Multi-Manager Managed Fund

The Fund invests in Collective Investment Schemes (other funds including those managed by Janus Henderson, Exchange Traded Funds and unregulated funds) to provide diversified global exposure to a range of assets including shares (equities) of companies, bonds issued by companies and governments, and to a lesser extent, alternative assets such as property, commodities, private equity and hedge funds. In normal market conditions between 40% and 85% of the Fund’s exposure will be to equities). At least 50% of the Fund’s net asset value will be invested in securities denominated in established market currencies (US Dollar, Sterling and Euro), 25% of the Fund’s net asset value must be denominated in Sterling, this includes any securities that have been hedged back into Sterling. There is no minimum exposure requirement in fixed income securities (bonds issued by companies and government).

The Fund may also invest directly in other assets including developed market government bonds, investment trusts, cash and money market instruments.

The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.

The Fund is actively managed with reference to the Composite Benchmark, as detailed in the Funds objective, which forms the basis of the Fund's performance target. The Investment Manager has a high degree of freedom to choose individual investments for the Fund..

As an additional means of assessing the performance of the Fund, the IA Mixed Investment 40-85% Shares sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.