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Address And Details

PO Box 55932 , Boston, MA 02205-5932
Fund Manager Ashwin Alankar
Manager Tenure 6 Years 5 Months

Strategy And Objective

Janus Henderson Adaptive Global Allocation Fund seeks total return through growth of capital and income. The Fund seeks to achieve its investment objective by allocating its assets across a portfolio of global equity, global fixed-income, and, at times, commodities investments. In doing so, the Fund will attempt to reduce the risk of significant loss, or a drop in the value of the Funds 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 Funds portfolio managers employ 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 tithe 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 portfolios long-term performance. The Fund uses a variety of investments to gain the desired exposure, including global equities, global fixed-income securities, and with respect to commodity-linked investments, exchange-traded funds (ETFs) and mutual funds. 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 nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. To implement the strategy, the portfolio managers utilize 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, the portfolio managers will adjust the Funds allocations and the underlying security exposures. Top-Down Macro Analysis. The top-down analysis focuses on how the Funds assets will be distributed between the global equity and global fixed-income asset classes, and, at times, the commodity asset class. The portfolio managers monitor expected tail gains and losses across the equity, fixed-income, and commodity asset classes. The portfolio managers intend to periodically adjust the Funds asset allocation to mitigate downside risk exposure that is perceived to be elevated and obtain exposure to upside gains. Accordingly, the Funds 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 Funds asset allocation may significantly impact the Funds risk profile.

Net Asset Value

as of 5:55 PM ET 11/26/2021

Performance

  • 1 Week
  • -2.14%
  • 1 Month
  • -1.65%
  • 3 Months
  • -0.92%
  • 1 Yr Return
  • +5.68%
  • 5 Yr Return
  • +22.66%

Equity Sector Breakdown

Finance 63.25%
NonDurables 8.17%
IndustrialCyclical 6.63%
ConsumerDurables 4.08%
Technology 3.37%
Health 2.32%
Utilities 2.06%
RetailTrade 1.37%
Services 0.36%
Energy n/a

Asset Allocation

Asset Type % Of Allocation
Other 56.85%
Stocks 36.47%
ForeignStocks 2.73%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 290.00 K

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -1.52 -1.57 n/a
Beta 0.52 0.54 n/a
R Squared 0.86 0.84 n/a
Std Deviation 10.36 9.11 n/a
Sharpe Ratio 0.91 0.90 n/a

Purchase Information

as of 6:37 PM ET 11/23/2021
Minimum Initial $1000000
Minimum Additional $0
Minimum Initial IRA $0

Performance

Timeframe Average Annual Current Performance Monthly As Of 10/31/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 10/31/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +21.48%
  • +17.97%
+21.48% +17.97%
3 Year
  • +9.84%
  • +7.19%
+9.84% +7.19%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +6.28%
  • +5.99%
+6.28% +5.99%

Top 10 Holdings

Symbol Company Name % Of Assets
VFSVX VANGUARD FTSE ALL WD EX-US SM 9.40%
BNDX VANGUARD TOTAL INTL BOND ETF 6.70%
QQQ INVESCO QQQ TRUST 4.44%
VGK VANGUARD FTSE EUROPE ETF 3.66%
VPL VANGUARD FTSE PACIFIC ETF 3.43%
WMO VANGUARD FTSE EMER MKTS FD 3.39%
TLT ISHARES 20 PLUS YEAR TREAS BO 3.04%
LQD ISHARES IBOXX INVEST GR CORP 2.98%
IEF ISHARES 7-10 YEAR TREASURY BO 2.38%
VB VANGUARD SMALL CAP ETF 2.28%

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