Janus Henderson Flexible Bond Fund
Janus Investment Fund · 8 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Janus Henderson Flexible Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
Janus Henderson Flexible Bond Fund seeks to obtain maximum total return, consistent with preservation of capital.
The fund invests primarily in investment-grade bonds across government, corporate, mortgage-backed, and asset-backed securities, with a target average duration of three to seven years and a research-driven process that incorporates fundamental analysis, quantitative models, and financially material environmental, social, and governance factors. The fund may allocate up to 35% of assets to high-yield bonds and uses derivatives including Treasury futures and credit default swaps to manage interest rate and credit risk. Because the fund's selection depends on portfolio management's assessment of risk-adjusted returns and ESG considerations rather than an index rule, its composition and performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| JAFIX | 0.70% | 0.65% |
| JDFAX | 0.88% | 0.83% |
| JFICX | 1.54% | 1.47% |
| JFLEX | 0.54% | 0.48% |
| JDFRX | 1.22% | 1.15% |
| JADFX | 0.97% | 0.90% |
| JANFX | 0.59% | 0.53% |
| JDFNX | 0.45% | 0.40% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 153.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 52.50% |
| Bonds | 40.69% |
| Cash & short-term | 7.12% |
| Loans | 3.79% |
| 2 smaller | 1.50% |
These positions come to 105.60% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: United States of America ×7, FNMA or FHLMC
Largest exited: United States Treasury Notes, Federal National Mortgage Association ×2, United Kingdom of Great Britain and Northern Ireland, Antero Resources Corporation, SV RNO Property Owner 1 LLC, Government National Mortgage Association, TKO Group Holdings (UFC)
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.33% | +12.92% | +1.06% | 3.59% | -4.99% | |
| +4.14% | +12.56% | +0.56% | 3.58% | -5.02% | |
| +3.51% | +10.59% | -2.67% | 3.56% | -5.40% | |
| +4.49% | +13.80% | +2.16% | 3.59% | -5.01% | |
| +3.83% | +11.44% | -1.42% | 3.60% | -5.31% | |
| +4.07% | +12.27% | -0.20% | 3.59% | -5.30% | |
| +4.47% | +13.55% | +1.79% | 3.64% | -5.06% | |
| +4.60% | +13.96% | +2.32% | 3.69% | -5.02% |
These classes hold the same portfolio, so the 4.99pp spread over 5 years is the cost difference between them — roughly 1.00pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 66.0% |
| Floating rate | 34.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 8.1% |
| 3-5y | 16.3% |
| 5-10y | 21.1% |
| 10y+ | 54.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 55% |
| Credit spreads | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.05 yr |
| High yield | +0.60 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.96 yr | 16% |
| 5 yr | 1.99 yr | 34% |
| 10 yr | 1.91 yr | 33% |
| 30 yr | 0.98 yr | 17% |
3 mo is NEGATIVE (-0.09 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.58 yr | 12% |
| 5 yr | 1.90 yr | 41% |
| 10 yr | 1.67 yr | 36% |
| 30 yr | 0.48 yr | 10% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.09 | +0.02 | +0.01 | $4.4k | $1.9k |
| 1 yr | +0.96 | +0.43 | +0.15 | $115.5k | $40.6k |
| 5 yr | +1.99 | +1.60 | +0.29 | $435.0k | $79.7k |
| 10 yr | +1.91 | +1.54 | +0.13 | $418.0k | $35.6k |
| 30 yr | +0.98 | +0.46 | +0.02 | $125.1k | $5.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.75 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Janus Henderson Cash Liquidity Fund LLC | 6.90% | $187.25M | — |
| — | United States of America4.13% · due 2031-06-30 | 5.43% | $147.48M | — |
| — | United States of America4.38% · due 2036-05-15 | 5.00% | $135.63M | — |
| — | United States of America4.13% · due 2031-05-31 | 3.55% | $96.35M | — |
| — | United States of America4.13% · due 2028-06-30 | 2.62% | $71.17M | — |
| — | FNMA or FHLMC6.00% · due 2056-08-25 | 1.84% | $50.08M | — |
| — | FNMA or FHLMC6.00% · due 2056-07-25 | 1.36% | $36.89M | — |
| — | Janus Henderson Emerging Markets Debt Hard Currency ETF | 1.25% | $33.87M | — |
| — | United States of America4.75% · due 2056-02-15 | 0.80% | $21.73M | — |
| — | Citigroup, Inc.4.50% floating · due 2031-09-11 | 0.74% | $20.00M | — |
Top 10 positions are 29.49% of net assets, top 25 37.79%, across 219 issuers.
See more of this fund's book
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