fund
Janus Henderson UK Smaller Companies I
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1391.00p
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.
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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?
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0.00%
Initial chargeSome 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!
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0.75%
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).
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0.85%
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.
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0.40%
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…
This London-listed investment trust aims to maximise total returns for shareholders by investing in smaller companies that are quoted in the UK. Smaller companies’ shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
Fund summary
| Sector | UK Smaller Companies |
| Structure | OEIC |
| Launched | |
| Size | £373m |
| Yield | 0.40% |
| Charging basis | Income |
| Dividends paid | Acc units only |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.85% |
Allocation
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Investment process
The portfolio is structured with the aim of outperforming the Numis Smaller Companies Index, which accounts for the equivalent of the bottom 10% of the FTSE All-Share index. The manager is, however, prepared to 'ride' his winning stocks until they enter the FTSE 100. The investment style follows a bottom up, quality GARP approach with the emphasis primarily on strength of business model (margin structure), management team, financial structure (cashflow) and earnings momentum. The valuation metrics used vary according to the sector being analysed; the most frequently used measures are EV/EBIT and P/E, which provide relative and absolute measures respectively. Low margin, low growth businesses or those whose value can be difficult to assess, such as technology or biotech companies, are typically avoided. Portfolio construction is primarily bottom up. Stock ideas are the result of company meetings, third party research, earnings surprises / revisions. Portfolio turnover is generally low.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 0.00%
- 19/20 0.00%
- 20/21 0.00%
Bestinvest MRI
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Track record
Periods of worst performance
| Absolute | 0.00% () |
| Relative | 0.00% () |
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.
Allocation
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Sector breakdown
| Industrials | 34.00% |
| Financials | 20.00% |
| Consumer Goods | 12.00% |
| Consumer Services | 11.00% |
| Technology | 8.00% |
| Health Care | 6.00% |
| Basic Materials | 3.00% |
| Oil & Gas | 3.00% |
| Telecommunications | 2.00% |
| Money Market | 1.00% |
Portfolio
Approximately 90 holdings, individual positions will not usually exceed 3%. Portfolio turnover is generally low.
Key Investor Information