Multi-Manager Diversified Fund

The Fund invests in Collective Investment Schemes (other funds including those managed by Janus Henderson and Exchange Traded 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. In normal market conditions up to 35% of the Fund’s exposure will be to equities, however, there is no minimum requirement on the Fund to invest in equities. At least 45% of the Fund’s exposure will be to investment grade fixed income securities, such as corporate and government bonds, and/or cash investments. At least 80% of the Fund’s net assets value will be invested in securities denominated in established market currencies (US Dollar, Sterling and Euro). 40% of the Fund’s net assets value must be invested in securities denominated in Sterling, this includes securities that have been hedged back into Sterling.

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) with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.

The Fund is actively managed with reference to the Composite Benchmark, as set out in the Funds objective, which forms the basis of the Fund's performance target. The Investment Manager has a high degree of freedom to choose individual investments for the Fund.

As an additional means of assessing the performance of the Fund, the IA Mixed Investment 0–35% Shares sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.