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For institutional investors in Peru

US Contrarian Fund

Through deep fundamental analysis, we invest in what we believe are mispriced business models, unconstrained by sector and with flexibility across market cap

ISIN
IE0009514872

NAV
USD 53.30
As of 18/11/2024

1-Day Change
USD 0.24 (0.45%)
 As of 18/11/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term. Performance target: To outperform the S&P 500 Index by at least 2% 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, including smaller capitalisation companies, in any industry, in the United States. The Fund may also invest in other assets including companies outside the United States, cash and money market instruments. The Sub-Investment Adviser may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund. The Fund is actively managed with reference to the S&P 500 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 Sub-Investment Adviser has a high degree of freedom to exercise conviction, which may result in a high degree of bias within the portfolio. The Fund may hold companies which are not within 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.

ABOUT THIS FUND

  • Leveraging our deep fundamental research, we apply independent thinking to a broad opportunity set to identify companies trading at a significant discount to intrinsic value and capable of compounding growth over a long duration
  • We seek durable companies where the business model is misunderstood, assets are undervalued or growth trajectory is underappreciated by the market to construct a concentrated all-cap portfolio with differentiated sources of returns
  • With a broad opportunity set, differentiated sources of return and diversification across market cap and style, the portfolio may serve as a diversifying equity asset not tied to the index or broad economy
Past performance does not predict future returns. 
 

Portfolio Management

Nick Schommer, CFA
Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

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.
Cumulative & Annualised Performance (%)
As of 31/10/2024
I2 USD (Net) S&P 500® Index US Flex-Cap Equity - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/12/1999
I2 USD (Net) -1.32 16.42 41.80 2.62 12.71 9.50 4.03
S&P 500® Index -0.91 20.97 38.02 9.08 15.26 13.00 7.61
US Flex-Cap Equity - OE -1.12 12.19 33.50 1.52 9.49 8.04 6.54
 
  Annualised
3YR 5YR 10YR Since Inception
31/12/1999
I2 USD (Gross) - 14.06 10.81 5.27
S&P 500 TR + 2.00% - 17.57 15.26 9.76
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.
Calendar Year Returns (%)
As of 30/09/2024
I2 USD (Net) S&P 500® Index US Flex-Cap Equity - OE
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
I2 USD (Net) 17.97 20.42 -22.51 20.20 28.44 42.78 -5.18 4.40 9.09 -7.87 20.59
S&P 500® Index 22.08 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69
US Flex-Cap Equity - OE 13.46 20.34 -22.74 18.79 20.00 26.67 -8.93 19.01 8.45 -4.02 7.09
Calendar Year Returns (%)
Year I2 USD (Net) Index
2023 20.42 26.29
2022 -22.51 -18.11
2021 20.20 28.71
2020 28.44 18.40
2019 42.78 31.49
2018 -5.18 -4.38
2017 4.40 21.83
2016 9.09 11.96
2015 -7.87 1.38
2014 20.59 13.69
2013 27.17 32.39
2012 -0.14 16.00
2011 -11.92 2.11
2010 30.34 15.06
2009 69.55 26.46
2008 -51.01 -37.00
2007 24.94 5.49
2006 4.75 15.79
2005 13.02 4.91
2004 7.59 10.88
2003 30.40 28.68
2002 -28.01 -22.10
2001 -33.11 -11.89
2000 -23.33 -9.10
1999 from 31/12/1999 0.00 -
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.
Fee Information
Initial Charge 2.00%
Annual Charge 0.95%
Ongoing Charge
(As of 31/12/2023) 		1.20%
The ongoing charge is calculated using the PRIIPs methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
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
Caesars Entertainment Inc 5.68
Vertiv Holdings Co 5.18
Oracle Corp 5.10
Western Alliance Bancorp 3.97
Marvell Technology Inc 3.76
PNC Financial Services Group Inc 3.75
Amazon.com Inc 3.55
Intercontinental Exchange Inc 3.52
UnitedHealth Group Inc 3.26
Surgery Partners Inc 3.12
TOTAL 40.89
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.
Sector Allocation % of Fund % of Index % of Fund % of Index As of 31/10/2024
Regional Allocation % of Fund % of Index % of Fund % of Index As of October 31, 2024

Documents

Related Insight

The other 493: Finding opportunities outside the Mag 7
20 Feb 2024
Timely & Topical

The other 493: Finding opportunities outside the Mag 7

Mega-cap tech has dominated recent market performance, but conditions point to a potential broadening of market returns.

5 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.
  • 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 to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce 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.
  • 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.
  • 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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