This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Janus Henderson Strategic Bond I

A total return fund with the ability to invest across the bond spectrum.

  • 144.60p
    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.

  • 392.30p
    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).

  • 0.69%
    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.

  • 2.70%

    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 22 June 2021, fund data last updated 27 February 2012

Investing in UK and overseas corporate bonds, the investment philosophy is to add value through active allocation across fixed income asset classes in addition to security selection. It has a flexible mandate regarding sources of this return (income or capital) and the instruments it can use. This includes the use of derivatives to enhance returns or protect capital. Whilst there are no formal benchmarks for risk control purposes, the fund is measured for performance against the IA strategic bond sector. Bonds issued by major governments and companies will be more stable than those issued by emerging markets or smaller corporate issuers; in the event of an issuer experiencing financial difficulty, there may be a risk to some or all of the capital invested. Any historical or current yields quoted should not be considered reliable indicators of future performance.

Fund summary

Sector £ Strategic Bond
Structure OEIC
Launched September, 2000
Size £3,218m
Yield 2.70%
Charging basis
Dividends paid 28 Feb, 31 May, 31 Aug, 30 Nov


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 0.69%


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Investment process

The Strategic Bond Fund’s investment philosophy is based on adding value through active allocation across the fixed income asset classes in addition to individual stock selection. It has a flexible mandate in terms of the source of this return (income or capital) and the potential instruments in which it can invest. This includes the use of fixed income derivative instruments to enhance returns or protect capital. The fund is a sophisticated UCIT 3 product, consequently at any one time the fund's gross exposure to cash securities and credit instruments may exceed 100%. The management team will draw on the views of in house strategy team and fixed income teams to develop portfolio ideas. The fund is widely diversified, holding up to 200 bonds.

One of the more flexible strategic bond mandates. It can invest in some loans, take negative duration positions and will position itself more aggressively in credit if the manager sees fit. Portfolio focus is generally pan european. The fund is currently carrying a reasonable amount of credit sensitivity.

Manager research

Average monthly relative returns

  • 16/17 -0.02%
  • 17/18 0.07%
  • 18/19 0.15%
  • 19/20 0.34%
  • 20/21 -0.02%

Bestinvest MRI

  • 3 years 0.16%
  • 5 years 0.10%
  • Career 0.01%
  • 3 years 97.50%
  • 5 years 99.00%
  • Career 81.30%

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 15.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.01%. 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%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 81%.

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.


Proportion (%)

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Top 10 holdings

Data accurate as at 31 July 2020

1.9% Alphabet Inc 1.998% Bds 15/08/26 Usd2000
1.7% Inc 3.15% Bds 22/08/27 Usd1000
1.2% Microsoft Corp 3.3% Bds 06/02/27 Usd2000
1.1% Visa Inc 2.75% Bds 15/09/27 Usd2000
1% Abbvie Inc 4.05% Bds 21/11/39 Usd1000
1% Natwest Group 3.622% 2030
1% Inc 3.7% Bds 11/04/28 Usd2000
1% Equinix Inc 3.2% Bds 18/11/29 Usd2000
.9% Charter Communications Opt Llc/Cap 4.2% Bds 15/03/28 Usd1000
.9% At&T Inc 2.75% Bds 01/06/31 Usd2000
Source: Trustnet

Sector breakdown

Investment Grade Corporate Bonds 52.00%
High Yield Bond 20.00%
Investment Grade Corporate Bonds 15.00%
Money Market 5.00%
High Yield Bond 4.00%
Debt 2.00%
Preference Shares 1.00%


Investments may include pan European and US high yield, preference and convertible shares, sovereign and corporate bonds. There is no minimum exposure to any one security class. The fund may carry unhedged currency positions, typical max 5% of NAV. Duration is actively managed and may at times be negative.


Maximum exposures: Corporate bonds : 80%, High yield : 100%, Emerging debt : 30%, Sovereign debt : 20%

Key Investor Information - Income


Key Investor Information - Accumulation