Janus Henderson Investors (Australia) Funds Management Limited, ABN 43 164 177 244 (Janus Henderson Australia) as the responsible entity (Responsible Entity, we, us, our) of the Janus Henderson Global Multi-Strategy Fund and the Janus Henderson Global Multi-Strategy Fund – Institutional (Funds) provides the following update for investors in these Funds.
The Funds’ reference benchmark, used as the basis for the Investment return objective, will be changed from the Bloomberg AusBond Bank Bill Index to the Reserve Bank of Australia Cash Rate (New Benchmark), effective 30 April 2025. The benchmark is also referred to as the Hurdle Rate and will be applied on a forward-looking basis for calculating the Performance Fee.
| Fund | Existing Benchmark / Hurdle Rate | Existing Hurdle Rate of Return* | New Benchmark / Hurdle Rate | Net Hurdle Rate of Return* |
|---|---|---|---|---|
| Global Multi-Strategy Fund and Global Multi-Strategy Fund – Institutional | Bloomberg AusBond Bank Bill Index | 4.47% | Reserve Bank of Australia Cash Rate | 4.35% |
*Source: Bloomberg. Data as at 13 February 2025
Further detail on the Performance Fee calculation methodology and worked examples can be found in the Product Disclosure Statement.
The purpose of the benchmark change is to align with the direction taken by the underlying fund, the Janus Henderson Fund – Global Multi-Strategy Fund (a Luxembourg domiciled UCITS), to move to a risk-free rate that reflects unsecured overnight borrowing costs of banks and better alignment with the liquidity profile and daily pricing of the fund.
The Responsible Entity has approved this change to the benchmark to ensure consistency in the type of benchmark being selected between the Funds and the underlying fund. Importantly, existing unitholders will not be impacted retrospectively by this change to a New Benchmark.
If you have any questions in relation to the above, please contact Client Services on 1300 019 633 (Australia) and +613 9445 5067 (outside Australia).