Janus Henderson International Long/Short Equity Fund
Data updated: 2020-05-29
C000183937 — Janus Henderson International Long/Short Equity Fund. Money Market · $21.78K AUM. Holdings, fees, performance and SEC filings.
C000183937 Fund Overview
Janus Henderson International Long/Short Equity Fund is a US mutual fund managed by Janus Investment Fund, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Janus Investment Fund
- Category: Money Market
- Assets under management: $21.78K
- SEC CIK: 0000277751
- SEC series ID: S000057606
- Share class ID: C000183937
C000183937 Investment Objective and Strategy
Janus Henderson International Long/Short Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Janus Investment Fund.
Investment objective
Janus Henderson International Long/Short Equity Fund seeks long-term capital appreciation.
Principal investment strategy
The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in long and short positions of equity securities issued by, or equity-related derivative instruments providing exposure to, non-U.S. companies from at least three different countries. For these purposes, equity securities include common stocks, preferred stocks, rights, warrants, securities convertible into common stocks, instruments that carry the right to buy common stocks of non-U.S. companies, and depositary receipts. Non-U.S. companies are broadly defined to include any issuer that meets one of the following tests: (i) its country of organization, its primary business office or the principal trading market of its stock are located outside of the U.S., (ii) 50% or more of its assets are located in a country other than the U.S., or (iii) 50% or more of its revenues are derived from outside of the U.S.
In addition to holding equities long and selling equities short, the Fund transacts in certain derivative instruments in order to obtain or amplify its exposure to long and short positions, primarily through the use of single-security equity swap transactions, but may also use futures, options, forward contracts and other derivatives for this purpose. The Fund may also transact in derivative instruments for hedging purposes or to manage risks. The Fund may invest in securities of companies of any size capitalization, style or sector and may invest in any country, including emerging markets. The Fund may invest in securities denominated in any currency and will invest substantially in securities denominated in foreign currencies. Under normal circumstances, the Fund intends to engage in derivative transactions to hedge against fluctuations in currency exchange rates but may not always do so.
In selecting investments, the portfolio managers use a fundamental, bottom up approach in an attempt to identify undervalued, overvalued or mispriced stocks. The Fund seeks to invest in long positions of equities that are believed to be undervalued and short positions of equities that are believed to be overvalued or poised to underperform. The Fund will allocate its assets among various regions and countries based on strategic views related to the growth prospects, valuations and pricing associated with international equity regions and sectors. Assets of the Fund are allocated to teams of portfolio managers who have experience with respect to a particular geographic region or sector. A strategic top-down overlay process will be used to manage the Funds overall net exposure and provide aggregate portfolio level risk control.
The Fund expects to maintain a net long exposure bias in its portfolio but has the ability to have net short exposure. Security selection will be based upon an analysis of a range of criteria, including: (i) a companys financial strength; (ii) a companys competitive position in its industry; (iii) a companys projected future earnings and cash flows; (iv) a companys valuations relative to earnings forecasts or other valuation criteria; and (v) the quality of a companys management. The Fund will generally consider selling a security or other investment, or cover a short position when, in the portfolio managers opinion, there is a risk of significant change in the companys fundamentals, the company fails to meet performance expectations, the stock achieves its target price or there is a change in business strategy or issuer-specific business outlook that affects the original investment case.
The Fund will also consider selling a security or exiting a short position if, in the portfolio managers opinion, a superior investment opportunity arises or to meet cash requirements. The Fund may invest in all types of equity and equity-related securities including, but not limited to, common stocks, preferred stocks, convertible securities, sponsored and unsponsored depositary receipts, rights, warrants, shares of investment companies including exchanged-traded funds (ETFs) and equity interests in trusts, partnerships, and limited liability companies. As part of this strategy, the Fund may also hold cash and/or invest in money market instruments or cash equivalents in order to achieve it investment objective. The Fund may also invest in fixed-income securities of U.S. and non-U.S. companies, including below investment grade securities (commonly referred to as junk bonds).
The Fund may also invest a portion of its assets (i.e., more than 25% of its assets) in issuers located in a single country or a limited number of countries and may invest up to 15% of its net assets in illiquid securities. In addition, the Fund may invest in securities issued by smaller companies and in less seasoned issues, including through initial public offerings and private placements. The Fund may use bank borrowings to increase the amount of money the Fund can invest. This strategy is called leverage. The Fund may borrow money to the extent permissible under the Investment Company Act of 1940, as amended (the 1940 Act), currently up to 33 1 /3% of its total assets, including the amount borrowed. The Fund may engage in exchange-traded or over-the-counter (OTC) derivative transactions for purposes of speculation to seek return, to hedge against fluctuations in securities prices or currency exchange rates, to manage certain investment risks, or as a substitute for the purchase or sale of securities or currencies directly.
The Fund expects to use derivatives principally when seeking to obtain exposure to long or short positions in individual securities using equity swaps, to gain or hedge exposure to a certain equity markets using futures contracts on securities indices, to gain or limit exposure to equities by purchasing exchange-traded call or put options, or to hedge currency exposure using forward foreign currency contracts. However, the Fund may also purchase or sell other types of derivatives contracts. There is no stated limit on the Funds use of derivatives. The Fund may engage in active and frequent trading to seek to achieve its investment objective. The Fund is classified as a non-diversified mutual fund. This means that the Fund may invest a relatively high percentage of its assets in a small number of issuers.
C000183937 Holdings
Top 1 holdings of Janus Henderson International Long/Short Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| BNN Technology PLC | 1.00% |
C000183937 Portfolio Allocation
Asset-class allocation of Janus Henderson International Long/Short Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 1.0% |
C000183937 Costs and Fees
C000183937 costs about $275 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.75%
- Gross expense ratio: 4.01%
- Portfolio turnover: 186%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000183937 Cashflows
Over the 12 months to 2020-03, Janus Henderson International Long/Short Equity Fund had net inflows of $0, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-03 | $0 |
| 2020-02 | $0 |
| 2020-01 | $0 |
| 2019-12 | $0 |
| 2019-11 | $0 |
| 2019-10 | $0 |
C000183937 Debt Constituents
No individual debt constituents are reported in Janus Henderson International Long/Short Equity Fund's latest SEC N-PORT filing.
C000183937 Prospectus and SEC Filings
Official Janus Henderson International Long/Short Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2017-11-16
- Prospectus (485BPOS) — filed 2017-06-26
- Prospectus supplement (497) — filed 2018-02-26
- Portfolio holdings (N-PORT) — filed 2020-05-29
- Portfolio holdings (N-PORT) — filed 2020-02-27
- Portfolio holdings (N-PORT) — filed 2019-11-27
- Annual census (N-CEN) — filed 2019-09-13
- Annual census, amended (N-CEN/A) — filed 2018-11-08
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.