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HFQRX

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Global Equity Income Fund

Seeking High-Yielding, High-Quality Global Equities
NAV As of 08/16/19 $6.37

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Fund Facts

Details Yields Morningstar (As of 07/31/19)
11/30/06 Inception Date
$4.40B Total Net Assets (As of 07/31/19)
GROSS 0.72%
NET 0.72%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Foreign Large Cap Institutional
(out of 499 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
7.60% Distribution Yield at NAV
(As of 06/30/19)
30 Day SEC Yield (As of 07/31/19)
With Waivers 3.38%
Without Waivers 3.38%
Quarterly Distribution Frequency
Performance (As of 08/16/19)
1.11% 1 Day Return %
5.84% YTD Return
Category
Foreign Large Value
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 long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

Why Invest in the Fund

    Income, Regardless of Environment

  1. With our global approach, we seek to take advantage of various market environments to find the best income-producing equities. We tend to focus on international equities where the income-generating potential may be greater.
  2. Regional Rotation Strategy

  3. We use a specialized rotation strategy intended to capitalize on the global seasonality of dividends.
  4. Differentiated Income Option

  5. The Fund may be an attractive alternative to preferred stock and fixed income. The Fund holds 100% equities with no leverage and a quarterly dividend distribution schedule.

Global Equity Income Update

Despite worries about a global economic slowdown during the first half of 2019, many companies still paid – and even raised – dividends. Can it continue? Ben Lofthouse, Head of Global Equity Income, says one indicator he is watching is unemployment.

Global Equity Income Update | Janus Henderson Investors

A History of High, Dependable Income

By investing in quality companies and leveraging a specialized regional rotation strategy, the Fund has been able to capitalize on higher dividends paid out overseas to generate an attractive level of income since inception.

A Record of Regular Distributions
Quarterly Distribution Yield – Class I Shares (6/30/07 – 6/30/19)

chart: Quarterly Distribution Yield – Class I Shares (6/30/07 – 6/30/19)

Distribution yields are as of each quarter-end. Data is for Class A Shares from 6/30/07 – 3/31/09 and Class I Shares from 4/30/09 – Present. Class I Shares became available in 2009. Distribution Yield is calculated by taking the trailing 365 days of distributions and dividing by the net asset value on the last business day for the same period. The yield does not include long- or short-term capital gains distributions.
As of 6/30/19, the 30-Day SEC Yield with/without waivers was 3.67%. 30-Day SEC yield is a standardized yield calculated based on a snapshot of current underlying holdings and doesn’t account for active trading throughout a full calendar year.

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Nov 30, 2006 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Equity Income Fund – N Shares 0.87% 10.66% -0.89% 5.11% 1.60% 6.74% 3.63%
MSCI World Index℠ 4.00% 16.98% 6.33% 11.77% 6.60% 10.72% 5.41%
MSCI World High Dividend Yield Index 3.10% 13.75% 8.82% 8.31% 4.51% 9.93% 4.26%
Inception: Nov 30, 2006 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Equity Income Fund – N Shares -2.50% 9.33% -5.48% 3.58% 1.63% 5.94% 3.49%
MSCI World Index℠ 0.94% 17.56% 3.62% 10.42% 7.05% 9.87% 5.42%
MSCI World High Dividend Yield Index 0.82% 13.03% 4.28% 7.22% 4.76% 8.79% 4.18%
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.
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 (%) 33 81 10 16 2
Foreign Large Value Category
Rank/Count
75/345 241/329 39/292 36/237 8/185
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 30 73 9 10 2
Foreign Large Value Category
Rank/Count
59/342 203/328 36/293 25/237 7/185

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 WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -1.35 -1.06
Alpha -4.76 -3.67
Tracking Error 5.13 4.87
Beta 0.84 0.82
R-Squared (%) 79.16 82.59

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Up Capture Ratio 61.76 67.54
Down Capture Ratio 93.40 93.40

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Equity Income Fund 10.53 10.54
MSCI World Index℠ 11.16 11.67

SHARPE RATIO

3 YEAR 5 YEAR
Global Equity Income Fund 0.20 0.10
MSCI World Index℠ 0.81 0.53

ANNUAL FEES & EXPENSES

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

CLASS N SHARES
Management Fees 0.65%
12b-1 Fees -
Other Expenses 0.07%
Total Gross Expenses 0.72%
Waivers 0.00%
Total Net Expenses 0.72%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI World Index℠.

TOP HOLDINGS

(As of 07/31/2019)

% of Fund
Taiwan Semiconductor Manufacturing Co Ltd (ADR) 3.12
Sanofi 3.11
GlaxoSmithKline PLC 3.03
Repsol SA 2.95
TELUS Corp 2.45
British American Tobacco PLC 2.29
Royal Dutch Shell PLC 2.29
Eni SpA 2.27
BASF SE 2.18
Carnival Corp 2.16
TOTAL 25.85

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

FUND INDEX
Number of Holdings
Equity Issues
81
1651
Market Capitalization
Weighted Average
$65.71B
$172.53B
Portfolio Turnover Rate
(1-year trailing)
137.20%
-
Price/Earnings Ratio
(1-year forward)
13.48
19.94
Price/Book Ratio
(1-year forward)
2.03
4.34
Earnings Growth Rate
(1-year forward)
1.50%
5.53%

SECTOR ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Financials 15.10 15.76
Communication Services 10.81 8.50
Consumer Staples 10.80 8.60
Energy 10.61 5.44
Materials 8.93 4.48
Consumer Discretionary 8.92 10.51
Health Care 8.85 12.40
Utilities 7.66 3.34
Information Technology 5.62 16.62
Real Estate 5.32 3.24
Industrials 4.87 11.11
Cash & Equivalents 2.51 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF FUND % OF INDEX
Over $100B 20.84 39.96
$50B to $100B 17.57 16.17
$10B to $50B 46.94 35.89
$5B to $10B 9.85 6.53
$1B to $5B 2.12 1.23
$500M to $1B 0.15 -
N/A 0.02 0.21

REGIONAL ALLOCATION

(As of 07/31/19)

% OF FUND % OF INDEX
Europe 66.55 21.15
North America 15.86 66.35
Asia/Pacific Ex Japan 13.83 4.24
Japan 1.25 8.00
Cash & Equivalents 2.51 -

Commentary & Literature