UK Property PAIF

A "bricks and mortar" fund with a long track record that seeks to offer regular income and diversification from a high-quality portfolio of UK commercial property.

ISIN
GB00BP46GC27

Bid
GBP 229.0800p
As of 03/07/20

Offer
GBP 241.1800p
As of 03/07/20

1-Day Change
(0.01%)
As of 03/07/20


Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.

Overview

DEALING SUSPENSION REVIEW AND UPDATE

Janus Henderson UK Property PAIF (the Fund) and its Feeder Fund remain suspended for dealing

Since the last formal dealing suspension review in May we have continued to closely monitor market conditions and have had regular discussions with CBRE, the appointed independent valuer of the Janus Henderson UK Property PAIF.  Although CBRE has advised us that material uncertainty no longer exists in certain additional segments of the UK property market, our fund has no investment exposure to these areas and so the amount of the fund subject to material valuation uncertainty remains unchanged from our last update.

The Board of Henderson Investment Funds Limited (HIFL), which is the authorised corporate director (ACD) for the fund, has again formally reviewed the current dealing suspension. The Board has agreed with the fund’s depositary that, based on the feedback from CBRE, the Janus Henderson UK Property PAIF (and its Feeder Fund) should remain suspended whilst there continues to be material valuation uncertainty across almost all of the fund’s direct property investments.

The dealing suspension, therefore, remains in place until further notice. The situation will continue to be monitored by the ACD with a further update provided within the next 28 days, or sooner should the situation improve.

UK Property PAIF Suspension Letter
UK Property PAIF Suspension Q&A

Quarterly Review

The latest Janus Henderson UK Property PAIF Quarterly Review provides an update on performance, fund positioning, investment activity, strategy and the managers' outlook.

INVESTMENT OBJECTIVE

The Fund aims to provide a high and increasing level of income as well as capital growth over the long term (5 years or more). The Fund will be a Property Authorised Investment Fund (PAIF) for tax purposes at all times.

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The Fund invests at least 60% of its assets in UK commercial real estate and in shares and bonds of UK companies in the real estate industry.
The Fund may also invest in other assets including cash and bank deposits, money market instruments, non-UK commercial real estate, residential real estate, funds (collective investment schemes including exchange traded funds) and real estate outside of the UK.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the IA UK Direct Property sector average, which is based on a peer group of broadly similar funds, as this can provide a useful comparator for assessing the Fund’s performance.

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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 for promotional purposes and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • Portfolio with a broad mix of high-quality properties across UK regions and sectors, with a South East bias, that are well-placed to benefit from long-term consumer, demographic, and technological trends.
  • Focuses on location, tenant strength, lease length, lease structure, building quality, and sustainability considerations.
  • Highly experienced investment team with support from more than 500 property specialists.
Past performance is not a guide to future performance. 
 

RATINGS AND AWARDS

Ratings for this fund include:

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PORTFOLIO MANAGEMENT

Ainslie McLennan

Portfolio Manager, Janus Henderson UK Property PAIF

Industry since 1998. Joined Firm in 2002.

Marcus Langlands Pearse

Portfolio Manager

Industry since 2003. Joined Firm in 2009.

Performance

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 31/03/20
A Acc IA UK Direct Property
 
Quarter End
As of 31/03/20
Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018 Mar-2016 - Mar-2017 Mar-2015 - Mar-2016
-0.74% 2.59% 8.14% -3.72% 6.10%
IA UK Direct Property -2.64% 2.25% 6.61% -0.68% 5.28%

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

Cumulative & Annualised Performance (%)
As of 31/05/20
A Acc (Net) IA UK Direct Property
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
07/06/99
A Acc (Net) -0.42% -2.98% -2.12% 2.59% 1.95% 4.01% 4.32%
IA UK Direct Property -0.53% -2.88% -4.00% 1.19% 1.65% 3.78% -

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

FEE INFORMATION
Initial Charge 0.00%
Annual Charge 1.50%
Ongoing Charge
(As of 30/11/19)
1.65%

Documents

  • ​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 is not a guide to future performance.
  • ​You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the Funds in which you have invested.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • This Fund is dual priced. The price at which you buy shares/units in the fund will incorporate the transaction costs incurred in buying physical properties. When you sell shares/units in the Fund the price you sell at incorporates the transaction costs incurred in selling physical properties. The difference between these prices is called the ‘spread'. This spread is currently c. 5% and reflects the high transaction costs of buying and selling commercial property. Typically the buying price of an individual commercial property can be 7-8% higher than the selling price. The spread of the Fund is not fixed and may vary over time depending on the composition of the Fund.
  • Valuations are determined by independent property experts. The valuation of property is generally a matter of valuer's opinion. The amount raised when a property is sold may be less than the valuation.
  • The Fund contains assets which may be hard to value or sell at the time and price intended. In particular, property investments may take a considerable time to sell. When many investors want to sell their shares, the Fund may have to delay processing requests so that certain assets or properties can be sold first. This is known as deferring redemptions.
  • Tenants in the Fund's properties may become unable to pay their rent. As a result, the Fund's income may be impacted and further costs incurred.
  • Some or all of the Annual Management Charge and other costs of the Fund may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • 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.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved, you may wish to consult a financial adviser.
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