JNOSX Overseas Fund

Invests in select international companies across market-cap and style spectrum where we believe the market underestimates free-cash-flow growth

NAV
$28.87
As of 05/29/2020

1-Day Change
$0.00 (0.00%)
As of 05/29/2020

YTD Return
-15.11%
As of 05/29/2020

Overview

NAVIGATE UNCERTAINTY

George Maris, Co-Head of Equities – Americas, offers perspective on the market’s historic moves over the past month and how he is navigating the volatility.

George P. Maris, CFA | Janus Henderson Investors

ABOUT THIS FUND

An international equity fund seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio managers believe the market underestimates free-cash-flow growth. The Fund considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of prevailing market conditions.

WHY INVEST IN THIS FUND

Flexible International All-Cap Equities
The portfolio managers have the flexibility to invest in 30 to 60 companies outside the U.S. and across the market cap and style spectrum where free-cash-flow growth is believed to be underestimated by the market. The portfolio managers search for both growing companies and attractive valuations.

Differentiated & Uncorrelated Insights
The intersection of independent viewpoints and differentiated perspectives between the portfolio managers and research analysts should lead to potentially greater and more consistent excess returns over time.

Exacting Portfolio Construction
Taking a prudent approach to portfolio construction and risk management, the portfolio managers aim to drive superior risk-adjusted returns over the full market cycle through stock selection in an effort to avoid persistent biases.

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

George P. Maris, CFA

Co-Head of Equities – Americas | Portfolio Manager

Industry since 1998. Joined Firm in 2011.

Julian McManus

Portfolio Manager | Research Analyst

Industry since 1994. Joined Firm in 2004.

Garth C. Yettick, CFA

Portfolio Manager

Industry since 1994. Joined Firm in 1997.

Performance

RETURNS (%) (As of 03/31/2020)
Overseas Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/02/1994)
Overseas Fund - Class D Shares -24.85 -24.85 -13.73 -1.41 -1.68 -3.08 6.56
MSCI All Country World ex-U.S. Index℠ -23.36 -23.36 -15.57 -1.96 -0.64 2.05 -
RETURNS (%) (As of 04/30/2020)
Overseas Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/02/1994)
Overseas Fund - Class D Shares -13.81 -17.97 -8.96 0.38 -1.96 -2.07 6.89
MSCI All Country World ex-U.S. Index℠ -15.27 -17.55 -11.51 -0.25 -0.17 2.89 -
CALENDAR YEAR RETURNS (%)
Overseas Fund - Class D Shares MSCI All Country World ex-U.S. Index℠
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Overseas Fund - Class D Shares 19.39 -32.71 12.52 12.19 -13.62 -8.51 -6.86 31.33 -15.30 27.12
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

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 0.17 -0.31
Alpha 0.92 -1.40
Tracking Error 4.02 5.68
Beta 1.10 1.16
R-squared (%) 95.63 91.50
UP/DOWN MARKET CAPTURE (%)
VS. MSCI All Country World ex-U.S. Index℠
3YR 5YR
Up Capture Ratio 113.31 115.51
Down Capture Ratio 107.54 120.07
STANDARD DEVIATION 3YR 5YR
Overseas Fund 17.70 17.82
MSCI All Country World ex-U.S. Index℠ 15.73 14.73
SHARPE RATIO 3YR 5YR
Overseas Fund -0.07 -0.17
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 0.58%
12b-1 Fees -
Other Expenses 0.21%
Total Gross Expenses 0.79%
Waivers 0.00%
Total Net Expenses 0.79%

Portfolio

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

Top Holdings (As of 04/30/2020)
% of Fund
Tencent Holdings Ltd 5.78
AIA Group Ltd 4.92
ASML Holding NV 4.91
Alibaba Group Holding Ltd (ADR) 4.88
Diageo PLC 4.15
Takeda Pharmaceutical Co Ltd 4.10
Ferguson PLC 3.67
AstraZeneca PLC 3.63
China Construction Bank Corp 3.54
Heineken NV 3.52
Total 43.10
View full holdings
Portfolio Characteristics (As of 04/30/2020)
  FUND INDEX
Number of Holdings
Equity Issues
41 2408
Market Capitalization
Weighted Average
$125.29B $76.29B
Portfolio Turnover Rate
(1-year trailing)
18.67% -
Price/Earnings Ratio
(1-year forward)
20.21 20.39
Price/Book Ratio
(1-year forward)
4.01 2.97
Earnings Growth Rate
(1-year forward)
-11.68% -6.24%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
Financials 22.40 18.74
Information Technology 13.96 10.46
Consumer Discretionary 13.62 11.96
Health Care 10.78 10.66
Industrials 10.45 11.35
Consumer Staples 8.87 10.28
Communication Services 7.22 7.43
Materials 6.48 7.31
Energy 4.01 5.18
Cash & Equivalents 2.21 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of April 30, 2020)
Europe 42.56 41.38
Asia/Pacific Ex Japan 31.81 30.09
Japan 13.68 16.97
North America 9.74 6.71
Cash & Equivalents 2.21 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of April 30, 2020)
Over $100B 35.75 20.02
$50B to $100B 15.60 15.04
$10B to $50B 26.84 43.76
$5B to $10B 12.70 12.78
$1B to $5B 6.50 7.30
$100M to $250M 0.40
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of April 30, 2020)
Non-U.S. Developed 70.34 71.57
Non-U.S. Emerging 23.78 28.31
U.S. 3.67 0.12
Cash & Equivalents 2.21 -

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