Strategy Profile


[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