Janus Henderson Global Financials

Janus Henderson Global Financials scours the globe for the most attractively-valued, competitively-advantaged financial services companies. The bottom-up, benchmark-aware strategy focuses on companies that are benefiting from secular and/or cyclical growth potential. The output is a relatively concentrated portfolio of between 40-60 holdings.

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Our Opinion
Fund Manager
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

Led by experienced manager John Jordan, this fund offers investors a compelling opportunity to access the dynamic financial services sector in any part of the world. With a disciplined, research-driven approach, it has consistently delivered above-benchmark returns, providing investors with a differentiated source of alpha.

Fund Manager

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Fund Manager

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John Jordan, Fund manager John Jordan has been the lead portfolio manager on this fund since 2017. He joined the firm in 2008 after serving as a principal at Eos Partners, where he specialised in the financial services sector. His earlier roles include senior analyst at Pacific Star Partners, covering financial and real estate sectors. He also worked at other financial institutions, including investment banking group Goldman Sachs & Co. as well as private equity firm Marsh & McLennan Capital. John holds a bachelor’s degree in history and economics from the University of Virginia, graduating with high distinction and Phi Beta Kappa, and a juris doctorate from Yale Law School. He has over 25 years of experience in the financial industry.

John Jordan, Fund manager John Jordan has been the lead portfolio manager on this fund since 2017. He joined the firm in 2008 after serving as a principal at Eos Partners, where he specialised in the financial services sector. His earlier roles include senior analyst at Pacific Star Partners, covering financial and real estate sectors. He also worked at other financial institutions, including investment banking group Goldman Sachs & Co. as well as private equity firm Marsh & McLennan Capital. John holds a bachelor’s degree in history and economics from the University of Virginia, graduating with high distinction and Phi Beta Kappa, and a juris doctorate from Yale Law School. He has over 25 years of experience in the financial industry.

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Key Facts

Annual Income (Historic) -

Gearing-

Fund Size-

Fund Manager Start Date 1 September 2017

Ongoing Charges Figure (OCF) -

Payment Date(s) Oct

Annual Management Charge (AMC) -

Fund Performance

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Risk

At Janus Henderson, investment risk oversight is jointly managed by the investment risk team, reporting to the investments COO, and the financial risk team, reporting to the chief risk officer. The process is built on a framework where fundamental research is the first line of defence; risk is treated as a budget rather than a constraint; exposures are identified systematically; and behavioural biases are guarded against while seeking to capitalise on market dislocations. Human judgment plays a central role, with risk models informing but not dictating decisions.

Portfolios are reviewed with the mindset of “buying them every day,” and sell decisions are driven by a broken investment thesis; a stock exceeding its target price range; significant changes in the competitive or macro environment; and risk/reward optimisation. The investment risk team works closely with portfolio managers to maximise risk-adjusted returns, while monitoring portfolios daily and holding regular oversight meetings. The financial risk team provides independent challenges across markets, liquidity, and counterparty credit risk, with formal escalation protocols culminating in the investment performance and risk committee, ensuring that portfolios remain aligned with both client objectives and the firm’s risk parameters.

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Risk: 10

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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Fund Performance

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Risk

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At Janus Henderson, investment risk oversight is jointly managed by the investment risk team, reporting to the investments COO, and the financial risk team, reporting to the chief risk officer. The process is built on a framework where fundamental research is the first line of defence; risk is treated as a budget rather than a constraint; exposures are identified systematically; and behavioural biases are guarded against while seeking to capitalise on market dislocations. Human judgment plays a central role, with risk models informing but not dictating decisions.

Portfolios are reviewed with the mindset of “buying them every day,” and sell decisions are driven by a broken investment thesis; a stock exceeding its target price range; significant changes in the competitive or macro environment; and risk/reward optimisation. The investment risk team works closely with portfolio managers to maximise risk-adjusted returns, while monitoring portfolios daily and holding regular oversight meetings. The financial risk team provides independent challenges across markets, liquidity, and counterparty credit risk, with formal escalation protocols culminating in the investment performance and risk committee, ensuring that portfolios remain aligned with both client objectives and the firm’s risk parameters.

Company Description

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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.

Investment process

The manager employs a global approach to identifying high-quality or improving businesses within the financial services sector that demonstrate significant secular and/or cyclical growth potential.

The strategy follows a research-driven, bottom-up investment process designed to identify high-quality financial services companies worldwide that offer attractive growth prospects and compelling valuations. The process begins with an investable universe of between 500-700 stocks. This coverage list is formed using considerable qualitative judgment. The team scour for qualitative characteristics such as robust business models, growth tailwinds, good governance and obviously a relation to the financials sector. On the quantitative side, they screen for companies with capital strength, high or improving margins and consistent earnings. This helps them narrow the initial universe to 150–200 companies.

The team will then analyse this reduced pool of companies more intensively. Fundamental analysis underpins all investment decisions, incorporating insights from competitors, regulators, customers, and other stakeholders. This is supported by detailed financial modelling of income statements, balance sheets, and cash flows to identify key performance drivers.

Valuation is approached rigorously, using primary tools such as discounted cash flow models; scenario-based analysis; multiples of normalised earnings; book value and dividend yield. The team also use secondary methods such as relative valuation and peer comparisons. Both strands of research aim to highlight businesses with a sustainable competitive advantage, whether derived from brand strength, network effects, cost efficiency, regulatory positioning or technological leadership. From this, each company is assigned a rating of strong buy, buy, neutral, or sell. This narrows the pool to 75–100 stocks that are actively rated as buy candidates.

The fund managers then select the securities that reflect the team’s highest-conviction ideas, with portfolio weightings determined by the most favourably perceived risk/reward profile, and overall portfolio balance.
The final portfolio typically holds between 40 and 60 stocks.

Risk

At Janus Henderson, investment risk oversight is jointly managed by the investment risk team, reporting to the investments COO, and the financial risk team, reporting to the chief risk officer. The process is built on a framework where fundamental research is the first line of defence; risk is treated as a budget rather than a constraint; exposures are identified systematically; and behavioural biases are guarded against while seeking to capitalise on market dislocations. Human judgment plays a central role, with risk models informing but not dictating decisions.

Portfolios are reviewed with the mindset of “buying them every day,” and sell decisions are driven by a broken investment thesis; a stock exceeding its target price range; significant changes in the competitive or macro environment; and risk/reward optimisation. The investment risk team works closely with portfolio managers to maximise risk-adjusted returns, while monitoring portfolios daily and holding regular oversight meetings. The financial risk team provides independent challenges across markets, liquidity, and counterparty credit risk, with formal escalation protocols culminating in the investment performance and risk committee, ensuring that portfolios remain aligned with both client objectives and the firm’s risk parameters.

ESG

ESG factors are considered for all investments as a way of helping to understand a business, rather than to drive an investment. They identify financially material ESG issues and assess what impact it could have on companies’ cashflows, valuations and discount rates.

Related Insights

The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.