Trustnet Magazine Issue 46 December 2018 | Page 22

Advertorial feature
Glossary
sized high growth businesses during the
month. However, we see litigation finance
as an uncorrelated asset class generating
high returns, a very underpenetrated market
with significant barriers to entry. Burford is
undoubtedly the leading litigation financier
and we were able to open a position at an
attractive level as the stock fell 23.5%, peak to
trough in October.
Credit
HAST’s mandate to source alternative
investment opportunities often takes us well
off the beaten track and can lead us towards
good performers like Asmore Sicav Emerging
Markets Short Duration Fund, which invests in
short duration emerging market bonds, typically
issued by governments or companies, which are
denominated in USD. Since its inception in 2014,
the fund has delivered a three-year annualised
return of 16.86%.
Property
In the property sleeve, we are excited about
Urban Logistics REIT (Real Estate Investment
FE TRUSTNET
[ JANUS HENDERSON ]
20 / 21
Volatility: The rate and
extent at which the price of
a portfolio, security or index,
moves up and down. If the
price swings up and down
with large movements, it has
high volatility. If the price
moves more slowly and to
a lesser extent, it has lower
volatility. It is used as a
measure of the riskiness of an
investment.
Quantitative tightening:
A contractionary monetary
policy applied by a central
bank to decrease the amount
of liquidity within the economy.
The policy is the reverse
of quantitative easing aimed to
increase money supply in order
to stimulate the economy.
Bull market: A financial
market in which the prices
of securities are rising,
especially over a long time.
The opposite of a bear market.
Liquidity: The ability to buy
or sell a particular security or
asset in the market. Assets
that can be easily traded in
the market (without causing a
major price move) are referred
to as ‘liquid’.
Trust). Urban logistics is a fast-growing
segment within the real estate sector
and includes warehouses and facilities
used for the storage and delivery of
consumer goods. The growth of online
shopping and increasing demand for
home delivery has led to more demand
for urban logistic centers and it’s a trend
we think will continue in the long term.
Bank of America Merrill Lynch strategy
because it is market neutral in nature.
Spread your bets
These examples should provide a
sense of the diversity within the
Trust’s portfolio and how the team is
working towards a resilient portfolio
that can outperform during times of
market stress.
Commodities
We believe that investors will have
Commodities are another great
to adjust to greater volatility going
diversifier to some of the mainstream
forward. At this stage of the market
equity markets and a natural protection cycle, missteps by policy makers are
against inflation. We hold the Bank
likely to be more keenly felt. Global
of America Merrill Lynch Global
growth seems to be gently rolling over,
Commodities fund because we believe mainly led by China, although the US
that a truly diversified multi-asset
remains solid for now and this should
fund should have an allocation to
support risk assets. However, we are
commodities. We do not have a strong
becoming increasingly cautious and
belief that commodity markets will rise so remain vigilant and will look to
over the coming years and we like the
react accordingly.
Before investing in an investment trust referred to in this article, you should satisfy yourself as to its
suitability and the risks involved, you may wish to consult a financial adviser. Past performance is not a guide to
future performance. The value of an investment and the income from it can fall as well as rise and you may not
get back the amount originally invested.
Nothing in this article is intended to or should be construed as advice.  This article is not a recommendation
to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any
investment.
Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which Janus
Capital International Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355),
Henderson Investment Funds Limited (reg. no. 2678531), AlphaGen Capital Limited (reg. no. 962757),
Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and
Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the
Financial Conduct Authority to provide investment products and services.  Henderson Management S.A. (reg
no. B22848) is incorporated and registered in Luxembourg with registered office at 2 Rue de Bitbourg, L-1273
Luxembourg and authorised by the Commission de Surveillance du Secteur Financier.
© 2018, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited,
Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.
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