Janus Henderson US Growth A

Focused US equity fund investing predominantly in large cap stocks.

  • 1295.00p
    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?

  • 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.

  • 0.00%
    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 13 December 2019, fund data last updated 25 April 2012

This fund targets long term capital returns from investment predominantly in large cap US equities. Management has been outsourced to Marsico Capital Management since 2007. Marsico favours growing companies but has a flexible definition of growth, focusing on companies offering stable growth but also including faster growing companies and businesses undergoing change. Their process incorporates both bottom-up (individual company) and top-down (global economic) analysis.

Fund summary

Sector North America
Structure OEIC
Launched January, 1976
Size £274m
Yield 0.00%
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

Over 90% of research is in-house, with an emphasis on "outside the box" thinking to generate ideas rather than relying on Wall Street research. The process includes both top-down and bottom-up analysis, with research focusing on sectors, industries and companies benefiting from economic trends identified. Attributes sought in companies include: market expertise/dominance, strong brands, above average unit growth, strong cash flow, R&D and marketing resource, and excellent management. The portfolio consists of three types of companies: Core Growth – often blue chip companies with the potential for stable earnings growth; Life Cycle Change – typically mature companies undergoing positive changes such as new management; Aggressive Growth – leading edge companies offering the potential for rapid earnings growth. Weightings to each area are adjusted according to the stage of the economic cycle. In constructing the portfolio the managers try to avoid concentration in any sector or theme, looking to find growth uniquely in multiple industries.

Marsico employs a hands on approach to fund management, with the investment team doing the majority of the necessary detailed investment work and stock scenario tests themselves, as opposed to relying on the outside broker community. The process has achieved reasonable success since the team took over the fund – the company also has a longer track record running funds in the US.

Manager research

Average monthly relative returns

  • 14/15 -0.54%
  • 15/16 -0.75%
  • 16/17 -0.32%
  • 17/18 0.40%
  • 18/19 0.30%

Bestinvest MRI

  • 3 years 0.13%
  • 5 years -0.18%
  • Career -0.01%
  • 3 years 80.20%
  • 5 years 33.40%
  • Career 70.20%

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

Tom Marsico

Marsico is the founder of Marsico Capital Management, LLC and is Chairman, Chief Executive Officer, Senior Portfolio Manager and Senior Analyst. Prior to founding Marsico in 1997, he was portfolio manager at Janus Capital from 1986 to 1997. He has an MBA from the University of Denver (1979) and a BA from the University of Colorado (1977).

Track record

Tom Marsico has 12.3 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 February 2009 - December 2017) there was a decline of 27% relative to the index. The worst absolute loss has been 24%.

Periods of worst performance

Absolute -24.00% (December 2007 - February 2009)
Relative -27.00% (February 2009 - December 2017)

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 31 July 2019

5.5759% Microsoft Corp
5.2172% Visa Inc
3.7635% Disney (Walt) Co
3.6867% Salesforce.com Inc
3.5434% Costco Wholesale Corp
3.4052% Thermo Fisher Scientific Inc
3.2294% Alphabet Inc
3.1735% Home Depot Inc
3.1665% Blackstone Group Lp
3.1442% Amazon.com Inc
Source: Trustnet

Sector breakdown

Information Technology 30.00%
Health Care 13.00%
Consumer Discretionary 11.00%
Financials 10.00%
Industrials 10.00%
Communications 9.00%
Materials 8.00%
Money Market 4.00%
Consumer Staples 4.00%
Real Estate 3.00%

Portfolio

Typically 35 to 50 stocks.

Constraints

Other than regulatory requirements, the fund is unconstrained. High conviction ideas may be expressed in position sizes of 5-8%. Established ideas will generally be 3-5% of assets and new ideas will typically be introduced as 1-3% weights.

Key Investor Information

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