Morningstar Fund Report | 17/04/2025

Janus Henderson Horizon Euroland Fund H2 EUR

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	21.0	-9.7	20.0	4.9	7.9
	+/-Cat	6.7	-0.9	5.7	2.6	0.7
	+/-B’mrk	5.9	-2.6	4.0	0.4	-1.2


Category: Eurozone Large-Cap Equity
Category Benchmark: Morningstar Dev Ezn TME NR EUR

Key Stats
NAV 16/04/2025		EUR 21.14
Day Change		0.22%
Morningstar Category™		Eurozone Large-Cap Equity
ISIN		LU0976557156
Fund Size (Mil) 31/03/2025		EUR 776.03
Share Class Size (Mil) 16/04/2025		EUR 37.26
Max Initial Charge		5.00%
Ongoing Charge 06/03/2025		1.08%

Morningstar Research

Analyst Report	20/11/2024 Ronald van Genderen, Senior Analyst Morningstar, Inc
Janus Henderson Horizon Euroland benefits from a skilled and highly experienced lead manager, who has self-developed a time-tested and methodical approach. His successful and consistent execution of this valuation-aware approach has increased our...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	23
Parent	23
Process	24
Performance
Price

Investment Objective: Janus Henderson Horizon Euroland Fund H2 EUR

The Fund aims to provide capital growth over the long term.

Returns

Trailing Returns (GBP)	16/04/2025
YTD	6.63
3 Years Annualised	11.11
5 Years Annualised	13.97
10 Years Annualised	7.46

12 Month Yield

0.00

Management

Manager Name Start Date
Nick Sheridan 04/11/2011
Inception Date 18/03/2014

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI EMU NR EUR	Morningstar Dev Ezn TME NR EUR

Portfolio Profile for Janus Henderson Horizon Euroland Fund H2 EUR	31/03/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	98.25	0.00	98.25
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	1.75	0.00	1.75
Other	0.00	0.00	0.00

Top 5 Regions	%
Eurozone	90.31
United Kingdom	6.14
United States	2.71
Asia - Developed	0.85
Canada	0.00

Top 5 Sectors		%
	Industrials	28.63
	Financial Services	22.69
	Technology	13.50
	Communication Services	6.57
	Healthcare	5.81

Top 5 Holdings	Sector	%
RELX PLC	Industrials	5.05
UniCredit SpA	Financial Services	4.93
Allianz SE	Financial Services	4.89
ASML Holding NV	Technology	4.41
Deutsche Telekom AG	Communication Services	4.11

Increase Decrease New since last portfolio
Janus Henderson Horizon Euroland Fund H2 EUR

Growth Of 1000 (GBP)

31/03/2025

	Fund: Janus Henderson Horizon Euroland Fund H2 EUR
	Category: Eurozone Large-Cap Equity
	Category Index: Morningstar Dev Ezn TME NR EUR

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-15.66	16.91	3.40	21.00	-9.67	19.96	4.89	7.90
+/- Category	-2.55	0.03	-0.46	6.65	-0.94	5.73	2.62	0.67
+/- Category Index	-4.00	-1.36	-1.45	5.87	-2.63	4.00	0.37	-1.20
% Rank in Category	81	54	53	5	66	4	27	47

Trailing Returns (GBP)			16/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	0.22	-0.59	-0.17
1 Week	7.03	2.21	-0.07
1 Month	-4.20	0.73	0.64
3 Months	0.71	-1.32	-0.90
6 Months	4.35	1.58	-0.99
YTD	6.63	0.71	-0.69
1 Year	8.06	5.43	1.85
3 Years Annualised	11.11	2.50	0.27
5 Years Annualised	13.97	2.97	0.63
10 Years Annualised	7.46	1.48	0.34

Category: Eurozone Large-Cap Equity
Category Index: Morningstar Dev Ezn TME NR EUR

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	7.90	-	-	-
2024	5.83	0.80	0.49	-2.15
2023	11.90	-0.18	-0.35	7.78
2022	-6.97	-11.04	-2.51	11.96
2021	10.65	4.60	2.17	2.33
2020	-22.84	24.37	-0.77	8.57

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Above Average	Above Average
5-Year	Above Average	High
10-Year	Above Average	Above Average
Overall*	Above Average	Above Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	14.21 %
3-Yr Mean Return	10.73 %


3-Yr Sharpe Ratio	0.44

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar Dev Ezn TME NR EUR	MSCI Europe ex UK Small Cap NR EUR
3-Yr Beta	0.95	0.85
3-Yr Alpha	-0.06	7.80

Investment Style Details

31/03/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	EUR 42464	-


Market Capitalisation	% of Equity
Giant	47.79
Large	31.66
Medium	17.31
Small	3.25
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	13.28	0.94
Price/Book	1.80	0.98
Price/Sales	1.09	0.77
Price/Cash Flow	7.36	0.84
Dividend-Yield Factor	3.70	1.00

Long-Term Projected Earnings Growth	8.68	0.90
Historical Earnings Growth	20.72	2.60
Sales Growth	5.46	1.73
Cash-Flow Growth	5.75	3.93
Book-Value Growth	7.65	1.38

Asset Allocation

31/03/2025

	% Long	% Short	% Net Assets
Stock	98.25	0.00	98.25
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	1.75	0.00	1.75
Other	0.00	0.00	0.00

World Regions

31/03/2025

	% of Equity	Relative to Category
United States	2.71	1.79
Canada	0.00	-
Latin America	0.00	0.00
United Kingdom	6.14	4.17
Eurozone	90.31	0.96
Europe - ex Euro	0.00	0.00
Europe - Emerging	0.00	0.00
Africa	0.00	0.00
Middle East	0.00	-
Japan	0.00	-
Australasia	0.00	-
Asia - Developed	0.85	4.72
Asia - Emerging	0.00	0.00

Sector Weightings

31/03/2025

	% of Equity	Relative to Category
Basic Materials	5.13	1.10
Consumer Cyclical	3.66	0.32
Financial Services	22.69	1.00
Consumer Defensive	4.95	0.79
Healthcare	5.81	0.76
Utilities	5.19	1.11
Communication Services	6.57	1.27
Energy	3.86	1.21
Industrials	28.63	1.52
Technology	13.50	0.94

Top 10 Holdings

31/03/2025

	Portfolio NEW
Total Number of Equity Holdings	49
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	39.03

Name	Sector	Country	% of Assets
RELX PLC		United Kingdom	5.05
UniCredit SpA		Italy	4.93
Allianz SE		Germany	4.89
ASML Holding NV		Netherlands	4.41
Deutsche Telekom AG		Germany	4.11
Siemens AG		Germany	3.32
Banco Santander SA		Spain	3.13
Koninklijke Ahold Delhaize NV		Netherlands	3.13
Sanofi SA		France	3.05
ASM International NV		Netherlands	3.02

Increase Decrease New since last portfolio
Category: Eurozone Large-Cap Equity

Management

Name of Company	Janus Henderson Investors
Phone	8002270486
Website	www.janushenderson.com
Address	201 Bishopsgate
	London EC2M 3AE
	United Kingdom

Domicile	Luxembourg
Legal Structure	SICAV
UCITS	Yes
Inception Date	18/03/2014

Fund Advisor(s)
Janus Henderson Investors UK Limited

Fund Manager	Nick Sheridan
Manager Start Date	04/11/2011
Career Start Year	1986

Education

Liverpool University, B.A.



Biography
Nick Sheridan is a Portfolio Manager of European equities at Janus Henderson Investors, a position he has held since 2009. Nick joined Henderson in 2009 as part of the acquisition of New Star, where he was a portfolio manager for two years. Before New Star, he was a director of European equities at Tilney for six years. He began his fund management career at BWD Rensburg in 1990 and entered the industry as a buy-side analyst at Ashton Tod McLaren in 1986. Nick graduated with a BA degree (Hons) in politics from Liverpool University. He received the Securities Institute Diploma from the Chartered Institute for Securities & Investment and has 33 years of financial industry experience.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	5.00%
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	0.60%
Ongoing Charge	1.08%

Purchase Details

Minimum Investments
Initial	7500 EUR
Additional	2500 EUR
Savings	-

Tax Free Savings Schemes
ISAs	Yes