[PDF]Strategy Profile - Rackcdn.comhttps://2deaa804a6dc693855a0-eba658c6bc03668a61900f643427d64d.ssl.cf1.rackcd...
1 downloads
105 Views
483KB Size
Institutional Strategy Profile
Global Property Equities Investment Philosophy
As of 9/30/18
Portfolio Management
Our team has a multi-local presence with property specialist teams based in Europe, Asia and North America and believes in a high-conviction, bottom-up investment approach, leveraging in-depth local market knowledge and on-site company visits.
Guy Barnard, CFA
Investment Process Consistent, repeatable and scalable
Co-Head of Global Property Equities
15 years of financial industry experience
Based in London
Tim Gibson
Investment Universe 500+ Stocks
Total Return Valuation Framework
Co-Head of Global Property Equities
17 years of financial industry experience
Based in Singapore
Providing ETR for every stock
Valuation Forecast
Market Convention
Quality Adjustment
Company models provide dividend, earnings and NAV forecasts that capture growth component
Market looks at stocks differently Split of valuation methodology based on earnings and NAV
Forecast of repricing Key input factors are quality of management & portfolio, liquidity, balance sheet and growth
Top-down risk controls Country Sector Liquidity
Target Portfolio 50-60 Stocks
Key Differentiators
Supported by a team of Property Specialists in London, Chicago and Singapore
Strategy Characteristics Investment Style
Global All-Cap
Benchmark
FTSE EPRA/NAREIT Developed Index
Strategy AUM
$1.7B (as of 6/30/18)
Market Cap Range
All Cap
Active Share
77%
Typical Turnover Range
40 – 70%
Typical Holdings Range
50 – 60
Country/Geographic Guidelines
+/- 5% vs. benchmark
Truly active managers: Active share 77%
Multi-local approach: Regional portfolio managers understand local real estate subtleties
Regional Exposure
57% North America, 27% APAC, 16% Europe
Repeatable investment processes: A focus on quality-adjusted warranted valuation, consistent across regions
Maximum Security Size
10%
Experienced investment team: Over 90 years of collective experience
Currency Hedging
Allowed
Ingrained risk management: Top-down risk controls and independent risk team
Derivatives
Allowed
Benefit from the Janus Henderson wider investment expertise: In-house general equities, fixed income & property professionals
Actual results may vary, and the information should not be considered or relied upon as a performance guarantee.
There is no assurance that the investment process will consistently lead to successful investing. Various account minimums or other eligibility qualifications apply depending on the investment strategy, vehicle or investor jurisdiction. Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Continued on back page.
Janus Henderson Global Property Equities (as of 9/30/18) Performance (%)
YTD
1 Year
3 Year
5 Year
Since Inception (11/1/97)
Composite (gross)
4.22
8.69
9.66
7.44
10.24
Composite (net)
2.74
6.63
7.63
5.46
8.19
FTSE EPRA/NAREIT Developed Index
0.06
3.66
6.19
5.43
7.57
Difference (gross vs. index)
+4.16
+5.03
+3.47
+2.01
+2.67
Top 10 Holdings (%)
Rep. Account
Global Sector Exposure (%)
Rep. Account
Benchmark
Retail
11.89
24.64
Office
18.04
23.31
Industrial
21.81
11.16
Residential
22.63
18.97
Health Care
3.77
6.56
Hotel
6.61
4.64
Storage
2.01
3.45
Alternatives
12.58
7.26
Rep. Account
Benchmark
53.04
52.73
Japan
9.75
11.02
Hong Kong
7.20
7.74
Germany
6.15
4.86
United Kingdom
6.06
5.09
Australia
4.24
4.73
Prologis Trust
4.29
Alexandria Real Estate
3.79
Top Country Exposure (%)
VICI Properties
3.55
United States
Goodman Group
3.42
The Link Real Estate Investment Trust
3.34
Deutsche Wohnen
3.17
Rexford Industrial Reallty
2.85
Spirit Realty Capital
2.79
Spain
2.40
0.58
United Dominion Realty Trust
2.77
France
2.07
3.54
Sun Communities
2.74
Singapore
1.78
2.45
Belgium
1.69
0.71
Cash
0.66
—
Source: Janus Henderson Investors Note: Allocations shown are % of portfolio. Total will not sum to 100% due to rounding.
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings. The gross performance results presented do not reflect the deduction of investment advisory fees, and returns will be reduced by such advisory fees and other contractual expenses as described in the individual contract and Form ADV Part 2A. Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy shown and may be higher or lower than model advisory fees. Returns for each client will be reduced by such fees and expenses as negotiated in any client contract as discussed in Form ADV Part 2A.
Index returns are provided to represent the investment environment during the periods shown. The index is fully invested, including the reinvestment of dividends and capital gains. Index returns do not include transaction costs, management fees or other costs, and are gross of non-reclaimable withholding taxes, if any. Global Property Equity portfolios, benchmarked to FTSE EPRA/NAREIT Developed Index, seek long term capital appreciation by investing in the quoted equity securities of companies or Real Estate Investment Trusts (or equivalents) listed or traded on a regulated market which derive the main part of their revenue from the ownership, management and/or development of real estate, throughout the world. The composite was created in March 2015. Information relating to portfolio holdings is based on the representative account in the composite and may vary for other accounts in the strategy due to asset size, client guidelines and other factors. The representative account is believed to most closely reflect the current portfolio management style. Country and/or regional weights based on MSCI classifications. Janus Capital Management LLC serves as investment adviser.
C-0918-19908 01-30-19
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
399-15-419020 10-18