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For individual investors in the UK

Global Select Fund

By investing in companies across the market-cap and style spectrum, we seek to deliver risk-adjusted returns that are consistently good, not sporadically great.

ISIN
LU1678960227

NAV
USD 18.29
As of 04/11/2024

1-Day Change
USD 0.07 (0.36%)
 As of 04/11/2024

Morningstar Rating

As of 30/09/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI All Countries World 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 two-thirds of its assets in a portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in any country. 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 MSCI All Countries World 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, but at times the Fund may hold investments similar to the index.

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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 global select fund seeking to grow capital by investing with conviction in companies worldwide where the portfolio managers believe the market underestimates free cash flow growth. The Fund considers both growth and value criteria as it seeks to deliver strong risk-adjusted returns over the long term, regardless of prevailing market conditions.

Flexible Global All-Cap Equities
The portfolio managers have the flexibility to invest in 40 to 65 companies across the globe, market cap, and style spectrum where free cash flow growth is believed to be underestimated by the market. The portfolio managers search for growing companies and attractive valuations.

Differentiated Insights
The intersection of independent viewpoints and differentiated perspectives between the portfolio managers and research analysts should lead to greater and more consistent excess returns over time.

Exacting Portfolio Construction
Taking a prudent approach to portfolio construction and risk management, the portfolio managers aim to drive superior risk-adjusted returns over the full market cycle through stock selection in an effort to avoid persistent biases.

Past performance does not predict future returns. 
 

Portfolio Management

Julian McManus
Julian McManus

Portfolio Manager

Industry since 1994. Joined Firm in 2004.

Christopher O'Malley, CFA
Christopher O'Malley, CFA

Portfolio Manager | Research Analyst

Industry since 1998. Joined Firm in 2017.

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
H2 USD (Net) MSCI All Country World IndexSM Global Large-Cap Blend Equity – OE
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
H2 USD (Net) 33.86 15.49 -26.38 23.41 23.40
MSCI All Country World IndexSM 31.76 20.80 -20.66 27.44 10.44
Global Large-Cap Blend Equity – OE 27.80 19.06 -22.91 25.11 9.36
The H2 USD share class was launched on 01/01/1970. Performance prior to that date is past performance based on the A2 USD share class of the same fund which has a different current ongoing charge included of 1.65.
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, gross 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.
From 29 November 2023, the Fund's name and strategy changed. The past performance shown before 29th November 2023 was therefore achieved under circumstances that no longer apply
Cumulative & Annualised Performance (%)
As of 30/09/2024
H2 USD (Net) MSCI All Country World IndexSM Global Large-Cap Blend Equity – OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
24/03/2005
H2 USD (Net) 1.83 19.95 33.86 4.41 11.62 10.60 8.38
MSCI All Country World IndexSM 2.32 18.66 31.76 8.09 12.18 9.44 8.21
Global Large-Cap Blend Equity – OE 1.91 15.49 27.80 5.46 9.92 7.31 6.27
 
  Annualised
3YR 5YR 10YR Since Inception
24/03/2005
H2 USD (Gross) - 12.62 11.88 9.88
MSCI AC World NR + 2.50% - 14.99 12.18 10.92
The H2 USD share class was launched on 15/12/2017. Performance prior to that date is past performance based on the A2 USD share class of the same fund which has a different current ongoing charge included of 1.65.
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/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2024. All rights reserved. NAV-NAV, gross 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.
From 29 November 2023, the Fund's name and strategy changed. The past performance shown before 29th November 2023 was therefore achieved under circumstances that no longer apply
Calendar Year Returns (%)
As of 30/09/2024
H2 USD (Net) MSCI All Country World IndexSM Global Large-Cap Blend Equity – OE
2023 2022 2021 2020 2019
H2 USD (Net) 14.20 -22.96 20.22 24.40 25.71
MSCI All Country World IndexSM 22.20 -18.36 18.54 16.25 26.60
Global Large-Cap Blend Equity – OE 19.07 -19.39 16.60 14.39 23.86
Calendar Year Returns (%)
Year H2 USD (Net) Index
2023 14.20 22.20
2022 -22.96 -18.36
2021 20.22 18.54
2020 24.40 16.25
2019 25.71 26.60
2018 -6.79 -9.41
2017 30.01 23.97
2016 3.34 7.86
2015 4.82 -1.95
2014 5.61 4.71
2013 37.76 26.87
2012 17.27 16.54
2011 -16.42 -5.02
2010 10.12 12.34
2009 25.33 30.79
2008 -46.07 -40.33
2007 19.13 9.57
2006 23.78 20.65
2005 from 24/03/2005 17.97 11.70
The H2 USD share class was launched on 15/12/2017. Performance prior to that date is past performance based on the A2 USD share class of the same fund which has a different current ongoing charge included of 1.65.
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/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2024. All rights reserved. NAV-NAV, gross 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.
From 29 November 2023, the Fund's name and strategy changed. The past performance shown before 29th November 2023 was therefore achieved under circumstances that no longer apply
Fee Information
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 31/03/2024) 		0.90%
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 30/09/2024)
% of Fund
Taiwan Semiconductor Manufacturing 6.25
Microsoft 5.02
Vistra 4.70
Liberty Media Corp-Liberty Formula One 3.52
BAE Systems 3.42
Teck Resources 3.25
Dai-ichi Life 2.71
Amazon.com 2.69
Marathon Petroleum 2.63
Arthur J Gallagher 2.53
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 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.
  • 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.
  • 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.
  • 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.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • 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. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.

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