For qualified investors in Switzerland

Global Equity Market Neutral Fund

An equity fund targeting positive absolute returns and low volatility in all market conditions

ISIN
LU2142054670

NAV
GBP 9.42
As of 22/09/2023

1-Day Change
GBP 0.00 (0.04%)
 As of 22/09/2023

Overview

Notice:

Please note this Fund closed on 25 September 2023.

INVESTMENT OBJECTIVE

The Fund aims to provide a positive (absolute) return, regardless of market conditions, over any 12 month period. A positive return is not guaranteed over this or any other time period and, particularly over the shorter term, the Fund may experience periods of negative returns. Consequently, your capital is at risk.
Performance target: To outperform the US Base Rate, after the deduction of charges, over any 3 year period.

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The Fund invests in shares and makes extensive use of derivatives (complex financial instruments) to take both ‘long’ and ‘short’ positions in companies throughout the world that the investment manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the Fund may benefit from either scenario. Typically, the Fund will match each long position in a company with an equivalent sized short position in another company (known as a 'pair'), with the aim of benefitting from price divergence between the long and short exposures of the pair, while minimising the effect of wider market movements. The Fund will hold a significant proportion of its assets in cash and money market instruments as a result of holding derivatives. The investment manager may also use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the US Base Rate as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). For currency hedged Share Classes, the central bank rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees. The investment manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • Employs a market-neutral approach intended to generate returns irrespective of market direction
  • Captures the best ideas of a selection of Janus Henderson’s in-house equity teams
  • The fund aims to enhance the overall risk-return characteristics of a balanced portfolio while seeking to provide diversification from the broad equity markets and reduced overall volatility
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Robert Schramm-Fuchs

Robert Schramm-Fuchs

Portfolio Manager

Industry since 2005. Joined Firm in 2014.

Tom Lemaigre, CFA

Tom Lemaigre, CFA

Portfolio Manager

Industry since 2014.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/08/2023
I2 HGBP (Net) Bank of England Base Rate
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
30/04/2020
I2 HGBP (Net) 1.03 -2.42 -2.28 -2.57 - - -1.96
Bank of England Base Rate 0.45 3.01 3.91 1.54 - - 1.40
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Calendar year performance is available on the fund’s factsheet
© Morningstar 2023. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Calendar Year Returns (%)
As of 30/06/2023
I2 HGBP (Net) Bank of England Base Rate
YTD 2022 2021 PERFORMANCE INCEPTION
30/04/2020
I2 HGBP (Net) -4.10 -1.82 -4.11 1.90
Bank of England Base Rate 2.10 1.49 0.11 0.07
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2023. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 30/09/2022) 		0.84%
Performance Fee 20% (relative to the hurdle rate and high water mark)
Hurdle Rate Bank of England Base Rate
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 31/08/2023)
% of Fund
Deutsche Gl Liq-Man USD-Plat 6.81
Unilever 3.64
LVMH Moet Hennessy Louis Vuitton 2.92
HUGO BOSS 2.52
Siemens 2.01
Danone 1.99
Goodman Group 1.48
Mitsubishi Estate 1.37
Rio Tinto 1.34
adidas 1.32
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.

Documents

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  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund involves a high level of buying and selling activity and as such will incur a higher level of transaction costs than a fund that trades less frequently. These transaction costs are in addition to the Fund's Ongoing Charges.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.