Please ensure Javascript is enabled for purposes of website accessibility Overseas ADR Managed Account - Janus Henderson Investors
For Financial Professionals in the US

Overseas ADR Managed Account

Invests in select international companies across market-cap and style spectrum where we believe the market underestimates free-cash-flow growth

Overview

ABOUT THIS PORTFOLIO

An international equity portfolio seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio managers believe the market underestimates free-cash-flow growth. The Portfolio considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of prevailing market conditions.

WHY INVEST

  • High-conviction, best ideas: International stock portfolio with no persistent style bias.
  • Independent & Uncorrelated Insights: An investment strategy seeking to capitalize on the dislocation between market expectations and our assessment of free-cash-flow growth.
  • Disciplined Portfolio Construction: The integration of traditional investment analysis, behavioural finance and a multi-dimensional view of portfolio construction.

PORTFOLIO MANAGEMENT

Julian McManus

Julian McManus

Portfolio Manager

Industry since 1994. Joined Firm in 2004.

Christopher O'Malley, CFA

Christopher O'Malley, CFA

Co-Portfolio Manager | Research Analyst

Industry since 1998. Joined Firm in 2017.

Performance

RETURNS (%) (As of 03/31/2024)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Pure Gross 9.62 9.62 15.16 6.93 11.77 9.05
Composite Net 8.84 8.84 11.83 3.82 8.53 5.88
MSCI All Country World ex USA IndexSM 4.81 4.81 13.83 2.44 6.48 7.01

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

RETURNS (%) (As of 05/31/2024)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(01/01/2016)
Composite Pure Gross 8.36 13.04 21.08 5.19 13.47 9.26
Composite Net 7.58 11.69 17.60 2.13 10.19 6.09
MSCI All Country World ex USA IndexSM 4.49 6.10 17.33 0.79 7.32 7.02

*Pure gross performance results do not reflect the deduction of any trading costs, fees or expenses and returns will be reduced by such advisory fee and other contractual expenses as described in the individual contract and Form ADV Part 2A. Pure gross returns are supplemental to net returns.

Calendar Year Returns (%)
Composite Pure Gross Composite Net MSCI All Country World ex USA IndexSM
2023 2022 2021 2020 2019 2018 2017 2016
Composite Pure Gross 11.59 -7.94 14.30 17.49 27.92 -14.65 31.93 -6.19
Composite Net 8.36 -10.65 10.99 14.10 24.26 -17.18 28.16 -8.95
MSCI All Country World ex USA IndexSM 16.21 -15.57 8.29 11.13 22.13 -13.77 27.77 5.01

Portfolio

Index represents the MSCI All Country World ex-U.S. Index℠

Top Holdings (As of 05/31/2024)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd (ADR) 5.72
BAE Systems PLC (ADR) 5.64
Teck Resources Ltd 4.77
ASML Holding NV 4.65
Deutsche Telekom AG (ADR) 3.83
Dai-ichi Life Holdings Inc (ADR) 3.74
BNP Paribas SA (ADR) 3.72
Liberty Media Corp-Liberty Formula One 3.66
NatWest Group PLC (ADR) 3.65
Canadian Natural Resources Ltd 3.56
TOTAL 42.94
View full holdings
Portfolio Characteristics (As of 05/31/2024)
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 41 2226
Market Capitalization
Weighted Average		 $115.76B $85.86B
Portfolio Turnover Rate
(1-year trailing)		 28.36% -
Price/Earnings Ratio
(1-year forward)		 15.30 13.34
Price/Book Ratio
 1.77 1.89
Earnings Growth Rate
(1-year forward)		 9.92% 14.54%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 05/31/2024
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 05/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 05/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 05/31/2024

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Global equity view: Looking beyond the Magnificent Seven
Jun 18, 2024
Timely & Topical

Global equity view: Looking beyond the Magnificent Seven

Global equities have been driven by a small number of leading companies, notably the technology giants making up the so-called Magnificent Seven. But the opportunity-set is now broadening out. Here we explore key drivers at play in Europe and Japan, as covered by portfolio managers Tom O’Hara, Rory Stokes, and Julian McManus at the recent

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Why investors should look beyond the Mag 7 for opportunities in AI
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Why investors should look beyond the Mag 7 for opportunities in AI

Beyond the Magnificent Seven, many non-U.S. tech companies appear well positioned to benefit from the explosive growth of artificial intelligence.

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Why Japan’s market rebound could have staying power

After a decade of seemingly little progress, Japan’s efforts at market reforms may have reached a tipping point – to the potential benefit of investors.

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