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Steve Johnstone
Fund Manager
Janus Henderson Global Equity
Market Neutral Fund
October 2018
For promotional purposes.
This document is solely for the use of professionals and is not for general public distribution.
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.
Not for onward distribution.
1
Why Equity Market Neutral?
• Equity markets in late stage of a bull cycle
• Historically low volatility, with low correlation to equities
• Potential drawdown protection in turbulent markets
• Absolute return potential in all market conditions
An attractive diversifier
Note: Absolute returns are not guaranteed
2
High (0.9-1.0) High/Moderate
(0.7-0.9) Moderate (0.3-0.7)
Low/Negative
(<0.0-0.3)
Low diversification High diversification
Low correlation...
…to both equities and other alternatives
Correlation matrix
Equity Alternative strategies
Index Description US Large
Cap
Europe Japan US Small
Cap
Emerging
Markets
Long / Short Market
Neutral
Event
Driven FI
Arbitrage Managed
Futures
Eq
uit
y
US Large Cap S&P 500 1.00
Europe MSCI Europe 0.88 1.00
Japan TOPIX 0.67 0.71 1.00
US Small Cap Russel 2000 0.91 0.76 0.59 1.00
Emerging
Markets MSCI EM 0.80 0.85 0.65 0.71 1.00
Alt
ern
ati
ve
str
ate
gie
s
Long / Short HFRX EQUITY HEDGE 0.82 0.78 0.65 0.75 0.74 1.00
Market Neutral HFRX EH: EQUITY
MARKET NEUTRAL 0.14 0.04 0.00 0.15 0.04 0.21 1.00
Event Driven HFRX EVENT DRIVEN 0.70 0.69 0.55 0.66 0.67 0.77 0.03 1.00
FI Arbitrage HFRX ED: CREDIT
ARBITRAGE 0.59 0.62 0.47 0.57 0.63 0.65 -0.03 0.71 1.00
Managed
Futures HFRX MACRO / CTA 0.11 0.08 0.09 0.03 0.06 0.17 0.07 0.06 -0.13 1.00
Source: Janus Henderson Investors. Period of analysis from 1 October 2007 to 30 September 2018 in USD. Past correlations are no guarantee of future correlations. It is not
possible to invest directly in an index. Past performance is not a guide to future returns.
3
Drawdown protection
Worst 10 months for global equities – average asset class performance
-0.7%
1.0%
-1.2%
-2.9%
-9.9%
-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0%
Market Neutral
Gold
Global Bonds
Hedge Funds
Global Equities
Source: Thomson Reuters DataStream. Period of analysis from 31 January 2008 to 30 September 2018 in USD. Global Equities = MSCI World Total Return Index, Hedge
Funds = HFRX Global Hedge Fund Total Return Index, Global Bonds = Bloomberg Barclays Global Aggregate Total Return Index, Gold = Gold Bullion LBM
U$/Troy Ounce, Market Neutral = HFRX EH Equity Market Neutral Total Return Index. Past performance is not a guide to future returns.
4
Low volatility
Significantly lower than equities
Source: Janus Henderson Investors. 12 Month Rolling Volatility. Period of analysis from 1 March 2004 to 30 September 2018 in USD.
0%
10%
20%
30%
40%
50%
Ma
r-04
Aug
-04
Ja
n-0
5
Ju
n-0
5
Nov-0
5
Apr-
06
Sep
-06
Fe
b-0
7
Ju
l-0
7
Dec-0
7
Ma
y-0
8
Oct-
08
Ma
r-09
Aug
-09
Ja
n-1
0
Ju
n-1
0
No
v-1
0
Apr-
11
Sep
-11
Fe
b-1
2
Ju
l-1
2
Dec-1
2
Ma
y-1
3
Oct-
13
Ma
r-14
Aug
-14
Ja
n-1
5
Ju
n-1
5
Nov-1
5
Apr-
16
Sep
-16
Fe
b-1
7
Ju
l-1
7
Dec-1
7
Ma
y-1
8
MSCI World Total Return Index
HFRX EH: Equity Market Neutral Index
Average Volatility
Equities (MSCI World) 14.5%
Equity Market Neutral (HFRX EH: Equity Market Neutral Index) 3.5%
Janus Henderson Global Equity Market Neutral Fund target
volatility range
4 - 7%
5
A stock picker’s market
High stock dispersion favours fundamental stock pickers
5%
10%
15%
20%
25%
30%
Ja
n-0
5
Ju
n-0
5
Nov-0
5
Apr-
06
Sep
-06
Fe
b-0
7
Ju
l-0
7
Dec-0
7
Ma
y-0
8
Oct-
08
Ma
r-09
Aug
-09
Ja
n-1
0
Ju
n-1
0
Nov-1
0
Apr-
11
Sep
-11
Fe
b-1
2
Ju
l-1
2
Dec-1
2
Ma
y-1
3
Oct-
13
Ma
r-14
Aug
-14
Ja
n-1
5
Ju
n-1
5
No
v-1
5
Apr-
16
Sep
-16
Fe
b-1
7
Ju
l-1
7
Dec-1
7
Ma
y-1
8
Global stock-to-stock correlation (6m rolling average)
Ave
rage
of
eve
ry s
tock-t
o-s
tock c
orr
ela
tion
Source: Bank of America Merrill Lynch, as at 30 September 2018. Indicates the 6 month rolling average of global stock-to-stock correlation.
6
Janus Henderson Global Equity Market Neutral Fund
Seeks absolute returns, with low correlation to equity markets
Fundamental
Stock picking is at the core of what
we do. We are not macro managers
In-house Best-of-Breed
A blend of investment styles and
processes taken from across Janus
Henderson's equity teams improves
diversification and risk-adjusted
returns
Risk Management
Oversight from Investment
Committee and independent risk
teams
Portfolio Construction
Systematic risk parity portfolio
construction from dedicated portfolio
manager
A Best Ideas Portfolio
Highest conviction positions are
proven to generate a disproportionate
amount of alpha
Experience
Janus Henderson has been running
multi-manager absolute return funds
since 2004
7
Fund overview
Objective Solution Risk Management
• Positive absolute returns
• Low volatility
• Low correlation to equities
• Low drawdowns
• Target returns of cash +4 – 7%
• Market neutral approach
• High-conviction pair trades
from Janus Henderson’s
equity teams
• Risk parity portfolio
construction
• Target volatility 4 – 7%
• Highly diversified and
liquid
• Daily-dealing UCITS
• Net +/- 5%
• Gross 250%
• 60 – 100 pairs
• Stop loss per pair trade
• Investment Committee
and independent risk
teams
Source: Janus Henderson Investors
Guidelines only. See prospectus for full disclosure. Target returns cannot be guaranteed.
8
Source: Janus Henderson Investors, as at 30 September 2018. Subject to change
Experience shown as (years in the industry, years at firm) as at 30 September 2018
In-house expertise
Diversified across geography & styles at Janus Henderson
Nick Sheridan
Pan Europe
Value (32, 9) Neil Hermon
UK Small / Mid Cap
GARP (29, 16)
Faizan Baig, CFA
U.S.
GARP (11, 3)
Hamish Robertson, CFA
U.S.
Value (12, 3)
Guy Barnard, CFA
Global Property
Relative value (15, 12)
Lars Dollmann, CFA
EMEA
Agnostic (17, 3)
Andrew Gillan
Asia
GARP / quality (18, 4)
Junichi Inoue
Japan
Value (23, 2)
Ollie Beckett
Europe Small / Mid Cap
Agnostic (23, 13)
• Steve Johnstone
(Committee Chair and
Lead Fund Manager)
• Paul Greenwood (Head
of Investment Risk)
• Paul O’Connor (Head of
Multi-Asset, London)
• Alex Crooke (Co-Head of
Equities, EMEA & Asia
Pac)
• George Maris (Co-Head
of Equities, Americas)
• Independent
oversight
• Monitoring of hard
risk limits & factor /
style / country /
thematic
exposures
Risk
Management
Steve Johnstone, CFA
Lead Manager
(27, 7)
Investment
Committee
Robert Fuchs
Pan Europe
Mean reversion (13, 4)
9
Repeatable process
Isolate stock-picking skill, systematically size positions
Contributors
• Multiple styles and geography • Investment Committee
• Lead PM
• Highest conviction ideas only
• Lead PM assesses appropriateness (liquidity,
crowdedness, short borrow, etc)
• Underlying equity teams
• Lead PM
• Quantitative process using risk parity approach
sizes trades • Lead PM
• Systematic risk management, with automatic
upside/downside reviews and hard stop losses
• Additional independent risk oversight
• Underlying equity teams
• Lead PM
• Independent risk teams
• Performance reviews
• Formal Investment Committee oversight • All
Manager selection 1
Pair trade selection 2
Portfolio
construction 3
Risk oversight 4
Ongoing analysis 5
10
Pair trades
Three methods, multiple approaches
Stock vs Stock
Stock vs Sector
Stock vs Index
‘Vanilla’ approach, with no exotic derivatives
Approach
Value
GARP
Momentum
Size
Low volatility
11
Risk management
Systematic and active
On-desk Independent Janus Henderson Risk Team
• Behavioural analysis
• Sell discipline (see below)
• Portfolio optimisation tool
• Crowded trade analysis
• All positions traded centrally
• Active breach management
• VaR framework
• Market and portfolio stress tests
• Hard control limits, tight stop losses (see below)
• Factor, style, country and thematic exposures
• Book correlation analysis
• Escalation process to Risk Committee
• Revisit any pair which: • Contributes more than 40bps
• Detracts more than 30bps
• Automatic stop loss at -50bps
12
Janus Henderson Global Equity Market Neutral Fund
Guideline parameters
Gross Exposure 250% (Hard Limit 400%)
Net exposure +/-5% (Hard Limit +/-10%)
Target Beta Zero (target range +/-0.2)
Pair Trades
60 – 100 pair trades (120 – 200 single positions) • Max single country exposure: 100% gross • Max single industry exposure: 60% gross
Risk parity approach Each pair trade volatility risk-weighted to ensure equal risk contribution
Liquidation Target ability to liquidate 70% of the portfolio in 1 day
Source: Janus Henderson Investors, as at 30 September 2018
Performance
14
Key statistics
Net return* 5.08%
Volatility* 4.23%
Sharpe ratio* 0.83
Sortino ratio* 0.95
Correlation1 0.15
Beta1 0.11
Performance & risk
Key statistics – annualised since inception
Source: Janus Henderson Investors. Data since fund inception (1 February 2017) to 30 September 2018. I Share Class, in USD, net of fees.
Past performance is not a guide to future performance * Annualised since inception of the fund (01/02/2017) 1 Relative to MSCI World Index. Annualised since inception of the fund (01/02/2017).
15
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
Feb-1
7
Ma
r-17
Apr-
17
Ma
y-1
7
Ju
n-1
7
Ju
l-1
7
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Ja
n-1
8
Feb-1
8
Ma
r-18
Apr-
18
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Aug
-18
Sep
-18
Janus Henderson Global Equity Market Neutral Fund
HFRX EH: Equity Market Neutral
Fund returns
Since inception net performance
Source: Janus Henderson Investors. Data since fund inception (1 February 2017) to 30 September 2018. I Share Class, in USD, net of fees.
Past performance is not a guide to future performance
• Launched prior to strong market
rotation
• Refined rebalancing process
• Increased oversight and
communication with underlying
teams
• Improved investment process
and attractive levels of stock
dispersion provide environment
for strong returns
• First major correction in equity markets since inception.
Fund delivers strong drawdown protection
16
Monthly returns
Since inception monthly net performance
2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017
Janus Henderson Global Equity
Market Neutral Fund
- -1.10% -1.39% 0.19% -1.73% 1.86% 2.56% 1.25% 1.06% 1.09% 0.62% 0.03% 4.43%
HFRX – Equity Market Neutral
Total Return Index
- -0.52% 0.74% 0.12% -1.50% 0.60% 0.51% 0.91% 0.63% -0.34% 0.04% -0.72% 0.44%
Source: Janus Henderson Investors. Data since fund inception (1 February 2017) to 30 September 2018. I Share Class, in USD, net of fees.
Past performance is not a guide to future performance
2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018
Janus Henderson Global Equity
Market Neutral Fund
3.00% -0.43% 0.23% 0.22% -0.43% 1.42% -0.19% 0.41% -0.26% — — — 3.99%
HFRX – Equity Market Neutral
Total Return Index
1.19% -0.30% -0.16% -0.07% 0.14% -0.61% -0.15% 0.29% -0.83% — — — -0.50%
Portfolio characteristics
18
Current exposures
Diversified across regions, sectors, and market cap
Gross exposure by region
Gross exposure by market cap
<$1bn
$1-5bn
$5-10bn
$10-20bn
>$20bn
Gross exposure by sector
Real Estate
Financials
Industrials
Consumer Discretionary
Consumer Staples
Information Technology
Energy
Materials
Telecommunication Services
Health Care
Utilities
Source: Janus Henderson Investors, as at 30 September 2018
Past performance is not a guide to future performance
Africa/Mideast
Asia/Pacific Ex Japan
Europe
Japan
North America
19
Portfolio gross and net exposure
Typically 250% gross and +/- 5% net
Source: Janus Henderson Investors. Shows exposures from 3 February 2017 to 30 September 2018.
0%
50%
100%
150%
200%
250%
300%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Feb-1
7
Ma
r-17
Apr-
17
Ma
y-1
7
Ju
n-1
7
Ju
l-1
7
Aug
-17
Aug
-17
Sep
-17
Oct-
17
Nov-1
7
Dec-1
7
Ja
n-1
8
Feb-1
8
Ma
r-18
Apr-
18
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Ju
l-1
8
Aug
-18
Sep
-18
Net Exposure
Gross Exposure
20
0
1
2
3
4
5
6
7
8
9
10
Fe
b-1
7
Ma
r-1
7
Apr-
17
Ma
y-1
7
Jun
-17
Jul-
17
Aug
-17
Sep
-17
Oct-
17
No
v-1
7
De
c-1
7
Jan
-18
Fe
b-1
8
Ma
r-1
8
Apr-
18
Ma
y-1
8
Jun
-18
Jul-
18
Aug
-18
Sep
-18
Vo
latilit
y %
Janus Henderson Global Equity Market Neutral ex ante volatility
Portfolio volatility
Targeting a volatility range c.4 - 7%
Source: Janus Henderson Investors, as at 30 September 2018
Portfolio specifications: The above data shows the predicted volatility of the portfolio since inception as measured by Risk Metrics using a short term (5 years of data
with a 6 month half-life) model. Since inception of the fund (1 February 2017) to 30 September 2018.
Target volatility range
21
Risk contribution by sub-strategy
Source: Janus Henderson Investors, as at 30 September 2018
Portfolio specifications: Portfolio risk as measured using our risk system, RiskMetrics, using a short term (5 years of data with a 6 month half-life) model. Since
inception of the fund (01/02/2017) to 30 September 2018.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Feb-1
7
Ma
r-17
Apr-
17
Ma
y-1
7
Ju
n-1
7
Ju
l-1
7
Aug
-17
Sep
-17
Oct-
17
Nov-1
7
Dec-1
7
Ja
n-1
8
Feb-1
8
Ma
r-18
Apr-
18
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Aug
-18
% c
on
trib
utio
n to
vo
latilit
y
China Energy Asia Japan Europe EM US Property SmallCap
Appendix
23
Fund terms
Fee structure
R I
AMC 1.50% 0.75%
Performance fee* 20% 20%
Hurdle US Federal Funds
Rate, or share
class currency
equivalent
US Federal Funds
Rate, or share
class currency
equivalent
High water mark Yes Yes
Fund details
Launched date 1 February 2017
Structure UCITS SICAV
Fund manager Steve Johnstone
Base currency USD
Share classes Retail (R), Institutional (I)
$, €, £, ¥, CHF, S$
Minimum
investment
$2,500 (R), $25,000,000 (I), or share
class currency equivalent
Dealing Daily (cut off 15:00 CET)
ISIN LU1542613465 (R)
LU1542613549 (I)
Transfer Agent RBC Investor Services Bank
Custodian BNP Paribas Luxembourg
* Performance fee is subject to hurdle and high water mark. A full description of the performance fee, hurdle and high water mark including worked examples, can be found in
the prospectus.
24
The team
Experienced team offering a unique blend of expertise
Region Style Manager (industry
experience)
Description
Europe Value Nick Sheridan
(32 years)
• Bottom-up, value approach, utilising proprietary screening process developed by Nick since 1988
• Nick pairs companies with attractive cash flows, yields and valuations against those those at the other end of the
spectrum
Europe Mean
Reversion
Robert Fuchs
(13 years) • Bottom-up approach focusing on mean reversion
UK Small/Mid
Cap GARP
Neil Hermon
(29 years)
• Cash-flow focused, bottom-up approach. Neil has over 4 years equity long/short experience on a range of Janus
Henderson products
• Seeks to identify sources of alpha on both sides of pairs, using a range of characteristics
European
Small/Mid Cap Agnostic
Ollie Beckett
(23 years)
• Style-agnostic bottom-up stock picking approach, seeking to identify trends that drive sustainable performance
• Ollie pairs companies with strong competitive positioning and long-term potential against firms with dissimilar
characteristics
US
Value Hamish Robertson,
CFA (12 years)
• Both Hamish and Faizan are dividend-seeking, fundamental investors
• Hamish favours a thematic approach, trying to find a long or short idea that will benefit from a short or medium-term
thematic development, and pairing that with an idea in a similar sector
GARP Faizan Baig, CFA
(11 years)
• Faizan seeks to pair attractively valued secular winners against structurally challenged businesses or those with
unfavourable fundamentals in a similar industry/sector
Global
Property
Relative
value
Guy Barnard, CFA
(15 years)
• High conviction bottom-up investing in REITs and listed property companies by multi-local teams (US, Europe, & Asia)
• Relative value approach to pair trading
EMEA Agnostic Lars Dollmann, CFA
(17 years)
• Fundamental approach, combining bottom-up proprietary research with top-down analysis. Lars has over 11 years’
experience in the emerging market long/short space
• Seeks to identify sources of alpha on both sides of pairs, using a range of characteristics
Asia GARP /
quality
Andrew Gillan
(18 years)
• High conviction, bottom-up approach focusing on high-quality companies at the right price. Andrew has been running
equity long/short money for 3 years on a range of products
• Relative value approach to pair trading
Japan Value Junichi Inoue
(23 years)
• Predominantly a GARP approach, focused on identifying companies that can create shareholder value by making a
cash return above cost of capital
• Relative value approach to pair trading
Source: Janus Henderson Investors, as at 30 September 2018
25
Higher-risk
pair trade
Risk parity approach
Weights trades according to contribution to volatility
1) Submit pair trades 2) Set target weights 3) Review & rebalance
• Stop loss / upside triggers
• Fluid refresh of trade ideas
Resize-down Resize-up
No trade necessary
Key: Contribution to risk (volatility)
Lower-risk pair trade
• 60-100 ideas • Each pair sized to ensure equal risk
contribution, and target weights set
• Continual review of weights to bring
portfolio back to risk parity
• Formal monthly review of trade
ideas and portfolio target weights
26
-0.35
-0.25
-0.15
-0.05
0.05
0.15
0.25
0.35
FinancialLeverage
Growth Liquidity Momentum Size SizeNonlinearity
Value Volatility
Asia
Japan
EM
Europe
US
Property
Small Cap
Current factor exposure by region
Source: BARRA Global Equity model, as at 30 September 2018
27
Share price performance:
0
20
40
60
80
100
120
Feb-17 Apr-17 Jun-17 Aug-17 Oct-17
Balfour Beatty
Carillion
1
3
2
Source: Bloomberg. In GBP, rebased to 100 for comparative purposes. Data
from 2 February 2017 to 20 November 2017
Pair trade example (1) – Winner
Long Balfour Beatty vs Short Carillion
Source: Janus Henderson Investors. For illustrative purposes only.
Note: Reference to individual companies or any securities is purely for the purpose of information only and should not be construed as a recommendation to buy or sell the same
Past performance is not a guide to future performance
• Balfour Beatty: UK construction company,
identified as resilient despite a number of profit
warnings in the broader sector.
• Carillion: UK construction company, identified as
rapidly running out of cash reserves.
1. Pair trade initiated
2. Carillion share price plummets (profit warning,
departure of its CEO, suspension of its dividend).
Despite strong performance, short position
rebalanced back to full weight – company was
continuing to run out of cash and likely to require
equity injection.
3. Share price plummets again following second profit
warning and announcement of expected covenant
breach in December. Pair closed.
28
80
100
120
140
160
180
200
Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18
Palo Alto Networks
FireEye
Cybersecurity company*
• Palo Alto Networks: US cybersecurity company
with market-leading technology, trading at a lower
multiple relative to peers
• FireEye: US cybersecurity company trading at an
extreme multiple.
• ‘Cybersecurity company*’: Cybersecurity
company* also trading at a high multiple, and
losing market share
1. Pair trade initiated
2. Short side of pair trade switched to different
cybersecurity company*, following a number of
unexpectedly strong quarterly results by FireEye
Pair trade example (2) – Winner
Long Palo Alto Networks vs Short FireEye / ‘Cybersecurity company*’
Source: Thomson Reuters DataStream. In USD, rebased to 100 for comparative
purposes. Data from 19 April 2017 to 10 May 2018 Source: Janus Henderson Investors. For illustrative purposes only.
* Please note that due to Janus Henderson’s disclosure policy, we are unable to name current short positions
Note: Reference to individual companies or any securities is purely for the purpose of information only and should not be construed as a recommendation to buy or sell the same
Past performance is not a guide to future performance
Share price performance:
1
2
29
Pair Trade Example (3) – Loser
• Sabra Health Care: Healthcare-focussed REIT
identified as having a stable outlook
• Quality Care Properties (QCP):
Healthcare-focussed REIT, with key tenant (HCR
Manorcare) identified at risk of default
1. Pair trade initiated.
2. QCP rallies significantly on news of an unexpected
pre-packaged bankruptcy of HCR, whereby QCP
would take control of HCR and have the
opportunity to restructure.
3. Position was maintained given poor outlook for
skilled nursing industry. However, trade breaches
its hard stop loss limit on 13 March and is closed.
Long Sabra Health Care vs Short Quality Care Properties
Share price performance:
Source: Bloomberg. In USD, rebased to 100 for comparative purposes.
Data from 7 February 2018 to 13 March 2018 Source: Janus Henderson Investors. For illustrative purposes only.
Note: Reference to individual companies or any securities is purely for the purpose of information only and should not be construed as a recommendation to buy or sell the same
Past performance is not a guide to future performance
80
90
100
110
120
130
140
150
160
Feb-18 Mar-18
Sabra Health Care
Quality Care Properties
1
2
3
30
Janus Henderson Investors
201 Bishopsgate, London EC2M 3AE
Tel: 020 7818 1818 Fax: 020 7818 1819
This document is intended solely for the use of professionals and is not for general public distribution. Any investment application will be made solely on the basis of
the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended
as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Nothing in this document is
intended to or should be construed as advice. This document 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. Past performance is not a guide to future performance. The performance data does not take into account the commissions and
costs incurred on the issue and redemption of units. 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. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you
invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a
recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or
most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available
under the United Kingdom Financial Services Compensation Scheme. Please note that Isle of Man investors will not be protected by statutory compensation
arrangements in respect of the Janus Henderson Fund. We may record telephone calls for our mutual protection, to improve customer service and for regulatory
record keeping purposes.
ESTA OFERTA PRIVADA SE INICIA EL DÍA 15 NOVIEMBRE 2018 Y SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA
SUPERINTENDENCIA DE VALORES Y SEGUROS, HOY COMISIÓN PARA EL MERCADO FINANCIERO.
ESTA OFERTA VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA
COMISIÓN PARA EL MERCADO FINANCIERO, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA;
POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE
LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA;
ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.
31
Janus Henderson Investors
201 Bishopsgate, London EC2M 3AE
Tel: 020 7818 1818 Fax: 020 7818 1819
Important information
The Janus Henderson Fund (the “Fund”) is a Luxembourg SICAV incorporated on 26 September 2000, managed by Henderson Management S.A. A copy of the Fund’s prospectus
and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. 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. A copy of
the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the Fund’s registered office in
Luxembourg: 2 Rue de Bitbourg, L-1273 Luxembourg, in Germany: Janus Henderson Investors, Tower 185, Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main, in Austria:
UniCredit Bank Austria, Schottengasse 6-8, 1010 Wien, in Spain: offices of the Spanish distributors, a list of which may be obtained at www.cnmv.es (Janus Henderson Fund is
registered with the CNMV under number 259); in Belgium: Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; in Singapore:
Singapore Representative Henderson Global Investors (Singapore) Limited, 138 Market Street, #34-03/04 CapitaGreen, Singapore 048946; and in Switzerland from the Swiss
representative: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich who are also the Swiss Paying Agent.
© 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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