For individual investors in the UK

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 233.2400p
As of 09/04/2021

Offer
GBP 245.4100p
As of 09/04/2021

1-Day Change
(0.02%)
As of 09/04/2021


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

Lifting of temporary dealing suspension in relation to the Janus Henderson UK Property PAIF and the Janus Henderson UK Property PAIF Feeder Fund (the “Funds”).

We are pleased to announce that following the most recent review of progress made to prepare the Funds for reopening, the Board of Henderson Investment Funds Limited, which is the authorised corporate director (ACD) for the UK Property PAIF, is satisfied with the progress made to raise liquidity in the Funds to allow investor dealing to resume.

Dealing in the Funds will recommence on 24 February 2021 and dealing instructions may be made from 8:00am to be processed at the noon valuation point that day.

We would like to take this opportunity to thank you for your patience and continued support, and we apologise for any frustration and inconvenience the dealing suspension may have caused.

The decision to resume dealing has been taken in agreement with the Funds’ Depositary/Trustee, NatWest Trustee and Depositary Services Limited. The Financial Conduct Authority (FCA) has also been informed.

We will continue to monitor the Funds and the market in the lead up to the planned resumption of dealing. Should anything materially change, we will issue further updates.

Attached to this notice is the investor letter that we have issued today (27 January 2021), which provides further details.

UK Property PAIF Letter

Monthly Commentary

The latest Janus Henderson UK Property PAIF Monthly Commentary 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 (to a maximum of 20% of its assets).
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.
UK Property PAIF 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.

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 31/03/2021
A Acc (Net) IA UK Direct Property
 
Quarter End
As of 31/03/2021
Mar-2020 - Mar-2021 Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018 Mar-2016 - Mar-2017
A Acc (Net) 0.59 -0.74 2.59 8.14 -3.72
IA UK Direct Property -2.15 -2.64 2.25 6.61 -0.68

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 31/03/2021
A Acc (Net) IA UK Direct Property
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
14/06/1999
A Acc (Net) 0.71 1.33 0.59 0.80 1.30 4.05 4.23
IA UK Direct Property -0.04 0.06 -2.15 -0.87 0.62 3.28 -

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.

CALENDAR YEAR RETURNS (%)
A Acc (Net) IA UK Direct Property
2016 2017 2018 2019 2020
A Acc (Net) -4.88 8.03 3.41 2.10 -2.75
IA UK Direct Property -2.04 7.60 2.86 -0.78 -3.77

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 30/11/2020)
1.68%

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 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 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.
  • 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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