Janus Henderson European Focus I

  • 311.40p
    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?

  • 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!

  • 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).

  • 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.

  • 1.20%
    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 16 September 2021, fund data last updated 08 September 2017

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
Size £245m
Yield 1.20%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 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

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Track record

Periods of worst performance

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Relative 0.00% ()

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

Proportion (%)

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Sector breakdown

Industrials 30.00%
Consumer Goods 17.00%
Health Care 13.00%
Financials 11.00%
Basic Materials 11.00%
Technology 10.00%
Utilities 5.00%
Money Market 2.00%
Oil & Gas 1.00%

Portfolio

30 to 50 stocks.

Key Investor Information

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