Please ensure Javascript is enabled for purposes of website accessibility Global Multi-Strategy Fund - Janus Henderson Investors
For financial professionals in Belgium

Global Multi-Strategy Fund

This market-neutral fund seeks absolute returns through investing across a diversified set of bottom-up alternative investment strategies, combined with a top-down "protection" strategy.


EUR 9.83
As of 14/06/2024

1-Day Change
EUR 0.03 (0.34%)
As of 14/06/2024


Quarterly update

Watch the investment team recap this quarter.

(Note: Filmed in April 2024).


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 Euro Main Refinancing Rate by 7% per annum, before the deduction of charges, over any 3 year period.


The Fund invests in a global portfolio of assets including shares of companies, investment grade and non-investment grade bonds issued by governments and companies (including convertible bonds, contingent convertible bonds and distressed securities), and makes extensive use of derivatives (complex financial instruments), including total return swaps, to take both ‘long’ and ‘short’ positions in companies and bonds 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. The Fund may invest up to 10% of its net assets in special purpose acquisition companies.
The Fund will hold a significant proportion of its assets in cash and money market instruments as a result of holding derivatives or for asset allocation purposes. The Fund may also take long or short exposures to other asset classes such as commodities and may hold other funds (such as collective investment schemes and exchange traded funds).
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 and makes reference to the Euro Main Refinancing 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 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.


The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.


  • Low expected correlation to traditional and alternative assets: The fund’s market neutral nature and low expected correlations between the underlying strategies seek to enhance overall risk-adjusted returns
  • Top-down and bottom-up: A separate top-down "protection" strategy aims to mitigate the tail risk associated with the bottom-up strategy set
  • Stable and experienced investment team: Diversified skill sets and incentivised by total fund return
Past performance does not predict future returns. 

Please be aware that while the Protection strategy aims to reduce downside risk, it does not commit to provide capital protection over any time period, and particularly over the shorter term the strategy may demonstrate periods of negative returns. Consequently capital is at risk.


David Elms

Head of Diversified Alternatives | Portfolio Manager

Industry since 1992. Joined Firm in 2002.

Steve Cain

Portfolio Manager

Industry since 1987. Joined Firm in 2010.


Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/05/2024
A2 EUR (Net) Euro Main Refinancing Rate
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A2 EUR (Net) -0.51 -0.41 0.99 -0.16 - - 0.22
Euro Main Refinancing Rate 0.39 1.94 4.54 2.14 - - 1.60
3YR 5YR 10YR Since Inception
A2 EUR (Gross) 1.56 - - 1.99
Euro Main Refinancing Rate + 7.00% 9.29 - - 8.71
Calendar Year Returns (%)
As of 31/03/2024
A2 EUR (Net) Euro Main Refinancing Rate
A2 EUR (Net) -0.84 -0.63 -0.42 1.33 1.02
Euro Main Refinancing Rate 1.14 3.91 0.58 0.00 0.00
Initial Charge 5.00%
Annual Charge 1.50%
Ongoing Charge
(As of 30/09/2022)
Performance Fee 20% (relative to the hurdle rate and high water mark)
Hurdle Rate Euro Main Refinancing Rate


  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall. High yielding (non-investment grade) bonds are more speculative and more sensitive to adverse changes in market conditions.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund involves a high level of buying and selling activity and as such will incur a higher level of transaction costs than a fund that trades less frequently. These transaction costs are in addition to the Fund's ongoing charges.
  • CoCos can fall sharply in value if the financial strength of an issuer weakens and a predetermined trigger event causes the bonds to be converted into shares/units of the issuer or to be partly or wholly written off.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • SPACs are shell companies set up to acquire businesses. They are complex and often lack the transparency of established companies, and therefore present greater risks to investors.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.