Janus High-Yield Fund (JAHYX)
Core High-Yield Fixed Income

SHARE CLASS

FUND FACTS (JAHYX)

Inception Date12/29/1995
NAV (As of 2/27/15 )$8.68
Total Net Assets (As of 1/31/15)$2.10B
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 0.87%
NET 0.87%

Yields

Distribution Yield at NAV (As of 1/31/15)

5.88%
30 Day SEC Yield (As of 1/31/15)
with waivers
without waivers

6.19%
6.19%
Distribution FrequencyMonthly
Performance (As of 12/31/14)
1 Year0.69%
3 Year7.29%
5 Year8.08%
10 Year6.85%
Morningstar (As of 1/31/15)
CategoryHigh Yield Bond
Overall Rating™
(Based on risk-adjusted returns)

View All Ratings

589 Funds Rated
Analyst RatingBronze
Equity
Style Box
Fixed Income
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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. For the most recent month-end performance click here.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/15.

EXECUTIVE SUMMARY

The high-yield market struggled in the fourth quarter due to a plunge in oil prices and a rotation out of risk spurred by uncertainty about global growth and increased market volatility.

Underperformance was driven largely by our security selection, particularly within energy-related sectors.

We believe the global financial markets could be vulnerable to increased volatility and that crude oil prices could be lower for longer.

We have raised the ratings composition of the Fund and reduced our energy exposure.

FUND MANAGEMENT

Gibson Smith

Fund Manager since 2003
Industry since 1991

Darrell Watters

Fund Manager since 2008
Industry since 1986