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For individual investors in the UK

European Mid and Large Cap Fund

ISIN
GB00BJ0LFG67

NAV
GBP 325.70p
As of 21/11/2024

1-Day Change
GBP -3.10p (-0.94%)
 As of 21/11/2024

Overview

Important fund updates

We have made certain fund updates effective 2 December 2024. Please see the shareholder notice below for details.

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INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term. Performance target: To outperform the FTSE World Europe Ex UK Index, after the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in shares (also known as equities) of companies, in any industry, in Europe (excluding UK). Companies will be incorporated, headquartered, listed on an exchange in, or deriving significant revenue from, this region. The Fund may invest in companies of any size, but will normally have a strong bias towards medium sized companies with the potential to grow into large sized companies. 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 FTSE World Europe Ex UK 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 Europe ex UK 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

  • Focuses on identifying contrarian quality in companies that can generate superior returns on capital employed
  • Uncovering hidden potential through comprehensive analysis, a disciplined valuation approach, and a focus on mid-cap companies
  • Differentiated portfolio construction designed to minimise factor risk with alpha driven by stock selection
©2023 FE fundinfo. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE fundinfo, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE fundinfo, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. FE fundinfo shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE fundinfo does not guarantee that a fund will perform in line with its FE Investments Approved Rating as it is a reflection of past performance only. Likewise, the FE Investments Approved Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

Portfolio Management

Marc Schartz, CFA
Marc Schartz, CFA

Portfolio Manager

Industry since 2004. Joined Firm in 2016.

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) FTSE World Europe ex UK TR IA Europe ex UK
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
E Acc (Net) 11.65 18.07 -12.90 19.06 3.98
FTSE World Europe ex UK TR 15.28 20.51 -12.78 22.05 0.37
IA Europe ex UK 14.63 18.98 -16.01 22.40 3.21

Index Description

The FTSE World Europe (Ex UK) Index is a measure of the combined performance of large and medium sized companies from developed and advanced emerging European stock markets excluding the UK. It is the performance target for the Fund 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.

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 31/10/2024
E Acc (Net) FTSE World Europe ex UK TR IA Europe ex UK
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
20/07/2001
E Acc (Net) -1.95 3.52 14.22 3.97 7.25 8.32 8.48
FTSE World Europe ex UK TR -1.92 5.12 16.56 4.88 8.14 8.92 7.22
IA Europe ex UK -2.72 3.17 15.37 2.95 7.35 8.30 6.77

Index Description

The FTSE World Europe (Ex UK) Index is a measure of the combined performance of large and medium sized companies from developed and advanced emerging European stock markets excluding the UK. It is the performance target for the Fund 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.

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
E Acc (Net) FTSE World Europe ex UK TR IA Europe ex UK
2023 2022 2021 2020 2019
E Acc (Net) 10.03 -2.41 14.72 7.99 17.58
FTSE World Europe ex UK TR 15.68 -6.98 17.40 8.62 20.45
IA Europe ex UK 14.25 -8.90 15.65 10.53 20.38

Index Description

The FTSE World Europe (Ex UK) Index is a measure of the combined performance of large and medium sized companies from developed and advanced emerging European stock markets excluding the UK. It is the performance target for the Fund 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.

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.
Fee Information
Initial Charge 5.25%
Annual Charge 1.00%
Ongoing Charge
(As of 28/02/2024) 		1.23%
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
Novo Nordisk 4.00
ASR Nederland 3.44
TotalEnergies 3.39
RELX 2.67
Sanofi 2.67
adidas 2.57
Erste Group Bank 2.49
ASML 2.49
Deutsche Telekom 2.48
Publicis Groupe 2.46
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

Related Insight

European espresso: Is it time for a catch-up trade in European mid-caps?
14 Jun 2024
Timely & Topical

European espresso: Is it time for a catch-up trade in European mid-caps?

The building blocks are moving into place for European mid-caps to come back into focus.

4 min read

  • ​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.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • 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.
  • 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.
  • You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the Funds in which you have invested.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.

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