Please ensure Javascript is enabled for purposes of website accessibility Absolute Return Fund - Janus Henderson Investors
For individual investors in Sweden

Absolute Return Fund

An equity fund designed to target positive (‘absolute’) returns in all market conditions with lower volatility than the stock market


EUR 6.51
As of 18/07/2024

1-Day Change
EUR 0.01 (0.12%)
As of 18/07/2024

Morningstar Medalist Rating ™

Bronze Morningstar Analyst Rating
As of 20/06/2024



The Fund aims to achieve a positive (absolute) return, regardless of market conditions, over any 12-month period. A positive return is not guaranteed over this or any time period and, particularly over the shorter term, the Fund may experience periods of negative returns. Consequently, your capital is at risk. Performance target: To outperform the Bank of England Base Rate, after the deduction of charges, over any 3 year period.


The Fund invests in shares and makes extensive use of derivatives (complex financial instruments) to take both ‘long’ and ‘short’ positions in companies the Investment Manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the Fund may benefit from either scenario. The Fund will hold a significant proportion of its assets in cash and money market instruments as a result of holding derivatives and for when the Investment Manager wishes to take a defensive stance. Conversely, the Fund may also employ ‘leverage’ (so that the Fund can invest a greater amount than its actual value) when the Investment Manager has greater confidence in the opportunities available. Typically, at least 60% of the exposure to the long and short positions (in aggregate) will be to companies of any size, in any industry, in the UK. Companies may be incorporated or headquartered in the UK, deriving significant revenue from the UK, or listed on the London Stock Exchange. Up to 40% of the long and short exposure may be to non-UK companies. The Fund may also invest at the Investment Manager’s discretion in other Transferable Securities, derivative instruments and collective investment schemes. The Investment Manager may also use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the Bank of England Base Rate as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). For currency hedged Share Classes, the central bank rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees. The Investment Manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.


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.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.


  • Targets absolute returns regardless of market direction with carefully monitored exposure to the stock market
  • Experienced team with time-tested approach through market cycles; supported by the wider Pan-European equities team
  • The fund aims to enhance the overall risk/return characteristics of a balanced portfolio, with a key focus on preserving capital
Past performance does not predict future returns. 


Ben Wallace

Portfolio Manager

Industry since 1997. Joined Firm in 2011.

Luke Newman

Portfolio Manager

Industry since 2000. Joined Firm in 2011.


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 30/06/2024
H2 HEUR (Net) Euro Main Refinancing Rate
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
H2 HEUR (Net) -0.11 2.89 6.33 2.40 2.86 2.43 3.41
Euro Main Refinancing Rate 0.34 2.29 4.56 2.25 1.34 0.68 0.73
Calendar Year Returns (%)
As of 30/06/2024
H2 HEUR (Net) Euro Main Refinancing Rate
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
H2 HEUR (Net) 2.89 6.04 -1.90 3.49 2.12 2.83 -3.92 2.47 0.75 6.83 4.44
Euro Main Refinancing Rate 2.29 3.91 0.58 0.00 0.00 0.00 0.00 0.00 0.01 0.05 0.17
Calendar Year Returns (%)
Year H2 HEUR (Net) Index
2023 6.04 3.91
2022 -1.90 0.58
2021 3.49 0.00
2020 2.12 0.00
2019 2.83 0.00
2018 -3.92 0.00
2017 2.47 0.00
2016 0.75 0.01
2015 6.83 0.05
2014 4.44 0.17
2013 16.07 0.56
2012 3.98 0.90
2011 -0.60 1.27
2010 from 01/06/2010 3.86 0.59
Initial Charge 5.00%
Annual Charge 0.90%
Ongoing Charge
(As of 30/09/2022)
Performance Fee 20% (relative to the hurdle rate and high water mark)
Hurdle Rate Euro Main Refinancing Rate


Top Holdings (As of 30/06/2024)
% of Fund
Sherborne Investors Guernsey 1.50
Smith & Nephew 1.21
Serco Group 1.20
CRH 1.17
Pearson 1.15
Legal & General Group 1.12
Phoenix Group 1.08
Spectris 1.00
Lennar 0.90
IG Group 0.90


  • 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.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • 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 to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • 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 involves a high level of buying and selling activity and as such will incur a higher level of transaction costs than a fund that trades less frequently. These transaction costs are in addition to the Fund's ongoing charges.
  • 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.
  • 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.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.