As a result , Schartz said his fund is suitable for people who don ’ t know if growth or value will outperform from here . “ I also don ’ t know ,” he added . In terms of his positioning , Schartz ’ s largest exposure is to industrials , followed by pharmaceuticals and biotechnology . He has a bias to mid caps , with 40 to 50 % of assets in companies smaller than € 20bn . Schartz has headed up Janus Henderson European Growth since December 2017 . While the fund beat its IA Europe ex UK sector and FTSE World Europe ex UK benchmark in 2022 , it has underperformed both measures in every other calendar year under the manager .
Performance of fund vs sector and index under manager