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For Financial Professionals in the US

HFEIX European Focus Fund

Invests with high conviction in European companies, wherever the most compelling opportunities exist, regardless of style or market cap

NAV
$45.37
As of 11/22/2024

1-Day Change
$0.31 (0.69%)
 As of 11/22/2024

YTD Return
3.21%
As of 11/22/2024

Morningstar Rating

As of 10/31/2024

Morningstar Medalist Rating ™

Silver Morningstar Analyst Rating
As of 09/30/2024

Overview

ABOUT THIS FUND

A regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. The management team applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

WHY INVEST IN THIS FUND

Flexible Style

We believe that the best way to make money for investors is by constructing a portfolio of high-conviction stock ideas, regardless of market cap or style constraints. The Fund seeks to invest in an unconstrained manner wherever the most compelling opportunities exist.

Bottom-Up Stock Selection

There are thousands of listed equities in Europe, many of which have little or no analyst coverage. We believe this creates pricing inefficiencies that can be exploited through bottom-up stock picking.

Dedicated European Experts

The Fund is managed by Robert Schramm-Fuchs, a member of Janus Henderson’s Pan European Equities team. The team includes large-, mid- and small-cap specialists, and conducts several hundred company meetings every year.

RATINGS AND AWARDS

2024 Lipper Awards Winner United States

Portfolio Management

Robert Schramm-Fuchs
Robert Schramm-Fuchs

Portfolio Manager

Industry since 2005. Joined Firm in 2014.

Marc Schartz, CFA
Marc Schartz, CFA

Portfolio Manager

Industry since 2004. Joined Firm in 2016.

Performance

RETURNS (%) (As of 09/30/2024)
European Focus Fund - Class I Shares MSCI Europe IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
European Focus Fund - Class I Shares 3.98 12.35 27.85 5.69 14.45 5.79 11.67
MSCI Europe IndexSM 6.58 12.77 25.23 6.66 8.90 5.59 5.98
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 10/31/2024)
European Focus Fund - Class I Shares MSCI Europe IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
European Focus Fund - Class I Shares -2.80 6.46 24.41 1.93 11.67 5.54 11.37
MSCI Europe IndexSM -1.80 6.13 22.43 3.00 6.91 5.23 5.68
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
European Focus Fund - Class I Shares MSCI Europe IndexSM
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
European Focus Fund - Class I Shares 18.52 -15.89 19.16 26.83 31.77 -27.60 16.42 -7.04 2.98 -4.73
MSCI Europe IndexSM 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84 -6.18
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 20 51 1 49 6
Europe Stock | Rank/Count 24/83 34/83 2/83 25/67 4/50
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 21 54 1 40 6
Europe Stock | Rank / Count 28/82 36/82 2/82 19/67 4/50

Returns-Based Statistics (As of 10/31/2024 Class I Shares)

RISK / REWARD
VS. MSCI Europe Net Index		 3YR 5YR
Information Ratio -0.21 0.77
Alpha -0.76 4.59
Tracking Error 5.05 5.77
Beta 1.07 0.98
R-squared (%) 94.09 91.39
UP/DOWN MARKET CAPTURE (%)
MSCI Europe Net Index		 3YR 5YR
Up Capture Ratio 105.78 115.05
Down Capture Ratio 106.87 97.17
STANDARD DEVIATION 3YR 5YR
European Focus Fund 20.28 19.75
MSCI Europe Net Index 18.35 19.35
SHARPE RATIO 3YR 5YR
European Focus Fund -0.09 0.46
MSCI Europe Net Index -0.04 0.23
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 1.00%
Other Expenses 0.26%
Total Gross Expenses 1.26%
Waivers -0.21%
Total Net Expenses 1.05%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the MSCI Europe Net (USD).

Top Holdings (As of 10/31/2024)
% of Fund
Novartis AG 4.25
TotalEnergies SE 3.77
LVMH Moet Hennessy Louis Vuitton SE 3.74
ASML Holding NV 3.52
AstraZeneca PLC 3.42
Novo Nordisk A/S 3.36
RELX PLC 3.28
Allianz SE 3.27
Deutsche Telekom AG 3.18
UniCredit SpA 2.99
TOTAL 34.78
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 43 414
Market Capitalization
Weighted Average		 $85.68B $84.59B
Portfolio Turnover Rate
(1-year trailing)		 150.08% -
Price/Earnings Ratio
(1-year forward)		 15.54 13.29
Price/Book Ratio
 3.06 2.03
Earnings Growth Rate
(1-year forward)		 14.95% 11.25%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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