Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 2024-12-09
Past performance does not predict future returns. The value of an investment may go down as well as up and you may loose the amount originally invested. Investors should read the Key Risks section of this page, Key Investor Information Document and Prospectus prior to investing.
A concentrated portfolio of high conviction ideas
Aims to provide capital growth over the long term by investing in a concentrated, actively managed portfolio of equity securities issued by European companies, regardless of market style. Proven track record (>5 years), managed by one of the largest active investment teams in European equities, enabling premier corporate access to uncover the region's most compelling opportunities.
Investment objective
The ETF aims to provide capital growth over the long term by investing in a concentrated, actively managed portfolio of equity securities issued by European companies.Investment process
Under normal circumstances, the Sub-Fund will invest at least 90% of its assets in equity securities or depositary receipts issued by European companies. The Sub-Fund may invest in companies of any size in any industry, though will typically invest in large- and mid-sized companies. The Sub-Fund will typically have 20 - 25 holdings and is not expected to have fewer than 20 holdings. The Sub-Fund may also hold cash. Derivatives may be used for the purposes of hedging/risk reduction. The Sub-Fund will use forward FX contracts to hedge currency risk where it offers Hedged Share Classes (as defined below).
The Sub-Fund may temporarily invest outside of these guidelines while dealing with subscriptions, redemptions, for liquidity management or for defensive purposes, including navigating unusual market conditions.
The Sub-Fund is actively managed. The Index Benchmark, which is broadly representative of the companies in which the Sub-Fund may invest, is used for performance comparison purposes only. The Investment Manager has discretion to choose investments for the Sub-Fund from the Index Benchmark with weightings different to the Index Benchmark or not in the Index Benchmark.
Investment Strategy
The Investment Manager seeks to capture performance by anticipating the catalysts for change in European companies and industries. Such catalysts for change can be at the level of an individual company, such as management changes or product innovation, or at a macro-level, i.e. changes impacts one or more sectors such as the impact of artificial intelligence or changes in regulation. The Investment Manager generally takes a “bottom-up” or stock picking approach to building a portfolio of investments which are built one security at a time following in house research into each company. Companies are considered principally on their own fundamental qualitative and quantitative characteristics. The focus is on stock selection, which is a result of rigorous, fundamental research aiming to understand the factors that impact a company’s price which comprises detailed financial analysis of a company and a strict valuation discipline, and incorporates strong risk management.
The investment process comprises 4 stages:
1. Establish investible universe using a broad quantitative assessment which considers financial metrics relevant to a company such as price-to-earnings ratios, cash returns on investment, revenue growth, etc.
2. Idea generation stage takes both macro level considerations, i.e. macro-economic factors such as inflation and political trends that may impact a company’s value, and bottom up factors (such as level of corporate access).
3. The in-depth analysis stage considers quantitative metrics, being the financial metrics referred to above, and qualitative factors, such as management quality, industry dynamics and barriers to entry, to assess the fundamental quality of a company.
4. Portfolio construction process considers overall risk management (position sizing, country exposure and liquidity) to build a blended portfolio of companies.
This results in a portfolio of typically 20 - 25 mainly well-known larger companies and under-researched mid-sized companies. Smaller companies are not normally a significant focus of the portfolio. The portfolio will be well diversified across a variety of sectors, which the Investment Manager believes has the potential to perform well over time.
Registered countries
The fund is currently registered for sale in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Portugal, Sweden, Switzerland, Luxembourg and the United Kingdom.
About this fund
| Fund information | |
|---|---|
| Issuer: | Tabula ICAV |
| Investment manager: | Janus Henderson Investors UK Limited |
| Asset class: | Equities |
| Investment focus: | Europe |
| Portfolio managers: | Robert Schramm-Fuchs; Marc Schartz |
| ESG integration: | Yes, SFDR Article 8 |
| Style: | Actively managed ETF |
| Management Company: | Waystone Management Company (IE) Limited |
| Administrator: | HSBC Securities Services (Ireland) DAC |
| Custodian: | HSBC Continental Europe, Dublin Branch |
| Inception: | 13 November 2024 |
| Share class inception: | 13 November 2024 |
| Ongoing charges: | 0.49% |
| Income treatment: | Accumulating |
| Domicile: | Ireland |
| Base currency: | EUR |
| Share class currency: | EUR |
| Primary listing: | Xetra |
| Listing currency: | EUR |
| Primary ticker: | JCEU |
| ISIN: | IE0002A3VE77 |
| UK distributor/reporting status: | Yes |
| ISA & SIPP eligible: | Yes |
| Index information | |
|---|---|
| Index name: | MSCI Europe Index |
| Bloomberg index ticker: | MXEU |
| Regional focus: | Europe |
| Listing information | ||
|---|---|---|
| Exchange: | Xetra | Borsa Italiana |
| Trading hours: | 0900 to 1730 (Frankfurt) | 0900 to 1730 (Milan) |
| Trading currency: | EUR | EUR |
| Settlement: | T+2 | T+2 |
| Exchange ticker: | JCEU | JCEU |
| Bloomberg ticker: | JCEU GY | JCEU IM |
| RIC: | JCEU.GY | JCEU.IM |
| SEDOL/VALOR: | - | BT9K649 |
| WKN: | A40JUG | A40JUG |
Key risks
No capital protection: The value of your investment may go down as well as up and you may not get back the amount you invested.
Liquidity risk: Lower liquidity means there are insufficient buyers or sellers to allow the Sub-Fund to sell or buy investments readily. Neither the Index provider nor the issuer make any representation or forecast on liquidity.
Market risk: The Net Asset Value of the Sub-Fund will change with changes in the market value of the securities it holds. The price of Shares and the income from them may go down as well as up. Investors may not get back their original investment.
Investment Management Risk: This is the risk that the Investment Manager’s strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. In addition, the Investment Manager has absolute discretion, subject to the provisions of the Prospectus, Supplement and applicable legislation, to exercise shareholders’ rights with respect to securities comprising the Sub-Fund. There can be no guarantee that the exercise of such discretion will result in the investment objective of the Sub-Fund being achieved. Investors should also note that in certain cases, none of the Investment Manager, the ICAV or the Shareholders has any voting rights with respect to securities held by the Sub-Fund.
Concentration Risk: This Sub-Fund has a high exposure to a particular country or geographical region it therefore carries a higher level of risk than a Sub-Fund which is more broadly diversified. This Sub-Fund may have a particularly concentrated portfolio relative to its investment universe or other comparable products. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Sub-Fund.
