Market Interest Rates: Higher interest rates generally decrease the value of fixed-income securities like those held by JNHAX. Lower rates tend to increase value.

Credit Quality of Holdings: Downgrades in the credit ratings of bonds held by the fund can negatively impact its price. Conversely, upgrades can boost it.

Inflation Expectations: Rising inflation expectations erode the real value of fixed-income investments, potentially lowering the price of JNHAX. Declining expectations can have the opposite effect.

Economic Growth: Strong economic growth can sometimes lead to higher interest rates and inflation expectations, potentially decreasing the fund's value. Weaker growth may have the opposite effect.

Fund Management Strategy: Changes in the fund's investment strategy or the performance of the fund managers can influence investor confidence and, therefore, the fund's price.

Supply and Demand: General investor sentiment toward fixed-income investments and the specific demand for JNHAX shares will affect its market price.