HFODX International Opportunities Fund

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

NAV
$22.25
As of 06/01/2020

1-Day Change
$0.35 (1.60%)
As of 06/01/2020

YTD Return
-11.81%
As of 06/01/2020

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.

Performance

RETURNS (%) (As of 03/31/2020)
International Opportunities Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
International Opportunities Fund - Class D Shares -22.28 -22.28 -12.63 -2.98 -2.25 2.49 6.53
MSCI All Country World ex-U.S. Index℠ -23.36 -23.36 -15.57 -1.96 -0.64 2.05 4.65
RETURNS (%) (As of 05/31/2020)
International Opportunities Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
International Opportunities Fund - Class D Shares -5.03 -13.20 0.28 -1.19 -0.92 4.73 7.10
MSCI All Country World ex-U.S. Index℠ -4.99 -14.85 -3.43 -0.24 0.79 4.38 5.20
CALENDAR YEAR RETURNS (%)
International Opportunities Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
International Opportunities Fund - Class D Shares 5.65 -14.85 20.89 26.33 -1.67 1.95 -3.60 21.31 -18.94 26.58
MSCI All Country World ex-U.S. Index℠ 11.15 -13.71 16.83 15.29 -3.87 -5.66 4.50 27.19 -14.20 21.51
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 04/30/2020 Class I Shares)

RISK / REWARD
VS. MSCI All Country World ex-U.S. Index℠
3YR 5YR
Information Ratio -0.26 -0.25
Alpha -0.84 -0.92
Tracking Error 3.55 3.98
Beta 1.03 0.98
R-squared (%) 95.43 93.02
UP/DOWN MARKET CAPTURE (%)
VS. MSCI All Country World ex-U.S. Index℠
3YR 5YR
Up Capture Ratio 94.32 91.09
Down Capture Ratio 99.47 97.20
STANDARD DEVIATION 3YR 5YR
International Opportunities Fund 16.51 15.03
MSCI All Country World ex-U.S. Index℠ 15.73 14.73
SHARPE RATIO 3YR 5YR
International Opportunities Fund -0.18 -0.15
MSCI All Country World ex-U.S. Index℠ -0.13 -0.09
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS D SHARES
Management Fees 0.98%
12b-1 Fees -
Other Expenses 0.61%
Total Gross Expenses 1.59%
Waivers -0.53%
Total Net Expenses 1.06%

Portfolio

Index represents the MSCI All Country World ex-U.S. Index℠

Top Holdings (As of 04/30/2020)
% of Fund
Bayer AG 3.33
Vivendi SA 2.48
Novo Nordisk A/S 2.42
RELX PLC 2.40
Tencent Holdings Ltd 2.34
Telecom Italia SpA/Milano 2.32
ASML Holding NV 2.29
Grifols SA (ADR) 2.30
UniCredit SpA 2.28
Taiwan Semiconductor Manufacturing Co Ltd 2.22
Total 24.38
View full holdings
Portfolio Characteristics (As of 04/30/2020)
  FUND INDEX
Number of Holdings
Equity Issues
79 2408
Market Capitalization
Weighted Average
$119.79B $76.29B
Portfolio Turnover Rate
(1-year trailing)
50.77% -
Price/Earnings Ratio
(1-year forward)
23.15 20.39
Price/Book Ratio
(1-year forward)
4.16 2.97
Earnings Growth Rate
(1-year forward)
-1.23% -6.24%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
Communication Services 17.34 7.43
Information Technology 16.55 10.46
Consumer Discretionary 13.72 11.96
Financials 13.67 18.74
Health Care 12.84 10.66
Consumer Staples 8.96 10.28
Materials 5.72 7.31
Industrials 4.97 11.35
Energy 1.46 5.18
Utilities 1.32 3.62
Real Estate 0.96 3.01
Cash & Equivalents 2.49 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of April 30, 2020)
Europe 40.66 41.38
Asia/Pacific Ex Japan 25.12 30.09
Japan 19.65 16.97
North America 8.39 6.71
Africa/Mideast 2.04 2.64
Latin America 1.65 2.21
Cash & Equivalents 2.49 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of April 30, 2020)
Over $100B 24.21 20.02
$50B to $100B 18.72 15.04
$10B to $50B 40.67 43.76
$5B to $10B 6.62 12.78
$1B to $5B 4.13 7.30
$500M to $1B 0.59 0.05
N/A 2.57 1.05

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