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To US Financial Professionals servicing non-US persons

Emerging Markets Fund

A disciplined, risk-aware approach to accessing the long-term growth potential of high-quality companies operating in emerging markets


USD 10.77
As of 07/18/2024

1-Day Change
USD -0.08 (-0.77%)
As of 07/18/2024



The Fund aims to provide a return, from a combination of capital growth and income over the long term. Performance target: To outperform the MSCI Emerging Markets Index by 2% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of companies, of any size, in any industry, in emerging markets. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in emerging markets. 'Emerging markets' may be countries in the MSCI Emerging Markets Index, those included in the World Bank definition of developing (low and lower middle income) economies, or which are, in the Investment Manager’s opinion, developing. The Fund may invest in companies of any size, including smaller capitalisation companies, in any industry. The Fund may also invest in other assets including companies outside emerging markets, cash and money market instruments. The Investment Manager may use derivatives (complex financial instruments) including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the MSCI Emerging Markets Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.


The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.


  • All-capitalisation core strategy pursues results from the lower end of the spectrum, managed by an experienced investment manager over many investment cycles.
  • By identifying mispriced securities across the market capitalization spectrum, we seek to deliver consistent risk-adjusted returns throughout market cycles.
  • Seeks multiple sources of return by looking to identifying the best opportunities within emerging markets.
Past performance does not predict future returns. 


Daniel J. Graña, CFA

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.


Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 06/30/2024
I2 USD (Net) MSCI Emerging Markets NR
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
I2 USD (Net) 2.53 6.84 8.72 -8.66 0.67 - 0.76
MSCI Emerging Markets NR 3.94 7.49 12.55 -5.06 3.10 - 3.53
3YR 5YR 10YR Since Inception
I2 USD (Gross) - 1.88 - 1.96
MSCI Emerging Markets NR + 2.00% - 5.16 - 5.60
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
Initial Charge 0.00%
Annual Charge 1.00%
Ongoing Charge
(As of 09/30/2022)


Top Holdings (As of 06/30/2024)
% of Fund
Taiwan Semiconductor Manufacturing 9.70
Samsung Electronics 8.85
Bharti Airtel 3.20
Tencent 3.16
HDFC Bank 2.92
AIA Group 2.55
BYD 2.43
ICICI Bank 2.40
Full Truck Alliance 2.38
HDFC Life Insurance 2.25


  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.