HFEIX European Focus Fund

Invests with high conviction in European companies, wherever the most compelling opportunities exist, regardless of style or market cap

NAV
$28.01
As of 10/17/2019

1 Day Change
$0.08 (0.29%)
As of 10/17/2019

YTD Return
17.49%
As of 10/17/2019

Overview

ABOUT THIS FUND

A regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. The management team applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

WHY INVEST IN THIS FUND

Flexible Style

We believe that the best way to make money for investors is by constructing a portfolio of high-conviction stock ideas, regardless of market cap or style constraints. The Fund seeks to invest in an unconstrained manner wherever the most compelling opportunities exist.

Bottom-Up Stock Selection

There are thousands of listed equities in Europe, many of which have little or no analyst coverage. We believe this creates pricing inefficiencies that can be exploited through bottom-up stock picking.

Dedicated European Experts

The Fund is managed by Robert Schramm-Fuchs, a member of Janus Henderson’s 12-strong Pan European Equities team. The team includes large-, mid- and small-cap specialists, has over 200 years of combined industry experience and conducts several hundred company meetings every year.

PORTFOLIO MANAGEMENT

Robert Schramm-Fuchs

Portfolio Manager

Industry since 2005. Joined Firm in 2014.

Performance

RETURNS (%) (As of 09/30/2019)
European Focus Fund - Class I Shares MSCI Europe Net (USD)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
European Focus Fund - Class I Shares -3.73% 13.55% -10.30% -2.23% -2.23% 4.04% 10.74%
MSCI Europe Net (USD) -1.80% 13.72% -0.75% 6.57% 2.38% 4.61% 5.19%
RETURNS (%) (As of 09/30/2019)
European Focus Fund - Class I Shares MSCI Europe Net (USD)
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
European Focus Fund - Class I Shares -3.73% 13.55% -10.30% -2.23% -2.23% 4.04% 10.74%
MSCI Europe Net (USD) -1.80% 13.72% -0.75% 6.57% 2.38% 4.61% 5.19%
CALENDAR YEAR RETURNS (%)
European Focus Fund - Class I Shares MSCI Europe Net (USD)
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
European Focus Fund - Class I Shares 108.52 18.62 -18.65 23.76 35.13 -4.73 2.98 -7.04 16.42 -27.60
MSCI Europe Net (USD) 35.83 3.88 -11.06 19.12 25.23 -6.18 -2.84 -0.40 25.51 -14.86

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 99 99 98 56 7
Europe Stock Category|Rank/Count 107/112 102/107 84/90 48/73 5/60
(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 99 99 98 56 7
Europe Stock Category|Rank/Count 107/112 102/107 84/90 48/73 5/60
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 09/30/2019 Class I Shares)

Risk / Reward
vs. MSCI Europe Net (USD)
3YR 5YR
Information Ratio -1.53 -0.85
Alpha -9.12 -4.46
Tracking Error 5.75 5.39
Beta 1.19 1.07
R-squared (%) 88.96 87.37
Up And Down Market Capture (%)
vs. MSCI Europe Net (USD)
3YR 5YR
Up Capture Ratio 90.00 88.70
Down Capture Ratio 140.49 112.89
Standard Deviation 3YR 5YR
European Focus Fund 15.76 14.97
MSCI Europe Net (USD) 10.61 12.47
Sharpe Ratio 3YR 5YR
European Focus Fund -0.24 -0.21
MSCI Europe Net (USD) 0.48 0.12
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.93%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 1.03%
Waivers -0.01%
Total Net Expenses 1.02%

Portfolio

Index represents the MSCI Europe Net (USD).

(As of 09/30/2019)
% of Fund
Nestle SA 5.55
UPM-Kymmene Oyj 4.12
Roche Holding AG 3.90
Sanofi 3.76
VAT Group AG 3.75
KION Group AG 3.71
STMicroelectronics NV 3.21
Novo Nordisk A/S 3.15
EDP - Energias de Portugal SA 3.13
Givaudan SA 3.12
Total: 37.40
View full holdings
Portfolio Characteristics (As of 09/30/2019)
  FUND INDEX
Number of Holdings
Equity Issues
43 442
Market Capitalization
Weighted Average
$61.00B $79.20B
Portfolio Turnover Rate
(1-year trailing)
151.12% -
Price/Earnings Ratio
(1-year forward)
18.16 18.00
Price/Book Ratio
(1-year forward)
3.80 2.75
Earnings Growth Rate
(1-year forward)
-0.00% 7.11%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Industrials 19.64 13.44
Materials 18.60 7.14
Consumer Staples 14.37 14.92
Information Technology 14.04 5.78
Health Care 13.43 13.51
Financials 5.94 17.65
Consumer Discretionary 5.37 9.81
Energy 4.74 7.19
Utilities 3.13 4.47
Equity Other 0.10 -
Cash & Equivalents 0.64 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 09/30/2019)
Europe 97.24 99.39
North America 2.12 0.20
Cash & Equivalents 0.64 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 09/30/2019)
Over $100B 25.31 27.46
$50B to $100B 4.81 21.06
$10B to $50B 41.24 41.53
$5B to $10B 13.64 8.37
$1B to $5B 10.39 0.76
$500M to $1B 2.12
N/A 1.85 0.82

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