Fund charges

Charges

The following sections explain the purpose of the charges disclosed within the Key Investor Information Document (KIID).

Pricing Policies

UK domiciled funds fit into three different types of methodology for pricing the portfolio.

  • Dual priced
  • Single swinging
  • Single priced with dilution levy

Janus Henderson operates both dual and single swinging priced funds.

Dual priced funds

All purchases of units will take place based on the quoted offer price, while withdrawals will take place based on the quoted bid price.

If a fund receives more purchases than redemptions, the fund is said to be on an "offer basis". The offer price is arrived at by valuing the assets of the fund on the basis of the cost of acquiring those assets (i.e market prices, dealing costs, stamp duty etc), dividing this by the number of units in existence and adding on the entry charge.

If a fund receives more redemptions than purchases, the fund is said to be on a "bid basis". The bid price is arrived at by valuing the assets on the basis of the amount that the fund would receive if the assets were sold (i.e. market prices less dealing costs and expenses) and dividing the result by the number of units in existence. This means that, when investments are bought or sold as a result of other investors joining or leaving the fund, your investment is protected from the costs of these transactions.

Single swinging priced funds

For each fund (with the exception of the "dual priced" funds) investors buy and sell shares or units at a single price which is approximately the midpoint between the funds' buying ("offer") and selling ("bid") prices. This use of a single price means that when buying shares or units you, as the investor, potentially pay a lower price than the fund itself would pay to buy equivalent assets. Equally, when you sell shares or units the price you receive will potentially be higher. Over time, the effect of this mis-match between prices, coupled with various dealing charges, taxes and commissions is to slightly reduce the value of the funds for continuing investors. This is called 'dilution'. In certain circumstances, a dilution adjustment may be applied to ensure fair treatment between investors joining, leaving or remaining in a fund. The price of the shares or units of a fund may be adjusted to protect its value from being reduced in the case of large scale movements into or out of that fund. Further details can be found in the full Prospectuses, under 'Dilution'.

Funds also 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.

Complaints reporting

Your business is important to us and we endeavour to resolve any complaint fairly, effectively and promptly. If you need to raise any complaint with us you can do so by contacting the Complaints Officer, Janus Henderson Investors, PO Box 9023, Chelmsford,CM99 2WB. Tel 0800 832 832. or +44 1268 443 914.

Below is our Complaints Report for the period of 1st July 2018 to 31st December 2018. This data is published in accordance with Financial Conduct Authority regulations.

Firm Name: Henderson Investment Funds Limited

Period covered in this report: 1st July 2018 – 31st December 2018

Product / service grouping Number of complaints opened by volume of business
Provision (at reporting period end date)
Number of complaints opened Number of complaints closed Per­centage closed within 3 days Per­centage closed after 3 days but
within 8 weeks
Per­centage upheld Main cause of complaints opened
Investments 1.65 per
1000 client accounts
548 540 51.46% 40.69% 36% General admin / customer service