Fund Information / Factsheet • Aug 21, 2023
Fund Information / Factsheet
Open in ViewerOpens in native device viewer
Performance
Share price
Marketing Communication
| (Total return) | 0.1 | 3.7 | 50.0 | 1.1 | 40.7 |
|---|---|---|---|---|---|
| NAV (Total return) |
-2.9 | 4.5 | 53.7 | 0.7 | 52.2 |
| Benchmark (Total return) |
0.8 | 6.1 | 41.8 | 18.1 | 71.1 |
| Relative NAV (Total return) |
-3.6 | -1.6 | 12.0 | -17.4 | -18.9 |
| Discrete year performance (%) |
Share price (total return) |
NAV (total return) |
|||
| 30/6/2022 to 30/6/2023 |
4.5 | 5.5 | |||
| 30/6/2021 to 30/6/2022 |
-9.4 | -5.4 | |||
| 30/6/2020 to 30/6/2021 |
44.6 | 41.9 | |||
| 30/6/2019 to 30/6/2020 |
-24.2 | -23.1 |
over (%) 6m 1y 3y 5y 10y
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/07/23. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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 returned 3.1% and the FTSE All-Share Index returned 2.6% over the month.
Contributors/detractors (for the quarter) The best performers during the month included law firm DWF, which confirmed a takeover approach by private equity, and international banking group Standard Chartered, which reported encouraging results. The worst performer was consumer lender Vanquis Banking Group. The company has been seeing the cost of deposit funding rise as consumers seek out better savings rates, and as a result its margins have come under pressure.
UK equities continue to trade at a discount to international peers. Within this, smaller (and generally more domestic-focused) businesses are trading at a discount to the broader market. Therefore, we see the best opportunities at the smaller company end of the UK market, and are slowly switching holdings further into this area.
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) | 131.7p |
|---|---|
| NAV (ex income) | 130.1p |
| Share price | 119.5p |
| Discount(-)/premium(+) | -9.3% |
| Yield | 5.1% |
| Net gearing | 15% |
| Net cash | - |
| Total assets Net assets |
£407m £356m |
| Market capitalisation | £323m |
| Total voting rights | 270,185,650 |
| Total number of holdings | 109 |
| Ongoing charges (year end 30 Sep 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 do not
include shares held in Treasury.
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. Please refer to glossary for definition of share price total return.
How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.lowlandinvestment.com
Marketing Communication
| Top 10 holdings | (%) |
|---|---|
| Shell | 3.2 |
| BP | 2.9 |
| HSBC | 2.7 |
| Standard Chartered | 2.5 |
| FBD | 2.1 |
| GSK | 2.0 |
| M&G | 2.0 |
| Irish Continental | 1.9 |
| Aviva | 1.9 |
| Serica Energy | 1.8 |
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 above sector breakdown may not add up to 100% due to rounding.
All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.
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. Please refer to glossary for definition of share price total return. Key information
| 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 |
|||
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
Marketing Communication
July was an encouraging month for UK equities, with the FTSE All-Share Index rising 2.6% (on a total return basis). A lower-than-expected June inflation number meant that market expectations for further interest rate rises were pared back. If market expectations are correct, UK interest rates are now forecast to peak at below 6%, having previously been forecast to reach over 6% by early 2024. This will put less pressure on UK household budgets (for those with borrowings), and therefore the more domestically weighted small and medium-sized companies outperformed the predominantly international companies in the FTSE 100 Index. The FTSE 250 Index of medium-sized companies rose 4.1%, as did the FTSE Small Cap Index (excluding investment trusts), while the FTSE 100 Index rose 2.4%.
The Company's net asset value rose 3.1% in July (on a fair value, cum income basis), outperforming its FTSE All-Share Index benchmark which rose 2.6%.
At the stock level, the best performers included international banking group Standard Chartered, which reported better-than-expected results including the announcement of a larger-than-anticipated share buy-back. Shares in law firm DWF also performed well due to the confirmation of a cash offer from private equity. The worst performer during July was consumer lender Vanquis Banking Group. The company has been seeing the cost of deposit funding rise as consumers seek out better savings rates, and as a result its margins have come under pressure.
During the month we added to the existing positions in cardboard packaging producer DS Smith, reinsurer Conduit Holdings and industrial goods company Strix. Of these, the largest addition was to Conduit, which reported its first profit since listing in 2020 as reinsurance pricing continued to improve and as the company continues to scale up. We sold the position in branded consumer goods company Reckitt Benckiser. In our view, there are now better opportunities elsewhere in the UK market.
UK equities continue to trade at a discount to international peers. Within this, smaller (and generally more domestic-focused) businesses are trading at a discount to the broader market. Therefore, we see the best opportunities at the smaller company end of the UK market, and are slowly switching holdings further into this area.
Marketing Communication
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.
Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.
The total value of a Company'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/
Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.
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), (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).
Janus Henderson and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.