Fund Evaluator:
Janus Henderson Flexible Bond D (JANFX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
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Fund Details
Janus Henderson Flexible Bond D Overview
Janus Henderson Flexible Bond D (JANFX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. Janus Henderson launched the fund in 1987.
The investment seeks maximum total return, consistent with preservation of capital. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (“CRTs”), and money market instruments. It will invest at least 65% of its net assets in investment grade debt securities. The fund will limit its investment in high-yield/high-risk bonds (also known as "junk" bonds) to 35% or less of its net assets.
About Janus Henderson Flexible Bond D (JANFX)
There are 3 members of the management team with an average tenure of 6.33 years: Greg Wilensky (2020), John Lloyd (2024), Michael Keough (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Janus Henderson Flexible Bond D has 662 securities in its portfolio. The top 10 holdings constitute 12.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Janus Henderson Flexible Bond D is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Janus Henderson Flexible Bond D has 8.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.2% (86.1% domestic bond, 8.1% foreign bond and 0.0% convertible bond). Janus Henderson Flexible Bond D has 5.1% of the portfolio in cash.
Assets Under Management
The fund has $429 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JANFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Janus Henderson Flexible Bond D expense ratio is average compared to funds in the Intermediate Core-Plus Bond category. Janus Henderson Flexible Bond D has an expense ratio of 0.53%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Janus Henderson Flexible Bond D has a portfolio turnover rate of 153%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 180% for the Intermediate Core-Plus Bond category.
Recently, in the month of June 2026, Janus Henderson Flexible Bond D returned 0.4%, which earned it a grade of B, as the Intermediate Core-Plus Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Janus Henderson Flexible Bond D has a trailing yield of 4.31%, which is above the 4.29% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Janus Henderson Flexible Bond D Grades
Year to date, the fund has returned 0.6%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.8% over the past year (grade of D), 4.7% over the past three years (grade of C) and 0.2% per year over the past five years (grade of C) and 2.0% per year over the past 10 years (grade of C).
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JANFX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JANFX Return (NAV) | 0.4% | 0.9% | 3.8% | 4.7% | 0.2% | 2.0% |
| JANFX Grade | B | D | D | C | C | C |
| +/- Category | 0.1% | -0.1% | -0.1% | 0.0% | -0.1% | -0.1% |
| Intermediate Core-Plus Bond Avg | 0.3% | 0.9% | 3.9% | 4.7% | 0.3% | 2.1% |
| JANFX Tax Cost Ratio | na | na | 2.1% | 2.0% | 1.6% | 1.4% |
JANFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JANFX Return (NAV) | 0.6% | 7.6% | 1.9% | 5.8% | -13.8% | -0.9% | 10.8% | 9.5% | -1.0% | 3.6% | 2.6% |
| JANFX Grade | D | B | D | D | C | C | A | C | C | D | F |
| +/- Category | -0.1% | 0.3% | -0.4% | -0.3% | -0.4% | -0.3% | 2.2% | 0.4% | -0.1% | -0.9% | -1.7% |
| Intermediate Core-Plus Bond Avg | 0.7% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 1.08 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 1.07 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2694 Mil |
| Fund Total Assets: | $ 430 Mil |
| Share Class Type: | D |
| Portfolio Turnover: | 153% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Keough Michael (2015), Wilensky Greg (2020), Lloyd John (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 662 |
| % in Top 10 Holdings: | 12.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.7% |
| Domestic Bond: | 86.1% |
| Foreign Bond: | 8.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.1% |
Purchase Information
| Fund Family: | Janus Henderson |
| Phone Number: | 800-525-3713 |
| Website: | www.janushenderson.com |
| Status: | Closed |
| Inception Date: | July 7, 1987 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Janus Henderson Flexible Bond D |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
