2Q14 Janus Global Fixed Income...
Transcript of 2Q14 Janus Global Fixed Income...
2Q14 Janus Global Fixed Income Capabilities
2Q14 Janus Global Fixed Income Capabilities
INTRODUCED BY JANUS CAPITAL INTERNATIONAL LIMITED
2 Janus Global Multi-Sector Strategy
Agenda
Janus Capital Group Overview
Janus Fixed Income Overview
Janus Fixed Income Strategies
Philosophy
Fixed Income Investment Team
Investment Process
Research and Risk Management
Performance and Characteristics
Janus Global Flexible Income Fund
Janus Global Investment-Grade Bond Fund
Janus Global High Yield Fund
Appendix
Fixed Income Team
Biographies
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Powerful Processes from Three Highly Specialised Managers
Investment Manager Investment Approach Investment Strategies
Established: 1969 AUM: $114.2 B
Research-Driven Equity & Fixed Income Grounded in unconstrained, fundamental
research Risk management overlay 44 years of experience
U.S. Equity Global/International Fixed Income Alternatives Asset Allocation
Established: 1987 AUM: $49.8 B
Mathematical Equity Proprietary mathematical approach Risk-managed process Virtually no style drift 27 years of experience
Growth Value Core Enhanced Global/International Passive Alternative Absolute Volatility Income
Established: 1980 AUM: $13.8 B
Value Equity Singular approach to value investing Disciplined valuation process Focus on downside analysis before upside
potential 34 years of experience
Small Cap Value Mid Cap Value Large Cap Value All Cap Value Global Value Value Plus Income
Janus Capital Group Key Benefits:
Each firm driven by a process central to its investment approach
Broad choice of complementary strategies
Ability to align our strengths with your needs
AUM data as of 30 June 2014. Janus Capital Group is a global asset manager. Janus Capital Management LLC, Janus Capital Singapore Pte Limited, INTECH Investment Management LLC and Perkins Investment Management LLC will act as sub-adviser to Janus Capital International Limited. Perkins and INTECH are indirect subsidiaries of Janus Capital Group.
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19%
41%
24%
16%
Asset Allocation
Short Duration
High Yield / Credit Only
Core Plus / Multi-Sector
Janus Fixed Income Overview
We believe a bottom-up, fundamentally driven investment process that focuses on credit-
oriented investments can lead to superior risk-adjusted returns and capital preservation. Our
comprehensive bottom-up view drives decision making at a macro level, enabling us to make
informed sector and risk allocation decisions.
Client Domicile
North America $25.9 Billion
Europe $3.1 Billion
Middle East $50.4 Million
Asia $2.3 Billion
AUM data as of 30/6/14.
Global Client Segmentation
Investment Capabilities
Over 25 years of experience
Integrated fixed income and equity research
Quantum Global: proprietary investment research and risk management system
Highly collaborative, non-siloed team based in Denver and London
31 fixed income investment professionals
$31.4 Billion in assets under management
Figures above include Global and U.S. strategies
53%40%
7%
Intermediary
Retail
Institutional
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Janus Fixed Income Strategies
Portfolio
Managers
Strategy
Inception
Strategy AUM
Benchmark
Multi-Sector
Core Plus Gibson Smith / Darrell Watters Q2 1987 $10.8 B Barclays U.S. Aggregate Bond Index
Short Duration Gibson Smith / Darrell Watters Q3 1992 $5.0 B Barclays 1-3 Year U.S. Government/Credit Index
Global Multi-Sector Chris Diaz, CFA / Gibson Smith /
Darrell Watters Q4 2010 $605.4 M Barclays Global Aggregate Bond Index
Long Duration Gibson Smith / Darrell Watters Q2 2011 $21.2 M Barclays Long Government/Credit Index
Real Return Mayur Saigal / Gibson Smith /
Darrell Watters Q3 2012 $18.5 M
Barclays U.S. TIPS 1-5 Year Index / Consumer Price Index (CPI) +2%
Multi-Sector Income Seth Meyer, CFA / John Kerschner, CFA /
John Lloyd Q1 2014 $13.4 M Barclays U.S. Aggregate Bond Index
Credit-Focused
High Yield Gibson Smith / Darrell Watters Q4 1995 $4.0 B Barclays U.S. Corporate High-Yield Index
U.S. Corporate Credit Gibson Smith / Darrell Watters Q4 2009 $142.6 M Barclays U.S. Credit Index
Global High Yield Chris Diaz, CFA / Ryan Myerberg /
Gibson Smith / Darrell Watters Q4 2010 $1.1 B Barclays Global High Yield Index
Global Investment Grade Chris Diaz, CFA / Ryan Myerberg /
Gibson Smith / Darrell Watters Q4 2010 $391.1 M Barclays Global Aggregate Corporate Index
Short Duration High Yield Gibson Smith / Darrell Watters Q2 2011 $377.2 M –
Asset Allocation
Balanced Gibson Smith / Marc Pinto, CFA Q1 1985 $15.3 B S&P 500® Index / Barclays U.S. Aggregate Bond Index /
Balanced Index*
AUM as of 30/6/14. *Balanced Index is an internally calculated, hypothetical monthly rebalanced blend of 55% S&P 500® Index and 45% Barclays US Aggregate Bond Index. Prior to 1/7/09, the index blend was 55% S&P 500® Index and 45% Barclays US Government/Credit Index.
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Janus Global Flexible Income Fund
We believe a fundamentally driven, corporate & sovereign credit-oriented investment process can lead to
superior risk-adjusted returns and preservation of capital over time. Our comprehensive, bottom-up view
complements traditional top-down decision making, seeking to provide a sustainable competitive advantage.
Dynamic global multi-sector portfolio designed to serve as a full cycle core holding
Flexibility to deviate significantly from the index on a sector, country, currency and duration basis
Seeks superior risk-adjusted returns and capital preservation
Integrated global fixed income and equity research effort
Sophisticated, proprietary fixed income portfolio and risk-management system, Quantum Global
Expected sources of alpha: security/sector (primary), rates/duration, currency
Philosophy and Overview
Fixed income securities are subject to interest rate, inflation, credit and default risk. The bond market is volatile. As interest rates rise, bond prices usually fall, and vice versa. The return of principal is not guaranteed, and prices may decline if an issuer fails to make timely payments or its credit strength weakens. 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. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility and differing financial and information reporting standards, all of which are magnified in emerging markets.
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Janus Fixed Income Team
Data as of 30/6/14.
Headcount and industry experience provided for each classification includes that of individuals with dual roles.
*As of 30/6/14, Janus fixed income analysts had a buy/sell/hold/avoid opinion on approximately 1,200 credits. In total, our analysts follow approximately 8,800 securities, and our fixed income research and risk management system, Quantum Global, tracks a universe of approximately 14,400 U.S. bonds, 1,400 U.S. bank loans and 16,000 global bonds. Coverage ranges from AAA-CCC.
Risk Management Average Industry Experience:
11 Years
Portfolio Management Average Industry Experience: 18 Years
Chris Diaz, CFA Head of Global Rates | Portfolio Manager
Ryan Myerberg International Fixed Income Trader | Portfolio Manager
John Kerschner, CFA Global Head of Securitized Products | Portfolio Manager
Seth Meyer, CFA Global Credit Analyst | Portfolio Manager
Gibson Smith Chief Investment Officer, Fixed Income Portfolio Manager
Darrell Watters Portfolio Manager
Robert Griffin Global Client Portfolio Manager
Phil Gronniger, CFA Global Client Portfolio Manager
Steve Preikschat, CFA Global Head of Fixed Income Product Strategy
Roberta Tucker Global Client Portfolio Manager
Research Average Industry Experience: 13 Years
Trading Average Industry Experience: 15 Years
Mayur Saigal Global Head of Fixed Income
Risk Management | Portfolio Manager
4 Portfolio Risk Analysts
John Lloyd Global Head of Credit Research
Portfolio Manager
15 Research Analysts Cover 33 Industries and approximately 1,200 Credits*
John Dillie Global Co-Head of Fixed Income Trading Portfolio Manager
Eric Bernum, CFA Global Co-Head of Fixed Income Trading Assistant Portfolio Manager
5 Fixed Income Traders
Investment Process
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Global fundamental research anchors our bottom-up investment process
Investment Process Overview
Sovereign Credit Fundamental Research
Expected Risk- Adjusted Returns
(Valuation)
Portfolio Construction
Corporate Credit Fundamental Research
Security, Sector and Quality View
Rates, Sovereign Credit and Currency View
Fundamental Research
Quantum Global
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Global corporate and fundamental research: five key tenets
Investment Process Overview
Corporate Credit Research Implications Sovereign Credit Research
Getting free cash flow right Important financial indicator of
bond performance Economic growth and
fiscal sustainability
Understanding management intentions Important non-financial indicator of
bond performance Understanding central bank and
political intentions
Researching bonds and companies, not just companies
Each bond has unique return potential Researching currency, rates and
yield opportunities
Evaluating the downside Reward for being right > penalty for being wrong
Evaluating the downside
Leveraging firm-wide research in a boutique setting
Differentiated, fundamental research drives results for our clients
Leveraging firm-wide research in a boutique setting
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Fundamental research: Understanding the typical economic cycle and regime changes
Investment Process
Sentiment: Capitulation Hope Euphoria Anxiety
Rates: Lower Higher Mixed Lower
Curve: Steep Steep Flattening Steepening
Currency: Mixed Weak Dollar Weak Dollar Strong Dollar
Spreads: Widening Narrowing Stable Vacillating
Portfolio Strategy: Exploit and provide liquidity Risk-taking Trim and trade Sell riskier assets and
maximize diversification
VaR Strategy: Medium Highest Medium Lowest
Late Recession Recovery Excess Early Recession
Eco
nom
ic E
xpan
sion
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Fundamental research: Sector and Quality View
Investment Process
Security level expected risk-adjusted returns informs our sector and quality view
We select individual securities within each sector that exhibit the following characteristics:
Global Corporate Credit
Consider investment grade and high yield
We look for companies with:
Fundamental capital structure transformation
Defensive free cash flow
Improving free cash flow
Quality management
Deleveraging strategy
Valuable asset base
Sovereign/Government Related
Consider developed and emerging market securities
What we look for:
Fundamental analysis of economic and political trends
Fiscal and political sustainability
Alternative to spread product when credit risk/return unattractive
Quasi-sovereign may provide attractive relative spread advantage
Global Securitized
Consider securitized debt (RMBS, CMBS, ABS) and covered bonds
What we look for:
Stable underlying asset value
Jurisdictions with strong credit cultures and recourse lending
Favorable optionality
Opportunistically invest in below investment grade rated securities
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Portfolio Construction: Expected Risk-Adjusted Returns
Investment Process
Client Guidelines
Duration
Quality
Sector
Region/Emerging
Socially Responsible
Security Selection
Seek issuers with strong or improving fundamentals
Understand management and policy maker intentions
Emphasize analyst buy recommendations as largest active positions
Sector Allocations
Integrated research fosters debate among analysts and portfolio managers
Semi-Annual total return forecast
Weekly risk meeting
Currency
Absolute return approach to active currency management
Semi-Annual total return forecast
Weekly global team meeting
Monthly macro meetings
Country and regional exposures reflect expected risk-adjusted return opportunities
Rates / Curve
Anticipate potential regime changes and position appropriately
Semi-Annual total return forecast
Weekly global team meeting
Monthly macro meetings
Quantum Global
Expected Risk-Adjusted
Returns
Risk management integrated at every step of the process
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Quantum Global
Research and Investment Risk Management
Quantum: Derived from the Latin word quantus, meaning how much or how great.
Quantum Global is our proprietary research and risk management system that is integrated into the investment process at each step.
Value at Risk (VaR) Analysis:
Identifies sources of risk in the portfolio at all levels:
Macro level: Interest rate, currency, fixed income sector
Credit level: Industry sector risk and individual security risk
Measured on absolute basis as well as relative to the index
Calculated using a Monte Carlo analysis using 225 risk factors
Identifies and quantifies intended and non-intended risk factors
Relative Value Analysis:
More than 30 quantitative metrics tracked for 14,400 U.S. bonds, 1,400 U.S. bank loans, and 16,000 global bonds including:
Credit metrics
Expected default frequency analysis
Trading level
Market implied credit rating
Analyst research is one of the sources of information
We use relative value analysis and VaR analysis to verify credit holdings tie back to our credit-informed sector view and our fundamental credit research
VaR analysis also verifies portfolio holdings tie back to our credit-informed macro view and fundamental research
Any portfolio risk management process discussed includes an effort to monitor and manage risk, which should not be confused with and does not imply low risk or the ability to control risk.
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Performance attribution: validation of the four Ps
Research and Investment Risk Management
Performance attribution tells us if our Philosophy has successfully driven our People and our Process
Attribution Analysis
Identifies the contributors and detractors to performance at each level – currency, sector, industry and security
Analyzed across time periods – weekly, monthly, quarterly and annually
Indicates if we have performed as expected based on our intended portfolio positioning, which is quantified in the VaR analysis
Performance
Process
People
Philosophy
Attribution
Performance and Characteristics Janus Global Flexible Income Fund
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Janus Global Flexible Income Fund as of 30/6/14
Performance
2Q 2014 1 Year Since Inception (28/9/12)
Janus Global Flexible Income Fund I$inc 3.58 10.70 2.80
Barclays Global Aggregate Bond Index 2.47 7.39 0.98
Difference (I$inc vs. Index) +1.11 +3.31 +1.82
YTD
7.50
4.93
+2.57
Source: Morningstar. Past performance cannot guarantee future results.
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Janus Global Flexible Income Fund as of 30/6/14
Characteristics
Currencies Janus Global Flexible Income
Fund (% of Non-Cash)
Barclays Global Aggregate Bond Index
(%)
United States Dollar 58.73 40.30
Pounds Sterling 12.49 6.14
European Euro 6.97 27.36
Japanese Yen 5.00 16.78
Mexican Peso 4.00 0.37
Canadian Dollar 3.47 2.74
New Zealand Dollar 2.00 0.13
Malaysia Ringgit 1.96 0.20
Brazilian Real 1.49 -
Korean Won 0.99 1.19
Norwegian Krone 0.98 0.14
Philippines Peso 0.96 -
Australian Dollar 0.95 1.39
Regions Janus Global Flexible
Income Fund (% of Non-Cash)
Barclays Global Aggregate Bond Index
(%)
Europe 59.09 29.32
North America 25.36 37.83
Asia/Pacific Ex Japan 9.45 5.08
Latin America 5.14 1.37
Africa/Mideast - 0.77
Japan - 16.96
Characteristics Janus Global Flexible
Income Fund Barclays Global
Aggregate Bond Index
Weighted Average Maturity
8.88 Years 8.06 Years
Effective Duration 5.02 6.27
Weighted Average Coupon (annualised)
4.52% 3.29%
Source: Janus. *Bond ratings provided by Standard & Poor's. Not rated securities in this chart are not rated by S&P but may be rated by other rating agencies. In line with the Fund’s stated investment policy, the Fund may invest in unrated bonds, if these are of a similar quality to below investment grade as determined by the relevant Sub-Investment Advisor and may have substantial holdings in such securities. For more information, please see the prospectus, available at www.janusinternational.com. Please see standardised performance on page 43. Past performance is no guarantee of future results.
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Janus Global Flexible Income Fund as of 30/6/14
Characteristics
39.90%
0.00%
0.00%
0.33%
10.34%
10.22%
32.48%
6.73%
26.98%
0.13%
5.73%
23.00%
28.33%
10.69%
2.91%
0.00%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%
Not Rated
CCC
B
BB
BBB
A
AA
AAA
Janus Global Flexible Income Bond Fund Barclays Global Aggregate Corporate Bond Index
S&
P C
red
it R
atin
g
Source: Janus.
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Corporate credit industry allocation as of 30/6/14
Characteristics
Janus Global Flexible Income Fund over/underweights relative to the Barclays Global Aggregate Bond Index
-0.80
-0.45
-0.34
-0.25
-0.13
-0.10
0.59
0.86
0.91
1.20
1.20
1.77
2.07
2.15
2.56
3.02
6.95
10.40
-2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12
Utility ElectricIndustrial Transportation
Financial REITSUtility Natural Gas
Utility Other
Financial OtherIndustrial Other
Financial InsuranceFinancial Finance Companies
Industrial Consumer Non CyclicalIndustrial Capital Goods
Financial BrokerageIndustrial Basic Industry
Industrial CommunicationsIndustrial Technology
Industrial EnergyIndustrial Consumer Cyclical
Financial Banking
Source: Janus Analytics.
%
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Typical Portfolio Composition
Janus Global Flexible Income Fund
Duration: 3.5 to 6.5 years or +/- 25% of index*
Number of issues: 200-400
Number of issuers: 100-200
Position size: Single credit <5%
Credit allocation: 0% to 90%
High-yield allocation: 0% to 20% (internal maximum 35%)
Cash holdings: 0% – 10%
Liquid holdings: 90% – 100%
Investment grade securities: ≥65%
Sector limits: No sector limits
Minimum issue size: Approximately $200 million
Performance and Characteristics Janus Global Investment Grade Bond Fund
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Janus Global Investment Grade Bond Fund as of 30/6/14
Performance
Source: Morningstar. Past performance cannot guarantee future results.
2Q 2014 1 Year 3 Years Since Inception
(29/10/10)
Janus Global Investment Grade Bond Fund I$inc 3.35 11.54 6.60 6.09
Barclays Global Aggregate Corporate Bond Index 2.66 9.67 5.29 4.93
Difference (I$inc vs. Index) +0.69 +1.87 +1.31 +1.16
YTD
6.51
5.34
+1.17
Average Annual Total Returns (%)
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7th1st
9th
100th
60th
51st
87th
76th
0
10
20
30
40
50
60
70
80
90
100
Reward and Risk Statistics
Three Years as of 30/6/14
Excess Return
Information Ratio Sharpe Ratio
Tracking Error
Standard Deviation
Beta
Janus Global Investment Grade Bond I$Inc 4.03 1.53 1.27 2.64 5.08 1.03
Barclays Global Aggregate Bond Index – – 0.61 - 4.21 1.00
Morningstar Global Corporate Bond Peer Group Median
2.00 0.59 0.82 3.13 5.36 1.03
Member Count 46 46 46 46 46 46
Source: Morningstar. Past performance cannot guarantee future results
Risk Reward
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Janus Global Investment Grade Bond Fund as of 30/6/14
Portfolio Characteristics
Currencies Janus Global Investment
Grade Bond Fund (% of Non-Cash)
Barclays Global Aggregate Corporate
Bond Index
United States Dollar 61.25 60.21
European Euro 24.22 24.52
Pounds Sterling 7.33 7.43
Canadian Dollar 3.22 3.27
Japanese Yen 2.74 2.84
Swiss Franc 0.72 0.77
Australian Dollar 0.53 0.61 Regions
Janus Global Investment Grade Bond Fund (% of
Non-Cash)
Barclays Global Aggregate Corporate
Bond Index (%)
Europe 46.10 25.20
North America 41.61 52.81
Asia/Pacific Ex Japan 6.33 6.05
Africa/Mideast 1.20 0.47
Latin America 0.46 2.08
Other - 9.69
Japan - 3.72
Characteristics Janus Global
Investment Grade Bond Fund
Barclays Global Aggregate Corporate
Bond Index
Weighted Average Maturity
11.41 years 8.43 years
Effective Duration 5.33 6.09
Weighted Average Coupon (annualised)
4.51% 4.42%
Source: Janus. *Bond ratings provided by Standard & Poor's. Not rated securities in this chart are not rated by S&P but may be rated by other rating agencies. In line with the Fund’s stated investment policy, the Fund may invest in unrated bonds, if these are of a similar quality to below investment grade as determined by the relevant Sub-Investment Advisor and may have substantial holdings in such securities. For more information, please see the prospectus, available at www.janusinternational.com. Please see standardised performance on page 17. Past performance is no guarantee of future results.
26 Janus Global Multi-Sector Strategy
Characteristics
Janus Global Investment Grade Bond Fund as of 30/6/14
5.07%
0.00%
0.28%
37.16%
43.13%
13.69%
0.68%
5.36%
3.19%
20.05%
45.51%
14.19%
6.64%
0.00%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Not Rated
B
BB
BBB
A
AA
AAA
% of Fixed Income
Janus Global Investment Grade Bond Fund Barclays Global Aggregate Corporate Bond Index
S&
P C
red
it R
atin
g
Source: Janus.
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Characteristics
Corporate credit industry allocation as of 30/6/14
Janus Global Investment Grade Bond Fund over/underweights relative to the Barclays Global Aggregate Corporate Bond Index
‐6.37
‐4.50
‐2.78
‐2.67
‐2.41
‐2.40
‐1.56
‐1.50
‐1.03
‐0.78
‐0.04
0.33
0.90
1.21
2.38
2.46
2.69
4.17
‐8 ‐6 ‐4 ‐2 0 2 4 6
Industrial Consumer Non Cyclical
Utility Electric
Financial Banking
Industrial Communications
Industrial Capital Goods
Financial Insurance
Industrial Transportation
Utility Natural Gas
Industrial Industrial Other
Utility Utility Other
Industrial Basic Industry
Industrial Technology
Financial Financial Other
Financial Finance Companies
Financial REITS
Financial Brokerage
Industrial Energy
Industrial Consumer Cyclical
Source: Janus Analytics.
%
28 Janus Global Multi-Sector Strategy
Typical Portfolio Composition
Janus Global Investment Grade Bond Fund
Duration: +/- 25% of index
Number of Issues: 150 – 300
Number of issuers: 100 - 200
Position size: Single credit <5%
Below investment grade: <25%
Cash holdings: 0% – 10%
Liquid holdings: 90% – 100%
Geographic allocation: Global
Sector limits: No sector limits
Minimum issue size: Approx. $200 million
Performance and Characteristics Janus Global High Yield Fund
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Janus Global High Yield Fund as of 30/6/14
Performance
2Q 2014 1 Year 3 Years Since Inception
(29/10/10)
Janus Global High Yield Fund I$inc 2.13 14.35 8.90 8.88
Barclays Global High Yield Index 3.00 13.92 9.78 9.43
Difference (I$inc vs. Index) -0.87 +0.43 -0.88 -0.55
YTD
5.66
6.06
-0.40
Source: Morningstar. Past performance cannot guarantee future results.
Average Annual Total Returns (%)
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14th
29th22nd
100th
41st
51st
19th
24th
0
10
20
30
40
50
60
70
80
90
100
Reward and Risk Statistics
Three Years as of 30/6/14
Excess Return
Information Ratio Sharpe Ratio
Tracking Error
Standard Deviation
Beta
Janus Global High Yield Bond I$Inc -0.88 -0.64 1.18 1.37 7.44 0.92
Barclays High Yield Bond Index – – 1.21 - 7.95 1.00
Morningstar Global High Yield Bond Peer Group Median
-2.33 -1.00 0.94 2.55 7.38 0.93
Member Count 299 299 299 299 299 299
Source: Morningstar. Past performance cannot guarantee future results
Risk Reward
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Janus Global High Yield Fund as of 30/6/14
Characteristics
Currencies Janus Global High Yield Fund
(% of Non-Cash) Barclays Global High
Yield Index (%)
United States Dollar 78.48 78.10
European Euro 18.01 18.07
Pounds Sterling 3.51 3.49
Regions Janus Global High Yield
Fund (% of Non-Cash)
Barclays Global High Yield Index (%)
North America 64.59 53.11
Europe 27.03 25.93
Latin America 1.60 6.91
Asia/Pacific Ex Japan 1.15 5.26
Africa/Mideast - 2.93
Japan - 0.47
Other - 5.40
Characteristics Janus Global High Yield
Fund Barclays Global High
Yield Index
Weighted Average Maturity
6.47 Years 6.36 Years
Effective Duration 3.27 3.95
Weighted Average Coupon (annualised)
7.39% 6.96%
Source: Janus. Bond ratings provided by Standard & Poor's. Not rated securities in this chart are not rated by S&P but may be rated by other rating agencies. In line with the Fund’s stated investment policy, the Fund may invest in unrated bonds, if these are of a similar quality to below investment grade as determined by the relevant Sub-Investment Advisor and may have substantial holdings in such securities. For more information, please see the prospectus, available at www.janusinternational.com. Please see standardised performance on page 23. Past performance is no guarantee of future results.
33 Janus Global Multi-Sector Strategy
Janus Global High Yield Fund as of 30/6/14
Characteristics
7.73%
0.02%
0.31%
10.51%
31.75%
46.50%
3.15%
0.03%
6.80%
0.00%
0.00%
14.16%
47.54%
22.80%
0.77%
0.00%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Not Rated
D
CC
CCC
B
BB
BBB
A
% of Fixed Income
Janus Global High-Yield Fund Barclays Global High-Yield Index
S&
P C
red
it R
atin
g
Source: Janus.
34 Janus Global Multi-Sector Strategy
Portfolio Characteristics
Janus Global High Yield Fund over/underweights relative to the Barclays Global High Yield Index
Corporate credit industry allocation as of 30/6/14
Source: Janus Analytics.
-6.74
-4.78
-2.28
-1.90
-1.76
-1.25
-0.44
-0.33
-0.23
-0.16
-0.06
0.00
0.38
1.00
1.70
3.78
7.56
7.77
-10 -8 -6 -4 -2 0 2 4 6 8 10
Industrial CommunicationsIndustrial Basic Industry
Financial Banking
Financial Finance CompaniesUtility Electric
Industrial Capital Goods
Financial InsuranceFinancial Brokerage
Utility Utility OtherIndustrial Industrial Other
Financial Financial OtherUtility Natural Gas
Industrial TechnologyFinancial REITS
Industrial TransportationIndustrial Consumer Non Cyclical
Industrial Consumer CyclicalIndustrial Energy
%
35 Janus Global Multi-Sector Strategy
Typical Portfolio Composition
Typical Composition of Janus Global High Yield
Duration: +/- 15% of index
Number of issues: 150-300
Number of issuers: 100 - 250
Cash holdings: 0% – 10%
Liquid holdings: 90% – 100%
Geographic allocation: Global
Sector limits: No sector limits
Position size: Single credit <3%
Minimum issue size: Approx. $150 million
Appendix
37 Janus Global Multi-Sector Strategy
Janus Fixed Income Investment Management Team
Professionals Yrs. of
Industry Exp. Joined Janus Sector Coverage
Portfolio Managers/Client Portfolio Manager
Gibson Smith, Portfolio Manager and Chief Investment Officer, Fixed Income 23 2001
Darrell Watters, Portfolio Manager 28 1993
Chris Diaz, CFA, Portfolio Manager and Head of Global Rates 17 2011 Global Rates, Global Sovereigns, Currency
Ryan Myerberg, Portfolio Manager and International Fixed Income Trader 12 2010
Robert Griffin, Global Client Portfolio Manager 11 2013
Roberta Tucker, Global Client Portfolio Manager 31 2012
Portfolio Risk Analysts
Mayur Saigal, Global Head of Fixed Income Risk Management and Portfolio Manager 12 2005
Aspen Large, Portfolio Risk Analyst 15 1999
Erin Noel, Portfolio Risk Analyst 6 2009
Corinna Lyon, Portfolio Information Analyst 9 2008
Research Analysts
John Lloyd, Global Head of Credit Research and Portfolio Manager 16 2005 Global Communications, Global Industrials and Materials
John Kerschner, CFA, Global Head of Securitized Products and Portfolio Manager 24 2010 Global Securitized Products, Global Financials
Michael Keough, Global Credit Analyst and Assistant Portfolio Manager 7 2006 Global Communications, Global Industrials and Materials, Global Technology
Seth Meyer, CFA, Global Credit Analyst and Portfolio Manager 15 2004 Global Consumer, Global Industrials and Materials
Lindsay Olson Bernum, Global Macro Analyst 9 2005 Global Fixed Income Macro
Jason Brooks, Global Securitized Products Analyst 12 2012 Global Securitized Products, Global Financials
Annika Eiremo, Global Credit Analyst 8 2014 Global Communications
Jason Groom, Global Credit Analyst 20 2004 Global Energy and Utilities, Global Financials, Global Industrials and Materials
Craig Klein, Global Credit Analyst 15 2012 Global Industrials and Materials
Addison Maier, Global Credit Analyst 3 2011 Global Financials
Chris Nielsen, Global Credit Analyst 7 2007 Global Energy and Utilities, Global Industrials and Materials
Bradford Smith, Global Credit Analyst 4 2010 Global Health Care
David Spilsted, Emerging Market Analyst 29 1998 Global Emerging Market Sovereigns
Garrett Strum, Global Credit Analyst 11 2003 Global Financials
Rachel Young, Global Credit Analyst 7 2007 Global Financials
Traders
John Dillie, Global Co-Head of Fixed Income Trading and Portfolio Manager 17 2006
Eric Bernum, CFA, Global Co-Head of Fixed Income Trading and Assistant Portfolio Manager 10 2004
Stephan Aguirre, Fixed Income Trader 15 2000
Stacy Jensen, Fixed Income Trader 21 2003
Steve Preikschat, CFA, Global Head of Fixed Income Product Strategy 15 2006
Phil Gronniger, CFA, Global Client Portfolio Manager 16 2010
As of 30/6/14. Individuals with dual responsibilities are listed in a single classification with all applicable titles reflected.
38 Janus Global Multi-Sector Strategy
Janus Fixed Income Macro Team Interactions
Meeting Focus Attendees Frequency
Monday Macro Current macro hotspots Macro Team & CIO Weekly
Fixed Income Team Meeting
Relevant macro trends & impact on domestic strategies Fixed Income Team Daily
Global Fixed Income Meeting
Macro impact on global strategies Fixed Income Team Weekly
Analyst Meeting Bottom-up company informed information Macro Team & Analyst Team Weekly
Risk Meeting Market relevant macro risk Macro Team & FI Risk Team Weekly
Monthly Macro Macro update to forecast and projections for the remainder of the year Fixed Income Team Monthly
Total Return Expectations
Forecasts for the following year Fixed Income Team Semi-Annual
Miscellaneous Deep dives on market relevant topics, inflation, employment, Fed Macro Team & Members of FI Team Ongoing
Miscellaneous Deep dives on housing, banking, oil, etc. Macro Team & Analyst Team Ongoing
Fixed Income Macro Team
Chris Diaz, CFA
Head of Global Rates & Portfolio Manager
17 years of financial industry experience
Lindsay Olson Bernum Global Macro Analyst
9 years of financial industry experience
Ryan Myerberg International Fixed Income Trader & Portfolio Manager
12 years of financial industry experience
David Spilsted Emerging Market Analyst
29 years of financial industry experience
Seth Meyer, CFA
Global Credit Analyst & Portfolio Manager
15 years of financial industry experience
Aspen Large Portfolio Risk Analyst
15 years of financial industry experience
Bradford Smith Global Credit Analyst
4 years of financial industry experience
Michael Keough Global Credit Analyst & Assistant Portfolio Manager
8 years of financial industry experience
39 Janus Global Multi-Sector Strategy
Janus Fixed Income Macro Team Output
Meeting Focus
Weekly Macro Update
Releases every Sunday
Preps the team for market relevant events: forecasts, market consensus and expected market reaction based on range of outcomes
Daily Macro Update Update/review/analyze daily incoming macro data
Monthly Macro Macro update to forecasts and projections for the remainder of the year
Accumulate analysts’ incoming data points and combine with our current forecasts
Quarterly Company Informed Macro (CIM) release with our quarterly views
Semi-Annual Global macro total return exercise
Models Update macro, currency, rates, and sovereign credit on a daily basis
Report any changes to the forecasts to the broader group
Ongoing
Work with trading desk on daily/weekly rates and currency moves and their respective impact to current portfolios
Weekly Market Relevant Projects – Examples are inflation, analyzing the Fed’s communications, and country specific summaries
Earnings Discussion – Analysts update the macro team. Examples have been banks are laying off X people, CAPEX spending was X, and demand has increased/decreased, etc.
40 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Gibson Smith, Chief Investment Officer, Fixed Income and Portfolio Manager
Gibson Smith is Chief Investment Officer, Fixed Income, a position he has held since January 2006. In this role, Mr. Smith is responsible for Janus’ fixed-income investment process, including overseeing the trading, research, risk management and portfolio management teams. In his role as Portfolio Manager, he co-manages the Janus High Yield, Core Plus, Short Duration, Short Duration High Yield, Intermediate Fixed Income, U.S. Corporate Credit, Global Investment Grade, Global High Yield, Global Multi-Sector, Long Duration and Real Return strategies and all related funds. He also co-manages the fixed income portion of the Janus Balanced and Perkins Value Plus Income strategies and related funds. He is also a member of the Janus Executive Committee and the Janus Capital Group Global Allocation Committee. Mr. Smith joined Janus in January 2001 as a fixed income analyst. Prior to joining Janus, he served as vice president in the fixed income division at Morgan Stanley. He earned a bachelor of arts degree in economics from the University of Colorado and has 23 years of financial industry experience.
Darrell Watters, Portfolio Manager
Darrell Watters is a Portfolio Manager on the fixed income team. In this role he co-manages the Janus High Yield, Core Plus, Short Duration, Short Duration High Yield, Intermediate Fixed Income, U.S. Corporate Credit, Global Investment Grade, Global High Yield, Global Multi-Sector and Long Duration strategies and all related portfolios. Mr. Watters also co-manages the fixed income portion of the Perkins Value Plus Income strategy and related fund. Mr. Watters has been supporting Janus’ fixed income platform since 1996, serving in portfolio management and research analyst roles. Prior to joining Janus as a municipal bond trader in April 1993, he was a municipal bond trader with Piper Jaffray. Mr. Watters received his bachelor of science degree in economics from Colorado State University. He has 28 years of financial industry experience.
Mayur Saigal, Global Head of Fixed Income Risk Management and Portfolio Manager
Mayur Saigal is Global Head of Fixed Income Risk Management, a position he has held since 2009. Mr. Saigal also co-manages the Janus Real Return strategy, a role he has held since September 2013, and serves as a Fixed Income Analyst, focused on portfolio analytics and risk management, a position he has held since joining Janus in July 2005. Mr. Saigal is also a member of the Janus Capital Group Global Allocation Committee. Prior to joining Janus, he worked as a leveraged loan analyst at ING Investments in Scottsdale, Arizona. Mr. Saigal received his bachelor’s degree in engineering from Mumbai University and his MBA from the Thunderbird School of Global Management. He has 12 years of financial industry experience.
John Dillie, Global Co-Head of Fixed Income Trading and Portfolio Manager
John Dillie is Global Co-Head of Fixed Income Trading, a position he has held since 2009, and also co-manages select separately managed fixed income accounts. Mr. Dillie joined Janus as a fixed income trader in 2006. Prior to joining Janus, he served as an analyst and a fixed income trader for the California State Teachers Retirement System (CalSTRS) and also as an analyst for Salomon Smith Barney. Mr. Dillie received a bachelor of arts degree from Colorado State University and an MBA from the University of Denver. He has 17 years of financial industry experience.
41 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Chris Diaz, CFA, Head of Global Rates and Portfolio Manager
Chris Diaz is Head of Global Rates and serves as lead manager of the Janus Global Multi-Sector strategy and all related portfolios. He also co-manages the Janus Global Investment Grade and Janus Global High Yield strategies and all related portfolios. Prior to joining Janus in May 2011, Mr. Diaz served as head of the global rates group at ING Investment Management, where he was responsible for global macro strategies across combined third-party and proprietary businesses and oversaw the fixed income trading desk responsible for global interest rate products and currencies. Mr. Diaz also served as Senior Portfolio Manager, Global Interest Strategy at ING, where he co-managed the ING Global Bond Fund. Mr. Diaz also served as a quantitative research analyst with ING Investment Management and from 1997 to 1999 served as a fixed income portfolio analyst with SunTrust Equitable Securities Corporation. Mr. Diaz received his bachelor of science degree in finance from the University of South Carolina and also earned an MBA, with a concentration in finance, from Emory University - Goizueta Business School. Mr. Diaz holds the Chartered Financial Analyst designation and has 17 years of financial industry experience.
Ryan Myerberg, International Fixed Income Trader and Portfolio Manager
Ryan Myerberg is a Portfolio Manager on the fixed income team. In this role, he co-manages the Janus Global Investment Grade and Janus Global High Yield strategies and all related portfolios. He is also Assistant Portfolio Manager of the Janus Global Multi-Sector strategy and all related portfolios. Mr. Myerberg also serves as an International Fixed Income Trader responsible for the trading of non-U.S. fixed income securities. Prior to joining Janus in August 2010, Mr. Myerberg was Head of European Sales/Trading for CF Global Trading (UK) Ltd. Prior to that, he was a trader with BlueMountain Capital Management in London. He began his career in New York, working in both sales and trading roles within the fixed income divisions of Morgan Stanley and Lehman Brothers. Mr. Myerberg received his bachelor of arts degree in foreign affairs from the Woodrow Wilson School of Government at the University of Virginia, where he was a member of the men’s lacrosse team, and has 12 years of financial industry experience.
John Lloyd, Global Head of Credit Research and Portfolio Manager
John Lloyd is Global Head of Credit Research and he co-manages the Janus Multi-Sector Income strategy, positions he has held since 2009 and 2014, respectively. In his role as Global Head of Credit Research, Mr. Lloyd is responsible for the leadership of the analyst team and his sector coverage focuses primarily on communications and industrials and materials globally. He also serves as an Assistant Portfolio Manager on certain other fixed income strategies. Mr. Lloyd joined Janus as a research analyst in January 2005. Prior to joining Janus, he worked as a private equity associate at H.I.G. Capital in Miami and at Willis Stein & Partners in Chicago. Prior to that, Mr. Lloyd was an investment banking analyst for Deutsche Banc Alex Brown. Mr. Lloyd received his bachelor of arts degree in economics from the University of Michigan and his MBA from the Tuck School of Business at Dartmouth College. Mr. Lloyd has 16 years of financial industry experience.
42 Janus Global Multi-Sector Strategy
Biographies – Investment Team
John Kerschner, CFA, Global Head of Securitized Products and Portfolio Manager
John Kerschner is Global Head of Securitized Products and he co-manages the Janus Multi-Sector Income strategy, positions he has held since 2011
and 2014, respectively. In his role as Global Head of Securitized Products, Mr. Kerschner primarily focuses on mortgage-backed securities and other
structured products. He also serves as an Assistant Portfolio Manager on certain other fixed income strategies. Prior to joining Janus in December 2010,
Mr. Kerschner was Director of Portfolio Management at BBW Capital Advisors. Prior to that, he worked for Woodbourne Investment Management where
he was Global Head of Credit Investing. Mr. Kerschner began his career at Smith Breeden Associates as an assistant portfolio manager and was
promoted several times over twelve years becoming a Principal, a Senior Portfolio Manager and Director of the ABS-CDO Group. He received his
bachelor of arts degree in biology from Yale University, where he graduated cum laude, and his MBA from the Fuqua School of Business at Duke
University, where he was designated a Fuqua Scholar. Mr. Kerschner has 24 years of financial industry experience.
Seth Meyer, CFA, Global Credit Analyst and Portfolio Manager
Seth Meyer is a Global Credit Analyst and lead manager of the Janus Multi-Sector Income strategy, positions he has held since 2005 and 2014,
respectively. In his role as global credit analyst, Mr. Meyer primarily focuses on the consumer and industrials and materials sectors globally. He is also an
Assistant Portfolio Manager on certain other fixed income strategies. Mr. Meyer joined Janus in September 2004 as a product manager covering a variety
of both equity and fixed income strategies. Prior to joining Janus, he served as a consultant relations manager at Oppenheimer Funds. Mr. Meyer received
his bachelor of science degree in business administration, with a concentration in finance, from the University of Colorado. Mr. Meyer holds the
Chartered Financial Analyst designation and has 15 years of financial industry experience.
Robert R. Griffin, Global Client Portfolio Manager
Bob Griffin is Global Client Portfolio Manager on the fixed income investment team, a position he has held since 2013. Working closely with the portfolio
managers and analysts, Mr. Griffin represents the firm’s Janus-managed fixed income and asset allocation strategies to clients and prospective clients.
Prior to joining Janus in June 2013, Mr. Griffin served as a registered investment advisor with Carnick & Kubik. Prior to this he spent more than five years
at the Municipal Employees Retirement System of Michigan (MERS) where he served as investment officer and portfolio manager. Previous to this he
spent three years in institutional sales at Griffin, Kubik, Stephens & Thompson (now BMO Capital). Mr. Griffin received his bachelor of arts degree in
communications and organizational leadership from Trinity International University and attended Taylor University where he studied business
administration with a concentration in finance. Mr. Griffin has 11 years of financial industry experience.
43 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Phil Gronniger, CFA, Global Client Portfolio Manager
Phil Gronniger is Global Client Portfolio Manager on the fixed income investment team, a position he has held since June 2014. Working closely with the portfolio managers and analysts, Mr. Gronniger represents the firm’s Janus-managed fixed income and asset allocation strategies to clients and prospective clients. Mr. Gronniger joined Janus in August 2010 as Senior Product Manager for Janus’ Fixed Income strategies. Prior to joining Janus, Mr. Gronniger served as Vice President and Portfolio Manager for Financial Counselors, Inc., where he managed institutional fixed income portfolios and large cap growth portfolios for private clients. He also served as both an equity and a fixed income trader. Mr. Gronniger received his bachelor of science degree in business administration from the University of Missouri – Kansas City. He holds the Chartered Financial Analyst designation and has 16 years of financial industry experience.
Steve Preikschat, CFA, Global Head of Fixed Income Product Strategy
Steve Preikschat is Global Head of Fixed Income Product Strategy responsible for supporting U.S. and Global strategies. Previously, Mr. Preikschat was Vice President and Co-Head of Global Product Management. Prior to joining Janus in 2006, Mr. Preikschat served as Vice President and Institutional Product Manager for Franklin Templeton where he was responsible for Global and Multi-Sector fixed income strategies. Prior to Franklin Templeton, Mr. Preikschat was a senior analyst with Innovest and Great-West Retirement Services. Mr. Preikschat received his bachelor of arts degree in economics from Whitman College, where he graduated with distinction and was captain of the varsity soccer team. He holds the Chartered Financial Analyst designation and has 15 years of financial industry experience.
Roberta Tucker, Global Client Portfolio Manager
Roberta Tucker is Global Client Portfolio Manager on the fixed income investment team, a position she has held since November 2012. Working closely with the portfolio managers and analysts, Ms. Tucker represents the firm’s Janus-managed fixed income and asset allocation strategies to clients and prospective clients. Prior to joining Janus, Ms. Tucker served as Senior Client Portfolio Manager with Invesco Advisors where she provided portfolio insights on the firms fixed income strategies. Ms. Tucker began her investment career in 1983 and has been responsible for managing fixed income portfolios for corporations, pensions, foundation and endowments, mutual funds, and high net worth individuals. She received her bachelor of science degree in finance from Bemidji State University and is a member of the Chartered Financial Analyst Institute and Colorado CFA Society.
44 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Lindsay Olson Bernum, Global Macro Analyst
Lindsay Olson Bernum is a Global Macro Analyst on the fixed income team, a position she has held since 2008. Ms. Olson Bernum joined Janus in May 2006 as a trader of money market instruments and became a research analyst in December 2009. Prior to joining Janus on a permanent basis, Ms. Olson Bernum served as a fixed income intern with the firm for one year. Her previous experience was in management roles in the retail industry. Ms. Olson Bernum earned a bachelor of arts degree in economics from the University of Colorado and has 9 years of financial industry experience.
Jason Brooks, Global Securitized Products Analyst
Jason Brooks is a Global Securitized Products Analyst on the fixed income team, a position he has held since August 2012. In this role, Mr. Brooks primarily focuses on CMBS coverage on a global basis as well as certain ABS coverage. Prior to joining Janus, Mr. Brooks served as Director, CMBS Research at TIAA-CREF, where he led the firm’s CMBS research effort and was responsible for all aspects of due diligence relating to security selection. Mr. Brooks has also served in other CMBS-focused research roles at both TIAA-CREF and Gramercy Capital Corp. Mr. Brooks received his bachelor of business administration degree in finance from the College of William and Mary and his MBA in real estate finance from Fordham University Graduate School of Business. He has 12 years of financial industry experience.
Annika Eiremo, Global Credit Analyst
Annika Eiremo is a Global Credit Analyst on the fixed income team, a position she has held since January 2014. In this role, Ms. Eiremo serves as a global generalist. Prior to joining Janus, Ms. Eiremo served as a global credit analyst with Rogge Global Partners, where she was responsible for coverage of European, North American, and emerging market investment grade and high yield credits. Prior to this, she was with Delaware Investments providing credit research for both investment grade and high yield companies. Ms. Eiremo received her bachelor of arts degree from the University of Pennsylvania, with a concentration in marketing, where she graduated cum laude. Ms. Eiremo has 8 years of financial industry experience.
Jason Groom, Global Credit Analyst
Jason Groom is a Global Credit Analyst, primarily focusing on investments in REITs, transportation companies, utilities and bank loans. Mr. Groom joined Janus in December 2004 as a fixed income research analyst. Prior to joining Janus, he worked as a leveraged loan analyst for ING Investments. Mr. Groom received his bachelor of arts degree in economics from the University of Arizona and his MBA from the Thunderbird School of Global Management. He has 20 years of financial industry experience.
45 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Michael Keough, Global Credit Analyst and Assistant Portfolio Manager
Michael Keough is a Global Credit Analyst, a position he has held since September 2009. In this role, he primarily focuses on diversified manufacturing, technology and wireless/wirelines. He is also an Assistant Portfolio Manager on the fixed income team. Mr. Keough joined Janus as a junior research analyst in January 2007, following an internship beginning in July 2006. Prior to joining Janus, Mr. Keough served as an officer in the United States Air Force at the rank of Captain. He served as a Crew Commander responsible for operating a missile warning satellite from 2004 to 2006. Prior to that he was in weapon system acquisitions from 2000 to 2004. Mr. Keough received his bachelor of science degree in business/management from the United States Air Force Academy. He has 8 years of financial industry experience.
Craig Klein, Global Credit Analyst
Craig Klein is a Global Credit Analyst, a position he has held since July 2012. In his role, he primarily focuses on chemicals, construction machinery, metals and mining, packaging, and paper sectors. Prior to joining Janus, Mr. Klein served as executive director in the Special Situations Group at UBS Securities, a proprietary investing desk, where he was responsible for the group’s distressed effort. Prior to this, Mr. Klein served as the managing member of Redrock Capital Management, a special situations fund, and as portfolio director and research analyst at Madison Capital. Prior to this, he was a research analyst in the global fixed income department, and an analyst in the investment banking department, at Bear Stearns. Mr. Klein received his bachelor of science degree from the University of Florida, graduating with honors, and his MBA, from the Ross School of Business at the University of Michigan, graduating highest distinction and Beta Gamma Sigma. Mr. Klein has 15 years of financial industry experience.
Addison Maier, Global Credit Analyst
Addison Maier is a Global Credit Analyst on the fixed income team. Prior to joining Janus in December 2011, Mr. Maier served as an intern with the firm, a position he had held since June 2010. Mr. Maier received his bachelor of science degree in business administration with an emphasis in finance and a minor in economics, from the University of Colorado at Boulder. He has 3 years of financial industry experience.
Chris Nielsen, Global Credit Analyst
Chris Nielsen is a Global Credit Analyst, a position he has held since September 2009. In this role, he focuses on aerospace/defense, environmental, independent, integrated oil field services, refining, distributors and pipeline sectors. Mr. Nielsen joined Janus as a junior research analyst in August 2007, following an internship beginning in May 2007. Prior to joining Janus, Mr. Nielsen served as a Captain in the United States Air Force where he served as an Instructor of Management from 2005 to 2007 after serving as an Operations Research Analyst from 2002 to 2005. Mr. Nielsen received his bachelor of science degree in operations research from the United States Air Force Academy and his MS in operations research from Massachusetts Institute of Technology. Mr. Nielsen has 7 years of financial industry experience.
46 Janus Global Multi-Sector Strategy
Biographies – Investment Team
*US investors only
Bradford Smith, Global Credit Analyst
Bradford Smith is a Global Credit Analyst on the fixed income team. In this role, he primarily focuses on healthcare and pharmaceuticals. Prior to joining Janus in July 2010, Mr. Smith's experience included internships with MT Thaler Investment Management, an Eastern European Credit focused Hedge Fund, The London Stock Exchange and Crestone Capital Partners LLC. He received his bachelor of arts degree in economics and international studies from the University of Richmond, graduating magna cum laude and with honors in the economics program. Mr. Smith is a graduate of the London School of Economics where he holds a master’s of science in International Relations, with a concentration in international economics. He has 4 years of financial industry experience.
David Spilsted, Emerging Market Analyst
David Spilsted is an Emerging Market Analyst, a position he has held since 2010. Mr. Spilsted joined Janus in 1998 as a senior money market trader. From September 2009 to March 2012 he served as Co-Portfolio Manager of Janus Money Market Fund* and Janus Government Money Market Fund* and was a money market trader. Prior to joining Janus, Mr. Spilsted served as a broker for Tullett & Tokyo Liberty PLC, a position he held since 1985. He received his bachelor’s degree in business administration from the Kuringai College of Advanced Education. Mr. Spilsted has 29 years of financial industry experience.
Garrett Strum, Global Credit Analyst
Garrett Strum is a Global Credit Analyst, a position he has held since 2007. In this role, he primarily focuses on the banking, brokerage, life, P&C and non-captive consumer and diversified sectors. Mr. Strum joined the Janus fixed income team in September 2007 after working as a representative on the institutional money desk, a position he had held since August 2006. He joined Janus as an investment accounting administrator in August 2003, becoming an investment operations analyst one year later. Prior to joining Janus, Mr. Strum worked for Smith Barney as a financial consultant intern. He received his bachelor of science degree in business, with a concentration in both finance & real estate, from Colorado State University. Mr. Strum has 11 years of financial industry experience.
Rachel Young, Global Credit Analyst
Rachel Young is a Global Credit Analyst, a position she has held since 2007. In this role, she primarily focuses on the banking, brokerage, life, P&C and non-captive consumer and diversified sectors. Prior to joining Janus, Ms. Young worked for Oppenheimer Funds where she supported portfolio managers and credit analysts. She received her bachelor of science degree in business administration, with a concentration in finance & marketing, and her MBA, with a concentration in finance, from the University of Denver where she was a Chancellor Scholar. Ms. Young has 7 years of financial industry experience.
47 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Aspen Large, Portfolio Risk Analyst
Aspen Large is a Portfolio Risk Analyst, a position she has held since 2006. Prior to joining the fixed income team, Ms. Large worked as a trade operations representative since June 2000. She joined Janus as an investor service representative in July 1999. Ms. Large received her bachelor of arts degree in business administration and computer science from Coe College and her MS in finance from the University of Colorado at Denver. Ms. Large has 15 years of financial industry experience.
Corinna Lyon, Portfolio Information Analyst
Corinna Lyon is a Portfolio Information Analyst on the fixed income team, a position she has held since July 2012. Ms. Lyon joined Janus in June 2008 as a performance communications specialist within the Marketing team. Prior to joining Janus, she worked in the operations group at J.P.Morgan Chase Private Bank where she supported high net worth accounts. While there she also worked within the Investment Bank client derivatives valuations group. Prior to this, she worked at Institutional Investor as a research associate specializing in the sell-side sales and sales-trading segments. Ms. Lyon received her bachelor of science degree in finance and marketing from the University of Maryland and an MS in finance from the University of Denver. Ms. Lyon has 9 years of financial industry experience.
Erin Noel, Portfolio Risk Analyst
Erin Noel is a Portfolio Risk Analyst, a position he has held since 2009. Prior to joining Janus on a permanent basis, Mr. Noel served as a fixed income intern, a position he held since May 2008. Mr. Noel received his bachelor of arts degree in economics from Rice University. He has 6 years of financial industry experience.
Stephan Aguirre, Fixed Income Trader
Stephan Aguirre is responsible for the trading of fixed-income instruments for Janus. Prior to joining Janus in 2000, he worked for the Vanguard Group.
Mr. Aguirre received his bachelor’s degree in finance from Shippensburg University of Pennsylvania and has 15 years of financial industry experience.
48 Janus Global Multi-Sector Strategy
Biographies – Investment Team
Eric Bernum, CFA, Global Co-Head of Fixed Income Trading and Assistant Portfolio Manager
Eric Bernum serves as Global Co-Head of Fixed Income Trading and Assistant Portfolio Manager, positions he has held since October 2013. He has
been a Trader of fixed-income securities on the fixed income team since 2008. Mr. Bernum joined Janus in December 2004 as a money market
research analyst responsible for credit analysis for Janus Money Market Funds*. He also worked as a fixed income analyst prior to moving into a
trading role. He received his bachelor’s degree in finance from Colorado State University. Mr. Bernum holds the Chartered Financial Analyst
designation and has 10 years of financial industry experience.
Stacy Jensen, Fixed Income Trader
Stacy Jensen is responsible for the trading of fixed-income securities for Janus. Prior to joining Janus in 2003, she worked at Goldman Sachs as Vice
President of Institutional Fixed Income Sales. Other experience includes 10 years at Spear, Leeds & Kellogg, also in Institutional Fixed Income Sales.
Ms. Jensen received her bachelor’s degree in business with an emphasis in marketing from California State University Long Beach and has 21 years
of financial industry experience.
*US investors only
49 Janus Global Multi-Sector Strategy
Disclaimers Issued by Janus Capital International Limited (JCIL), authorised and regulated in the UK by the Financial Conduct Authority and by Janus Capital (Switzerland) LLC, authorised and regulated in Switzerland by FINMA. Janus Capital Management will act as sub-adviser to JCIL. JCF is a UCITS constituted under Irish law, with separation of liability between funds. Prior to the accession carefully read the prospectus and the document containing key information for investors (KIID) in progress of validity and available at all distributors and/or subject departments responsible for the payments. Investors are warned that they should only make their investments based on the most recent Prospectus which contains information about fees, expenses and risks, which is available from all distributors and paying agents, it should be read carefully. An investment in the fund may not be suitable for all investors and is not available to all investors in all jurisdictions; it is not available to US persons. This document is not for use in any country or with any individ-uals who are not eligible to invest in this Fund. This document does not represent an invitation to the sale of shares and nothing herein is intended to amount to investment advice. The distribution of this docu-ment or the information contained in it may be restricted by law and may not be used in any jurisdiction or any circumstances in which its use would be unlawful. Should the intermediary wish to pass on this doc-ument or the information contained in it to any third party, it is the responsibility of the intermediary to investigate the extent to which this is permissible under relevant law, and to comply with all such law.
JCF is not regulated by the Financial Conduct Authority and the protections available under the Financial Services Compensation Scheme and the Financial Ombudsman Service will not be available in connec-tion with an investment. Past performance is no guarantee of future results. Portfolio Holdings are subject to change without notice. The rate of return may vary and the principal value of an investment will fluctu-ate due to market and foreign exchange movements. Shares, if redeemed, may be worth more or less than their original cost. This document is provided for information purposes only and is not an invitation to purchase any JCF Funds. Totals may not equal 100% due to rounding. Janus Capital Group and its subsidiaries are not responsible for any unlawful distribution of this document to any third parties, in whole or in part, or for information reconstructed from this presentation and do not guarantee that the information supplied is accurate, complete, or timely, or make any warranties with regards to the results obtained from its use. The performance data does not take into account the commissions and costs incurred on the issue and the redemption of shares.
Investing in high yield bonds carry risks as well as rewards. The risk profile of high yield securities may be higher than that of investment grade securities. High yield bonds, also known as “junk bonds” are subject to additional risks such as the increased risk of default. The markets for high yields may be more volatile and may suffer from liquidity problems. An investment in this [strategy/ fund] may not be appropriate for all investors.
Portfolio holdings are subject to change without notice. The portfolio holdings presented represent securities held as of the period indicated and may not be representative of current or future investments. No assumption should be made that the securities identified as being profitable will continue to be profitable. This material is provided for illustrative purposes only and should not be construed as an offer to sell, or the solicitation of offers to buy, or a recommendation for any security.
Sector weightings, portfolio characteristics, market cap weightings and holdings are based on a representative account. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is in the composite that we believe most closely reflects the current portfolio management style for this strategy.
Copyright © 2014 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings shown may differ be-tween Asia, the Americas and Europe, as well as between the US$ and Euro/Pound Sterling share classes of the Janus Capital Funds Plc. The Euro/Pound Sterling share class is a fully hedged share class, however, due to Morningstar’s calculation methodology, the Morningstar ratings for the Euro/Pound Sterling share classes will fluctuate in line with the US$ and Euro/Pound Sterling exchange rate. Therefore Morningstar’s rating for the Euro/Pound Sterling share classes may not be an accurate reflection of underlying fund performance. All funds with the required track record are rated but only ratings of three stars and above are being displayed.
The extract prospectus (edition for Switzerland), the articles of incorporation, the extract annual and semi-annual report, in German, can be obtained free of charge from the representative in Switzerland: Carne-gie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Geneva, Switzerland, tel.: + 41 22 7051177, fax: + 41 22 7051179, web: www.carnegie-fund-services.ch. The Swiss paying agent is: Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Geneva. The last share prices can be found on www.fundinfo.com. For Qualified investors, institutional, wholesale client use only. Outside of Switzerland, this document is for professional use only. Not for onward distribution. AMG-1014(03)1014 Europe Inst