Janus Henderson Cash Institutional Performance Review | News

What is the Janus Henderson Cash Institutional fund?

The Henderson Cash Fund – Institutional (‘Fund’) seeks to achieve a total return after fees that exceed the total return of the Benchmark (Bloomberg AusBond Bank Bill Index), over rolling annual periods.

The Trust’s investment strategy is to invest predominantly in high quality short term securities including: bank bills; deposits and commercial paper.
The Fund may utilise derivatives solely for risk management and cannot be used to gear the Fund..
Considered as low risk.
Asset allocation is 100% to Cash and shirt term money market including bank deposits, bank bills, and commercial paper.

Quick Links

Subscribe for Updates

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Latest News & Updates For Janus Henderson Cash Institutional

Janus Henderson Cash Institutional Fund Commentary September 30, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.34% (net) and 0.35% (gross). The Fund performed in line with the Bloomberg AusBond Bank Bill Index (Benchmark) in September. The Fund continues its outperformance, beating the Benchmark over the longer term including by 0.11% (net) over the year, and 0.07% (net) since inception per annum.

The Fund continues to benefit and outperform from selection of securities providing income advantage via allocation to major bank term deposits, short commercial paper, and securities issued by regional banks, which are earning a margin over bank bill swap rates. The Fund has maintained a neutral duration position relative to the Benchmark, with market pricing of near term RBA cash rates remaining relatively fair in our opinion. We look for increases in pricing of imminent RBA hikes or a widening in bills versus overnight indexed swap spread to warrant any duration extension in the Fund, for now value is mainly presenting further out along the bond yield curve.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

Product Overview
Performance Review
Peer Comparison
Product Details

Product Overview

Fund Name	APIR Code ? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.	Structure ?	Asset Class ? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.	Asset Category ? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.	Peer Benchmark Name ? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.	Broad Market Index ? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.	FUM ? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.	Management Fee ? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.	Performance Fee ? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.	Spread ? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Janus Henderson Cash Institutional	IOF0141AU	Managed Funds	Cash	Australian Cash	Cash - Australian Cash Index	RBA Cash Rate Target Index	1.31 BN	0.15%	0.00%	0%

Performance Review

Fund Name	Last Month ? Returns after fees in the most recent (last) month).	3 Months Return ? Returns after fees in the most recent 3 months.	1 Year Return ? Trailing 12 month returns.	3 Years Average Return ? Average Annual returns from the last 3 years.	Since Inc. Average Return ? Average (annualised) returns since inception	1 Year Std. Dev. (Annual) ? The standard deviation (or annual volatility) of the last 12 months.	3 Years Std. Dev. (Annual) ? The average standard deviation (or annual volatility) from the last 3 years.	Since Inc. Std. Dev. (Annual) ? The average standard deviation (or annual volatility) since the fund inception.	1 Year Max Drawdown ? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	3 Year Max Drawdown ? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	Since Inc. Max Drawdown ? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Janus Henderson Cash Institutional	0.36%	1.15%	4.54%	2.86%	2.78%	0.07%	0.53%	0.5%	0%	-0.11%	-0.11%

Peer Comparison

Fund Name	Peer Index Name ? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.	12 Months Excess Return ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	Excess Return Annualised Since Inception ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	12 Months Alpha ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	Alpha Annualised Since Inception ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	12 Months Beta ? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	Beta Annualised Since Inception ? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	12 Months Tracking Error ? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	Tracking Error Since Inception ? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	12 Months Correlation ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.	Correlation Since Inception ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Janus Henderson Cash Institutional	Cash - Australian Cash Index	0%	-1.15%	NA%	NA%	NA%	0.74	0.06%	4.12%	0.51	0.18

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Janus Henderson Cash Institutional	Yes		-	https://www.janushenderson.com/en-au/	-

Product Due Diligence

What is Janus Henderson Cash Institutional

Janus Henderson Cash Institutional is an Managed Funds investment product that is benchmarked against RBA Cash Rate Target Index and sits inside the Cash - Australian Cash Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Janus Henderson Cash Institutional has Assets Under Management of 1.31 BN with a management fee of 0.15%, a performance fee of 0.00% and a buy/sell spread fee of 0%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Janus Henderson Cash Institutional has returned 0.36% in the last month. The previous three years have returned 2.86% annualised and 0.5% each year since inception, which is when the Janus Henderson Cash Institutional first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Janus Henderson Cash Institutional first started, the Sharpe ratio is NA with an annualised volatility of 0.5%. The maximum drawdown of the investment product in the last 12 months is 0% and -0.11% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Janus Henderson Cash Institutional has a 12-month excess return when compared to the Cash - Australian Cash Index of 0% and -1.15% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Janus Henderson Cash Institutional has produced Alpha over the Cash - Australian Cash Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Cash - Australian Cash Index category, you can click here for the Peer Investment Report.

What level of diversification will Janus Henderson Cash Institutional provide?

Janus Henderson Cash Institutional has a correlation coefficient of 0.18 and a beta of 0.74 when compared to the Cash - Australian Cash Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Janus Henderson Cash Institutional and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Janus Henderson Cash Institutional with the RBA Cash Rate Target Index?

For a full quantitative report on Janus Henderson Cash Institutional compared to the RBA Cash Rate Target Index, you can click here.

Can I sort and compare the Janus Henderson Cash Institutional to do my own analysis?

To sort and compare the Janus Henderson Cash Institutional financial metrics, please refer to the table above.

Has the Janus Henderson Cash Institutional been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Janus Henderson Cash Institutional?

If you or your self managed super fund would like to invest in the Janus Henderson Cash Institutional please contact via phone or via email .

How do I get in contact with the Janus Henderson Cash Institutional?

If you would like to get in contact with the Janus Henderson Cash Institutional manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Janus Henderson Cash Institutional. All data and commentary for this fund is provided free of charge for our readers general information.

Subscribe for Updates

Historical Performance Commentary

Performance Commentary - August 31, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.38% (net) and 0.39% (gross).

The Fund outperformed the Bloomberg AusBond Bank Bill Index (Benchmark) in August by 0.01%. The Fund continues its outperformance, beating the Benchmark over the longer term including by 0.08% (net) over the year, and 0.08% (net) since inception per annum.

Performance Commentary - July 31, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.39% (net) and 0.39% (gross). The Fund outperformed the Bloomberg AusBond Bank Bill Index (Benchmark) in July by 0.02%. The Fund continues its outperformance, beating the Benchmark over the longer term including by 0.07% (net) over the year, and 0.07% (net) since inception per annum.

In yet another very close call, the Reserve Bank of Australia (RBA) chose to pause its hiking cycle, at 4.10% at their July meeting. They are highly data dependent and assessing the twosided risks in the context of an already historic hiking cycle. There is just over one cut in 2024 now. Against the current cash rate of 4.10%, three-month bank bills ended 9bps lower at 4.26%. Six-month bank bill yields ended 6bps lower at 4.64%.

The RBA are now monitoring the balance between the slowing household sector, the strong labour market, and high wages growth. We know that the labour market lags the economy, reflecting the monetary policy conditions seen almost a year before, but the turn is difficult to pinpoint. We remain in the midst of the peaking of the economy but believe that policy will continue to grip and slow economic growth, with a shallow recession starting early next year not off the table.

We have reduced the probability of the very last hike in the cycle, with our central case now seeing one more hike to 4.35%. This may come through in either of the next two meetings. However, the longer the RBA leave it, the worse the coincident economic data appears and the harder it is for them to raise rates to tackle inflation. We currently see market pricing of one more rate hike, but delayed until 2024, and then policy held for an extended time, as underestimating the economic headwinds in 2024. We currently see the Australian yield curve as modestly under-valued. We remain on the lookout for tactical opportunities to add further duration on spikes in yields triggered by central bank signalling and data flows.

Performance Commentary - June 30, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.30% (net) and 0.30% (gross). The Fund performed in line with the Bloomberg AusBond Bank Bill Index (Benchmark) in June. The Fund continues its outperformance, beating the Benchmark over the longer term including by 0.12% (net) over the year, and 0.07% (net) since inception per annum.

Performance Commentary - May 31, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.29% (net) and 0.30% (gross). The Fund performed in line with the Bloomberg AusBond Bank Bill Index (Benchmark) in May. The Fund continues its outperformance, beating the Benchmark over the longer term including by 0.04% (net) over the year, and 0.08% (net) since inception per annum.

Performance Commentary - April 30, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.30% (net) and 0.31% (gross). The Fund continues its outperformance, beating the Bloomberg AusBond Bank Bill Index (Benchmark) over the longer term including by 0.06% (net) over the year, and 0.07% (net) since inception per annum.

The Fund continues to benefit from its allocation to major bank term deposits, notice period accounts and securities issued by regional banks which are earning a margin over bank bill swap rates. The Fund has maintained a relatively neutral duration position relative to the Benchmark as the market is only pricing a small chance of one further tightening.

Performance Commentary - March 31, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.29% (net) and 0.30% (gross). The Fund outperformed the Bloomberg AusBond Bank Bill Index (Benchmark) by 0.01% (net) in March.

The Fund continues to benefit from its allocation to major bank term deposits, notice period accounts and securities issued by regional banks which are earning a margin over bank bill swap rates. The Fund also benefited from its recent allocation to Commonwealth Treasury notes as bank paper underperformed as a result of Bank Bill versus OIS spreads widening and reversing the spread inversion witnessed earlier in the year.

Performance Commentary - February 28, 2023

The Janus Henderson Cash Fund – Institutional (Fund) returned 0.24% (net) and 0.25% (gross). The Fund performed in line with the Bloomberg AusBond Bank Bill Index (Benchmark) in February.

The Fund benefitted from its allocation to major bank term deposits, notice period accounts and securities issued by regional banks which are earning a margin over bank bill swap rates. As money market yields rose the Fund was appropriately cautious on duration, and will look for opportunities to capitalise on higher cash rate structures. Inversion in Bank Bill vs OIS spreads saw us actively rotate out of bank paper into Commonwealth Treasury notes which offered higher yields for the same tenors adding yield advantage.

Janus Henderson Cash Institutional (IOF0141AU) Report & Performance