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For individual investors in the UK

China Opportunities Fund

An actively managed equity fund designed to deliver long-term capital growth from the dynamic and evolving Chinese economy

ISIN
GB00BJ0LF884

NAV
GBP 1,043.00p
As of 17/12/2024

1-Day Change
GBP -8.00p (-0.76%)
 As of 17/12/2024

Overview

INVESTMENT OBJECTIVE

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 Zhong Hua 10/40 Index by 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 China or Hong Kong. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may invest up to 50% of its assets in China A-Shares. 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 companies outside this region, depositary receipts, 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 MSCI Zhong Hua 10/40 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 China/Greater China 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.

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 diversified portfolio designed to capture investment opportunities as political, economic, social, and technological forces drive the maturation of the Chinese economy
  • Fundamental research is channelled through a robust, proven investment process focused on company-specific analysis
  • With combined investment experience of more than 30 years, the team’s deep knowledge of Chinese equities enables them to identify mispriced opportunities
Past performance does not predict future returns. 
 

Portfolio Management

Victoria Mio, CFA
Victoria Mio, CFA

Head of Greater China Equities & Portfolio Manager

Industry since 1998.

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) MSCI Zhong Hua 10/40 GR IA China/Greater China
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
E Acc (Net) 0.28 -11.94 -21.35 -10.63 22.88
MSCI Zhong Hua 10/40 GR 10.93 -4.96 -19.06 -3.80 19.00
IA China/Greater China 5.57 -11.31 -19.57 1.54 26.12

Index Description

The MSCI Zhong Hua 10/40 Index is a measure of the combined performance of large and medium sized companies listed on Hong Kong and Chinese stock markets re-weighted from the parent index by the benchmark provider to align with the UCITS fund investment restrictions. 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 1.75.
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 30/11/2024
E Acc (Net) MSCI Zhong Hua 10/40 GR IA China/Greater China
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/03/1983
E Acc (Net) -2.46 3.06 0.00 -12.69 -6.18 2.25 10.25
MSCI Zhong Hua 10/40 GR -3.41 13.59 11.75 -6.35 -1.54 4.14 -
IA China/Greater China -2.14 10.98 7.76 -10.35 -1.57 4.38 10.16
 
  Annualised
3YR 5YR 10YR Since Inception
31/03/1983
E Acc (Gross) - -5.01 3.77 12.08
MSCI Zhong Hua 10/40 GR + 2.50% - 0.92 6.74 -

Index Description

The MSCI Zhong Hua 10/40 Index is a measure of the combined performance of large and medium sized companies listed on Hong Kong and Chinese stock markets re-weighted from the parent index by the benchmark provider to align with the UCITS fund investment restrictions. 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 1.75.
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) MSCI Zhong Hua 10/40 GR IA China/Greater China
2023 2022 2021 2020 2019
E Acc (Net) -21.26 -17.07 -17.84 25.15 22.99
MSCI Zhong Hua 10/40 GR -16.71 -8.71 -17.36 23.58 16.05
IA China/Greater China -20.37 -15.92 -10.48 32.80 22.30

Index Description

The MSCI Zhong Hua 10/40 Index is a measure of the combined performance of large and medium sized companies listed on Hong Kong and Chinese stock markets re-weighted from the parent index by the benchmark provider to align with the UCITS fund investment restrictions. 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 1.75.
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.

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 costs2,390 GBP1,950 GBP
Average return each year-76.09%-27.89%
UnfavourableWhat you might get back after costs6,800 GBP5,900 GBP
Average return each year-31.97%-10.02%
ModerateWhat you might get back after costs10,460 GBP17,970 GBP
Average return each year4.63%12.44%
FavourableWhat you might get back after costs14,050 GBP24,120 GBP
Average return each year40.51%19.25%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 31/05/2024) 		1.25%
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
Alibaba Group 8.77
Tencent 8.74
Meituan 7.42
China Construction Bank 5.89
Trip.com Group 4.08
Contemporary Amperex Technology 3.86
AIA Group 3.48
China Pacific Insurance Group 3.00
Zijin Mining Group 2.97
PICC Property & Casualty 2.91
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.
  • 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.
  • The Fund may invest in China A shares via a Stock Connect programme. This may introduce additional risks including operational, regulatory, liquidity and settlement risks.
  • 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.
  • 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.
  • Some documents are available in alternative formats. Click here for information on how to request them.
  • The Legal Entity Identifier for this product is 213800TFF7OL4NGVUL95.

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