Janus Henderson UK & Irish Smaller Companies A

Diversified portfolio of UK small cap equities with some Irish exposure.

  • 590.40p
    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.

  • -
    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).

  • 1.70%
    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.

  • 0.30%
    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 October 2020, fund data last updated 19 June 2014

The fund aims to provide long-term capital growth by investing in UK and Irish smaller company shares. There are no formal portfolio constraints but the large number of holdings provides diversification. Despite the fund's name, Irish exposure has been very low in recent years. Previously a Gartmore fund, this attracted a strong following under manager Gervais Williams, but he left Gartmore in 2010 and the new team has been running the fund since then.

Fund summary

Sector UK Smaller Companies
Structure OEIC
Launched December, 1994
Size £79m
Yield 0.30%
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 1.70%

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Investment process

The fund's stock universe comprises companies with a market capitalisation below £1bn, including AiM. The fund is benchmarked against Numis Smaller Companies Index for performance purposes. The stocks in the portfolio are primarily sourced by the UK Smaller Companies team, comprising the two fund managers and two investment managers. However, ideas may also be supplied by other Henderson teams and from external research. The team believes that earnings are a core driver of share prices, and that identifying companies whose earnings can exceed market expectations is the key to adding value. They undertake approximately 1000 company meetings each year and process information collated from both traditional and non-traditional sources through 5 'lenses' in order to assess whether the company has sufficient financial headroom. The 5 ‘lenses’ process includes the following: industry assessment of the scope for turnover growth (rising equities rarely have falling sales), qualitative analysis of a company's market position (helping to gauge company's pricing power and duration of competitive advantage), financial ratio analysis, management quality, balance sheet risk and scenario analysis.

Previously a Gartmore fund, this attracted a strong following under manager Gervais Williams who left Gartmore in 2010. The new managers, Adam McConkey and Rob Giles took over the fund and have now built up a track record. The performance of the fund has been lagging its peers and the benchmark, albeit with lower volatility, and we suggest investors consider our rated alternatives.

Manager research

Average monthly relative returns

  • 15/16 -0.71%
  • 16/17 -0.14%
  • 17/18 -0.13%
  • 18/19 0.05%
  • 19/20 0.06%

Bestinvest MRI

  • 3 years -0.01%
  • 5 years -0.18%
  • Career -0.05%
  • 3 years 62.60%
  • 5 years 38.20%
  • Career 71.60%

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

Adam McConkey / Rob Giles

McConkey joined Henderson in 2011 as director of UK smaller companies following their acquisition of Gartmore. He had worked at Gartmore from 2000, becoming head of their UK smaller companies team in 2010. He previously worked at Co-operative Insurance Society where he was as a European analyst on Life and Pension funds. McConkey has lectured in European Politics and Political Economy at Liverpool University as well as a number of US universities and has a PhD in International Relations from Loughborough University. He has also passed Level II of the CFA examination. Giles joined Henderson in 2011 as director of UK smaller companies. He had previously been at Gartmore from April 2002 where he ran long only and market neutral UK small cap funds. and is a Senior Investment Manager in the UK Smaller Companies team. He joined the company from Singer and Friedlander where he was responsible for managing £400m of investments for a wide range of clients. Prior to this, he spent eleven years at Coutts & Co. He is a member of the Securities Institute.

Track record

Adam Mcconkey / Rob Giles has 10.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.05%. During the worst period of relative performance (from September 2014 - November 2018) there was a decline of 18% relative to the index. The worst absolute loss has been 32%.

Periods of worst performance

Absolute -32.00% (December 2019 - March 2020)
Relative -18.00% (September 2014 - November 2018)

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 July 2020

2.7% Gamma Communications Plc
2.6% Team17 Group Plc
2.6% Ultra Electronics Hldgs
2.4% Clinigen Group Plc
2.4% Paragon Banking Group Plc
2.3% Oxford Instruments
2.2% Learning Technologies Group Plc
2.2% Integrafin Holdings Plc
2.1% Avon Rubber
2% Assetco Plc
Source: Trustnet

Sector breakdown

Industrials 37.00%
Financials 19.00%
Consumer Services 12.00%
Consumer Goods 10.00%
Technology 6.00%
Health Care 6.00%
Oil & Gas 3.00%
Telecommunications 3.00%
Basic Materials 2.00%
Money Market 2.00%

Portfolio

Around 200 stock portfolio.

Constraints

There are no formal benchmark controls.

Key Investor Information

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