Multi-Manager Active 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. Up to 100% of the Funds exposure may be to equities, however, there is no minimum exposure to equities, fixed income (bonds issued by companies and governments), cash, or currencies.

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 complete discretion to choose investments for the Fund and is not constrained by a benchmark. The Investment Manager is given a significant degree of discretion over asset allocation.

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