fund
Janus Henderson European Focus I
A relatively concentrated core European (ex UK) equity portfolio.
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303.60p
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.
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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?
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0.00%
Initial chargeSome 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!
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0.75%
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).
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0.85%
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.
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1.80%
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…
The fund targets capital growth by investing in a fairly focused portfolio of large and mid-cap continental European equities. Manager John Bennett looks to identify sector themes, often by looking at trends in other parts of the globe, then looks for attractively valued companies that will capitalise on them. As a result the fund’s sector weightings may diverge sharply from the index. The portfolio typically has a slight bias to growth, though Henderson describes Bennett as style agnostic and his belief in mean-reversion means he can be contrarian.
Fund summary
| Sector | Europe Excluding UK |
| Structure | OEIC |
| Launched | August, 2012 |
| Size | £248m |
| Yield | 1.80% |
| Charging basis | Income |
| Dividends paid | Acc units only |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.85% |
Allocation
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Investment process
The process begins with the identification of stock or sector themes that would generate growing customer demand. Bennett believes that themes travel so he looks elsewhere in the world to find trends that might be mirrored in Europe. He and his analysts then look for potential winners in their business fields that have the capacity and ability to grow. A universe of some 600 companies is screened, using various valuation metrics, such as EV/Sales, EV/EBIT margin, P/E and dividend yield to find low-valued stocks. Among the latter the team looks for businesses set to or undergoing change – this could be a change in behaviour, or a turning point in a cyclical sector. Regular company meetings are an essential part of the investment process, allowing Bennett to gain insights into the businesses he invests in. These meetings serve either to validate or change Bennett's investment thesis on a company. The manager constructs the fund using a concentrated, unconstrained approach, holding up to 50 stocks. Strategic thinking is combined with tactical asset allocation, and earnings momentum also allows the manager to top or tail his holdings.
Manager research
Average monthly relative returns
- 17/18 0.20%
- 18/19 0.33%
- 19/20 0.31%
- 20/21 0.25%
- 21/22 0.00%
Bestinvest MRI
- 3 years 0.00%
- 5 years 0.00%
- Career 0.05%
- 3 years 0.00%
- 5 years 0.00%
- Career 91.80%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
John Bennett
Bennett joined Henderson in 2011 as Director of European Equities following its acquisition of Gartmore. He manages a number of Continental and Pan European funds as well as European long/short funds. He had joined Gartmore in 2010, where he was a Senior Investment Manager in the European Equity Team. Prior to that he worked at GAM from 1993, and before that he was a Senior Fund Manager at Ivory & Sime, responsible for Continental European equity portfolios. He qualified in 1986 as a Member of the Chartered Institute of Bankers in Scotland.
Track record
John Bennett has 23.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.05%. During the worst period of relative performance (from June 1994 - September 1999) there was a decline of 28% relative to the index. The worst absolute loss has been 46%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 92%.
Periods of worst performance
| Absolute | -46.00% (August 2000 - March 2003) |
| Relative | -28.00% (June 1994 - September 1999) |
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 30 November 2021
| 5.278% | Holcim Ltd |
| 4.1363% | Roche Hldg Ag |
| 4.102% | Lundin Energy Ab |
| 4.0178% | Upm-Kymmene Oyj |
| 3.7721% | Asr Nederland Nv |
| 3.6901% | Asml Holding Nv |
| 3.6525% | Novo-Nordisk As |
| 3.2397% | Nestle Sa |
| 3.1366% | Koninklijke Ahold Delhaize Nv |
| 3.1105% | Nordea Bank Ab |
| Source: Trustnet |
Sector breakdown
| Consumer Discretionary | 19.00% |
| Financials | 16.00% |
| Industrials | 16.00% |
| Health Care | 15.00% |
| Consumer Staples | 11.00% |
| Basic Materials | 10.00% |
| Energy | 6.00% |
| Technology | 5.00% |
| Utilities | 2.00% |
Portfolio
30 to 50 stocks.
Constraints
VP 12.00.
Key Investor Information