Global Real Estate Fund USGREF JIF

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in October 2024).

ABOUT THIS FUND

A global equity fund that seeks to provide investors total returns – both capital appreciation and current income – associated with global real estate growth and development. The Fund seeks to own a portfolio of the most compelling real estate equities listed on regulated exchanges throughout the world. These companies will derive the main part of their revenue from the ownership, management and/or development of real estate. Our strategy is long only with the objective of producing strong relative performance while providing genuine exposure to global real estate fundamentals and managing risk by being benchmark aware.

WHY INVEST IN THIS FUND

Multi-Local Presence
Fund managers and analysts based in Europe, Asia and North America provide valuable local expertise in stock selection. Regional investment processes are tailored to each market.

Risk-Aware, Active Management
The portfolio managers take an active approach, emphasizing qualitative considerations, in-depth company research and quantitative projections.

High Conviction, All-Cap Portfolio
A “best ideas” stock portfolio selected from a wide universe, seeking to add value across the market-cap spectrum.

Potential Benefits of Listed Real Estate

Seeking current income and stable growth

Source: Janus Henderson Investors

Global real estate investing with conviction

Decomposition of sources of active risk vs FTSE EPRA NAREIT Global Index

Source: Janus Henderson Investors, Barra, as of December 31, 2024.
Note: Based on a representative account.
©2024 MSCI Barra. All rights reserved. Active risk: a type of risk that a portfolio creates as it attempts to beat the returns of the benchmark against which it is compared. In this analysis we are using tracking error as a metric for active risk. Additional factors have been excluded from analysis. Exposures are subject to change without notice. Data is based on a representative account of the strategy and may vary from other accounts in the strategy, due to asset size and other factors. The representative account is believed to most closely reflect the current portfolio management style.

RATINGS AND AWARDS

Yields (%)

Distribution Yield at NAV 12-Month (As of 30/06/2025)	2.79%
30-Day SEC Yield - With Waivers (As of 31/08/2025)	2.78%
30-Day SEC Yield - Without Waivers (As of 31/08/2025)	2.78%
Distribution Frequency	Quarterly

Fund Details

Inception Date	Nov 28, 2007
Total Net Assets (As of 31/08/2025)	$306.39M
Gross Annual Expense Ratio (As of most recent prospectus)	0.73%
Net Annual Expense Ratio (As of most recent prospectus)	0.73%

Morningstar Data

(As of 31/08/2025)

	View All Ratings
Category	US Fund Global Real Estate
Morningstar Fee Level Group	Specialty Institutional (out of 337 funds)
Morningstar Fee Level Information View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.
Morningstar Medalist Rating™ As of 30/10/2024	Analyst-Driven %: 100 Data Coverage %: 100
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

RETURNS (%) (As of 30/06/2025)

Global Real Estate Fund - I Shares FTSE EPRA/NAREIT Global TR Index FTSE EPRA/NAREIT Global NR Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (28/11/2007)
Global Real Estate Fund - I Shares	5.39	5.85	10.02	2.23	3.60	4.77	4.88
FTSE EPRA/NAREIT Global TR Index	5.14	6.89	12.31	4.24	5.22	3.80	3.03
FTSE EPRA/NAREIT Global NR Index	4.84	6.33	11.19	3.21	4.25	2.87

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.

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

RETURNS (%) (As of 31/08/2025)

Global Real Estate Fund - I Shares FTSE EPRA/NAREIT Global TR Index FTSE EPRA/NAREIT Global NR Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (28/11/2007)
Global Real Estate Fund - I Shares	4.96	9.47	1.31	3.16	2.63	5.62	5.04
FTSE EPRA/NAREIT Global TR Index	4.60	10.38	3.48	5.18	4.84	4.56	3.19
FTSE EPRA/NAREIT Global NR Index	4.34	9.70	2.46	4.14	3.88	3.63

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Calendar Year Returns (%)

Global Real Estate Fund - I Shares FTSE EPRA/NAREIT Global TR Index

	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Global Real Estate Fund - I Shares	0.12	7.59	-25.23	22.40	1.39	30.88	-3.13	17.72	3.50	-1.94
FTSE EPRA/NAREIT Global TR Index	1.57	9.78	-23.58	23.04	-9.16	23.58	-5.55	15.01	4.62	-0.41

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

(As of 16/09/2025)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	77	83	78	22	4
US Fund Global Real Estate \| Rank/Count	96/151	110/148	111/145	39/137	5/86

(As of 16/09/2025)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	63	81	81	15	4
US Fund Global Real Estate \| Rank / Count	77/151	106/148	113/145	27/140	5/86

Growth of a Hypothetical Investment

Global Real Estate Fund - I Shares FTSE EPRA/NAREIT Global TR Index Global Real Estate

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 31/07/2025 Class I Shares)

RISK / REWARD VS. FTSE EPRA/NAREIT Global TR Index	3YR	5YR
Information Ratio	-0.98	-0.75
Alpha	-2.04	-2.19
Tracking Error	2.17	2.95
Beta	1.02	0.98
R-squared (%)	98.57	96.84

UP/DOWN MARKET CAPTURE (%) FTSE EPRA/NAREIT Global TR Index	3YR	5YR
Up Capture Ratio	95.62	94.88
Down Capture Ratio	103.73	103.68

STANDARD DEVIATION	3YR	5YR
Global Real Estate Fund	18.18	17.32
FTSE EPRA/NAREIT Global TR Index	17.74	17.42

SHARPE RATIO	3YR	5YR
Global Real Estate Fund	-0.28	-0.05
FTSE EPRA/NAREIT Global TR Index	-0.17	0.08

Annual Fees & Expenses (As of the most recent prospectus)

CLASS I SHARES
Management Fees	0.52%
Other Expenses	0.21%
Total Gross Expenses	0.73%
Waivers	0.00%
Total Net Expenses	0.73%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 28, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Index represents the FTSE EPRA Nareit Global Net Index.

Top Holdings (As of 31/07/2025)

	% of Fund
Equinix Inc	5.47
Digital Realty Trust Inc	4.36
Welltower Inc	3.92
Goodman Group	3.88
Ventas Inc	3.22
Public Storage	3.03
Prologis Inc	3.02
AvalonBay Communities Inc	3.01
American Homes 4 Rent	2.71
Sabra Health Care REIT Inc	2.51
TOTAL	35.13
View full holdings

Sector Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 31/08/2025

Regional Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 31/08/2025

Developed vs Emerging Markets	% of Fund	% of Index	% of Fund	% of Index	As of 31/08/2025

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 31/08/2025

JERIX Global Real Estate Fund

Overview

Quarterly Update

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Potential Benefits of Listed Real Estate

Global real estate investing with conviction

RATINGS AND AWARDS

Portfolio Management

Performance

Morningstar Percentile

Growth of a Hypothetical Investment

Returns-Based Statistics (As of 31/07/2025 Class I Shares)

Portfolio

Documents

European REITs: Quick to price in a correction, slow to price in a recovery

European REITs: Quick to price in a correction, slow to price in a recovery

Chart to Watch: Perception vs reality for listed REITs

JERIX Global Real Estate Fund

Overview

Quarterly Update

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Potential Benefits of Listed Real Estate

Global real estate investing with conviction

RATINGS AND AWARDS

Portfolio Management

Performance

Morningstar Percentile

Growth of a Hypothetical Investment

Returns-Based Statistics (As of 31/07/2025 Class I Shares)

Portfolio

Documents

Related Insights

European REITs: Quick to price in a correction, slow to price in a recovery

European REITs: Quick to price in a correction, slow to price in a recovery

Chart to Watch: Perception vs reality for listed REITs