JAGNX — Janus Henderson Adaptive Global Allocation Fund
Data updated: 2024-05-30
JAGNX — Janus Henderson Adaptive Global Allocation Fund. Alternative · $41.07M AUM · 0.67% expense ratio. Holdings, fees, performance and SEC filings.
JAGNX Fund Overview
JAGNX — Janus Henderson Adaptive Global Allocation Fund is a US mutual fund managed by Janus Investment Fund, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Janus Investment Fund
- Category: Alternative
- Assets under management: $41.07M
- 1-year return: 16.2%
- Ticker: JAGNX
- SEC CIK: 0000277751
- SEC series ID: S000049766
- Share class ID: C000157262
JAGNX Investment Objective and Strategy
Janus Henderson Adaptive Global Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Janus Investment Fund.
Investment objective
Janus Henderson Adaptive Global Allocation Fund seeks total return through growth of capital and income.
Principal investment strategy
The Fund seeks to achieve its investment objective by allocating its assets across a portfolio of global equity, global fixed-income, and, at times, commodities investments. In doing so, the Fund will attempt to reduce the risk of significant loss, or a drop in the value of the Funds capital that is unlikely to be regained over a full market cycle (a time period representing a significant market decline and recovery), while also participating in the upside growth of the capital markets. To achieve this objective, the Funds portfolio managers employ a tail managed strategy intended to tactically shift away from assets whose downside tail risks are perceived to be increasing and toward assets whose expected tail gains are increasing. As it relates to investing, tails represent the outliers of a distribution of returns or, in other words, outsized future moves both to the positive and negative.
Tail events typically occur more often than expected, and a tail loss or a tail gain can have a substantial impact on a portfolios long-term performance. The Fund uses a variety of investments to gain the desired exposure, including global equities, global fixed-income securities, and with respect to commodity-linked investments, exchange-traded funds (ETFs) and mutual funds. The Fund may invest in emerging markets, but will normally limit such investments to 30% of its net assets, measured at the time of purchase. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds. To implement the strategy, the portfolio managers utilize two complementary processes: a top-down macro analysis and a bottom-up risk/reward analysis, each of which are described below.
These processes each employ certain proprietary models which provide forward-looking insights into capital markets and which seek to identify indicators of market stress or potential upside. Such models include a proprietary options implied information model that monitors day-to-day movements in options prices for indicators of risk and reward between asset classes, sectors, and regions. Using the proprietary models, the portfolio managers will adjust the Funds allocations and the underlying security exposures. Top-Down Macro Analysis. The top-down analysis focuses on how the Funds assets will be distributed between the global equity and global fixed-income asset classes, and, at times, the commodity asset class. The portfolio managers monitor expected tail gains and losses across the equity, fixed-income, and commodity asset classes.
The portfolio managers intend to periodically adjust the Funds asset allocation to mitigate downside risk exposure that is perceived to be elevated and obtain exposure to upside gains. Accordingly, the Funds allocation to global equity investments, global fixed-income investments, and, at times, commodity-linked investments, will likely shift periodically to minimize exposure to tail losses and enhance exposure to tail gains. The periodic shifts in the Funds asset allocation may significantly impact the Funds risk profile. Bottom-Up Risk/Reward Analysis. The bottom-up analysis is designed to identify the underlying security exposures that comprise the Funds equity, fixed-income, and commodity asset classes, and periodically rebalance the Funds portfolio to maximize exposure to securities that are expected to provide tail gains while minimizing exposure to securities that are expected to provide tail losses.
Within the Funds equity component, the portfolio managers intend to adjust the portfolios sector, currency, and regional exposures away from market capitalization weights based on their evaluation of expected tail loss and gain. Within the Funds fixed-income component, the portfolio managers intend to adjust the portfolios credit, duration, and regional exposures using the same analysis. Within the Funds commodity asset class, the portfolio managers intend to adjust individual commodity or sector exposures when appropriate using the same analysis. The Fund may invest in equity securities including common and preferred stock, sponsored and unsponsored American Depositary Receipts and European Depositary Receipts, non-registered or restricted securities, warrants, and securities of other investment companies.
The Fund may invest across all fixed-income sectors, including U.S. and non-U.S. government debt securities (sovereign debt). The types of fixed-income securities in which the Fund may invest include asset-backed securities, bank loans, corporate bonds, commercial paper, commercial and residential mortgage-backed securities, mortgage dollar rolls, depositary receipts, and floating-rate securities. The Fund may invest up to 20% of its assets in high-yield/high-risk bonds, also known as junk bonds. The Funds exposure to commodities may be obtained through ETFs, mutual funds and, at times, exchange-traded notes. In pursuing its investment objective, the Fund will have exposure to investments that are economically tied to a number of countries throughout the world. The Fund intends to limit its use of derivatives to hedging portfolio risk arising from the Funds investments.
For example, the Fund may use foreign exchange contracts or other similar instruments to reduce the impact of foreign exchange rate changes on the Funds value. In addition, the Fund may use derivatives instruments, such as futures or options, to hedge or limit the market exposure when the exchanges or markets in which the securities principally trade are closed or not available, or liquidity is scarce. The Fund may also enter into short sales for hedging purposes. The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.
JAGNX Holdings
Top 10 holdings of Janus Henderson Adaptive Global Allocation Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Aviation Capital Group | 4.90% |
| Societe Generale | 4.87% |
| Oglethorpe Power Corp. | 4.86% |
| Brookfield Infrastructur | 4.78% |
| Archer Daniels Midland | 4.75% |
| Plains All Amer Pipeline | 4.74% |
| Glencore Funding LLC | 4.60% |
| Mitsubishi Corp. Americas | 4.60% |
| Vw Credit, Inc. | 4.59% |
| Intesa Sanpaolo Fdg LLC | 4.59% |
JAGNX Portfolio Allocation
Asset-class allocation of Janus Henderson Adaptive Global Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 93.2% |
| Derivatives | 1.5% |
| Equity | 0.9% |
| Real Estate | 0.1% |
JAGNX Performance
Total returns for JAGNX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 16.2% |
| 3 years (annualised) | 4.2% |
JAGNX Risk Information
Risk metrics for JAGNX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.1%
JAGNX Costs and Fees
JAGNX costs about $67 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.67%
- Gross expense ratio: 1.50%
- Portfolio turnover: 293%
- Brokerage commissions: 4.38 bps of average net assets (SEC N-CEN)
JAGNX Cashflows
Over the 12 months to 2024-03, Janus Henderson Adaptive Global Allocation Fund had net inflows of $13.04M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | −$313.30K |
| 2024-02 | −$306.57K |
| 2024-01 | −$197.37K |
| 2023-12 | $1.19M |
| 2023-11 | $401.56K |
| 2023-10 | $2.15M |
JAGNX Debt Constituents
No individual debt constituents are reported in Janus Henderson Adaptive Global Allocation Fund's latest SEC N-PORT filing.
JAGNX Prospectus and SEC Filings
Official Janus Henderson Adaptive Global Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-10-27
- Prospectus (485BPOS) — filed 2022-10-28
- Prospectus supplement (497) — filed 2022-01-14
- Portfolio holdings (N-PORT) — filed 2024-05-30
- Portfolio holdings (N-PORT) — filed 2024-02-29
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Annual census (N-CEN) — filed 2023-09-13
- Annual census (N-CEN) — filed 2022-09-13
Related Funds
Other Alternative funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.