Please ensure Javascript is enabled for purposes of website accessibility Multi-Sector Income Fund - Janus Henderson Investors
{{banner.link_text}}
For Individual Investors in the US

JMUDX Multi-Sector Income Fund

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

Buy/Trade

NAV
$8.59
As of 11/20/2024

1-Day Change
-$0.01 (-0.10%)
 As of 11/20/2024

YTD Return
6.31%
As of 11/20/2024

Morningstar Rating

As of 10/31/2024

Overview

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.

Portfolio Management

Seth Meyer, CFA
Seth Meyer, CFA

Global Head of Client Portfolio Management | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA
John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd
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 - D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - D Shares 4.71 7.51 13.49 1.30 2.90 4.02 4.01
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 1.93
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.

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

RETURNS (%) (As of 10/31/2024)
Multi-Sector Income Fund - D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - D Shares 1.35 6.16 13.75 1.04 2.55 3.83 3.85
Bloomberg U.S. Aggregate Bond Index 0.25 1.86 10.55 -2.20 -0.23 1.49 1.68
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.

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

Calendar Year Returns (%)
Multi-Sector Income Fund - D Shares Bloomberg U.S. Aggregate Bond Index
2023 2022 2021 2020 2019 2018 2017 2016 2015
Multi-Sector Income Fund - D Shares 10.28 -11.98 3.09 5.50 11.13 0.45 6.69 7.84 1.58
Bloomberg U.S. Aggregate Bond Index 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55
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.

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

Returns-Based Statistics (As of 10/31/2024 Class D Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 1.17 0.44
Alpha 1.99 2.52
Tracking Error 2.84 6.39
Beta 0.79 0.83
R-squared (%) 87.39 41.55
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 83.78 107.63
Down Capture Ratio 63.67 75.80
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 6.66 8.20
Bloomberg U.S. Aggregate Bond TR Index 7.76 6.36
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund -0.40 0.02
Bloomberg U.S. Aggregate Bond TR Index -0.75 -0.40
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.53%
Other Expenses 0.21%
Total Gross Expenses 0.74%
Waivers -0.02%
Total Net Expenses 0.72%
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. Aggregate Bond Index.

Top Holdings (As of 10/31/2024)
% of Fund
Buy Protection, 1.00%, 12/20/29 4.79
Janus Henderson Emerging Markets Debt Hard Currency ETF 3.97
Fannie Mae or Freddie Mac, 5.50%, 11/14/24 3.13
Fannie Mae or Freddie Mac, 4.50%, 11/14/24 3.06
Fannie Mae or Freddie Mac, 5.00%, 11/14/24 3.00
Fannie Mae or Freddie Mac, 6.00%, 11/14/24 2.25
Fannie Mae or Freddie Mac, 3.00%, 11/14/24 2.25
Fannie Mae or Freddie Mac, 3.50%, 11/14/24 2.17
Ginnie Mae, 3.50%, 11/20/24 1.84
OHA Credit Funding 3 LTD, 6.02%, 07/02/35 1.67
TOTAL 28.13
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Debt Issues		 677 13679
Portfolio Turnover Rate
(1-year trailing)		 47.91% -
Weighted Average Maturity
(years)		 5.53 12.53
Effective Duration
(years)		 4.15 6.12
Yield to Worst
 7.36% 4.73%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of October 31, 2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of October 31, 2024
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of October 31, 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).
Underlying ETFs are assigned a split rating. The rating displayed is the lower rating. For example, for a split rating of Aaa/Baa, Baa is shown.
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Global Perspectives: The outlook for securitized as Fed commences rate-cutting cycle
Oct 29, 2024
Features & Outlooks

Global Perspectives: The outlook for securitized as Fed commences rate-cutting cycle

A discussion on how the macroeconomic environment is impacting the securitized and multi-sector credit markets.

31 min read

Do AAA CLOs still make sense in a declining rate environment?
Sep 4, 2024
Timely & Topical

Do AAA CLOs still make sense in a declining rate environment?

Why we believe the strategic case for AAA CLOs remains compelling amid Fed rate cuts.

9 min read

The winds of change are blowing: Why MBS now?
Aug 20, 2024
Timely & Topical

The winds of change are blowing: Why MBS now?

Why we believe MBS is poised for outperformance in the current environment.

7 min read

Choose region

Country

Language

What type of investor are you?