Merger information
- The proposed fund merger seeks to create a stronger European equity fund proposition for shareholders.
- Benefits: Opportunities for a more favourable performance profile, a larger fund with increased assets under management, operational efficiencies and a better platform for future growth.
- Shareholders will keep exposure to European equities, with more focus on larger, established companies and flexibility to invest in mid-sized companies.
- Both the Merging Fund and Receiving Fund have the same risk category: 4 out of 7. Both funds invest mainly in European companies and are managed with a similar regional equity focus. Further details on the Receiving Fund can be found in the Prospectus and in the Key Information Documents.
- The portfolio manager of the Merging Fund is: Marc Schartz, CFA
- The portfolio managers of the Receiving Fund are: Marc Schartz, CFA & Robert Schramm-Fuchs
What you need to do
If you’re comfortable with the Merger proposal and wish to remain invested, no action is required. Your existing shares will be exchanged for equivalent shares in the Receiving Fund on 19 November 2026.
If you’re not comfortable with the Merger proposal, you may switch your holding into another sub-fund of Janus Henderson Horizon Fund (subject to availability) or redeem your holdings without charge. You will need to do this by 13:00 CET on 13 November 2026. Any switch or redemption of your shares may affect your tax position. If you’re unsure, seek guidance from your professional advisers.
Certain investors in certain jurisdictions such as Singapore, Taiwan and Hong Kong may not be eligible to take part in the Merger. Further information is listed in the “Frequently Asked Questions” section below)
The value of an investment and the income from it may go down as well as up and you may lose the amount originally invested. Past performance does not predict future returns.
Schedule
9 October
You will begin receiving letters from us about the merger
13 November
13:00 CET - last point for dealing shares in the Merging Fund
16-19 November
Non-dealing days in the Merging Fund
19 November
Merger is effective at 23:59 CET.
19 & 20 November
Non-dealing days in Receiving Fund
23 November
First day of dealing in new shares in the Receiving Fund after the Merger
Frequently asked questions
To create an enhanced European equity strategy proposition for shareholders. The Investment Manager believes that the Merger will bring opportunities for a more favourable performance profile*, and result in a larger fund with increased assets under management, which is expected to bring operational efficiencies and a better platform for future growth for the benefit of Shareholders. The Merger will also provide Shareholders with access to an investment approach that retains a similar European equity focus, while placing greater emphasis on larger, established European companies, with continued flexibility to invest in mid-capitalisation companies.
* The value of an investment and the income from it may go down as well as up and you may lose the amount originally invested. Past performance does not predict future returns.
If you’re comfortable with the Merger proposal and wish to remain invested, no action is required. Your existing shares will be exchanged for equivalent shares in the Receiving Fund on 19 November 2026.
If you’re not comfortable with the Merger proposal, you may switch your holding into another Janus Henderson Horizon fund (subject to availability) or redeem your holdings without charge. You will need to do this by 13:00 CET on 13 November 2026. Any switch or redemption of your shares may affect your tax position. If you’re unsure, seek guidance from your professional advisers.
IMPORTANT INFORMATION FOR INVESTORS IN HONG KONG, SINGAPORE AND TAIWAN
The Receiving Fund is not registered for public distribution in Hong Kong, Singapore or Taiwan. This means you cannot move automatically into the Receiving Fund as part of the Merger.
You have two options before 13:00 CET on 13 November 2026:
- switch your investment into another Janus Henderson Horizon Fund’s sub-fund that is available to you in your country of residence, without charge; or
- your investment, without redemption charge, in line with the process set out in the Prospectus.
If you do not give us an instruction before the deadline, your Shares will be automatically redeemed at 13:00 CET on 13 November 2026, without redemption charge. This is because the Receiving Fund is not registered for public distribution in your country of residence.
We must receive any switch or redemption instruction by 13:00 CET on 13 November 2026. If you ask to switch your investment, the switch will normally take place no later than the next Dealing Day after we receive your instruction.
If you are in any doubt about the action to be taken, please seek advice from your stockbroker, bank manager, solicitor, accountant, relationship manager or other professional adviser.
The Merger will be reflected in the Prospectus available on our website, www.janushenderson.com, on or around 19 November 2026.
A copy of the certificate related to the Merger issued by the Depositary (required according to article 70 of the UCITS Law) is available to you free of charge at the registered office of the Company (78, Avenue de la Liberté, L-1930 Luxembourg, Grand Duchy of Luxembourg).
A copy of the independent auditor’s report prepared by PricewaterhouseCoopers, Société cooperative can be obtained upon request and free of charge once available after the Merger.
For Swiss investors, FIRST INDEPENDENT FUND SERVICES LTD. Feldeggstrasse 12, 8008 Zurich is the Swiss Representative of the Company. The Paying Agent in Switzerland is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva, Switzerland. The prospectus for Switzerland, the key information documents, the articles, as well as the annual and semi-annual reports of the Company, may be obtained free of charge from the Swiss Representative.
For German investors, Janus Henderson Investors Europe S.A. is the facilities service provider according to Sec. 306a (1) German Investment Code (KAGB) and the relevant Prospectus and key information documents for packaged retail and insurance-based investment products (PRIIPs-KIDs), the Certificate of Incorporation and Memorandum and Articles of Association and the annual and semi-annual reports are available there (78, Avenue de la Liberté, L-1930 Luxembourg, Grand Duchy of Luxembourg) free of charge in paper form.
For Belgian investors, Janus Henderson Investors Europe S.A. is the facilities agent. The PRIIPS KIDs (in English and French), the Prospectus, the Articles of association and the annual audited accounts and report (in English) of the Company can be obtained free of charge at the registered seat of the Company (78, Avenue de la Liberté, L-1930 Luxembourg, Grand Duchy of Luxembourg) and the facilities agent.
Key Features of the Funds
| Product Features | Merging Fund | Receiving Fund |
|---|---|---|
| Name | Janus Henderson Horizon Pan European Mid and Large Cap Fund | Janus Henderson Pan European Fund |
| AUM | €227,369,509 (as of 30 Jun 2026) |
€1,207,117,326 (as of 30 Jun 2026) |
| Domicile | Luxembourg | Luxembourg |
| Regulatory Status | UCITS | UCITS |
| Form of Umbrella Fund | Open-ended umbrella investment company with variable capital incorporated with limited liability | Open-ended umbrella investment company with variable capital incorporated with limited liability |
| Service Providers | ||
| Company | Janus Henderson Horizon Fund | Janus Henderson Fund |
| Management Company | Janus Henderson Investors Europe S.A. | Janus Henderson Investors Europe S.A. |
| Investment Manager | Janus Henderson Investors UK Limited | Janus Henderson Investors UK Limited |
| Administrator | BNP Paribas, Luxembourg Branch | BNP Paribas, Luxembourg Branch |
| Depositary | BNP Paribas, Luxembourg Branch | BNP Paribas, Luxembourg Branch |
| Principal Distributors |
Janus Henderson Investors UK Limited; Janus Henderson Investors Europe S.A. |
Janus Henderson Investors UK Limited; Janus Henderson Investors Europe S.A. |
| Auditors | PricewaterhouseCoopers, Société coopérative | PricewaterhouseCoopers, Société coopérative |
| Legal Advisers | Linklaters LLP | Linklaters LLP |
| Investment Objective and Policies | ||||||||||||||||||||||||||||||||||
| Investment Objective | The Fund aims to provide capital growth over the long term | The Fund aims to provide a return from a combination of capital growth and income over the long term (5 years or more). | ||||||||||||||||||||||||||||||||
| Investment Policy (key differences underlined in Receiving Fund column) |
The Fund invests at least 80% of its net assets in equities or equity-related instruments of companies located or listed in Europe (including the United Kingdom) or which, in the opinion of the Investment Manager, derive a predominant part of their income from Europe (including the United Kingdom). The Fund invests in mid and large capitalisation companies in any industry, but with a strong bias towards mid capitalisation companies. The Fund may invest in companies of any size, including smaller capitalisation companies. Equity-related instruments may include depositary receipts. The Fund may use derivative instruments (such as futures, forwards, options and warrants) to reduce risk and to manage the Fund more efficiently. Under no circumstances shall the use of these instruments and techniques cause the Fund to diverge from its investment policy. The Fund may invest up to 10% of its net assets in special purpose acquisition companies. For treasury management and/or defensive purposes (e.g. in case of unfavourable market conditions), the Fund may invest in:
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The Fund will invest at least two-thirds of its net assets in equities or equity-related instruments of:
The Fund may invest in companies of any size, including smaller capitalisation companies, in any industry. Equity-related instruments may include depository receipts. The Fund may use derivative instruments (such as futures, forwards, options and warrants) to reduce risk and to manage the Fund more efficiently. Under no circumstances shall the use of these instruments and techniques cause the Fund to diverge from its investment policy. The Fund may invest up to 10% of its net assets in special purpose acquisition companies. For treasury management and/or defensive purposes (e.g. in case of unfavourable market conditions), the Fund may invest in:
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| Investment Strategy | The Investment Manager seeks to identify companies with hidden quality by focusing on company profitability and the efficiency with which capital is used. The Fund may invest in companies of any size but will have a strong bias to medium sized companies as these often have attractive niches, potential to grow, or could be potential takeover targets in the future. The Investment Manager takes a long term view, looking beyond short term data, while the risk management process focuses on identifying risks specific to the companies and industries in which the Fund may be exposed rather than in relation to the wider market. | The Investment Manager looks to anticipate catalysts for change in companies and industries based on fundamental research and thought leadership, in order to construct a portfolio of large companies complemented by mid-size company opportunities with the potential to enhance the Fund’s overall returns. Smaller companies are not normally a significant focus of the portfolio. | ||||||||||||||||||||||||||||||||
| Performance Target | To outperform the MSCI Europe NR, after the deduction of charges, over any 5-year period. | N/A | ||||||||||||||||||||||||||||||||
| Morningstar Sector | Morningstar Europe Large-Cap Blend Equity | Morningstar Europe Large-Cap Blend Equity | ||||||||||||||||||||||||||||||||
| Active Management and Benchmark Usage | The Fund is actively managed with reference to the MSCI Europe NR, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund’s Performance Target and the level above which Performance Fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. | The Fund is actively managed with reference to the MSCI Europe Index, which is broadly representative of the companies in which it may invest, as this can provide a useful comparator for assessing the Fund’s performance. The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index. Depending on prevailing market conditions the Fund’s portfolio may shift between ‘high conviction’ (whereby the Investment Manager will take significant risk relative to the index) and a more cautious stance. This means the performance of the Fund may at times differ significantly from the index, while at other times it may be more closely aligned. | ||||||||||||||||||||||||||||||||
| Global Exposure Calculation | Commitment Approach | Commitment Approach | ||||||||||||||||||||||||||||||||
| Securities Lending |
Max: 30% Expected: 20% |
Max: 30% Expected: 20% |
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| SFDR Classification | Article 8 | Article 8 | ||||||||||||||||||||||||||||||||
| Environmental/Social Characteristics (key differences underlined in Receiving Fund column) | The Fund promotes climate change mitigation and avoiding issuers with a high carbon intensity, and which do not have a credible transition strategy. The Fund also seeks to avoid investments in certain activities with the potential to cause harm to human health and wellbeing by applying binding exclusions and promotes support for UNGC principles (which cover matters including human rights, labour, corruption and environmental pollution. In addition, the Fund invests a minimum of 10% of its net asset value in sustainable investments. The Fund does not use a reference benchmark to attain its environmental or social characteristics. | The Fund promotes climate change mitigation and avoiding issuers with a high carbon intensity, and which do not have a credible transition strategy based on the Investment Manager’s proprietary methodology nor meet the Investment Manager’s alternative criteria on ESG rating. The Fund also seeks to avoid investments in certain activities with the potential to cause harm to human health and wellbeing by applying binding exclusions and promotes support for UNGC principles (which cover matters including human rights, labour, corruption and environmental pollution). The Fund does not use a reference benchmark to attain its environmental or social characteristics. In addition, the Fund invests a minimum of 10% of its net asset value in sustainable investments. | ||||||||||||||||||||||||||||||||
| Sustainability Indicators (key differences underlined in Receiving Fund column) |
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| ESG Binding Criteria (key differences underlined in Receiving Fund column) |
Issuers are excluded if they derive more than
If a company does not currently have a credible transition strategy in place, the Investment Manager may still invest if the company demonstrates superior ESG risk management by achieving an ESG rating of AA or higher (rating by MSCI – https://www.msci.com/ or equivalent). Additional criteria may also be applied in assessing the validity of the transition strategy. 1 High carbon intensity refers to the 5% of highest emitting companies in the Western Europe (EX UK) stocks above EUR1bn market cap |
Issuers are excluded if they derive more than
If a company does not currently have a credible transition strategy in place, the Investment Manager may still invest if the company demonstrates superior ESG risk management by achieving an ESG rating of AA or higher (rating by MSCI – https://www.msci.com/ or equivalent). Additional criteria may also be applied in assessing the validity of the transition strategy. 1 High carbon intensity refers to the 5% of highest emitting companies in the Western Europe (INC UK) stocks above EUR1bn market cap |
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| Sustainable Investments | 10% | 10% | ||||||||||||||||||||||||||||||||
| Principal Adverse Impacts |
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| ESG Asset Allocation |
85% - Aligned with E/S characteristics
15% - Other |
85% - Aligned with E/S characteristics
15% - Other |
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| ESG Derivatives | N/A | N/A | ||||||||||||||||||||||||||||||||
| Typical Investor Profile | A typical investor will invest into this Fund to seek capital growth through investment in the European (including UK) equity markets. Investors should ensure they understand the risks of the Fund, consider the KID’s risk level compatible with their risk tolerance and can accept the potential for loss. Investors in the Fund should plan to invest their money for the medium to long term. | A typical investor will invest into this Fund to seek a combination of capital and income returns through Pan European equity markets. Investors should ensure they have an understanding of the risks of the Fund and that the synthetic risk indicator of the Fund is compatible with their own risk tolerance (please refer to the KID). Investors in the Fund should plan to invest their money for at least 5 years. The Fund is not compatible for investors who cannot tolerate any loss of capital. | ||||||||||||||||||||||||||||||||
| Subscriptions and Redemptions | ||
| Base Currency | EUR | EUR |
| Business Day | A bank business day in Luxembourg unless otherwise stated. | A bank business day in Luxembourg unless otherwise stated. |
| Dealing Day |
For a deal placed before the Dealing Cut-Off on a Business Day, the Dealing Day is that Business Day; for a deal placed after the Dealing Cut-Off on a Business Day, the Dealing Day is the following Business Day, provided in both cases the relevant Business Day does not fall on:
The schedule of expected non-dealing days is available at www.janushenderson.com and will be updated at least semi-annually and in advance of the relevant non-dealing days shown in the schedule. However, the schedule may also be updated from time to time in the presence of exceptional circumstances in respect of specific Fund(s) where the Management Company believe it is in the best interests of the Shareholders of the relevant Fund(s). |
For a deal placed before the Dealing Cut-Off on a Business Day, the Dealing Day is that Business Day; for a deal placed after the Dealing Cut-Off on a Business Day, the Dealing Day is the following Business Day, provided in both cases the relevant Business Day does not fall on:
The schedule of expected non-dealing days is available at www.janushenderson.com and will be updated at least semi-annually and in advance of the relevant non-dealing days shown in the schedule. However, the schedule may also be updated from time to time in the presence of exceptional circumstances in respect of specific Fund(s), where the Management Company believe it is in the best interests of the Shareholders of the relevant Fund(s). |
| Dealing Cut-off | 13:00 CET on any Dealing Day | 15:00 CET on any Dealing Day. |
| Valuation Point | 16:00 (CET) | 23:59 (CET) |
| Subscription Settlement Period | T + 3 (all share classes) | T + 3 (all share classes) |
| Redemption Settlement Period | T + 3 (all share classes) | T + 3 (all share classes) |
| Fee Structure | ||||||||||||||||||||||||||||||||||||||
| Initial Charge | N/A (as per prospectus) |
Up to 5% of total amount invested on:
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| Trading Fee | 1% of the gross amount being redeemed on the redemption of any Share Class which is redeemed up to 90 calendar days after such Shares have been purchased. Shareholders should be aware that if they have subscribed for Shares in the Company in the last 90 calendar days from the day of redemption, they may be subject to such trading fee notwithstanding that some of their Shares were subscribed more than 90 calendar days ago | N/A | ||||||||||||||||||||||||||||||||||||
| Switching Charge | Up to 1% of the gross amount being switched between Funds | N/A | ||||||||||||||||||||||||||||||||||||
| Distribution Fee | Class X – 0.60% | N/A | ||||||||||||||||||||||||||||||||||||
| Share Class Service Fee | N/A | Class X – 0.50% | ||||||||||||||||||||||||||||||||||||
| Shareholder Service Fee |
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N/A | ||||||||||||||||||||||||||||||||||||
| Management Fee/Annual Management Charge |
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Ongoing Charge Fee
(Merging Fund as at 31 Dec 25 interim report and accounts; Receiving Fund as at 31 Mar 26 interim report and accounts) |
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| Other Information | ||
| Registered Office |
78, Avenue de la Liberté L-1930 Luxembourg |
78, Avenue de la Liberté L-1930 Luxembourg |
| Accounting Year End | 30 June | 30 September |
| Accounting Half Year | 31 December | 31 March |