Janus Henderson Global Equity

Invests in innovation focused international equities.

  • 3386.00p Price (Inc)
  • - Price (Acc)
  • 4.25% 0.00% Initial charge
  • 1.50% Annual management charge
  • 2.09% Ongoing charges
  • 0.00% Yield

Prices as at 06 December 2019, fund data last updated 08 October 2010

This fund invests internationally in a fairly concentrated portfolio of companies offering access to innovation led growth. Originally a pure technology fund, the mandate of the fund was expanded in 2010 to incorporate healthcare and environmental companies in addition to traditional technology stocks. The fund typically has a bias to the US and the majority of stocks are selected by Henderson's Technology Team.

Fund summary

Sector Global
Structure UNIT TRUST
Launched January, 1991
Size £623m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 2.09%

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Investment process

The fund focuses on a number of investment themes: - E-commerce; - Online advertising - Connectivity; - Data growth; - Paperless Payment; - Population Growth - Global Ageing - Obesity. The latter two themes, which sit outside the traditional definition of technology stocks, comprise around 10% of the fund each and are managed by Henderson's SRI team. Here expertise in such growth industries as cleaner energy and and energy efficiency. Whilst stocks are targeted within the above framework of investment themes, the primary portfolio driver is bottom-up (analysing a company in its own right) stock selection, focusing on company valuation and assessing a companies potential from an extensive network of industry and company contacts.

This fund started life as a pure technology fund but has since evolved to include other niche industries that are expected to experience rapid growth. Whilst an unconstrained approach best suits this style of fund, we have higher conviction in a number of alternative, higher risk specialist funds targeting above average returns.

Manager research

Average monthly relative returns

  • 14/15 0.74%
  • 15/16 -0.06%
  • 16/17 0.31%
  • 17/18 0.27%
  • 18/19 -0.32%

Bestinvest MRI

  • 3 years 0.09%
  • 5 years 0.19%
  • Career 0.25%
  • 3 years 74.50%
  • 5 years 89.10%
  • Career 95.50%

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

Ian Warmerdam

Warmerdam has been Director of Technology Investment at Henderson Global Investors since the start of 2007, having joined the company in 2001. Prior to joining Henderson he worked at both Scottish Widows and Scottish Life where his career began as a US Equity Investment Analyst. He has an MSc in investment analysis from the University of Stirling. He is an Associate Member of the Society of Investment Professionals and BSc in Technology and Business Studies from the University of Strathclyde.

Track record

Ian Warmerdam has 6.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.25%. During the worst period of relative performance (from February 2014 - April 2014) there was a decline of 8% relative to the index. The worst absolute loss has been 13%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.

Periods of worst performance

Absolute -13.00% (August 2018 - December 2018)
Relative -8.00% (February 2014 - April 2014)

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 August 2019

4.6% Icon Ab
4.2% Alphabet Inc
4.2% Microsoft Corp
4.2% Unilever
4.1% American Express Co
3.9% Housing Development Finance Corp
3.1% American Tower Corp
3.1% Estee Lauder Companies Inc
3% Mastercard Inc
2.9% Berkshire Hathaway Inc
Source: Trustnet

Sector breakdown

Information Technology 21.00%
Communications 16.00%
Financials 14.00%
Consumer Discretionary 14.00%
Health Care 13.00%
Consumer Staples 11.00%
Industrials 6.00%
Real Estate 3.00%
Money Market 2.00%
Materials 1.00%

Portfolio

40-60 stocks invested across the market capitalisation spectrum.

Constraints

There are no formal limits on the portfolio, but the investment policy means that the fund will typically have substantial exposure to North America.

Key Investor Information

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