Janus Henderson UK Smaller Companies I

A more conservative UK small company fund investing in quality growth stocks.

  • 1233.00p
    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?

  • 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!

  • 0.75%
    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).

  • 0.84%
    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.

  • 0.50%
    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 27 January 2022, we don’t currently provide commentary on this fund.

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 December, 1989
Size £353m
Yield 0.50%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.84%

Allocation

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Investment process

Manager research

Average monthly relative returns

  • 17/18 0.67%
  • 18/19 0.21%
  • 19/20 0.19%
  • 20/21 0.43%
  • 21/22 0.26%

Bestinvest MRI

  • 3 years 0.29%
  • 5 years 0.35%
  • Career 0.14%
  • 3 years 87.30%
  • 5 years 97.00%
  • Career 99.60%

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

Neil Hermon

Hermon joined Henderson in 2002 as Head of UK Smaller Companies. He became head of Pan European Smaller Companies in 2004 and Co-Head of UK Equities in 2013. Prior to joining Henderson, he was Head of UK Smaller Companies at General Accident. He started his career at Ernst and Young and is a Chartered Accountant. Hermon graduated from Cambridge University with a BSc (Hons) in Mathematics. He is an Associate of the Institute of Chartered Accountants of Scotland (CA) and an Associate Member of the UK Society of Investment Professionals (UKSIP). .

Track record

Neil Hermon has 21.2 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 2004 - March 2010) there was a decline of 19% relative to the index. The worst absolute loss has been 56%. 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 -56.00% (May 2007 - February 2009)
Relative -19.00% (December 2004 - March 2010)

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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Top 10 holdings

Data accurate as at 30 November 2021

3.6% Impax Asset Management Group Plc
3.5% Future Plc
3% Watches Of Switzerland Group Plc
2.4% Bellway
2.2% Oxford Instruments
2.1% Rws Hldgs
1.9% Team17 Group Plc
1.9% Synthomer Plc
1.8% Learning Technologies Group Plc
1.8% Ultra Electronics Hldgs
Source: Trustnet

Sector breakdown

Industrials 30.00%
Consumer Discretionary 26.00%
Financials 15.00%
Technology 13.00%
Health Care 5.00%
Real Estate 4.00%
Basic Materials 4.00%
Energy 2.00%
Telecommunications 2.00%
Money Market 1.00%

Portfolio

Approximately 90 holdings, individual positions will not usually exceed 3%. Portfolio turnover is generally low.

Constraints

Constraints relative to HGSC: stocks +/-4%, sector +/- 8%. Historical tracking error relative to HGSC is 4-8%, although there are no formal tracking error limitations.

Key Investor Information

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