Fund Information / Factsheet • Dec 21, 2023
Fund Information / Factsheet
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Marketing Communication
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
| Share price performance | Performance over (%) |
6m | 1y | 3y | 5y | 10y | Commentary at a glance | |
|---|---|---|---|---|---|---|---|---|
| (total return) Price (rebased) |
Share price (Total return) |
-1.5 | 3.5 | 14.2 | 7.0 | 22.5 | Performance In the month under review the Company's NAV total return was 5.0% and the FTSE All-Share Index total return was 3.0%. |
|
| Benchmark NAV (cum income) |
NAV (Total return) |
1.3 | 4.7 | 27.7 | 12.2 | 41.6 | ||
| 140 120 100 |
Benchmark (Total return) |
1.6 | 1.8 | 27.3 | 26.8 | 63.8 | Contributors/detractors The Company benefitted from having more than its benchmark in small-and medium-sized UK companies, which outperformed large companies. Partially offsetting this were earnings |
|
| 80 60 |
Relative NAV (Total return) |
-0.4 | 2.9 | 0.4 | -14.6 | -22.3 | ||
| 40 20 |
disappointments such as Halfords. Outlook |
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| 0 Nov 18 Nov 19 Nov 20 Nov 21 Nov 22 Nov 23 |
Discrete year performance (%) |
Share price (total return) |
NAV (total return) |
While small- and medium-sized companies outperformed large companies this month, it was not enough to offset the underperformance so far this |
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| Dividend history | 30/9/2022 to 30/9/2023 |
13.9 | 17.1 | year. We continue to see value in this area. See full commentary on page 3. References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy |
||||
| (pence/share) 7.0 |
30/9/2021 to 30/9/2022 |
-16.4 | -14.8 | |||||
| Income 6.0 30/9/2020 to 30/9/2021 5.0 30/9/2019 to 4.0 30/9/2020 3.0 30/9/2018 to 2.0 30/9/2019 |
53.3 | 51.0 | 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. |
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| -24.6 | -24.8 | |||||||
| -11.9 | -9.6 | |||||||
| 1.0 | n/a All performance, cumulative growth and annual growth data is |
n/a | n/a |
Please note that this chart could include dividends that have been declared but not yet paid. 04 06 08 10 12 14 16 18 20 22 sourced from Morningstar.
Source: at 30/11/23. © 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.
market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return.
| How to invest | |
|---|---|
| Go to www.janushenderson.com/howtoinvest |
Find out more Go to www.lowlandinvestment.com
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) | 129.7p |
|---|---|
| NAV (ex income) | 126.9p |
| Share price | 114.0p |
| Discount(-)/premium(+) | -12.1% |
| Yield | 5.5% |
| Net gearing | 13% |
| Net cash | - |
| Total assets Net assets |
£392m £351m |
| Market capitalisation | £308m |
| Total voting rights | 270,185,650 |
| Total number of holdings | 113 |
| Ongoing charges (year end 30 Sep 2023) |
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.
Marketing Communication
| Top 10 holdings | (%) |
|---|---|
| BP | 3.0 |
| Shell | 3.0 |
| HSBC | 2.6 |
| Standard Chartered | 2.2 |
| M&G | 2.1 |
| GSK | 2.1 |
| Aviva | 2.1 |
| Serica Energy | 2.1 |
| FBD | 1.9 |
| Irish Continental Group Plc | 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 the glossary for the definition of share price total return.
| 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 |
||
Laura Foll, CFA Fund Manager
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
In a reversal of October, UK equities rose strongly in November. Small- and medium-sized companies outperformed larger companies with the FTSE 250 Index, the FTSE Small Cap ex Investment Trusts Index and the FTSE AIM All-Share Index all outperforming the FTSE 100 Index.
Inflation in both the US and the UK came in modestly below expectations. This solidified the market's view that we are now at peak interest rates, with a growing expectation that we may see interest rate cuts starting midway through next year.
The flash purchasing managers' index (PMI) data for November brought some positive surprises. It indicated that the UK service industry may be experiencing modest growth, while the decline in manufacturing may not be as steep as initially anticipated.
In the context of falling inflation and some better-thanexpected economic data it tended to be cyclical sectors, including real estate, industrials and financials, that outperformed.
From a top-down perspective, the Company benefitted from holding more than its FTSE All-Share Index benchmark in small- and medium-sized companies in November. At the stock level, the best performers
included insurer Direct Line and industrial goods company Morgan Advanced Materials. Direct Line demonstrated rising insurance premiums, leading to increased confidence that the company is now pricing correctly in a high claims cost environment. Having been weak due to fears about the economic backdrop, Morgan Advanced Materials kept earnings expectations for the full-year unchanged. This was enough to see a relief rally in its share price.
Among the worst performers during the month was retailer Halfords, which modestly lowered its expectations for full-year earnings as a result of lower consumer spending on discretionary items such as bikes. Another poor performer was TT Electronics, which also downgraded expectations for its full-year earnings, albeit for a different reason as a machinery breakdown in one of its divisions has lasted longer than anticipated.
We added a new position in defence contractor Babcock, which specialises in areas such as submarine maintenance. Under the new management team the company has reduced debt, taken costs out and moved the business further towards cost-plus contracts (where some costs are automatically passed through to the end customer). Within the same sector, we sold the position in BAE Systems following good share price performance. Other new additions during the month included Midwich, an audio-visual equipment distributor, which was trading on a low valuation versus its history.
While November saw some 'catch-up' in performance from small- and medium-sized UK companies, this was not enough to offset the scale of their underperformance so far this year, and certainly not enough to offset the scale of underperformance in 2022. Therefore, despite some short-term relief, many UK companies (particularly those more exposed to the domestic UK economy) continue to trade at a substantial valuation discount to their own history and, where relevant, to overseas peers. We continue to see significant value in many domestically focused UK equities and continue to add to holdings in this area.
Factsheet - at 30 November 2023
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/engb/investor/glossary/
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).
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