Janus High-Yield Fund (JAHYX)

Data as of 3/31/2014 unless otherwise noted

Fund Overview

Core High Yield
  • Moderate beta approach driven by a bottom-up fundamentally based investment process
  • Designed to serve as a long-term strategic allocation, not a tactical allocation
  • Credit research emphasizes free cash flow generation, quality of management and security valuation
  • Leverages partnership with Janus equity team to better understand potential catalysts for a business

Performance

Inception: Dec 29, 1995
1 Year
3 Year
5 Year
10 Year
Since Fund Inception
Class T Shares
8.07% 8.17% 15.43% 7.93% 8.23%
Barclays U.S. High Yield Corporate TR 7.54% 9.00% 18.25% 8.68% 7.72%

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 quoted reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/14.


Returns greater than one year are annualized.


Yields

  As of 4/16/2014 As of 3/31/2014
30 Day Yield
30 Day SEC Yield (Without Waivers)
30 Day SEC Yield (With Waivers)
Class T Shares 5.73% 5.21% 5.21%

Share price, yield and return will fluctuate, and you may have a gain or a loss when you sell your shares. Yield is as of the prior business day's closing NAV.


The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity).


Morningstar Style Box™ (As of 3/31/2014)

Equity Style

Mid Growth
 

Fixed Income Style

Low Limited

Portfolio Analysis

Top Holdings

% of Fund

View All Holdings (PDF)

Kennedy-Wilson, Inc., 8.75%, 04/01/2019 1.76%
ADS Tactical, Inc., 11.00%, 04/01/2018 1.64%
SUPERVALU, Inc., 6.75%, 06/01/2021 1.48%
Samson Investment Co., 10.75%, 02/15/2020 1.47%
Chesapeake Energy Corp., 6.13%, 02/15/2021 1.41%
American International Group, Inc., 8.18%, 05/15/2058 1.33%
CHS/Community Health Systems, Inc., 6.88%, 02/01/2022 1.29%
Landry's, Inc., 9.38%, 05/01/2020 1.25%
Maxim Crane Works L.P., 10.25%, 11/26/2018 1.23%
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 7.75%, 04/01/2019 1.18%
TOTAL 14.04%

Sector Allocation

% of Fixed Income
Information Technology
0.77%
Consumer Discretionary
0.51%
Materials
0.45%
Energy
0.21%
US Industrials
71.44%
Non-US Industrials
8.76%
US Finance
5.92%
US Utilities
5.83%
CMBS
1.71%
Non-US Finance
0.35%
Cash & Equivalents
4.05%
Total
100.00%

Quality Breakdown

% Of Fund
Equity 1.94%
A 0.28%
BBB 1.84%
BB 28.70%
B 42.01%
CCC 17.12%
NOT RATED 4.06%
Cash & Equivalents 4.05%

Bond ratings provided by Standard & Poor's. Not rated securities are not rated by S&P but may be rated by other rating agencies.


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Management

Gibson Smith | Darrell Watters

Gibson Smith

Joined Janus 2001
Tenure on fund: Since 2003

"We have an integrated research model between fixed income and equity at Janus that is very powerful.  We believe this integration allows us to analyze a business in its entirety and to make better informed decisions."

Read More about Gibson Smith

Darrell Watters

Joined Janus 1993
Tenure on fund: Since 2008

"We have a bias toward credit investing or individual company investing because we believe we can get a competitive advantage from our in-depth fundamental credit research. Our process is enhanced by our integrated fixed income-equity research model, which allows us to analyze a business in its entirety and to make better informed decisions."

Read More about Darrell Watters

Analysis Tools powered by Morningstar™

Morningstar

Overall Morningstar Rating™ (As of 3/31/2014)

4 of 5 stars

of 550

High Yield Bond Funds

View detailed Morningstar ratings

Ratings are based on risk-adjusted returns. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.


As of 3/31/2014

Fund Facts 

CUSIP 471023762
Inception 12/29/1995
Total Net Assets (as of 03/31/2014) $ 2.7B
Total Number of Equity Issues 5
Total Number of Debt Issues 220
Portfolio Turnover Rate 67.01%
Annual Expense Ratios (as of fiscal year-end 06/30/2013)
Gross 0.87%
Net 0.87%
Alpha (3-Year-Fund) -0.60
Beta (3-Year-Fund) 0.98
R-Squared (3-Year-Fund) 99.02%
Sharpe Ratio (3-Year - Fund) 1.27
Sharpe Ratio (3-Year - Barclays U.S. High Yield Corporate TR) 1.38
Standard Deviation (3-Year - Fund) 6.40
Standard Deviation (3-Year - Barclays U.S. High Yield Corporate TR) 6.48

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus, or if available, a summary prospectus containing this and other information. Read it carefully before you invest or send money.


Returns include reinvestment of dividends and capital gains.


A Fund's performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments, and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details.


Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by changes in the price of specific bonds held in the fund and selling of bonds within the fund by the portfolio manager(s).


High-yield/high-risk bonds, also known as "junk" bonds, involve a greater risk of default and price volatility than U.S. Government and other high quality bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value.


Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a performance calculation methodology that differs from that used by Janus. Differences in the methodologies may lead to variances in calculating total performance returns, in some cases this variance may be significant, thereby potentially affecting the rating/ranking of the Fund[s]. The rating/rankings are displayed for informational purposes only and should not be relied upon when making investment decisions.


The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.


©2014 Morningstar, Inc. All Rights Reserved.


When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period.


For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Morningstar Rating™ may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor Fund.


Ratings and Rankings are for the share class shown only; other classes may have different performance characteristics.


The Morningstar Style BoxTM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).


Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).


A Fund's portfolio may differ significantly from the securities held in the index. The index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.


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