Fund Evaluator:

Janus Henderson European Focus I Overview

Janus Henderson European Focus I (HFEIX) is an actively managed International Equity Europe Stock fund. Janus Henderson launched the fund in 2009.

The investment seeks long-term capital appreciation primarily through investment in equities of European companies. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of European companies. Equity securities include common stocks, and related securities.

About Janus Henderson European Focus I (HFEIX)

There are 2 members of the management team with an average tenure of 4.75 years: Marc Schartz (2024), Robert Schramm-Fuchs (2019). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI Europe NR USD index with a weighting of 100%. Janus Henderson European Focus I has 51 securities in its portfolio. The top 10 holdings constitute 32.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Janus Henderson European Focus I is part of the Equity global asset class and is within the International Equity fund group. Janus Henderson European Focus I has 87.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.2%. There is 87.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Janus Henderson European Focus I has 6.8% of the portfolio in cash.

Assets Under Management

The fund has $429 million in total assets, which is below the $1 billion average for the Europe Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

HFEIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Janus Henderson European Focus I expense ratio is high compared to funds in the Europe Stock category. Janus Henderson European Focus I has an expense ratio of 1.06%, which is 12% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Janus Henderson European Focus I has a portfolio turnover rate of 159%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 108% for the Europe Stock category.

Recently, in the month of July 2026, Janus Henderson European Focus I returned -2.7%, which earned it a grade of F, as the Europe Stock category had an average return of 0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Janus Henderson European Focus I has a trailing yield of 1.29%, which is below the 2.12% category average. The fund normally distributes its income annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Janus Henderson European Focus I Grades

Year to date, the fund has returned 3.8%, 4.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.2% over the past year (grade of D), 15.7% over the past three years (grade of C) and 8.5% per year over the past five years (grade of C) and 9.2% per year over the past 10 years (grade of C).

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