For individual investors in the UK

UK Property PAIF Feeder Fund

To achieve a high income together with some growth of both income & capital through investment solely in shares of the Janus Henderson UK Property PAIF.

ISIN
GB00BYP82B13

Bid
GBP 229.1500p
As of 01/10/2020

Offer
GBP 240.8500p
As of 01/10/2020

1-Day Change
(0.00%)
As of 01/10/2020


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 UPDATE

Janus Henderson UK Property PAIF (the Fund) and its Feeder Fund remain suspended for dealing – 6 November 2020

Since the last formal dealing suspension review in October we have continued to closely monitor the UK commercial property market.  Since the last formal suspension review update, the team have continued to make progress on property sales with a number of deals now nearing completion. Additionally, some other positive progress has been made with several sales moving to being under offer. The property transaction market remains challenging and there are still chances of delays or withdrawals from transactions. Sales are across a number of different property sectors/tenant profiles to maintain the characteristics of the Fund, thereby balancing the interests of investors who wish to remain invested in the Fund (or its Feeder) and those who want to redeem.

The Board of Henderson Investment Funds Limited, which is the authorised corporate director (ACD) for the Fund, has again formally reviewed the dealing suspension. The Board has agreed with the Fund’s depositary that the Janus Henderson UK Property PAIF (and its Feeder Fund) should remain suspended due to the need to further raise liquidity to meet known redemptions from the funds and to have sufficient liquidity to substantially reduce the risk of re-suspension in the short term. Given the challenging property market conditions, the uncertainty surrounding the looming Brexit deadline, the Financial Conduct Authority’s recent consultation, and now HMRC’s consultation, surrounding notice periods on redemptions for open-ended property funds, the PAIF and its Feeder Fund may not be in a position to reopen until the first quarter of 2021.

The dealing suspension, therefore, remains in place until further notice. The situation and progress on property sales will continue to be monitored closely by the ACD to ensure the funds are well placed to meet redemption requests on reopening and that the characteristics of the fund are maintained. A further update will be provided within the next 28 days, or sooner should the situation change.

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 is a dedicated Feeder Fund to the Janus Henderson UK Property PAIF.

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The Fund provides exposure to UK commercial real estate by investing (in normal circumstances) solely in the Janus Henderson UK Property PAIF (the Master Fund). The investment returns of the Fund will be very similar to those of the Master Fund, though could differ because the funds are treated differently for tax purposes and because the Fund may not be wholly invested in the Master Fund at all times due to the need to hold cash for administrative purposes (e.g. the payment of fees and distributions).
The Fund may also hold cash.
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. UK Property PAIF Feeder Fund invests in assets that may at times be hard to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment. For more information on risks see the prospectus and key investor information document.

About the feeder fund

The Janus Henderson UK Property PAIF Feeder Fund is a unit trust for those investors who cannot, or do not wish to, invest directly in the Janus Henderson UK Property PAIF. The Feeder Fund solely invests in shares in the PAIF and should therefore broadly perform in line with the PAIF. Further information on the PAIF, fund literature and manager updates can be found on the main UK Property PAIF fund page.

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 30/09/2020
A Acc (Net) IA UK Direct Property
 
Quarter End
As of 30/09/2020
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
A Acc (Net) -2.77% 1.66% 6.45% 7.81% -5.60%
IA UK Direct Property -4.28% -0.36% 5.83% 7.57% -2.58%

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 31/10/2020
A Acc (Net) IA UK Direct Property
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
27/05/2016
A Acc (Net) 0.04% -3.14% -2.87% 0.13% 1.26% 4.18% 4.23%
IA UK Direct Property -0.17% -3.62% -4.11% -0.09% 0.92% 3.53% -

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 1.5%
Ongoing Charge
(As of 31/05/2020)
1.65%

Portfolio

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.
  • 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.
  • UK Property PAIF Feeder Fund invests in assets that may at times be hard to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment. For more information on risks see the prospectus and key investor information document.
  • 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.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
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