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For financial professionals in Belgium

Global Real Estate Equity Income Fund

Actively managed, high-conviction fund focused on the managers’ best ideas in listed property stocks and REITs, and aiming to deliver long-term capital appreciation

ISIN
IE0033534557

NAV
USD 23.50
As of 17/04/2025

1-Day Change
USD 0.35 (1.51%)
 As of 17/04/2025

Morningstar Rating

As of 31/03/2025

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a positive level of income with the potential for capital growth over the long term (five years or more). Performance target: To achieve a dividend yield exceeding that of the FTSE EPRA Nareit Global REIT Index, before the deduction of charges, on an annual basis.

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The Fund invests at least 80% of its assets in shares (also known as equities) and equity-related securities of real estate investment trusts (REITs) and companies, which derive the main part of their revenue from owning, developing and managing real estate. The Fund may invest in companies of any size, located in any country. Up to 30% may be invested in developing markets. The Fund may also invest in other assets including cash and money market instruments. The Sub-Investment Adviser may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund. The Fund is actively managed with reference to the FTSE EPRA Nareit Global REIT 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 Sub-Investment Adviser 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.

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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.

ABOUT THIS FUND

  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a global team of experts based in Singapore, the UK, and the US with more than 90 years’ collective investment experience
  • Offers a liquid means of diversifying into global real estate and benefitting from powerful secular themes influencing the asset class
Past performance does not predict future returns. 
 

Portfolio Management

Guy Barnard, CFA: Co-Head of Global Property Equities | Portfolio Manager
Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson: Co-Head of Global Property Equities | Portfolio Manager
Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA: Portfolio Manager
Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

Performance

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 31/03/2025
A2 USD (Net) FTSE EPRA Nareit Global REITs NR Property - Indirect Global - OE
 
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
29/09/2003
A2 USD (Net) -1.72 0.04 4.12 -3.44 5.70 3.55 4.16
FTSE EPRA Nareit Global REITs NR -2.61 1.46 4.98 -3.92 6.72 2.92 -
Property - Indirect Global - OE -2.18 1.55 2.38 -5.49 4.84 1.37 4.86
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
On 30 June 2021, the fund name changed from Janus Henderson Global Real Estate Fund to Janus Henderson Global Real Estate Equity Income Fund. The benchmark changed from FTSE EPRA Nareit Global Index to FTSE EPRA Nareit Global REITs Index. The Fund's investment objective also changed and an income target was introduced. Past performance shown before 30 June 2021 was achieved under circumstances that no longer apply.
Calendar Year Returns (%)
As of 31/03/2025
A2 USD (Net) FTSE EPRA Nareit Global REITs NR Property - Indirect Global - OE
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
A2 USD (Net) 0.04 3.40 7.70 -23.09 20.88 0.52 29.26 -4.95 15.65 3.11 -4.72
FTSE EPRA Nareit Global REITs NR 1.46 1.61 9.61 -24.45 27.87 -9.16 23.58 -5.55 15.01 4.62 -0.41
Property - Indirect Global - OE 1.55 -0.99 9.69 -26.69 24.43 -6.35 22.23 -8.26 12.39 0.39 -1.19
Calendar Year Returns (%)
Year A2 USD (Net) Index
2024 3.40 1.61
2023 7.70 9.61
2022 -23.09 -24.45
2021 20.88 27.87
2020 0.52 -9.16
2019 29.26 23.58
2018 -4.95 -5.55
2017 15.65 15.01
2016 3.11 4.62
2015 -4.72 -0.41
2014 12.23 14.73
2013 5.98 2.24
2012 33.56 29.85
2011 -15.99 -8.14
2010 18.02 20.03
2009 51.59 41.25
2008 -50.14 -48.90
2007 -12.92 -4.65
2006 21.77 43.72
2005 5.06 -
2004 17.66 -
2003 from 29/09/2003 5.90 -
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
On 30 June 2021, the fund name changed from Janus Henderson Global Real Estate Fund to Janus Henderson Global Real Estate Equity Income Fund. The benchmark changed from FTSE EPRA Nareit Global Index to FTSE EPRA Nareit Global REITs Index. The Fund's investment objective also changed and an income target was introduced. Past performance shown before 30 June 2021 was achieved under circumstances that no longer apply.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs770 USD920 USD
Average return each year-92.33%-37.95%
UnfavourableWhat you might get back after costs7,310 USD8,780 USD
Average return each year-26.94%-2.56%
ModerateWhat you might get back after costs10,050 USD12,070 USD
Average return each year0.52%3.83%
FavourableWhat you might get back after costs12,540 USD16,400 USD
Average return each year25.38%10.40%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 31/03/2025
A2 USD (Net) FTSE EPRA Nareit Global REITs NR Property - Indirect Global - OE
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Fee Information
Initial Charge 5.00%
Annual Charge 1.25%
Ongoing Charge
(As of 31/12/2023) 		2.18%
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 31/03/2025)
% of Fund
Realty Income Corp 6.34
Digital Realty Trust Inc 6.10
VICI Properties Inc 4.86
Prologis Inc 4.33
Ventas Inc 4.23
Welltower Inc 4.16
Public Storage 4.10
AvalonBay Communities Inc 4.03
American Homes 4 Rent 3.97
Goodman Group 3.85
TOTAL 45.97
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

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  • 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.
  • Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter.
  • Les actions des sociétés petites et moyennes peuvent être plus volatiles que celles des grandes sociétés, et il peut parfois s’avérer difficile de valoriser ou de vendre des actions au prix ou dans le délai souhaités, ce qui augmente le risque de pertes.
  • Le Fonds est axé sur des secteurs ou des thématiques d’investissement particuliers, et peut être fortement touché par des facteurs tels que les modifications des règlementations gouvernementales, la concurrence accrue sur les prix, les progrès technologiques et d’autres événements défavorables.
  • Le Fonds investit dans des fonds de placement immobiliers (FPI) et d’autres sociétés impliquées dans le placement de biens immobiliers, qui impliquent les risques mentionnés ci-avant associés avec l’investissement direct dans les biens immobiliers. En particulier, les FPI peuvent être assujettis à une réglementation moins stricte que le Fonds lui-même et peuvent subir une volatilité plus importante que leurs actifs sous-jacents.
  • Le Fonds peut avoir recours à des instruments dérivés dans le but de réaliser ses objectifs d’investissement. Cela peut générer un « effet de levier », qui peut amplifier les résultats d’un investissement, et les gains ou les pertes pour le Fonds peuvent être supérieurs au coût de l’instrument dérivé. Les instruments dérivés présentent également d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles.
  • Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change.
  • Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises.
  • Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements.
  • Tout ou partie des frais courants peuvent être prélevés sur le capital, ce qui peut éroder le capital ou réduire le potentiel de croissance du capital.
  • Outre le revenu, cette catégorie d’actions peut distribuer des plus-values réalisées et non réalisées en plus du capital initialement investi. Les frais, charges et dépenses sont également déduits du capital. Les deux facteurs peuvent se traduire par une érosion du capital et un potentiel réduit de croissance du capital. Les investisseurs sont également informés que les distributions de cette nature peuvent être considérés (et imposables) en tant que revenu en fonction de la législation fiscale locale.
  • Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers.
  • 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.
  • The Legal Entity Identifier for this product is 549300L5HRO6TZE5HG45.

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