Janus Henderson European Selected Opportunities A

Large cap European equity portfolio managed in a pragmatic fashion by John Bennett.

  • 1758.00p Price (Inc)
  • - Price (Acc)
  • 5.00% 0.00% Initial charge
  • 1.50% Annual management charge
  • 1.70% Ongoing charges
  • 0.50% Yield

Prices as at 09 December 2019, fund data last updated 30 March 2016

The fund targets long term capital growth from predominantly large cap companies that are either based in or operate in continental Europe. The portfolio is largely shaped by sector themes, identified by the managers from their knowledge of global industries and from their macroeconomic views. However, the portfolio also includes stocks that are identified on their own merits, particularly in mid cap companies where the manager believes there is more scope to add value.

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched August, 1984
Size £1m
Yield 0.50%
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 1.70%

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Investment process

The process begins from identifying stock or sector themes that would generate growing customer demand. Then the manager looks for potential winners in their respective business fields that have enough capacity and abilities to grow. The universe of some 600 companies is screened, using various valuation metrics, such as EV/Sales, EV/EBIT Margin, P/E and dividend yield to identify low-valued stocks. Among the latter the team looks for businesses set to or undergoing change. When a structural reason to change is identified, it becomes a catalyst for a change in valuation. 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 to hold approximately 50-60 stocks. The major themes used for this fund will be similar to those used for the Henderson European Focus fund that Bennett also runs. However, the Selected Opportunities fund is run with a greater awareness of the benchmark.

Manager research

Average monthly relative returns

  • 14/15 0.20%
  • 15/16 0.33%
  • 16/17 0.31%
  • 17/18 0.25%
  • 18/19 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.

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Top 10 holdings

Data accurate as at 31 July 2019

6.9566% Lafargeholcim Ltd
5.6607% Nestle Sa
3.7217% Sap Se
3.3189% Novartis Ag
3.256% Roche Hldg Ag
3.0871% Asml Holding Nv
2.85% Autoliv Inc
2.7922% Carlsberg
2.7771% Akzo Nobel Nv
2.7544% Koninklijke Philips Nv
Source: Trustnet

Sector breakdown

Consumer Goods 26.00%
Industrials 23.00%
Health Care 18.00%
Technology 11.00%
Basic Materials 6.00%
Oil & Gas 6.00%
Financials 5.00%
Money Market 3.00%
Consumer Services 3.00%

Portfolio

50-65 stocks with a large cap, blue chip bias.

Constraints

Max 10% in any one company. Max 30% in any sector. At least 80% in large and mega cap stocks

Key Investor Information

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