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For individual investors in the UK

Cautious Managed Fund

A balanced fund combining the long-term capital growth prospects of equities with the stability offered by bonds and cash.

ISIN
GB00BJ0LF447

NAV
GBP 310.50p
As of 20/11/2024

1-Day Change
GBP -0.60p (-0.19%)
 As of 20/11/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of income and capital growth over the long term. Performance target: To outperform the 50% FTSE All Share + 50% ICE Bank of America Sterling Non Gilt Index by 1.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests in shares (also known as equities) and bonds of governments, companies or any other type of issuer, in any country. At all times the investment in equities will be limited to a maximum of 60% of the value of the Fund’s portfolio and the Fund will normally have a strong bias towards UK companies and bonds. Companies and bond issuers may be of any size, in any industry. 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 50% FTSE All Share + 50% ICE Bank of America Sterling Non Gilt Index, which is broadly representative of the securities in which it may invest, as this forms the basis of the Fund's performance target. The Investment Manager has a high degree of freedom to choose individual investments for the Fund. As an additional means of assessing the performance of the Fund, the IA Mixed Investment 20-60% Shares sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator. Investors should note that many funds in the sector peer group have a more global focus than the Fund.

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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.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.

ABOUT THIS FUND

  • A flexible, value-conscious strategy that adjusts to changing market conditions by altering the level of exposure to different asset classes.
  • Aims to provide a combination of income and the potential for capital gains over time.
  • Emphasis on limiting risk and keeping costs low.
Past performance does not predict future returns. 
 

RATINGS AND AWARDS

FUND RISK PROFILED - 05

Portfolio Management

Andrew Jones
Andrew Jones

Portfolio Manager

Industry since 1996. Joined Firm in 2005.

David Smith, CFA
David Smith, CFA

Portfolio Manager – Henderson High Income | Deputy Portfolio Manager - The City of London Investment Trust

Industry since 2002. Joined Firm in 2002.

James Briggs, ACA, CFA
James Briggs, ACA, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2005.

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
E Acc (Net) 50% FTSE All Share 50% ICE BofA Non-Gilt GBP IA Mixed Investment 20-60% Shares
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
E Acc (Net) 12.08 9.48 -13.01 18.29 -7.52
50% FTSE All Share 50% ICE BofA Non-Gilt GBP 11.64 10.70 -13.48 13.20 -6.84
IA Mixed Investment 20-60% Shares 12.14 4.24 -10.69 11.25 -1.23

Index Description

The 50% FTSE All Share + 50% ICE Bank of America Sterling Non Gilt Index is a composite index reflecting 50% exposure to shares listed on the London Stock Exchange and 50% exposure to corporate bonds. 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 E 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 1.45.
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).
From 1 July 2020, the Fund's benchmark changed. Past performance before 1 July 2020 is shown for the fund’s previous benchmark.
© 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 31/10/2024
E Acc (Net) 50% FTSE All Share 50% ICE BofA Non-Gilt GBP IA Mixed Investment 20-60% Shares
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
03/02/2003
E Acc (Net) -2.01 2.67 11.71 1.50 2.77 2.91 5.37
50% FTSE All Share 50% ICE BofA Non-Gilt GBP -1.53 4.40 12.27 1.36 2.28 4.26 6.28
IA Mixed Investment 20-60% Shares -0.49 5.59 13.63 1.08 2.82 3.85 4.96
 
  Annualised
3YR 5YR 10YR Since Inception
03/02/2003
E Acc (Gross) - 3.77 3.89 6.37
50% FTSE All Share 50% ICE BofA Non-Gilt GBP + 1.50% - 3.82 5.82 7.87

Index Description

The 50% FTSE All Share + 50% ICE Bank of America Sterling Non Gilt Index is a composite index reflecting 50% exposure to shares listed on the London Stock Exchange and 50% exposure to corporate bonds. 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 E Acc share class was launched on 24/06/2019. 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 1.45.
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).
From 1 July 2020, the Fund's benchmark changed. Past performance before 1 July 2020 is shown for the fund’s previous benchmark.
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
E Acc (Net) 50% FTSE All Share 50% ICE BofA Non-Gilt GBP IA Mixed Investment 20-60% Shares
2023 2022 2021 2020 2019
E Acc (Net) 8.11 -6.95 8.36 -1.35 12.77
50% FTSE All Share 50% ICE BofA Non-Gilt GBP 8.37 -9.06 7.27 -1.18 14.33
IA Mixed Investment 20-60% Shares 6.86 -9.63 6.28 3.49 12.08

Index Description

The 50% FTSE All Share + 50% ICE Bank of America Sterling Non Gilt Index is a composite index reflecting 50% exposure to shares listed on the London Stock Exchange and 50% exposure to corporate bonds. 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 E Acc share class was launched on 24/06/2019. 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 1.45.
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).
From 1 July 2020, the Fund's benchmark changed. Past performance before 1 July 2020 is shown for the fund’s previous benchmark.
© 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.
Fee Information
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 31/07/2024) 		0.95%
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 31/10/2024)
% of Fund
Shell 2.47
AstraZeneca 2.27
Unilever 1.94
British American Tobacco 1.92
GSK 1.92
HSBC 1.71
Imperial Brands 1.40
United Kingdom Gilt 4.25% 2040 1.35
Barclays 1.30
United Kingdom Gilt 3.75% 2038 1.29
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.

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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.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • 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.
  • 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.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • 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.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • 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.
  • In respect of the equities portfolio within the Fund, this follows a value investment style that creates a bias towards certain types of companies. This may result in the Fund significantly underperforming or outperforming the wider market.
  • 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, you may wish to consult a financial adviser.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
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