Definitions
Duration measures a bond price’s sensitivity to changes in interest rates. The longer a bond’s duration, the higher its sensitivity to changes in interest rates and vice versa. 10-Year Treasury Yield is the interest rate on U.S. Treasury bonds that will mature 10 years from the date of purchase.
Basis point (‘BP’) equals 1/100 of a percentage point. 1 bp = 0.01%, 100 bps = 1%.
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Returns include reinvestment of dividends and capital gains. Discussion is based on the performance of Class I Shares.
For fixed income portfolios, relative contribution compares the excess return of an issuer in the portfolio to the excess return of that issuer in the benchmark and the excess return of that issuer in the benchmark to the benchmark overall, factoring in any difference in weight. Attribution is calculated by geometrically linking daily returns for the portfolio and index. Performance attribution and contribution discussion are representative of returns gross of advisory fees and do not represent actual performance. Source: Bloomberg
The opinions are as of 06/30/24, are subject to change and may not reflect the views of others in the organization. Janus Henderson may have a business relationship with certain entities discussed. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes.
Holdings are subject to change without notice.
There is no assurance the stated objective(s) will be met.
Investing involves risk, including the possible loss of principal and fluctuation of value.
Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.
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.
Derivatives can be more volatile and sensitive to economic or market changes than other investments, which could result in losses exceeding the original investment and magnified by leverage.
Environmental, Social, and Governance (“ESG”) factors are integrated into the investment process by focusing on those ESG factors considered most likely to have a material impact on the financial performance of the issuers. ESG factors are one of many considerations in the investment decision-making process and may not be determinative in deciding to include or exclude an investment.
Absolute return strategies cannot ensure a profit or eliminate the risk of loss. An absolute return strategy may result in underperformance during a bull market.
FTSE 3-Month US Treasury Bill Index reflects the performance of short-term U.S. government debt securities.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. Mutual funds distributed by Janus Henderson Distributors US LLC.
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