Janus Henderson Multi-Sector Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Janus Henderson Multi-Sector Income Fund held 1,036 positions with $7.28B in net assets. Its ten largest holdings made up 28.0% of the fund. The JMUAX share class costs 0.88% a year. Over the 12 months to May 2026, JMUAX returned 7.2%, with dividends reinvested. In 2026 Q2 it added 329 new positions and exited 302.
Janus Henderson Multi-Sector Income Fund seeks high current income with a secondary focus on capital appreciation.
The fund pursues high current income by investing across multiple fixed-income sectors including government and corporate bonds, commercial loans, mortgage-backed securities, asset-backed securities, convertible securities, and emerging market debt, with below-investment-grade securities capped at 65% of net assets. Portfolio management uses research-driven analysis incorporating fundamentals, valuations, technical indicators, and financially material ESG factors to identify securities with high income potential relative to risk. Because the fund's exposure to individual sectors varies over time based on manager discretion, returns will depend on the timing and selection of those sector allocations.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Janus Henderson Cash Liquidity Fund LLC | 6.34% | $461.18M | — |
FNMA or FHLMC 5.50% · due 2056-07-25 | 4.42% | $321.54M | — |
Janus Henderson Emerging Markets Debt Hard Currency ETF | 2.76% | $201.01M | — |
FNMA or FHLMC 4.50% · due 2056-07-25 | 2.75% | $199.85M | — |
FNMA or FHLMC 3.50% · due 2056-07-25 | 2.70% | $196.16M | — |
FNMA or FHLMC 3.00% · due 2056-07-25 | 2.56% | $186.15M | — |
FNMA or FHLMC 5.00% · due 2056-07-25 | 2.33% | $169.36M | — |
FNMA or FHLMC 6.00% · due 2056-08-25 | 1.67% | $121.63M | — |
FNMA or FHLMC 4.00% · due 2056-07-25 | 1.25% | $91.25M | — |
FNMA or FHLMC 6.00% · due 2056-07-25 | 1.23% | $89.59M | — |
The 200 largest of 1,036 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 69.78% |
| Bonds | 32.17% |
| Loans | 11.44% |
| Cash & short-term | 7.54% |
| 3 smaller | 5.35% |
These positions come to 126.29% 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.
By sector
- Securitized
- 55.5%
- Other
- 21.4%
- International
- 6.1%
- Cash
- 5.9%
- 11 other sectors
- 11.1%
- Securitized
- 55.5%
- Other
- 21.4%
- International
- 6.1%
- Cash
- 5.9%
- Financials
- 3.5%
- Utilities
- 1.9%
- Consumer Discretionary
- 1.5%
- Energy
- 1.3%
- Health Care
- 1.0%
- Information Technology
- 0.7%
- Industrials
- 0.6%
- Communication Services
- 0.4%
- Materials
- 0.2%
- Consumer Staples
- 0.0%
- Real Estate
- 0.0%
How it has done
JMUAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.60%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.88% | +7.22% | +25.67% | +15.24% | -1.52% | |
| 1.65% | +6.34% | +22.94% | +11.04% | -1.77% | |
| 0.70% | +7.28% | +26.32% | +16.15% | -1.48% | |
| 0.67% | +7.44% | +26.47% | +16.54% | -1.51% | |
| 0.58% | +7.41% | +26.82% | +16.96% | -1.47% | |
| 1.14% | +6.99% | +24.66% | +13.92% | -1.45% | |
| 0.82% | +7.32% | +25.98% | +15.57% | -1.52% |
These classes hold the same portfolio, so the 5.92pp spread over 5 years is the cost difference between them — roughly 1.18pp a year — not a difference in what they own.
Fees & fund details
Janus Henderson Multi-Sector Income 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
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.58% – 1.65%· JMUAX 0.88%
- Portfolio turnover
- 71.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
329 new· the largest 2
302 exited· the largest 2
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 | 54.4% |
| Floating rate | 45.2% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 3.2% |
| 3-5y | 15.0% |
| 5-10y | 26.8% |
| 10y+ | 54.0% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 56% |
| Interest rates | 44% |
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 | +3.05 yr |
| High yield | +2.13 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 | 0.78 yr | 19% |
| 5 yr | 2.29 yr | 55% |
| 10 yr | 0.86 yr | 21% |
| 30 yr | 0.21 yr | 5% |
3 mo is NEGATIVE (-0.04 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.78 yr | 15% |
| 5 yr | 1.97 yr | 38% |
| 10 yr | 1.94 yr | 37% |
| 30 yr | 0.45 yr | 9% |
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 | -0.04 | +0.01 | +0.02 | $7.4k | $16.1k |
| 1 yr | +0.78 | +0.27 | +0.51 | $196.9k | $374.1k |
| 5 yr | +2.29 | +1.09 | +0.88 | $796.5k | $639.3k |
| 10 yr | +0.86 | +1.34 | +0.60 | $974.5k | $434.6k |
| 30 yr | +0.21 | +0.33 | +0.12 | $243.2k | $84.2k |
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 4.09 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.
Understand how this fund fits with the rest.
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