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HFEAX

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European Focus Fund

Seeking to Invest in the Best European Equity Opportunities Wherever They Exist
NAV As of 04/22/19 $28.82

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Fund Facts

Details Performance (As of 04/22/19) Morningstar (As of 03/31/19)
08/31/01 Inception Date
$523.48M Total Net Assets (As of 03/31/19)
GROSS 1.31%
NET 1.30%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 03/31/19)
Fee Level Group
Europe Stock Front Load
(out of 14 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
0.31% 1 Day Return
19.98% YTD Return @NAV
13.06% YTD Return @MOP
Category
Europe Stock
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

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 the Fund

    Flexible Style

  1. 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.
  2. Bottom-Up Stock Selection

  3. 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.
  4. Dedicated European Experts

  5. The Fund is managed by Robert Schramm-Fuchs, a member of Janus Henderson’s 12-strong Pan European Equities team. The team includes large-, mid- and small-cap specialists, has over 200 years of combined industry experience and conducts several hundred company meetings every year.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 03/31/2019)
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 13.82% 13.82% -13.92% -2.51% -3.37% 10.00% 11.09%
Class A Shares @MOP 7.26% 7.26% -18.87% -4.41% -4.51% 9.36% 10.72%
MSCI Europe Net (USD) 10.84% 10.84% -3.72% 6.56% 1.04% 8.95% 5.19%
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 13.82% 13.82% -13.92% -2.51% -3.37% 10.00% 11.09%
Class A Shares @MOP 7.26% 7.26% -18.87% -4.41% -4.51% 9.36% 10.72%
MSCI Europe Net (USD) 10.84% 10.84% -3.72% 6.56% 1.04% 8.95% 5.19%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class A Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

MORNINGSTAR PERCENTILE

(As of 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 100 100 99 26 9
Europe Stock Category
Rank/Count
119/120 112/114 88/90 17/73 7/65
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 100 100 99 26 9
Europe Stock Category
Rank/Count
119/120 112/114 88/90 17/73 7/65

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI EUROPE NET (USD)

3 YEAR 5 YEAR
Information Ratio -1.63 -0.79
Alpha -8.97 -3.99
Tracking Error 5.38 5.24
Beta 1.15 1.02
R-Squared (%) 87.48 85.74

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI EUROPE NET (USD)

3 YEAR 5 YEAR
Up Capture Ratio 80.48 83.63
Down Capture Ratio 135.35 107.58

STANDARD DEVIATION

3 YEAR 5 YEAR
European Focus Fund 14.35 13.87
MSCI Europe Net (USD) 10.07 12.00

SHARPE RATIO

3 YEAR 5 YEAR
European Focus Fund -0.24 -0.28
MSCI Europe Net (USD) 0.54 0.03

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS A SHARES
Management Fees 0.93%
12b-1 Fees 0.25%
Other Expenses 0.13%
Total Gross Expenses 1.31%
Waivers -0.01%
Total Net Expenses 1.30%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI Europe Index.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
Nestle SA 4.52
Kosmos Energy Ltd 3.60
Sanofi 3.39
UPM-Kymmene OYJ 3.08
Intrum AB 3.04
Rheinmetall AG 2.93
TransGlobe Energy Corp 2.77
Central European Media Enterprises Ltd 2.75
Anheuser-Busch InBev SA/NV 2.74
LVMH Moet Hennessy Louis Vuitton SE 2.56
TOTAL 31.38

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
46
439
Market Capitalization
Weighted Average
$50.57B
$69.78B
Portfolio Turnover Rate
(1-year trailing)
111.66%
-
Price/Earnings Ratio
(1-year forward)
16.49
16.24
Price/Book Ratio
(1-year forward)
3.18
3.19
Earnings Growth Rate
(1-year forward)
12.59%
6.05%

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Industrials 17.20 12.96
Materials 14.43 7.57
Consumer Staples 13.31 14.66
Communication Services 12.36 4.84
Energy 10.02 8.26
Information Technology 7.20 5.46
Health Care 5.94 13.10
Financials 5.90 18.22
Consumer Discretionary 4.40 9.24
Utilities 1.51 4.18
Equity Other 0.11 -
Cash & Equivalents 7.62 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
Over $100B 17.81 25.93
$50B to $100B 6.21 22.49
$10B to $50B 33.69 41.35
$5B to $10B 9.29 8.56
$1B to $5B 18.17 0.86
$500M to $1B 2.13 -
$100M to $250M 4.74 -
N/A 0.34 0.81

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Europe 83.89 100.00
North America 8.49 -
Cash & Equivalents 7.62 -

Commentary & Literature