The Janus Henderson Cautious Managed Fund has been removed from the Wealth 150+. This follows the announcement Chris Burvill, the fund’s co-manager, will take an extended period of leave from the business for medical reasons. He has stepped down as co-manager with immediate effect.
Stephen Payne, who was appointed co-manager in July 2016, will continue to manage the fund. He has some previous experience running equity and bond portfolios, which includes a number of UK equity income funds at Santander.
Stephen Payne will maintain the existing investment process and philosophy, so we don’t expect to see any significant changes to the fund. He also 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.
We believe the fund still has the potential to deliver good returns. That said, 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 and for this reason we believe it’s prudent to remove the fund from the Wealth 150+.
We met Stephen Payne yesterday, 21 February, for a detailed update on the fund. We will therefore provide a fuller overview of the fund’s performance and positioning in due course.