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HFERX

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European Focus Fund

Seeking to Invest in the Best European Equity Opportunities Wherever They Exist
NAV As of 08/20/19 $25.71

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Fund Facts

Details Performance (As of 08/20/19) Morningstar (As of 07/31/19)
08/31/01 Inception Date
$409.78M Total Net Assets (As of 07/31/19)
GROSS 1.43%
NET 0.97%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
-0.62% 1 Day Return
8.76% YTD Return
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 06/30/2019)
(As of 07/31/2019)
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
European Focus Fund – N Shares 3.56% 18.02% -8.54% 0.36% -3.10% 6.69% 11.14%
MSCI Europe Net (USD) 4.48% 15.80% 1.88% 9.11% 1.27% 6.99% 5.37%
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
European Focus Fund – N Shares -5.63% 13.41% -14.01% -2.49% -3.10% 5.42% 10.84%
MSCI Europe Net (USD) -1.08% 13.56% -3.31% 6.93% 1.65% 5.72% 5.23%
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.
View Fees and Expenses
Performance for Class N 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.

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 99 99 98 47 8
Europe Stock Category
Rank/Count
108/114 103/109 85/90 41/72 6/61
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 99 99 98 51 8
Europe Stock Category
Rank/Count
107/113 102/108 85/90 43/71 6/60

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 07/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI EUROPE NET (USD)

3 YEAR 5 YEAR
Information Ratio -1.66 -0.84
Alpha -9.74 -4.34
Tracking Error 5.67 5.37
Beta 1.19 1.06
R-Squared (%) 88.80 87.21

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

3 YEAR 5 YEAR
Up Capture Ratio 85.07 87.33
Down Capture Ratio 141.39 111.34

STANDARD DEVIATION

3 YEAR 5 YEAR
European Focus Fund 15.49 14.87
MSCI Europe Net (USD) 10.38 12.37

SHARPE RATIO

3 YEAR 5 YEAR
European Focus Fund -0.25 -0.25
MSCI Europe Net (USD) 0.53 0.06

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.93%
12b-1 Fees -
Other Expenses 0.50%
Total Gross Expenses 1.43%
Waivers -0.46%
Total Net Expenses 0.97%
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 07/31/2019)

% of Fund
Nestle SA 5.29
VAT Group AG 4.07
UPM-Kymmene Oyj 3.98
STMicroelectronics NV 3.93
KION Group AG 3.82
Infineon Technologies AG 3.67
Roche Holding AG 3.32
Danone SA 3.02
Anglo American PLC 2.83
Givaudan SA 2.75
TOTAL 36.68

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
44
442
Market Capitalization
Weighted Average
$55.50B
$79.71B
Portfolio Turnover Rate
(1-year trailing)
147.80%
-
Price/Earnings Ratio
(1-year forward)
16.60
17.50
Price/Book Ratio
(1-year forward)
3.10
2.76
Earnings Growth Rate
(1-year forward)
3.45%
7.74%

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Industrials 23.04 13.45
Materials 19.82 7.37
Information Technology 13.84 5.97
Consumer Staples 12.12 14.89
Financials 9.42 17.67
Consumer Discretionary 8.52 9.63
Health Care 5.93 13.19
Energy 3.59 7.56
Utilities 2.53 4.32
Equity Other -0.03 -
Cash & Equivalents 1.22 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
Over $100B 18.05 27.26
$50B to $100B 5.34 21.40
$10B to $50B 49.16 40.97
$5B to $10B 14.37 8.70
$1B to $5B 9.82 0.82
$500M to $1B 1.83 -
N/A 0.21 0.85

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Europe 96.95 99.80
North America 1.83 0.20
Cash & Equivalents 1.22 -

Commentary & Literature