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HFOCX

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International Opportunities Fund

Applying Regional Expertise to International Equity Investing
NAV As of 12/14/18 $23.23

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
08/31/01 Inception Date
$3.20B Total Net Assets (As of 11/30/18)
GROSS 2.16%
NET 2.14%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
-2.02% 1 Day Return
-17.77% YTD Return @NAV
-18.59% YTD Return @CDSC
Category
Foreign Large Blend
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

An international equity fund that seeks long-term growth of capital. The Fund employs a multi-sub-portfolio approach where each underlying sub-portfolio management team is able to focus on their highest-conviction ideas.

Why Invest in the Fund

    Multi-Manager Approach

  1. The Fund is managed by six portfolio management teams focused on specific areas of sector or geographical expertise. The Fund primarily invests in equities listed on European, Australasian and Far Eastern (EAFE) exchanges.
  2. Concentrated Regional Exposure

  3. Each underlying manager selects approximately 10 to 15 of their best ideas for the portfolio. By harnessing geographical and specialist expertise, we seek to identify opportunities overlooked by a generalist approach.
  4. Bottom-Up Stock Selection

  5. We believe that stock selection and fundamental research drive returns. The regional asset allocation and currency exposures are actively managed. Changes to the sub-portfolio allocation are made gradually and macro calls are expected to be a smaller component of return relative to stock selection.

Fund Update and Outlook

In this update, Portfolio Manager Stephen Peak shares his thoughts on the current investment environment, Fund performance, and his outlook.

Stephen Peak | Fund Update and Outlook | Janus Henderson

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 1.88% -3.86% -0.99% 5.18% 3.39% 5.04% 7.52%
Class C Shares @CDSC 0.88% -4.82% -1.97% 5.18% 3.39% 5.04% 7.52%
MSCI EAFE® Index 1.35% -1.43% 2.74% 9.23% 4.42% 5.38% 5.67%
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -10.00% -13.38% -12.95% -0.56% 0.13% 6.32% 6.80%
Class C Shares @CDSC -10.90% -14.25% -13.82% -0.56% 0.13% 6.32% 6.80%
MSCI EAFE® Index -7.28% -9.39% -7.94% 4.12% 1.84% 7.47% 5.10%
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class C 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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 84 97 76 47 8
Foreign Large Blend Category
Rank/Count
651/819 715/735 471/654 250/532 34/373
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 94 99 87 78 8
Foreign Large Blend Category
Rank/Count
701/771 704/710 534/623 399/520 34/350

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 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI EAFE® INDEX

3 YEAR 5 YEAR
Information Ratio -1.31 -0.19
Alpha -3.47 -0.51
Tracking Error 2.78 3.57
Beta 1.00 0.92
R-Squared (%) 94.02 90.53

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI EAFE® INDEX

3 YEAR 5 YEAR
Up Capture Ratio 84.77 86.65
Down Capture Ratio 107.90 91.17

STANDARD DEVIATION

3 YEAR 5 YEAR
International Opportunities Fund 11.37 11.21
MSCI EAFE® Index 11.03 11.57

SHARPE RATIO

3 YEAR 5 YEAR
International Opportunities Fund -0.04 0.05
MSCI EAFE® Index 0.29 0.11

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS C SHARES
Management Fees 0.89%
12b-1 Fees 1.00%
Other Expenses 0.27%
Total Gross Expenses 2.16%
Waivers -0.02%
Total Net Expenses 2.14%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI EAFE® Index.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Novo Nordisk A/S 3.38
Bayer AG 3.21
SAP SE 2.99
Roche Holding AG 2.90
British American Tobacco PLC 2.84
ASML Holding NV 2.83
RELX PLC 2.69
Credit Agricole SA 2.48
Rolls-Royce Holdings PLC 2.28
Uni-President Enterprises Corp 2.20
TOTAL 27.80

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
70
921
Market Capitalization
Weighted Average
$103.62B
$58.68B
Portfolio Turnover Rate
(1-year trailing)
59.34%
-
Price/Earnings Ratio
(1-year forward)
17.43
16.14
Price/Book Ratio
(1-year forward)
3.32
2.25
Earnings Growth Rate
(1-year forward)
5.84%
7.64%

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Information Technology 18.68 5.98
Financials 18.58 19.73
Health Care 14.86 11.68
Industrials 12.89 14.35
Consumer Staples 9.87 11.47
Communication Services 7.91 5.62
Consumer Discretionary 7.86 10.97
Energy 2.19 5.79
Real Estate 1.54 3.58
Materials 1.53 7.32
Utilities 1.13 3.51
Cash & Equivalents 2.96 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 24.95 15.63
$50B to $100B 17.99 22.32
$10B to $50B 43.60 45.28
$5B to $10B 5.90 12.56
$1B to $5B 3.64 3.51
N/A 0.96 0.70

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Europe 42.72 62.64
Asia/Pacific Ex Japan 20.04 12.04
Japan 20.01 24.76
North America 10.75 -
Latin America 2.22 -
Africa/Mideast 1.30 0.56
Cash & Equivalents 2.96 -

Commentary & Literature