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Henderson Cautious Managed

Elite Rated by FundCalibre

This fund offers investors access to a portfolio of stocks and bonds, providing a combination of income and long-term capital growth. It invests predominantly in the UK, with smaller holdings in some global markets. The fund is limited to 60% equities.

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.


Fund Manager

Chris Burvill managed a fund of the same name at Investec from 1993-2002, during which time he established an impressive track record. He subsequently moved to Gartmore, which was later acquired by Henderson. Jenna Barnard and John Pattullo run a number of well-regarded fixed income mandates for Henderson. Stephen Payne joined Henderson and became a fourth co-manager on this fund in 2016.


We aim to keep the fund as straightforward as possible, giving investors exposure to the growth and income potential of equities and bonds, with lower volatility than that of a pure equity fund.

Chris Burvill - Fund Manager

The Investment Process

Chris is responsible for the overall asset allocation between equities, bonds and cash. He and Stephen manage the equity portion of the portfolio with a traditional value-based investment strategy. They prefer companies with robust balance sheets trading on low valuation multiples. Jenna and John are responsible for populating the fixed income portion, which predominantly comprises investment grade bonds.


The fund uses diversification to reduce risk, so invests in a variety of different products, including lower risk bonds and cash. This makes the fund about half as risky as an investment into the UK stock market.

Our Opinion

Chris is tremendously experienced running this type of mandate and has demonstrated he can deliver returns through a wide range of market conditions. Also, the bond portion of the fund is managed by two stars of the fixed income space. In short, the talent at the helm of this fund, combined with the impressive track record, make it a strong proposition.

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