Fact sheet: Janus Henderson China Opportunities

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
ASIA EQUITIES
Sector
UT China/Greater China
Fund type
OEIC
Primary aim
No data available.
Why Money Observer Rates Janus Henderson China Opportunities

Rated Fund 2017-2018. Invests in Hong Kong and US to access Chinese growth

Investors in China have faced difficulties in recent years, but its long-term growth potential remains huge. Charlie Awdry, manager of Janus Henderson China Opportunities since 2006, has proved one of the best at tapping into this market. May Ling Wee joined him as assistant manager in 2015.

Although Awdry buys shares on the Chinese stock exchange, he invests mainly via Hong Kong and increasingly the US, where many Chinese services companies are listed. Some 64 per cent of his ᆪ1 billion in assets were in companies listed in Hong Kong at the end of 2017 and 16 per cent in the US, with the balance in China-listed companies. The portfolio has around 40 holdings.

London-based Awdry looks for companies that can deliver profits growth ahead of expectations because of either positive industry trends or company-specific reasons. The core of his portfolio is in companies with strong competitive positions and high barriers to entry.He believes there are a number of reasons why investors should consider a stake in China, but the bedrock of the investment case is the rise of consumerism. Younger people are consuming more than previous generations and companies that are identifying this demand have real opportunities for profit growth. Profit growth is another key factor. Although he admits there is not necessarily a link between faster economic growth and profit growth, it does provide support. More generally he points out that Chinese shares are benefiting from reform, particularly financial reform, as a result of internationalisation.

3 Year Performance
Fund Performance68.9%
Average of Rated Funds Group51.1%
Sector Performance52%
Fund information
Fund name
Janus Henderson China Opportunities I Acc
Fund manager company
Henderson Global Investors Ltd
Fund type
OEIC
Fund managers
  • May Ling Weesince 01/10/2015
  • Charlie Awdrysince 12/06/2006
Accolades
Fund objective
The fund aims to provide long-term capital growth by investing in Hong Kong and Chinese company shares. The fund may invest indirectly in Hong Kong and Chinese company shares by buying securities such as American depositary receipts (ADRs).
Benchmark
  • MSCI Zhong Hua
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
32.9%
1 Year rank in sector
4/12
Sector
UT China/Greater China
Yield
0.9%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.86%
Fund size
£1,389m (£546m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
142
Mid price
224
Top in this sector
Fund name1 Year
First State All China38.3%
Threadneedle China Opps33.3%
Old Mutual Hend China Opps33.2%
Janus Henderson ChOpp32.9%
Baillie Gifford Greater China30.9%
...more in UT China/Greater China

Performance snapshot

Holdings snapshot

  • China79.4%
    Hong Kong18.4%
    USA1.6%
    Money Market0.6%
  • Retail16.4%
    Banks11%
    Technology10.6%
    Household Goods10.1%
    Oil & Gas9.4%
  • Chinese Equities79.4%
    Hong Kong Equities18.4%
    US Equities1.6%
    Money Market0.6%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund9.6%2.4%3.2%32.9%68.9%129.1%
Sector8.8%4.2%2.9%30%52%89.3%
Rank within sector3 / 1210 / 125 / 124 / 122 / 112 / 11
Quartile1st4th2nd2nd1st1st
Calendar performance
 YTD - 20182017201620152014
Fund6.5%41.2%24.3%3.8%13.8%
Sector6.5%36.5%20.5%1.3%5.9%
Rank within sector7 / 123 / 112 / 116 / 113 / 11
Quartile3rd2nd1st3rd2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
4.53
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.01
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.63
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
17.56
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
3.35
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.36
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.96
Price movement
52 week high228.6
52 week low170.3
Current bid price-
Current offer price-
Current mid price224
Region
1China79.41%
2Hong Kong18.38%
3USA1.56%
4Money Market0.64%
Industry sector
1Retail16.38%
2Banks11.03%
3Technology10.62%
4Household Goods10.09%
5Oil & Gas9.36%
6Industrials7.9%
7Insurance7.69%
8Food, Beverages and Tobacco7.32%
9Resources4.51%
Asset type
1Chinese Equities79.41%
2Hong Kong Equities18.38%
3US Equities1.56%
4Money Market0.64%
Individual holdings
1ALIBABA GROUP HLDG LTD9.68%
2TENCENT HLDGS LIMITED8.86%
3AIA GROUP LTD7.13%
4CHINA CONSTRUCTION BANK6.47%
5CNOOC4.3%
6INDUSTRIAL & COM BK CHINA4.08%
7HANGZHOU HIKVISION DIGITAL TECH CO4.03%
8CHINA OVERSEAS LAND & INVESTMNTS3.5%
9LI NING CO LTD2.58%
Management
Fund manager group
Janus Henderson Investors
Fund manager company
Henderson Global Investors Ltd
Fund type
OEIC
Fund objective
The fund aims to provide long-term capital growth by investing in Hong Kong and Chinese company shares. The fund may invest indirectly in Hong Kong and Chinese company shares by buying securities such as American depositary receipts (ADRs).
Benchmark
  • MSCI Zhong Hua
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
May Ling Wee01/10/2015May Ling Wee is an Investment Manager at Janus Henderson Investors, a position she has held since joining Henderson in 2015. Previously, May Ling was a portfolio manager with Lloyd George Management in Hong Kong, managing Greater China and Hong Kong equities. Prior to that, she was an investment analyst with Deutsche Bank, Hong Kong. She began her investment career as a research analyst in Dresdner Kleinwort Wasserstein Securities, Singapore and subsequently Hong Kong. May Ling holds a B Com (economics and finance) from the University of New South Wales, Sydney. She holds the Chartered Financial Analyst designation and has 20 years of financial industry experience.
Charlie Awdry12/06/2006Charlie Awdry is Investment Manager for the Janus Henderson Chinese Equities strategy, a position he has held since 2011. Charlie was part of Henderson’s acquisition of Gartmore in 2011 and had been with Gartmore since 2001. After a period of working in Hong Kong from 2005 to 2006, he returned to London and became the China fund manager at Gartmore in 2006. Charlie graduated with honours, first class from the University of Bristol with a bachelor’s degree in geography. He holds the Chartered Financial Analyst designation and has 17 years of financial industry experience and more than a decade of experience as lead manager of China equities portfolios.
Compliance
IA Recognised, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Chile, United Kingdom
Janus Henderson China Opportunities A Acc
Initial charge5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.71%
Total expense ratio (TER)1.77%
Bid price-
Offer price-
Mid price1562
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNW92
Janus Henderson China Opportunities I Acc
Initial charge-
Annual charge0.75%
Min single investment£3,000,000
Min regular saving£10,000
Available in ISANo
Ongoing charge (OCF)0.86%
Total expense ratio (TER)0.89%
Bid price-
Offer price-
Mid price224
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code060G
Janus Henderson China Opportunities I Acc USD
Initial charge-
Annual charge1%
Min single investment£500,000
Min regular saving£10,000
Available in ISANo
Ongoing charge (OCF)1.08%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price22.46
CurrencyUSD
Price updated21/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code0KNQ
Data provided by

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