Janus Henderson Asia Pacific Capital Growth A

Asia Pacific ex Japan equity portfolio also investing in Australasia and India.

  • 1146.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 5.00% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.76%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.60%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 13 December 2019, fund data last updated 06 January 2005

The aim is to provide long term capital growth by investing in the Pacific region and Indian sub-continent companies. The fund may invest in Australasia, but not Japan. The fund invests in a concentrated portfolio and is not restricted in the size of companies in which it can invest. The investment process strikes a balance between top down macroeconomic (global economic views) calls and bottom up stockpicking, with the team split between London and Singapore.

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched September, 1990
Size £449m
Yield 0.60%
Charging basis
Dividends paid Acc units only

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.76%

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Investment process

The fund is managed in a top down style (assessing the global economic climate) with an emphasis on large companies closely aligned with the core stock list. With team members in both Singapore and London, the fund benefits from a global perspective and from 'on the ground' research. The team make frequent trips to the region with many companies now also presenting in the UK. In terms of individual company research, growth companies are typically sought, that is companies with unexpected earnings growth. Although the use of Global thematic influences is still quite rare in an Asian fund, the team have used this approach with some success in the past

This fund has a wide remit allowing it to invest across the Asia Pacific region including Australia and India, although not Japan. However, performance has been mixed and in addition the arrival of Gartmore's Asia & Emerging markets teams in 2011, following Henderson's acquisition of Gartmore, may unsettle team culture. Therefore we suggest that investors consider our rated fund within the Asia Pacific Excluding Japan sector. Note this open-ended fund is similar to the London-listed closed-ended investment trust, Henderson TR Pacific IT, run by the same managers. Given a 1-star sell rating in Autumn 2012.

Manager research

Average monthly relative returns

  • 14/15 0.02%
  • 15/16 0.18%
  • 16/17 0.00%
  • 17/18 0.10%
  • 18/19 0.12%

Bestinvest MRI

  • 3 years 0.07%
  • 5 years 0.08%
  • Career 0.06%
  • 3 years 75.50%
  • 5 years 80.20%
  • Career 78.50%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Andrew Gillan

Gillan joined Henderson in 2014 as Head of Asia ex-Japan Equities. Before joining Henderson, Gillan worked for Aberdeen Asset Management as an Asia & Emerging Markets equity fund manager and was lead manager of an Asian Investment Trust. Prior to his role at Aberdeen, he worked as a graduate trainee in the UK equities division at Murray Johnstone. He graduated from the University of Edinburgh with a MA Joint Honours in French and European History.

Track record

Andrew Gillan has 5.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.06%. During the worst period of relative performance (from January 2015 - April 2015) there was a decline of 6% relative to the index. The worst absolute loss has been 20%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 79%.

Periods of worst performance

Absolute -20.00% (March 2015 - September 2015)
Relative -6.00% (January 2015 - April 2015)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 August 2019

5.1% Housing Development Finance Corp
5% Aia Group Ltd
4.9% Alibaba Group Hldg Ltd
4.9% Tencent Hldgs Limited
4.6% Hdfc Bank Ltd
4.4% Samsung Electronics Co
4.1% Ayala Corp
3.8% Uni President Enterprises Corp
3.4% Taiwan Semiconductor Manufacturing
3.4% Treasury Wine Estates Ltd Npv
Source: Trustnet

Sector breakdown

Financials 29.00%
Information Technology 18.00%
Consumer Discretionary 14.00%
Consumer Staples 13.00%
Money Market 8.00%
Industrials 7.00%
Real Estate 6.00%
Communications 5.00%

Portfolio

Stock turnover has, in the past, been high, with the portfolio holding around 40 stocks.

Constraints

The manager is given a high degree of latitude, but country weights relative to the index are monitored.

Key Investor Information

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