HFOIX International Opportunities Fund

Uniquely managed with a regionally-focused sub-portfolio structure, this strategy utilizes a concentrated approach of high-conviction, best ideas

NAV
$25.27
As of 11/15/2019

1 Day Change
$0.13 (0.52%)
As of 11/15/2019

YTD Return
22.02%
As of 11/15/2019

Overview

ABOUT THIS FUND

An international equity fund that seeks long-term growth of capital. The Fund employs a multi-sub-portfolio approach where underlying sub-portfolio managers are able to focus on their highest-conviction ideas.

WHY INVEST IN THIS FUND

Multi-Manager Approach
The Fund employs six geographically- and style-focused sub-portfolios focused on specific areas of sector or geographical expertise. The Fund primarily invests in equities listed on European, Australasian and Far Eastern (EAFE) exchanges.

Concentrated Regional Exposure
Underlying managers select approximately 10 or 15 of their best ideas for each sub-portfolio. By harnessing geographical and specialist expertise, we seek to identify opportunities overlooked by a generalist approach.

Bottom-Up Stock Selection
We believe that stock selection and fundamental research drive returns. The regional asset allocation and currency exposures are actively managed. Changes to the sub-portfolio allocation are made gradually and macro calls are expected to be a smaller component of return relative to stock selection.

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Dean Cheeseman

Portfolio Manager

Industry since 1995. Joined Firm in 2017.

Paul O’Connor

Head of Multi-Asset | Portfolio Manager

Industry since 1995. Joined Firm in 2013.

Marc Schartz, CFA

Portfolio Manager

Industry since 2004. Joined Firm in 2016.

Andrew Gillan

Head of Asia ex Japan Equities |Portfolio Manager

Industry since 2000. Joined Firm in 2014.

Jamie Ross, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2007.

Daniel J. Graña, CFA

Portfolio Manager, Emerging Market Equity

Industry since 1995. Joined Firm in 2019.

Gordon Mackay

Portfolio Manager

Industry since 1996. Joined Firm in 2016.

Junichi Inoue

Head of Japanese Equities | Portfolio Manager

Industry since 1995. Joined Firm in 2016.

Performance

RETURNS (%) (As of 09/30/2019)
International Opportunities Fund - Class I Shares MSCI EAFE® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
International Opportunities Fund - Class I Shares -1.15% 16.03% -2.85% 3.57% 2.66% 4.59% 7.66%
MSCI EAFE® Index -1.07% 12.80% -1.34% 6.48% 3.27% 4.90% 5.27%
RETURNS (%) (As of 10/31/2019)
International Opportunities Fund - Class I Shares MSCI EAFE® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
International Opportunities Fund - Class I Shares 2.36% 19.46% 10.30% 5.32% 3.21% 5.22% 7.79%
MSCI EAFE® Index 3.80% 16.86% 11.04% 8.48% 4.31% 5.41% 5.45%
CALENDAR YEAR RETURNS (%)
International Opportunities Fund - Class I Shares MSCI EAFE® Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
International Opportunities Fund - Class I Shares 32.74 5.91 -14.63 21.22 26.71 -1.39 2.21 -3.32 21.53 -18.89
MSCI EAFE® Index 31.78 7.75 -12.14 17.32 22.78 -4.90 -0.81 1.00 25.03 -13.79

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 62 90 64 52 2
Foreign Large Blend Category|Rank/Count 417/738 598/683 342/595 265/503 9/330
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 57 91 72 52 2
Foreign Large Blend Category|Rank/Count 399/741 603/689 393/598 264/506 9/332
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2019 Class I Shares)

RISK / REWARD
VS. MSCI EAFE® Index
3YR 5YR
Information Ratio -0.95 -0.31
Alpha -3.65 -1.00
Tracking Error 3.35 3.62
Beta 1.10 1.00
R-squared (%) 93.73 92.03
UP/DOWN MARKET CAPTURE (%)
VS. MSCI EAFE® Index
3YR 5YR
Up Capture Ratio 93.32 93.49
Down Capture Ratio 113.52 99.47
STANDARD DEVIATION 3YR 5YR
International Opportunities Fund 12.62 12.82
MSCI EAFE® Index 11.09 12.30
SHARPE RATIO 3YR 5YR
International Opportunities Fund 0.29 0.17
MSCI EAFE® Index 0.62 0.27
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.89%
12b-1 Fees -
Other Expenses 0.10%
Total Gross Expenses 0.99%
Waivers 0.00%
Total Net Expenses 0.99%

Portfolio

Index represents the MSCI EAFE® Index.

(As of 10/31/2019)
% of Fund
Novo Nordisk A/S 3.32
Bayer AG 3.22
Credit Agricole SA 2.71
SAP SE 2.70
Vivendi SA 2.69
UniCredit SpA 2.54
RELX PLC 2.48
BP PLC 2.43
Toyota Motor Corp 2.20
Housing Development Finance Corp Ltd 2.02
Total 26.31
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  FUND INDEX
Number of Holdings
Equity Issues
76 925
Market Capitalization
Weighted Average
$104.67B $64.49B
Portfolio Turnover Rate
(1-year trailing)
50.65% -
Price/Earnings Ratio
(1-year forward)
18.64 18.59
Price/Book Ratio
(1-year forward)
2.96 2.08
Earnings Growth Rate
(1-year forward)
8.88% 4.22%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Financials 19.59 18.53
Health Care 13.08 11.76
Information Technology 12.53 6.81
Communication Services 12.04 5.29
Industrials 9.84 15.02
Consumer Discretionary 9.66 11.69
Consumer Staples 8.87 11.56
Energy 5.88 4.96
Materials 3.28 7.02
Real Estate 1.45 3.62
Utilities 0.38 3.74
Equity Other 0.19 -
Cash & Equivalents 3.21 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 10/31/2019)
Europe 43.88 62.16
Asia/Pacific Ex Japan 21.27 12.24
Japan 19.26 24.86
North America 8.03 0.17
Latin America 2.43 -
Africa/Mideast 1.73 0.57
Other 0.19 -
Cash & Equivalents 3.21 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 10/31/2019)
Over $100B 25.18 19.64
$50B to $100B 21.66 19.79
$10B to $50B 38.13 45.68
$5B to $10B 7.19 11.45
$1B to $5B 2.37 2.79
N/A 2.26 0.65

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