Name
As of 06/11/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-1.0%
1 yr return
4.8%
3 Yr Avg Return
0.5%
5 Yr Avg Return
4.8%
Net Assets
$40 M
Holdings in Top 10
47.3%
52 WEEK LOW AND HIGH
$10.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.41%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 414.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 06/11/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
JAGSX - Profile
Distributions
- YTD Total Return -1.0%
- 3 Yr Annualized Total Return 0.5%
- 5 Yr Annualized Total Return 4.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.79%
- Dividend Yield 4.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameJanus Henderson Adaptive Global Allocation Fund
-
Fund Family NameJanus Henderson Funds
-
Inception DateJun 23, 2015
-
Shares OutstandingN/A
-
Share ClassS
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAshwin Alankar
Fund Description
The Fund seeks to achieve its investment objective by allocating its assets across a portfolio of global equity, global fixed-income, and, at times, commodity-linked investments. In doing so, the Fund will attempt to reduce the risk of significant loss, or a drop in the value of the Fund’s capital that is unlikely to be regained over a full market cycle (a time period representing a significant market decline and recovery), while also participating in the upside growth of the capital markets. To achieve this objective, the Fund’s portfolio management employs a “tail managed” strategy intended to tactically shift away from assets whose downside tail risks are perceived to be increasing and toward assets whose expected tail gains are increasing. As it relates to investing, “tails” represent the outliers of a distribution of returns or, in other words, outsized future moves both to the positive and negative. Tail events typically occur more often than expected, and a tail loss or a tail gain can have a substantial impact on a portfolio’s long-term performance.The Fund primarily invests in futures to gain indirect exposureto an underlyingasset class. The Fund may also use other derivatives such as optionsor swaps to gain indirect exposure to an underlying asset class. Under normal circumstances, the Fund’s gross notional exposure (generally, the total value of the assets underlying a derivatives contract at the time of valuation) to derivatives is not expected to exceed 100% of the Fund’s net assets. Because of the Fund’s investments in derivatives, a significant portion of its assets may be invested directly or indirectly in short-term investments.The Fund may invest in emerging markets, but will normally limit such investments to 30% of its net assets, measured at the time of purchase. Due to the Fund’s investment strategy, it may have relatively high portfolio turnover compared to other funds.The Fund may invest in equity securities including common and preferred stock and securities of other investment companies. The Fund may invest across all fixed-income sectors, including U.S. and non-U.S. government debt securities (“sovereign debt”). The types of fixed-income securities in which the Fund may invest include corporate bonds, commercial paper, depositary receipts, and floating-rate securities. The Fund may also gain exposure to equity securities, fixed-income securities, and commodities through investments in exchange-traded funds (“ETFs”). The Fund may invest up to 20% of its assets in high-yield bonds (also known as “junk” bonds).To implement the strategy, portfolio management utilizes two complementary processes: a “top-down” macro analysis and a “bottom-up” risk/reward analysis, each of which are described below. These processes each employ certain proprietary models which provide forward-looking insights into capital markets and which seek to identify indicators of market stress or potential upside. Such models include a proprietary options implied information model that monitors day-to-day movements in options prices for indicators of risk and reward between asset classes, sectors, and regions. Using the proprietary models, portfolio management will adjust the Fund’s allocations and the underlying security exposures.•Top-Down Macro Analysis. The top-down analysis focuses on how the Fund’s assets will be distributed between the global equity and global fixed-income asset classes, and, at times, the commodity asset class. Portfolio management monitors expected tail gains and losses across the equity, fixed-income, and commodity asset classes. Portfolio management intends to periodically adjust the Fund’s asset allocation to mitigate downside risk exposure that is perceived to be elevated and obtain exposure to upside gains. Accordingly, the Fund’s allocation to global equity investments, global fixed-income investments, and, at times, commodity-linked investments, will likely shift periodically to minimize exposure to tail losses and enhance exposure to tail gains. The periodic shifts in the Fund’s asset allocation may significantly impact the Fund’s risk profile.•Bottom-Up Risk/Reward Analysis. The bottom-up analysis is designed to identify the underlying security exposures that comprise the Fund’s equity, fixed-income, and commodity asset classes, and periodically rebalance the Fund’s portfolio to maximize exposure to securities that are expected to provide tail gains while minimizing exposure to securities that are expected to provide tail losses. Within the Fund’s equity component, portfolio management intends to adjust the portfolio’s sector, currency, and regional exposures away from market capitalization weights based on an evaluation of expected tail loss and gain. Within the Fund’s fixed-income component, portfolio management intends to adjust the portfolio’s credit, duration, and regional exposures using the same analysis. Within the Fund’s commodity asset class, portfolio managementintends to adjust individual commodity or sector exposures when appropriate using the same analysis.In pursuing its investment objective, the Fund will have exposure to investments that are economically tied to a number of countries throughout the world. A security is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the company’s revenues are derived from one or more countries; or (iii) a majority of the company’s assets are located in one or more countries.The Fund may also use derivatives to enhance returns and to hedge portfolio risks. With regard to using derivatives for hedging purposes, the Fund may use foreign exchange contracts or other similar instruments to reduce the impact of foreign exchange rate changes on the Fund’s value. The Fund may also engage in short sales.The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.
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JAGSX - Performance
Return Ranking - Trailing
| Period | JAGSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.0% | -23.7% | 16.4% | 36.05% |
| 1 Yr | 4.8% | -8.9% | 48.3% | 71.03% |
| 3 Yr | 0.5%* | -2.2% | 16.4% | 70.38% |
| 5 Yr | 4.8%* | -0.7% | 13.4% | 62.62% |
| 10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | JAGSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 10.6% | -40.8% | 20.6% | 94.68% |
| 2024 | -12.4% | -21.0% | 24.5% | 39.64% |
| 2023 | -6.5% | -24.2% | 27.8% | 63.79% |
| 2022 | 6.0% | -23.1% | 11.7% | 42.54% |
| 2021 | 11.6% | -100.0% | 20.6% | 62.94% |
Total Return Ranking - Trailing
| Period | JAGSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.0% | -23.7% | 16.4% | 35.19% |
| 1 Yr | 4.8% | -12.8% | 48.3% | 63.35% |
| 3 Yr | 0.5%* | -3.4% | 16.4% | 63.97% |
| 5 Yr | 4.8%* | -1.1% | 13.4% | 57.44% |
| 10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | JAGSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 15.0% | -40.8% | 20.6% | 94.68% |
| 2024 | -11.3% | -21.0% | 24.5% | 39.64% |
| 2023 | 8.6% | -24.2% | 27.8% | 65.19% |
| 2022 | 9.2% | -23.1% | 11.7% | 12.41% |
| 2021 | 14.0% | -2.9% | 23.1% | 19.35% |
NAV & Total Return History
JAGSX - Holdings
Concentration Analysis
| JAGSX | Category Low | Category High | JAGSX % Rank | |
|---|---|---|---|---|
| Net Assets | 40 M | 1.12 M | 110 B | 87.69% |
| Number of Holdings | 61 | 2 | 10961 | 64.09% |
| Net Assets in Top 10 | 19.4 M | -31.7 M | 22 B | 82.46% |
| Weighting of Top 10 | 47.29% | 10.8% | 100.0% | 41.46% |
Top 10 Holdings
- Aviation Capital Group LLC 4.90%
- SOCIETE GENERALE 4.87%
- Oglethorpe Power Corp 4.86%
- BROOKFIELD INFRASTRUCTUR 4.78%
- ARCHER DANIELS MIDLAND 4.75%
- PLAINS ALL AMER PIPELINE 4.74%
- Glencore Funding LLC 4.60%
- MITSUBISHI CORP AMERICAS 4.60%
- VW Credit Inc 4.59%
- INTESA SANPAOLO FDG LLC 4.59%
Asset Allocation
| Weighting | Return Low | Return High | JAGSX % Rank | |
|---|---|---|---|---|
| Cash | 97.51% | -97.12% | 185.58% | 7.52% |
| Other | 1.55% | -1.25% | 197.12% | 68.27% |
| Stocks | 0.94% | -45.72% | 98.42% | 64.72% |
| Convertible Bonds | 0.15% | 0.00% | 25.49% | 62.84% |
| Preferred Stocks | 0.00% | -0.03% | 14.00% | 65.97% |
| Bonds | 0.00% | -39.76% | 93.84% | 69.31% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | JAGSX % Rank | |
|---|---|---|---|---|
| Technology | 17.25% | 0.00% | 39.48% | 43.52% |
| Consumer Cyclical | 15.03% | 0.00% | 20.84% | 7.01% |
| Financial Services | 14.72% | 0.00% | 30.34% | 47.35% |
| Communication Services | 10.88% | 0.00% | 28.59% | 8.49% |
| Industrials | 9.06% | 0.09% | 32.39% | 73.25% |
| Healthcare | 8.78% | 0.00% | 30.30% | 67.94% |
| Basic Materials | 7.65% | 0.00% | 60.23% | 25.27% |
| Consumer Defense | 6.15% | 0.00% | 31.85% | 53.93% |
| Utilities | 4.33% | 0.00% | 40.29% | 35.67% |
| Energy | 3.28% | 0.00% | 38.61% | 82.80% |
| Real Estate | 2.87% | 0.00% | 90.14% | 64.54% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | JAGSX % Rank | |
|---|---|---|---|---|
| US | 0.94% | -4.82% | 95.75% | 35.07% |
| Non US | 0.00% | -46.69% | 57.06% | 78.50% |
JAGSX - Expenses
Operational Fees
| JAGSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.41% | 0.16% | 2.71% | 38.20% |
| Management Fee | 0.75% | 0.00% | 1.70% | 69.38% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 42.63% |
| Administrative Fee | 0.25% | 0.01% | 0.70% | 92.63% |
Sales Fees
| JAGSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| JAGSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| JAGSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 414.00% | 0.00% | 441.00% | 97.85% |
JAGSX - Distributions
Dividend Yield Analysis
| JAGSX | Category Low | Category High | JAGSX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.98% | 0.00% | 10.92% | 74.64% |
Dividend Distribution Analysis
| JAGSX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| JAGSX | Category Low | Category High | JAGSX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.79% | -5.20% | 6.33% | 76.03% |
Capital Gain Distribution Analysis
| JAGSX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $0.398 | OrdinaryDividend |
| Dec 29, 2022 | $0.109 | OrdinaryDividend |
| Dec 30, 2021 | $1.686 | OrdinaryDividend |
| Dec 30, 2020 | $0.339 | OrdinaryDividend |
| Dec 19, 2019 | $0.222 | OrdinaryDividend |
| Dec 19, 2019 | $0.006 | CapitalGainLongTerm |
| Dec 20, 2018 | $0.117 | CapitalGainShortTerm |
| Dec 20, 2018 | $0.290 | CapitalGainLongTerm |
| Dec 20, 2018 | $0.065 | OrdinaryDividend |
| Dec 21, 2017 | $0.514 | CapitalGainShortTerm |
| Dec 21, 2017 | $0.101 | CapitalGainLongTerm |
| Dec 21, 2017 | $0.163 | OrdinaryDividend |
| Dec 21, 2016 | $0.077 | OrdinaryDividend |
| Dec 21, 2015 | $0.017 | OrdinaryDividend |
JAGSX - Fund Manager Analysis
Managers
Ashwin Alankar
Start Date
Tenure
Tenure Rank
Jun 23, 2015
6.94
6.9%
Ashwin Alankar, Ph.D., is Head of Global Asset Allocation of Janus Henderson Investors. Mr. Alankar is also Portfolio Manager of other Janus Henderson accounts. He joined Janus Capital in August 2014. Prior to joining Janus Capital, Mr. Alankar was Co-Chief Investment Officer of AllianceBernstein’s Tail Risk Parity products and a senior portfolio manager of the firm’s systematic multi-asset class alternative investment efforts from 2010 to 2014. Mr. Alankar holds a Bachelor of Science degree in Mathematics and Chemical Engineering and a Master of Science degree in Chemical Engineering from the Massachusetts Institute of Technology, and a Ph.D. in Finance from the University of California at Berkeley’s Haas School of Business.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.03 | 30.27 | 6.52 | 9.25 |