On 31 August 2023, Janus Henderson announced that John Bennett, Director of European Equities and lead manager of the Janus Henderson European Selected Opportunities fund, and co-manager of the Janus Henderson European Absolute Return fund, will retire a year from now in August 2024.  Both funds feature on our Recommended list.

Janus Henderson has a well-resourced European equities team.  Mr Bennett will continue to work closely with the team until his departure to ensure a seamless transition and handover of responsibilities.

Janus Henderson European Selected Opportunities

Going forward, Tom O’Hara and Tom Lemaigre, who have both worked alongside Mr Bennett for the last five years, will assume primary portfolio management responsibilities on the firm’s Pan-European Long-Only strategies.  Mr O’Hara has 17 years of financial industry experience and has co-managed this fund with Mr Bennett since 2020.  Mr Lemaigre has nine years of financial industry experience and was appointed a portfolio manager on the fund in February 2022.

Janus Henderson European Absolute Return

Robert Schramm-Fuchs will remain as the primary portfolio manager on the Pan-European team’s Large-Cap Long/Short strategies, which includes the Janus Henderson European Absolute Return fund.  Currently, Mr Schramm-Fuchs is partnering with Mr Bennett on these strategies.  He has been with the firm since 2014 and has worked closely with Mr Bennett for the last nine years.

Janus Henderson has indicated that there are not expected to be any changes to philosophy or process.  As a reminder, the Janus Henderson European Selected Opportunities fund is a European equity fund that blends the fundamental analysis of companies with global sector themes.  The fund is not strongly stylised, although the managers maintain a firm valuation discipline, with the fund featuring a mix of structural winners and idiosyncratic value opportunities.  The Janus Henderson European Absolute Return fund is a pan-European equity fund that combines long and short positions with a view to generating absolute returns each year.  Net and gross exposures vary according to opportunity, but capital preservation is always uppermost in the managers’ minds.

Following this news, both funds remain on our Recommended list.  According to our research process, we will continue to monitor the funds and hold meetings with the managers over the coming year, focusing on the continuity of investors’ expectations.