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Janus Henderson Cautious Managed Class I - Income (GBP)

Sell:129.50p Buy:129.50p Change: 0.30p (0.23%)
Prices as at 14 January 2022
Change: 0.30p (0.23%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 14 January 2022
Change: 0.30p (0.23%)
Prices as at 14 January 2022
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

We removed this fund from the Wealth 150+ in February 2018 when Chris Burvill stepped down as co-manager. Stephen Payne, who was appointed co-manager in July 2016, continues to manage the fund.

We believe the fund still has the potential to deliver good returns. However, for the Wealth 150+ we seek managers with long, successful track records and the potential to outperform their respective benchmark or peer group over the long run. We originally supported this fund because of the experience and track record of Chris Burvill. We don't believe Stephen Payne currently has a long or strong enough track record in his own right.

Our view on the sector

The Mixed and Flexible Investment sectors could be the answer for investors who want to leave the asset allocation decisions to an expert. Funds in these sectors invest a certain amount of their portfolio in shares, from 0% to 35% in the case of the Mixed Investment 0-35% Shares Sector, 20% to 60% for the Mixed Investment 20-60% Shares Sector, 40% to 85% for the Mixed Investment 40-85% Shares Sector, and 0% to 100% for the Flexible Investment Sector. Any proportion of the fund not invested in shares can be invested in bonds, cash, currencies, commodities or property. Funds within these sectors can be very different from each other so they'll perform differently too. Each should be looked at on its own merits, taking account of your investment objectives and the amount of risk you want to take.

Performance Analysis

The fund has performed similarly to the average fund in the peer group since Stephen Payne was appointed co-manager. He has some previous experience running equity and bond portfolios, which mainly includes a number of UK equity income funds at Santander. We would like to see him build a longer track record running a multi-asset portfolio before becoming more positive on this fund.

Investment Philosophy

The manager invests in shares, bonds and cash. The shares provide long-term growth potential and some income. The bonds and cash limit some of the ups and downs associated with investing only in shares, while the bonds also generate some income.

Process and Portfolio Construction

Stephen Payne uses a simple investment approach. He considers wider economic factors, including economic growth, inflation, and interest rates, then changes how the fund is invested depending on his views. He can invest up to 60% of the fund in shares, with a focus on higher-yielding UK companies. The remainder is largely invested in UK government and corporate bonds and cash. The manager has the flexibility to invest in higher-risk high yield high-risk bonds, but these have tended to make up a very small proportion of the fund.

Stephen Payne has the support of Janus Henderson's Global Equity Income team, as well as John Pattullo and Jenna Barnard, two of the group's senior bond fund managers. The final investment decisions will rest with Stephen Payne, however. Please note the fund's charges can be taken from capital, which can increase the yield, but reduces the potential for capital growth.

question mark Manager Track Record Based on HL Quantitative Research

  • Janus Henderson Cautious Managed...
  • IA Mixed Investment 20-60% Shares

Fund Track Record

14/01/17 to 14/01/18 14/01/18 to 14/01/19 14/01/19 to 14/01/20 14/01/20 to 14/01/21 14/01/21 to 14/01/22
Annual return 5.16% -5.00% 12.18% -0.21% 8.43%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Henderson was founded in 1934, and in 1990 it acquired Touche Remnant. In March 1998 Henderson itself was acquired by AMP, the Australian financial services company, but was subsequently demerged as an independent company in 2003. Henderson Group plc has been a listed company on the London Stock Exchange since December 2003. In April 2009 Henderson acquired New Star and in 2011 it acquired Gartmore. These acquisitions significantly strengthened its retail fund business, providing greater depth of fund range and investment talent.

Information about the fund

Fund manager biography

manager photo
Manager Name: Philip Payne
Manager start date: 31 March 2019
Manager located in: London

Philip Payne began his career at Henderson Global Investors in 2000. He progressed to Fund Manager in 2003 and is the manager of the Henderson All Stocks Credit and Long Dated Credit Funds. He is a CFA charterholder.

manager photo
Manager Name: Stephen Payne
Manager start date: 1 August 2016
Manager located in: TBC

Stephen Payne is a Fund Manager on the Global Equity Income Team at Janus Henderson Investors, a position he has held since joining Henderson in 2016. He is responsible for co-managing the Cautious Managed strategy. Prior to Henderson, Stephen was with Santander Asset Management where he was responsible for the firm's enhanced, dividend, and equity income funds from 2007. Before Santander, he worked for Blue Oar Securities as a sell-side analyst, specialising in UK high-yield equities. Stephen joined Blue Oar Securities from Teachers Investment Management, where he managed the UK mid- and small-cap equity funds and the Sovereign Income Unit Trust. He also worked at Framlington Investments and Hill Samuel Asset Management, managing their UK Equity Income fund ranges. He started his career at Abbey Life. Stephen has a BSc (Hons) in economics from the University of Southampton. He is an associate of the CFA Society of the UK, having completed the associate examination and subsequently having been granted the ASIP designation. He has 23 years of financial industry experience.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account