Janus Henderson Global Technology A

A large cap global technology equity fund, heavily biased to the US.

  • 2104.00p
    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?

  • 5.00% 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!

  • 1.50%
    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).

  • 1.76%
    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.

  • 0.00%
    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 13 December 2019, fund data last updated 21 March 2014

The fund’s aim is to provide capital growth by investing in companies worldwide that derive, or are expected to derive, profits from technology. The fund invests primarily in larger companies and, because of the location of much of the technology industry, the bulk of the portfolio will consist of US stocks. The investment process is mostly bottom-up, but the managers also identify long-term industry themes and target companies poised to benefit from them.

Fund summary

Sector Technology and Telecoms
Structure OEIC
Launched October, 1984
Size £969m
Yield 0.00%
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 1.76%

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Investment process

The core of the investment universe is the technology sector. Within that there are approximately 800 - 1000 stocks with a market cap of greater than US$500m and the team follows approximately 250 of these closely. The team can also invest in smaller companies on an opportunistic basis. Adjacent sectors such as telecommunications, alternative energy and media may also be included, though these will seldom be more than 10% of the portfolio. The team look for undervalued growth stocks – companies where the scale or persistence of growth is underappreciated by the market. They aim to add value through: - Information advantage. Analysts specialise in sub-sectors, giving in-depth knowledge. - Global analysis. Taking advantage of valuation discrepancies between regions. The process is primarily bottom-up, but also includes investment themes. These are typically drawn from analysis of how the world is changing and how technology affects or is affected by this, but may also be drawn from company analysis. Once selected the themes then feed into stock selection.

Since the technology bubble burst in 2000 the vast majority of specialist technology funds have failed to stay the course. Henderson Global Technology is one that has, and benefits from an experienced manager in Stuart O'Gorman, who has been involved in the fund since 2001. However, relative performance in recent years has been unexciting.

Manager research

Average monthly relative returns

  • 14/15 -0.34%
  • 15/16 0.04%
  • 16/17 0.20%
  • 17/18 -0.30%
  • 18/19 -0.36%

Bestinvest MRI

  • 3 years -0.15%
  • 5 years -0.15%
  • Career -0.07%
  • 3 years 37.50%
  • 5 years 35.20%
  • Career 56.80%

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

Stuart O'Gorman / Ian Warmerdam

•O'Gorman has been the Director of Technology Investments at Henderson since 2001. He previously spent five years at Scottish Equitable Asset Management as a specialist technology manager. O'Gorman holds a Masters in Financial Economics from Dundee University and a Diploma in Investment Analyses from Stirling University. He is an Associate Member of the Society of Investment Professionals. •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.

Track record

Stuart O'gorman / Ian Warmerdam has 10.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.07%. During the worst period of relative performance (from July 2011 - September 2019) there was a decline of 18% relative to the index. The worst absolute loss has been 16%.

Periods of worst performance

Absolute -16.00% (August 2018 - December 2018)
Relative -18.00% (July 2011 - September 2019)

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

9.9% Microsoft Corp
8.5% Alphabet Inc
6.9% Apple Inc
6.2% Facebook Inc
4.6% Visa Inc
4% Tencent Hldgs Limited
3.9% Mastercard Inc
3.2% Samsung Electronics Co
3.1% Cisco Systems Inc
3% Broadcom Corp
Source: Trustnet

Sector breakdown

Media 21.00%
Software 20.00%
Information Technology 14.00%
Hardware 11.00%
Semi Conductors 9.00%
Internet 6.00%
Electronic & Electrical Equipment 5.00%
Communications Equipment 4.00%
Leisure 4.00%
Money Market 3.00%

Portfolio

50-100 stocks.

Key Investor Information

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