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


Who Should Consider This Fund?

Investors looking to add a bond fund to their portfolio that aims to produce strong results by opportunistically selecting high yield bonds while being mindful of risk.

Asset ClassFixed Income
Share Class D
target risk moderate

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change. 


Distribution Yield at NAV (As of 4/30/17)

30 Day SEC Yield (As of )
with waivers
without waivers

Distribution FrequencyMonthly
Fund Facts
Inception Date12/29/1995
NAV (As of 4/28/17)$8.55
Daily NAV Change$0.01
Daily NAV % Change0.13%
Total Net Assets (As of 3/31/17)$2.10B
Annual Expense Ratio
(As of fiscal year end 6/30/16)
GROSS 0.78%
NET 0.78%
Morningstar Fee Level
(As of 3/31/17)
Fee Level Group
(out of 118 funds)
High-Yield Bond No Load

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/17.

Morningstar (As of 3/31/17)
CategoryUS Fund High Yield Bond
Overall Rating™
(Based on risk-adjusted returns)
596 Funds Rated
View all Ratings
Fixed Income
Style Box
Performance (As of 3/31/17)
YTD (As of 4/28/17) 3.19%
1 Year 12.60%
3 Year 3.49%
5 Year 5.94%
10 Year 6.60%

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.

Returns greater than one year are annualized.

Client Commitment

The Fund’s core high-yield strategy seeks strong, risk-adjusted results by investing in transformational balance sheet opportunities. Driven by a fundamentally based investment process, this dynamic, risk-aware approach seeks to temper the downside risks associated with the high-yield asset class over a full market cycle.

Fund Overview

Data as of 3/31/17

TOP HOLDINGS (% of Fund)

ADS Tactical Inc , 11.00%, 04/01/2018 1.88
HCA Inc , 5.38%, 02/01/2025 1.55
Blackboard Inc , 9.75%, 10/15/2021 1.30
Tenet Healthcare Corp , 8.12%, 04/01/2022 1.20
Rite Aid Corp , 6.12%, 04/01/2023 1.13
Sprint Corp , 7.12%, 06/15/2024 1.11
Florida East Coast Holdings Corp , 6.75%, 05/01/2019 1.10
Sabine Pass Liquefaction LLC , 5.88%, 06/30/2026 1.05
Hunt Cos Inc , 9.62%, 03/01/2021 1.04
Clear Channel Worldwide Holdings Inc , 6.50%, 11/15/2022 1.03


US Common Stock 0.89
Non-US Preferred Stock 0.22
Credit-High Yield 85.38
Bank Loans 4.76
Credit-Investment Grade 2.94
CMBS 2.57
ABS 0.65
Convertibles 0.50
Cash & Equivalents 2.09

Why Invest in the Fund


The Portfolio Managers seek to identify high-yield corporate bonds from companies committed to transforming and improving their capital structure. Our fixed income team is structured around credit industries with fundamental credit analysis driving decision-making at every level of the investment process.


Partnership and fluid communication between fixed income and equity analysts promote idea generation. We believe the size of our portfolio gives us the scale to be an active player in the high-yield credit space, while the boutique nature of our firm gives us the flexibility to invest only where we have conviction.


Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.


Darrell Watters

Darrell Watters

Fund Manager since 2008
Industry since 1986

Seth Meyer, CFA

Seth Meyer, CFA

Fund Manager since 2015
Industry since 1998