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 2.3811p
As of 13/03/2020

Offer
GBP 2.5105p
As of 13/03/2020

1-Day Change
GBP 0.00p (0.01%)
As of 13/03/2020

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

NOTIFICATION OF DEALING SUSPENSION

Important information about the Janus Henderson UK Property PAIF (the Fund) and Janus Henderson UK Property PAIF Feeder Fund (the Feeder)

The Board of Henderson Investment Funds Limited has today been advised by CBRE, the appointed independent valuer of the Fund, that with immediate effect they have material uncertainty around the valuation of UK physical properties across the market, and therefore by inference the assets in the portfolio, due to the COVID-19 pandemic. This material uncertainty extends across all UK property fund valuations issued by CBRE and was agreed to by all independent fund valuers. Given this uncertainty, the Board of Henderson Investment Funds Limited has decided to temporarily suspend dealings in the Janus Henderson UK Property PAIF and its associated Janus Henderson UK Property PAIF Feeder Fund to protect the interests of all investors. This decision is consistent with the new rules issued by the Financial Conduct Authority (FCA). Further details are set out below.

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Dealing requests received since the 12 noon valuation point on 16 March 2020 will not be accepted during the suspension period. The decision to suspend dealing was taken in agreement with the Funds’ Depositary and the FCA has been informed.

Background to the suspension

The suspension has been implemented to safeguard the interests of all investors. We have historically maintained a cash position to meet a reasonable level of redemptions (17.4% as at 29 February 2020). However, the COVID-19 coronavirus pandemic has created significant market uncertainty. This in turn has led the valuer of the Fund’s direct property portfolio – CBRE – to declare that there is material uncertainty of valuations in relation to all direct property assets owned by the Fund. Given this material uncertainty and considering the FCA’s updated rules in this regard, we believe we need to protect the interests of all investors by suspending dealing in the Fund and the Feeder.

The dealing suspension will allow the valuer to better understand the impact that the coronavirus crisis is having on direct property market valuations.

What happens now?

  • Redemption requests, subscription requests, switches and transfers will not be accepted during the suspension period.
  • For investors who are directly invested in the Fund or the Feeder through Janus Henderson, the portion of any regular savings that would normally be invested will not be collected during the suspension period. Normal collections will resume once the Fund and Feeder re-open to dealing.
  • We will continue valuing the Fund and Feeder during suspension so indicative prices will continue to be reported.
  • The Fund will continue to be actively managed and all fund reporting will continue as normal.
  • Ongoing charges and transaction costs will be applied as normal.
  • Income distributions will continue throughout the period of suspension.
  • Income reinvestments will not be possible and monies will instead be paid to investors during the suspension period (via cheque or bank transfer). Accumulation class holders will not be affected.

When might the funds re-open?

We shall announce a date for the re-opening of the Fund and Feeder when this period of material uncertainty has passed and property valuations are more certain. We will endeavour to satisfy ourselves that the funds will not face re-suspension in the short term. We will notify clients ahead of the re-opening. The suspension will cease as soon as practicable and will be formally reviewed at least every 28 days. Regular updates will be provided via our website.

Outlook

We are confident about the quality of the Fund’s portfolio, which continues to offer investors a steady and attractive stream of rental income along with the potential for some capital and income growth over time. Our approach remains to own high-quality properties, seeking robust tenants on long leases in good locations, which in many cases look set to benefit from long-term structural shifts in the market. Please note, 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.

We are acutely aware of the frustration that the dealing suspension may cause you and would like to thank you for your patience during this challenging period. We will, of course, keep you up to date with any significant developments and will include additional information on our website at hgi.co/property-paif.

If you have any queries about the suspension or require any further information, please contact your financial adviser or call our Client Services Team on 0800 832 832 between 9.00am and 5.30pm Monday to Friday.

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

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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.

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 31/12/2019
A Acc IA UK Direct Property
 
Quarter End
As of 31/12/2019
Dec-2018 - Dec-2019 Dec-2017 - Dec-2018 Dec-2016 - Dec-2017 Dec-2015 - Dec-2016 Dec-2014 - Dec-2015
2.11% 3.39% 8.02% -4.88% 8.11%
IA UK Direct Property -0.78% 2.86% 7.60% -2.04% 7.27%

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 29/02/2020
A Acc (NET) IA UK Direct Property
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
27/05/2016
A Acc (NET) 0.32% 0.59 2.00% 4.43% 3.06% 4.69% 4.56%
IA UK Direct Property 0.21% 0.39% -0.76% 2.85% 2.75% 4.40% -

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 30/11/2019)
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.
  • ​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.
  • ​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.
  • 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. View the portfolio transaction costs across the Henderson UK Fund range.
  • 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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