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For financial professionals in the UK

US Growth Fund

Our differentiated view from the market identifies growth where growth is scarce, which we believe positions our investments to outperform the index over time.

ISIN
GB00B3B4JF96

NAV
GBP 813.30p
As of 20/12/2024

1-Day Change
GBP 5.70p (0.71%)
 As of 20/12/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term. Performance target: To outperform the S&P 500 Index by at least 2.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in a concentrated portfolio of shares (also known as equities) of companies, of any size, in any industry, in the United States. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in the United States. The portfolio may be concentrated in terms of its number of holdings and/or the size of its largest holdings. The Fund may also invest in other assets including cash and money market instruments. The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the S&P 500 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. As an additional means of assessing the performance of the Fund, the IA North America sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.

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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

  • 30 to 40 of our best large-cap growth equity ideas where we believe we have a differentiated view from the market.
  • Stock pickers' fund leveraging three decades of experience in high-conviction investing.
  • Fundamental, research-driven approach seeking innovative wide-moat companies.
Past performance does not predict future returns. 
 

Portfolio Management

Doug Rao
Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht
Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. 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.
Discrete Performance (%)
As of 30/09/2024
I Acc (Net) S&P 500® Index IA North America
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
I Acc (Net) 30.01 14.50 -15.60 25.00 18.78
S&P 500® Index 24.07 11.23 2.10 24.65 9.76
IA North America 20.57 8.10 -2.39 25.27 9.34

Index Description

The S&P 500 Index is a measure of the combined performance of 500 large companies listed on US stock markets. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

The I Acc share class was launched on 01/01/1970. Performance prior to that date is past performance based on the A Acc share class of the same fund which has a different current ongoing charge included of 1.71.
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 fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
© Morningstar 2024. All rights reserved. NAV-NAV, net 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.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Cumulative & Annualised Performance (%)
As of 30/11/2024
I Acc (Net) S&P 500® Index IA North America
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
26/01/1976
I Acc (Net) 4.86 30.71 37.00 9.52 15.31 14.24 10.73
S&P 500® Index 7.09 28.45 33.35 12.93 16.16 15.74 -
IA North America 7.31 24.91 30.78 10.02 13.81 13.54 11.08
 
  Annualised
3YR 5YR 10YR Since Inception
26/01/1976
I Acc (Gross) - 16.29 15.21 11.66
S&P 500 TR + 2.50% - 19.07 18.63 -

Index Description

The S&P 500 Index is a measure of the combined performance of 500 large companies listed on US stock markets. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

The I Acc share class was launched on 14/08/2008. Performance prior to that date is past performance based on the A Acc share class of the same fund which has a different current ongoing charge included of 1.71.
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.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
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.
Calendar Year Returns (%)
As of 30/09/2024
I Acc (Net) S&P 500® Index IA North America
2023 2022 2021 2020 2019
I Acc (Net) 28.61 -21.13 23.82 25.39 30.81
S&P 500® Index 19.16 -7.79 29.89 14.74 26.41
IA North America 16.65 -10.10 25.26 16.46 24.56

Index Description

The S&P 500 Index is a measure of the combined performance of 500 large companies listed on US stock markets. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

Calendar Year Returns (%)
Year I Acc (Net) Index
2023 28.61 19.16
2022 -21.13 -7.79
2021 23.82 29.89
2020 25.39 14.74
2019 30.81 26.41
2018 6.04 1.56
2017 6.62 11.29
2016 17.08 33.55
2015 6.15 7.25
2014 17.50 20.76
2013 34.76 29.93
2012 4.46 10.91
2011 -1.76 2.87
2010 22.71 18.68
2009 18.91 12.60
2008 -15.99 -12.77
2007 14.98 3.72
2006 1.26 1.57
2005 21.09 17.33
2004 2.07 3.39
2003 9.12 15.73
2002 -28.96 -
2001 -16.48 -
2000 5.27 -
1999 37.69 -
1998 18.86 -
1997 23.94 -
1996 13.86 -
1995 30.20 -
1994 -3.88 -
1993 17.70 -
1992 39.62 -
1991 31.15 -
1990 -22.59 -
1989 38.22 -
1988 7.13 -
1987 -26.36 -
1986 11.22 -
1985 16.68 -
1984 -1.66 -
1983 38.47 -
1982 25.04 -
1981 0.55 -
1980 67.57 -
1979 10.81 -
1978 2.70 -
1977 3.96 -
1976 from 26/01/1976 -15.21 -
The I Acc share class was launched on 14/08/2008. Performance prior to that date is past performance based on the A Acc share class of the same fund which has a different current ongoing charge included of 1.71.
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 fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
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.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.

Recommended holding period 5 Years

Example Investment: GBP 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 costs2,540 GBP2,140 GBP
Average return each year-74.56%-26.53%
UnfavourableWhat you might get back after costs8,380 GBP8,250 GBP
Average return each year-16.15%-3.77%
ModerateWhat you might get back after costs11,690 GBP19,560 GBP
Average return each year16.87%14.36%
FavourableWhat you might get back after costs13,560 GBP24,630 GBP
Average return each year35.58%19.76%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 0.00%
Annual Charge 0.75%
Ongoing Charge
(As of 31/05/2024) 		0.85%
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 30/11/2024)
% of Fund
NVIDIA 7.24
Microsoft 6.69
Amazon.com 5.27
Apple 5.05
Mastercard 4.82
Meta Platforms 4.70
Booking 3.83
Oracle 3.74
Alphabet 3.17
UnitedHealth Group 3.15
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.
  • 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.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • 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 with the aim of reducing risk or managing the portfolio more efficiently. However this introduces 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 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.
  • The Fund follows a growth investment style that creates a bias towards certain types of companies. This may result in the Fund significantly underperforming or outperforming the wider market.
  • Some documents are available in alternative formats. Click here for information on how to request them.
  • 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
  • The Legal Entity Identifier for this product is 213800MX71XOU4AV8R55.

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