Fund Information / Factsheet • Jun 22, 2023
Fund Information / Factsheet
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Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) 6.6 10.9 44.5 42.8 146.6 NAV (Total return) 4.6 6.4 37.7 45.0 152.3 Benchmark (Total return) 6.0 8.5 35.4 40.5 120.1 Relative NAV (Total return) -1.5 -2.2 2.3 4.6 32.2
Share price (total return)
31/3/2023 11.0 10.8
NAV (total return)
The Company underperformed the FTSE World Europe (Ex UK) Index during the month.
Significant positive contributions came from semiconductor firms. Energy, stock exchanges and various materials subsectors were negative. AB InBev also faced challenges given a backlash on one of its brands. However, we like AB InBev's diversified and historically profitable global portfolio. We reduced the Company's exposure to mining and banking sectors and reallocated capital into our higher-conviction sectors and holdings.
Contrasting market dynamics saw the European energy sector decline 7%. Meanwhile, the European technology sector rose 7%. With US 'big tech' regaining popularity, Europe has benefited, particularly capital goods and semiconductor businesses. These dynamics reflect a resurgence in interest for artificial intelligence (AI).
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 seeks to maximise total return (a combination of income and capital growth) from a portfolio of stocks listed in Europe.
A focused investment trust of between 35 and 45 companies in Europe with an emphasis on maximising total return.
| NAV (cum income) | 171.8p | |
|---|---|---|
| NAV (ex income) | 168.5p | |
| Share price | 154.0p | |
| Discount(-)/premium(+) | -10.4% | |
| Yield | 3.2% | |
| Net gearing | 7% | |
| Net cash | - | |
| Total assets Net assets |
£396m £365m |
|
| Market capitalisation | £328m | |
| Total voting rights | 212,768,122 | |
| Total number of holdings | 39 | |
| Ongoing charges (year end 30 Sep 2022) |
0.77% | |
| Benchmark | FTSE World Europe (Ex UK) Index |
|
| Overall Morningstar RatingTM As of 31/05/2023 |
||
| Morningstar Medalist RatingTM Effective 21/02/2023 |
||
| Analyst-Driven %: 100.00 |
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.
| 31/3/2022 | 3.8 | 4.0 | |
|---|---|---|---|
| 31/3/2020 to 31/3/2021 |
50.3 | 42.3 | |
| 31/3/2019 to 31/3/2020 |
-9.8 | -5.6 | |
| 31/3/2018 to 31/3/2019 |
-9.0 | 0.3 | |
Discrete year performance (%)
31/3/2022 to
31/3/2021 to
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/05/23. © 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.
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.hendersoneuropeanfocus.com
| Top 10 holdings | (%) | Geographical focus (%) |
|---|---|---|
| Novo Nordisk | 5.5 | |
| UPM-Kymmene | 5.2 | |
| Shell | 4.8 | |
| TotalEnergies | 3.8 | |
| LVMH Moet Hennessy Louis Vuitton | 3.8 | |
| ASR Nederland | 3.7 | |
| BE Semiconductor Industries | 3.6 | |
| Compagnie de Saint-Gobain |
3.6 | |
| ASML | 3.5 | |
| Airbus | 3.3 |
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 geographical breakdown may not add up to 100% as this only shows the top 10.
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.
France 31.5% Netherlands 16.4% Germany 10.7%
United Kingdom 8.0% Finland 6.9% Denmark 5.5% Sweden 5.5% Belgium 5.3% Switzerland 2.7% United States 2.6%
Staples 5.9%
Sector breakdown (%)
The above sector breakdown may not add up to 100% due to rounding.
| Benchmark | FTSE World Europe (Ex UK) Index |
|
|---|---|---|
| Company type | Conventional (Ords) | |
| Launch date | 1947 | |
| Financial year | 30-Sep | |
| Dividend payment | June, February | |
| Risk rating (Source: Numis) |
Slightly above average | |
| Management fee | 0.65% for net assets up to £300m. 0.55% for net assets above £300m. |
|
| Performance fee | No | |
| (See Annual Report & Key Information Document for more information) | ||
| Regional focus | Europe | |
| Fund manager appointment |
Tom O'Hara 2020 John Bennett 2010 |
| Key information | |
|---|---|
How to invest Go to www.janushenderson.com/howtoinvest
Customer services 0800 832 832
The MSCI Europe Index fell 2.5% in May. The market started to price in a recession in response to signs that the US consumer may finally be satiated, as household savings put aside during the Covid pandemic are being exhausted and as the sense of economic uncertainty creeps into spending decisions.
Moreover, the Chinese economic reopening may not be as robust as hoped, prompting calls for the Chinese authorities to implement further stimulus measures. Support for the Chinese property market is likely the most potent prescription for economic stagnation, but this conflicts with President Xi's philosophy that "housing should be for living in, not speculation". Investors are left struggling to form a cohesive view of what comes next in China.
Meanwhile, we saw another wave of excitement around artificial intelligence (AI), as Nvidia provided very strong second quarter revenue estimates thanks to demand for its leading AI-compatible chips.
The biggest positive contributors to Company performance included semiconductor firms Besi and ASM.
The biggest detractors included holdings in the energy sector, the holding in Euronext, and holdings in the materials sector – specifically chemicals and pulp and paper firms.
Another noteworthy detractor from performance was AB InBev, given the surprising backlash its US beer brand, Bud Light, has received from the conservative-leaning portion of its customer base in response to a single sponsored post from a social media influencer. This episode could reshape consumer marketing strategies across corporate America. For AB InBev specifically, the share price fall appears to more than price in a permanent impairment to the brand, which may or may not turn out to be the case. But, with AB InBev being a highly diversified, highly profitable global beer behemoth – for which Bud Light accounts for only 7-8% of group sales – we think this should prove to be a blip.
In terms of activity, we trimmed the mining and banks holdings as we reduced the Company's sensitivity to the economic cycle, and switched the capital into some of our existing, higher-conviction holdings.
The market dynamics pointed out above might be neatly summed up by the contrasting fortunes of the European energy and technology sectors in May. The average stock in the energy sector was down 7%, with the technology sector rising 7%. US 'big tech' is back in vogue and we are seeing very narrow market leadership. However, some of the investor appetite for AI has trickled down to Europe. Here, beneficiaries included capital goods businesses that form the supply chain, such as semiconductor manufacturing equipment firms (ASML, ASM and Besi), along with Siemens and Schneider – both of which have large
datacentre hardware/software businesses. Atlas Copco, which supplies vacuum pump technology and had reported weak first quarter orders, has also done well as investors considered that its share price had reached a trough.
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/
Overall Morningstar Rating™ is a measure of a fund's risk-adjusted return, relative to similar funds. Fund share classes are rated from 1 to 5 stars, with the best performers receiving 5 stars and the worst performers receiving a single star. Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.
Morningstar Medalist Rating™
Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its methodology, please go to www.global.morningstar.com/managerdisclosures.
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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