Please ensure Javascript is enabled for purposes of website accessibility Secured Loans Fund - Janus Henderson Investors
For financial professionals in Norway

Secured Loans Fund

A UK-domiciled QIS providing investors with a defensive portfolio of higher-quality borrowers in the European loans market.

ISIN
GB00B5PWZL10

NAV
EUR 14.79
As of 10/04/2024

1-Day Change
EUR 0.01 (0.07%)
 As of 10/04/2024

Overview

INVESTMENT OBJECTIVE

The Fund's aim is to generate investment returns by investing in a diversified portfolio of secured loans and sub participations in secured loans denominated in any currency. The Fund may invest in other transferable securities, senior secured floating rate notes, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes. The assets of the Fund will be generally denominated in Euros or Sterling.

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The Fund’s aim is to generate investment returns by investing in a diversified portfolio of secured loans and sub participations in secured loans denominated in any currency. The Fund may invest in other transferable securities, senior secured floating rate notes, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes. The assets of the Fund will be generally denominated in Euros or Sterling.

The Fund will normally spread its assets across no fewer than 25 loans and will not normally place more than 10% in loans to any one issuer or its affiliates.

The Fund may hold cash. This will not normally exceed 20% of its assets.

The Fund may hold and use derivative instruments including, but not limited to, credit linked notes and currency forwards.
The Fund may borrow, but borrowings will not normally exceed 25% of the net asset value of the Fund, more extensive borrowing is allowed in exceptional circumstances. Exceptional circumstances are considered to be market opportunities, for instance where loans are available with attractive credit fundamentals or if market demand is expected to rise.

No more than 15% of the Fund's assets will consist of units in other collective investment schemes.

Less

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 a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • Unleveraged, conservative, and active investment strategy focused on bottom-up credit and instrument selection.
  • Experienced specialist loans team made up of significant market participants with a long history of loan investments.
  • Portfolio of floating-rate assets, providing the ability to act as a natural hedge against rising interest rates and inflation.
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Tim Elliot

Tim Elliot

Portfolio Manager

Industry since 1997. Joined Firm in 2014.

David Huang, CFA

David Huang, CFA

Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/03/2024
Y Acc EUR Hedged (Net) ESTR
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
21/11/2012
Y Acc EUR Hedged (Net) 0.31 2.15 9.27 3.70 3.32 2.78 3.19
ESTR 0.34 0.99 3.75 1.28 0.59 0.21 0.21

Index Description

SONIA stands for Sterling Overnight Index Average. SONIA reflects the average of the interest rates that banks pay to borrow sterling overnight from other financial institutions. The Bank of England is the administrator for SONIA and they are responsible for its governance and publication every London business day. It is the basis for the performance target of the fund. The CS Western European Leveraged Loan Index is a measure of the combined performance of eligible Western European leveraged loans. It provides a useful comparison against which the Fund's performance can be assessed over time.

Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 1st October 2021, the Fund's benchmark changed. Past performance before 1st October 2021 is shown for the fund’s previous benchmark.
Calendar Year Returns (%)
As of 31/03/2024
Y Acc EUR Hedged (Net) ESTR
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Y Acc EUR Hedged (Net) 2.15 10.03 -3.90 5.51 0.84 3.73 -0.03 2.83 4.31 2.76 1.54
ESTR 0.99 3.30 -0.01 -0.56 -0.43 -0.36 -0.33 -0.33 -0.26 -0.02 0.21

Index Description

SONIA stands for Sterling Overnight Index Average. SONIA reflects the average of the interest rates that banks pay to borrow sterling overnight from other financial institutions. The Bank of England is the administrator for SONIA and they are responsible for its governance and publication every London business day. It is the basis for the performance target of the fund. The CS Western European Leveraged Loan Index is a measure of the combined performance of eligible Western European leveraged loans. It provides a useful comparison against which the Fund's performance can be assessed over time.

Calendar Year Returns (%)
Year Y Acc EUR Hedged (Net) Index
2023 10.03 3.30
2022 -3.90 -0.01
2021 5.51 -0.56
2020 0.84 -0.43
2019 3.73 -0.36
2018 -0.03 -0.33
2017 2.83 -0.33
2016 4.31 -0.26
2015 2.76 -0.02
2014 1.54 0.21
2013 5.43 0.22
2012 from 21/11/2012 1.58 0.02
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 1st October 2021, the Fund's benchmark changed. Past performance before 1st October 2021 is shown for the fund’s previous benchmark.
FEE INFORMATION
Initial Charge 0.00%
Annual Charge 0.60%
Ongoing Charge
(As of 31/08/2023) 		0.71%
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 31/03/2024)
% of Fund
T-Mobile Netherlands 11/28 (EUR) 1l 1.95
Massm Tl B 1l EUR 09/27 1.85
Eurmed Tl B 1l EUR 07/29 1.80
Emeria 3/28 (EUR) Tl 1.74
Cgdfp Tl B 1l EUR 07/28 1.66
Ethypm Tl B 1l GBP 04/28 1.66
Tmfg Tl B 1l EUR 05/28 1.66
Cobham 1/27 (EUR) B 1.66
Nord Tl B 1l EUR 01/28 1.65
Ememat Tl B 1l EUR 06/29 1.64
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

Related Insight

“Higher-for-longer” positive for loans but stay selective
25 Apr 2024
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“Higher-for-longer” positive for loans but stay selective

Higher-for-longer rates creates opportunity and risk within European loans with quality names expected to outperform highly leveraged credits.

7 min read

  • 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 does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • 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.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus and Annual Report of the AIF before making any final investment decisions.
  • Information on compliance with EU Sustainability related disclosures can be found here.