JANA Diversified Fixed Income Trust

The JANA Diversified Fixed Income Trust has a benchmark of 50/50 Australian and global bonds. It includes investment managers that specialise in managing sovereign bonds and credit securities, which allows JANA to tilt to these sectors as opportunities present.

As at December 2016 the current trust includes:

JANA Cash Trust

The JANA Cash Trust is a single manager enhanced cash portfolio. It has exposure primarily to a diversified range of short-term ‘cash’ securities issued, guaranteed, supported or secured by governments, banks, companies or entities with an investment grade rating by a recognised rating agency.

JANA All-Maturity Diversified Debt Trust

The JANA All-Maturity Diversified Debt Trust is designed to provide a complete portfolio for the fixed interest asset class, and aims to deliver returns by retaining investment managers that invest and diversify across many issuers and securities within that asset class. It invests in Australian and international nominal bonds, Australian inflation linked bonds and extended credit.

As at December 2016 the trust includes:

JANA Short-Maturity Diversified Debt Trust

The JANA Short-Maturity Diversified Debt Trust is designed to provide a complete portfolio for the fixed interest asset class but with less interest rate risk, and aims to deliver returns by retaining investment managers that invest and diversify across many issuers and securities within that asset class. It invests in Australian and international nominal bonds, Australian inflation linked bonds and extended credit.

As at December 2016 the trust includes:

The charts below provide information on the strategies into which the above trusts may invest.

JANA Diversified Debt – All Maturity Strategy

The JANA Diversified Debt – All Maturity Strategy is designed to provide a well-diversified portfolio of Australian and international nominal fixed interest investments, and aims to deliver returns by retaining investment managers that invest and diversify across many issuers and securities within that asset class.

As at December 2016 the trust includes:

Diversified Debt – Short Maturity Strategy

The JANA Diversified Debt – Short Maturity Strategy is designed to provide a well-diversified portfolio of Australian and international nominal fixed interest investments but with less interest rate risk, and aims to deliver returns by retaining investment managers that invest and diversify across many issuers and securities within that asset class.

As at December 2016 the trust includes:

JANA Extended Credit Strategy

The JANA Extended Credit Strategy is a portfolio of high yielding fixed income securities that have a credit quality rating below ‘BBB’ (i.e. non-investment grade). These securities usually pay higher rates of interest because they have a higher risk of default than investment grade bonds.

The portfolio invests in extended credit to capture the expected long-term premium paid for investing in securities with higher risk of default. The portfolio aims to provide exposure to this credit risk with minimal exposure to interest rate (duration) risk. High yield bonds tend to perform well at times of credit expansion and strong economic growth.

The portfolio may include:

  • global high yield bonds – fixed rate bonds;
  • bank loans – floating rate bonds that are secured over assets of the company and are therefore expected to provide superior capital protection to high yield bonds which are typically unsecured; and
  • mortgages – bonds that use property as security.

As at December 2016 the trust includes:

JANA Inflation-Linked Bonds Strategy

The JANA Inflation-Linked Bond Strategy offers dedicated exposure to Australian inflation linked bonds.

As at 1 September 2016 the trust includes: