Janus Henderson Sterling Bond I

Invests mainly in sterling denominated investment grade corporate bonds.

  • 123.40p
    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.

  • 155.30p
    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!

  • 0.60%
    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).

  • 0.72%
    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.

  • 1.80%

    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 19 January 2021

The fund's aim is to achieve a high and stable income from investing principally in sterling denominated fixed interest securities including preference shares, concentrating on investment grade (high quality) corporate bonds. The managers consider this a core bond fund and therefore an additional objective is for low levels of volatility, which means not taking big positions relative to the benchmark index in terms of sectors, whilst also being careful not to over expose the fund to individual bond default risk.

Fund summary

Sector £ Corporate Bond
Structure UNIT TRUST
Launched August, 2012
Size £0m
Yield 1.80%
Charging basis
Dividends paid 15 Mar, 15 Jun, 15 Sep, 15 Dec


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.60%
Ongoing charges figure 0.72%


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Investment process

The majority of the fund is invested principally in investment grade corporate bonds, although up to 10% of the fund may be held in gilts (UK government bonds) for defensive or liquidity reasons. To enhance yield the fund may also invest in preference shares. The managers' focus is principally at the underlying credit level (i.e. a company's ability to pay its debt interest) so the focus is on higher rated companies with strong balance sheets and earnings stability. The managers are supported by an in house credit team of around 15 analysts in addition to specialist teams focusing on Asset Backed Securities and Loans. Analysts are organised on a sectorial basis covering High Yield and Investment Grade names.

This fund is now considered as Henderson’s core retail corporate bond option having joined their bond fund range following Henderson's purchase of New Star in April 2009. This fund is not currently rated by Bestinvest and we suggest investors seeking core corporate bond exposure should use one of our rated alternatives.

Manager research

Average monthly relative returns

  • 16/17 -0.12%
  • 17/18 -0.01%
  • 18/19 0.00%
  • 19/20 -0.08%
  • 20/21 0.03%

Bestinvest MRI

  • 3 years -0.01%
  • 5 years -0.03%
  • Career 0.14%
  • 3 years 69.50%
  • 5 years 66.60%
  • Career 99.50%

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

Stephen Thariyan / Philip Payne

Thariyan is Head of Credit and in charge of the 18-strong credit alpha team of portfolio managers and credit analysts at Henderson. Prior to joining Henderson Global Investors, he was a portfolio manager at Rogge responsible for investing in corporate bonds and credit derivatives globally. He was previously a director and senior analyst at NatWest Markets’ credit rating and research unit, where he led teams of sector analysts in credit research. Payne began his career at Henderson Global Investors in 2000. He progressed to fund manager in 2003 and is the manager of the Henderson All Stocks Credit and Long Dated Credit Funds. He is a CFA charter holder.

Track record

Stephen Thariyan / Philip Payne has 11.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.14%. During the worst period of relative performance (from December 2011 - January 2020) there was a decline of 10% relative to the index. The worst absolute loss has been 7%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -7.00% (January 2015 - February 2016)
Relative -10.00% (December 2011 - January 2020)

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.


Proportion (%)

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Top 10 holdings

Data accurate as at 31 July 2020

2.8% Hm Treasury United Kingdom Dmo 1.5% Gilt 22/07/47 Gbp1
2% Hm Treasury United Kingdom Dmo 1.75% Gilt 07/09/37 Gbp0.01
1.3% Heathrow Funding Ltd 6.75% Bds 03/12/28 Gbp50000
1.2% Bank Of America Corp 2.3% Snr Nts 25/07/25 Gbp100000
1.2% Wells Fargo Bank Na 5.25% 2023
1.1% Natwest Group 2.875% 2026
1.1% Logicor 2019-1 Uk 1.875% 2026
1% Glaxosmithkline Capital 1.25% Nts 12/10/28 Gbp100000
1% Citigroup Inc 1.75% Bds 23/10/26 Gbp100000
1% Hsbc Bank Capital Funding Sterling 1 5.844% 2168
Source: Trustnet

Sector breakdown

Financials 35.00%
Utilities 20.00%
Government Bonds 7.00%
Consumer Services 7.00%
Industrials 6.00%
Mortgage & Secured Bonds 6.00%
Telecommunications 5.00%
Consumer Goods 5.00%
Money Market 4.00%
Health Care 3.00%


There will generally be around 100 holdings within the portfolio, diversified across at least 10 sectors. The average credit rating for the fund is at least A.


The maximum exposure to any one bond issuer is 2%.

Key Investor Information - Income


Key Investor Information - Accumulation