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For Institutional Investors in the US

European Focus Fund

Invests with high conviction in European companies, wherever the most compelling opportunities exist, regardless of style or market cap

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Overview

ABOUT THIS FUND

A regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. The management team applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

WHY INVEST IN THIS FUND

Flexible Style

We believe that the best way to make money for investors is by constructing a portfolio of high-conviction stock ideas, regardless of market cap or style constraints. The Fund seeks to invest in an unconstrained manner wherever the most compelling opportunities exist.

Bottom-Up Stock Selection

There are thousands of listed equities in Europe, many of which have little or no analyst coverage. We believe this creates pricing inefficiencies that can be exploited through bottom-up stock picking.

Dedicated European Experts

The Fund is managed by Robert Schramm-Fuchs and Marc Schartz, members of Janus Henderson’s Pan European Equities team. The team includes large-, mid- and small-cap specialists, and conducts several hundred company meetings every year.

RATINGS AND AWARDS

2024 Lipper Awards Winner United States

Portfolio Management

Robert Schramm-Fuchs: Portfolio Manager
Robert Schramm-Fuchs

Portfolio Manager

Industry since 2005. Joined Firm in 2014.

Marc Schartz, CFA: Portfolio Manager
Marc Schartz, CFA

Portfolio Manager

Industry since 2004. Joined Firm in 2016.

Performance

RETURNS (%) (As of 09/30/2025)
European Focus Fund - Class C Shares (NAV) European Focus Fund - Class A Shares (NAV) European Focus Fund - Class C Shares (CDSC) European Focus Fund - Class I Shares European Focus Fund - Class A Shares (MOP) European Focus Fund - Class S Shares European Focus Fund - Class T Shares European Focus Fund - Class D Shares European Focus Fund - Class N Shares MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
European Focus Fund - Class C Shares (NAV) 4.03 31.93 19.90 23.65 12.17 7.08 11.01
European Focus Fund - Class A Shares (NAV) 4.21 32.68 20.80 24.57 13.03 7.90 11.85
European Focus Fund - Class C Shares (CDSC) 3.03 30.93 18.90 23.65 12.17 7.08 11.01
European Focus Fund - Class I Shares 4.27 32.91 21.09 24.87 13.31 8.18 12.05
European Focus Fund - Class A Shares (MOP) -1.78 25.05 13.86 22.14 11.70 7.26 11.57
European Focus Fund - Class S Shares 4.20 32.59 20.72 24.49 13.09 7.90 11.84
European Focus Fund - Class T Shares 4.23 32.78 20.91 24.68 13.12 7.99 11.89
European Focus Fund - Class D Shares 4.27 32.90 21.04 24.82 13.25 8.07 11.92
European Focus Fund - Class N Shares 4.29 33.03 21.21 24.97 13.39 8.23 11.99
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
MSCI Europe IndexSM 3.62 27.50 15.08 22.91 12.19 8.14 6.35
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 11/30/2025)
European Focus Fund - Class C Shares (NAV) European Focus Fund - Class A Shares (NAV) European Focus Fund - Class I Shares European Focus Fund - Class N Shares European Focus Fund - Class S Shares European Focus Fund - Class D Shares European Focus Fund - Class A Shares (MOP) European Focus Fund - Class T Shares European Focus Fund - Class C Shares (CDSC) MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(08/31/2001)
European Focus Fund - Class C Shares (NAV) 4.29 34.01 30.34 16.23 10.61 6.72 11.00
European Focus Fund - Class A Shares (NAV) 4.48 34.94 31.32 17.10 11.46 7.54 11.84
European Focus Fund - Class I Shares 4.56 35.24 31.63 17.39 11.74 7.82 12.04
European Focus Fund - Class N Shares 4.58 35.38 31.79 17.48 11.82 7.87 11.98
European Focus Fund - Class S Shares 4.47 34.84 31.22 17.02 11.48 7.54 11.83
European Focus Fund - Class D Shares 4.54 35.23 31.62 17.35 11.68 7.71 11.91
European Focus Fund - Class A Shares (MOP) -1.53 27.18 23.77 14.82 10.14 6.90 11.57
European Focus Fund - Class T Shares 4.52 35.06 31.45 17.21 11.55 7.63 11.88
European Focus Fund - Class C Shares (CDSC) 3.29 33.01 29.34 16.23 10.61 6.72 11.00
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
MSCI Europe IndexSM 4.24 30.32 27.14 16.73 10.47 7.83 6.40
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
European Focus Fund - Class C Shares (NAV) European Focus Fund - Class A Shares (NAV) European Focus Fund - Class S Shares European Focus Fund - Class D Shares European Focus Fund - Class I Shares European Focus Fund - Class T Shares European Focus Fund - Class N Shares MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM MSCI Europe IndexSM
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
European Focus Fund - Class C Shares (NAV) 1.34 17.40 -16.77 17.94 25.51 30.48 -28.37 15.26 -8.02 1.94
European Focus Fund - Class A Shares (NAV) 2.11 18.25 -16.12 18.83 26.49 31.43 -27.82 16.11 -7.25 2.73
European Focus Fund - Class S Shares 2.02 18.19 -16.03 19.01 26.69 31.76 -27.89 15.97 -7.39 2.58
European Focus Fund - Class D Shares 2.31 18.48 -15.97 19.07 26.75 31.67 -27.66 16.16 -7.25 2.73
European Focus Fund - Class I Shares 2.36 18.52 -15.89 19.16 26.83 31.77 -27.60 16.42 -7.04 2.98
European Focus Fund - Class T Shares 2.18 18.36 -16.05 18.93 26.66 31.63 -27.76 16.15 -7.25 2.73
European Focus Fund - Class N Shares 2.39 18.64 -15.84 19.23 26.92 31.93 -27.58 16.32 -7.00 2.72
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
MSCI Europe IndexSM 1.79 19.89 -15.06 16.30 5.38 23.77 -14.86 25.51 -0.40 -2.84
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Morningstar Percentile

 (As of 01/01/1970)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking - - - - -
| Rank/Count -/- -/- -/- -/- -/-
 (As of 01/01/1970)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking - - - - -
| Rank / Count -/- -/- -/- -/- -/-

Returns-Based Statistics (As of 10/31/2025)

RISK / REWARD
VS. MSCI Europe Net Index		 3YR 5YR
Information Ratio 0.40 0.12
Alpha 0.82 0.52
Tracking Error 3.91 4.72
Beta 1.06 1.02
R-squared (%) 93.87 92.86
UP/DOWN MARKET CAPTURE (%)
MSCI Europe Net Index		 3YR 5YR
Up Capture Ratio 107.73 108.34
Down Capture Ratio 102.02 106.21
STANDARD DEVIATION 3YR 5YR
European Focus Fund 15.78 18.22
MSCI Europe Net Index 14.37 17.19
SHARPE RATIO 3YR 5YR
European Focus Fund 1.04 0.59
MSCI Europe Net Index 1.02 0.59

Portfolio

Index represents the MSCI Europe Net (USD).

Top Holdings (As of 11/30/2025)
% of Fund
Erste Group Bank AG 4.49
ASML Holding NV 4.02
Allianz SE 3.88
AstraZeneca PLC 3.76
Banco Santander SA 3.31
Roche Holding AG 3.17
Novartis AG 3.15
Iberdrola SA 3.05
Banco Bilbao Vizcaya Argentaria SA 3.00
LVMH Moet Hennessy Louis Vuitton SE 2.99
TOTAL 34.82
View full holdings
Portfolio Characteristics (As of 10/31/2025)
  FUND INDEX
Number of Holdings
Equity Issues		 42 402
Market Capitalization
Weighted Average		 $95.52B $88.11B
Portfolio Turnover Rate
(1-year trailing)		 163.98% -
Price/Earnings Ratio
(1-year forward)		 17.54 14.71
Price/Book Ratio
 3.25 2.34
Earnings Growth Rate
(1-year forward)		 17.69% 11.75%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 11/30/2025

Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights primarily based on Bloomberg classifications.

Regional Allocation % of Fund % of Index % of Fund % of Index As of 11/30/2025
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 11/30/2025

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