Janus Henderson European Smaller Companies

The Janus Henderson European Smaller Companies fund is a pure small-cap vehicle which has a ‘style-agnostic’ approach to investing. This means the managers will buy growth companies at a reasonable price as well as looking at neglected areas of the market. The managers are also willing to invest in the smallest of companies, allowing them to find a number of hidden gems that are often ignored by their peers. They will also target companies at different stages of their life cycle.

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

Our Opinion

Backed by a large and experienced investment team, this is a true small-cap fund where the managers are happy to invest across the entire universe to deliver returns. Janus Henderson European Smaller Companies stands out from its peers in several ways – for example, although it invests in growth companies, it also has a valuation tilt, something which is uncommon in the small-cap space. The fund also targets companies at various points in the investment cycle – allowing the managers to diversify their revenue streams accordingly. With excellent long-term performance, we would consider this a core holding for small-cap purists.

Fund Managers

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Fund Managers

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Ollie Beckett, Co-Manager Ollie Beckett is a Portfolio Manager on the European Equities Team at Janus Henderson Investors. He initially joined Henderson in 1998 as an assistant portfolio manager following the firm's merger with AMP Asset Management, and was promoted to fund manager in 1999. After a stint with the Global Technology Team and a brief departure in 2003, he returned to Henderson in 2005. Ollie holds a BA (Hons) in Economics and Government from the University of Manchester and has 29 years of experience in the financial industry.

Rory Stokes, Co-Manager Rory Stokes is a Portfolio Manager on the European Equities Team at Janus Henderson Investors, a role he has held since 2015. He joined Henderson in 2013 as a European equity analyst. Before that, Rory worked in small- and mid-cap equity sales at Liberum Capital Limited and held various roles at Credit Suisse. He started his career as a research analyst at HOLT Value Associates in 2001. Rory graduated with a degree in Philosophy, Politics, and Economics from Oxford University and is a Chartered Financial Analyst and FCA registered, with 23 years of industry experience.

Julia Scheufler, Co-Manager Julia Scheufler is a Portfolio Manager on the European Equities Team at Janus Henderson Investors, having started in 2024. She joined Janus Henderson in 2018 as a research analyst and became an associate portfolio manager in 2022. Prior to this, Julia was a sell-side analyst on the European mid-cap desk at Berenberg starting in 2016 and previously worked as an investment analyst for a multi-asset fund manager. She began her career at Deloitte PCS Limited in 2009.

Ollie Beckett, Co-Manager Ollie Beckett is a Portfolio Manager on the European Equities Team at Janus Henderson Investors. He initially joined Henderson in 1998 as an assistant portfolio manager following the firm's merger with AMP Asset Management, and was promoted to fund manager in 1999. After a stint with the Global Technology Team and a brief departure in 2003, he returned to Henderson in 2005. Ollie holds a BA (Hons) in Economics and Government from the University of Manchester and has 29 years of experience in the financial industry.

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Rory Stokes, Co-Manager Rory Stokes is a Portfolio Manager on the European Equities Team at Janus Henderson Investors, a role he has held since 2015. He joined Henderson in 2013 as a European equity analyst. Before that, Rory worked in small- and mid-cap equity sales at Liberum Capital Limited and held various roles at Credit Suisse. He started his career as a research analyst at HOLT Value Associates in 2001. Rory graduated with a degree in Philosophy, Politics, and Economics from Oxford University and is a Chartered Financial Analyst and FCA registered, with 23 years of industry experience.

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Julia Scheufler, Co-Manager Julia Scheufler is a Portfolio Manager on the European Equities Team at Janus Henderson Investors, having started in 2024. She joined Janus Henderson in 2018 as a research analyst and became an associate portfolio manager in 2022. Prior to this, Julia was a sell-side analyst on the European mid-cap desk at Berenberg starting in 2016 and previously worked as an investment analyst for a multi-asset fund manager. She began her career at Deloitte PCS Limited in 2009.

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Key Facts

Asset type Equity

Annual Income (Historic) -

Sector European Smaller Companies

Gearing-

Fund Size-

Fund Manager Start Date 10 December 2012

Ongoing Charges Figure (OCF) -

Payment Date(s) Jul

Annual Management Charge (AMC) -

Fund Performance

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Risk

This is a true small-cap fund, with around half of the portfolio in stocks with a market-cap of less than €1bn. As a result, the fund has a lower average market-cap than its peers. Shares of small and medium-sized companies can be more volatile than shares of larger companies, and it may occasionally be difficult to value or to sell shares at desired times and prices, increasing the risk of losses. The fund may also use derivatives and hold assets in different currencies.

Janus Henderson European Smaller Companies fund invests in both growth and value names, giving it flexibility should one style heavily outperform another for a period of time.

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Risk: 85

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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This is a true small-cap fund, with around half of the portfolio in stocks with a market-cap of less than €1bn. As a result, the fund has a lower average market-cap than its peers. Shares of small and medium-sized companies can be more volatile than shares of larger companies, and it may occasionally be difficult to value or to sell shares at desired times and prices, increasing the risk of losses. The fund may also use derivatives and hold assets in different currencies.

Janus Henderson European Smaller Companies fund invests in both growth and value names, giving it flexibility should one style heavily outperform another for a period of time.

Company Description

Close

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.

Quote from the Fund Manager

We look for stocks where the fundamentals exceed the market perception and where we can see reasons for that to change. Fortunately European smaller companies is an arena awash with neglected companies quietly doing great things.

Ollie Beckett

Co-Manager

Investment process

The team starts by screening the investment universe for suitable companies to help rank them from best to worst in class. Idea generation also comes from meeting management and both internal and external research.

The process specifically sees the managers target four types of companies. These are: early cycle companies (rockets) – demonstrating growth, a clear strategy and operating leverage; quality growth – businesses with high returns on invested capital, top line growth, margin sustainability and barriers to entry; mature businesses – these are cash-generative firms with steady returns on invested capital; and turnaround companies – these may have management looking at cost cutting, reasonable margins and asset disposals.

The team seeks to understand the business model, assess whether the valuation is correct and find any mis-priced opportunities.

The portfolio construction stage will determine company position sizes, with the team keen to diversify the portfolio as much as possible. The portfolio typically holds around 100 stocks, although this number can vary.

The fund does invest in both growth and value names, giving it the flexibility should one style heavily outperform another for a period of time.

Risk

This is a true small-cap fund, with around half of the portfolio in stocks with a market-cap of less than €1bn. As a result, the fund has a lower average market-cap than its peers. Shares of small and medium-sized companies can be more volatile than shares of larger companies, and it may occasionally be difficult to value or to sell shares at desired times and prices, increasing the risk of losses. The fund may also use derivatives and hold assets in different currencies.

Janus Henderson European Smaller Companies fund invests in both growth and value names, giving it flexibility should one style heavily outperform another for a period of time.

ESG

ESG - Integrated  

Janus Henderson has a specialist ESG team which focuses on integration, engagement, voting and reporting. The firm also has a risk function which includes ESG analysis of portfolios. The European Smaller Companies fund has ESG analysis integrated into all of its investment theses with regards to stock decisions. ESG is incorporated into company scoring and evaluation, with the underlying belief that companies that score well on ESG and sustainability warrant a valuation premium over time. The firm looks at what is/is not a fair premium for those assets, rather than excluding stocks on ESG ratings alone.

The firm splits the ESG moniker up within its process. Environmental and Social decisions are often made within the firm's in-house Governance and Stewardship Team, as well as considering ESG risk reports. Governance is covered on desk as part of the management team's routine work and they regularly challenge the management of the companies they hold in this regard.

Related Insights

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