Head of Client Portfolio Management | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2024)
Multi-Sector Income Fund - I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - I Shares 4.60 7.42 13.55 1.31 2.92 4.09 4.08
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 1.93
RETURNS (%) (As of 09/30/2024)
Multi-Sector Income Fund - I Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - I Shares 4.60 7.42 13.55 1.31 2.92 4.09 4.08
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 1.93
Calendar Year Returns (%)
Multi-Sector Income Fund - I Shares Bloomberg U.S. Aggregate Bond Index
2023 2022 2021 2020 2019 2018 2017 2016 2015
Multi-Sector Income Fund - I Shares 10.33 -11.93 3.24 5.46 11.19 0.63 6.70 7.86 1.83
Bloomberg U.S. Aggregate Bond Index 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 36 53 40 9 10
Multisector Bond | Rank/Count 153/361 163/331 129/301 25/237 21/212
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 34 47 39 9 10
Multisector Bond | Rank / Count 152/358 148/331 128/299 20/236 21/212

Returns-Based Statistics (As of 09/30/2024 Class I Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index
3YR 5YR
Information Ratio 0.98 0.41
Alpha 1.66 2.40
Tracking Error 2.80 6.37
Beta 0.80 0.83
R-squared (%) 87.11 41.24
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index
3YR 5YR
Up Capture Ratio 83.78 107.66
Down Capture Ratio 65.60 77.20
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 6.62 8.17
Bloomberg U.S. Aggregate Bond TR Index 7.63 6.26
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund -0.34 0.07
Bloomberg U.S. Aggregate Bond TR Index -0.64 -0.31
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 0.53%
Other Expenses 0.17%
Total Gross Expenses 0.70%
Waivers -0.02%
Total Net Expenses 0.68%

Portfolio

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

Top Holdings (As of 09/30/2024)
% of Fund
Janus Henderson Emerging Markets Debt Hard Currency ETF 4.15
Fannie Mae or Freddie Mac, 4.50%, 10/15/24 3.25
Fannie Mae or Freddie Mac, 5.00%, 10/15/24 3.16
Fannie Mae or Freddie Mac, 3.00%, 10/15/24 2.40
Fannie Mae or Freddie Mac, 3.50%, 10/15/24 2.31
Fannie Mae or Freddie Mac, 5.50%, 10/15/24 2.21
Ginnie Mae, 3.50%, 10/21/24 1.95
OHA Credit Funding 3 LTD, 6.68%, 07/02/35 1.73
Fannie Mae or Freddie Mac, 6.00%, 10/15/24 1.30
CBAM 2021-14 Ltd, 6.64%, 04/20/34 1.28
TOTAL 23.74
View full holdings
Portfolio Characteristics (As of 09/30/2024)
  FUND INDEX
Number of Holdings
Debt Issues
673 13629
Portfolio Turnover Rate
(1-year trailing)
48.10% -
Weighted Average Maturity
(years)
5.36 12.68
Effective Duration
(years)
3.81 6.17
Yield to Worst
7.09% 4.23%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 09/30/2024
Regional Allocation % of Fund % of Index % of Fund % of Index As of 09/30/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 09/30/2024
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 09/30/2024
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 09/30/2024

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