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Janus Henderson Developed World Bond A HFAAX

Medalist Rating as of | See Janus Henderson Investment Hub
  • NAV / 1-Day Return 7.62  /  +0.30 %
  • Total Assets 1.4 Bil
  • Adj. Expense Ratio
    0.820%
  • Expense Ratio 0.820%
  • Distribution Fee Level Low
  • Share Class Type Front Load
  • Category Global Bond-USD Hedged
  • Credit Quality / Interest Rate Sensitivity
  • Min. Initial Investment 2,500
  • Status Open
  • TTM Yield 2.37%
  • Effective Duration 8.90 years

USD | NAV as of Mar 01, 2024 | 1-Day Return as of Mar 01, 2024, 1:27 AM GMT+0

Morningstar’s Analysis HFAAX

Will HFAAX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Despite a recent hiccup, the flexible approach has delivered over the long term.

Analyst Giovanni Cafaro

Giovanni Cafaro

Analyst

Summary

This flexible global bond fund benefits from an extremely stable and focused team, as well as a high-conviction investment process. Lead managers John Pattullo and Jenna Barnard serve as Janus Henderson's co-heads of the global bonds team and have managed the strategy together since December 2008. Pattullo and Barnard are talented fixed-income managers and have a long and solid history of working together. They are supported by credit-focused portfolio manager Nicholas Ware, who joined the team in 2012, as well as associate portfolio managers Arjun Bhandari, who was promoted from his analyst role in 2019, and Oliver Bardot, who joined the team in 2021 and has been at the firm since 2009. Helen Anthony, a portfolio manager overseeing several global bond mandates and at Henderson since 2010, also joined the ranks more recently. The team leverages the output of the firm’s credit analyst team based across the firm’s Denver and London offices and also undertakes its own assessments, particularly in applying its specific investment style. The managers employ a flexible strategy to add value, mostly from sector allocation. The approach is primarily influenced by the managers' assessment of structural drivers of economies, which set the investment climate, as well as the shorter-term market narrative. These are married with security-specific analysis and a healthy regard for valuations. They have historically exhibited a bias to corporate bonds, including high-yield debt, which comes with added risk. But they have managed that risk well, by targeting large-cap, noncyclical businesses fitting a style they call "sensible income" and avoiding emerging markets, distressed debt, and certain sectors such as energy. They will also cut credit exposure when macro risks loom and valuations are stretched, a pattern followed through 2022. The managers have demonstrated an aptitude for analyzing the economic cycle and positioning the portfolio accordingly over time, which is key to such a flexible strategy. Challenging performance in 2022 and 2023 through July 2023, mostly driven by an early and persistent long duration call, has dented medium-term returns. Nonetheless, the consistency of the fund’s relative returns through the years is a big plus, and since inception the strategy remains ahead of both its peers and Morningstar Category index.

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Portfolio Holdings HFAAX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 26.6
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Janus Henderson Cash Liquidity Fund Llc, 5.3879%

4.08 56.7 Mil
Cash and Equivalents

Switzerland (Government Of) 0.5%

3.97 55.1 Mil
Government

Australia (Commonwealth of) 3.25%

3.54 49.2 Mil
Government

United Kingdom of Great Britain and Northern Ireland 4.5%

2.70 37.6 Mil
Government

United Kingdom of Great Britain and Northern Ireland 1.25%

2.57 35.7 Mil
Government

Netherlands (Kingdom Of) 0.75%

2.54 35.3 Mil
Government

New Zealand (Government Of) 0.5%

2.49 34.6 Mil
Government

Sweden (Kingdom Of) 1%

2.42 33.6 Mil
Government

Germany (Federal Republic Of) 0%

2.23 31.0 Mil
Government

Sweden (Kingdom Of) 0.125%

2.13 29.6 Mil
Government