Janus Henderson China Opportunities Fund I Acc

Asia Equities

Rated Fund 2017-2018. Invests in Hong Kong and US to access Chinese growth

Investors in China have faced difficulties in recent years, but its long-term growth potential remains huge. Charlie Awdry, manager of Janus Henderson China Opportunities since 2006, has proved one of the best at tapping into this market. May Ling Wee joined him as assistant manager in 2015.

Although Awdry buys shares on the Chinese stock exchange, he invests mainly via Hong Kong and increasingly the US, where many Chinese services companies are listed. Some 64 per cent of his £1 billion in assets were in companies listed in Hong Kong at the end of 2017 and 16 per cent in the US, with the balance in China-listed companies. The portfolio has around 40 holdings.

London-based Awdry looks for companies that can deliver profits growth ahead of expectations because of either positive industry trends or company-specific reasons. The core of his portfolio is in companies with strong competitive positions and high barriers to entry.He believes there are a number of reasons why investors should consider a stake in China, but the bedrock of the investment case is the rise of consumerism. Younger people are consuming more than previous generations and companies that are identifying this demand have real opportunities for profit growth. Profit growth is another key factor. Although he admits there is not necessarily a link between faster economic growth and profit growth, it does provide support. More generally he points out that Chinese shares are benefiting from reform, particularly financial reform, as a result of internationalisation.

Narrative and ratings content all as of 01 January 2018.

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Name
Janus Henderson China Opportunities Fund I Acc
Manager
Janus Henderson Investors
Type
Open Ended Investment Company
ISIN
GB00B5T7PM36
Sector
China/Greater China
Launched
27/07/2011
OCF
0.86 %
Risk Rating
4
3 Year Sharpe
1.20
3 Year Alpha
4.51
Yield
1 %
Benchmark
MSCI AC Zhong Hua GR USD
The fund aims to provide long-term capital growth by investing in Hong Kong and Chinese company shares. The fund may invest indirectly in Hong Kong and Chinese company shares by buying securities such as American depositary receipts (ADRs).
Holding %
Alibaba Group Holding Ltd ADR 9.76 %
Tencent Holdings Ltd 7.46 %
AIA Group Ltd 7.14 %
China Construction Bank Corp H 6.25 %
Brilliance China Automotive Holdings Ltd 3.91 %
Industrial And Commercial Bank Of China Ltd H 3.88 %
China Petroleum & Chemical Corp H Shares 3.82 %
Kweichow Moutai Co Ltd 3.39 %
YY Inc ADR 2.81 %
Midea Group Co Ltd Class A 2.54 %
Region %
Asia - Emerging 79.39 %
Asia - Developed 14.34 %
United States 6.26 %
Sector %
Consumer Cyclical 27.98 %
Financial Services 18.46 %
Technology 17.78 %
Consumer Defensive 9.03 %
Energy 8.83 %
Industrials 8.43 %
Basic materials 5.88 %
Name
Janus Henderson Investors
Address
80206, Denver, United States
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Charles Awdry
Joined 06/12/2006

Charlie Awdry is an Investment Manager for the Chinese Equities strategy, a position he has held since 2011. Charlie joined the firm as part of Henderson’s acquisition of Gartmore in 2011. He started with Gartmore in 2001. After a period of working in Hong Kong from 2005 to 2006, he returned to London and became the China fund manager at Gartmore in 2006. Charlie graduated with honours, first class from the University of Bristol with a bachelor’s degree in geography. He holds the Chartered Financial Analyst designation and has 17 years of financial industry experience and more than a decade of experience as lead manager of China equities portfolios.

May Wee
Joined 06/12/2006

May Ling Wee is an Investment Manager at Janus Henderson Investors, a position she has held since joining Henderson in 2015. Previously, May Ling was a portfolio manager with Lloyd George Management in Hong Kong. Prior to that, she was an investment analyst with Deutsche Bank, Hong Kong. She began her investment career as a research analyst in Dresdner Kleinwort Wasserstein Securities, Singapore and subsequently Hong Kong. May Ling holds a B Com (economics and finance) from the University of New South Wales, Sydney. She holds the Chartered Financial Analyst designation.

Data provided by Morningstar.

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