UK Investment Trusts
Fund charges
Fund charges
Charges
The following sections explain the purpose of the charges disclosed within the Key Investor Information Document (KIID).
One-off charges taken before or after you invest ExpandEntry charge
This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).
For example, if you invest £1,000 in the A Share Class of Janus Henderson China Opportunities Fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.
For dual priced funds, the entry charge is included in the price at which you buy into the fund(s), this is known as the bid/offer spread and is the difference between the quoted bid and offer prices.
The entry charge covers the costs of setting up your investment, and may also cover payments to your financial adviser or any other firm through which you may invest.
All entry charges can be found on the Key Investor Information Document (KIID).
Exit charge
Whilst Janus Henderson does not charge an exit charge by default, we reserve the right to make a charge where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). The charge will be taken from your investment once your shares/units are sold.
Charges taken from the fund over the course of a year ExpandOngoing charges
The ongoing charge is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the funds financial year. The charge includes fees paid for managing the fund, otherwise known as the annual management charge, all administration and oversight functions, which includes Trustee/Depositary, Custody, legal and audit fees. For funds that are registered for sale outside of the UK, the fee also includes registration costs.
Where a fund invests a substantial amount of its assets in other funds, the ongoing charge figure includes the impact of the charges made in those other funds.
Broker commissions, transfer taxes, stamp duty and the funds performance fees (where applicable) do not form part of the ongoing charge calculation.
All ongoing charges can be found in the KIID and the fund fact sheets.
Charges taken from the fund under certain specific conditions ExpandPricing Policies
Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).
The latest performance fees payable can be found in the relevant fund’s KIID.
Further information on how the performance fee is calculated can be found in the relevant Prospectus. For a free copy please contact Janus Henderson Investors at PO Box 9023, Chelmsford CM99 2WB or by calling our Investor Services team on 0800 832 832.
The following sections explain the purpose of the charges disclosed within the Key Information Document (KID).
One-off charges taken before or after you invest ExpandEntry charge
This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).
For example, if you invest £1,000 in the A Share Class of Janus Henderson China Opportunities Fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.
For dual priced funds, the entry charge is included in the price at which you buy into the fund(s), this is known as the bid/offer spread and is the difference between the quoted bid and offer prices.
The entry charge covers the costs of setting up your investment, and may also cover payments to your financial adviser or any other firm through which you may invest.
All entry charges can be found on the Key Information Document (KID).
Exit charge
Whilst Janus Henderson does not charge an exit charge by default, we reserve the right to make a charge where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). The charge will be taken from your investment once your shares/units are sold.
Charges taken from the fund over the course of a year ExpandOngoing charges
The ongoing charge is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the funds financial year. The charge includes fees paid for managing the fund, otherwise known as the annual management charge, all administration and oversight functions, which includes Trustee/Depositary, Custody, legal and audit fees. For funds that are registered for sale outside of the UK, the fee also includes registration costs.
Where a fund invests a substantial amount of its assets in other funds, the ongoing charge figure includes the impact of the charges made in those other funds.
Broker commissions, transfer taxes, stamp duty and the funds performance fees (where applicable) do not form part of the ongoing charge calculation.
All ongoing charges can be found in the KID and the fund fact sheets.
Charges taken from the fund under certain specific conditions ExpandPricing Policies
Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).
The latest performance fees payable can be found in the relevant fund’s KID.
Further information on how the performance fee is calculated can be found in the relevant Prospectus. For a free copy please contact Janus Henderson Investors at PO Box 9023, Chelmsford CM99 2WB or by calling our Investor Services team on 0800 832 832.
The following sections explain the purpose of the charges disclosed within the Minimum Disclosure Document (MDD).
One-off charges taken before or after you invest ExpandEntry charge
This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).
For example, if you invest £1,000 in the A Share Class of Janus Henderson China Opportunities Fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.
For dual priced funds, the entry charge is included in the price at which you buy into the fund(s), this is known as the bid/offer spread and is the difference between the quoted bid and offer prices.
The entry charge covers the costs of setting up your investment, and may also cover payments to your financial adviser or any other firm through which you may invest.
All entry charges can be found on the Minimum Disclosure Document (MDD).
Exit charge
Whilst Janus Henderson does not charge an exit charge by default, we reserve the right to make a charge where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). The charge will be taken from your investment once your shares/units are sold.
Charges taken from the fund over the course of a year ExpandOngoing charges
The ongoing charge is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the funds financial year. The charge includes fees paid for managing the fund, otherwise known as the annual management charge, all administration and oversight functions, which includes Trustee/Depositary, Custody, legal and audit fees. For funds that are registered for sale outside of the UK, the fee also includes registration costs.
Where a fund invests a substantial amount of its assets in other funds, the ongoing charge figure includes the impact of the charges made in those other funds.
Broker commissions, transfer taxes, stamp duty and the funds performance fees (where applicable) do not form part of the ongoing charge calculation.
All ongoing charges can be found in the MDD and the fund fact sheets.
Charges taken from the fund under certain specific conditions ExpandPricing Policies
Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).
The latest performance fees payable can be found in the relevant fund’s MDD.
Further information on how the performance fee is calculated can be found in the relevant Prospectus. For a free copy please contact Janus Henderson Investors at PO Box 9023, Chelmsford CM99 2WB or by calling our Investor Services team on 0800 832 832.
| Example Fund 1 | Example Fund 2 | |
|---|---|---|
| Sum Invested (£) | £20,000 | £20,000 |
| Entry Charge | 0.00% | 5% (£1,000) |
| Ongoing Charge | 0.3% (£60) | 0.5% (£100) |
| Transaction Costs | 0.06% (£12) | 0.12% (£24) |
| Total Costs | £72 | £1,124 |
| Final Balance | £19,928 | £18,876 |
Please note the above table is for illustrative purposes only. The period considered is 12 months and assumes the amount invested stayed the same. Past performance does not predict future returns. The value of an investment may rise as well as fall and you may not get back the amount originally invested.
| Voorbeeldfonds 1 | Voorbeeldfonds 2 | |
|---|---|---|
| Belegd bedrag (€) | €20,000 | €20,000 |
| Instapkosten | 0.00% | 5% (€1,000) |
| Lopende kosten | 0.3% (€60) | 0.5% (€100) |
| Transactiekosten | 0.06% (€12) | 0.12% (€24) |
| Totale kosten | €72 | €1,124 |
| Eindsaldo | €19,928 | €18,876 |
Bovenstaande tabel is uitsluitend bedoeld ter illustratie. De tabel gaat uit van een periode van 12 maanden, waarin het belegde bedrag ongewijzigd bleef. Resultaten uit het verleden geven geen indicatie over toekomstige rendementen. De waarde van een belegging kan zowel dalen als stijgen en de kans bestaat dat u het oorspronkelijk belegde bedrag niet terugkrijgt.
.
| Example Fund 1 | Example Fund 2 | |
|---|---|---|
| Sum Invested (CHF) | 20,000 CHF | 20,000 CHF |
| Entry Charge | 0.00% | 5% (1,000 CHF) |
| Ongoing Charge | 0.3% (60 CHF) | 0.5% (100 CHF) |
| Transaction Costs | 0.06% (12 CHF) | 0.12% (24 CHF) |
| Total Costs | 72 CHF | 1,124 CHF |
| Final Balance | 19,928 CHF | 18,876 CHF |
Please note the above table is for illustrative purposes only. The period considered is 12 months and assumes the amount invested stayed the same. Past performance does not predict future returns. The value of an investment may rise as well as fall and you may not get back the amount originally invested.
| Beispielfonds 1 | Beispielfonds 2 | |
|---|---|---|
| Investierter Betrag (CHF) | 20,000 CHF | 20,000 CHF |
| Ausgabeaufschlag | 0.00% | 5% (1,000 CHF) |
| Laufende Kosten | 0.3% (60 CHF) | 0.5% (100 CHF) |
| Transaktionskosten | 0.06% (12 CHF) | 0.12% (24 CHF) |
| Kosten insgesamt | 72 CHF | 1,124 CHF |
| Endgültiger Saldo | 19,928 CHF | 18,876 CHF |
Bitte beachten Sie, dass die obige Tabelle nur der Veranschaulichung dient. Der betrachtete Zeitraum beträgt 12 Monate und es wird davon ausgegangen, dass der investierte Betrag gleich bleibt. Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für die künftige Wertentwicklung. Der Wert einer Anlage kann sowohl steigen als auch fallen, und Anleger erhalten möglicherweise den ursprünglich investierten Betrag nicht zurück.
| Exemple de fonds 1 | Exemple de fonds 2 | |
|---|---|---|
| Somme investie (CHF) | 20,000 CHF | 20,000 CHF |
| Frais d’entrée | 0.00% | 5% (1,000 CHF) |
| Frais courants | 0.3% (60 CHF) | 0.5% (100 CHF) |
| Coûts de transaction | 0.06% (12 CHF) | 0.12% (24 CHF) |
| Coûts totaux | 72 CHF | 1,124 CHF |
| Solde final | 19,928 CHF | 18,876 CHF |
Veuillez noter que le tableau ci-dessus est fourni à titre d’illustration uniquement. La période considérée est de 12 mois et suppose que le montant investi est resté le même. Les performances passées ne préjugent pas des résultats futurs. La valeur d’un investissement peut fluctuer à la hausse comme à la baisse et il est possible que vous ne récupériez pas le montant investi à l’origine.
| Example Fund 1 | Example Fund 2 | |
|---|---|---|
| Sum Invested ($) | $20,000 | $20,000 |
| Entry Charge | 0.00% | 5% ($1,000) |
| Ongoing Charge | 0.3% ($60) | 0.5% ($100) |
| Transaction Costs | 0.06% ($12) | 0.12% ($24) |
| Total Costs | $72 | $1,124 |
| Final Balance | $19,928 | $18,876 |
Please note the above table is for illustrative purposes only. The period considered is 12 months and assumes the amount invested stayed the same. Past performance does not predict future returns. The value of an investment may rise as well as fall and you may not get back the amount originally invested.
| Beispielfonds 1 | Beispielfonds 2 | |
|---|---|---|
| Investierter Betrag (€) | €20,000 | €20,000 |
| Ausgabeaufschlag | 0.00% | 5% (€1,000) |
| Laufende Kosten | 0.3% (€60) | 0.5% (€100) |
| Transaktionskosten | 0.06% (€12) | 0.12% (€24) |
| Kosten insgesamt | €72 | €1,124 |
| Endgültiger Saldo | €19,928 | €18,876 |
Bitte beachten Sie, dass die obige Tabelle nur der Veranschaulichung dient. Der betrachtete Zeitraum beträgt 12 Monate und es wird davon ausgegangen, dass der investierte Betrag gleich bleibt. Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für die künftige Wertentwicklung. Der Wert einer Anlage kann sowohl steigen als auch fallen, und Anleger erhalten möglicherweise den ursprünglich investierten Betrag nicht zurück.
| Exemple de fonds 1 | Exemple de fonds 2 | |
|---|---|---|
| Somme investie (€) | €20,000 | €20,000 |
| Frais d’entrée | 0.00% | 5% (€1,000) |
| Frais courants | 0.3% (€60) | 0.5% (€100) |
| Coûts de transaction | 0.06% (€12) | 0.12% (€24) |
| Coûts totaux | €72 | €1,124 |
| Solde final | €19,928 | €18,876 |
Veuillez noter que le tableau ci-dessus est fourni à titre d’illustration uniquement. La période considérée est de 12 mois et suppose que le montant investi est resté le même. Les performances passées ne préjugent pas des résultats futurs. La valeur d’un investissement peut fluctuer à la hausse comme à la baisse et il est possible que vous ne récupériez pas le montant investi à l’origine.
| Ejemplo Fondo 1 | Ejemplo Fondo 2 | |
|---|---|---|
| Cantidad invertida (€) | €20,000 | €20,000 |
| Comisión de suscripción | 0.00% | 5% (€1,000) |
| Gastos corrientes (OGC) | 0.3% (€60) | 0.5% (€100) |
| Gastos de transacción | 0.06% (€12) | 0.12% (€24) |
| Gastos totales | €72 | €1,124 |
| Saldo final | €19,928 | €18,876 |
Tenga en cuenta que la tabla mostrada tiene próposito meramente ilustrativos. El periodo considerado es de 12 meses y asume que el importe invertido no varía. La rentabilidad histórica no predice las rentabilidades futuras. El valor de una inversión puede disminuir o aumentar y es posible que no recupere la cantidad que invirtió en un principio.
| Example Fund 1 | Example Fund 2 | |
|---|---|---|
| Sum Invested (€) | €20,000 | €20,000 |
| Entry Charge | 0.00% | 5% (€1,000) |
| Ongoing Charge | 0.3% (€60) | 0.5% (€100) |
| Transaction Costs | 0.06% (€12) | 0.12% (€24) |
| Total Costs | €72 | €1,124 |
| Final Balance | €19,928 | €18,876 |
Please note the above table is for illustrative purposes only. The period considered is 12 months and assumes the amount invested stayed the same. Past performance does not predict future returns. The value of an investment may rise as well as fall and you may not get back the amount originally invested.
| Esempio Fondo 1 | Esempio Fondo 2 | |
|---|---|---|
| Somma investita (£) | 20.000 £ | 20.000 £ |
| Commissione di sottoscrizione | 0,00% | 5% (1.000 £) |
| Spese correnti | 0,3% (60 £) | 0,5% (100 £) |
| Costi di transazione | 0,06% (12 £) | 0,12% (24 £) |
| Costi totali | 72 £ | 1.124 £ |
| Bilancio finale | 19.928 £ | 18.876 £ |
Nota: la suddetta tabella è solo a scopo illustrativo. Il periodo preso in considerazione è di 12 mesi e presuppone che l’importo investito resti invariato. La performance passata non è indicativa dei risultati futuri. Il valore di un investimento può diminuire oltre che aumentare e l’investitore potrebbe non recuperare l’importo inizialmente investito.
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.