Global Equity Market Neutral Fund UCITS

Steve Johnstone

Fund Manager

Janus Henderson Global Equity

Market Neutral Fund

October 2018

For promotional purposes.

This document is solely for the use of professionals and is not for general public distribution.

The value of an investment and the income from it can fall as well as rise and you may not get

back the amount originally invested.

Not for onward distribution.

1

Why Equity Market Neutral?

• Equity markets in late stage of a bull cycle

• Historically low volatility, with low correlation to equities

• Potential drawdown protection in turbulent markets

• Absolute return potential in all market conditions

An attractive diversifier

Note: Absolute returns are not guaranteed

2

High (0.9-1.0) High/Moderate

(0.7-0.9) Moderate (0.3-0.7)

Low/Negative

(<0.0-0.3)

Low diversification High diversification

Low correlation...

…to both equities and other alternatives

Correlation matrix

Equity Alternative strategies

Index Description US Large

Cap

Europe Japan US Small

Cap

Emerging

Markets

Long / Short Market

Neutral

Event

Driven FI

Arbitrage Managed

Futures

Eq

uit

y

US Large Cap S&P 500 1.00

Europe MSCI Europe 0.88 1.00

Japan TOPIX 0.67 0.71 1.00

US Small Cap Russel 2000 0.91 0.76 0.59 1.00

Emerging

Markets MSCI EM 0.80 0.85 0.65 0.71 1.00

Alt

ern

ati

ve

str

ate

gie

s

Long / Short HFRX EQUITY HEDGE 0.82 0.78 0.65 0.75 0.74 1.00

Market Neutral HFRX EH: EQUITY

MARKET NEUTRAL 0.14 0.04 0.00 0.15 0.04 0.21 1.00

Event Driven HFRX EVENT DRIVEN 0.70 0.69 0.55 0.66 0.67 0.77 0.03 1.00

FI Arbitrage HFRX ED: CREDIT

ARBITRAGE 0.59 0.62 0.47 0.57 0.63 0.65 -0.03 0.71 1.00

Managed

Futures HFRX MACRO / CTA 0.11 0.08 0.09 0.03 0.06 0.17 0.07 0.06 -0.13 1.00

Source: Janus Henderson Investors. Period of analysis from 1 October 2007 to 30 September 2018 in USD. Past correlations are no guarantee of future correlations. It is not

possible to invest directly in an index. Past performance is not a guide to future returns.

3

Drawdown protection

Worst 10 months for global equities – average asset class performance

-0.7%

1.0%

-1.2%

-2.9%

-9.9%

-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0%

Market Neutral

Gold

Global Bonds

Hedge Funds

Global Equities

Source: Thomson Reuters DataStream. Period of analysis from 31 January 2008 to 30 September 2018 in USD. Global Equities = MSCI World Total Return Index, Hedge

Funds = HFRX Global Hedge Fund Total Return Index, Global Bonds = Bloomberg Barclays Global Aggregate Total Return Index, Gold = Gold Bullion LBM

U$/Troy Ounce, Market Neutral = HFRX EH Equity Market Neutral Total Return Index. Past performance is not a guide to future returns.

4

Low volatility

Significantly lower than equities

Source: Janus Henderson Investors. 12 Month Rolling Volatility. Period of analysis from 1 March 2004 to 30 September 2018 in USD.

0%

10%

20%

30%

40%

50%

Ma

r-04

Aug

-04

Ja

n-0

5

Ju

n-0

5

Nov-0

5

Apr-

06

Sep

-06

Fe

b-0

7

Ju

l-0

7

Dec-0

7

Ma

y-0

8

Oct-

08

Ma

r-09

Aug

-09

Ja

n-1

0

Ju

n-1

0

No

v-1

0

Apr-

11

Sep

-11

Fe

b-1

2

Ju

l-1

2

Dec-1

2

Ma

y-1

3

Oct-

13

Ma

r-14

Aug

-14

Ja

n-1

5

Ju

n-1

5

Nov-1

5

Apr-

16

Sep

-16

Fe

b-1

7

Ju

l-1

7

Dec-1

7

Ma

y-1

8

MSCI World Total Return Index

HFRX EH: Equity Market Neutral Index

Average Volatility

Equities (MSCI World) 14.5%

Equity Market Neutral (HFRX EH: Equity Market Neutral Index) 3.5%

Janus Henderson Global Equity Market Neutral Fund target

volatility range

4 - 7%

5

A stock picker’s market

High stock dispersion favours fundamental stock pickers

5%

10%

15%

20%

25%

30%

Ja

n-0

5

Ju

n-0

5

Nov-0

5

Apr-

06

Sep

-06

Fe

b-0

7

Ju

l-0

7

Dec-0

7

Ma

y-0

8

Oct-

08

Ma

r-09

Aug

-09

Ja

n-1

0

Ju

n-1

0

Nov-1

0

Apr-

11

Sep

-11

Fe

b-1

2

Ju

l-1

2

Dec-1

2

Ma

y-1

3

Oct-

13

Ma

r-14

Aug

-14

Ja

n-1

5

Ju

n-1

5

No

v-1

5

Apr-

16

Sep

-16

Fe

b-1

7

Ju

l-1

7

Dec-1

7

Ma

y-1

8

Global stock-to-stock correlation (6m rolling average)

Ave

rage

of

eve

ry s

tock-t

o-s

tock c

orr

ela

tion

Source: Bank of America Merrill Lynch, as at 30 September 2018. Indicates the 6 month rolling average of global stock-to-stock correlation.

6

Janus Henderson Global Equity Market Neutral Fund

Seeks absolute returns, with low correlation to equity markets

Fundamental

Stock picking is at the core of what

we do. We are not macro managers

In-house Best-of-Breed

A blend of investment styles and

processes taken from across Janus

Henderson's equity teams improves

diversification and risk-adjusted

returns

Risk Management

Oversight from Investment

Committee and independent risk

teams

Portfolio Construction

Systematic risk parity portfolio

construction from dedicated portfolio

manager

A Best Ideas Portfolio

Highest conviction positions are

proven to generate a disproportionate

amount of alpha

Experience

Janus Henderson has been running

multi-manager absolute return funds

since 2004

7

Fund overview

Objective Solution Risk Management

• Positive absolute returns

• Low volatility

• Low correlation to equities

• Low drawdowns

• Target returns of cash +4 – 7%

• Market neutral approach

• High-conviction pair trades

from Janus Henderson’s

equity teams

• Risk parity portfolio

construction

• Target volatility 4 – 7%

• Highly diversified and

liquid

• Daily-dealing UCITS

• Net +/- 5%

• Gross 250%

• 60 – 100 pairs

• Stop loss per pair trade

• Investment Committee

and independent risk

teams

Source: Janus Henderson Investors

Guidelines only. See prospectus for full disclosure. Target returns cannot be guaranteed.

8

Source: Janus Henderson Investors, as at 30 September 2018. Subject to change

Experience shown as (years in the industry, years at firm) as at 30 September 2018

In-house expertise

Diversified across geography & styles at Janus Henderson

Nick Sheridan

Pan Europe

Value (32, 9) Neil Hermon

UK Small / Mid Cap

GARP (29, 16)

Faizan Baig, CFA

U.S.

GARP (11, 3)

Hamish Robertson, CFA

U.S.

Value (12, 3)

Guy Barnard, CFA

Global Property

Relative value (15, 12)

Lars Dollmann, CFA

EMEA

Agnostic (17, 3)

Andrew Gillan

Asia

GARP / quality (18, 4)

Junichi Inoue

Japan

Value (23, 2)

Ollie Beckett

Europe Small / Mid Cap

Agnostic (23, 13)

• Steve Johnstone

(Committee Chair and

Lead Fund Manager)

• Paul Greenwood (Head

of Investment Risk)

• Paul O’Connor (Head of

Multi-Asset, London)

• Alex Crooke (Co-Head of

Equities, EMEA & Asia

Pac)

• George Maris (Co-Head

of Equities, Americas)

• Independent

oversight

• Monitoring of hard

risk limits & factor /

style / country /

thematic

exposures

Risk

Management

Steve Johnstone, CFA

Lead Manager

(27, 7)

Investment

Committee

Robert Fuchs

Pan Europe

Mean reversion (13, 4)

9

Repeatable process

Isolate stock-picking skill, systematically size positions

Contributors

• Multiple styles and geography • Investment Committee

• Lead PM

• Highest conviction ideas only

• Lead PM assesses appropriateness (liquidity,

crowdedness, short borrow, etc)

• Underlying equity teams

• Lead PM

• Quantitative process using risk parity approach

sizes trades • Lead PM

• Systematic risk management, with automatic

upside/downside reviews and hard stop losses

• Additional independent risk oversight

• Underlying equity teams

• Lead PM

• Independent risk teams

• Performance reviews

• Formal Investment Committee oversight • All

Manager selection 1

Pair trade selection 2

Portfolio

construction 3

Risk oversight 4

Ongoing analysis 5

10

Pair trades

Three methods, multiple approaches

Stock vs Stock

Stock vs Sector

Stock vs Index

‘Vanilla’ approach, with no exotic derivatives

Approach

Value

GARP

Momentum

Size

Low volatility

11

Risk management

Systematic and active

On-desk Independent Janus Henderson Risk Team

• Behavioural analysis

• Sell discipline (see below)

• Portfolio optimisation tool

• Crowded trade analysis

• All positions traded centrally

• Active breach management

• VaR framework

• Market and portfolio stress tests

• Hard control limits, tight stop losses (see below)

• Factor, style, country and thematic exposures

• Book correlation analysis

• Escalation process to Risk Committee

• Revisit any pair which: • Contributes more than 40bps

• Detracts more than 30bps

• Automatic stop loss at -50bps

12


Guideline parameters

Gross Exposure 250% (Hard Limit 400%)

Net exposure +/-5% (Hard Limit +/-10%)

Target Beta Zero (target range +/-0.2)

Pair Trades

60 – 100 pair trades (120 – 200 single positions) • Max single country exposure: 100% gross • Max single industry exposure: 60% gross

Risk parity approach Each pair trade volatility risk-weighted to ensure equal risk contribution

Liquidation Target ability to liquidate 70% of the portfolio in 1 day

Source: Janus Henderson Investors, as at 30 September 2018

Performance

14

Key statistics

Net return* 5.08%

Volatility* 4.23%

Sharpe ratio* 0.83

Sortino ratio* 0.95

Correlation1 0.15

Beta1 0.11

Performance & risk

Key statistics – annualised since inception

Source: Janus Henderson Investors. Data since fund inception (1 February 2017) to 30 September 2018. I Share Class, in USD, net of fees.

Past performance is not a guide to future performance * Annualised since inception of the fund (01/02/2017) 1 Relative to MSCI World Index. Annualised since inception of the fund (01/02/2017).

15

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Feb-1

7

Ma

r-17

Apr-

17

Ma

y-1

7

Ju

n-1

7

Ju

l-1

7

Aug

-17

Sep

-17

Oct-

17

No

v-1

7

De

c-1

7

Ja

n-1

8

Feb-1

8

Ma

r-18

Apr-

18

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Aug

-18

Sep

-18


HFRX EH: Equity Market Neutral

Fund returns

Since inception net performance


Past performance is not a guide to future performance

• Launched prior to strong market

rotation

• Refined rebalancing process

• Increased oversight and

communication with underlying

teams

• Improved investment process

and attractive levels of stock

dispersion provide environment

for strong returns

• First major correction in equity markets since inception.

Fund delivers strong drawdown protection

16

Monthly returns

Since inception monthly net performance

2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017


Market Neutral Fund

- -1.10% -1.39% 0.19% -1.73% 1.86% 2.56% 1.25% 1.06% 1.09% 0.62% 0.03% 4.43%

HFRX – Equity Market Neutral

Total Return Index

- -0.52% 0.74% 0.12% -1.50% 0.60% 0.51% 0.91% 0.63% -0.34% 0.04% -0.72% 0.44%



2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018


Market Neutral Fund

3.00% -0.43% 0.23% 0.22% -0.43% 1.42% -0.19% 0.41% -0.26% — — — 3.99%

HFRX – Equity Market Neutral

Total Return Index

1.19% -0.30% -0.16% -0.07% 0.14% -0.61% -0.15% 0.29% -0.83% — — — -0.50%

Portfolio characteristics

18

Current exposures

Diversified across regions, sectors, and market cap

Gross exposure by region

Gross exposure by market cap

<$1bn

$1-5bn

$5-10bn

$10-20bn

>$20bn

Gross exposure by sector

Real Estate

Financials

Industrials

Consumer Discretionary

Consumer Staples

Information Technology

Energy

Materials

Telecommunication Services

Health Care

Utilities



Africa/Mideast

Asia/Pacific Ex Japan

Europe

Japan

North America

19

Portfolio gross and net exposure

Typically 250% gross and +/- 5% net

Source: Janus Henderson Investors. Shows exposures from 3 February 2017 to 30 September 2018.

0%

50%

100%

150%

200%

250%

300%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Feb-1

7

Ma

r-17

Apr-

17

Ma

y-1

7

Ju

n-1

7

Ju

l-1

7

Aug

-17

Aug

-17

Sep

-17

Oct-

17

Nov-1

7

Dec-1

7

Ja

n-1

8

Feb-1

8

Ma

r-18

Apr-

18

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Ju

l-1

8

Aug

-18

Sep

-18

Net Exposure

Gross Exposure

20

0

1

2

3

4

5

6

7

8

9

10

Fe

b-1

7

Ma

r-1

7

Apr-

17

Ma

y-1

7

Jun

-17

Jul-

17

Aug

-17

Sep

-17

Oct-

17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Apr-

18

Ma

y-1

8

Jun

-18

Jul-

18

Aug

-18

Sep

-18

Vo

latilit

y %

Janus Henderson Global Equity Market Neutral ex ante volatility

Portfolio volatility

Targeting a volatility range c.4 - 7%


Portfolio specifications: The above data shows the predicted volatility of the portfolio since inception as measured by Risk Metrics using a short term (5 years of data

with a 6 month half-life) model. Since inception of the fund (1 February 2017) to 30 September 2018.

Target volatility range

21

Risk contribution by sub-strategy


Portfolio specifications: Portfolio risk as measured using our risk system, RiskMetrics, using a short term (5 years of data with a 6 month half-life) model. Since

inception of the fund (01/02/2017) to 30 September 2018.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-1

7

Ma

r-17

Apr-

17

Ma

y-1

7

Ju

n-1

7

Ju

l-1

7

Aug

-17

Sep

-17

Oct-

17

Nov-1

7

Dec-1

7

Ja

n-1

8

Feb-1

8

Ma

r-18

Apr-

18

Ma

y-1

8

Ju

n-1

8

Ju

l-1

8

Aug

-18

% c

on

trib

utio

n to

vo

latilit

y

China Energy Asia Japan Europe EM US Property SmallCap

Appendix

23

Fund terms

Fee structure

R I

AMC 1.50% 0.75%

Performance fee* 20% 20%

Hurdle US Federal Funds

Rate, or share

class currency

equivalent

US Federal Funds

Rate, or share

class currency

equivalent

High water mark Yes Yes

Fund details

Launched date 1 February 2017

Structure UCITS SICAV

Fund manager Steve Johnstone

Base currency USD

Share classes Retail (R), Institutional (I)

$, €, £, ¥, CHF, S$

Minimum

investment

$2,500 (R), $25,000,000 (I), or share

class currency equivalent

Dealing Daily (cut off 15:00 CET)

ISIN LU1542613465 (R)

LU1542613549 (I)

Transfer Agent RBC Investor Services Bank

Custodian BNP Paribas Luxembourg

* Performance fee is subject to hurdle and high water mark. A full description of the performance fee, hurdle and high water mark including worked examples, can be found in

the prospectus.

24

The team

Experienced team offering a unique blend of expertise

Region Style Manager (industry

experience)

Description

Europe Value Nick Sheridan

(32 years)

• Bottom-up, value approach, utilising proprietary screening process developed by Nick since 1988

• Nick pairs companies with attractive cash flows, yields and valuations against those those at the other end of the

spectrum

Europe Mean

Reversion

Robert Fuchs

(13 years) • Bottom-up approach focusing on mean reversion

UK Small/Mid

Cap GARP

Neil Hermon

(29 years)

• Cash-flow focused, bottom-up approach. Neil has over 4 years equity long/short experience on a range of Janus

Henderson products

• Seeks to identify sources of alpha on both sides of pairs, using a range of characteristics

European

Small/Mid Cap Agnostic

Ollie Beckett

(23 years)

• Style-agnostic bottom-up stock picking approach, seeking to identify trends that drive sustainable performance

• Ollie pairs companies with strong competitive positioning and long-term potential against firms with dissimilar

characteristics

US

Value Hamish Robertson,

CFA (12 years)

• Both Hamish and Faizan are dividend-seeking, fundamental investors

• Hamish favours a thematic approach, trying to find a long or short idea that will benefit from a short or medium-term

thematic development, and pairing that with an idea in a similar sector

GARP Faizan Baig, CFA

(11 years)

• Faizan seeks to pair attractively valued secular winners against structurally challenged businesses or those with

unfavourable fundamentals in a similar industry/sector

Global

Property

Relative

value

Guy Barnard, CFA

(15 years)

• High conviction bottom-up investing in REITs and listed property companies by multi-local teams (US, Europe, & Asia)

• Relative value approach to pair trading

EMEA Agnostic Lars Dollmann, CFA

(17 years)

• Fundamental approach, combining bottom-up proprietary research with top-down analysis. Lars has over 11 years’

experience in the emerging market long/short space

• Seeks to identify sources of alpha on both sides of pairs, using a range of characteristics

Asia GARP /

quality

Andrew Gillan

(18 years)

• High conviction, bottom-up approach focusing on high-quality companies at the right price. Andrew has been running

equity long/short money for 3 years on a range of products


Japan Value Junichi Inoue

(23 years)

• Predominantly a GARP approach, focused on identifying companies that can create shareholder value by making a

cash return above cost of capital



25

Higher-risk

pair trade

Risk parity approach

Weights trades according to contribution to volatility

1) Submit pair trades 2) Set target weights 3) Review & rebalance

• Stop loss / upside triggers

• Fluid refresh of trade ideas

Resize-down Resize-up

No trade necessary

Key: Contribution to risk (volatility)

Lower-risk pair trade

• 60-100 ideas • Each pair sized to ensure equal risk

contribution, and target weights set

• Continual review of weights to bring

portfolio back to risk parity

• Formal monthly review of trade

ideas and portfolio target weights

26

-0.35

-0.25

-0.15

-0.05

0.05

0.15

0.25

0.35

FinancialLeverage

Growth Liquidity Momentum Size SizeNonlinearity

Value Volatility

Asia

Japan

EM

Europe

US

Property

Small Cap

Current factor exposure by region

Source: BARRA Global Equity model, as at 30 September 2018

27

Share price performance:

0

20

40

60

80

100

120

Feb-17 Apr-17 Jun-17 Aug-17 Oct-17

Balfour Beatty

Carillion

1

3

2

Source: Bloomberg. In GBP, rebased to 100 for comparative purposes. Data

from 2 February 2017 to 20 November 2017

Pair trade example (1) – Winner

Long Balfour Beatty vs Short Carillion

Source: Janus Henderson Investors. For illustrative purposes only.

Note: Reference to individual companies or any securities is purely for the purpose of information only and should not be construed as a recommendation to buy or sell the same


• Balfour Beatty: UK construction company,

identified as resilient despite a number of profit

warnings in the broader sector.

• Carillion: UK construction company, identified as

rapidly running out of cash reserves.

1. Pair trade initiated

2. Carillion share price plummets (profit warning,

departure of its CEO, suspension of its dividend).

Despite strong performance, short position

rebalanced back to full weight – company was

continuing to run out of cash and likely to require

equity injection.

3. Share price plummets again following second profit

warning and announcement of expected covenant

breach in December. Pair closed.

28

80

100

120

140

160

180

200

Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18

Palo Alto Networks

FireEye

Cybersecurity company*

• Palo Alto Networks: US cybersecurity company

with market-leading technology, trading at a lower

multiple relative to peers

• FireEye: US cybersecurity company trading at an

extreme multiple.

• ‘Cybersecurity company*’: Cybersecurity

company* also trading at a high multiple, and

losing market share

1. Pair trade initiated

2. Short side of pair trade switched to different

cybersecurity company*, following a number of

unexpectedly strong quarterly results by FireEye

Pair trade example (2) – Winner

Long Palo Alto Networks vs Short FireEye / ‘Cybersecurity company*’

Source: Thomson Reuters DataStream. In USD, rebased to 100 for comparative

purposes. Data from 19 April 2017 to 10 May 2018 Source: Janus Henderson Investors. For illustrative purposes only.

* Please note that due to Janus Henderson’s disclosure policy, we are unable to name current short positions




1

2

29

Pair Trade Example (3) – Loser

• Sabra Health Care: Healthcare-focussed REIT

identified as having a stable outlook

• Quality Care Properties (QCP):

Healthcare-focussed REIT, with key tenant (HCR

Manorcare) identified at risk of default

1. Pair trade initiated.

2. QCP rallies significantly on news of an unexpected

pre-packaged bankruptcy of HCR, whereby QCP

would take control of HCR and have the

opportunity to restructure.

3. Position was maintained given poor outlook for

skilled nursing industry. However, trade breaches

its hard stop loss limit on 13 March and is closed.

Long Sabra Health Care vs Short Quality Care Properties


Source: Bloomberg. In USD, rebased to 100 for comparative purposes.

Data from 7 February 2018 to 13 March 2018 Source: Janus Henderson Investors. For illustrative purposes only.



80

90

100

110

120

130

140

150

160

Feb-18 Mar-18

Sabra Health Care

Quality Care Properties

1

2

3

30

Janus Henderson Investors

201 Bishopsgate, London EC2M 3AE

Tel: 020 7818 1818 Fax: 020 7818 1819

This document is intended solely for the use of professionals and is not for general public distribution. Any investment application will be made solely on the basis of

the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended

as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Nothing in this document is

intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the

sale or purchase of any investment. Past performance is not a guide to future performance. The performance data does not take into account the commissions and

costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount

originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you

invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a

recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or

most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available

under the United Kingdom Financial Services Compensation Scheme. Please note that Isle of Man investors will not be protected by statutory compensation

arrangements in respect of the Janus Henderson Fund. We may record telephone calls for our mutual protection, to improve customer service and for regulatory

record keeping purposes.

ESTA OFERTA PRIVADA SE INICIA EL DÍA 15 NOVIEMBRE 2018 Y SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA

SUPERINTENDENCIA DE VALORES Y SEGUROS, HOY COMISIÓN PARA EL MERCADO FINANCIERO.

ESTA OFERTA VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA

COMISIÓN PARA EL MERCADO FINANCIERO, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA;

POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE

LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA;

ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.

31

Janus Henderson Investors

201 Bishopsgate, London EC2M 3AE

Tel: 020 7818 1818 Fax: 020 7818 1819

Important information

The Janus Henderson Fund (the “Fund”) is a Luxembourg SICAV incorporated on 26 September 2000, managed by Henderson Management S.A. A copy of the Fund’s prospectus

and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Janus Henderson Investors

is the name under which Janus Capital International Limited (reg. no. 3594615), Henderson Global Investors Limited (reg. no. 906355), Henderson Investment Funds Limited (reg.

no. 2678531), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no. 2606646), (each incorporated and registered in England and Wales with

registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. A copy of

the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the Fund’s registered office in

Luxembourg: 2 Rue de Bitbourg, L-1273 Luxembourg, in Germany: Janus Henderson Investors, Tower 185, Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main, in Austria:

UniCredit Bank Austria, Schottengasse 6-8, 1010 Wien, in Spain: offices of the Spanish distributors, a list of which may be obtained at www.cnmv.es (Janus Henderson Fund is

registered with the CNMV under number 259); in Belgium: Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; in Singapore:

Singapore Representative Henderson Global Investors (Singapore) Limited, 138 Market Street, #34-03/04 CapitaGreen, Singapore 048946; and in Switzerland from the Swiss

representative: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich who are also the Swiss Paying Agent.

© 2018, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus

International Holding LLC.

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Global Equity Market Neutral Fund UCITS

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