| Asset Group | Asset Sub-Group | Investment Category |
| Equities | European equities | Smaller company |
The trust is managed Ollie Beckett a portfolio manager at Janus Henderson with over 17 years with the firm and 27 years of investment experience. Beckett is supported by portfolio manager Rory Stokes and associate portfolio manager Julia Scheuffler and can also leverage off the group’s wider pan-European equity team led by John Bennett. As the name suggests the trust invests in smaller companies as the managers believe that over the longer term smaller companies will consistently outperform larger companies, as they are less efficiently priced. A key area of focus is to identify stocks that are mispriced relative to their cash generative ability. Meeting companies is an essential part of the investment process, and the managers conduct over 600 meetings each year. Areas of focus in their stock selection process include, a thorough understanding of the companies operating environment, as well as barriers to entry, points of differentiation in relation to cost, product and/or customers, quality of management and capital allocation. The portfolio is constructed from the bottom-up with risk mitigated by limiting the individual stock bets to a maximum position size of 5% as well as ensuring diversification at the sector level. Fund gearing has historically been in the range of 6 – 17%. The fund has delivered strong performance over the long term, driven by stronger performance during periods of market strength. Opinion The fund also benefits from an established investment process and while the focus on smaller companies means that fund returns over shorter-term timeframes may be volatile, investors should be rewarded over the long term with strong performance. January 2023 | ||
Risk warnings
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