Fund charges
Charges
The following sections explain the purpose of the charges disclosed within the Key Investor Information Document (KIID).
You may also find it useful to consult the ‘A simple guide to Fund Charges’ document within our Simple Guide range.
You can find information on charges on the fund web page, the fund factsheet, the prospectus, the annual report and accounts, and the Key Investor Information Document (KIID), all of which are hosted on the fund web page. Charges may vary between funds and share classes. Make sure you are looking at the right share class for your investment. You can select the share class using the drop-down button beneath the fund title at the top of the fund web page.
Fund charges illustration
Below are simplified examples of how costs could affect the final balance of a fund (the size of the investment at period end). Please note that entry charges are rarely applied and typically would only be applied by Janus Henderson when a fund has been ‘soft closed’ due to size constraints, i.e. we are actively discouraging additional investments into the fund by applying an entry charge. Some third-party platforms may apply an entry charge .
| Example Fund 1 | Example Fund 2 | Example Fund 1 (entry charge applied) |
|
|---|---|---|---|
| Sum invested at period start | £1,000 | £1,000 | £1,000 |
| Entry charge applied | 0% | 0% | 5% (£50) |
| Sum remaining | £1,000 | £1,000 | £950 |
| Ongoing charges | 0.5% (£5) | 1.5% (£15) | 0.5% (£4.75) |
| Transaction costs | 0.16% (£1.60) | 0.20% (£2) | 0.16% (£1.52) |
| Total costs | £6.60 | £17 | £56.27 |
| Final balance at period end | £993.40 | £983 | £943.73 |
The above table is for illustrative purposes only. The period considered is 12 months and assumes the value of the amount invested stayed the same over the period. Fund performance has not been included, this could have either a positive or negative impact on returns. The entry charge is a one-off cost. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.
Pricing Policies
UK domiciled funds fit into three different types of methodology for pricing the portfolio.
- Dual priced
- Single swinging
- Single priced with dilution levy
Janus Henderson only operates single swinging priced funds.
Single swinging priced funds
For each fund, investors buy and sell shares or units at a single price which is approximately the midpoint between the funds' buying ("offer") and selling ("bid") prices. This use of a single price means that when buying shares or units you, as the investor, potentially pay a lower price than the fund itself would pay to buy the underlying investments in the fund. Equally, when you sell shares or units the price you receive will potentially be higher. Over time, the effect of this mismatch between prices, coupled with various dealing charges, taxes and commissions is to slightly reduce the value of the funds for continuing investors. This is called 'dilution'. In certain circumstances, a dilution adjustment may be applied to ensure fair treatment between investors joining, leaving or remaining in a fund. The price of the shares or units of a fund may be adjusted to protect its value from being reduced in the case of large scale movements into or out of that fund. Further details can be found in the full Prospectuses, under 'Dilution'.