UK Investment Trusts

Fund charges

Charges

The following sections explain the purpose of the charges disclosed within the Key Investor Information Document (KIID).

You may also find it useful to consult the ‘A simple guide to Fund Charges’ document within our Simple Guide range.

You can find information on charges on the fund web page, the fund factsheet, the prospectus, the annual report and accounts, and the Key Investor Information Document (KIID), all of which are hosted on the fund web page. Charges may vary between funds and share classes. Make sure you are looking at the right share class for your investment. You can select the share class using the drop-down button beneath the fund title at the top of the fund web page.

One-off charges taken before or after you invest – These are typically charged only in limited specific circumstances. Expand

In almost all circumstances, Janus Henderson does not impose entry or exit charges on investors, although some third-party platforms might.

Entry charge

This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).

For example, if you invest £1,000 into the A Share Class of a fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.

Historically, the entry charge would cover the costs of setting up your investment, and may also cover payments to your financial adviser or any other firm through which you may invest. Today, it is sometimes used to discourage investment in a fund that has reached a certain size.

All entry charges can be found on the Key Investor Information Document (KIID).

Exit charge

Whilst Janus Henderson does not charge an exit charge by default, we may make a charge where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). The charge will be taken from your investment once your shares/units are sold.

Switching charge

This may be imposed when an investor switches or converts between fund or share classes. It is waived in almost all circumstances.

Charges taken from the fund over the course of a year Expand

Ongoing charges

The ongoing charges figure (OCF) is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the fund’s financial year. The ongoing charge includes management fees known as the annual management charge and fees paid for independent functions such as Depositary/Trustee and Custodian oversight. Administration costs as well as costs associated with servicing the fund, such as legal, and auditor fees are included within what is known as the general administration charge (GAC).

Where a fund invests a substantial amount of its assets in other funds, the ongoing charges figure includes the impact of the charges made in those other funds.

Broker commissions, transfer taxes, stamp duty and a fund’s performance fee (where applicable) do not form part of the ongoing charge calculation.

All ongoing charges can be found in the KIID and the fund fact sheets.

Transaction costs

Funds also incur costs as a necessary part of buying and selling the underlying investments. These are otherwise known as portfolio transaction costs, and include charges such as broker commission.

Charges taken from the fund under certain specific conditions Expand

Performance Fees

Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).

The latest performance fees payable can be found in the relevant fund’s KIID.

Further information on how the performance fee is calculated can be found in the relevant Prospectus. For a free copy please contact Janus Henderson Investors at PO Box 9023, Chelmsford CM99 2WB or by calling our Investor Services team on 0800 832 832.

The following sections explain the purpose of the charges disclosed within the Key Information Document (KID).

One-off charges taken before or after you invest – These are typically charged only in limited specific circumstances. Expand

Entry charge

This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).

For example, if you invest £1,000 into the A Share Class of a Fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.

All entry charges can be found on the Key Information Document (KID).

Exit charge

Charges taken from the fund over the course of a year Expand

Ongoing charges

The ongoing charge figure (OCF) is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the funds financial year. The ongoing charge includes fees paid for managing the fund, otherwise known as the annual management charge, all administration and oversight functions, which includes Trustee/Depositary, Custody, legal and audit fees. For funds that are registered for sale outside of the UK, the fee also includes registration costs.

Where a fund invests a substantial amount of its assets in other funds, the ongoing charge figure includes the impact of the charges made in those other funds.

Broker commissions, transfer taxes, stamp duty and a fund’s performance fee (where applicable) do not form part of the ongoing charge calculation.

All ongoing charges can be found in the KID and the fund fact sheets.

Charges taken from the fund under certain specific conditions Expand

Performance Fees

Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).

The latest performance fees payable can be found in the relevant fund’s KID.

The following sections explain the purpose of the charges disclosed within the Minimum Disclosure Document (MDD).

One-off charges taken before or after you invest Expand

Entry charge

This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).

For example, if you invest £1,000 in the A Share Class of Janus Henderson China Opportunities Fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.

For dual priced funds, the entry charge is included in the price at which you buy into the fund(s), this is known as the bid/offer spread and is the difference between the quoted bid and offer prices.

The entry charge covers the costs of setting up your investment, and may also cover payments to your financial adviser or any other firm through which you may invest.

All entry charges can be found on the Minimum Disclosure Document (MDD).

Exit charge

Whilst Janus Henderson does not charge an exit charge by default, we reserve the right to make a charge where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). The charge will be taken from your investment once your shares/units are sold.

Charges taken from the fund over the course of a year Expand

Ongoing charges

The ongoing charge is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the funds financial year. The charge includes fees paid for managing the fund, otherwise known as the annual management charge, all administration and oversight functions, which includes Trustee/Depositary, Custody, legal and audit fees. For funds that are registered for sale outside of the UK, the fee also includes registration costs.

Where a fund invests a substantial amount of its assets in other funds, the ongoing charge figure includes the impact of the charges made in those other funds.

Broker commissions, transfer taxes, stamp duty and the funds performance fees (where applicable) do not form part of the ongoing charge calculation.

All ongoing charges can be found in the MDD and the fund fact sheets.

Charges taken from the fund under certain specific conditions Expand

Pricing Policies

Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).

The latest performance fees payable can be found in the relevant fund’s MDD.

Fund charges illustration

Below are simplified examples of how costs could affect the final balance of a fund (the size of the investment at period end). Please note that entry charges are rarely applied and typically would only be applied by Janus Henderson when a fund has been ‘soft closed’ due to size constraints, i.e. we are actively discouraging additional investments into the fund by applying an entry charge. Some third-party platforms may apply an entry charge .

Example Fund 1	Example Fund 2	Example Fund 1 (entry charge applied)
Sum invested at period start	£1,000	£1,000	£1,000
Entry charge applied	0%	0%	5% (£50)
Sum remaining	£1,000	£1,000	£950
Ongoing charges	0.5% (£5)	1.5% (£15)	0.5% (£4.75)
Transaction costs	0.16% (£1.60)	0.20% (£2)	0.16% (£1.52)
Total costs	£6.60	£17	£56.27
Final balance at period end	£993.40	£983	£943.73

The above table is for illustrative purposes only. The period considered is 12 months and assumes the value of the amount invested stayed the same over the period. Fund performance has not been included, this could have either a positive or negative impact on returns. The entry charge is a one-off cost. Past performance does not predict future returns. 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.

Voorbeeldfonds 1	Voorbeeldfonds 2
Belegd bedrag (€)	€20,000	€20,000
Instapkosten	0.00%	5% (€1,000)
Lopende kosten	0.3% (€60)	0.5% (€100)
Transactiekosten	0.06% (€12)	0.12% (€24)
Totale kosten	€72	€1,124
Eindsaldo	€19,928	€18,876

Bovenstaande tabel is uitsluitend bedoeld ter illustratie. De tabel gaat uit van een periode van 12 maanden, waarin het belegde bedrag ongewijzigd bleef. Resultaten uit het verleden geven geen indicatie over toekomstige rendementen. De waarde van een belegging kan zowel dalen als stijgen en de kans bestaat dat u het oorspronkelijk belegde bedrag niet terugkrijgt.

Example Fund 1	Example Fund 2
Sum Invested (CHF)	20,000 CHF	20,000 CHF
Entry Charge	0.00%	5% (1,000 CHF)
Ongoing Charge	0.3% (60 CHF)	0.5% (100 CHF)
Transaction Costs	0.06% (12 CHF)	0.12% (24 CHF)
Total Costs	72 CHF	1,124 CHF
Final Balance	19,928 CHF	18,876 CHF

Please note the above table is for illustrative purposes only. The period considered is 12 months and assumes the amount invested stayed the same. Past performance does not predict future returns. The value of an investment may rise as well as fall and you may not get back the amount originally invested.

Beispielfonds 1	Beispielfonds 2
Investierter Betrag (CHF)	20,000 CHF	20,000 CHF
Ausgabeaufschlag	0.00%	5% (1,000 CHF)
Laufende Kosten	0.3% (60 CHF)	0.5% (100 CHF)
Transaktionskosten	0.06% (12 CHF)	0.12% (24 CHF)
Kosten insgesamt	72 CHF	1,124 CHF
Endgültiger Saldo	19,928 CHF	18,876 CHF

Bitte beachten Sie, dass die obige Tabelle nur der Veranschaulichung dient. Der betrachtete Zeitraum beträgt 12 Monate und es wird davon ausgegangen, dass der investierte Betrag gleich bleibt. Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für die künftige Wertentwicklung. Der Wert einer Anlage kann sowohl steigen als auch fallen, und Anleger erhalten möglicherweise den ursprünglich investierten Betrag nicht zurück.

Exemple de fonds 1	Exemple de fonds 2
Somme investie (CHF)	20,000 CHF	20,000 CHF
Frais d’entrée	0.00%	5% (1,000 CHF)
Frais courants	0.3% (60 CHF)	0.5% (100 CHF)
Coûts de transaction	0.06% (12 CHF)	0.12% (24 CHF)
Coûts totaux	72 CHF	1,124 CHF
Solde final	19,928 CHF	18,876 CHF

Veuillez noter que le tableau ci-dessus est fourni à titre d’illustration uniquement. La période considérée est de 12 mois et suppose que le montant investi est resté le même. Les performances passées ne préjugent pas des résultats futurs. La valeur d’un investissement peut fluctuer à la hausse comme à la baisse et il est possible que vous ne récupériez pas le montant investi à l’origine.

Example Fund 1	Example Fund 2
Sum Invested ($)	$20,000	$20,000
Entry Charge	0.00%	5% ($1,000)
Ongoing Charge	0.3% ($60)	0.5% ($100)
Transaction Costs	0.06% ($12)	0.12% ($24)
Total Costs	$72	$1,124
Final Balance	$19,928	$18,876

Beispielfonds 1	Beispielfonds 2
Investierter Betrag (€)	€20,000	€20,000
Ausgabeaufschlag	0.00%	5% (€1,000)
Laufende Kosten	0.3% (€60)	0.5% (€100)
Transaktionskosten	0.06% (€12)	0.12% (€24)
Kosten insgesamt	€72	€1,124
Endgültiger Saldo	€19,928	€18,876

Exemple de fonds 1	Exemple de fonds 2
Somme investie (€)	€20,000	€20,000
Frais d’entrée	0.00%	5% (€1,000)
Frais courants	0.3% (€60)	0.5% (€100)
Coûts de transaction	0.06% (€12)	0.12% (€24)
Coûts totaux	€72	€1,124
Solde final	€19,928	€18,876

Ejemplo Fondo 1	Ejemplo Fondo 2
Cantidad invertida (€)	€20,000	€20,000
Comisión de suscripción	0.00%	5% (€1,000)
Gastos corrientes (OGC)	0.3% (€60)	0.5% (€100)
Gastos de transacción	0.06% (€12)	0.12% (€24)
Gastos totales	€72	€1,124
Saldo final	€19,928	€18,876

Tenga en cuenta que la tabla mostrada tiene próposito meramente ilustrativos. El periodo considerado es de 12 meses y asume que el importe invertido no varía. La rentabilidad histórica no predice las rentabilidades futuras. El valor de una inversión puede disminuir o aumentar y es posible que no recupere la cantidad que invirtió en un principio.

Example Fund 1	Example Fund 2
Sum Invested (€)	€20,000	€20,000
Entry Charge	0.00%	5% (€1,000)
Ongoing Charge	0.3% (€60)	0.5% (€100)
Transaction Costs	0.06% (€12)	0.12% (€24)
Total Costs	€72	€1,124
Final Balance	€19,928	€18,876

Esempio Fondo 1	Esempio Fondo 2
Somma investita (£)	20.000 £	20.000 £
Commissione di sottoscrizione	0,00%	5% (1.000 £)
Spese correnti	0,3% (60 £)	0,5% (100 £)
Costi di transazione	0,06% (12 £)	0,12% (24 £)
Costi totali	72 £	1.124 £
Bilancio finale	19.928 £	18.876 £

Nota: la suddetta tabella è solo a scopo illustrativo. Il periodo preso in considerazione è di 12 mesi e presuppone che l’importo investito resti invariato. La performance passata non è indicativa dei risultati futuri. Il valore di un investimento può diminuire oltre che aumentare e l’investitore potrebbe non recuperare l’importo inizialmente investito.

Pricing Policies

UK domiciled funds fit into three different types of methodology for pricing the portfolio.

Dual priced
Single swinging
Single priced with dilution levy

Janus Henderson only operates single swinging priced funds.

UK domiciled funds fit into three different types of methodology for pricing the portfolio.

Dual priced
Single swinging
Single priced with dilution levy

Janus Henderson only operates single swinging priced funds.

Single swinging priced funds

For each fund investors buy and sell shares or units at a single price which is approximately the midpoint between the funds’ buying (“offer”) and selling (“bid”) prices. This use of a single price means that when buying shares or units you, as the investor, potentially pay a lower price than the fund itself would pay to buy the underlying investments in the fund. Equally, when you sell shares or units the price you receive will potentially be higher. Over time, the effect of this mis-match between prices, coupled with various dealing charges, taxes and commissions is to slightly reduce the value of the funds for continuing investors. This is called ‘dilution’. In certain circumstances, a dilution adjustment may be applied to ensure fair treatment between investors joining, leaving or remaining in a fund. The price of the shares or units of a fund may be adjusted to protect its value from being reduced in the case of large scale movements into or out of that fund. Further details can be found in the full Prospectuses, under ‘Dilution’.

Funds also incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission.

Single swinging priced funds

For each fund, investors buy and sell shares or units at a single price which is approximately the midpoint between the funds’ buying (“offer”) and selling (“bid”) prices. This use of a single price means that when buying shares or units you, as the investor, potentially pay a lower price than the fund itself would pay to buy the underlying investments in the fund. Equally, when you sell shares or units the price you receive will potentially be higher. Over time, the effect of this mismatch between prices, coupled with various dealing charges, taxes and commissions is to slightly reduce the value of the funds for continuing investors. This is called ‘dilution’. In certain circumstances, a dilution adjustment may be applied to ensure fair treatment between investors joining, leaving or remaining in a fund. The price of the shares or units of a fund may be adjusted to protect its value from being reduced in the case of large scale movements into or out of that fund. Further details can be found in the full Prospectuses, under ‘Dilution’.