Janus Henderson Fixed Interest Monthly Income A

A blended corporate bond fund structured to provide a steady monthly income.

  • 22.60p
    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.

  • 32.13p
    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?

  • 4.25% 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!

  • 1.25%
    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).

  • 1.43%
    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.

  • 4.00%
    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 23 January 2020, fund data last updated 30 October 2015

This fund is managed to provide investors with a high and stable level of monthly income (as opposed to targeting total returns), whilst attempting to preserve capital. To achieve this the fund invests in high yield bonds (approx. 65%) and higher quality (lower yielding bonds) bonds. Holdings may also include preference shares. The portfolio is built from an analysis of global economic trends followed by the selection of individual bonds identified to benefit from the trends identified in the big picture analysis.

Fund summary

Sector £ Strategic Bond
Structure UNIT TRUST
Launched April, 1979
Size £0m
Yield 4.00%
Charging basis Capital
Dividends paid Last day of each month

Charges

Standard initial charge 4.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.25%
Ongoing charges figure 1.43%

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Investment process

The fund has a neutral weighting of approximately 65% lower quality bonds and 35% investment grade bonds. Holdings may also include some convertibles and preference shares. Generally bonds will be high coupon due to the emphasise on income generation. The fund structure is initially approached from a top down perspective (global economic prospects), to form a view of where the best opportunities exist at the sector level as well as setting the tone for the best mix of high yield and lower yielding bonds, low quality bond, duration (risk) and sector allocation. The top down analysis covers such areas as inflation, interest rates, supply and demand to the market, relative valuations across different markets, rating agencies' credit ratings and structural changes in industries. Then follows due diligence at the individual security level.

Manager research

Average monthly relative returns

  • 15/16 0.25%
  • 16/17 0.04%
  • 17/18 0.13%
  • 18/19 -0.05%
  • 19/20 0.32%

Bestinvest MRI

  • 3 years 0.13%
  • 5 years 0.14%
  • Career 0.00%
  • 3 years 99.40%
  • 5 years 100.00%
  • Career 79.10%

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

John Pattullo / Jenna Barnard

Pattullo graduated in economics from St.Andrews University in 1993. He became a Chartered Accountant with Price Waterhouse Coopers and then joined Henderson as an analyst in 1997. He is now Henderson's head of UK retail fixed income. Pattullo is a member of the Institute of Chartered Accountants of Scotland and an Associate Member of the Society of Investment Professionals. Barnard graduated from Oxford University with a first class BA (Hons) in Politics, Philosophy and Economics. She worked for Orbitex Investments before joining Henderson as a credit analyst in 2002, becoming a credit portfolio manager in 2004. She is a CFA charterholder, and an affiliate member of UKSIP. Barnard is a Member of the Society of Technical Analysts having passed the STA Diploma exam.

Track record

John Pattullo / Jenna Barnard has 13.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -00%. During the worst period of relative performance (from June 2007 - March 2009) there was a decline of 22% relative to the index. The worst absolute loss has been 26%.

Periods of worst performance

Absolute -26.00% (May 2007 - March 2009)
Relative -22.00% (June 2007 - March 2009)

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 2019

3% Australia Government Bond 3.25% 2025
2.1% Nationwide Building Society
2% Co-Operative Group 2011 7.50% 2026
1.9% Service Corp Intl 4.625% Bds 15/12/27 Usd2000
1.9% Hm Treasury United Kingdom Dmo 1.625% Treasury Gilt 22/10/28 Gbp0.01
1.8% Iqvia 5.00% 2026
1.7% Barclays 7.25% 2168
1.7% Phoenix Group 6.625% 2025
1.6% Tesco 5.50% 2033
1.5% Australia(Commonwealth Of) 3.75% Tb 21/04/37 Aud100 (Cdi)
Source: Trustnet

Sector breakdown

Fixed Interest 84.00%
Foreign Exchange 8.00%
Government Bonds 6.00%
Debt 4.00%
Equities 2.00%

Portfolio

A portfolio of about 150 holdings diversified across at least 10 industries. The portfolio will tend to be fully invested at all times.

Constraints

Max 20% in any one industry.

Key Investor Information - Income

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Key Investor Information - Accumulation

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