Janus Henderson China Opportunities A

Provides exposure to Chinese equities, primarily via Hong Kong.

  • 1853.00p
    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).

  • 1.75%
    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.

  • 0.20%
    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 24 November 2020, fund data last updated 15 February 2011

This fund invests in Chinese equities, primarily those listed in Hong Kong, and follows the Gartmore house philosophy of identifying unexpected earnings growth. The bottom up investment process blends quantitative and qualitative research. This is the largest and one of the longest running China mandates in the UK.

Fund summary

Sector China/Greater China
Structure OEIC
Launched March, 1983
Size £807m
Yield 0.20%
Charging basis Income
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 1.75%

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Investment process

The fund aims to provide long-term capital growth by investing in Hong Kong and Chinese company shares. The fund may invest indirectly in Hong Kong and Chinese company shares by buying securities such as American depositary receipts (ADRs). Research is carried out by Gartmore’s Global Emerging Markets team and combines top down and bottom up analysis. The team are based in London but visit emerging countries including China regularly. The starting point for research is forecasting long term growth rates and returns in each industry. The team then assess the companies within the industry, looking at their structure, assets and management. They use this information to produce future earnings forecasts and discounted cashflow based valuations. The focus is on stocks likely to deliver unexpected positive earnings growth compared to consensus forecasts. Though the analysts’ forecasts are long term, the team also look at factors likely to affect company’s share price over the next three to six months – these are factored in when deciding the timing and size of trades.

Manager research

Average monthly relative returns

  • 15/16 0.55%
  • 16/17 0.19%
  • 17/18 -0.29%
  • 18/19 0.37%
  • 19/20 0.01%

Bestinvest MRI

  • 3 years 0.03%
  • 5 years 0.17%
  • Career 0.08%
  • 3 years 65.20%
  • 5 years 89.30%
  • Career 93.50%

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

Charlie Awdry

Awdry joined Gartmore in September 2001, with responsibility for research into the materials sector. In September 2003, he assumed the role of Investment Manager and began supporting the management of the Gartmore China Opportunities Fund. As a sector specialist he conducted research into the industrials and materials sectors for Global Emerging markets products. He spent six months working in Gartmore’s Hong Kong office focusing on opportunities in the Chinese market, returning in April 2006. Awdry is a CFA charter holder and holds a first class Honours BSc in Geography from the University of Bristol.

Track record

Charlie Awdry has 14.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.08%. During the worst period of relative performance (from July 2007 - November 2012) there was a decline of 22% relative to the index. The worst absolute loss has been 54%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 94%.

Periods of worst performance

Absolute -54.00% (October 2007 - October 2008)
Relative -22.00% (July 2007 - November 2012)

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 July 2020

9.7634% Alibaba Group Hldg Ltd
9.5917% Tencent Hldgs Limited
6.0816% Aia Group Ltd
4.6306% Hong Kong Exchanges & Clearing
4.225% Ping An Insurance Group Co Of China
3.7516% Netease Inc
3.5568% Midea Group Co Ltd
3.353% Longi Green Tech Co Ltd
3.0379% Longfor Group Hldgs Ltd
2.9153% China Resources Land
Source: Trustnet

Sector breakdown

Retail 18.00%
Technology 17.00%
Insurance 10.00%
Industrials 9.00%
Travel 7.00%
Household Goods 7.00%
Real Estate 6.00%
Automotive 5.00%
Financial Services 5.00%
Health Care 4.00%

Portfolio

The portfolio has around 70 holdings.

Constraints

There are no formal stock or sector limits.

Key Investor Information

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