For Individual Investors in the US

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
$18.97
As of 03/24/2023

1-Day Change
-$0.09 (-0.47%)
 As of 03/24/2023

YTD Return
4.46%
As of 03/24/2023

Buy/Trade

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

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.

View Our Insights

PORTFOLIO MANAGEMENT

George P. Maris, CFA

George P. Maris, CFA

Head of Equities – Americas | Portfolio Manager

Industry since 1998. Joined Firm in 2011.

Paul O’Connor

Paul O’Connor

Head of Multi-Asset | Portfolio Manager

Industry since 1995. Joined Firm in 2013.

Performance

RETURNS (%) (As of 12/31/2022)
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 14.16 -18.97 -18.97 -1.95 -0.67 3.66 6.62
MSCI All Country World ex-U.S. Index℠ 14.28 -16.00 -16.00 0.07 0.88 3.80 5.36
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Performance for Class D Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 02/28/2023)
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 1.99 4.74 -8.71 2.60 0.44 3.99 6.80
MSCI All Country World ex-U.S. Index℠ 3.54 4.32 -7.19 5.27 1.62 3.94 5.52
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Performance for Class D Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
International Opportunities Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
International Opportunities Fund - Class D Shares -18.97 2.31 13.69 26.58 -18.94 21.31 -3.60 1.95 -1.67 26.33
MSCI All Country World ex-U.S. Index℠ -16.00 7.82 10.65 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29
GROWTH OF A HYPOTHETICAL INVESTMENT
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 02/28/2023 Class I Shares)

RISK / REWARD
VS. MSCI All Country World ex-U.S. Index℠		 3YR 5YR
Information Ratio -0.60 -0.26
Alpha -2.52 -0.99
Tracking Error 4.30 4.15
Beta 1.04 1.04
R-squared (%) 95.84 95.06
UP/DOWN MARKET CAPTURE (%)
VS. MSCI All Country World ex-U.S. Index℠		 3YR 5YR
Up Capture Ratio 96.68 98.17
Down Capture Ratio 106.29 102.70
STANDARD DEVIATION 3YR 5YR
International Opportunities Fund 20.72 18.47
MSCI All Country World ex-U.S. Index℠ 19.50 17.36
SHARPE RATIO 3YR 5YR
International Opportunities Fund 0.09 -0.04
MSCI All Country World ex-U.S. Index℠ 0.23 0.02
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)
CLASS D SHARES
Management Fees 1.00%
Other Expenses 0.47%
Total Gross Expenses 1.47%
Waivers -0.48%
Total Net Expenses 0.99%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

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

Top Holdings (As of 02/28/2023)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 4.92
Samsung Electronics Co Ltd 3.52
Saudi Telecom Co 3.02
Wal-Mart de Mexico SAB de CV 3.02
Sanofi 2.94
Bank Negara Indonesia Persero Tbk PT 2.65
CITIC Securities Co Ltd 2.60
Airbus SE 2.33
TotalEnergies SE 2.15
RWE AG 2.13
Total 29.28
View full holdings
Portfolio Characteristics (As of 02/28/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 66 2253
Market Capitalization
Weighted Average		 $65.43B $66.63B
Portfolio Turnover Rate
(1-year trailing)		 65.69% -
Price/Earnings Ratio
(1-year forward)		 13.27 12.44
Price/Book Ratio
 1.92 1.74
Earnings Growth Rate
(1-year forward)		 8.36% 11.50%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of February 28, 2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)

Documents

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