Janus Henderson Absolute Return
Janus Henderson Absolute Return is a long/short equity fund with a UK bias, that aims to deliver a positive absolute return over rolling 12-month periods. The managers look to identify stocks that will either exceed or fall short of analysts' expectations and construct a portfolio of both long (profit when the share price goes up) and short (profit when the share price goes down) positions. There are limits on the overall market exposure, which serves to reduce the volatility of the fund. This fund has a performance fee.
Previously named Janus Henderson UK Absolute Return
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Ben Wallace, Co-Manager Ben Wallace is a Portfolio Manager on the Absolute Return Equities Team at Janus Henderson Investors, a role he has held since joining the firm in 2011 through the Gartmore acquisition. Before this, he was a senior investment manager at Gartmore and managed UK equity funds at Deutsche Asset Management from 1997 to 2002. Ben holds a BCom degree (Hons) from the University of Edinburgh and has 27 years of experience in the financial industry.
Luke Newman, Co-Manager Luke Newman is a Portfolio Manager on the Absolute Return Equities Team at Janus Henderson Investors, a role he has held since joining the firm in 2011 through the Gartmore acquisition. Before that, he co-managed several funds at Gartmore from 2009 to 2011. His career began in 2000 at Deutsche Asset Management, where he managed high-performance retail and institutional mandates. He has also worked as a fund manager at Altima Partners LLP and F&C Asset Management. Luke graduated with a BSc in Economics and Politics from the University of Warwick and has 24 years of experience in the financial industry.
Ben Wallace, Co-Manager Ben Wallace is a Portfolio Manager on the Absolute Return Equities Team at Janus Henderson Investors, a role he has held since joining the firm in 2011 through the Gartmore acquisition. Before this, he was a senior investment manager at Gartmore and managed UK equity funds at Deutsche Asset Management from 1997 to 2002. Ben holds a BCom degree (Hons) from the University of Edinburgh and has 27 years of experience in the financial industry.
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Company Description
Janus Henderson is the product of a merger between Henderson Group and Janus Capital Group. Trading on the New York and Australian stock exchanges, the group was formed in May 2017 to form a greater collective and benefit from expanded product ranges and a larger pool of talent employed.
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Long/Short fund investing in large-cap UK-listed companies, looking to provide an absolute (more than zero) return every year whilst also using derivatives to attempt to achieve this.
Ben Wallace
Co-Manager
Investment process
This is a long/short equity fund. Two thirds of the portfolio tends to be in shorter-term tactical ideas, where the managers believe an earnings surprise could be imminent. The remainder will be in core holdings, where the managers think there are long-term drivers in place that will either increase or decrease the share price over time. The fund primarily invests in UK equities, though has recently expanded to allow up to 40% of the fund to invest in global equities. Strict limits are placed on the overall market exposure.
Risk
The fund’s performance is driven by the managers' stock-picking skills, which means the main risks relate to whether or not they buy (or choose to short) the 'right' companies. The number of positions is flexible in order to allow the investment team to take advantage of a range of opportunities and to perform under all market conditions.
ESG
ESG - Limited
In Ben and Luke’s experience, governance has been the most material input and an integral part of their approach when analysing stocks. They especially look at how management is rewarded, how this is likely to create value for the business and whether this will have an impact on minority shareholders. Environmental and social concerns are becoming of increasing importance though, especially within the opportunity set of those solving sustainability issues. As such, ESG factors are considered for all investments, both on the long and short side, but as a way of helping to understand a business, rather than to drive an investment.
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