Mid-Year Market GPS 2019
Which themes are shaping the 2019 investment landscape? Read the thinking of our investment teams in the Janus Henderson Mid-Year Market GPS.
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JORFX
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Global Select Fund
Global, All-Cap Equities
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Overview
Client Commitment
A global equity fund seeking to grow capital by investing with conviction in companies worldwide where the portfolio manager believes the market underestimates free-cash-flow growth. The Fund 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 in the Fund
- The portfolio managers have the flexibility to invest in 40 to 70 companies across the globe, market cap and style spectrum where free-cash-flow growth is believed to be underestimated by the market. The portfolio managers search for both growing companies and attractive valuations.
- The intersection of independent viewpoints and differentiated perspectives between the portfolio managers and research analysts should lead to potentially greater and more consistent excess returns over time.
- Taking a prudent approach to portfolio construction and risk management, the portfolio managers aim to drive superior risk-adjusted returns over the full market cycle through stock selection in an effort to avoid persistent biases.
Flexible Global All-Cap Equities
Differentiated & Uncorrelated Insights
Exacting Portfolio Construction
Portfolio Management
Featured Insights
Understanding Market Volatility
In the first of two videos, George Maris, Co-Head of Equities – Americas, discusses fundamental reasons for the return of market volatility.
For Long-Term Investors, Market Volatility Can Create Points of Entry
George Maris, Co-Head of Equities – Americas, discusses the recent sell-off in U.S. equities and what it means for investors.
Performance
RETURNS
| Inception: Jun 30, 2000 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Global Select Fund – I Shares | 0.54% | 15.04% | -0.39% | 11.46% | 6.69% | 7.32% | 3.44% |
| MSCI All Country World Index℠ | -0.03% | 16.20% | 1.38% | 9.71% | 6.65% | 8.35% | 4.39% |
| Inception: Jun 30, 2000 | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception |
|---|---|---|---|---|---|---|---|
| Global Select Fund – I Shares | 0.54% | 15.04% | -0.39% | 11.46% | 6.69% | 7.32% | 3.44% |
| MSCI All Country World Index℠ | -0.03% | 16.20% | 1.38% | 9.71% | 6.65% | 8.35% | 4.39% |
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 I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.
View Fees and Expenses
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.
CALENDAR YEAR PERFORMANCE
RETURNS-BASED STATISTICS
(As of 08/31/19 CLASS I SHARES)
RISK / REWARD
|
3 YEAR | 5 YEAR |
|---|---|---|
| Information Ratio | 0.43 | -0.04 |
| Alpha | 0.73 | -0.49 |
| Tracking Error | 3.60 | 3.99 |
| Beta | 1.09 | 1.09 |
| R-Squared (%) | 92.73 | 91.78 |
UP AND DOWN MARKET CAPTURE (%)
|
3 YEAR | 5 YEAR |
|---|---|---|
| Up Capture Ratio | 109.60 | 105.17 |
| Down Capture Ratio | 102.59 | 107.35 |
STANDARD DEVIATION |
3 YEAR | 5 YEAR |
|---|---|---|
| Global Select Fund | 12.80 | 13.43 |
| MSCI All Country World Index℠ | 11.30 | 11.81 |
SHARPE RATIO |
3 YEAR | 5 YEAR |
|---|---|---|
| Global Select Fund | 0.72 | 0.33 |
| MSCI All Country World Index℠ | 0.68 | 0.39 |
ANNUAL FEES & EXPENSES(As of Fiscal Year End, 09/30/18) |
CLASS I SHARES |
|---|---|
| Management Fees | 0.64% |
| 12b-1 Fees | - |
| Other Expenses | 0.13% |
| Total Gross Expenses | 0.77% |
| Waivers | 0.00% |
| Total Net Expenses | 0.77% |
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.
Characteristics
Index represents the MSCI All Country World Index℠.
TOP HOLDINGS(As of 08/31/2019) |
% of Fund |
|---|---|
| Alibaba Group Holding Ltd (ADR) | 4.17 |
| NRG Energy Inc | 4.16 |
| Citigroup Inc | 4.11 |
| Coca-Cola Co | 4.06 |
| Microsoft Corp | 3.22 |
| Goldman Sachs Group Inc | 3.15 |
| PulteGroup Inc | 2.64 |
| Safran SA | 2.58 |
| Merck & Co Inc | 2.42 |
| MGIC Investment Corp | 2.35 |
| TOTAL | 32.86 |
PORTFOLIO CHARACTERISTICS(As of 08/31/19) |
FUND | INDEX |
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DEVELOPED VS. EMERGING MARKET(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| U.S. | 51.50 | 55.74 |
| Non-U.S. Developed | 33.02 | 32.62 |
| Non-U.S. Emerging | 13.70 | 11.64 |
| Cash & Equivalents | 1.78 | - |
SECTOR ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| Financials | 19.62 | 16.31 |
| Consumer Discretionary | 16.95 | 10.93 |
| Industrials | 13.48 | 10.37 |
| Information Technology | 13.25 | 16.31 |
| Health Care | 11.48 | 11.55 |
| Consumer Staples | 6.72 | 8.71 |
| Energy | 4.40 | 5.33 |
| Communication Services | 4.34 | 8.93 |
| Utilities | 4.15 | 3.47 |
| Materials | 3.83 | 4.72 |
| Cash & Equivalents | 1.78 | - |
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS(As of 08/31/2019) |
% OF FUND | % OF INDEX |
|---|---|---|
| Over $100B | 35.87 | 37.65 |
| $50B to $100B | 23.90 | 16.35 |
| $10B to $50B | 20.24 | 35.45 |
| $5B to $10B | 10.30 | 7.48 |
| $1B to $5B | 7.25 | 2.49 |
| $500M to $1B | 0.28 | - |
| N/A | 0.38 | 0.57 |
REGIONAL ALLOCATION(As of 08/31/19) |
% OF FUND | % OF INDEX |
|---|---|---|
| North America | 55.72 | 58.83 |
| Asia/Pacific Ex Japan | 17.65 | 11.94 |
| Europe | 16.75 | 19.31 |
| Japan | 8.10 | 7.17 |
| Cash & Equivalents | 1.78 | - |
Commentary & Literature
2Q19 Portfolio Commentary Highlights
- Stocks gained ground in the second quarter, but were volatile.
- The Fund underperformed its benchmark, the MSCI All Country World IndexSM, during the period.
- We see several potential sources of market volatility in the back half of the year. We’ll take a high-conviction, long-term approach and add positions when volatility presents opportunities.