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For Individual Investors in the US

JNHYX High-Yield Fund

A high-conviction active high-yield portfolio that focuses on taking the appropriate amount of risk throughout the credit cycle

Buy/Trade

NAV
$7.36
As of 11/04/2024

1-Day Change
$0.02 (0.29%)
 As of 11/04/2024

YTD Return
7.67%
As of 11/04/2024

Overview

ABOUT THIS FUND

A high-conviction, active high-yield strategy that seeks to generate competitive risk-adjusted returns while mitigating drawdowns. The strategy takes a research-first mentality on both macro and security selection risks.

WHY INVEST IN THIS FUND

High Conviction
We believe a high conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.

Research Driven
Our analysts cover issuers across the credit quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.

Global Resources
This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.

Portfolio Management

Tom Ross, CFA
Tom Ross, CFA

Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Brent Olson
Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Brad Smith
Brad Smith

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

Performance

RETURNS (%) (As of 09/30/2024)
High-Yield Fund - D Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - D Shares 4.64 8.16 15.42 1.15 3.37 4.00 6.61
Bloomberg U.S. Corporate High Yield Bond Index 5.28 8.00 15.74 3.10 4.72 5.04 6.66
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.
Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 09/30/2024)
High-Yield Fund - D Shares Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/29/1995)
High-Yield Fund - D Shares 4.64 8.16 15.42 1.15 3.37 4.00 6.61
Bloomberg U.S. Corporate High Yield Bond Index 5.28 8.00 15.74 3.10 4.72 5.04 6.66
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.
Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
High-Yield Fund - D Shares Bloomberg U.S. Corporate High Yield Bond Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
High-Yield Fund - D Shares 11.59 -14.91 5.79 5.47 15.44 -2.97 6.18 12.92 -1.32 0.78
Bloomberg U.S. Corporate High Yield Bond Index 13.44 -11.19 5.28 7.11 14.32 -2.08 7.50 17.13 -4.47 2.45
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.
Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

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

RISK / REWARD
VS. Bloomberg U.S. Corporate High Yield Bond TR Index		 3YR 5YR
Information Ratio -1.39 -0.86
Alpha -1.83 -1.45
Tracking Error 1.37 1.48
Beta 1.09 1.10
R-squared (%) 98.50 98.84
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Corporate High Yield Bond TR Index		 3YR 5YR
Up Capture Ratio 98.17 101.56
Down Capture Ratio 115.42 114.38
STANDARD DEVIATION 3YR 5YR
High-Yield Fund 9.32 10.30
Bloomberg U.S. Corporate High Yield Bond TR Index 8.52 9.35
SHARPE RATIO 3YR 5YR
High-Yield Fund -0.26 0.10
Bloomberg U.S. Corporate High Yield Bond TR Index -0.06 0.25
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.59%
Other Expenses 0.20%
Total Gross Expenses 0.79%
Waivers -0.03%
Total Net Expenses 0.76%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

Top Holdings (As of 09/30/2024)
% of Fund
US 2YR NOTE (CBT) Dec24 DEC 24 7.28
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 2.01
Cargo Aircraft Management Inc, 4.75%, 02/01/28 1.66
Standard Industries Inc/NY, 3.38%, 01/15/31 1.53
LifePoint Health Inc, 10.00%, 06/01/32 1.51
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.00%, 09/01/31 1.45
Heartland Dental LLC / Heartland Dental Finance Corp, 10.50%, 04/30/28 1.39
US LONG BOND(CBT) Dec24 DEC 24 1.30
FMG Resources August 2006 Pty Ltd, 4.38%, 04/01/31 1.27
Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.12%, 04/30/31 1.22
TOTAL 20.62
View full holdings
Portfolio Characteristics (As of 09/30/2024)
  FUND INDEX
Number of Holdings
Debt Issues		 156 1913
Portfolio Turnover Rate
(1-year trailing)		 87.84% -
Weighted Average Maturity
(years)		 5.26 4.77
Effective Duration
(years)		 2.81 2.88
Yield to Worst
 7.07% 7.03%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 09/30/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of September 30, 2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of September 30, 2024
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of September 30, 2024
Credit quality ratings 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).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 09/30/2024

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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