Janus Henderson Global Equity Market Neutral Fund A2 HEUR

Objective The Fund aims to provide a positive (absolute) return, regardless of market conditions, over any 12 month period. A positive return is not guaranteed over this or any other time period and, particularly over the shorter term, the Fund may experience periods of negative returns. Consequently, your capital is at risk. Performance target: To outperform the US Base Rate, after the deduction of charges, over any 3 year period. Investment policy The Fund invests in shares and makes extensive use of derivatives (complex financial instruments) to take both ‘long’ and ‘short’ positions in companies throughout the world that the investment manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the Fund may benefit from either scenario. Typically, the Fund will match each long position in a company with an equivalent sized short position in another company (known as a 'pair'), with the aim of benefitting from price divergence between the long and short exposures of the pair, while minimising the effect of wider market movements. The Fund will hold a significant proportion of its assets in cash andmoney market instruments as a result of holding derivatives. The investment manager may also use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the US Base Rate as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). For currency hedged Share Classes, the central bank rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees.The investment manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark. Strategy The investment manager targets positive returns, with low correlation to movements in stock markets.Returns are sought through balancing positions in companies with attractive prospects (long positions) with positions in companieswith unattractive prospects (short positions), thereby attempting to isolate the Fund from moves within equity markets more widely. The process captures the best ideas from across Janus Henderson's equity teams globally. Other Information Environmental, social and governance (ESG) criteria are one of the components of management but theirweight in the final decision is not defined in advance. The Fund promotes environmental and/or social characteristics as defined underArticle8of the SustainableFinance Disclosure Regulation (SFDR). Transaction costs In addition to the charges set out in the Charges section below, the Fund involves a high level of buying and selling activity and will incur higher portfolio transaction costs which are paid fromthe assets of the Fund. These may have a material impact on your returns. Distribution policy This share class distributes income after the deduction of charges. Distribution frequency Annual. Recommendation This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. The Fund is designed to be used only as one component of several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. You can buy, sell or switch shares in the Fund on any dealing day, as defined in the Company's Prospectus.