Fund Information / Factsheet • Jan 23, 2023
Fund Information / Factsheet
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| Performance over (%) |
6m | 1y | 3y | 5y | 10y |
|---|---|---|---|---|---|
| Share price (Total return) |
7.5 | -5.2 | -1.9 | -0.6 | 77.6 |
| NAV (Total return) |
4.8 | -5.7 | -0.8 | -1.4 | 81.3 |
| Benchmark (Total return) |
5.1 | 0.3 | 7.1 | 15.5 | 88.2 |
| Relative NAV (Total return) |
-0.3 | -6.0 | -7.9 | -16.9 | -6.9 |
| Discrete year performance (%) |
Share price | NAV |
|---|---|---|
| 31/12/2021 to 31/12/2022 |
-5.2 | -5.7 |
| 31/12/2020 to 31/12/2021 |
16.3 | 23.9 |
| 31/12/2019 to 31/12/2020 |
-11.0 | -15.1 |
| 31/12/2018 to 31/12/2019 |
14.2 | 16.9 |
| 31/12/2017 to 31/12/2018 |
-11.3 | -15.0 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/12/22. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.
The Company outperformed the FTSE All-Share Index during the month.
After a rebound for equity markets in November, December was a more challenging month. Small and medium-sized companies underperformed as generally speaking, smaller companies have more exposure to the domestic economy and in our view the primary reason for their underperformance is the perceived weakening of the UK economy, with inflation at 10.7% in November.
Concerns of high inflation, rising interest rates and recession remain as we enter 2023. However, the first quarter of the year has often produced good returns historically. The season for companies reporting year end earnings has the scope to produce positive surprises as expectations are suitably low and a difficult backdrop has become a norm for many management teams. While significant challenges remain, we think the low level of starting valuations provides opportunities for good investment returns in 2023.
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
The Company aims to give shareholders a higher than average return with growth of both capital and income over the medium to long-term, by investing in a broad spread of predominantly UK Companies. The Company measures its performance against the FTSE All-Share Index Total Return.
A growth and income company with a diversified portfolio of mainly UK equities and a strong dividend track record.
| NAV (cum income) | 129.9p |
|---|---|
| NAV (ex income) | 129.0p |
| Share price | 119.8p |
| Discount(-)/premium(+) | -7.8% |
| Yield | 5.1% |
| Net gearing | 13% |
| Net cash | - |
| Total assets Net assets |
£388m £351m |
| Market capitalisation | £324m |
| Total voting rights | 270,185,650 |
| Total number of holdings | 111 |
| Ongoing charges |
(year end 30 September 2022) 0.60%
Benchmark FTSE All-Share Index
Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.
Please note that the total voting rights in the Company does not include shares held in Treasury.
Please note that this chart could include dividends that have been declared but not yet paid.
Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested.
How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.lowlandinvestment.com
Key information
| Top 10 holdings | (%) | Geographical focus (%) | Sector breakdown (%) |
|---|---|---|---|
| Shell | 3.3 | United | |
| BP | 3.0 | 96.3% Kingdom |
|
| K3 Capital Group | 2.3 | Ireland 3.7% |
|
| Direct Line Insurance Group | 2.3 | | |
| Anglo American | 2.2 | | |
| HSBC | 2.2 | ||
| Phoenix Group | 2.2 | | |
| GSK | 2.2 | ||
| Standard Chartered | 2.1 | ||
| National Grid | 2.1 | | |
| References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned. |
|||
| Premium/(discount) of share price to | 10 year return of £1,000 | ||
| NAV at fair value (%) | |||
| 15 | 2,500 | Share Price Benchmark |
| | Financials | 34.1% | |
|---|---|---|---|
| | Industrials | 24.4% | |
| | Energy | 8.7% | |
| | Consumer Discretionary 8.0% |
||
| | Basic Materials |
5.6% | |
| | Health Care 5.0% | ||
| | Consumer Staples |
3.9% | |
| | Utilities | 3.6% | |
| | Real Estate 2.6% |
| Stock code | LWI | ||
|---|---|---|---|
| AIC sector | AIC UK Equity Income | ||
| Benchmark | FTSE All-Share Index | ||
| Company type | Conventional (Ords) | ||
| Launch date | 1963 | ||
| Financial year | 30-Sep | ||
| Dividend payment | January, April, July, October |
||
| Risk rating (Source: Numis) |
Average | ||
| Management fee | 0.5% of average net chargeable assets up to £325m and 0.4% in excess thereof. |
||
| Performance fee | No | ||
| (See Annual Report & Key Information Document for more information) | |||
| Regional focus | UK | ||
| Fund manager appointment |
James Henderson 1990 Laura Foll 2016 |
||
Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested.
1,000
1,500
2,000
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
All performance, cumulative growth and annual growth data is sourced from Morningstar
Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 Dec 22
After a rebound for equity markets in November, December was a more challenging month as the FTSE All-Share Index fell 1.5%. Small and medium-sized companies underperformed with the FTSE 250 Index falling 2.7% and the micro-cap FTSE AIM All-Share falling 2.2% (all figures in sterling on a total return basis). Generally speaking, smaller companies have more exposure to the domestic economy and in our view the primary reason for their underperformance is the perceived weakening of the UK economy, with inflation at 10.7% in November.
During December the Company's net asset value rose 1.1%, outperforming the FTSE All-Share Index which fell 1.4%. The portfolio holds a larger position in small and medium-sized companies than its benchmark and this has been a detractor from performance this month and throughout 2022.
We have always had a multi-cap approach to income investing as this broadens the potential investment universe beyond a relatively select number of large UK company dividend payers. So far this year our larger than benchmark position in smaller companies has been a headwind to relative performance. Small-sized companies again underperformed the benchmark, while large and mediumsized companies outperformed. At the sector level the energy companies Shell, BP and Serica were the largest detractors from returns due to weaker UK natural gas prices. We initiated a position in RWS holdings which provides translation, documentation and localisation services. The shares had performed poorly through 2022 and were trading on a lower than historic average valuation. We believe the market has underappreciated the value the company provides through its translation of complex legal and pharmaceutical documents. This position was funded by exiting the Company's holdings in Convatec and Devro after some strong performance.
The rally in equity markets that had been underway for a few months petered out in December as investors reverted to the concerns of high inflation, rising interest rates and the likelihood of recession. While these issues remain as we enter 2023, the first quarter of the year has often produced good returns historically. The reporting season for companies reporting year end earnings also has the scope to produce positive surprises as expectations are suitably low and a difficult backdrop has become a norm for many management teams. While significant challenges remain, we believe the low level of starting valuations provides opportunities for good investment returns in 2023.
The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.
The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.
The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.
Month end closing mid-market share price multiplied by the number of shares outstanding at month end.
The total value of a fund's assets less its liabilities.
The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).
The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).
The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.
Total assets minus any liabilities such as bank loans or creditors.
A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.
A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.
The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.
The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.
Closing mid-market share price at month end.
The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.
Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.
Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.
For a full list of terms please visit:
https://www.janushenderson.com/en-gb/investor/glossary/
Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.
Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), Henderson Equity Partners Limited (reg. no.2606646), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).
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