Investment trusts: Managed by Janus Henderson



We have been managing investment trusts since 1934 giving us over 80 years’ experience. Today you can benefit from:
  • Extensive knowledge and experience in successfully managing investment trusts over the long term
  • A well-established range of 13 investment trusts covering different geographies and asset classes
  • Investment trusts aiming for income, capital growth, or a combination of both
  • A dedicated team solely focused on investment trusts
What are investment trusts?

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JPMorgan American Investment Trust
Today we manage a range of investment trusts and investment companies covering different geographic regions, sectors and assets to provide investors with choice, diversification and opportunity.
Henderson European Focus Trust
The Company seeks to maximise total return from a focused portfolio of Continental listed stocks.
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Henderson Far East Income
This Company seeks to provide a high level of dividends, as well as capital appreciation over the long term, from a diversified portfolio of investments traded on the Pacific, Australasian, Japanese and Indian stock markets (the Asia Pacific region).
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Lowland Investment Company
The Company aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term. The Company’s policy is to invest in a broad spread of predominantly UK companies of differing sizes with normally not more than half by value coming from the largest 100 UK companies and the balance from small and medium sized companies.
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The City of London Investment Trust
The Company’s objective is to provide longterm growth in income and capital, principally by investment in equities listed on the London Stock Exchange. The Board continues to recognise the importance of dividend income to shareholders.
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The Bankers Investment Trust
The Bankers Investment Trust seeks to maximise returns for shareholders through a broadly diversified international portfolio. The trust aims to deliver capital growth in excess of the FTSE All-Share Index, and regular dividend growth that exceeds the rise in the Retail Prices Index (RPI).
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Henderson High Income Trust
Invests in a prudently diversified selection of both well-known and smaller companies to provide investors with a high dividend income stream while also maintaining the prospect of capital growth.
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Henderson Opportunities Trust
To provide shareholders with higher than average growth of capital over the medium to long term from a portfolio of predominantly UK companies.
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Henderson Diversified Income Ltd
The Company seeks to provide shareholders with a high level of income, and capital growth over the long term. The Company aims to deliver these outcomes by investing selectively across the full spectrum of fixed income asset classes including secured loans, high yield corporate bonds and investment grade corporate bonds.
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Henderson International Income Trust
To provide a high and rising level of dividends as well as capital appreciation over the long-term from a focused and internationally diversified portfolio of securities outside the UK.
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Henderson Smaller Companies Investment Trust
The Company aims to maximise shareholder total returns by investing mainly in smaller companies in the United Kingdom.
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Henderson EuroTrust
Henderson EuroTrust plc invests predominantly in large and medium-sized companies which are perceived to be undervalued in view of their growth prospects or on account of significant changes in management or structure. The company aims to achieve a superior total return from a portfolio of high quality European investments.
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TR European Growth Trust
To achieve capital growth, aiming for a net asset value total return greater than our benchmark index.
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Henderson Alternative Strategies Trust
The Company exploits global opportunities to provide long-term growth to shareholders via a diversified, international, multi-strategy portfolio which offers access also to specialist funds including hedge and private equity. The Company aims to outperform the FTSE World Index on a total return basis.
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Henderson European Focus Trust



Overview

  • The portfolio has a bias to larger capitalised companies but it is able to invest in the equity of mid and smaller capitalised companies.
  • Not constrained by asset allocation models, but exploits sector themes.
  • The portfolio is unconstrained by benchmark and contains between 50 and 60 holdings at any one time.

Key Risks

  • Most of the investments in this portfolio are not made in Sterling, so exchange rates could affect the value and income from your investment.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
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Henderson Far East Income



Overview

  • Aims to achieve a high and rising income stream.
  • Offers a source of diversified income for UK investors.
  • Offers growth prospects in the main growth region of the world’s economy.

Key Risks

  • Asian focused portfolios are exposed to Emerging Markets which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards.
  • This portfolio could have a significant exposure to Emerging Markets, which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards.
  • Most of the investments in this portfolio are not made in Sterling, so exchange rates could affect the value and income from your investment.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • This portfolio allows the manager to use options for revenue enhancement purposes. Options can be volatile and may result in a capital loss.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
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Lowland Investment Company



Overview

  • Up to 50% invested in FTSE 100 companies for stability and income, with the balance in small and medium UK companies for their growth potential.
  • The trust aims to augment returns through the use of gearing.
  • Aims to provide higher-than-average return for investors, with growth of both capital and income over the medium-to-long term.

Key Risks

  • The Trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
  • This portfolio allows the manager to use options for revenue enhancement purposes. Options can be volatile and may result in a capital loss.
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The City of London Investment Trust



Overview

  • Invests in a broad spread of mainly UK-listed companies
  • Aims to grow capital and income over time.
  • A consistent, cautious approach over the long term

Key Risks

  • Not all the investments in this portfolio are made in Sterling, so exchange rates could affect the value of and income from your investment.
  • Where the trust invests in assets which are denominated in currencies other than the base currency then currency exchange rate movements may cause the value of investments to fall as well as rise.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
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The Bankers Investment Trust



Overview

  • Invests in a global, well diversified portfolio
  • Aims to grow both capital and income over time
  • Access to a specialist management team to provide global expertise

Key Risks

  • Global portfolios include a small weighting to Emerging Markets, usually less than 10%, which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards.
  • Not all the investments in this portfolio are made in Sterling, so exchange rates could affect the value of and income from your investment.
  • Where the trust invests in assets which are denominated in currencies other than the base currency then currency exchange rate movements may cause the value of investments to fall as well as rise.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
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Henderson High Income Trust



Overview

  • Conservatively invested portfolio of well-known and smaller UK companies
  • Uses appropriate gearing to enhance returns from a split portfolio of normally 80% equities and 20% bonds
  • Value driven investment style

Key Risks

  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
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Henderson Opportunities Trust



Overview

  • Widely diversified across the UK market.
  • Unconstrained by asset allocation restrictions.
  • Targets UK growth companies and special opportunities.
  • The managers regularly meet the management of the companies in which they are invested, to ensure that a strong relationship is built with the portfolio’s investment, this typically includes between 400 and 500 face to face meetings each year.

Key Risks

  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
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Henderson Diversified Income Ltd



Overview

  • Well diversified portfolio of fixed interest and secured loan assets
  • Asset allocation allows flexibility between fixed interest and floating rate instruments
  • Experienced and expert teams in both areas of investment

Key Risks

  • Not all the investments in this portfolio are made in Sterling, so exchange rates could affect the value of and income from your investment.
  • Where the trust invests in assets which are denominated in currencies other than the base currency then currency exchange rate movements may cause the value of investments to fall as well as rise.
  • The Fund may employ leverage as part of its investment strategy when using derivatives. Derivatives may contain a leverage component and consequently any adverse changes in the value or level of the underlying asset, rate or index can result in a loss greater than the amount invested in the derivative itself.
  • Higher-yielding bonds are issued by companies that may have greater difficulty in repaying their financial obligations. High yield bonds are not traded as frequently as government bonds and therefore may be more difficult to trade in distressed markets.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
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Henderson International Income Trust



Overview

  • Seeks to provide a high and growing level of income.
  • A focused portfolio of around 60 stocks.
  • The only Trust in its sector to invest globally excluding the UK

Key Risks

  • This portfolio may hold only 40-60 stocks. If one of these investments declines in value, this can reduce the portfolio's value more than if it held a larger number of investments.
  • Global portfolios include a small weighting to Emerging Markets, usually less than 10%, which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards.
  • Most of the investments in this portfolio are not made in Sterling, so exchange rates could affect the value and income from your investment.
  • Higher-yielding bonds are issued by companies that may have greater difficulty in repaying their financial obligations. High yield bonds are not traded as frequently as government bonds and therefore may be more difficult to trade in distressed markets.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • This portfolio allows the manager to use options for revenue enhancement purposes. Options can be volatile and may result in a capital loss.
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The Henderson Smaller Companies Investment Trust



Overview

  • The revenue from these UK companies is derived from around the world.
  • Investment approach not constrained by an index.
  • Portfolio constructed on a bottom up, stock picking basis.

Key Risks

  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
  • Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
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Henderson EuroTrust



Overview

  • A focused portfolio of around 50 stocks.
  • Invests in mid to large companies from Western Europe
  • The manager consistently employs a long term buy and hold policy.

Key Risks

  • This portfolio may hold only 40-60 stocks. If one of these investments declines in value, this can reduce the portfolio's value more than if it held a larger number of investments.
  • Most of the investments in this portfolio are not made in Sterling, so exchange rates could affect the value and income from your investment.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing.
  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio.
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TR European Growth Trust



Overview

  • The Company maintains a diversified portfolio
  • Generally, the Company will invest in companies which are quoted, domiciled, listed or have operations in European countries.
  • The Company’s strategy is to deliver capital growth to its shareholders in line with the investment objective and policy.

Key Risks

  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio
  • Most of the investments in this portfolio are not denominated in Sterling, so exchange rates will affect the value of an income from your investment
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies
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Henderson Alternative Strategies Trust



Overview

  • The portfolio will comprise investments which are considered to have attractive medium to long-term return potential and a specialist or alternative asset focus.
  • Specialist investments will target particular geographies or sectors and alternative investments will be focused on the private equity, hedge and property asset classes.
  • There will be a minimum of 30 individual investments.

Key Risks

  • If a fund is a specialist country-specific or geographic regional fund, the investment carries greater risk than a more internationally diversified portfolio
  • Most of the investments in this portfolio are not denominated in Sterling, so exchange rates will affect the value of an income from your investment
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies
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Alliance Trust Savings Limited is a subsidiary of Alliance Trust PC and is registered in Scotland No. 98767, registered office, PO BOX 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings gives no financial or investment advice.